2021 年第一季度报告 公司代码：600310 公司简称：桂东电力 广西桂东电力股份有限公司 2021 年第一季度报告 1 / 26 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 6 | | 四、 | 附录 10 | 2021 年第一季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 | | | | 单位：元 币种：人民币 | | --- | --- | --- | --- | | | 本报告期末 | 上年度末 | 本报告期末比上年度末增 | | | | | 减(%) | | 总资产 | 23,116,657,575.06 | 20,191,409,720.55 | 14.49 | | 归属于上市公司 | 2,017,069,126.21 | 2,267,365,255.70 | -11.04 | | 股东的净资产 | | | | | | 年初至报告期末 | 上年初至上年报告期末 | 比上年同期增减(%) | | 经营活动产生的 | 52,970,850.82 | -124,047,504.71 | 不适用 | | 现 ...

Financial Performance - The company reported a net profit of -43,667,035.51 CNY for the year 2018, with a total distributable profit of 152,210,168.90 CNY after accounting for previous retained earnings and cash dividends paid[5]. - The board proposed a cash dividend of 0.25 CNY per 10 shares, totaling 20,694,375.00 CNY, with the remaining 131,515,793.90 CNY to be carried forward to the next year[5]. - The company’s operating revenue for 2018 was approximately ¥11.93 billion, representing a year-over-year increase of 16.48% compared to ¥10.24 billion in 2017[23]. - The net profit attributable to shareholders for 2018 was approximately ¥68.50 million, a 7.97% increase from ¥63.44 million in 2017[23]. - The net cash flow from operating activities decreased by 71.07% to approximately ¥65.79 million in 2018, down from ¥227.40 million in 2017[23]. - The total assets increased by 12.95% to approximately ¥14.40 billion at the end of 2018, compared to ¥12.75 billion at the end of 2017[23]. - The basic earnings per share for 2018 was ¥0.0827, reflecting a 7.96% increase from ¥0.0766 in 2017[24]. - The weighted average return on equity increased to 3.47% in 2018, up from 2.35% in 2017, marking an increase of 1.12 percentage points[24]. - The company reported a net loss attributable to shareholders of approximately ¥74.63 million in Q1 2018, with a significant recovery in Q2 showing a profit of approximately ¥76.97 million[25]. - The net profit after deducting non-recurring gains and losses was negative at approximately -¥67.19 million for 2018, compared to -¥104.68 million in 2017[23]. - The company recorded non-recurring gains of approximately ¥17.29 million from interest received from non-consolidated financial institutions in 2018[27]. - The company achieved a total electricity generation of 1.634 billion kWh, a decrease of 7.37% year-on-year, while financial electricity sales increased by 3.07% to 3.899 billion kWh[56]. - The total operating revenue for the year reached 11.93 billion RMB, representing a year-on-year growth of 16.48%, with electricity sales revenue at 1.61 billion RMB, up 3.59%, and oil product sales revenue at 9.86 billion RMB, an increase of 17.28%[56]. Operational Highlights - The company’s total share capital at the end of 2018 was 82,777.5 million shares[5]. - The company has established electricity sales companies in Guangxi, Guangdong, and Shaanxi to expand its sales business[34]. - The company has formed a complete oil product business chain, including production, storage, sales, and trade, through its subsidiaries[34]. - The company is a major supplier in the South China refined oil market, leveraging its wholesale license and strategic partnerships[41]. - The company aims to enhance its oil business profitability by integrating resources and establishing its own brand[34]. - The company is actively seeking strategic partners to expand its marketing network and open new markets in inland regions[41]. - The company’s electricity sales area has formed a flexible pattern of interconnection among three provinces, ensuring a stable customer base[33]. - The company has a stable customer base in the eastern region of Guangxi, enhancing its market position[44]. - The company plans to enhance its electricity business by optimizing load structure and improving service levels to maximize efficiency[54]. - The company is focusing on expanding its market share in the oil product sector by leveraging its supply chain advantages and enhancing its retail network[55]. Investment and Capital Expenditures - The company reported a significant investment cash flow of approximately -¥685.62 million, a decrease of 667.75 million compared to the previous year, indicating reduced capital expenditures[81]. - The company’s capital expenditure funding sources primarily include raised funds, bank loans, and self-owned funds, without any special loans[103]. - The planned capital expenditure for 2019 amounts to ¥124,049.52 million, primarily funded through self-owned funds and bank loans[104]. - The total investment in the construction of the electric power dispatch center project is ¥23,000 million, expected to be operational by December 2020[106]. - The company plans to invest in the construction of a modern logistics park in the first phase, with a budget of ¥4,000 million[104]. - The company plans to conduct financing lease transactions with a total amount not exceeding RMB 5 billion[193]. - The company intends to apply for a medium-term note registration of up to RMB 1 billion[195]. - The company plans to issue bonds not exceeding RMB 1.5 billion[196]. - The company aims to raise up to RMB 1.2 billion through an asset-backed securities plan[197]. Risk Management - The company has outlined potential risks in its future development in the "Discussion and Analysis of Operating Conditions" section of the report[7]. - The company has identified several risks, including market and electricity price policy adjustments, which could significantly impact its operational indicators[161]. - The company will strengthen its investment project supervision and risk management to ensure favorable returns from external investments[162]. - The company has a strategy to mitigate prepayment risks by evaluating customer credit and implementing collateral measures for non-state-owned companies[88]. - The company faces operational risks due to the dependence on weather conditions for hydropower generation, which may lead to increased costs from purchasing electricity if generation is insufficient[159]. Corporate Governance - The audit report issued by Da Xin Accounting Firm was a standard unqualified opinion, ensuring the financial report's authenticity and completeness[4]. - The company has not engaged in any non-operational fund occupation by controlling shareholders or related parties during the reporting period[7]. - There are no violations of decision-making procedures regarding external guarantees reported[7]. - The company has not planned any stock bonus or capital reserve increase for the current year[5]. - The company has not reported any significant accounting errors or changes in accounting policies that would affect the financial statements[171]. - The company has not made any commitments or significant acquisitions during the reporting period[167]. - The company has not disclosed any new strategies or significant market expansions during the reporting period[179]. Related Party Transactions - The total amount of related party transactions in 2018 was 20,736.88 million CNY, with actual transactions amounting to 23,098.76 million CNY, indicating a variance due to normal business activities[177]. - The sales from related party transactions accounted for 1.94% of the company's main business revenue, showing no significant dependency on related parties[178]. - The company’s related party transactions are considered normal market behavior and do not adversely affect its independence[178]. Subsidiary Performance - Guangxi Yongsheng Petrochemical Co., Ltd. achieved a revenue of 746.36 million RMB and a net profit of 67.52 million RMB, an increase of 329.94% compared to the previous year[126]. - The total assets of Guangxi Guoneng Electric Power Co., Ltd. reached 397.22 million RMB, with a net profit of 3.48 million RMB, a decrease of 85.11% year-on-year[124]. - The total assets of Guiyuan Company were reported at 1,102,042,300 RMB as of December 31, 2018[127]. - The total assets of Guangxi Guitong Electric Power Sales Company were reported at 54,524,100 RMB as of December 31, 2018[129]. - The total assets of Guangxi Xidian Electric Design Company were reported at 401,802,400 RMB as of December 31, 2018[132]. - The total assets of Jiangyong County Yongfeng Hydropower Development Company were reported at 23,228,200 RMB as of December 31, 2018[135]. Community Engagement - In 2018, the company implemented targeted poverty alleviation, helping 10 households escape poverty, with 2 households remaining, aiming for full poverty alleviation by the end of 2020[199]. - The company established a data platform for poverty alleviation, ensuring that every impoverished household has a record, and created an electronic information archive for timely policy dissemination[200].

Financial Performance - In 2017, the company's operating revenue reached CNY 10,244,834,999.80, representing a 96.54% increase compared to CNY 5,212,623,187.30 in 2016[19] - The net profit attributable to shareholders of the listed company was CNY 63,440,511.04, a decrease of 69.70% from CNY 209,400,229.84 in the previous year[19] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -104,684,855.19, a decline of 333.80% compared to CNY 44,775,901.91 in 2016[19] - Basic earnings per share decreased by 69.72% to CNY 0.0766 from CNY 0.2530 in the previous year[20] - The weighted average return on equity fell by 5.18 percentage points to 2.35% from 7.53% in the previous year[20] - The operating profit for the year was CNY 127.44 million, a decrease of 11.15% year-on-year[43] - The company reported a net loss attributable to shareholders of CNY 78,180,942.57 in Q1 2017, while Q2 showed a profit of CNY 83,702,564.91[22] - The company achieved a total electricity generation of 1.764 billion kWh in 2017, a decrease of 22.48% compared to the previous year[38] - The total electricity sales for the year were 3.783 billion kWh, down 6.28% year-on-year[38] Cash Flow and Assets - The net cash flow from operating activities was CNY 227,397,118.14, showing a slight decrease of 0.18% from CNY 227,796,078.63 in 2016[19] - As of the end of 2017, the total assets amounted to CNY 12,753,786,654.20, an increase of 15.90% from CNY 11,004,534,019.85 in 2016[19] - The net cash flow from investing activities improved by 159,146,064.92 CNY compared to the previous year, attributed to the sale of shares in Guohai Securities[61] - The company's total assets included 3,277,879,517.93 CNY in construction in progress, marking a 108.58% increase[63] - The company's short-term loans increased by 144.90% to 3,154,052,000 CNY, reflecting a significant rise in borrowing[63] Dividends and Shareholder Information - The company proposed a cash dividend of CNY 0.25 per 10 shares, totaling CNY 20,694,375.00, with the remaining profit carried forward to the next year[4] - The company does not plan to issue bonus shares or convert reserves into share capital this year[4] - The total number of common stock shareholders at the end of the reporting period was 44,045, an increase from 41,159 at the end of the previous month[186] - The largest shareholder, Guangxi Zhengrun Development Group Co., Ltd., holds 50.03% of the shares, totaling 414,147,990 shares[189] Risks and Future Plans - The report includes a risk statement indicating potential risks related to future plans and investments[5] - The company has detailed its major risks and countermeasures in the section discussing future development[6] - The company plans to actively seek high-quality hydropower resources and increase low-cost hydropower generation[40] - The company aims to enhance its electricity supply capacity and reliability by accelerating grid construction[40] - The company faces operational risks due to its reliance on hydropower generation, which is susceptible to weather conditions[120] Investments and Projects - The company completed a 51% equity acquisition in Sichuan Xidian Power Design Co., Ltd. for CNY 14,280 million during the reporting period[78] - The company has ongoing projects with varying completion rates, including the 110 kV Shiti power transmission project at 98% completion and the 220 kV Litou power transmission project at only 4%[81] - The company plans to utilize self-raised funds and loans for its capital expenditures, with costs subject to fluctuations in the central bank's benchmark interest rate[75] - The company has invested CNY 1,000 million in Guangxi Tianxiang Investment Co., Ltd., achieving 100% equity ownership[78] Related Party Transactions - The company reported a total of ¥21,435.58 million in actual related party transactions for 2017, compared to an estimated amount of ¥20,091.49 million[149] - The total amount of related party transactions in 2017 accounted for 1.8% of the company's main business revenue, indicating no significant dependency on related parties[150] Management and Governance - The report indicates that the chairman, Qin Min, received a pre-tax remuneration of 40.39 million yuan for the reporting period[200] - The executive vice president, Cao Xiaoyang, received a pre-tax remuneration of 36.76 million yuan[200] - The company has not reported any changes in shareholding for its directors and senior management during the reporting period[200] Social Responsibility and Community Engagement - In 2017, the company invested a total of 1.8973 million RMB in power grid renovation and upgrading in impoverished areas to support poverty alleviation efforts[174] - The company established resource files for 22 impoverished households and implemented a "one-on-one" assistance model, aiming to achieve poverty alleviation for all by the end of 2020[173] - The company helped 5 impoverished individuals achieve poverty alleviation through its initiatives[176]

Financial Performance - The net profit for the parent company in 2016 was -10,313,794.70 RMB, resulting in a distributable profit of 272,342,244.95 RMB after accounting for retained earnings and cash dividends paid [3]. - The company proposed a cash dividend of 0.8 RMB per 10 shares, totaling 66,222,000 RMB, with the remaining 206,120,244.95 RMB carried forward to the next year [3]. - The company's operating revenue for 2016 was ¥5,212,623,187.30, representing a 45.17% increase compared to ¥3,590,603,839.73 in 2015 [18]. - The net profit attributable to shareholders decreased by 44.30% to ¥209,400,229.84 from ¥375,913,541.77 in the previous year [18]. - Basic earnings per share for 2016 were ¥0.2530, down 44.29% from ¥0.4541 in 2015 [19]. - The total assets increased by 19.02% to ¥11,004,534,019.85 from ¥9,245,850,748.13 in 2015 [18]. - The weighted average return on equity decreased to 7.53% from 11.87% in 2015, a decline of 4.34 percentage points [19]. - The net cash flow from operating activities was ¥227,796,078.63, a decrease of 46.91% compared to ¥429,046,552.91 in 2015 [18]. - The operating profit for the year was 141.66 million RMB, a significant decrease of 70.60% compared to the previous year [48]. - The gross profit margin for the electricity supply segment decreased by 1.91 percentage points to 16.33%, while the trade segment's gross profit margin increased by 0.36 percentage points to 2.45% [54]. Investments and Acquisitions - The company is actively investing in the new building materials industry, acquiring Minshang Stone Industry and establishing Guangxi Building Industrialization Group, aiming to create a new business and profit growth point [41]. - The company plans to establish three raw material bases and five production bases across China in the next 3-5 years to meet market demand and enhance economic benefits [43]. - The company invested a total of 200 million RMB in Minshang Stone Industry, 20 million RMB in Super New Materials, and 0 RMB in the Building Industrialization Company [45]. - Future investment plans include an additional 100 million RMB in Minshang Stone Industry and a total of 25.4 million RMB in Super New Materials within one year [45]. - The company has completed the acquisition of 64.45% equity in Guangxi Hezhou Minfeng Industrial Co., Ltd. for 4,378.90 million RMB, making it a wholly-owned subsidiary [98]. - The company plans to invest RMB 300 million to acquire a 16.67% stake in Guangxi Minshang Stone Industry Development Co., Ltd., with the equity acquisition completed but the capital increase not fully completed by the end of the reporting period [100]. Operational Highlights - The company achieved a total electricity generation of 2.063 billion kWh in 2016, an increase of 25.10% year-on-year [29]. - The total electricity sales reached 4.036 billion kWh, marking a 52.97% increase compared to the previous year [29]. - The company’s oil trading subsidiary, Yongsheng, reported sales revenue of 3.488 billion yuan, up 66.52% from the previous year [30]. - The company’s total installed capacity is 382.625 MW, with five major hydropower plants contributing to an average annual generation of approximately 1.7 billion kWh [28]. - The company’s construction in progress increased by 1.0246295 billion yuan, mainly due to investments in the power workshop construction project [33]. Risk Management and Compliance - The company has provided a detailed risk analysis in the management discussion and analysis section, highlighting potential risks and countermeasures [5]. - The audit report issued by Da Xin Accounting Firm was a standard unqualified opinion [6]. - The financial report is guaranteed to be true, accurate, and complete by the board of directors and senior management [6]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties [5]. - There are no violations of decision-making procedures regarding external guarantees [5]. Market Strategy and Future Plans - The company plans to gradually expand its electricity supply to regions outside eastern Guangxi, which may impact its production and sales [32]. - The company aims to leverage the development opportunities in Hezhou to create a new 100 billion RMB industry in new building materials, enhancing the industrial chain and market potential [46]. - The company is exploring the "Internet+" development model in the power sector, collaborating with technology firms to implement smart grid and big data solutions [38]. - The company plans to continue expanding its market presence and enhance its product offerings through ongoing research and development efforts [70]. - The company aims to maximize shareholder value through strategic investments while ensuring stable development of its main electric power business [109]. Financial Management - The company borrowed 2.382 billion RMB from financial institutions and repaid 2.916 billion RMB, while completing a non-public issuance of corporate bonds worth 2 billion RMB and 750 million RMB in debt financing tools [47]. - The company has a total of RMB 5 billion in idle funds available for investment in financial products [187]. - The company is actively managing its cash flow through various financial instruments to optimize returns [187]. - The company has allocated CNY 2 billion for potential investment in Fujian Wuyi Automobile Manufacturing Co., Ltd., contingent on market conditions [114]. - The company has reported a total of CNY 293,621.80 million in financial assets, with no further investments in other financial assets planned [117]. Related Party Transactions - The company's total revenue from related party transactions in 2016 amounted to 16,712.82 million CNY, representing 2.74% of the main business income [175]. - The company has provided credit guarantees for its subsidiaries, with a total of 1,033 million CNY for short-term loans and 1,453 million CNY for long-term loans [175]. - The company has no major issues regarding the integrity of its controlling shareholders or actual controllers during the reporting period [172]. - The company’s related party transactions are considered normal business activities and do not adversely affect its independence [175]. Legal and Regulatory Compliance - The company reported no significant litigation or arbitration matters during the reporting period, indicating a stable legal environment [172]. - The company did not experience any significant accounting policy changes or errors during the reporting period [168]. - The current accounting firm engaged is Da Xin Accounting Firm (Special General Partnership) [169].