Financial Performance - The company's operating revenue for the first half of 2019 was approximately RMB 4.45 billion, representing a 15.87% increase compared to RMB 3.84 billion in the same period last year[18]. - The net profit attributable to shareholders of the listed company reached approximately RMB 494.55 million, an increase of 21.61% from RMB 406.66 million year-on-year[18]. - The net cash flow from operating activities was approximately RMB 918.39 million, reflecting a 23.13% increase compared to RMB 745.87 million in the previous year[19]. - Basic earnings per share for the first half of 2019 were RMB 0.32, up 23.08% from RMB 0.26 in the same period last year[20]. - The diluted earnings per share increased to RMB 0.28, a 7.69% rise from RMB 0.26 year-on-year[20]. - The weighted average return on net assets was 4.14%, an increase of 0.34 percentage points compared to 3.80% in the previous year[20]. - The company reported a net profit after deducting non-recurring gains and losses of approximately RMB 473.37 million, which is a 17.34% increase from RMB 403.42 million in the same period last year[18]. Assets and Liabilities - The total assets of the company at the end of the reporting period were approximately RMB 27.75 billion, a 1.98% increase from RMB 27.21 billion at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company were approximately RMB 11.92 billion, showing a 1.49% increase from RMB 11.74 billion at the end of the previous year[19]. - The company reported a decrease in cash and cash equivalents by 4.04% to 506.13 million RMB[32]. - The total liabilities decreased by 1.58% to CNY 115,481.52 million, reflecting effective debt management strategies[33]. - The company's total assets reached CNY 1,000,000 million, with a net profit of CNY 22,633.88 million reported for the subsidiary Hongshan Thermal Power[41]. Investments and Projects - The company invested CNY 14,000.00 million in Haixia Power for wind power generation, with a cumulative investment of CNY 77,000.00 million, representing 35% of the company's equity[35]. - The company has ongoing projects such as the Putian Shicheng Offshore Wind Farm with an investment of CNY 369,000 million, currently under construction and not yet generating revenue[38]. - Research and development expenses increased by 230.43% to 50.99 million RMB due to investments in textile business and new power plant[30]. Environmental Compliance - The company achieved a sulfur dioxide (SO2) emission concentration of 20.84 mg/m3, below the standard limit of 35 mg/m3, with total emissions of 297.52 tons for the first half of 2019[80]. - The company has implemented a zero discharge policy for wastewater, ensuring environmental compliance and sustainability[80]. - The company has successfully completed ultra-low emission transformations at its facilities, ensuring that emissions meet national standards[82]. - The company has established a comprehensive environmental monitoring plan, conducting quarterly assessments across all facilities[87]. Shareholder and Governance - The company plans to distribute dividends at least once a year, with a minimum cash distribution of 10% of the distributable profit for the year, provided the profit is positive and the audit report is unqualified[52]. - The company has established a dividend policy that requires a minimum cash dividend ratio of 80% for mature companies without significant capital expenditure plans[52]. - The company ensures that all related party transactions are conducted at market-based and fair prices, adhering to legal and regulatory requirements[48]. - Fuhua Group commits to fully compensating any losses incurred by the company within 30 days if risks arise from deposits and settlement funds at Fuhua Financial Company[49]. Risk Management - The company faces risks from fluctuations in coal prices and changes in electricity demand growth rates[44]. - The company will focus on controlling fuel costs through refined management of procurement and inventory[44]. - The company aims to increase the proportion of renewable energy projects to mitigate risks associated with electricity pricing policies[44]. Financial Reporting and Compliance - The financial statements are prepared based on the going concern principle, with no significant doubts about the company's ability to continue operations for the next 12 months[142]. - The accounting policies and estimates are aligned with the actual production and operational characteristics of the company, ensuring compliance with relevant accounting standards[143]. - The company follows specific accounting treatments for mergers and acquisitions, distinguishing between same-control and non-same-control transactions[148]. Social Responsibility - The company provided a total of 11.68 thousand RMB in funding for poverty alleviation efforts, helping 10 registered impoverished individuals achieve poverty alleviation[65]. - The company allocated 5.00 thousand RMB specifically for industrial development poverty alleviation projects[65]. - The company has funded 100 impoverished students each year with 5,000 RMB per student, totaling 500,000 RMB annually for educational support[67].

2018 年年度报告 公司代码：600483 公司简称：福能股份 福建福能股份有限公司 2018 年年度报告 1 / 180 2018 年年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 立信会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 | --- | --- | |-------------------------------------------------------------------------------------------|-------| | | | | 四、 公司负责人董事长林金本、总经理程元怀、主管会计工作负责人许建才及会计机构负责人（会 | | | 计主管人员）周树理声明：保证年度报告中财务报告的真实、准确、完整。 | | | 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 | | 公司第九届董事会第三次会议审议通过了《关于2018年度利润分配的预案》：拟以2018年12 月 ...

Financial Performance - Net profit attributable to shareholders rose by 48.86% to CNY 737.24 million year-on-year[6] - Operating revenue increased by 40.48% to CNY 6.52 billion for the period[6] - Total profit reached CNY 90,071.16 million, reflecting a 48.46% increase compared to the previous year, primarily due to higher operating profit[17] - Net profit increased to CNY 74,682.27 million, up 54.33% year-on-year, attributed to improved operating performance[17] - Total comprehensive income totaled CNY 74,023.74 million, reflecting a 53.82% increase year-on-year, driven by higher operating profits[17] - Basic earnings per share increased by 50.00% to CNY 0.48[6] - Total operating revenue for Q3 2018 reached ¥2,680,663,946.94, a 23.1% increase from ¥2,176,614,166.51 in Q3 2017[26] - Net profit for Q3 2018 was ¥365,633,810.35, representing a 72.0% increase compared to ¥212,493,276.75 in Q3 2017[27] - The company reported a total profit of ¥474,003,178.92 for Q3 2018, an increase from ¥271,690,672.66 in Q3 2017[27] Assets and Liabilities - Total assets increased by 23.42% to CNY 24.39 billion compared to the end of the previous year[6] - The total number of shareholders reached 25,476 by the end of the reporting period[10] - Total liabilities increased to CNY 12,141,010,978.99, up from CNY 8,650,160,859.75, representing a growth of approximately 40.5% year-over-year[23] - Total equity rose to CNY 12,253,002,720.75, compared to CNY 11,114,820,986.64, indicating an increase of about 10.2%[24] - The company’s total liabilities increased, with long-term borrowings rising by 38.28% to RMB 808,081.26 million, primarily due to the consolidation of Liuzhi Power Plant[14] - The company reported a significant increase in accounts receivable, totaling CNY 1,690,964,288.64, compared to CNY 1,214,529,307.82 in the previous year[22] - Non-current liabilities totaled CNY 8,217,295,660.74, up from CNY 5,925,136,442.97, representing a growth of approximately 38.8%[23] Cash Flow - Net cash flow from operating activities improved by 46.24% to CNY 1.34 billion compared to the same period last year[6] - Cash flow from operating activities was CNY 134,255.04 million, a 46.24% increase year-on-year, due to higher cash inflows from power supply and heating services[18] - The company’s cash flow from investing activities improved to -CNY 79,080.44 million, a 19.37% reduction in outflow compared to the previous year[19] - The net cash flow from operating activities was ¥1,342.55 million, an increase of 46.2% compared to ¥918.06 million in the same period last year[34] - Cash and cash equivalents at the end of the period totaled ¥2,778.07 million, up from ¥2,537.49 million at the end of the previous year[35] Operational Insights - Operating costs rose to RMB 532,309.33 million, reflecting a 40.06% increase from RMB 380,069.38 million year-on-year, primarily due to increased power supply and heating costs[16] - The company anticipates continued growth in power supply and heating demand, supported by the expansion of its operational capacity and new projects[16] - The company has not disclosed any new product developments or market expansion strategies in this report[6] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[30] Investments and Acquisitions - The company completed the acquisition of a 20% stake in China Resources Wenzhou Power, resulting in available-for-sale financial assets increasing by 413.14% to RMB 63,890.58 million[14] - Fixed assets grew by 30.00% to RMB 1,357,136.91 million, attributed to the consolidation of data from the newly acquired subsidiary, Liuzhi Power Plant[14] - R&D expenses increased to CNY 234.90 million, up 60.97% year-on-year, driven by the subsidiary Nanfang's increased investment[17] Shareholder Information - The largest shareholder, Fujian Energy Group, holds 62.50% of the shares[10] - The company reported a significant increase in other receivables, which rose to CNY 276,885,612.00 from CNY 120,057,776.59, a growth of about 130.6%[24]

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 3,836,244,176.48, representing a 55.80% increase compared to CNY 2,462,259,874.74 in the same period last year[17]. - The net profit attributable to shareholders of the listed company was CNY 406,659,434.21, a 37.85% increase from CNY 295,010,724.24 year-on-year[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 403,423,548.75, reflecting a 60.47% increase from CNY 251,403,914.96 in the previous year[17]. - The basic earnings per share for the first half of 2018 was CNY 0.26, up 36.84% from CNY 0.19 in the same period last year[19]. - The total assets at the end of the reporting period were CNY 23,583,667,744.69, a 19.32% increase from CNY 19,764,981,846.39 at the end of the previous year[17]. - The net cash flow from operating activities was CNY 745,865,710.37, which is a 7.66% increase compared to CNY 692,799,436.36 in the same period last year[17]. - The weighted average return on net assets increased to 3.80%, up 0.89 percentage points from 2.91% in the previous year[19]. - Operating costs rose to 3.26 billion RMB, an increase of 62.62% year-on-year[29]. - The company reported a significant increase in financial expenses, which rose by 73.51% to 202 million RMB[29]. Revenue Growth Drivers - The company attributed the revenue growth to the consolidation of the newly added subsidiary, Liuzhi Power Plant, and increases in electricity and heat supply volumes, as well as higher on-grid electricity prices[20]. - The investment income from the newly added associate company, Huaneng Wenzhou Power, contributed CNY 118 million to the net profit, alongside increased generation from Hongshan Thermal Power[20]. Asset and Liability Management - The total installed capacity of the company reached 4.841 million kW, including 714,000 kW from wind power and 1,528,000 kW from natural gas[24]. - The company completed the acquisition of 20% and 51% stakes in Huaren Power (Wenzhou) Co., Ltd. and Huaren Power (Liuzhi) Co., Ltd., respectively[25]. - Total assets at the end of the reporting period were 2,358,000.00 million, with a 5.00% increase compared to the previous period[33]. - Cash and cash equivalents decreased by 0.47% to 241,621.18 million, accounting for 10.25% of total assets[33]. - Accounts receivable increased by 23.01% to 149,404.92 million, representing 6.34% of total assets[33]. - Inventory rose by 45.89% to 53,186.63 million, reflecting increased procurement activities[33]. - Long-term borrowings increased by 36.36% to 796,874.94 million, indicating significant financing for expansion[34]. - The company’s total liabilities increased by 28.75% to 103,000.00 million in short-term borrowings[34]. Investment and Development - The company has invested a total of 30,053 million in the Pingyang Wind Farm, which is now operational and generating revenue[38]. - The company has ongoing construction projects, including the Dingyanshan Wind Farm with an investment of 47,259 million, which has incurred 6,724 million in the current reporting period and has not yet generated revenue[39]. - The company has ongoing projects such as the Putian Shicheng Offshore Wind Farm, which has a total investment of 362,998 million and is still in the preliminary stage[39]. - The company has a total of 368,363 million invested in the Putian Pinghai Bay Offshore Wind Farm, which is currently under construction and has not yet generated revenue[39]. Profit Distribution and Shareholder Engagement - The company plans to distinguish the benefits of the current fundraising project from the benefits of the previous major asset restructuring, with the current fundraising project expected to generate net profits from seven wind farm projects[51]. - The company has committed to a minimum cash dividend distribution of 10% of the distributable profits for each year, provided that the profits are positive and the financial reports receive an unqualified audit opinion[51]. - The company aims to distribute at least 30% of the average distributable profits over three consecutive years through cash dividends[51]. - The company has established a dividend return plan for 2018-2020, ensuring that cash dividends will be distributed at least once a year if profits are positive and conditions are met[52]. - The company’s board of directors will propose annual profit distribution plans based on profitability, cash flow, and funding needs[53]. Environmental and Social Responsibility - The company has implemented advanced air pollution control facilities, achieving ultra-low emissions standards at its Hongshan Thermal Power Plant and Liuzhi Power Plant[74]. - The company has established wastewater treatment facilities, achieving zero wastewater discharge across its operations, including industrial and domestic wastewater[75]. - The company actively participated in poverty alleviation efforts, including donations and support for community projects[66]. - The company invested a total of 116,900 RMB in educational poverty alleviation projects during the first half of 2018[67]. - A total of 124 training sessions were conducted for local villagers to enhance their skills[70]. Corporate Governance and Compliance - The company has established an independent financial department and accounting system to ensure financial independence and decision-making autonomy[50]. - The company guarantees that its financial personnel will exclusively serve the company and will not hold concurrent positions in related companies[50]. - The company will ensure that its assets, personnel, qualifications, and capabilities are independent for ongoing market operations[50]. - The company has not reported any major litigation or arbitration matters during the reporting period[54]. - The company has not made any changes to significant accounting policies or estimates during the reporting period[200]. Shareholder Structure and Management - The company has a total of 26,111 common stock shareholders as of the end of the reporting period[84]. - The largest shareholder, Fujian Energy Group Co., Ltd., holds 62.50% of the shares, totaling 969,863,611 shares[85]. - The company has maintained a stable share capital structure with no changes in total shares during the reporting period[82]. - The management team has undergone elections, with key positions filled by newly elected members, ensuring fresh leadership[91]. Accounting and Financial Reporting - The company’s financial statements are prepared based on the going concern principle, with no significant doubts about its ability to continue operations[127]. - The company’s accounting policies and financial reporting comply with the relevant Chinese accounting standards and regulations[126]. - The company recognizes revenue from electricity sales based on monthly grid power and pricing, ensuring reliable measurement of revenue[192]. - The company applies the percentage-of-completion method to recognize service revenue based on the ratio of incurred costs to estimated total costs[192]. - The company has outlined that the components of its operations can be independently distinguished for financial reporting purposes[200].

Financial Performance - Operating revenue for the period reached CNY 1.72 billion, a 53.28% increase year-on-year[7] - Net profit attributable to shareholders was CNY 211.03 million, reflecting a 5.77% increase from the previous year[7] - Basic earnings per share rose by 7.69% to CNY 0.14 per share[7] - The company reported non-recurring gains of CNY 1.62 million during the period[6] - The company reported a net profit warning for the year, indicating potential losses or significant changes compared to the previous year[23] - Net profit for Q1 2018 was CNY 187,892,355.31, a decrease of 1.0% from CNY 191,072,127.94 in Q1 2017[32] - The company's operating profit for Q1 2018 was CNY 189,623,158.89, down 7.7% from CNY 205,447,452.96 in the previous year[32] - Earnings per share for Q1 2018 were CNY 0.14, compared to CNY 0.13 in Q1 2017[33] Assets and Liabilities - Total assets increased by 18.27% to CNY 23.38 billion compared to the end of the previous year[7] - The total assets increased by RMB 325,239.86 million, or 31.17%, mainly from the consolidation of the newly acquired subsidiary[14] - The company's total liabilities reached CNY 11.66 billion, up from CNY 8.65 billion, indicating a rise of about 34.7%[26] - The total liabilities increased by RMB 216,600.46 million, or 37.06%, primarily due to the consolidation of the new subsidiary's financial data[15] - Current assets totaled CNY 5.27 billion, compared to CNY 4.62 billion at the beginning of the year, reflecting an increase of approximately 14.1%[24] - Long-term borrowings surged to CNY 8.01 billion from CNY 5.84 billion, an increase of approximately 37.0%[26] - Total liabilities as of Q1 2018 amounted to CNY 1,329,440,660.32, an increase from CNY 1,229,456,376.90 in the previous year[32] - Total equity for the company was CNY 9,805,089,491.44, up from CNY 9,701,858,155.61 in the same period last year[32] Cash Flow - Net cash flow from operating activities decreased by 22.27% to CNY 354.81 million compared to the same period last year[7] - The net cash flow from operating activities for the current period is ¥354,812,862.95, a decrease of 22.3% compared to ¥456,463,853.57 in the previous period[37] - Cash received from sales of goods and services increased to ¥1,871,999,412.61, up 39.6% from ¥1,340,760,002.10 in the previous period[37] - The total cash inflow from operating activities reached ¥1,949,830,163.24, compared to ¥1,367,491,542.98 in the previous period, marking a growth of 42.5%[37] - The cash outflow from operating activities was ¥1,595,017,300.29, an increase of 75.5% from ¥911,027,689.41 in the previous period[37] - The net cash flow from investing activities was -¥329,558,164.32, worsening from -¥38,768,494.39 in the previous period[38] - Cash inflow from investment activities totaled ¥1,238,945.27, down significantly from ¥974,470,985.44 in the previous period[38] - The ending balance of cash and cash equivalents was ¥2,402,074,732.67, down from ¥2,779,695,603.16 in the previous period[38] Shareholder Information - The number of shareholders at the end of the reporting period was 27,608[11] - The largest shareholder, Fujian Energy Group, holds 62.50% of the shares[11] Investments and Acquisitions - The company completed the acquisition of a 51% stake in Huaren Electric (Liuzhi) and a 20% stake in Huaren Electric (Wenzhou), which are now included in the consolidated financial statements[21] - The company has made significant investments in fixed assets, totaling CNY 13.69 billion, an increase from CNY 10.43 billion, reflecting a growth of approximately 31.5%[25] Operating Costs - Operating costs increased to RMB 148,402.21 million, reflecting a 69.08% rise year-on-year, primarily due to increased power generation and heating supply[17] - Total operating costs for Q1 2018 were CNY 1,651,562,596.24, up 67.0% from CNY 989,614,709.24 in Q1 2017[32] Financial Expenses - The financial expenses rose by 66.66% to RMB 10,160.93 million, driven by an increase in borrowing scale and interest expenses[17] - The company reported a decrease in financial expenses to CNY 101,609,295.36 from CNY 60,968,568.62 in the previous year[32] Government Subsidies - The company received government subsidies amounting to CNY 302,250, which are closely related to its normal business operations[6]