Group 1 - As of August 7, 26 stocks have a 5-day trading volume ratio exceeding 5 times [1] - Jinmei B shares have a 5-day volume ratio of 16.44 times [1] - Caida Securities has a 5-day volume ratio of 11.29 times [1] - Zhongyuan Tong has a 5-day volume ratio of 7.63 times [1]

2024 年半年度报告 公司代码：600726 900937 公司简称：华电能源 华电 B 股 华电能源股份有限公司 2024 年半年度报告 第 1 页 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，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、 本半年度报告未经审计。 四、 公司负责人郎国民、主管会计工作负责人付璐璐及会计机构负责人（会计主管人员）吴长江 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司报告期内不进行利润分配，也不以资本公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告涉及经营计划、发展战略等前瞻性陈述，不构成公司对投资者的实质性承诺，请投资者注 意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 ...

Financial Performance - The total operating revenue for 2023 was CNY 18.844 billion, a decrease of 0.17% compared to the previous year[6]. - The net profit attributable to shareholders was a loss of CNY 0.909 billion, compared to a loss of CNY 1.016 billion in 2022[6]. - The net cash flow from operating activities was CNY 3.425 billion, down 23.10% from CNY 4.454 billion in 2022[19]. - The total assets decreased by 11.80% to CNY 29.114 billion from CNY 33.008 billion in 2022[19]. - The net assets attributable to shareholders increased by 1.93% to CNY 3.488 billion from CNY 3.422 billion in 2022[19]. - The company reported a significant increase of 79.19% in revenue from core business activities, reaching CNY 18.740 billion[19]. - The company reported a total revenue of approximately RMB 5.79 billion in Q1 2023, with a net profit attributable to shareholders of RMB 162.23 million[22]. - In Q2 2023, the company experienced a net loss of RMB 43.98 million, while in Q3, the loss increased to RMB 182.84 million, indicating a downward trend in profitability[22]. - The adjusted basic earnings per share for the year was -0.01 RMB, compared to -0.52 RMB in the previous year, reflecting a significant improvement[21]. - The company achieved operating revenue of CNY 18.844 billion in 2023, a slight decrease of 0.17% from CNY 18.877 billion in 2022, primarily due to a decline in coal sales prices[35]. Operational Capacity - The company generated a total of 210.9 billion kWh of electricity in 2023, with a total installed capacity of 6.412 million kW by the end of the year[27]. - The average utilization hours of the power generation units reached 3,289 hours in 2023, with a total heat supply of 68.11 million GJ[27]. - The company’s coal production for the year was 11.59 million tons, contributing to its operational capacity[27]. - The total electricity generation reached 2,108,993 MWh, an increase of 8.65% compared to the previous year[56]. - The total electricity sales amounted to 1,866,103 MWh, reflecting an 8.33% year-on-year growth[57]. Market Trends - The national electricity consumption increased by 6.7% year-on-year, with total electricity generation also rising by 6.7% in 2023[28]. - The average spot price of 5500 kcal thermal coal at northern ports was CNY 968 per ton in 2023, down 25.3% from 2022[30]. - The company's coal sales revenue was CNY 7.932 billion, a decrease of 7.88% year-on-year, with a gross margin of 57.17%, down 6.90 percentage points[38]. - Electricity sales revenue was CNY 7.670 billion, an increase of 5.94% year-on-year, with a gross margin of 2.39%, up 4.30 percentage points[38]. Governance and Compliance - The audit report issued by Tianzhi International CPA was a standard unqualified opinion[6]. - The company has established a management system for information disclosure to ensure timely, accurate, and complete reporting[85]. - The company respects the rights of all stakeholders, including shareholders, employees, and society, promoting sustainable development[85]. - The company’s independent status is maintained, with no interference from the controlling shareholder in its operations[85]. - The company has a board of 9 members, including 3 independent directors, ensuring compliance with relevant regulations and effective governance[84]. Environmental and Social Responsibility - The company invested 135.16 million yuan in environmental protection during the reporting period[127]. - The company has 10 key pollutant discharge units, including 9 coal-fired power plants with a total installed capacity of 6,412 MW[128]. - All 27 coal-fired generating units are equipped with efficient dust removal, desulfurization, and denitrification facilities, achieving ultra-low emissions[130]. - The dust removal facility operation rate is 100%, with a dust removal efficiency greater than 99.9%[131]. - The company has published its 2023 Environmental, Social, and Governance (ESG) report, detailing its social responsibility efforts[138]. Future Outlook - The company plans to complete an electricity generation of 20.35 billion kWh and a coal production of 10.4 million tons in the upcoming period[78]. - The company anticipates a 6% year-on-year growth in total electricity consumption for 2024, driven by economic recovery and increased electrification[75]. - The coal market is expected to see limited production increase in 2024, with a stable price trend and a slight downward adjustment in price levels[76]. - The company is facing risks in the electricity market, with renewable energy accounting for 42.3% of total installed capacity, leading to increased operational pressure on coal-fired units[79]. Related Party Transactions - The company has confirmed that there were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[171]. - The company will minimize or avoid related party transactions with its actual controlling entities, ensuring fair pricing and legal decision-making processes[147]. - The company has committed to reducing and regulating related party transactions in the future[168]. Financial Management - The company has a structured decision-making process for profit distribution, requiring board approval and independent director review[117]. - The company has established a performance-based compensation system linking employee income to corporate performance and individual achievements[112]. - The company has consistently used its own funds for the entrusted loans, indicating a strategy focused on internal financing[196]. - The company has reported expected returns from various loans, with the highest expected return being RMB 4,996,242.14 from a loan to Heilongjiang Huadian Qiqihar Thermal Power Co., Ltd.[197].

Financial Performance - The company's operating revenue for the first half of 2023 was CNY 10,081,282,282.12, an increase of 8.50% compared to CNY 9,291,245,586.18 in the same period last year[16]. - The net profit attributable to shareholders for the first half of 2023 was CNY 118,250,673.18, a significant recovery from a loss of CNY 615,280,877.04 in the previous year[16]. - The basic earnings per share for the first half of 2023 was CNY 0.01, compared to a loss of CNY 0.31 per share in the same period last year[18]. - The company reported a net cash flow from operating activities of CNY 675,083,847.07, down 33.92% from CNY 1,021,631,106.55 in the previous year[17]. - The company reported a net profit of 6,952.69 million CNY for Chen Barhuqi Tienshun Mining Co., Ltd., with total assets of 97.61 million CNY[33]. - The company reported a net profit of 1,317.81 million CNY for Harbin Hafar Heating Co., Ltd., with total assets of 69.07 million CNY[35]. - The company reported a net profit of 1,220,364,686.09 CNY for the first half of 2023, a significant recovery from a net loss of 1,189,981,982.28 in the previous year[125]. Asset and Liability Management - The company's total assets decreased by 10.90% to CNY 29,408,672,669.33 from CNY 33,007,759,255.13 at the end of the previous year[17]. - The company's total assets reached RMB 29.41 billion, with shareholders' equity at RMB 3.64 billion, and it achieved an operating revenue of RMB 10.08 billion, representing an 8.50% increase year-on-year[25][27]. - The company's total liabilities decreased from CNY 26,266,607,241.87 to CNY 23,499,059,902.87, a decrease of approximately 10.5%[115]. - The total amount of loans from the parent company was CNY 2,590,000,000, with a total loan amount during the period of CNY 2,332,000,000[91]. - The total liabilities increased to CNY 5,089,527,815.63, indicating a rise in financial obligations[138]. Market and Operational Insights - The company expects a growth in national electricity consumption of approximately 6.0% in the second half of 2023, indicating a recovery in demand[21]. - The average utilization hours for thermal power generation increased by 84 hours to 2,142 hours in the first half of 2023 compared to the previous year[21]. - The company has become the largest power generation and centralized heating operator in Heilongjiang Province, enhancing its market share and operational synergy[24]. - The company faced significant risks in the electricity market due to oversupply and increased competition, particularly in the context of carbon neutrality goals[36]. - The coal market is under pressure with a 40% reduction in local coal production, leading to increased costs and supply challenges[36]. Environmental and Compliance Efforts - The company has implemented a robust governance structure, ensuring compliance with relevant laws and regulations, which supports sustainable development[24]. - The company has established a 4800 m³/d mine water treatment station, achieving surface water Class III standards for reuse[52]. - The company has implemented a continuous online monitoring system (CEMS) for all coal-fired power plants, ensuring real-time data transmission to environmental authorities[51]. - The company has developed emergency response plans for environmental incidents and conducts regular drills to enhance response capabilities[55]. - The company has committed to achieving green mining certification and has successfully obtained a 5A rating for green mines[58]. Shareholder and Corporate Governance - The company underwent a board restructuring, electing new members including Lang Guomin as chairman and Li Hongshu as a director[42]. - The company has committed to maintaining a lock-up period for shares post-transaction, ensuring no share transfers for 18 months following the completion of the transaction[63]. - The company has established a fair pricing mechanism for transactions with its controlling entities, aiming to minimize related party transactions[66]. - The company will not engage in any new business that competes with its main operations post-transaction completion, ensuring alignment with shareholder interests[66]. - The company has committed to maintaining independent sales capabilities for its subsidiary, Jin Xing Energy, enhancing its market presence without interference from controlling shareholders[65]. Financial Reporting and Compliance - The financial report was approved by the board of directors on August 24, 2023[150]. - The financial statements are prepared in accordance with the relevant accounting standards and regulations[112]. - The company has not faced any penalties or compliance issues involving its directors, supervisors, or major shareholders[84]. - The company has not reported any significant non-operating fund occupation or guarantee violations during the reporting period[82]. - The company has committed to reducing and standardizing related party transactions, ensuring compliance with market principles and fair pricing[81]. Future Plans and Investments - The company plans to integrate its coal mining operations, including the injection of operational coal mines into the listed company within 5 years after the completion of the transaction[67]. - The company is focused on enhancing its coal sales market capabilities through independent operations and sales strategies[65]. - The company plans to focus on market expansion and new product development to enhance future performance[140]. - The company will support Jin Xing Energy in independently developing its coal sales market and enhancing its sales capabilities[76]. - The company has committed to complete the land use rights certificate for the Xiaojiawa coal mine and washing plant project by December 31, 2024, covering an area of approximately 32,427.71 square meters[68].

重要内容提示： 投资者可通过电话、邮件等方式将需要了解的情况和关注的问 题提前反馈给公司。 华电能源股份有限公司（以下简称"公司"）已于 2023 年 4 月 27 日发布公司 2022 年年度报告，为便于广大投资者更全面深入地了 解公司 2022 年度经营成果、财务状况，进一步加强与投资者的互动 交流，公司将参加由黑龙江证监局、黑龙江省上市公司协会与深圳市 全景网络有限公司联合举办的 2023 年黑龙江辖区上市公司投资者集 体接待日暨业绩说明会活动，就投资者关心的问题进行交流。 一、 活动类型 本次活动将采用网络远程的方式举行，公司将针对 2022 年度业 绩、公司治理、发展战略、 经营状况和可持续发展等投资者关心的 1 证券代码：600726 900937 证券简称：*ST 华源 *ST 华电 B 公告编号：临 2023-029 华电能源股份有限公司 关于参加黑龙江辖区上市公司 2023 年投资者 网上集体接待日暨年报业绩说明会活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 三、 参加人员 总经理：冯荣先生 董 ...

证券代码：600726 900937 证券简称：*ST 华源 *ST 华电 B 公告编号：临 2023-029 华电能源股份有限公司 关于参加黑龙江辖区上市公司 2023 年投资者 网上集体接待日暨年报业绩说明会活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 活动时间：2023 年 5 月 15 日（周一）14:00-16:30 活动平台："全景路演"网站（http://rs.p5w.net）；微信公众 号（名称：全景财经）；全景路演 APP 活动方式：网络远程方式 投资者可通过电话、邮件等方式将需要了解的情况和关注的问 题提前反馈给公司。 华电能源股份有限公司（以下简称"公司"）已于 2023 年 4 月 27 日发布公司 2022 年年度报告，为便于广大投资者更全面深入地了 解公司 2022 年度经营成果、财务状况，进一步加强与投资者的互动 交流，公司将参加由黑龙江证监局、黑龙江省上市公司协会与深圳市 全景网络有限公司联合举办的 2023 年黑龙江辖区上市公司投资者集 体接待日暨业绩说明会活动， ...

Financial Performance - The total operating revenue for 2022 was CNY 18.88 billion, a slight decrease of 0.23% compared to CNY 18.92 billion in 2021[6]. - The net profit attributable to shareholders for 2022 was a loss of CNY 1.02 billion, compared to a loss of CNY 0.92 billion in 2021[22]. - The company plans not to distribute profits or increase capital reserves for 2022[6]. - The net cash flow from operating activities decreased by 15.34% to CNY 4.45 billion from CNY 5.26 billion in 2021[22]. - The total assets at the end of 2022 were CNY 33.01 billion, down 5.9% from CNY 35.08 billion at the end of 2021[22]. - The basic earnings per share for 2022 was -CNY 0.52, compared to -CNY 0.47 in 2021, reflecting a 10.64% increase in losses[24]. - The weighted average return on equity was -81.41% for 2022, compared to -40.85% in 2021[24]. - The company reported a retained earnings deficit of CNY 7.51 billion as of the end of 2022[6]. - The company's operating revenue for Q4 2022 was approximately CNY 5.66 billion, while the net profit attributable to shareholders was a loss of CNY 283.65 million[26]. - The total non-recurring gains and losses for 2022 amounted to CNY 2.27 billion, with significant contributions from non-current asset disposal gains and government subsidies[27]. Operational Metrics - In 2022, the company's total electricity generation reached 19.41 billion kWh, with grid-connected electricity generation at 17.226 billion kWh, and an average utilization hour of 3,027 hours[29]. - The company's coal production for the year was 11.46 million tons, contributing to a total heating supply of 59.03 million GJ[29]. - The average utilization hours for coal-fired power generation in 2022 were 4,594 hours, a decrease of 8 hours year-on-year[30]. - By the end of 2022, the company's installed power generation capacity was 6.412 million kW, with a total heating area of 140 million square meters[29]. - The national total installed power generation capacity reached 2.56 billion kW by the end of 2022, with a year-on-year growth of 7.8%[30]. Market and Industry Challenges - The company faced significant challenges due to rising coal prices, prompting the implementation of various supply and price stabilization policies by the government[32]. - The company anticipates a tight balance in national power supply and demand for 2023, influenced by extreme weather and macroeconomic factors[80]. - The coal market is expected to see a gradual easing of supply and demand, with coal prices projected to decline due to policy support and increased production from advanced capacities[80]. - The company faces risks from insufficient electricity demand and increased competition in the power market, particularly due to the push for renewable energy[86]. Strategic Acquisitions and Restructuring - The company completed a major asset restructuring by acquiring 51% of Shanxi Jinxing Energy Co., enhancing its coal business capabilities[36]. - The company acquired 51% of Shanxi Jinxing Energy Co., Ltd., which was included in the consolidated financial statements[47]. - The company is focusing on enhancing its market position through strategic acquisitions and restructuring efforts to improve overall financial performance[73]. - The company plans to transfer its 20.92% stake in Jinshan shares as part of its strategic adjustments[95]. - The company has approved the acquisition of heating assets and operating rights for the Qiqihar city central heating project[95]. Governance and Compliance - The company is enhancing its governance structure to ensure equal rights for all shareholders and improve information disclosure quality[89]. - The company has established a management system for information disclosure to ensure timely, accurate, and complete information dissemination[91]. - The company has continuously improved its governance rules and regulations following a self-inspection process without identifying significant deficiencies[137]. - The company is revising its Articles of Association and shareholder meeting rules to enhance governance[112]. Environmental and Social Responsibility - The company aims to enhance safety and environmental protection, ensuring 100% compliance with carbon emission regulations[83]. - The company invested 11,925,000 RMB in environmental protection during the reporting period[139]. - The company has implemented an emergency response plan for environmental incidents, enhancing its prevention and response capabilities[145]. - The company has achieved a dust removal efficiency of over 99.9% and a desulfurization efficiency of 96.55%[143]. - The company has invested 3,690,700 RMB in poverty alleviation and rural revitalization projects[151]. Employee and Management Structure - The total number of employees in the parent company is 5,654, and the total number of employees in major subsidiaries is 2,321, resulting in a combined total of 7,975 employees[125]. - The company has established a performance-based compensation system linking employee income to corporate performance and individual achievements[126]. - The company has a diverse board with members having backgrounds in engineering, finance, and law[100]. - The average age of the board members is approximately 54 years[100]. Future Outlook and Projections - The company provided guidance for the next fiscal year, projecting a revenue growth of 12% to 15%[104]. - New product launches are expected to contribute an additional 1 billion RMB in revenue, with a focus on renewable energy solutions[104]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[104]. - The company is in the process of increasing Jin Xing Energy's production capacity from 8 million tons per year to 12 million tons per year[196].

Financial Performance - The company's operating revenue for the first half of 2022 was approximately CNY 5.17 billion, a decrease of 1.04% compared to the same period last year[19]. - The net profit attributable to shareholders for the same period was approximately -CNY 1.45 billion, compared to -CNY 522.92 million in the previous year[19]. - The net cash flow from operating activities was -CNY 751.85 million, a significant decline of 1,939.57% year-on-year[19]. - The company's total assets at the end of the reporting period were approximately CNY 21.56 billion, down 4.75% from the end of the previous year[19]. - The company's net assets attributable to shareholders were approximately -CNY 3.61 billion, compared to -CNY 2.11 billion at the end of the previous year[19]. - The basic earnings per share for the first half of 2022 was -CNY 0.74, compared to -CNY 0.266 in the same period last year[20]. - The company reported a net profit of -CNY 1.45 billion for the first half of 2022, with basic earnings per share at -CNY 0.74[27]. - The total power generation volume of the company's wholly-owned and controlled power plants was 9.60 billion kWh, a year-on-year decrease of 21.48%[27]. - Operating revenue for the period was CNY 5.17 billion, a slight decrease of 1.04% compared to the previous year[29]. - Operating costs increased by 15.96% to CNY 6.03 billion, primarily due to rising coal prices[29]. - The company reported a net profit loss of CNY 35.49 million for Heilongjiang New Century Energy Co., Ltd., with total assets of CNY 75.7 million[37]. - The company faced a net profit loss of CNY 993.73 million for Heilongjiang Longdian Electric Co., Ltd., with total assets of CNY 80.82 million[37]. - The company reported a net profit loss of CNY 77.35 million for Shenyang Jinshan Energy Co., Ltd., with total assets of CNY 1.950 billion[39]. - The company reported a net loss of CNY -7,730,906,668.23, compared to a loss of CNY -6,277,913,811.28 in the previous period[110]. - The company reported a significant increase in prepayments, which decreased from ¥92,574,272.58 to ¥53,310,235.90, a decline of about 42.49%[108]. - The company reported a decrease in comprehensive income of approximately ¥1.45 billion during the period, leading to a total comprehensive loss of about ¥1.61 billion[131]. - The company experienced a net loss attributable to shareholders of approximately ¥1.50 billion during the period[130]. Operational Highlights - The company remains the largest power generation and centralized heating operator in Heilongjiang Province, focusing on electricity and heat sales[23]. - The main performance drivers include electricity generation, electricity prices, and fuel prices, with additional influences from technological innovation and environmental policies[23]. - The total installed power generation capacity in Heilongjiang Province was 40.77 million kW, with thermal power accounting for 62.08% of the total[24]. - The average on-grid electricity price was CNY 469.01 per thousand kWh, with a utilization hour of 1,480 hours[27]. - The company plans to issue shares to acquire 51% of Shanxi Jinxing Energy Co., Ltd. from its controlling shareholder, China Huadian Corporation[28]. - The company has completed a coal storage project with an environmental impact assessment approved in December 2021, and the project was finished in April 2022[59]. - The company has implemented measures to ensure that all emissions from its power plants meet ultra-low discharge standards, with specific SO2 emissions as low as 0.01 g/kWh[57]. - The company has installed flue gas treatment facilities on all 27 coal-fired power units, achieving ultra-low emissions as per national standards[58]. - The company has implemented emergency response plans for environmental incidents across all nine key pollutant discharge units, enhancing their emergency response capabilities[60]. - The company plans to peak carbon emissions by 2023, with a focus on shutting down outdated coal power capacity and implementing technological upgrades to reduce carbon intensity[63]. Financial Position and Risks - The company's total assets were CNY 21.56 billion, while shareholder equity was -CNY 3.61 billion, indicating significant financial pressure[27]. - The company’s financial risk is significant, with an asset-liability ratio exceeding 100% and challenges in capital operations and credit ratings[43]. - The company’s stock was subject to delisting risk due to a negative net asset value reported in the 2021 annual audit[43]. - The company’s total liabilities included long-term borrowings of CNY 7.63 billion, representing 35.39% of total liabilities, and lease liabilities of CNY 3.82 million, representing 0.02%[32]. - The company’s total restricted assets amounted to CNY 6.802 billion, primarily due to judicial freezes and pledges related to receivables[34]. - The company has received a non-standard audit opinion for the 2021 financial statements, indicating significant uncertainties regarding its ability to continue as a going concern[71]. - The company’s subsidiary, Heilongjiang New Century Energy Co., Ltd., has applied for bankruptcy due to long-term losses and insolvency[75]. - The company has faced ongoing litigation related to asset transfer disputes, with recent developments in the appeals process[76]. - The company is involved in a lawsuit against Yaochi Company for a total of 11.92 million yuan related to contract payment issues, with appeals ongoing[77]. Corporate Governance and Management - The company held its annual shareholders meeting on May 18, 2022, where all resolutions were approved without any dissenting votes[45]. - The company appointed a new general manager, Feng Rong, following the resignation of the previous general manager, Lang Guomin[52]. - The company elected new independent directors, Zhang Jinsong and Ma Lei, to replace departing independent directors[51]. - The company has no ongoing employee stock ownership plans or other incentive measures currently in place[54]. - The company has committed to reducing and standardizing related party transactions to protect the interests of shareholders[69]. Strategic Initiatives - The company plans to continue its investment in major technical renovation projects for its power plants in 2022[48]. - The company is focused on enhancing operational efficiency and market responsiveness, particularly in direct electricity trading and optimizing heat supply management[73]. - The company intends to implement cost management strategies, including optimizing maintenance and reducing operational costs through automation and efficiency improvements[73]. - The company is actively pursuing policies to stabilize coal supply and control costs amid market fluctuations[73]. - The company plans to focus on market expansion and new product development in the upcoming quarters[143]. Accounting and Financial Instruments - The financial statements are prepared based on the assumption of going concern, reflecting the company's ongoing efforts to improve its financial situation[148]. - The accounting treatment for business combinations under common control involves measuring the acquired assets and liabilities at their book value in the consolidated financial statements of the final controlling party[155]. - For business combinations not under common control, goodwill is recognized when the purchase cost exceeds the fair value of identifiable net assets acquired; if less, the difference is recognized in current profit or loss[156]. - The company measures financial liabilities at amortized cost, including short-term loans and long-term borrowings, with related transaction costs included in the initial recognition amount[174]. - The expected credit loss model is applied to financial assets measured at amortized cost, with provisions based on the expected credit loss over the entire life of the financial instrument if credit risk has significantly increased since initial recognition[179]. - The company categorizes receivables into different groups based on credit risk characteristics, with expected default loss rates ranging from 0% for 0-6 months to 100% for over 5 years[185]. - The company uses a monthly weighted average method for inventory valuation[196]. - The net realizable value of inventory is determined based on market prices at the balance sheet date[199].

Financial Performance - The total operating revenue for 2021 was CNY 9.80 billion, a decrease of 8.14% compared to 2020[18]. - The net profit attributable to shareholders was a loss of CNY 2.94 billion, compared to a loss of CNY 1.11 billion in 2020[18]. - The company plans not to distribute profits for 2021 due to the negative retained earnings of CNY -5.29 billion at the end of the year[6]. - The net cash flow from operating activities was CNY 87.07 million, a decrease of 93.34% from the previous year[18]. - The total assets at the end of 2021 were CNY 22.63 billion, a slight decrease of 0.40% from 2020[18]. - The basic earnings per share for 2021 was -CNY 1.49, compared to -CNY 0.56 in 2020[20]. - The weighted average return on net assets was not applicable due to significant losses in 2021[20]. - The decline in net profit was primarily due to tight coal supply and rising prices, leading to increased fuel costs and significant losses in the main business[20]. - The company’s net assets attributable to shareholders decreased to CNY -2.11 billion, a decline of 450.05% from the previous year[18]. - The company’s investment income decreased due to the decline in profits from its main associate, Jinshan Co., impacting overall financial performance[20]. - The company reported a net profit attributable to shareholders of -1.469 billion RMB in Q4 2021, with a total annual net profit of -2.938 billion RMB[9]. - The company’s net profit for 2021 was CNY -3.126 billion, a decline of 167.41% compared to CNY -1.169 billion in 2020[35]. Operational Performance - In 2021, the company's total electricity generation reached 23.326 billion kWh, with grid-connected electricity generation at 20.792 billion kWh, and an average utilization hours of 3,596 hours[28]. - The company produced 653,700 tons of coal during the reporting period, with a total heating supply of 55.3956 million GJ[28]. - The company's installed power generation capacity was 6.487 million kW by the end of 2021, with a total heating area of 119 million square meters[28]. - The average utilization hours for power plants above 6,000 kW nationwide increased by 60 hours year-on-year to 3,817 hours, with coal-fired power generation utilization hours increasing by 263 hours to 4,586 hours[30]. - The company faced significant operational challenges due to a tight coal supply and low utilization hours of thermal power units, with an average of 3,094 hours in 2021[34]. Revenue and Costs - The company's main business revenue for 2021 was CNY 9.802 billion, achieving 92.22% of the board's target of CNY 10.628 billion, and a decrease of 8.14% from CNY 10.671 billion in 2020[35][37]. - The company's operating costs for 2021 were CNY 11.408 billion, an increase of 5.56% year-on-year, primarily due to rising coal prices[36][37]. - The company's electricity sales revenue was CNY 6.887 billion, a decrease of 7.34% year-on-year[40]. - The company's heat sales revenue was CNY 2.547 billion, with a gross margin decrease of 46.44% compared to the previous year[40]. - The company's coal sales revenue was CNY 20.304 million, with a gross margin decrease of 136.13% compared to the previous year[40]. Cash Flow and Assets - The company's cash flow from operating activities was CNY 87.07 million, a significant decrease of 93.34% from CNY 1.307 billion in the previous year[36]. - Cash inflow from operating activities decreased by CNY 1.22 billion year-on-year, primarily due to reduced cash receipts from sales[51]. - Total assets increased significantly, with inventory rising by 90.06% to CNY 1,207,175,505.75, mainly due to increased coal stock[53]. - Accounts payable increased by 32.41% to CNY 1,902,365,394.71, attributed to higher fuel payments[53]. - The company's long-term payables increased by 129.23% to approximately ¥2.60 billion, primarily due to the recognition of increased sale-leaseback amounts during the reporting period[54]. Strategic Initiatives - The company is adapting to the new energy market reforms and policies aimed at optimizing the electricity market and ensuring energy supply stability[31]. - The company plans to complete a power generation volume of 23.087 billion kWh and a heating volume of 64.71 million GJ in 2022, with projected revenue of 11.2 billion yuan[80]. - The company aims to strengthen safety and supply guarantees, ensuring coal source availability and maintaining a healthy state of power generation units and heating networks[81]. - The company plans to sign long-term coal supply contracts to achieve full coverage for 2022, targeting 1.2 million tons of low-quality coal procurement[83]. - The company is focusing on enhancing the quality and competitiveness of its existing assets while expanding direct heating markets[84]. Environmental and Compliance - The company has established a comprehensive environmental protection system, ensuring compliance with national standards for pollutant discharge[132]. - The company plans to phase out outdated coal power capacity to reduce carbon emissions, with a peak carbon emission target set for 2022[139]. - The company has implemented emergency response plans for environmental incidents across all nine key pollutant discharge units, enhancing their emergency response capabilities[136]. - The company has received environmental impact assessment approvals for heating network projects in Qiqihar City, indicating ongoing infrastructure development[135]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[138]. Governance and Management - The company has established a supervisory board consisting of three supervisors, ensuring compliance with financial regulations and protecting shareholder rights[95]. - The company maintains complete independence from its controlling shareholder in terms of personnel, assets, finance, organization, and business operations[96]. - The company has implemented a performance evaluation and incentive mechanism for senior management, enhancing corporate vitality[124]. - The company has established a systematic employee compensation distribution system to incentivize and ensure alignment with corporate goals[118]. - The company has appointed a new general manager, Lang Guomin, who has a tenure starting from December 22, 2021[102]. Legal and Financial Challenges - The company is currently facing a lawsuit from Harbin Green Wave Bay Agricultural Co., Ltd., which has been formally filed but not yet heard in court[164]. - The company has been involved in a series of legal actions related to contract disputes and overdue payments, indicating ongoing financial management challenges[165]. - The company reported a negative net asset value at the end of 2021, leading to a risk warning for delisting according to the Shanghai Stock Exchange regulations[157]. - The company is actively seeking policy support to reduce losses in coal and electricity enterprises, including aligning coal prices with electricity prices and ensuring the implementation of high energy consumption electricity pricing policies[158]. - The company has provided entrusted loans totaling CNY 1,008,000 (CNY 340.45 million, CNY 295 million, CNY 172 million, and CNY 210.45 million) to Heilongjiang New Century Energy Co., Ltd., all of which are currently overdue.[188].

Financial Performance - The company's operating revenue for Q3 2021 was ¥1,691,925,365.01, a decrease of 20.18% compared to the same period last year[6] - The net profit attributable to shareholders was -¥945,387,163.21, with a year-to-date net profit of -¥1,468,311,141.29, indicating significant losses[6] - The basic and diluted earnings per share for the quarter were both -¥0.481, reflecting the company's financial struggles[7] - Total operating revenue for the first three quarters of 2021 was CNY 6,916,946,032.46, a decrease of 8.67% compared to CNY 7,573,900,980.70 in the same period of 2020[20] - Net profit for the first three quarters of 2021 was a loss of CNY 1,562,572,802.43, compared to a loss of CNY 705,705,955.01 in the same period of 2020[21] - The net profit attributable to the parent company for Q3 2021 was -1,468,311,141.29 RMB, compared to -657,387,699.39 RMB in Q3 2020, indicating a significant increase in losses[22] - The total comprehensive income attributable to the parent company for Q3 2021 was -1,298,390,184.80 RMB, compared to -644,375,212.50 RMB in Q3 2020, reflecting a worsening financial position[22] - Basic earnings per share for Q3 2021 was -0.747 RMB, compared to -0.330 RMB in Q3 2020, indicating a decline in profitability[22] Assets and Liabilities - The total assets at the end of the reporting period were ¥21,737,038,889.05, down 4.34% from the previous year[7] - Total assets as of September 30, 2021, were CNY 21,737,038,889.05, down from CNY 22,723,956,365.43 at the end of 2020[18] - Total liabilities as of September 30, 2021, increased to CNY 22,303,519,030.96 from CNY 21,913,146,571.91 at the end of 2020[18] - Current assets decreased to CNY 3,957,056,067.63 from CNY 4,269,389,406.92 at the end of 2020, a decline of approximately 7.31%[16] - Current liabilities increased to CNY 11,116,582,713.32 from CNY 10,201,792,674.73, reflecting a rise of about 8.96%[17] - Long-term borrowings decreased to CNY 8,204,237,037.18 from CNY 10,097,231,352.90, a reduction of approximately 18.69%[18] - The company's total equity as of September 30, 2021, was negative CNY 566,480,141.91, compared to positive CNY 810,809,793.52 at the end of 2020[18] - The total liabilities amounted to approximately ¥21.91 billion, indicating a high leverage ratio[28] Cash Flow - The company reported a net cash flow from operating activities of -¥508,167,585.42 for the year-to-date, a decline of 175.29%[7] - The net cash flow from operating activities for the first three quarters of 2021 was -508,167,585.42 RMB, a decline from 674,929,688.46 RMB in the same period of 2020[23] - Cash inflows from operating activities totaled 9,001,190,999.35 RMB in the first three quarters of 2021, down from 9,492,855,071.13 RMB in 2020[23] - The net cash flow from investing activities for the first three quarters of 2021 was -772,007,453.93 RMB, compared to -340,555,679.27 RMB in the same period of 2020, indicating increased investment losses[24] - The net cash flow from financing activities for the first three quarters of 2021 was 1,350,152,891.59 RMB, a significant increase from 53,291,397.22 RMB in 2020[24] - The total cash and cash equivalents at the end of Q3 2021 amounted to 1,538,140,869.44 RMB, down from 1,823,399,816.24 RMB at the end of Q3 2020[24] Operational Challenges - The company experienced a significant increase in fuel costs, which contributed to the decline in profit margins and overall performance[8] - The company faced 8 significant legal disputes with a total amount involved of approximately ¥103.558 million[13] - The company plans to liquidate its subsidiary, Huadian Zhangwu Power Generation Co., Ltd., due to its long-term inactive status[13] - The company incurred a total operating cash outflow of 9,509,358,584.77 RMB in the first three quarters of 2021, compared to 8,817,925,382.67 RMB in the same period of 2020, reflecting increased operational costs[23] Investments and Financing - The company has approved project financing of up to ¥1.4 billion for its wholly-owned Fularqi Power Plant[13] - Research and development expenses for the first three quarters of 2021 were CNY 6,919,064.01, up from CNY 5,955,990.69 in 2020, indicating an increase of about 16.14%[21] - The company has a capital reserve of approximately ¥1.71 billion and issued capital of approximately ¥1.97 billion[29] - The total current assets represent about 18.8% of total assets, indicating a relatively liquid position[28] - The company has a deferred tax asset of approximately ¥80.44 million, which may provide future tax benefits[27]