Financial Performance - The company's operating revenue for the first half of 2021 was approximately ¥5.23 billion, a decrease of 4.20% compared to the same period last year[17]. - The net profit attributable to shareholders of the listed company was approximately -¥522.92 million, compared to -¥173.10 million in the previous year[17]. - The net cash flow from operating activities decreased by 72.82%, amounting to approximately ¥40.87 million[17]. - The total assets at the end of the reporting period were approximately ¥21.57 billion, a decrease of 5.06% from the previous year[17]. - The company's equity attributable to shareholders decreased by 79.12%, totaling approximately ¥125.78 million[17]. - The company's total power generation reached 12.229 billion kWh, a decrease of 5.29% year-on-year[25]. - The on-grid electricity volume was 10.917 billion kWh, down 5.43% year-on-year[25]. - The average on-grid electricity price was 368.66 RMB per MWh[25]. - The operating revenue for the period was 5.225 billion RMB, a decline of 4.20% compared to the previous year[27]. - The operating costs increased to 5.196 billion RMB, reflecting a rise of 1.60% year-on-year due to higher coal prices[28]. - The net profit for the period was -543 million RMB, indicating a loss[25]. - The company completed a heating supply of 34.01 million GJ during the reporting period[25]. Assets and Liabilities - Cash and cash equivalents at the end of the period amounted to ¥1,457,451,303.80, a decrease of 1.40% compared to the previous year[30]. - Accounts receivable increased by 16.06% to ¥1,489,748,946.80, primarily due to an increase in receivables from electric heating fees[30]. - Inventory decreased by 30.30% to ¥442,703,419.91, mainly due to a reduction in coal inventory during the reporting period[30]. - Contract assets decreased significantly by 84.83% to ¥6,881,621.92, as amounts that were conditionally collectible were transferred to accounts receivable[30]. - Long-term equity investments decreased by 2.04% to ¥1,515,602,349.14, primarily due to losses from the associate company Jinshan Co., Ltd.[30]. - Fixed assets decreased by 4.63% to ¥14,865,121,438.29, mainly due to depreciation during the reporting period[31]. - Short-term borrowings increased by 3.38% to ¥5,434,335,923.25, driven by increased operational funding needs[31]. - Contract liabilities decreased by 91.46% to ¥83,898,891.47, primarily due to the recognition of previously received heating fees as revenue[31]. - The total assets of the company amounted to 21.573 billion RMB, with shareholders' equity at 1.26 billion RMB[25]. - Total liabilities were reported at RMB 21,269,111,527.92, down from RMB 21,913,146,571.91, indicating a reduction of about 2.93%[105]. Environmental Compliance and Risks - The company faces risks related to potential localized outbreaks of COVID-19, which may impact macroeconomic conditions and operational activities[41]. - The company faces heightened environmental compliance requirements, with stricter regulations on air, water, and soil pollution, posing new challenges for operational safety and environmental protection[45]. - The company has completed ultra-low emission upgrades for its power generation units, ensuring compliance with national environmental standards[54]. - The company operates nine key pollutant discharge units, all of which are coal-fired power plants with a total installed capacity of 6,487 MW, equipped with advanced pollution control technologies[54]. - The company has established emergency response plans for environmental incidents across all nine key polluting coal-fired power plants[59]. - The company has received no administrative penalties for environmental issues during the reporting period[61]. Management and Governance - Recent management changes include the appointment of two new deputy general managers and the election of a new board member[51]. - The company does not plan to distribute profits or increase capital reserves during the reporting period[4]. - The report includes a risk statement regarding forward-looking statements, emphasizing the importance of investor caution[5]. - The financial statements are prepared based on the assumption of going concern, with no significant doubts regarding the company's ability to continue operations for the next 12 months[145]. - The company’s financial reports are approved by the board of directors, ensuring compliance and accuracy in reporting[143]. Strategic Initiatives - The company plans to sell certain idle properties in Heilongjiang Province to optimize its asset structure[35]. - The company aims to increase the proportion of clean energy and reduce carbon emissions intensity through technological upgrades and the development of renewable energy sources[63]. - The company is focused on maintaining its market position and exploring potential expansions or strategic partnerships to enhance its growth prospects[139]. - The company plans to shut down 6 outdated coal-fired units (total capacity of 685 MW) during the 14th Five-Year Plan, starting with 3 units of 25 MW at the Fularqi Thermal Power Plant in 2021[63]. Legal Matters - There are ongoing significant litigation matters involving the company's subsidiaries, including a lawsuit against Northern Intelligent Equipment Co., Ltd. by Heilongjiang Longdian Electric Co., Ltd.[71]. - The company’s subsidiary, Mudanjiang Second Power Plant, has initiated legal proceedings against a real estate development company, with the case currently in execution[71]. - Heilongjiang Longdian Electric Co., Ltd. has filed a lawsuit against Zhao Bing and Intelligent Company, with the first instance judgment rejecting the plaintiff's claim[71]. - The company is involved in a dispute related to asset transfer that may result in joint liability, with ongoing litigation against Henan Xinzhu Construction Engineering Co., Ltd.[71]. - The company has faced multiple court hearings regarding a debt-related dispute involving Beijing Longdian Hongtai Environmental Technology Co., Ltd.[71]. Financial Instruments and Accounting - The company adheres to the accounting standards for enterprises, ensuring that the financial statements reflect the true and complete financial status, operating results, changes in shareholders' equity, and cash flows[146]. - Financial instruments include financial assets, financial liabilities, and equity instruments[160]. - The company measures expected credit losses for financial assets based on a three-stage model, depending on the credit risk increase since initial recognition[175]. - The company applies a simplified model for expected credit losses on receivables without significant financing components, measuring losses over the entire lifetime[179]. - The company recognizes gains or losses on financial instruments based on their fair value changes, impacting profit or loss accordingly[167].

Financial Performance - The total operating revenue for 2020 was CNY 10.67 billion, a decrease of 1.45% compared to CNY 10.83 billion in 2019[19]. - The net profit attributable to shareholders was a loss of CNY 1.11 billion, compared to a profit of CNY 75.56 million in 2019, representing a decline of 1,564.51%[19]. - The company's net assets attributable to shareholders decreased by 63.79% to CNY 602.35 million from CNY 1.66 billion in 2019[19]. - The total assets of the company decreased by 4.06% to CNY 22.72 billion from CNY 23.69 billion in 2019[19]. - The basic earnings per share for 2020 was -CNY 0.56, a decrease of 1,500% compared to CNY 0.04 in 2019[20]. - The weighted average return on equity was -97.67%, a decrease of 102.34 percentage points from 4.67% in 2019[20]. - The net cash flow from operating activities was CNY 1.31 billion, a decrease of 20.19% from CNY 1.64 billion in 2019[19]. - The company plans not to distribute profits for 2020 due to the reported losses and negative retained earnings[5]. - The company reported a net loss of approximately CNY 1.11 billion for 2020, resulting in no profit distribution or capital reserve increase for that year[84]. - The company has not proposed any cash dividend distribution plan for the reporting period, as the parent company's distributable profits were negative[85]. Revenue and Costs - The company's main business cost increased by 5.95% to CNY 10.807 billion, primarily due to rising coal prices[39]. - The total operating costs increased to CNY 11,886,973,022.86, up from CNY 11,316,644,325.28 in 2019, representing a rise of 5.04%[200]. - The total power generation for the year was 25.945 billion kWh, a decrease of 3.84% year-on-year, while the on-grid electricity volume was 23.234 billion kWh, down 4.19%[35]. - The average on-grid electricity price was CNY 371.41 per MWh, with a total heat supply of 55.89 million GJ[35]. Assets and Liabilities - The total assets involved in the entrusted management of the coal mining enterprise as of December 31, 2020, amount to CNY 13,405,000[110]. - The company's total assets amounted to CNY 22,723,956,365.43 in 2020, down from CNY 23,685,615,745.89 in 2019, a decrease of about 4.06%[193]. - The company's equity attributable to shareholders decreased to CNY 602,353,950.20 in 2020 from CNY 1,663,703,930.01 in 2019, a decline of approximately 63.80%[193]. - Total current assets increased to CNY 4,269,389,406.92 in 2020, up from CNY 4,079,868,501.44 in 2019, representing a growth of approximately 4.66%[189]. - Total non-current assets decreased to CNY 18,454,566,958.51 in 2020 from CNY 19,605,747,244.45 in 2019, a decline of about 5.85%[190]. - Total liabilities decreased slightly to CNY 21,913,146,571.91 in 2020 from CNY 21,748,377,131.79 in 2019, a reduction of approximately 0.76%[193]. Operational Capacity and Strategy - The company has a total installed capacity of 6.49 million kilowatts across 9 power plants, primarily coal-fired, and serves a heating area of approximately 117 million square meters[29]. - The company plans to enhance its fuel supply stability through diversified coal sourcing and market-based procurement strategies[30]. - The company is facing significant pressure on profits due to low utilization hours of coal-fired power plants and a tight coal supply situation[31]. - The company is committed to technological innovation and compliance with environmental policies to drive future growth[29]. - The company is focusing on optimizing its asset structure by phasing out inefficient coal-fired units and enhancing the operational quality of its assets[76]. Environmental and Regulatory Compliance - The company is committed to addressing environmental and safety challenges posed by new regulations, which may impact its operational strategies moving forward[80]. - The company has established emergency response plans for environmental incidents and has conducted drills to enhance its response capabilities[125]. - The company emphasizes the importance of green transformation and aims to align its development strategy with national carbon neutrality goals[71]. - The company has nine key pollutant discharge units, all of which have installed efficient dust removal, desulfurization, and denitrification facilities, achieving ultra-low emissions standards[122]. Shareholder and Governance Structure - The total number of ordinary shareholders was 165,658, a slight decrease from 166,102 at the end of the previous month[131]. - The largest shareholder, China Huadian Corporation, holds 881,126,465 shares, representing 44.80% of the total shares[133]. - The company has maintained a consistent leadership structure since May 2020, with all current directors and supervisors in their roles since then[141]. - The company reported no changes in shareholdings for board members and senior management, indicating stability in leadership[141]. - The company continues to prioritize corporate governance, as evidenced by the lack of changes in key management positions and shareholdings[141]. Employee Management and Development - The total number of employees in the parent company is 6,690, while the total number of employees in major subsidiaries is 2,992, resulting in a combined total of 9,682 employees[148]. - The company has established a systematic employee compensation distribution system that links employee income to corporate performance and individual achievements[149]. - The company emphasizes the importance of employee training and development, integrating it into annual assessments to ensure continuous improvement[150]. - The company achieved a full employee training rate of 86% in 2020, enhancing the technical skills of its workforce[151].

Financial Performance - Operating revenue for the period was CNY 3,140,750,173.59, a decrease of 5.24% year-on-year[6] - Net profit attributable to shareholders was CNY 7,827,730.28, down 95.56% from the previous year[6] - Basic and diluted earnings per share were both CNY 0.004, a decrease of 95.56% year-on-year[7] - Total revenue for Q1 2021 was CNY 3,140,750,173.59, a decrease of 5.23% compared to CNY 3,314,499,413.44 in Q1 2020[28] - Net profit for Q1 2021 was CNY 29,763,530.88, a significant decrease from CNY 212,756,220.14 in Q1 2020[29] - The company reported an operating profit of CNY 36,680,985.67, down from CNY 231,787,218.75 in the previous year[29] - The net profit for Q1 2021 was -¥21,548,414.62, a significant decline from a net profit of ¥94,811,832.27 in Q1 2020, representing a year-over-year decrease of 122.73%[33] - The total comprehensive income for Q1 2021 was -¥8,133,602.27, down from ¥102,264,505.80 in Q1 2020[33] Cash Flow and Liquidity - Net cash flow from operating activities dropped by 77.01% to CNY 110,178,109.70 compared to the same period last year[6] - Cash and cash equivalents decreased by 37.63% to CNY 921,950,782.02 due to increased cash payments for coal purchases[12] - Cash flow from operating activities for Q1 2021 was ¥110,178,109.70, a decrease of 77.06% from ¥479,170,459.06 in Q1 2020[36] - The company reported cash and cash equivalents at the end of Q1 2021 of ¥912,570,755.10, down from ¥1,533,358,532.79 at the end of Q1 2020[37] - The cash flow from financing activities for Q1 2021 was -¥456,218,494.24, compared to -¥199,150,682.81 in Q1 2020, reflecting increased cash outflows[36] - The net cash flow from investing activities was -¥175,027,088.85, an improvement from -¥225,704,823.71 in Q1 2020[39] Assets and Liabilities - Total assets decreased by 3.92% to CNY 21,833,175,870.06 compared to the end of the previous year[6] - Total liabilities decreased to CNY 20,963,428,916.66 from CNY 21,913,146,571.91 at the end of 2020[23] - Current assets totaled CNY 3,647,421,475.24, down from CNY 4,269,389,406.92 at the end of 2020[21] - Long-term equity investments increased to CNY 1,566,427,917.16 from CNY 1,547,219,629.68 at the end of 2020[21] - The total assets as of Q1 2021 amounted to CNY 18,146,895,111.25, compared to CNY 18,757,270,698.46 in Q1 2020[26] - Total liabilities decreased to CNY 17,114,526,827.63 in Q1 2021 from CNY 17,720,642,277.78 in Q1 2020[26] - The company’s total equity was CNY 1,032,368,283.62, slightly down from CNY 1,036,628,420.68 in Q1 2020[26] Shareholder Information - The number of shareholders reached 166,102, with 107,888 holding A shares and 58,214 holding B shares[10] Operational Changes - The company appointed two new vice presidents to enhance governance and risk management capabilities[17] - The company plans to continue focusing on cost management and operational efficiency to improve profitability in future quarters[29] Other Financial Metrics - Investment income decreased by 96.79% to CNY 1,199,584.56, mainly due to reduced profits from the associate company Shenyang Jinshan Energy Co., Ltd.[14] - Non-operating income rose by 68.48% to CNY 2,204,645.84, attributed to penalties and late fees received from a lawsuit involving Harbin Third Power Plant[14] - Non-operating expenses decreased by 99.15% to CNY 21,042.51, due to tax penalties paid by Fularqi Thermal Power Plant in the previous reporting period[14] - Credit impairment losses increased by 66.67% to CNY 1,000,000, primarily due to the recovery of previously provisioned bad debts[14]

Financial Performance - Operating revenue for the first nine months was CNY 7,573,900,980.70, an increase of 2.86% year-on-year[7] - Net profit attributable to shareholders was a loss of CNY 688,710,720.94, compared to a loss of CNY 244,040,504.08 in the same period last year[7] - Basic and diluted earnings per share were both CNY -0.33, compared to CNY -0.11 in the previous year[8] - The weighted average return on net assets decreased by 34.38 percentage points to -48.76%[7] - Total revenue for Q3 2020 was approximately $2.12 billion, a slight decrease of 1.1% compared to Q3 2019's $2.15 billion[24] - Net profit for Q3 2020 was a loss of approximately $537.51 million, compared to a loss of $262.84 million in Q3 2019, representing a 104.5% increase in losses year-over-year[26] - The company reported a total comprehensive income of approximately $6.10 million for Q3 2020, compared to a negligible amount in Q3 2019[27] - The company incurred financial expenses of approximately $642.79 million in the first three quarters of 2020, a decrease of 2.4% from $658.71 million in the same period of 2019[24] Assets and Liabilities - Total assets at the end of the reporting period were CNY 23,063,622,969.32, a decrease of 2.63% compared to the end of the previous year[7] - The company's total current assets increased to CNY 4,541,107,275.56, up from CNY 4,079,868,501.44 in the previous period[16] - The company's total liabilities decreased significantly, with current liabilities showing a notable reduction of 59.22% in non-current liabilities due within one year[13] - Long-term borrowings increased by 156.08% to CNY 10,704,095,176.17, reflecting adjustments in the ratio of short-term to long-term borrowings[13] - The company's total liabilities increased slightly from CNY 21,748,377,131.79 in December 2019 to CNY 21,803,030,118.65 in September 2020, an increase of about 0.25%[18] - The company's equity attributable to shareholders decreased from CNY 1,663,703,930.01 in December 2019 to CNY 1,032,472,125.01 in September 2020, a decline of approximately 38%[18] - Current liabilities decreased significantly from CNY 15,523,593,452.83 in December 2019 to CNY 9,391,054,337.93 in September 2020, a reduction of about 39.5%[18] Cash Flow - Cash flow from operating activities for the first nine months was CNY 674,929,688.46, down 43.98% from CNY 1,204,905,387.46[7] - The company's operating cash inflow for the first three quarters of 2020 was CNY 9,492,855,071.13, an increase of 16.8% compared to CNY 8,126,609,784.79 in the same period of 2019[37] - The net cash flow from operating activities decreased to CNY 674,929,688.46 from CNY 1,204,905,387.46 year-on-year, reflecting a decline of 44%[37] - The total cash inflow from financing activities was CNY 12,261,521,773.82, up from CNY 9,832,395,686.70 in the previous year, representing a growth of 24.5%[38] - The net cash flow from financing activities was CNY 303,917,009.54, compared to a negative cash flow of CNY 112,130,877.64 in the previous period[40] Investments and Other Income - Investment income decreased by 83.37% to CNY 9,322,777.33, due to the absence of investment income from Huadian Coal Industry Group Co., Ltd. after its equity was sold[14] - Operating income from non-operating activities increased by 110.58% to CNY 9,698,468.52, attributed to the transfer of uncollectible amounts from Harbin Third Power Plant[14] - The company's income tax expense decreased by 59.30% to CNY 9,255,307.09, primarily due to a reduction in total profit[14] Shareholder Information - The total number of shareholders at the end of the reporting period was 170,877, with 111,776 A-share and 59,101 B-share holders[11] - The company's net loss attributable to shareholders increased from CNY -2,234,453,407.36 in December 2019 to CNY -2,897,392,810.75 in September 2020, worsening by approximately 30%[18] Strategic Initiatives - The company is in the process of disposing of inefficient assets and has decided to deregister a wholly-owned subsidiary, which has been approved by the board[15] - The company implemented new revenue and leasing standards starting from January 1, 2020, which may impact future financial reporting[40]

Financial Performance - The company's operating revenue for the first half of 2020 was approximately CNY 5.45 billion, an increase of 4.52% compared to the same period last year[18]. - The net profit attributable to shareholders was a loss of approximately CNY 173.1 million, a significant decrease of 1,480.32% compared to a profit of CNY 12.54 million in the previous year[18]. - The net cash flow from operating activities decreased by 80.25%, amounting to approximately CNY 150.39 million, down from CNY 761.58 million in the same period last year[18]. - The total assets of the company at the end of the reporting period were approximately CNY 22.75 billion, a decrease of 3.97% from the end of the previous year[18]. - The company's net assets attributable to shareholders decreased by 9.28%, totaling approximately CNY 1.51 billion at the end of the reporting period[18]. - The basic earnings per share for the first half of 2020 was -CNY 0.088, a decline of 1,566.67% compared to CNY 0.006 in the same period last year[19]. - The company's total power generation reached 12.913 billion kWh, a year-on-year decrease of 0.92%[30]. - The on-grid electricity volume was 11.543 billion kWh, down 1.43% year-on-year, primarily due to weak market demand caused by the pandemic[30]. - Revenue for the reporting period was 5.454 billion RMB, an increase of 4.52% year-on-year, attributed to reduced auxiliary service fees and increased heat sales[33]. - Operating costs rose to 5.114 billion RMB, a year-on-year increase of 9.17%, mainly due to rising coal prices[33]. - The net cash flow from operating activities was 150.39 million RMB, a significant decrease of 80.25% year-on-year[33]. - The company reported a net loss of CNY 2,407,558,670.02 for the period, compared to a loss of CNY 2,234,453,407.36 at the end of 2019[93]. Assets and Liabilities - The company's total assets amounted to 22.746 billion RMB, with shareholders' equity at 1.509 billion RMB[31]. - The company's total assets as of June 30, 2020, were CNY 18,900,870,521.97, down from CNY 19,363,235,668.32 at the end of 2019, reflecting a decrease of approximately 2.4%[96]. - The company's current assets totaled CNY 3,890,046,022.00, down from CNY 4,079,868,501.44 at the end of 2019, reflecting a decline of approximately 4.65%[91]. - The company's non-current assets decreased to CNY 18,855,946,634.10 from CNY 19,605,747,244.45, indicating a reduction of about 3.81%[92]. - The total liabilities of the company were CNY 20,958,172,797.15, down from CNY 21,748,377,131.79, showing a decline of about 3.63%[93]. - The company's total equity decreased to CNY 1,787,819,858.95 from CNY 1,937,238,614.10, indicating a decline of about 7.73%[93]. - The company's cash and cash equivalents stood at CNY 1,182,030,068.66, a decrease from CNY 1,446,008,535.12 at the end of 2019, reflecting a decline of approximately 18.3%[91]. - The company's total equity attributable to the parent company at the end of the reporting period was approximately ¥1,966.68 million, with a total equity of ¥1,787.82 million[114]. Operational Overview - The company has become the largest power generation and centralized heating operator in Heilongjiang Province, with a total installed capacity of 6.7 million kilowatts[23]. - The company operates 9 wholly-owned and controlled power plants, all of which are thermal power plants, with a total heating area of approximately 115 million square meters[23]. - The main performance drivers for the company include power generation volume, electricity prices, and fuel prices, along with factors such as technological innovation and environmental policies[23]. - The company does not plan to distribute profits or increase capital reserves during the reporting period[4]. - The company has ongoing significant litigation, including a case involving a claim of CNY 16.317 million against two companies, with the case currently pending[50]. - A recent arbitration ruling required the company to compensate CNY 2.58 million for economic losses due to insufficient heating supply[51]. Market and Economic Conditions - The electricity market is currently oversupplied due to rapid growth in installed capacity and slow demand growth, leading to low utilization rates of power generation units[42]. - The coal supply situation has tightened significantly, with high coal prices and challenges in maintaining supply levels due to structural reforms in the coal industry[42]. - The company faces risks related to regulatory price adjustments for electricity and heat, making it difficult to synchronize price increases with rising coal costs[43]. - Environmental regulations are becoming stricter, increasing the demands on production, safety, and environmental investments, despite compliance with national standards[43]. - The company is navigating risks associated with market competition and regulatory changes in the electricity sector, which may impact future profitability[42]. Cash Flow and Financing - The net cash outflow from investment activities was 230.06 million RMB, an increase of 64.36% year-on-year[33]. - The net cash outflow from financing activities was 180.51 million RMB, a decrease of 190.18% year-on-year, primarily due to increased loan repayments[33]. - The company has a total of CNY 1.56 billion in overdue loans, with an interest rate of 6.00%[63]. - The company has a total of CNY 350 million in loans from China Huadian Group Finance Co., Ltd. with an annual interest rate of 3.90%[62]. - The company paid interest of CNY 19.44 million to China Huadian Group Finance Co., Ltd. during the reporting period[63]. - The cash balance at the end of the period held in China Huadian Group Finance Co., Ltd. was CNY 1.17 billion, generating interest income of CNY 5.86 million[63]. Environmental and Regulatory Compliance - The company has 9 key pollutant discharge units, all of which are coal-fired power plants with a total capacity of 6,697 MW[73]. - All 31 coal-fired generating units are equipped with efficient dust removal, desulfurization, and denitrification facilities, achieving ultra-low emissions as per national standards[74]. - The company has implemented a self-monitoring plan for environmental protection, complying with national monitoring and information disclosure requirements[76]. - The company has established emergency response plans for environmental incidents and has conducted drills to enhance response capabilities[75]. - The company has installed smoke online monitoring systems (CEMS) to ensure compliance with pollution discharge standards[73]. Shareholder Information - As of the end of the reporting period, the total number of common stock shareholders is 157,571, with 98,676 A-share and 58,895 B-share holders[82]. - The largest shareholder, China Huadian Group, holds 881,126,465 shares, accounting for 44.80% of total shares[84]. - The company has not proposed any profit distribution or capital reserve increase for the half-year period[46]. Accounting and Financial Reporting - The company adjusted its financial statements due to the adoption of new revenue recognition standards, impacting accounts receivable and contract liabilities by CNY 342,738.98 and CNY 853,311,508.17 respectively[78]. - The financial statements comply with the requirements of the enterprise accounting standards, reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows accurately[128]. - The company has adopted new accounting policies for revenue recognition and leasing, which will impact financial reporting starting from January 1, 2020[199]. - The company recognizes revenue from heat sales based on pre-agreed heating area and pricing standards, with revenue recognized daily during the heating season[188]. - The company assesses the recoverability of deferred tax assets and liabilities based on the differences between the book value of assets and liabilities and their tax bases[193].

Financial Performance - Operating revenue increased by 12.02% to CNY 3,314,499,413.44 compared to the same period last year[6] - Net profit attributable to shareholders increased by 21.91% to CNY 176,365,677.26 compared to the same period last year[6] - Basic earnings per share increased by 28.57% to CNY 0.09 compared to the same period last year[6] - Total operating revenue for Q1 2020 was CNY 3,314,499,413.44, an increase of 12.0% compared to CNY 2,958,715,306.07 in Q1 2019[26] - Net profit for Q1 2020 reached CNY 212,756,220.14, compared to CNY 171,586,338.69 in Q1 2019, representing a year-over-year increase of 24.0%[27] - Earnings per share for Q1 2020 were CNY 0.09, up from CNY 0.07 in Q1 2019[27] - Operating revenue for Q1 2020 was CNY 2,487,671,785.05, an increase of 13.93% compared to CNY 2,182,460,797.55 in Q1 2019[28] - Net profit for Q1 2020 reached CNY 94,811,832.27, up 30.78% from CNY 72,496,525.30 in Q1 2019[29] - Operating profit for Q1 2020 was CNY 96,384,936.59, representing a 35.00% increase from CNY 71,487,418.34 in Q1 2019[28] Assets and Liabilities - Total assets decreased by 1.64% to CNY 23,296,842,071.86 compared to the end of the previous year[6] - The company's current assets totaled CNY 4,047,456,186.72 as of March 31, 2020, compared to CNY 4,079,868,501.44 at the end of 2019, indicating a slight decrease[18] - The total liabilities decreased to CNY 21,131,107,966.05 from CNY 21,748,377,131.79, showing a reduction of about 2.8%[20] - The company's long-term borrowings increased to CNY 5,454,939,476.17 from CNY 4,179,939,476.17, representing an increase of approximately 30.5%[20] - The accounts receivable decreased to CNY 1,453,873,292.59 from CNY 1,511,779,569.80, indicating a decline of approximately 3.8%[18] - The inventory slightly decreased to CNY 463,967,057.15 from CNY 471,305,483.01, reflecting a decrease of about 1.5%[18] - Total liabilities decreased to CNY 17,044,158,932.58 from CNY 17,412,233,846.68 in the previous quarter[23] - Long-term borrowings increased to CNY 4,672,739,476.17 from CNY 3,477,739,476.17, indicating a rise of 34.4%[23] Cash Flow - Net cash flow from operating activities decreased by 15.26% to CNY 479,170,459.06 compared to the same period last year[6] - Cash flow from operating activities for Q1 2020 was CNY 479,170,459.06, a decrease of 15.27% compared to CNY 565,455,673.30 in Q1 2019[32] - Cash inflow from operating activities for Q1 2020 was approximately ¥2.26 billion, up from ¥1.78 billion in Q1 2019, representing a growth of 27%[34] - Net cash flow from operating activities increased to approximately ¥549.64 million in Q1 2020, compared to ¥414.89 million in Q1 2019, marking a rise of 32%[34] - Cash outflow from investment activities in Q1 2020 was approximately ¥266.88 million, down from ¥486.19 million in Q1 2019, indicating a decrease of 45%[35] - Cash inflow from financing activities in Q1 2020 was approximately ¥2.52 billion, significantly higher than ¥985.01 million in Q1 2019, reflecting a growth of 156%[35] - Net cash flow from financing activities for Q1 2020 was approximately -¥172.72 million, an improvement from -¥616.78 million in Q1 2019[35] Shareholder Information - The total number of shareholders reached 158,571, with 99,895 A-share and 58,676 B-share holders[11] - The total equity attributable to shareholders rose to CNY 1,855,808,878.84 from CNY 1,663,703,930.01, marking an increase of about 11.5%[20] - The company's total equity increased to CNY 2,053,266,327.44 from CNY 1,951,001,821.64 in the previous quarter[23] Investment and Income - Investment income increased by 68.92% to CNY 37,417,373.59 due to increased profits from an associated company[13] - The company reported investment income of CNY 37,417,373.59, up from CNY 22,150,916.16 in Q1 2019, an increase of 68.9%[26] - The company reported investment income of CNY 37,992,699.98 in Q1 2020, significantly higher than CNY 20,770,271.87 in Q1 2019[28] Accounting Standards and Changes - The company implemented new revenue and leasing standards starting in 2020, affecting the financial statements from the beginning of the year[36] - The company is implementing new accounting standards effective from January 1, 2020, which may impact future financial reporting[44]

Financial Performance - The total operating revenue for 2019 was CNY 10,828,009,982.85, representing a 10.42% increase compared to 2018[19] - The net profit attributable to shareholders of the listed company was CNY 75,560,196.13, a significant recovery from a loss of CNY 761,887,934.05 in 2018[19] - The basic earnings per share for 2019 was CNY 0.04, a recovery from a loss of CNY 0.39 per share in 2018[20] - The weighted average return on equity increased to 4.67%, up 43.93 percentage points from -39.26% in 2018[20] - The company reported a total non-recurring profit and loss of RMB 665,175,892.21 in 2019, a significant increase from RMB 81,608,067.91 in 2018[24] - The net profit for 2019 was 76 million yuan, a significant turnaround from a loss of 762 million yuan in 2018, marking a successful profit recovery[37] - Revenue from electricity sales reached 7,707,178,744.22 RMB, a 9.33% increase compared to the previous year[58] - The company reported a significant increase in tax payable by 89.02% to 123,250,060.85 RMB, due to a substantial rise in income in the last month of the reporting period[52] Assets and Liabilities - The total assets at the end of 2019 were CNY 23,685,615,745.89, down 5.76% from CNY 25,133,116,932.06 in 2018[19] - The total assets as of December 31, 2019, were 23.69 billion yuan, down 5.76% from 25.13 billion yuan at the end of 2018[37] - Total liabilities were RMB 21.75 billion, a decrease of 6.59% compared to RMB 23.28 billion in 2018[193] - Current liabilities increased to RMB 15.52 billion, up from RMB 14.67 billion, indicating a rise of 5.79%[193] - Long-term borrowings decreased significantly to RMB 4.18 billion from RMB 7.70 billion, a decline of 45.67%[193] - The company's equity attributable to shareholders increased from CNY 1,847,512,684.85 in 2018 to CNY 1,951,001,821.64 in 2019, an increase of approximately 5.6%[199] Cash Flow - The net cash flow from operating activities decreased by 35% to CNY 1,637,908,364.70 compared to the previous year[19] - The company’s cash flow from operating activities was 1.64 billion yuan, a decrease of 35% compared to 2.52 billion yuan in the previous year[39] - The company reported a cash balance of RMB 1.45 billion, down from RMB 1.76 billion, a decrease of 17.63%[192] Operational Highlights - The company operates 9 power plants with a total installed capacity of 6.7 million kilowatts and a total heating area of 115 million square meters as of the end of 2019[28] - The total electricity generation for the year was 2,698,203,000 kWh, representing a 6.40% increase year-on-year[57] - The company sold 168.51 million tons of coal, with a production increase of 30.57% year-on-year[43] - The company’s total heating area reached 115 million square meters, setting a new historical high[36] Market and Industry Context - The overall electricity consumption in Heilongjiang Province grew by 2.23% in 2019, reaching 99.563 billion kilowatt-hours[31] - The electricity market is currently oversupplied due to rapid growth in installed capacity and slow demand growth, leading to low utilization rates of power generation units[82] - The coal supply situation has tightened significantly, with reduced supply and high prices, complicating the company's ability to maintain coal supply while controlling prices[82] Governance and Compliance - The company has maintained a robust corporate governance structure, adhering to relevant laws and regulations since its listing[34] - The company has not proposed any cash dividend distribution plans for the past three years, indicating a focus on retaining earnings[86] - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal and regulatory requirements[159] Legal and Regulatory Matters - The company has faced significant litigation matters during the year, impacting its operational focus[96] - The company’s subsidiaries are actively pursuing legal actions to recover debts and enforce payment agreements[97] - The company reported a significant related party transaction for major technical renovations of generator sets, with an estimated amount of RMB 115.07 million and an actual completion of RMB 69.20 million[101] Environmental and Social Responsibility - The company is committed to enhancing its ecological and environmental responsibilities, implementing special actions for ecological governance, and ensuring compliance with environmental standards[80] - The company has achieved ultra-low emissions for all operational coal-fired power generation units in compliance with national environmental standards[126] - The company has spent RMB 809,000 on consumption poverty alleviation in 2019, helping 100 registered impoverished individuals to escape poverty[119] Future Outlook - The company aims to achieve a power generation target of 26.14 billion kWh and a heat sales target of 60.46 million GJ in 2020, with projected revenue of 10.654 billion yuan[77] - The company plans to increase direct heating load by 10 million square meters over the next 4-5 years, leveraging opportunities from the Harbin New Area construction[76] - The company intends to optimize its asset structure and implement a "14th Five-Year Plan" to ensure sustainable development and high-quality growth[76]

Financial Performance - Operating revenue increased by 8.01% to CNY 7,363,522,463.93 for the period from January to September[6] - Net profit attributable to shareholders was a loss of CNY 212,105,531.50, an improvement from a loss of CNY 523,302,923.51 in the same period last year[6] - The weighted average return on equity improved by 11.19 percentage points to -14.38%[6] - Basic and diluted earnings per share were both CNY -0.11, an improvement from CNY -0.27 in the same period last year[6] - Net profit for the first three quarters of 2019 was CNY -2,185,776,539.83, compared to CNY -1,978,253,822.89 in the same period of 2018[27] - The total profit (loss) for Q3 2019 was a loss of CNY 259,680,407.57, compared to a loss of CNY 529,866,551.72 in the same period last year, indicating an improvement of about 51%[30] - The net profit (loss) attributable to shareholders of the parent company for Q3 2019 was a loss of CNY 224,646,463.32, compared to a loss of CNY 477,362,172.43 in Q3 2018, reflecting a reduction of approximately 53%[31] - The total comprehensive income for Q3 2019 was a loss of CNY 262,841,555.88, compared to a loss of CNY 533,027,042.19 in the same quarter last year, showing a significant reduction of about 51%[30] Assets and Liabilities - Total assets decreased by 4.39% to CNY 24,029,292,820.37 compared to the end of the previous year[6] - Total assets as of September 30, 2019, amounted to CNY 19,808,314,079.25, down from CNY 20,556,606,553.24 at the end of Q3 2018[28] - Total liabilities decreased to CNY 18,163,914,249.99 from CNY 18,709,093,868.39 year-over-year[27] - The company reported a total equity of CNY 1,644,399,829.26 as of September 30, 2019, down from CNY 1,847,512,684.85 in the previous year[28] - The company’s total non-current liabilities were CNY 6,981,060,772.43, which includes long-term borrowings of CNY 6,420,837,981.52[52] - The company has a short-term loan liability of CNY 6,745,029,012.81, indicating reliance on short-term financing[51] Cash Flow - Cash flow from operating activities decreased by 1.32% to CNY 1,204,905,387.46 for the period from January to September[6] - The net cash flow from operating activities for Q3 2019 was 1,204,905,387.46 RMB, slightly down from 1,220,997,651.76 RMB in Q3 2018[38] - Cash inflow from financing activities was CNY 8,782,395,686.70, slightly down from CNY 8,844,344,361.80 in the same quarter of 2018[42] - Net cash flow from financing activities improved to -CNY 112,130,877.64, an improvement from -CNY 363,260,881.83 year-on-year[42] Shareholder Information - The total number of shareholders was 168,864, with 108,336 A-share and 60,528 B-share holders[11] - The largest shareholder, China Huadian Corporation, holds 44.80% of the shares[10] Other Financial Metrics - Non-operating income for the period was CNY 18,368,876.22, with total non-recurring gains and losses amounting to CNY 31,934,972.58 for the year-to-date[8] - Investment income rose by 166.91% to ¥56,067,467.52, attributed to increased profits from associated enterprises[14] - The company incurred a total of 5,521,731,123.98 RMB in cash payments for goods and services in Q3 2019, compared to 4,783,330,634.54 RMB in Q3 2018, indicating a rise of about 15.4%[38] - The company received 8,371.77 RMB in tax refunds during Q3 2019, a decrease from 249,447.90 RMB in the same period last year[38] Changes in Assets - Prepayments increased by 369.69% to ¥117,860,668.48, primarily due to prepayment of financing lease fees[13] - Other current assets decreased by 41.60% to ¥124,437,513.73, mainly due to a reclassification decrease in input tax credits[13] - Accounts payable decreased by 36.35% to ¥1,735,096,832.57, mainly due to reduced payments for coal and engineering costs[13] - Other payables decreased by 39.52% to ¥262,254,117.93, primarily due to a reduction in warranty payments[13] - Non-current liabilities due within one year increased by 168.14% to ¥3,687,661,736.48, mainly due to an increase in long-term borrowings due within one year[13] Research and Development - Research and development expenses for Q3 2019 were CNY 2,556,011.05, compared to CNY 1,941,663.33 in Q3 2018, indicating a 31.6% increase[28] Accounting Changes - The company reported a significant adjustment in its financial reporting due to the implementation of new accounting standards effective from January 1, 2019[54]

Financial Performance - Operating revenue increased by 8.01% to CNY 7,363,522,463.93 for the period from January to September[6] - Net profit attributable to shareholders was a loss of CNY 212,105,531.50, an improvement from a loss of CNY 523,302,923.51 in the same period last year[6] - The weighted average return on equity improved by 11.19 percentage points to -14.38%[6] - Basic and diluted earnings per share were both CNY -0.11, compared to CNY -0.27 in the same period last year[6] - The total profit (loss) for the first three quarters of 2019 was a loss of CNY 572,417,900.87, compared to a loss of CNY 586,229,217.27 in the same period last year, indicating a slight improvement[30] - The net profit for Q3 2019 was -136,865,763.74 RMB, showing a significant loss compared to -309,943,558.81 RMB in the same period last year[33] - The total profit (loss) for Q3 2019 was a loss of CNY 259,680,407.57, compared to a loss of CNY 529,866,551.72 in the same period last year, indicating an improvement of about 51%[30] - The net profit (loss) attributable to the parent company for Q3 2019 was a loss of CNY 224,646,463.32, which is a reduction from a loss of CNY 477,362,172.43 in Q3 2018, showing a decrease in losses by approximately 53%[31] Assets and Liabilities - Total assets decreased by 4.39% to CNY 24,029,292,820.37 compared to the end of the previous year[6] - Total assets as of September 30, 2019, amounted to ¥19,808,314,079.25, down from ¥20,556,606,553.24 at the end of Q3 2018[28] - Total liabilities decreased from ¥20,926,932,489.73 to ¥19,910,095,141.89[21] - Total liabilities reached CNY 18,709,093,868.39, with current liabilities accounting for CNY 11,728,033,095.96[52] - The company reported current assets totaling CNY 3,349,085,058.31, with cash and cash equivalents at CNY 1,245,452,490.18[51] - The company’s total liabilities included long-term borrowings of CNY 6,420,837,981.52[52] Cash Flow - Cash flow from operating activities decreased by 1.32% to CNY 1,204,905,387.46 for the period from January to September[6] - The cash flow from operating activities for the first three quarters of 2019 was 1,204,905,387.46 RMB, slightly down from 1,220,997,651.76 RMB in the same period of 2018[38] - Net cash flow from operating activities decreased to CNY 706,971,128.47, down 38.76% from CNY 1,155,122,880.96 in the previous year[41] - Cash inflow from financing activities was CNY 8,782,395,686.70, slightly down from CNY 8,844,344,361.80 in the previous year[42] - The cash flow from financing activities in Q3 2019 resulted in a net outflow of -433,414,365.40 RMB, compared to -448,798,113.46 RMB in Q3 2018[39] Shareholder Information - The total number of shareholders was 168,864, with 108,336 holding A shares and 60,528 holding B shares[11] - The largest shareholder, China Huadian Group, holds 44.80% of the shares[10] Income and Expenses - Non-operating income for the period was CNY 18,368,876.22, with total non-recurring gains and losses amounting to CNY 31,934,972.58 from January to September[8] - The company's total expenses for Q3 2019 were CNY 1,739,349,765.53, up from CNY 1,510,369,499.58 in Q3 2018, representing an increase of approximately 15.2%[32] - Financial expenses for Q3 2019 amounted to CNY 178,932,354.86, compared to CNY 173,058,450.28 in Q3 2018, showing a slight increase of about 3.4%[32] Investment and Other Financial Metrics - Investment income rose by 166.91% to ¥56,067,467.52, attributed to increased profits from associated enterprises[14] - The company's investment income for Q3 2019 was CNY 76,709,951.46, compared to CNY 52,023,242.42 in Q3 2018, reflecting an increase of approximately 47.5%[32] - The company reported an investment income of ¥22,702,529.38 in Q3 2019, recovering from a loss of ¥44,969,884.36 in Q3 2018[28] Changes in Assets - Prepayments increased by 369.69% to ¥117,860,668.48, primarily due to prepayment of financing lease fees[13] - Other current assets decreased by 41.60% to ¥124,437,513.73, mainly due to a reduction in input tax credits[13] - Accounts payable decreased by 36.35% to ¥1,735,096,832.57, primarily due to reduced payments for coal and engineering costs[13] - Deferred income (current portion) decreased by 67.15% to ¥3,687,661,736.48, mainly due to the recognition of previously received heating fees as revenue[13] - Other payables decreased by 39.52% to ¥262,254,117.93, primarily due to a reduction in warranty payments[13] - Non-current liabilities due within one year increased by 168.14% to ¥3,687,661,736.48, mainly due to an increase in long-term borrowings due within one year[13] Taxation - Income tax expenses increased by 64.63% to ¥22,737,625.16, primarily due to an increase in total profit[14]

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 5,218,351,770.10, representing a 1.82% increase compared to CNY 5,125,064,678.28 in the same period last year[21]. - The net profit attributable to shareholders was CNY 12,540,931.82, a significant recovery from a loss of CNY 45,940,751.08 in the previous year[21]. - The net cash flow from operating activities increased by 138.14% to CNY 761,576,460.59 from CNY 319,796,720.03 in the same period last year[21]. - The basic earnings per share for the first half of 2019 was CNY 0.006, compared to a loss of CNY 0.02 in the same period last year[22]. - The company reported a significant reduction in non-recurring losses, with a net profit of CNY -1,025,164.54 compared to CNY -40,234,746.77 in the previous year, marking a 97.45% improvement[21]. - Operating revenue for the reporting period was 5.218 billion RMB, an increase of 1.82% year-on-year, primarily due to reduced auxiliary service fees and increased direct heating area[35]. - Operating costs were 4.684 billion RMB, a decrease of 0.68% year-on-year, attributed to reduced fuel costs and improved management efficiency[35]. - The company reported an investment income of CNY 33,364,938.14 in the first half of 2019, a significant improvement from a loss of CNY 38,822,011.26 in the same period of 2018[101]. - The total comprehensive income for the first half of 2019 was a loss of approximately CNY 70.65 million, an improvement from a loss of CNY 112.53 million in the same period of 2018[105]. Assets and Liabilities - The total assets decreased by 2.66% to CNY 24,465,033,912.58 from CNY 25,133,116,932.06 at the end of the previous year[21]. - Total assets as of June 30, 2019, amounted to 24.465 billion RMB, with shareholders' equity of 1.597 billion RMB[33]. - The company's total liabilities decreased to CNY 22,580,725,970.41 from CNY 23,284,498,842.45[94]. - The company's long-term equity investment amounted to 1.72 billion yuan, an increase of 26.03 million yuan compared to the beginning of the year[40]. - The total equity attributable to shareholders increased to CNY 1,597,133,820.49 from CNY 1,573,152,738.64[94]. - The company's total liabilities amounted to CNY 18,432,991,488.26 as of June 30, 2019, a slight decrease from CNY 18,709,093,868.39 at the end of 2018, representing a reduction of approximately 1.5%[98]. Operational Overview - The company has a total installed capacity of 6.7 million kilowatts and a total heating area of 112 million square meters as of June 30, 2019[26]. - The company operates eight wholly-owned and controlled thermal power plants, all located in major cities of Heilongjiang Province[26]. - The company's total electricity generation for the first half of 2019 was 13.033 billion kWh, a decrease of 3.46% year-on-year[33]. - The average on-grid electricity price was 360.14 RMB per MWh, with utilization hours of 1,946 hours[33]. - The company has formed a "four-in-one" industrial structure encompassing power generation, heating, coal, and engineering, becoming the largest power generation and centralized heating operator in Heilongjiang Province[30]. Challenges and Risks - The company is facing challenges in the thermal power generation industry, with profitability declining and coal prices remaining high, leading to widespread profit reductions[28]. - The company anticipates stable growth in electricity demand in Heilongjiang Province due to economic recovery and government policies supporting the revitalization of the Northeast[47]. - The company faces risks related to the economic cycle, which can directly impact the demand for electricity and coal, affecting profitability[47]. - The company is exposed to regulatory risks regarding electricity and heat pricing, which are subject to government control and may not align with rising coal prices[50]. Environmental and Compliance - The company has 8 key pollutant discharge units, all of which are coal-fired power plants with a total capacity of 6,697 MW, equipped with advanced pollution control facilities[71]. - All 31 coal-fired units have been retrofitted to achieve ultra-low emissions, complying with national environmental standards[72]. - The company has established emergency response plans for environmental incidents across its eight key coal-fired power plants, enhancing their prevention and response capabilities[73]. - The company has developed an environmental self-monitoring plan for 2019, ensuring compliance with national monitoring and information disclosure regulations[74]. Corporate Governance and Structure - The company does not plan to distribute profits or increase capital reserves during the reporting period[6]. - The company continues to employ Tianzhi International Accounting Firm for annual report and internal control audits[54]. - The company has not reported any significant accounting errors requiring retrospective restatement during the reporting period[77]. - The company has not disclosed any changes in its major accounting policies or estimates compared to the previous accounting period[76]. - The company has not experienced any changes in its share capital structure during the reporting period[79]. - The company has a total of 13 subsidiaries included in the consolidated financial statements as of June 30, 2019[129]. Legal Matters - Significant litigation matters reported, including a civil lawsuit with a claim of 6,351,606.60 yuan for debt recovery[57]. - The company achieved a first-instance victory in a lawsuit, with the defendant appealing to a higher court[57]. - The company is involved in arbitration proceedings regarding debt recovery from Harbin Huaneng Central Heating Co., with a settlement agreement reached[57]. - The company is currently facing a lawsuit for a loan principal and interest amounting to 497.27 million yuan[57]. Accounting and Financial Reporting - The financial reporting format has been adjusted in accordance with the new guidelines issued by the Ministry of Finance, effective from January 1, 2019[76]. - The company’s financial statements are prepared in accordance with the enterprise accounting standards, reflecting the company's financial position and operating results accurately[131]. - The company recognizes government subsidies as deferred income, which is amortized over the useful life of the related assets[198]. - Deferred tax assets and liabilities are recognized based on the difference between the book value of assets and liabilities and their tax bases[200].