Financial Performance - The company's operating revenue for 2021 was approximately CNY 9.41 billion, an increase of 31.44% compared to CNY 7.16 billion in 2020[28]. - The net profit attributable to shareholders for 2021 was CNY 824.37 million, a decrease of 54.65% from CNY 1.82 billion in 2020[28]. - The net cash flow from operating activities for 2021 was CNY 1.43 billion, down 59.21% from CNY 3.52 billion in 2020[28]. - The weighted average return on equity for 2021 was 7.55%, a decrease of 10.34 percentage points from 17.89% in 2020[28]. - The total assets at the end of 2021 were approximately CNY 19.68 billion, an increase of 1.95% from CNY 19.30 billion at the end of 2020[28]. - The net assets attributable to shareholders at the end of 2021 were CNY 11.17 billion, up 2.52% from CNY 10.90 billion at the end of 2020[28]. - The operating revenue rose by 31.44% to 9.41 billion yuan, primarily due to increased electricity generation[48]. - The operating cost surged by 89.74% to 7.88 billion yuan, mainly due to rising coal prices and increased coal consumption[49]. - The operating profit decreased by 56.92% to 989.49 million yuan, attributed to the significant rise in operating costs[49]. - The total amount of accounts receivable at the end of 2021 was ¥1,228,280,650.88, which is 6.24% of total assets, up from 4.07% in the previous year[60]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of 0.50 RMB per 10 shares, totaling 108,794,393.10 RMB, based on a total share capital of 2,175,887,862 shares as of the end of 2021[4]. - The company has not proposed any bonus shares or capital reserve transfers for the current period[4]. - The total number of shares held by directors and senior management at the beginning of the year was 94,556,905, which decreased to 48,817,380 by the end of the year, reflecting a reduction of 45,739,525 shares[95]. - The annual shareholders meeting had a participation rate of 30.53% on February 23, 2021, with all 8 proposals approved[94]. - The first extraordinary shareholders meeting in 2021 had a participation rate of 28.52% on April 23, 2021, with all 12 proposals approved[94]. - The second extraordinary shareholders meeting in 2021 had a participation rate of 18.02% on November 5, 2021, with all 3 proposals approved[94]. Risk Management and Compliance - The company emphasizes the importance of risk awareness regarding forward-looking statements in the annual report[4]. - The company has disclosed significant risks that may adversely affect its future development strategies and operational goals[4]. - The company has established a robust internal control system and governance structure to ensure compliance and effective management[90]. - The company maintains independence from its controlling shareholder in terms of personnel, assets, finance, and operations, ensuring no competition or related party transactions[91]. - The company has a clear financial management system with independent accounting practices and tax compliance[93]. - The independent directors confirmed that the company did not provide any guarantees exceeding the stipulated limits during the reporting period[178]. Operational Capacity and Projects - The company has a total installed capacity of 1,470,000 kW from six circulating fluidized bed generator sets at the Meixian Heshuyuan Power Plant[18]. - The company operates the Lufeng Jiahuwan Clean Energy Base, which includes both onshore and offshore wind power plants[18]. - The company is actively pursuing the approval process for the expansion of the Guangdong Lufeng Jiahuwan Power Plant, which involves a project capacity of 2×1000MW[84]. - The company successfully connected the 500MW offshore wind power project in Shantou to the grid, reinforcing its leading position in the renewable energy sector[39]. Environmental Responsibility - The company has successfully integrated clean energy and environmental responsibility into its business model, establishing itself as a leader in renewable energy in China[144]. - The company’s pollution control facilities operated with a desulfurization facility utilization rate of over 99.86% and a denitrification facility utilization rate of 100%[145]. - The company’s subsidiaries have consistently met national environmental discharge standards for all indicators in 2021[144]. - The company has completed all necessary environmental impact assessments and permits for its major projects, including the Meixian Heshuyuan Power Plant and the Lufeng Jiahuwan Power Plant[146][147]. - The company has shared its environmental self-monitoring plans for the Meixian Heshuyuan Power Plant and the Lufeng Jiahuwan Power Plant on the national pollution source monitoring information management platform[150]. Strategic Focus and Future Plans - The company has been focusing on clean coal combustion technology and renewable energy generation as part of its business strategy[26]. - The company aims to explore new strategic industries such as smart energy and energy storage while ensuring compliance and stability in its financial operations[83]. - The company plans to control raw material and production costs effectively to ensure operational efficiency[84]. - The company is committed to sustainable development and enhancing energy efficiency in line with national green development goals[82]. - The company expects overall electricity consumption to continue to grow in 2022, supported by favorable economic policies[80]. Corporate Governance - The company completed the election of the ninth board of directors and the ninth supervisory board on April 23, 2021[96]. - The new board of directors includes 8 members, with 3 independent directors elected[96]. - The total pre-tax remuneration for the board members and senior management during the reporting period amounted to 4,509.71 million[95]. - The company has a structured remuneration management system that includes performance evaluation standards and procedures[109]. - The remuneration decision-making process is based on the main responsibilities and importance of management positions[109]. Financial Management and Investments - The company has made changes to its consolidation scope by deregistering subsidiaries with minimal revenue and relevance to its core business[55]. - The company reported a significant increase in raw material costs, with raw material expenses reaching ¥6,574,926,622.82, accounting for 83.43% of total operating costs[53]. - The company invested a total of 65,405,200 in entrusted financial management, with no overdue amounts[177]. - The company did not experience any expected inability to recover principal or other impairment risks in entrusted financial management[177]. - The company plans to invest RMB 100,000,000 in a joint venture with Shenzhen Dongfang Fuhai Investment Management Co., Ltd. and others[172].

Financial Performance - The company's operating revenue for Q3 2021 was CNY 2,437,908,132.87, an increase of 1.58% year-on-year, while the total revenue for the year-to-date reached CNY 6,909,720,457.70, up 23.00% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2021 was CNY 158,983,200.13, a decrease of 79.82% year-on-year, with a year-to-date net profit of CNY 820,689,744.42, down 42.45% compared to the previous year[2]. - The basic earnings per share for Q3 2021 was CNY 0.08, reflecting a decline of 78.38% year-on-year, while the year-to-date figure was CNY 0.38, down 42.42%[2]. - Total operating revenue for the first nine months of 2021 reached CNY 6,909,720,457.70, an increase from CNY 5,617,534,858.20 in the same period last year, representing a growth of approximately 23%[21]. - Net profit for the first nine months of 2021 was CNY 820,689,744.42, down from CNY 1,426,006,638.13 in the previous year, reflecting a decline of approximately 43%[24]. - The company reported a basic and diluted earnings per share of CNY 0.38, compared to CNY 0.66 in the same period last year[26]. - The total comprehensive income for the first nine months was CNY 823,633,839.26, compared to CNY 1,440,366,347.72 in the same period last year, reflecting a decline of approximately 43%[26]. Assets and Liabilities - The company's total assets at the end of Q3 2021 were CNY 18,826,253,177.35, a decrease of 2.46% from the end of the previous year[2]. - As of September 30, 2021, the total assets of Guangdong Baoliwa New Energy Co., Ltd. amounted to CNY 18,826,253,177.35, a decrease from CNY 19,301,617,062.35 at the end of 2020[14]. - The company's total liabilities decreased to CNY 7,738,949,300.89 from CNY 8,401,927,808.11, reflecting a reduction of about 7.9%[20]. - The long-term borrowings were reported at CNY 4,793,812,305.57, down from CNY 5,380,796,000.00, a decrease of approximately 10.9%[20]. - The total equity attributable to shareholders increased to CNY 11,087,303,876.46 from CNY 10,898,365,809.58, showing a growth of about 1.7%[20]. - The company's current assets totaled CNY 5,843,734,489.39, slightly down from CNY 5,916,186,477.03 in the previous year[14]. - The company's inventory increased by 72.22% year-on-year, reaching CNY 319,079,452.29 at the end of Q3 2021[4]. - The company's short-term borrowings decreased by 68.53% year-on-year, amounting to CNY 150,147,361.12, due to repayment of working capital loans[4]. Cash Flow - The company's cash flow from operating activities for the year-to-date was CNY 1,580,186,072.98, a decrease of 46.54% compared to the same period last year[2]. - Cash flow from operating activities increased to CNY 7,798,137,024.27, up from CNY 6,436,758,602.63, indicating a growth of about 21%[27]. - Net cash flow from operating activities decreased to ¥1,580,186,072.98 from ¥2,955,722,941.82, a decline of approximately 46.5%[29]. - Total cash outflow from operating activities increased to ¥6,217,950,951.29 from ¥3,481,035,660.81, an increase of about 78.9%[29]. - Cash inflow from investment activities decreased to ¥2,035,095,397.08 from ¥3,139,111,971.19, a decrease of approximately 35.4%[29]. - Cash inflow from financing activities decreased to ¥200,000,000.00 from ¥1,339,600,000.00, a decrease of about 85.1%[29]. - Cash outflow from financing activities decreased to ¥1,758,418,780.86 from ¥2,695,608,411.90, a decrease of approximately 34.7%[29]. - The ending balance of cash and cash equivalents increased to ¥4,196,929,434.25 from ¥3,850,789,387.40, an increase of about 9.0%[29]. Operational Challenges - The company faced challenges in power supply due to increased electricity demand and rising coal prices, impacting operational costs and cash flow[11]. - The company is committed to ensuring power supply and fulfilling its social responsibilities amid the ongoing challenges in the electricity sector[11]. Employee Compensation - The company reported a significant increase in employee compensation liabilities, rising to CNY 151,323,007.86 from CNY 110,480,000.00, indicating a growth of approximately 37%[20]. Expenses - Total operating costs increased to CNY 5,770,519,509.97 from CNY 3,733,393,818.33, marking a rise of about 54% year-over-year[21]. - Management expenses rose to CNY 364,433,780.12 from CNY 295,020,568.45, an increase of approximately 23% year-over-year[24]. - Financial expenses decreased to CNY 169,940,504.42 from CNY 237,097,192.43, a reduction of about 28%[24]. - Other comprehensive income after tax was CNY 2,944,094.84, down from CNY 14,359,709.59 in the previous year[24]. - Other comprehensive income was recorded at -$14,623,560.99, reflecting potential challenges in financial performance[37]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 98,408[8]. - The minority interest in equity was $1,323,444.66, highlighting the presence of minority shareholders[37].

Financial Performance - The company's operating revenue for the reporting period reached ¥4,471,812,324.83, representing a year-on-year increase of 38.98%[23]. - The net profit attributable to shareholders was ¥661,706,544.29, reflecting a growth of 3.67% compared to the same period last year[23]. - The net cash flow from operating activities decreased by 12.58% to ¥1,340,927,040.89[23]. - The total assets at the end of the reporting period were ¥18,949,625,801.18, a decrease of 1.82% from the previous year[23]. - The company's weighted average return on equity decreased by 0.48 percentage points to 6.06%[23]. - Operating costs increased by 67.17% to ¥3,029,605,317.26, primarily due to rising raw material prices[37]. - The gross profit margin for the electricity segment decreased by 11.49 percentage points to 32.05%, impacted by a substantial rise in coal prices[39]. - The revenue from electricity generation constituted 99.71% of total operating revenue, with a year-on-year increase of 38.91%[39]. - The company reported a significant loss of ¥62,935,800.00 from the fair value changes of its investment in Changcheng Securities, with a final book value of ¥402,572,100.00[44]. - The total loss from securities investments during the reporting period was ¥75,409,751.31, with a total book value of ¥478,789,326.20 at the end of the period[46]. Subsidiaries and Deregistration - The company has completed the deregistration of its wholly-owned subsidiary, Baoli Construction Engineering Co., Ltd., in May 2021[16]. - The company has also deregistered its controlling subsidiary, Guangdong Credit Bao Credit Management Co., Ltd., in June 2021[16]. - The company has optimized resource allocation by deregistering non-core subsidiaries, enhancing operational efficiency[34]. - The company aims to optimize resource allocation and improve operational efficiency through the cancellation of certain subsidiaries, which will not significantly impact overall business performance[51]. - The company has five subsidiaries included in the consolidated financial statements, with a reduction of two subsidiaries during the reporting period[172]. Environmental and Social Responsibility - The company is classified as a key pollutant discharge unit and is committed to sustainable development through clean energy and resource utilization[69]. - The company's power supply standard coal consumption was 311.92 grams per kilowatt-hour, with zero wastewater discharge reported[69]. - The total sulfur dioxide emissions from the company were 301.23 tons, well below the annual limit of 5880 tons[69]. - The company has successfully integrated economic and environmental benefits, establishing itself as a model for renewable energy in the country[69]. - The company has invested a total of 117.79 million yuan in poverty alleviation and ecological protection initiatives[84]. - The company actively recruits from impoverished areas and provides vocational training to enhance employment opportunities for local residents[83]. - The company plans to focus on "energy poverty alleviation, financial poverty alleviation, and social poverty alleviation" as part of its development strategy[88]. - The company continues to increase its donations for education, targeting assistance for impoverished students and families[89]. - The company supports charitable organizations and elderly care facilities to aid vulnerable groups in achieving poverty alleviation[90]. Corporate Governance - The company does not plan to distribute cash dividends or issue bonus shares for the interim period[4]. - The company’s legal representatives have confirmed the accuracy and completeness of the financial report[3]. - The annual shareholders' meeting had a participation rate of 30.53%, while the first extraordinary shareholders' meeting of 2021 had a participation rate of 28.52%[62]. - No board members or senior management were dismissed during the reporting period, and a new board was elected on April 23, 2021[63]. - The company has terminated the first to fifth phases of its employee stock ownership plan and approved the seventh phase during the reporting period[65]. Financial Structure and Ratios - The company's current ratio is 189.63%, a decrease of 7.39 percentage points compared to the previous year[125]. - The debt-to-asset ratio stands at 42.38%, down by 1.15 percentage points from the previous year[125]. - The net profit after deducting non-recurring gains and losses is 75,143.90 million, representing a 1.16% increase year-on-year[125]. - The EBITDA to total debt ratio increased to 18.10%, up by 1.86 percentage points compared to the previous year[125]. - The interest coverage ratio improved to 7.26, a 28.04% increase due to reduced interest expenses compared to the same period last year[125]. - The company maintains a strong cash position with monetary funds amounting to 386,815.47 million[122]. - The company has no overdue debts and has not experienced any bond defaults during the reporting period[124]. - The company’s financial structure remains robust, with sufficient cash flow from operating activities to meet debt obligations[121]. Audit and Compliance - The company’s financial report has been audited by Dahua Certified Public Accountants, which issued a standard unqualified opinion[4]. - The financial statements were approved by the board of directors on August 5, 2021[171]. - The company has evaluated its ability to continue as a going concern for the next 12 months and found no significant doubts regarding its sustainability[174]. - The company has no significant litigation or arbitration matters during the reporting period[95]. Investments and Financial Management - The company plans to invest RMB 100 million in the Xinyu Huabang Investment Management Center as part of a joint investment with other firms[99]. - The company expects to maintain a daily deposit balance of up to RMB 2.5 billion at Meizhou Commercial Bank for operational needs[99]. - The company earned RMB 21,537,263.91 in interest income from deposits at Meizhou Commercial Bank during the reporting period[99]. - The total amount of external guarantees approved during the reporting period was 0, with actual guarantees amounting to 15,000.00[101]. - The actual total guarantee amount accounted for 52.78% of the company's net assets[101]. Shareholder Information - The total number of shares at the end of the reporting period was 2,175,887,862, with a slight increase in restricted shares[108]. - The total number of ordinary shareholders at the end of the reporting period was 107,420[112]. - Guangdong Baoliwa Group Co., Ltd. holds 16.00% of the shares, totaling 348,142,058 shares[112]. - The company issued 23,166,931 new restricted shares, while the same amount of unrestricted shares decreased, keeping the total shares unchanged[109]. - The company has not experienced any changes in its controlling shareholders or actual controllers during the reporting period[113].

Financial Performance - Operating revenue for the reporting period was CNY 2,005,416,323.52, representing a significant increase of 74.41% year-on-year[7]. - Net profit attributable to shareholders of the listed company was CNY 90,757,477.55, down 26.10% compared to the same period last year[7]. - Basic earnings per share were CNY 0.04, a decline of 33.33% compared to the previous year[7]. - The weighted average return on net assets was 0.83%, a decrease of 0.45 percentage points from the previous year[7]. - Total operating revenue for Q1 2021 was CNY 2,005,416,323.52, a 74.5% increase from CNY 1,149,857,376.10 in Q1 2020[41]. - Net profit for Q1 2021 was CNY 90,757,477.55, a decrease of 26.1% compared to CNY 122,809,872.22 in Q1 2020[44]. - Operating profit for Q1 2021 was CNY 179,237,769.75, an increase of 17.3% from CNY 152,763,856.94 in the previous year[44]. - Investment income for Q1 2021 was CNY 1,019,879,173.11, significantly higher than CNY 571,221,278.44 in the same period last year[47]. - Total comprehensive income for Q1 2021 was CNY 855,007,035.29, compared to CNY 498,288,011.06 in Q1 2020, reflecting a strong growth[49]. Cash Flow - Net cash flow from operating activities was CNY 418,292,477.67, a decrease of 30.22% year-on-year[7]. - Cash received from sales and services increased by 45.09% to ¥2,153,493,976.03, driven by higher power generation income[15]. - The cash inflow from operating activities for Q1 2021 was CNY 2,181,507,050.59, an increase of 45.0% compared to CNY 1,503,174,030.62 in the same period last year[50]. - The net cash flow from operating activities was CNY 418,292,477.67, down 30.2% from CNY 599,471,266.01 in Q1 2020[50]. - The cash inflow from investment activities totaled CNY 934,217,877.90, significantly higher than CNY 294,486,871.76 in the previous year[53]. - The net cash flow from investment activities was -CNY 666,866,502.57, an improvement from -CNY 1,023,394,514.53 in Q1 2020[53]. - The cash outflow from financing activities was CNY 1,228,810,360.40, compared to CNY 256,938,409.25 in the same period last year[53]. - The net cash flow from financing activities was -CNY 1,128,810,360.40, a decline from CNY 232,661,590.75 in Q1 2020[53]. - The company experienced a net decrease in cash and cash equivalents of CNY 1,377,368,356.23 during the quarter, compared to a decrease of CNY 191,261,657.77 in Q1 2020[52]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 18,287,758,695.83, a decrease of 5.25% compared to the end of the previous year[7]. - The company's cash and cash equivalents decreased by 33.11% to ¥2,783,139,708.69 due to dividends, loan repayments, and increased securities investments[15]. - Trading financial assets increased by 106.36% to ¥1,061,126,299.64, attributed to an increase in securities investments[15]. - The total liabilities decreased from 8,401,927,808.11 to 7,950,078,322.64, representing a reduction of approximately 5.36%[32]. - The total equity attributable to shareholders decreased from 10,898,365,809.58 to 10,336,356,928.53, a decline of about 5.16%[34]. - The total current liabilities decreased from 3,002,773,062.01 to 2,580,753,576.54, a decrease of approximately 14.05%[32]. - The company's retained earnings increased from 2,956,189,150.33 to 3,158,429,827.02, showing a growth of about 6.83%[40]. - The total current assets increased from 1,250,142,270.20 to 1,491,546,694.42, reflecting a growth of about 19.33%[35]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 79,291[10]. - The largest shareholder, Guangdong Baoliwa Group Co., Ltd., held 16.00% of the shares[10]. - The company did not conduct any repurchase transactions during the reporting period[13]. Management and Strategy - The company completed the election of the ninth board of directors and the appointment of senior management personnel[18]. - The company plans to continue expanding its market presence and enhancing its product offerings[18].

Financial Performance - The company's operating revenue for 2020 was approximately ¥7.16 billion, an increase of 27.24% compared to ¥5.63 billion in 2019[18]. - The net profit attributable to shareholders for 2020 reached approximately ¥1.82 billion, representing a growth of 105.83% from ¥883 million in 2019[18]. - The net cash flow from operating activities for 2020 was approximately ¥3.52 billion, an increase of 84.82% compared to ¥1.90 billion in 2019[18]. - The total assets at the end of 2020 were approximately ¥19.30 billion, a slight increase of 1.66% from ¥18.99 billion at the end of 2019[18]. - The net assets attributable to shareholders at the end of 2020 were approximately ¥10.90 billion, up 14.72% from ¥9.50 billion at the end of 2019[18]. - The basic earnings per share for 2020 was ¥0.84, a 104.88% increase from ¥0.41 in 2019[18]. - The total profit reached 2.30 billion yuan, representing a year-on-year growth of 112.82%[34]. - Total operating revenue for 2020 reached ¥7,159,672,229.83, representing a year-on-year increase of 27.24% from ¥5,626,823,268.01 in 2019[45]. - The electricity segment accounted for ¥7,131,078,746.97, or 99.60% of total revenue, with a year-on-year growth of 27.22%[45]. - The gross profit margin for the electricity segment improved to 41.76%, an increase of 11.34 percentage points compared to the previous year[47]. Dividend Distribution - The company plans to distribute a cash dividend of 3.00 RMB per 10 shares, totaling 652,766,358.60 RMB, based on a total share capital of 2,175,887,862 shares as of the end of 2020[4]. - For the 2019 fiscal year, the company distributed a cash dividend of 2.00 CNY per 10 shares, totaling 435,177,572.40 CNY, which accounted for 49.27% of the net profit attributable to shareholders[94]. - In 2018, the company distributed a cash dividend of 1.00 CNY per 10 shares, totaling 217,588,786.20 CNY, representing 47.01% of the net profit attributable to shareholders[94]. - The cumulative cash dividend over the last three years accounted for 123.79% of the average annual net profit[94]. - The company’s profit distribution policy has been continuously improved to ensure a stable dividend mechanism, protecting shareholders' rights[91]. Operational Highlights - The company completed grid-connected electricity generation of 12.685 billion kWh, contributing to revenue and profit growth in the renewable energy sector[35]. - The total market transaction electricity volume was 10.122 billion kWh, accounting for 80.21% of the company's total grid-connected electricity, an increase of 30.90 percentage points year-on-year[41]. - The average on-grid electricity price increased by 16.36% to 0.64 yuan per kWh[42]. - The company sold 126.85 billion kWh of electricity in 2020, reflecting a year-on-year increase of 4.38%[47]. - The company maintained a stable operational performance despite the challenges posed by the COVID-19 pandemic, focusing on high-quality development[34]. Investment and Assets - The company reported a significant increase in cash and cash equivalents, reaching approximately ¥4.16 billion, a 46.42% increase from ¥2.84 billion at the beginning of the year[29]. - The company’s long-term equity investments increased to ¥2,248,760,046.20, representing 11.65% of total assets[60]. - The total assets of Guangdong Baoli Electric Co., Ltd. reached CNY 5,916,903,391.92, while net assets stood at CNY 3,964,275,783.13 as of December 31, 2020[65]. - The total assets of Lufeng Baoli New Energy Electric Co., Ltd. were CNY 9,560,778,527.19, with net assets of CNY 3,432,259,119.41 as of December 31, 2020[66]. - The company reported a net loss from investment income of ¥122,096,130.55, accounting for -5.31% of total profit[58]. Risk Management - The company has disclosed significant risks that may adversely affect its future development strategies and operational goals, which can be found in the "Discussion and Analysis of Operating Conditions" section[4]. - The company faces risks related to management pressure from rapid expansion and increased competition in the electricity market due to a slowdown in electricity demand growth[83]. - The company plans to strengthen cost control and operational efficiency to ensure safe production and sustainable development[85]. - The company aims to balance risk and return in its financial investments, particularly in equity investments, which are subject to market fluctuations[85]. Corporate Governance - The company has established a clear and transparent decision-making process for its cash dividend policy, ensuring compliance with regulations[96]. - Independent directors have fulfilled their responsibilities, and minority shareholders have had ample opportunity to express their opinions, ensuring their rights are protected[99]. - The company has implemented various internal control systems and governance documents to ensure compliance with regulatory requirements[181]. - The company has established independent personnel, assets, and financial systems, ensuring no competition or related transactions with the controlling shareholder[183]. - The audit committee reviewed the 2019 annual and 2020 semi-annual audit plans, ensuring thorough oversight of financial reporting[192]. Social Responsibility - The company actively engages in social responsibility, publishing an annual social responsibility report since 2008[125]. - The company has established a leadership group for targeted poverty alleviation, responsible for planning and budgeting[127]. - In 2020, the company focused on six areas for poverty alleviation, including industrial development and education support[128]. - The company aims to improve local employment opportunities by prioritizing recruitment from impoverished areas[129]. - The company invested a total of 5,501.49 million yuan in poverty alleviation efforts[130].

广东宝丽华新能源股份有限公司 2020 年第三季度报告全文 广东宝丽华新能源股份有限公司 2020 年第三季度报告 二〇二〇年十月 0 com co 广东宝丽华新能源股份有限公司 2020 年第三季度报告全文 广东宝丽华新能源股份有限公司 2020 第三季度报告全文 第一节 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 全体董事均亲自出席了审议本次季度报告的董事会会议。 1.3 公司负责人宁远喜先生、主管会计工作负责人丁珍珍女士及会计机构负责人（会计主 管人员）郭小燕女士声明：保证季度报告中财务报表的真实、准确、完整。 1.4 非标准审计意见提示 □ 适用 √ 不适用 第二节 公司基本情况 2.1 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 2.2 主要会计数据和财务指标 单位：元 | --- | --- | --- | --- | --- | |-----------------------------------------------|------------ ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB for the first half of 2020, representing a year-on-year growth of 20%[12] - The company achieved operating revenue of CNY 3,217,629,470.93, representing a year-on-year increase of 49.61%[17] - Net profit attributable to shareholders reached CNY 638,274,584.33, up 101.35% compared to the previous year[17] - The net profit after deducting non-recurring gains and losses was CNY 742,842,149.13, reflecting a significant increase of 428.30% year-on-year[17] - The net cash flow from operating activities was CNY 1,533,803,541.62, an increase of 164.58% compared to the same period last year[17] - The company’s weighted average return on equity increased to 6.54%, up 3.02 percentage points from the previous year[17] - The company’s basic earnings per share rose to CNY 0.29, a 93.33% increase year-on-year[17] - The company reported a significant increase in cash and cash equivalents, with a net increase of ¥530,056,979.51, a 4312.80% rise from ¥12,011,818.99 in the previous year[27] - The company reported a net profit for the period reached CNY 638,275,744.13, a significant increase from CNY 316,969,096.60 in the previous period, representing a growth of approximately 101%[129] Market Expansion and Strategy - User data indicates that the company has expanded its customer base by 15%, reaching a total of 500,000 active users by the end of June 2020[12] - The company has set a performance guidance for the second half of 2020, projecting a revenue increase of 25% compared to the first half[12] - The company is actively pursuing market expansion, targeting a 30% increase in market share in the Guangdong province by the end of 2021[12] - The company has initiated a strategic acquisition of a local competitor, which is anticipated to enhance operational efficiency and increase annual revenue by 100 million RMB[12] - The company’s financial strategy includes the launch of innovative financial products and services, such as the "Anti-epidemic Loan" during the pandemic[25] Research and Development - Research and development investments have increased by 10% in 2020, focusing on innovative energy solutions and technologies[12] Environmental Responsibility - The company has implemented pollution control facilities with a desulfurization facility operation rate of over 99.97% and a denitrification facility operation rate of 100%[58] - The company’s subsidiaries meet national environmental protection emission standards for all indicators in the first half of 2020[56] - The total sulfur dioxide emissions from Guangdong Baoli Electric Power Co., Ltd. are 136.27 tons, which is below the approved total emission limit of 5,880 tons per year[57] - The total nitrogen oxide emissions from Lufeng Baoli New Energy Electric Power Co., Ltd. are 360.74 tons, also below the approved total emission limit of 1,922 tons per year[57] - The company emphasizes the development of clean energy and resource recycling as part of its corporate social responsibility[56] Financial Management - The company will not distribute cash dividends for the mid-year period, opting to reinvest profits into business expansion[4] - The company has received a standard unqualified audit report from Beijing Xinghua Accounting Firm, ensuring the accuracy of its financial statements[4] - The company’s financial structure remains robust, with sufficient cash flow to cover short-term debts[93] - The company has established a special debt repayment account and a dedicated working group to ensure timely bond interest and principal payments[95] - The company maintains a 100% loan repayment rate and interest payment rate, demonstrating strong financial discipline[102] Subsidiary Performance - The company’s subsidiary, Meizhou Commercial Bank, reported total assets of CNY 18.54 billion and net profit of CNY 34.65 million during the reporting period[25] - Guangdong Baoli Electric Power Co., Ltd. achieved a net profit of 569,607,144.27 CNY, with a year-on-year increase of 318.08% in net profit[40] - The total assets of Guangdong Baoli Electric Power Co., Ltd. reached 5,423,253,481.96 CNY as of June 30, 2020[34] Shareholder Information - The total number of shareholders at the end of the reporting period was 78,931, with the largest shareholder holding 16.00% of the shares[77] - The company’s total share capital remained unchanged at 2,175,887,862 shares, with a slight adjustment in the number of restricted shares[76] - The company’s major shareholders include Guangdong Baoliwa Group Co., Ltd. with 348,142,058 shares (16.00%) and Wuhu Fuhai Jiutai Investment Consulting Partnership with 118,995,755 shares (5.47%)[79] Corporate Governance - The company has no significant related party transactions during the reporting period[51] - The company has implemented a talent introduction and training plan to build a high-quality workforce for its rapid development[44] - The company has extended the duration of its employee stock ownership plan for the first four phases[49] Risk Management - The company has identified potential risks that may impact future growth, including regulatory changes and market competition[4] - The company aims to enhance internal controls and management mechanisms to address the pressure from rapid business expansion[44] - The company is focusing on cost control and operational efficiency to cope with the slowing growth in electricity demand and increasing market competition[44] Financial Reporting and Compliance - The financial statements are prepared in accordance with the relevant accounting standards applicable in China[157] - The company has evaluated its ability to continue as a going concern for the next 12 months and found no significant doubts regarding its sustainability[163] - The company’s accounting policies comply with the requirements of the accounting standards, reflecting the financial position, operating results, and cash flows accurately[164] Investment and Capital Management - The company has issued a total of RMB 20 billion in bonds, with RMB 12 billion allocated for debt repayment and RMB 18 billion for working capital supplementation[89] - The company has established a dedicated account for the management of raised funds, ensuring compliance with approved usage[89] - The company’s total investment for the reporting period was ¥101,422,068.50, a decrease of 48.41% from ¥196,581,284.55 in the same period last year[32]

Financial Performance - Operating revenue for the reporting period rose by 31.38% to CNY 1,149,857,376.10 compared to the same period last year[7] - Net profit attributable to shareholders decreased by 48.62% to CNY 122,809,142.59 compared to the same period last year[7] - Net profit attributable to shareholders after deducting non-recurring gains and losses increased by 272.18% to CNY 176,337,882.15 compared to the same period last year[7] - Basic earnings per share decreased by 45.45% to CNY 0.06 compared to the same period last year[7] - The company reported a net profit margin improvement due to increased revenue and controlled costs, although specific margin percentages were not disclosed[44] - The total profit for the current period is 152,610,659.98, down from 321,698,565.41, reflecting a decline of 52.5%[46] - The operating profit decreased to 152,763,856.94 from 323,202,782.83, representing a drop of 52.7%[46] - The investment income for the current period is 24,207,744.39, down 49.6% from 48,007,915.91 in the previous period[46] Cash Flow - Net cash flow from operating activities surged by 301.49% to CNY 599,471,266.01 compared to the same period last year[7] - Cash inflow from operating activities reached ¥1,503,174,030.62, an increase from ¥1,235,539,851.60 in the previous period, resulting in a net cash flow from operating activities of ¥599,471,266.01 compared to ¥149,311,484.37 last year[57] - Cash outflow from investment activities totaled ¥1,317,881,386.29, leading to a net cash flow from investment activities of -¥1,023,394,514.53, a significant decrease from -¥177,330,935.66 in the previous year[57] - Cash inflow from financing activities was ¥489,600,000.00, resulting in a net cash flow from financing activities of ¥232,661,590.75, compared to -¥140,056,813.13 last year[57] - Total cash outflow from operating activities was ¥903,702,764.61, compared to ¥1,086,228,367.23 in the previous year[57] Assets and Liabilities - Total assets at the end of the reporting period increased by 0.57% to CNY 19,094,494,837.97 compared to the end of the previous year[7] - The company's total assets reached CNY 19,094,494,837.97, compared to CNY 18,986,191,019.39 at the end of 2019[32] - The total current assets increased to CNY 5,004,910,081.80 from CNY 4,736,671,898.69 year-over-year[29] - The total current liabilities increased to CNY 3,606,258,024.36 from CNY 3,441,203,861.69 year-over-year[32] - The company's accounts receivable decreased to CNY 479,389,675.74 from CNY 658,822,662.39 year-over-year[29] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 79,291[10] - The largest shareholder, Guangdong Baoli Group Co., Ltd., held 16.00% of the shares[10] Government Support and Investments - The company received government subsidies amounting to CNY 909,856.40 during the reporting period[9] - The company plans to utilize up to ¥2.8 billion of idle funds for securities investment, including new stock subscriptions and bond investments[18] Operational Efficiency - The company is focusing on research and development for new energy solutions to align with market trends and consumer demand[39] - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency and product offerings[39] Fair Value Changes - The fair value change income showed a significant loss of 139.21%, indicating a decline in the fair value of financial assets[15] - The total fair value change loss for the top ten securities held by the company was CNY 77,110,326.12, with a total initial investment of CNY 1,631,450,187.63[21] - The company reported a significant fair value change loss of -85,487,516.76 compared to a gain of 218,050,500.07 in the previous period[46] Employee Compensation - Cash paid to employees decreased by 44.77% to ¥95,399,430.61, attributed to reduced employee compensation payments[15] - The company experienced a decrease in cash paid to employees, amounting to ¥95,399,430.61, down from ¥172,728,137.38 in the previous year[57] Audit Status - The company did not undergo an audit for the first quarter report, indicating that the figures are unaudited[63]

Financial Performance - The company's operating revenue for 2019 was CNY 5,626,823,268.01, representing a 46.75% increase compared to CNY 3,834,291,613.98 in 2018[28]. - The net profit attributable to shareholders for 2019 was CNY 883,186,076.57, a 90.80% increase from CNY 462,891,210.18 in 2018[28]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 728,531,780.49, up 161.59% from CNY 278,501,733.19 in 2018[28]. - The net cash flow from operating activities for 2019 was CNY 1,903,336,782.10, a 93.69% increase from CNY 982,660,768.78 in 2018[28]. - The total assets at the end of 2019 were CNY 18,986,191,019.39, a decrease of 12.07% from CNY 21,593,167,648.89 at the end of 2018[28]. - The net assets attributable to shareholders at the end of 2019 were CNY 9,500,183,674.72, an increase of 7.24% from CNY 8,858,432,290.98 at the end of 2018[28]. - The company reported a basic earnings per share of CNY 0.41 for 2019, a 95.24% increase from CNY 0.21 in 2018[28]. - The company achieved a total operating revenue of 5.63 billion yuan, a year-on-year increase of 46.75%[41]. - Net profit attributable to shareholders reached 883 million yuan, up 90.80% year-on-year, with basic earnings per share of 0.41 yuan, an increase of 95.24%[41]. Dividend Distribution - The company plans to distribute a cash dividend of 2.00 RMB per 10 shares, totaling 435,177,572.40 RMB, based on a total share capital of 2,175,887,862 shares[5]. - In 2019, the company distributed a cash dividend of 2.00 CNY per 10 shares, totaling 435.18 million CNY, which accounted for 49.27% of the net profit attributable to shareholders[91]. - The cash dividend for 2018 was 1.00 CNY per 10 shares, totaling 217.59 million CNY, representing 47.01% of the net profit attributable to shareholders[91]. - In 2017, the cash dividend was 0.30 CNY per 10 shares, totaling 65.28 million CNY, which was 63.29% of the net profit attributable to shareholders[91]. - The cumulative cash dividend over the last three years accounted for 148.64% of the average annual net profit[91]. Risk Management - The company has disclosed significant risks that may adversely affect its future development strategies and operational goals in the "Discussion and Analysis of Operating Conditions" section[5]. - The company has a comprehensive risk management strategy in place to address potential adverse impacts on its operations[5]. - The company is addressing risks related to management pressure from rapid expansion and increasing competition in the power industry by enhancing cost control and operational efficiency[84]. Corporate Governance - The company has maintained a stable governance structure with no significant changes in the board composition during the reporting period[166]. - The company’s financial performance and governance practices are aligned with regulatory requirements, ensuring transparency and accountability[164]. - The company has established a governance structure with a clear division of responsibilities among the shareholders' meeting, board of directors, supervisory board, and management team, ensuring stable and healthy development[188]. - The company’s board of directors includes members with extensive backgrounds in finance and management, enhancing its strategic capabilities[168][169]. Environmental Responsibility - The company is committed to environmental protection and safety in its production operations, adhering to a "safety first, environmental protection first" policy[81]. - The company reported a total emission of 386.62 tons of sulfur dioxide, which is below the annual emission limit of 5880 tons, with a concentration of 25.58 mg/m³ against a standard of 200 mg/m³[141]. - The company achieved a dust emission of 110.88 tons, with a concentration of 6.63 mg/m³, well below the standard of 30 mg/m³[141]. - The desulfurization facility operation rate at Meixian Heshuyuan Power Plant was over 99.99%, and the denitrification facility operation rate was 100%[142]. - The company emphasizes green production and aims to reduce energy consumption and pollutant emissions[138]. Subsidiaries and Investments - The company operates several wholly-owned subsidiaries, including Guangdong Baoli Power Co., Ltd. and Lufeng Baoli New Energy Power Co., Ltd.[20]. - The company is involved in the operation of the Meixian Heshuyuan Power Plant, which has a total installed capacity of 1,470 MW[21]. - The company is also responsible for the Lufeng Jiahuwan Clean Energy Base, which includes multiple power generation assets[21]. - The total assets of the wholly-owned subsidiary Guangdong Baoli Electric Power Co., Ltd. were ¥4,741,421,912.00, with a net profit of ¥543,962,589.57 during the reporting period[61]. - The total assets of the wholly-owned subsidiary Lufeng Baoli New Energy Electric Power Co., Ltd. were ¥9,724,661,365.71, with a net profit of ¥155,585,342.58 during the reporting period[62]. Social Responsibility - The company has actively fulfilled its social responsibilities and has published a social responsibility report annually since 2008[129]. - The company invested a total of 33.79 million yuan in poverty alleviation efforts in 2019[134]. - The company aims to reduce poverty in Meizhou and Lufeng by implementing precise poverty alleviation measures, ensuring targeted funding and project arrangements[131]. - The company has committed to improving local education by investing 90,000 yuan in educational resources for impoverished areas[136]. - The company has engaged in social welfare initiatives, including donations to charities and support for vulnerable groups[138]. Future Plans - The company aims to leverage national policies to enhance its competitive edge in the renewable energy sector, focusing on sustainable development and efficiency improvements[75]. - The company plans to invest in the second phase of the Lufeng Jiahuwan (onshore) wind farm, with a capacity of 49.5MW, and collaborate on the construction of two offshore wind farms with a total capacity of 1400MW[79]. - The company aims to strengthen its core business in renewable energy power and new financial investments, implementing a "221" business development plan targeting 10 million kilowatts of installed capacity[79]. - The company plans to utilize self-owned funds, bank loans, and securities market financing to meet its funding needs for ongoing investment projects[82].

Financial Performance - Operating revenue for the reporting period reached CNY 1,646,473,387.64, representing a year-on-year increase of 101.64%[6] - Net profit attributable to shareholders of the listed company was CNY 157,241,676.26, an increase of 25.34% compared to the same period last year[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 193,542,622.28, up 62.70% year-on-year[6] - Basic earnings per share for the reporting period were CNY 0.07, an increase of 16.67%[6] - The total profit amounted to CNY 218,864,407.33, compared to CNY 175,187,754.43 in the previous period, indicating an increase of about 24.9%[49] - Operating profit for the period was CNY 241,547,823.80, up from CNY 175,254,106.85, reflecting a growth of approximately 37.8%[49] - The net profit for the period was CNY 157,242,384.92, an increase from CNY 125,451,221.66 in the previous period, representing a growth of approximately 25.3%[49] - The company reported a net loss from the sale of securities amounting to CNY 1,620,013.41 during the reporting period[26] Cash Flow - The net cash flow from operating activities was CNY 440,514,173.32, an increase of 73.61% compared to the same period last year[6] - Cash flow from operating activities generated a net amount of 1,020,236,974.24 CNY, compared to 873,808,531.39 CNY in the previous period, reflecting improved operational efficiency[72] - The cash inflow from sales of goods and services was 4,328,275,929.89 CNY, an increase from 3,251,445,456.05 CNY in the previous period[72] - The cash outflow for purchasing goods and services was 2,661,377,415.00 CNY, compared to 1,965,408,236.82 CNY in the previous period, indicating increased operational costs[72] - The net cash flow from investing activities was -456,535,304.35 CNY, a decrease from -1,677,804,027.69 CNY in the previous period, showing reduced investment losses[75] - The cash flow from financing activities resulted in a net outflow of -1,025,825,311.57 CNY, compared to a net inflow of 2,653,870,302.99 CNY in the previous period, indicating a shift in financing strategy[75] Assets and Liabilities - Total assets at the end of the reporting period were CNY 21,203,525,507.28, a decrease of 1.80% compared to the end of the previous year[6] - The total current assets increased to CNY 7,018,440,750.90 from CNY 6,144,478,212.76[32] - The total non-current assets decreased from CNY 15,448,689,436.13 to CNY 14,185,084,756.38[35] - The total liabilities increased to CNY 6,246,388,577.77 from CNY 5,304,042,943.21[35] - The total equity attributable to shareholders of the parent company was CNY 8,607,924,394.43, an increase from CNY 7,916,283,528.53 at the beginning of the period[46] - The total assets as of September 30, 2019, amount to CNY 21,203,525,507.28, compared to CNY 21,593,167,648.89 at the beginning of the period[35] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 84,484[9] - The largest shareholder, Guangdong Baoli Group Co., Ltd., held 16.00% of the shares[11] Investment and Financial Expenses - The financial expenses surged by 96.61% to CNY 324,370,996.06, primarily due to interest expenses related to the new power plant [19] - The investment income decreased by 64.79% to CNY 84,067,827.86, mainly due to the absence of equity transfer from the previous year [19] - The company reported financial expenses of CNY 140,487,523.98, significantly higher than CNY 51,177,013.51 in the previous period, marking an increase of about 174.5%[49] Future Plans - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[41] - The company plans to focus on market expansion and new product development to drive future growth[73] Other Comprehensive Income - Other comprehensive income after tax was CNY -6,255,131.39, indicating a loss compared to the previous period[53] - The company reported a decrease in other comprehensive income to approximately 30.51 million, down from a loss of about 34.48 million[103]