Financial Performance - The company's operating revenue for the first half of 2021 was ¥6,802,780,173.07, representing a 19.16% increase compared to ¥5,709,098,038.38 in the same period last year[9]. - The net profit attributable to shareholders of the listed company was ¥159,003,230.92, a 47.63% increase from ¥107,706,692.49 in the previous year[9]. - The net profit after deducting non-recurring gains and losses was ¥155,325,455.75, up 41.38% from ¥109,866,269.85 year-on-year[9]. - The basic earnings per share increased to ¥0.1323, reflecting a 47.66% rise from ¥0.0896 in the same period last year[9]. - Total revenue for the reporting period reached ¥6,802,780,173.07, representing a year-on-year increase of 19.16% from ¥5,709,098,038.38[28]. - The engineering construction segment generated a revenue of 5.49 billion yuan, with a year-on-year increase of 21.89%, driven by key projects in the Pearl River Delta and Guangzhou Metro Line 14[23]. - The clean energy generation segment reported a revenue of 847 million yuan, up 7.41% year-on-year, attributed to new operational projects and alleviated power restrictions in certain regions[23]. - The total operating costs for the first half of 2021 were CNY 6,532,742,480.10, up from CNY 5,494,140,571.80 in the previous year, reflecting a growth of 18.9%[145]. - The net cash flow from operating activities improved to -¥428,973,152.60, a 28.10% improvement from -¥596,586,068.25 in the previous year[9]. Assets and Liabilities - Total assets at the end of the reporting period were ¥30,806,072,778.82, a 4.46% increase from ¥29,491,657,758.56 at the end of the previous year[9]. - The net assets attributable to shareholders of the listed company were ¥3,739,234,853.63, up 1.84% from ¥3,671,847,688.78 at the end of the previous year[9]. - The company's total liabilities increased to CNY 26,882,800,919.05 from CNY 25,648,333,970.39, which is an increase of approximately 4.80%[140]. - The company's long-term borrowings increased to CNY 935,728,650.00, compared to CNY 598,500,000.01 in the previous year, reflecting a growth of 56.4%[143]. - The company's cash and cash equivalents decreased by 2.83% to ¥2,130,678,321.32, compared to ¥2,876,660,905.94 at the end of the previous year[31]. Investments and Projects - The company plans to complete an additional 200,000 kW of clean energy capacity and prepare for 700,000 kW of new projects in 2021, focusing on wind and solar energy[23]. - The company invested 227.87 million yuan in R&D, a 36.41% increase compared to the previous year, primarily due to increased investment in high-tech subsidiaries[27]. - The company has signed a framework agreement for a 700MW photovoltaic power generation project with an investment of approximately 2.5 billion yuan, covering an area of about 16,000 acres[80]. - The company is preparing to invest in a 500 MW photovoltaic project in Nanyang, with a total investment of about 2.5 billion yuan[81]. - The company has a total investment of approximately 2.5 billion yuan for the flood control project in Suixi County, which is currently suspended due to policy adjustments[84]. Market and Industry Outlook - The construction industry in China achieved a value-added output of 3.33 trillion yuan in the first half of 2021, representing a year-on-year growth of 8.6%[15]. - The government plans to invest approximately 1.29 trillion yuan in 150 major water conservancy projects from 2020 to 2022, which is expected to drive indirect investment of about 6.6 trillion yuan[16]. - By 2035, the total installed capacity of pumped storage power stations in China is projected to reach 300 million kilowatts, with an additional investment scale of around 1.8 trillion yuan[16]. - China's total installed capacity of wind and solar power is expected to exceed 1.2 billion kilowatts by 2030, as part of the national energy transition strategy[17]. Corporate Governance and Compliance - The company plans not to distribute cash dividends or issue bonus shares[1]. - The semi-annual financial report has not been audited[52]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[48]. - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[50]. - The company has not engaged in any major related party transactions during the reporting period[56]. Research and Development - Research and development expenses for the first half of 2021 were CNY 45,951,307.64, significantly higher than CNY 9,867,522.31 in the same period of 2020, indicating a growth of 365.5%[145]. - The company received high-tech enterprise certification for several subsidiaries, enhancing its technological credentials and potential for innovation[124]. Shareholder Information - The total number of shares before the change was 1,202,262,058, with 99.97% being unrestricted shares[126]. - The largest shareholder, Guangdong Water Resources Group Co., Ltd., holds 36.48% of the total shares, amounting to 438,592,930 shares[128]. - The total number of shareholders with more than 5% ownership is 10, with a total of 59,727 ordinary shareholders reported[128]. - The report indicates that there were no changes in the shareholding of directors, supervisors, and senior management during the reporting period[132].

Financial Performance - The company's operating revenue for Q1 2021 was CNY 3,488,311,560.54, representing a 14.06% increase compared to CNY 3,058,290,955.76 in the same period last year[2]. - Net profit attributable to shareholders was CNY 49,349,707.68, up 36.77% from CNY 36,082,309.40 year-on-year[2]. - The net profit after deducting non-recurring gains and losses was CNY 48,397,259.26, reflecting a 35.75% increase compared to CNY 35,652,103.92 in the previous year[2]. - The total operating income for the first quarter was approximately CNY 2.95 billion, an increase from CNY 2.67 billion in the previous year, representing a growth of about 10.1%[29]. - The net profit for the first quarter reached CNY 54.08 million, compared to CNY 37.38 million in the same period last year, marking an increase of approximately 44.5%[27]. - The profit before tax was CNY 69.11 million, compared to CNY 51.24 million in the previous year, showing an increase of about 34.8%[27]. - The total comprehensive income for the quarter was CNY 54.08 million, compared to CNY 37.38 million, indicating an increase of about 44.5%[28]. - The basic earnings per share for the quarter were CNY 0.0410, up from CNY 0.0300, representing an increase of approximately 36.7%[28]. - The company reported a financial expense of CNY 120.77 million, down from CNY 140.03 million, a decrease of about 13.8%[26]. - The tax expenses for the quarter were CNY 15.04 million, compared to CNY 13.86 million, reflecting an increase of approximately 8.5%[27]. Cash Flow and Liquidity - The company's cash flow from operating activities showed a net outflow of CNY 837,104,062.79, which is a 27.86% decrease compared to the outflow of CNY 654,725,692.36 in the same period last year[2]. - Cash inflow from operating activities totaled CNY 3,344,121,537.00, up from CNY 3,084,360,909.76, marking an increase of 8.43%[33]. - Cash outflow from operating activities was CNY 4,181,225,599.79, compared to CNY 3,739,086,602.12, resulting in a net cash flow from operating activities of -CNY 837,104,062.79, worsening from -CNY 654,725,692.36[33]. - Cash inflow from financing activities was CNY 2,399,867,881.00, down from CNY 3,188,071,572.89, indicating a decrease of 24.77%[34]. - The net cash flow from financing activities was CNY 813,559,784.91, a decrease from CNY 904,193,210.36, reflecting a decline of 10%[34]. - The ending balance of cash and cash equivalents was CNY 2,334,597,691.03, slightly down from CNY 2,339,402,181.41[34]. - The company reported a cash outflow from investment activities of CNY 375,722,191.23, compared to CNY 170,106,238.51 in the previous year[36]. - The net cash flow from investment activities was -CNY 210,781,251.12, worsening from -CNY 168,730,238.51[36]. Assets and Liabilities - The company has a total asset value of CNY 30,411,774,729.34, which is a 3.12% increase from CNY 29,491,657,758.56 at the end of the previous year[2]. - The total assets increased from CNY 29,491,657,758.56 on December 31, 2020, to CNY 30,411,774,729.34 on March 31, 2021, reflecting a growth of approximately 3.11%[19]. - The total liabilities increased to CNY 26,510,242,816.04, up from CNY 25,648,333,970.39, reflecting a growth of 3.35%[21]. - Current liabilities totaled CNY 16,761,882,913.23, slightly up from CNY 16,621,358,080.06, indicating a 0.84% increase[21]. - Non-current liabilities rose to CNY 9,748,359,902.81, compared to CNY 9,026,975,890.33, marking an increase of 7.99%[21]. - The company's equity attributable to shareholders increased to CNY 3,722,596,431.35 from CNY 3,671,847,688.78, a rise of 1.38%[21]. - The total equity remained stable at CNY 3,843,323,788.17, with no adjustments made[39]. Research and Development - R&D expenses increased by 723.68% year-on-year, primarily due to increased investment in high-tech subsidiaries[10]. - Research and development expenses increased significantly to CNY 12.43 million from CNY 1.51 million, reflecting a growth of about 726.5%[26]. - The company has not provided any significant updates on new product or technology development in the reporting period[13]. Projects and Investments - The company is currently working on the North River (Shaoguan to Wushi) channel capacity upgrade project with a contract amount of CNY 978,906,400 and a construction period of 41 months[11]. - The total investment for the Guangdong Province Hanjiang Gaoqi Water Conservancy Hub Project is CNY 1,956,000,000, with a total construction contract amount of CNY 2,719,146,200, and the project is under construction[11]. - The company is currently constructing the Hami Shijianfang Wind Power Project Phase I (50 MW) and the Zhanjiang Suixi County Guantian Reservoir Photovoltaic Power Project (50 MWp)[12]. - The company is preparing for the investment construction of several wind power projects, including the Buerjin Wind Power Project Phase III (49.5 MW) and the Toli County Yutong Energy Hejiao Wind Power Project Phase I and II (49.5 MW each)[12]. Compliance and Governance - The company has no reported securities or derivative investments during the reporting period[14][15]. - The company has no violations regarding external guarantees during the reporting period[16]. - The company has no non-operating fund occupation by controlling shareholders or related parties during the reporting period[16]. - The first quarter report was not audited, indicating preliminary financial data[43].

Financial Performance - The company's operating revenue for 2020 was CNY 12,583,024,873.89, representing a 12.92% increase compared to CNY 11,143,485,046.29 in 2019[11]. - The net profit attributable to shareholders for 2020 was CNY 263,578,185.52, up 12.64% from CNY 234,009,087.42 in the previous year[11]. - The basic earnings per share for 2020 was CNY 0.2192, an increase of 12.64% from CNY 0.1946 in 2019[11]. - The total assets of the company at the end of 2020 were CNY 29,491,657,758.56, compared to CNY 26,047,764,064.96 in 2019, marking a growth of 13.22%[11]. - The company's net assets attributable to shareholders increased by 13.51% to CNY 3,671,847,688.78 in 2020 from CNY 3,234,933,867.83 in 2019[11]. - The weighted average return on equity at the end of 2020 was 8.04%, up from 7.48% at the end of 2019[11]. - The company reported a net profit excluding non-recurring gains and losses of CNY 270,639,573.42, which is a 20.80% increase from CNY 224,045,032.83 in 2019[11]. - The total operating revenue for 2020 was CNY 12,583,024,873.89, representing a year-on-year increase of 12.92% compared to CNY 11,143,485,046.29 in 2019[39]. - Net profit attributable to shareholders increased by 12.64% to CNY 263.58 million[36]. - The company reported a significant increase in R&D expenses, totaling CNY 100.51 million, which is a 187.94% increase from CNY 34.91 million in 2019, primarily due to increased investment in engineering project R&D[49]. Cash Flow and Investments - The net cash flow from operating activities decreased by 68.92% to CNY 970,985,522.32, down from CNY 3,124,514,596.37 in 2019[11]. - The total cash inflow from operating activities was CNY 13.18 billion, a decrease of 1.28% from CNY 13.35 billion in 2019[52]. - The total cash outflow from operating activities increased by 19.40%, amounting to CNY 12.20 billion compared to CNY 10.22 billion in 2019[52]. - The net cash flow from investing activities improved by 43.73% to -CNY 1,812,348,047.39, mainly because of a decrease in project investment expenditures[54]. - The total investment amount for the reporting period was CNY 2,586,227,224.05, reflecting a 4.12% increase compared to the previous year[58]. - The company has a total installed capacity of 1,442.38 MW in clean energy projects, including 213 MW from hydropower, 673 MW from wind power, and 556.38 MW from solar power[22]. Project Development and Contracts - The company has 282 ongoing engineering projects with a total project amount of CNY 63,174,932,873.42, of which CNY 31,844,320,347.26 has been recognized as revenue[42]. - The company completed 60 engineering projects during the reporting period, with a total project amount of CNY 3,675,977,804.80 and recognized revenue of CNY 2,157,218,810.49[41]. - The company is actively expanding its renewable energy portfolio through multiple wind power projects across different regions[144]. - The company signed a construction contract for the Guangzhou Metro Line 18 and Line 22, with contract values of approximately ¥298.32 million and ¥137.83 million respectively, and a total construction period of up to 1464 days for certain segments[173]. - The company is currently engaged in various construction projects, with a focus on energy efficiency and reduction of emissions[166]. Market and Strategic Focus - The company aims to enhance its clean energy investments, with a focus on wind and solar power, as the share of non-fossil energy in total energy consumption is targeted to reach around 20% by 2025[20]. - The company is actively expanding into offshore wind power equipment manufacturing, with a manufacturing capacity of approximately 200,000 tons per year[24]. - The company is focusing on transformation and upgrading towards new infrastructure, green construction, and intelligent manufacturing to ensure sustainable development[72]. - The company is committed to management innovation and optimizing its corporate governance structure to align with high-quality development[71]. - The company is enhancing its risk management and internal control systems to improve its ability to withstand risks and ensure business continuity[72]. Shareholder and Dividend Policy - The company plans to distribute a cash dividend of CNY 0.65 per 10 shares, totaling CNY 78,146,033.77 based on 1,202,262,058 shares[3]. - The cash dividend for 2020 represents 29.65% of the net profit attributable to ordinary shareholders, compared to 30.83% in 2019 and 20.96% in 2018[81]. - The total distributable profit for 2020 was 1,057,954,184.18 CNY, with the cash dividend accounting for 100% of the profit distribution[82]. - The company has maintained a consistent cash dividend policy over the past three years, with cash dividends of 42,079,172.03 CNY in 2018 and 72,135,723.48 CNY in 2019[79]. - The company has established a shareholder return plan to enhance the transparency of its cash dividend policy[78]. Corporate Governance and Compliance - The independent directors fulfilled their responsibilities and ensured the protection of minority shareholders' rights[79]. - The company actively protects the rights of shareholders, especially minority shareholders, by adhering to legal regulations and improving corporate governance[127]. - The company has not faced any penalties or rectification issues during the reporting period[96]. - The company has no stock incentive plans or employee shareholding plans in place during the reporting period[98]. - The company has not engaged in any asset or equity acquisition or sale related party transactions during the reporting period[101]. Social Responsibility and Community Engagement - The company provided assistance to 72 underprivileged employees, with a total of 119,500 RMB in aid[132]. - The company donated a total of 885,400 RMB for poverty alleviation efforts, including 21,400 RMB specifically for supporting impoverished students[138]. - The company aims to integrate economic, social, and environmental benefits in its development strategy, focusing on sustainable practices and community support[136]. - The company has committed to continuing its poverty alleviation efforts, emphasizing the development of solar energy projects to increase the income of impoverished communities[139].

广东水电二局股份有限公司 2020 年第三季度报告全文 广东水电二局股份有限公司 2020 年第三季度报告 1 2020 年 10 月 广东水电二局股份有限公司 2020 年第三季度报告全文 第一节 重要提示 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。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人谢彦辉、主管会计工作负责人卢滟萍及会计机构负责人（会计 主管人员）吴雄飞声明：保证季度报告中财务报表的真实、准确、完整。 2 广东水电二局股份有限公司 2020 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |-----------------------------------------------------|--------------------------------|-------------------------|------------------- ...

Financial Performance - The company's operating revenue for the first half of 2020 was approximately ¥5.71 billion, representing a 13.21% increase compared to ¥5.04 billion in the same period last year[9]. - The net profit attributable to shareholders was approximately ¥107.71 million, an increase of 28.90% from ¥83.56 million in the previous year[9]. - The net profit after deducting non-recurring gains and losses was approximately ¥109.87 million, reflecting a 35.86% increase from ¥80.87 million year-on-year[9]. - The basic earnings per share increased to ¥0.0896, up 28.92% from ¥0.0695 in the previous year[9]. - Total operating revenue was ¥5,709,098,038.38, representing a year-on-year increase of 13.21%[22]. - The company reported a net profit of 1,863.11 million yuan from the Gansu Jinta County photovoltaic power generation project in the first half of 2020[37]. - The total revenue from all projects amounted to 1,383,353.42 million yuan, with a total net profit of 51,339.42 million yuan[37]. Cash Flow and Financial Position - The net cash flow from operating activities was negative at approximately -¥596.59 million, a significant decrease of 329.47% compared to ¥259.98 million in the same period last year[9]. - The company's cash and cash equivalents decreased by 149.22% to -¥367,516,562.90, attributed to increased payments for engineering and material costs[22]. - Cash and cash equivalents at the end of the period totaled CNY 2,002,075,324.00, down from CNY 1,923,495,274.84 at the end of the previous year[151]. - The company reported a total comprehensive income of CNY 167,705,463.73 for the first half of 2020, compared to CNY 18,327,542.68 in the previous year[148]. - The total liabilities reached CNY 23.65 billion, an increase from CNY 22.64 billion, representing a growth of about 4.5%[136]. Assets and Investments - Total assets at the end of the reporting period were approximately ¥27.10 billion, a 4.04% increase from ¥26.05 billion at the end of the previous year[9]. - The company’s total assets at the end of the reporting period were reported at 1,202,262,058.00, showing stability in asset management[160]. - The total investment during the reporting period was ¥723,153,970.40, a decrease of 24.57% compared to the previous year[29]. - The company has a total installed capacity of 1,262.33 MW for clean energy projects, including 213 MW from hydropower, 623 MW from wind power, and 426.33 MW from solar power[21]. Operational Highlights - The company has a strong presence in clean energy generation, with a steady increase in profit levels due to improved power transmission and consumption capacity in the northwest region[15]. - The company secured 31 wind turbine tower projects, showcasing strong market demand and operational capabilities[21]. - The company has established a robust technology innovation system, resulting in 67 invention patents and 124 utility model patents granted[19]. - The company conducted 18 training sessions for 608 participants in the first half of 2020, enhancing the skills of technical management personnel[20]. Risks and Future Outlook - The company plans not to distribute cash dividends or issue bonus shares for this reporting period[2]. - The company has highlighted potential risks and uncertainties in its future performance outlook, which investors should consider[2]. - The company is currently facing risks including policy changes, market competition, and financial risks related to its PPP projects[42]. - The company plans to strengthen its main business and enhance its competitive advantages in technology innovation and project management[43]. Corporate Governance and Compliance - The report indicates that there were no significant changes in the company's contact information or disclosure practices during the reporting period[7]. - The semi-annual financial report has not been audited[46]. - The company has not disposed of any major assets or equity during the reporting period[38][39]. - The company has entered into a financing lease agreement for 15,000 million CNY with Ping An International Leasing Co., Ltd. for wind power generation equipment, with a term of 60 months[57]. Community and Social Responsibility - The company actively participated in poverty alleviation efforts, purchasing agricultural products worth 34,500 for employee welfare[72]. - The company invested 42,493.0 million in a photovoltaic poverty alleviation project in Gansu Province, which has started generating power[72]. - The company donated a total of 1.9095 million yuan for poverty alleviation efforts in various regions, including 800,000 yuan for livestock poverty alleviation in Shache County and 295,000 yuan for public works in Jiangxi Province[73][74]. - The company has committed to enhancing its corporate social responsibility through active participation in poverty alleviation and community development initiatives[73][75].

Financial Performance - The company's operating revenue for Q1 2020 was CNY 3,058,290,955.76, representing an increase of 8.90% compared to CNY 2,808,338,585.91 in the same period last year[3]. - Net profit attributable to shareholders was CNY 36,082,309.40, up 16.43% from CNY 30,989,586.88 year-on-year[3]. - The company's total operating costs for Q1 2020 were CNY 2,994,020,526.35, up from CNY 2,747,111,114.66, reflecting a year-over-year increase of 9.0%[30]. - Net profit for Q1 2020 reached CNY 37,380,468.66, compared to CNY 33,226,206.50 in Q1 2019, representing an increase of 12.9%[31]. - The company's operating profit for Q1 2020 was CNY 52,267,666.63, compared to CNY 51,687,001.02 in Q1 2019, showing a modest increase of 1.1%[31]. Cash Flow - The net cash flow from operating activities decreased significantly by 1,177.87%, amounting to CNY -654,725,692.36, compared to CNY -51,235,588.08 in the previous year[3]. - The cash flow from operating activities was negative at -¥654,725,692.36, worsening from -¥51,235,588.08 in the previous period[37]. - The cash outflow from operating activities totaled ¥3,739,086,602.12, compared to ¥2,899,703,074.46 in the previous period, indicating an increase of 29.0%[37]. - The company reported a decrease in cash flow from investment activities, with a net cash flow of -168,730,238.51 CNY compared to -21,305,837.73 CNY previously[40]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 26,648,249,539.25, reflecting a growth of 2.31% from CNY 26,047,764,064.96 at the end of the previous year[3]. - The company's current assets decreased to CNY 11.49 billion from CNY 12.16 billion, reflecting a decline of about 5.5%[24]. - The total liabilities increased to CNY 23.20 billion from CNY 22.64 billion, which is an increase of approximately 2.5%[25]. - The total current assets decreased by 1,148,875,616.01 CNY, from 12,163,798,174.37 CNY to 11,014,922,558.36 CNY[42]. - The total non-current assets increased by 1,148,875,616.01 CNY, from 13,883,965,890.59 CNY to 15,032,841,506.60 CNY[42]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 63,561, with the largest shareholder, Guangdong Water Conservancy Group Co., Ltd., holding 36.48%[6]. - The company commits to distributing cash dividends of no less than 10% of the distributable profits after reserving statutory and surplus reserves, with a cumulative cash distribution of no less than 30% of the average annual distributable profits over the last three years[16]. - The total equity attributable to shareholders increased to CNY 3.28 billion from CNY 3.23 billion, reflecting a growth of about 1.3%[26]. Investments and Projects - The company has completed the construction of the Beijiang (Wushi to Sanshui River Mouth) channel expansion project with a contract amount of CNY 158,122.65 million, currently in the settlement phase[12]. - The ongoing construction of the Beijiang (Shaoguan to Wushi) channel expansion project has a contract amount of CNY 97,890.64 million and a contract duration of 41 months[12]. - The total investment for the Guangdong Province Hanjiang Gaopei Water Conservancy Hub Project is CNY 195,600.00 million, with a total construction contract amount of CNY 271,914.62 million, currently under construction[12]. - The estimated total investment for the Yili City Urban Rail Transit Construction Project (Phase I) is CNY 280,625.81 million, with construction costs of CNY 168,618.64 million, currently under construction[12]. Research and Development - Research and development expenses for Q1 2020 were CNY 1,509,227.86, significantly higher than CNY 280,737.72 in the same period last year, marking an increase of 436.5%[30]. - Research and development expenses increased to ¥471,667.10 from ¥266,446.41, marking a rise of 77.0%[33]. Financial Management and Compliance - The company has made a commitment to avoid competition with its controlling shareholder, ensuring that any new business opportunities will be offered to the company first[15]. - The company has maintained its independence and avoided conflicts of interest with its controlling shareholder, ensuring the protection of the interests of all shareholders[15]. - The controlling shareholder guarantees compliance with relevant regulations and the company's internal management system, ensuring fair treatment of all shareholders[15]. - The company has committed to prohibiting short-term trading by its directors and senior management, adhering to relevant securities laws[16]. - The company has not encountered any violations regarding external guarantees during the reporting period[20].

Financial Performance - The company's operating revenue for 2019 was ¥11,143,485,046.29, representing a 34.12% increase compared to ¥8,308,385,136.62 in 2018[10] - The net profit attributable to shareholders for 2019 was ¥234,009,087.42, a 16.57% increase from ¥200,748,565.63 in 2018[10] - The net cash flow from operating activities reached ¥3,124,514,596.37, showing a significant increase of 279.99% compared to ¥822,255,720.85 in 2018[10] - The basic earnings per share for 2019 was ¥0.1946, up 16.53% from ¥0.1670 in 2018[10] - Total assets at the end of 2019 amounted to ¥26,047,764,064.96, an increase of 28.63% from ¥20,250,553,704.73 at the end of 2018[10] - The net assets attributable to shareholders were ¥3,234,933,867.83 at the end of 2019, reflecting a 6.24% increase from ¥3,044,832,834.20 at the end of 2018[10] - The company reported a weighted average return on equity of 7.48% for 2019, compared to 6.79% in 2018[10] - The company achieved total operating revenue of ¥11,143,485,046.29 in 2019, representing a year-on-year growth of 34.12%[39] - Net profit attributable to shareholders was approximately CNY 234 million, representing a year-on-year increase of 16.57%[38] - The company’s cash and cash equivalents increased by 111.85% compared to the beginning of the period, mainly due to business growth and an increase in advance payments[33] Investment and Projects - The company is involved in significant infrastructure projects, with an estimated CNY 2.43 trillion investment planned for water conservancy construction during the 13th Five-Year Plan, reflecting a 35% increase from the previous plan[19] - The company is positioned to benefit from the urban rail transit market, with a projected increase in urban rail transit mileage to approximately 6,000 kilometers by 2020, nearly doubling from 2015 levels[20] - The total investment for key projects in Guangdong Province for 2020 is estimated at CNY 5.9 trillion, with 1,230 projects planned[21] - The company is focusing on the development of offshore wind power, with a target of constructing over 1.2 million kilowatts of offshore wind power capacity by the end of 2020[23] - The company has a total installed capacity of 1,262.33 MW in clean energy projects, including 213 MW from hydropower, 623 MW from wind power, and 426.33 MW from photovoltaic power as of the end of 2019[24] - The company is actively pursuing market expansion and investment opportunities in the water and electricity sectors[60] - The company has invested in multiple clean energy projects, including a 50MWp photovoltaic power project with an investment of CNY 165,889,548.40[66] - The company signed a PPP project framework agreement for the construction of the Zhongshan Cuiheng New District water conservancy project with an estimated total investment of 3.4116 billion yuan[146] Research and Development - Research and development expenses rose to ¥351,823,966.50, a 39.75% increase year-on-year, driven by the need for key technology research for major engineering projects[39] - The company’s research and development expenses increased by 257.03% to ¥34,906,917.44, primarily due to increased investment in surveying and design projects[52] - The number of R&D personnel increased by 5.11% to 576, with R&D personnel accounting for 13.65% of the total workforce[54] - The company had 23 ongoing independent R&D projects focused on various engineering fields, enhancing its innovation capabilities[53] Corporate Governance and Compliance - The company has established a robust internal control system to enhance corporate governance and protect the interests of all shareholders and creditors[135] - The company has adhered to its commitment to not engage in short-term trading of its shares by its directors and senior management[92] - The company has not reported any significant changes in major financial metrics during the reporting period[58] - The company has made changes to its accounting policies and estimates in accordance with the latest accounting standards[94] - The company has not reported any major accounting errors requiring retrospective restatement during the reporting period[102] Shareholder Relations and Dividends - The company plans to distribute a cash dividend of ¥0.6 per 10 shares, totaling approximately ¥72,135,726.36 based on 1,202,262,058 shares[2] - The company distributed cash dividends of 72,135,723.48 CNY for the year 2019, representing 30.83% of the net profit attributable to ordinary shareholders[85] - The cash dividend for 2018 was 42,079,172.03 CNY, which accounted for 20.96% of the net profit attributable to ordinary shareholders[85] - The company has established a clear and transparent cash dividend policy to enhance investor return expectations[82] - The company has implemented a shareholder return plan to enhance the execution of its cash dividend policy[82] Risk Management - The company faces several risks, including policy risks related to infrastructure and clean energy, market competition risks, and investment risks associated with large-scale projects[78] - The company intends to enhance its risk management capabilities by closely monitoring national policy changes and adjusting its development strategies accordingly[78] Community Engagement and Social Responsibility - The company donated a total of 1.7354 million yuan for poverty alleviation and social responsibility initiatives in 2019[140] - The company has established a "Ganquan" public welfare fund with a donation of 100,000 yuan to support social initiatives[139] - The company has committed to maintaining a harmonious balance between economic, social, and environmental benefits in its operations[140] - The company plans to continue focusing on poverty alleviation through the development of photovoltaic projects to increase the income of impoverished communities[145] Legal Matters - The company is involved in a significant lawsuit with a claim amount of approximately 149.54 million yuan related to a construction contract dispute[107] - The company has frozen assets worth 150 million yuan from the defendants in the ongoing litigation[108] - The company has successfully won a first-instance judgment in its favor in a related case, with the court ruling against the opposing party's claims[108] Operational Efficiency - The company aims to enhance its project management and execution capabilities, focusing on improving contract management, quality control, and cost management[75] - The company plans to adopt an "Internet + Smart Control" management model to improve operational efficiency and reduce maintenance costs in clean energy projects[73]

广东水电二局股份有限公司 2019 年第三季度报告全文 广东水电二局股份有限公司 2019 年第三季度报告 1 2019 年 10 月 广东水电二局股份有限公司 2019 年第三季度报告全文 第一节 重要提示 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。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人谢彦辉、主管会计工作负责人卢滟萍及会计机构负责人(会计主 管人员)吴雄飞声明：保证季度报告中财务报表的真实、准确、完整。 2 广东水电二局股份有限公司 2019 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |-----------------------------------------------------|--------------------------------|-------------------------|------------------- ...

Financial Performance - The company's operating revenue for the first half of 2019 was ¥5,042,926,378.76, representing a 52.06% increase compared to ¥3,316,377,472.98 in the same period last year[9]. - The net profit attributable to shareholders was ¥83,557,053.33, up 33.08% from ¥62,788,066.00 in the previous year[9]. - The net cash flow from operating activities increased by 107.90%, reaching ¥259,979,908.96 compared to ¥125,051,826.45 in the same period last year[9]. - The total assets at the end of the reporting period were ¥22,645,813,888.63, an increase of 11.83% from ¥20,250,553,704.73 at the end of the previous year[9]. - The net assets attributable to shareholders were ¥3,084,192,763.64, reflecting a 1.29% increase from ¥3,044,832,834.20 at the end of the previous year[9]. - The basic earnings per share for the reporting period was ¥0.0695, a 33.14% increase from ¥0.0522 in the same period last year[9]. - The company reported a total revenue of 1,508,846.56 thousand RMB for the first half of 2019, with a net profit of 75,974.48 thousand RMB[49]. - The total profit for the first half of 2019 was CNY 117,504,258.95, compared to CNY 86,746,549.53 in the same period of 2018, marking an increase of around 35.4%[176]. - The company's total comprehensive income for the first half of 2019 was CNY 88,822,665.80, compared to CNY 62,939,533.17 in the same period of 2018, reflecting an increase of approximately 41.2%[176]. Investment and Projects - The company is engaged in the construction of hydropower and rail transit projects, as well as clean energy generation and wind tower manufacturing[14]. - The company has increased its investment in ongoing projects, leading to a rise in construction work in progress[17]. - The company has invested in clean energy projects, with a total installed capacity of 1,052.33 MW, including 213 MW from hydropower, 413 MW from wind power, and 426.33 MW from solar power[23]. - The company is actively expanding its offshore wind power equipment manufacturing business, aligning with market trends and policies[16]. - The company is focused on developing a diverse range of clean energy projects, which are expected to accelerate growth in this sector[22]. - The company signed a PPP project framework agreement for the "Zhongshan Cuiheng New Area River Regulation Water Conservancy Project" with a total estimated investment of approximately CNY 341.16 million, with a construction period of 3 years and an operation period of 15 years[89]. - The company signed a contract for the "Guangzhou Metro Line 14 Phase II Project" with a contract value of CNY 427.79 million, with a construction duration of 1519 calendar days[89]. - The company is involved in a biomass energy comprehensive project in Gong'an County, with an estimated total investment of CNY 1.6 billion, currently in the preparatory phase[120]. Financial Management - The company plans not to distribute cash dividends or issue bonus shares for this reporting period[2]. - The company plans to maintain a debt structure optimization strategy to reduce its asset-liability ratio[51]. - The company has provided guarantees totaling 777,176.26 million for subsidiaries as of the end of the reporting period[78]. - The actual guarantee amount for subsidiaries during the reporting period was 63,375.55 million[78]. - The company has a guarantee of 20,600.26 million for the West Dongting Hydropower Sand River Investment Operation Co., Ltd., effective from May 30, 2019, to May 30, 2027[78]. - The company has a guarantee of 95,100 million for Guangdong Yueshui Electric Hanjiang Water Conservancy Development Co., Ltd., effective from May 27, 2017, for 66 months[77]. - The company has a guarantee of 62,600 million for Jinta County Yueshui Electric New Energy Co., Ltd., effective from April 20, 2017, for 15 years[77]. - The company has a guarantee of 38,000 million for Jinta County Yueshui Electric New Energy Co., Ltd., effective from September 9, 2013, for 15 years[76]. Risks and Challenges - The company has identified potential risks and corresponding countermeasures in its report, emphasizing the importance of investor awareness regarding investment risks[2]. - The company faces risks including policy changes, market competition, and financial risks related to its PPP projects and clean energy investments[50]. - The company has ongoing projects that are experiencing delays due to land acquisition and weather conditions, impacting the construction timelines[115]. - The company is involved in a significant lawsuit with Nanyang Wandaxin Highway Construction Co., claiming overdue project payments amounting to ¥38,256.06 million[60]. - The company incurred litigation costs of ¥818,932, which were to be borne by Wandaxin[61]. Corporate Governance - The company has established an independent financial department and accounting system to ensure financial independence[54]. - The listed company reported a commitment to independent operations, possessing the necessary assets, personnel, qualifications, and capabilities to conduct business autonomously[55]. - The company has committed to ensuring that all assets are under the control of the listed company and will not provide guarantees for debts of the parent company or its controlled entities[54]. - Guangdong Water and Electricity Engineering Group Co., Ltd. has committed to maintaining the independence of the listed company, ensuring that senior management personnel do not hold positions in other companies controlled by the parent company[54]. - The company has assured that it will fulfill all commitments made in the related party transaction letter during its control period over the listed company[55]. Social Responsibility - The company has actively participated in social welfare and poverty alleviation activities, contributing CNY 57.40 million in total funds for various poverty alleviation projects[86]. - The company donated CNY 33.40 million for poverty alleviation efforts during the reporting period[85]. - The company plans to continue focusing on poverty alleviation through development projects and increasing the income of impoverished communities[87].

[Important Notice](index=2&type=section&id=Item%201.%20Important%20Notice) [Board of Directors' Statement](index=2&type=section&id=Important%20Notice) The Board of Directors, Supervisory Board, and senior management affirm the truthfulness, accuracy, and completeness of this quarterly report and its financial statements - The company's Board of Directors, Supervisory Board, and senior management guarantee the report's content is **true, accurate, and complete**, free from false records, misleading statements, or major omissions, and assume joint and several legal liabilities[2](index=2&type=chunk) - Company Person in Charge Xie YanHui, Chief Accountant Lu YanPing, and Head of Accounting Department Wu XiongFei declare that the financial statements in the quarterly report are **true, accurate, and complete**[2](index=2&type=chunk) [Company Overview](index=3&type=section&id=Item%202.%20Company%20Overview) [Key Accounting Data and Financial Indicators](index=3&type=section&id=I.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company reported significant year-over-year growth in operating revenue and net profit, alongside a notable improvement in net cash flow from operating activities Main Financial Data | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 2,808,338,585.91 | 1,812,944,428.02 | 54.90% | | Net Profit Attributable to Shareholders of Listed Company (CNY) | 30,989,586.88 | 22,661,695.68 | 36.75% | | Net Cash Flow from Operating Activities (CNY) | -51,235,588.08 | -120,664,525.44 | 57.54% | | Basic Earnings Per Share (CNY/share) | 0.0258 | 0.0188 | 37.23% | | Weighted Average Return on Net Assets | 1.01% | 0.75% | Increased by 0.26 percentage points | | **Indicator** | **As of Current Period End** | **As of Prior Year End** | **Change from Prior Year End** | | Total Assets (CNY) | 21,098,653,325.05 | 20,250,553,704.73 | 4.19% | | Net Assets Attributable to Shareholders of Listed Company (CNY) | 3,083,521,807.48 | 3,044,832,834.20 | 1.27% | Non-recurring Gains and Losses | Non-recurring Gains and Losses Item | Amount from Year Start to Period End (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -547.57 | | Other Non-operating Income and Expenses | -935,933.11 | | Income Tax Impact | -141,194.02 | | Impact on Minority Interests (After Tax) | 195.00 | | **Total** | **-795,481.66** | [Shareholder Information](index=4&type=section&id=II.%20Total%20Shareholders%20and%20Top%20Ten%20Shareholders%27%20Holdings%20at%20Period%20End) At the end of the reporting period, the company had 64,654 common shareholders, with state-owned legal entities dominating the top ten shareholder list - As of the end of the reporting period, the company had a total of **64,654** common shareholders[5](index=5&type=chunk) Top Five Shareholders | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Guangdong Hydropower Group Co., Ltd. | State-owned Legal Entity | 36.02% | 433,090,647 | | Guangdong Academy of Building Research | State-owned Legal Entity | 0.84% | 10,101,210 | | Wang Yuanyuan | Domestic Individual | 0.52% | 6,217,470 | | Vanguard Investments Australia Ltd. - Vanguard Emerging Markets Stock Index Fund (ETF) | Overseas Legal Entity | 0.50% | 6,032,274 | | Liao Bin | Domestic Individual | 0.44% | 5,330,188 | - Among the top ten shareholders, Guangdong Hydropower Group Co., Ltd. and Guangdong Academy of Building Research have an **associated relationship**, while the associated relationships of other shareholders are unknown[7](index=7&type=chunk) [Significant Matters](index=6&type=section&id=Item%203.%20Significant%20Matters) [Analysis of Changes in Key Financial Data and Reasons](index=6&type=section&id=I.%20Changes%20and%20Reasons%20for%20Key%20Financial%20Data%20and%20Indicators%20in%20the%20Reporting%20Period) During the reporting period, the company experienced significant changes in key financial indicators, driven by increased engineering construction and clean energy revenue, along with improved operating cash flow - Operating revenue increased by **54.90% year-over-year**, primarily due to increased revenue recognition from engineering construction projects and higher power generation from clean energy projects[10](index=10&type=chunk) - Construction in progress increased by **35.32%** from the beginning of the period, mainly due to increased investment in clean energy projects under construction during the current period[10](index=10&type=chunk) - Net cash flow from operating activities increased by **57.54% year-over-year**, primarily due to increased project prepayments received and collection of prior year accounts receivable[11](index=11&type=chunk) - Net cash flow from investing activities decreased by **92.88% year-over-year**, mainly due to increased expenditures for the acquisition and construction of long-term assets in the current period[11](index=11&type=chunk) [Progress of Significant Matters](index=6&type=section&id=II.%20Analysis%20of%20Progress%2C%20Impact%2C%20and%20Solutions%20for%20Significant%20Matters) The company completed fund account cancellation and bond redemption, with the controlling shareholder increasing its stake, while key infrastructure and clean energy projects are progressing, and a major construction dispute case was remanded for retrial - Controlling shareholder Guangdong Hydropower Group Co., Ltd. plans to increase its shareholding by **1%-2%** of the company's total share capital, having already increased it by **1.00%** as of January 25, 2019[13](index=13&type=chunk) - Several key projects, including the Beijiang Waterway Expansion and Upgrade Project, Hanjiang Gaobei Water Conservancy Hub PPP Project, and Guangzhou Metro Line 22 Project, are currently under construction[15](index=15&type=chunk)[16](index=16&type=chunk) - As of March 31, 2019, the company's operational clean energy projects have a total installed capacity of **1026.33 MW**, with several wind power projects under construction or in preliminary stages[17](index=17&type=chunk) - A construction contract dispute case with Wanda Xin Expressway Construction Co., Ltd. was remanded by the Supreme People's Court to the Henan Provincial High People's Court for retrial[18](index=18&type=chunk) [Fulfillment of Commitments](index=7&type=section&id=III.%20Unfulfilled%20Commitments%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20the%20Reporting%20Period) During the reporting period, the company and its related parties, including the controlling shareholder, fulfilled all commitments, such as avoiding competition, regulating related-party transactions, maintaining independence, and shareholding increase plans - Commitments made by controlling shareholder Guangdong Hydropower Group Co., Ltd. and actual controller Guangdong Construction Engineering Group Co., Ltd. regarding **avoiding horizontal competition**, **regulating related-party transactions**, and **maintaining the listed company's independence** are being fulfilled long-term[20](index=20&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk) - Controlling shareholder Guangdong Hydropower Group Co., Ltd. committed to increasing its shareholding by **no less than 1% and no more than 2%** within six months from November 14, 2018, a commitment currently being fulfilled[23](index=23&type=chunk) - The company committed to an annual cash dividend distribution of **no less than 10%** of the distributable profit for the year, with cumulative cash dividends over the past three years being **no less than 30%** of the average annual distributable profit for the same period, a commitment currently being fulfilled[22](index=22&type=chunk) [Investor Relations Activities](index=12&type=section&id=VIII.%20Registration%20Form%20for%20Investor%20Research%2C%20Communication%2C%20and%20Interview%20Activities%20During%20the%20Reporting%20Period) In Q1 2019, the company actively engaged with investors through various channels, including phone calls and on-site visits, to discuss its operational development - During the reporting period, the company conducted **23** investor communication activities, primarily through phone calls and on-site visits[25](index=25&type=chunk) - Recipients included individual and institutional investors, with discussions primarily focusing on the company's operational development[25](index=25&type=chunk) [Financial Statements](index=13&type=section&id=Item%204.%20Financial%20Statements) [Consolidated Financial Statements](index=13&type=section&id=1.%20Consolidated%20Financial%20Statements) This section presents the consolidated balance sheet, income statement, and cash flow statement as of March 31, 2019, detailing the company's financial position and performance Consolidated Financial Statement Summary (March 31, 2019) | Indicator | Amount (CNY) | | :--- | :--- | | **Balance Sheet** | | | Total Assets | 21,098,653,325.05 | | Total Liabilities | 17,863,805,953.63 | | Total Equity Attributable to Parent Company Owners | 3,083,521,807.48 | | **Income Statement** | | | Total Operating Revenue | 2,808,338,585.91 | | Total Profit | 50,750,520.34 | | Net Profit Attributable to Parent Company Owners | 30,989,586.88 | | **Cash Flow Statement** | | | Net Cash Flow from Operating Activities | -51,235,588.08 | | Net Cash Flow from Investing Activities | -549,958,934.99 | | Net Cash Flow from Financing Activities | 470,338,429.82 | | Net Increase in Cash and Cash Equivalents | -130,856,995.72 | [Parent Company Financial Statements](index=16&type=section&id=2.%20Parent%20Company%20Financial%20Statements) This section provides the parent company's balance sheet, income statement, and cash flow statement as of March 31, 2019, detailing its individual financial position and performance Parent Company Financial Statement Summary (March 31, 2019) | Indicator | Amount (CNY) | | :--- | :--- | | **Balance Sheet** | | | Total Assets | 14,244,331,513.78 | | Total Liabilities | 11,273,715,578.06 | | Total Owners' Equity | 2,970,615,935.72 | | **Income Statement** | | | Operating Revenue | 2,418,611,994.44 | | Total Profit | 29,266,626.70 | | Net Profit | 24,672,674.24 | | **Cash Flow Statement** | | | Net Cash Flow from Operating Activities | -46,509,119.41 | | Net Cash Flow from Investing Activities | -21,305,837.73 | | Net Cash Flow from Financing Activities | 67,555,655.36 | | Net Increase in Cash and Cash Equivalents | -259,390.67 | [Notes to Financial Statements and Audit Opinion](index=27&type=section&id=III.%20Audit%20Report) The company states that this quarterly report's financial statements were not prepared under new financial instrument, revenue, or lease standards and remain unaudited - The company has not yet adopted new financial instrument, revenue, or lease accounting standards, thus no adjustments were made to the opening financial statements[48](index=48&type=chunk) - The company's Q1 2019 report is **unaudited**[48](index=48&type=chunk)