Group 1: Coal Consumption and Supply - The annual coal consumption of power plants in Jiangsu Province is approximately 1,500,000 tons [2] - The long-term coal supply agreements account for about 70% of the coal used, with a fulfillment rate of around 90% [2] - The company’s coal inventory is approximately 12 days, which is lower than in previous years due to high coal prices [3] Group 2: Gas Supply and Pricing - The main gas sources for gas turbine units are PetroChina and Sinopec, with expected seasonal gas prices at 1.97 yuan per cubic meter [3] - Heating prices are approved by local pricing departments, with southern Jiangsu prices being higher than central and northern regions [3] Group 3: Future Development and Carbon Neutrality - The company plans to start construction on a new 1 million kilowatt unit this year, with future additions expected to be more challenging [3] - In the context of carbon neutrality, coal-fired power remains the main source of electricity generation, but there will be a reduction in coal consumption over time [4] - The company’s units are equipped with auxiliary service capabilities, which have generated considerable revenue [4]

Financial Performance - Total operating revenue for the first half of 2022 was CNY 14,915,301,448.18, an increase of 15.72% compared to CNY 12,832,142,376.28 in the same period last year[19]. - Net profit attributable to shareholders of the listed company decreased by 41.92% to CNY 812,477,828.93 from CNY 1,392,621,780.90 in the previous year[19]. - Net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 738,438,924.65, down 33.74% from CNY 1,108,308,277.90 in the same period last year[19]. - Basic and diluted earnings per share both decreased by 40.54% to CNY 0.22 from CNY 0.37 in the same period last year[19]. - The company reported a significant decrease in income tax expenses by 40.81%, totaling CNY 190,773,617.01 due to a decline in total profit[49]. - The total comprehensive income for the first half of 2022 was 878,455,950.93, compared to 1,676,427,905.75 in the same period of 2021, a decline of approximately 47.5%[193]. Cash Flow - Net cash flow from operating activities significantly improved to CNY 4,998,144,662.00, a 4,696.41% increase from a negative cash flow of CNY -121,160,308.23 in the previous year[19]. - The net cash flow from financing activities showed a slight improvement, with a net outflow of ¥1,824,978,681.16 in the first half of 2022, compared to a net outflow of ¥2,123,455,663.67 in the first half of 2021[199]. - The cash received from interest, fees, and commissions increased to ¥747,919,603.65 in the first half of 2022, compared to ¥397,538,496.85 in the first half of 2021[197]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 81,099,130,254.21, reflecting a 0.79% increase from CNY 80,454,321,811.09 at the end of the previous year[19]. - Total liabilities decreased to CNY 42,042,584,276.36 from CNY 42,394,794,790.06, a reduction of 0.8%[186]. - The company's accounts receivable rose to ¥3,060,811,736.24 from ¥2,919,358,752.57, reflecting an increase of approximately 4.8%[184]. Revenue Segments - The energy segment's revenue was 14.463 billion yuan, up 15.17% year-on-year, primarily due to rising electricity prices[31]. - Revenue from electricity generation accounted for 96.97% of total revenue, amounting to CNY 14,463,601,304.89, with a year-on-year growth of 15.18%[52]. - The financial segment achieved a total profit of 1.371 billion yuan, a year-on-year increase of 21.78%[32]. Environmental Performance - The company reported that it is classified as a key pollutant discharge unit by environmental protection authorities[95]. - Jiangsu Guoxin achieved a stable operation of environmental protection facilities with a desulfurization and denitrification utilization rate of 100% for both 1 and 2 units[97]. - The company invested approximately 158 million RMB in environmental protection measures, including closed coal yard construction and emission reduction technology upgrades, contributing to significant reductions in air pollutants[117]. Strategic Initiatives - The company plans to increase its investment in new energy projects by 250 to 500 million yuan[29]. - The company is actively exploring new energy technologies such as electrochemical energy storage and hydrogen energy[29]. - Jiangsu Guoxin is investing 200 million yuan in R&D for new energy technologies, with a focus on solar and wind energy solutions[134]. Corporate Governance - The company has committed to maintaining independence in operations, finance, and management, ensuring no overlap with controlling entities[126]. - The company guarantees that its financial department operates independently and does not share bank accounts with controlling entities[127]. - The company has established a complete and independent governance structure to ensure the independence of its board and management[127]. Market Position and Expansion - The company plans to expand its market presence by entering two new provinces, aiming for a 25% increase in market share by the end of 2023[135]. - Jiangsu Guoxin is strategically positioned in Jiangsu Province, leveraging its regional advantages to expand market share and enhance competitiveness in the energy market[40]. - The company aims to enhance its renewable energy capacity through equity participation, focusing on integrating new energy models and technologies to improve competitiveness and transition to a comprehensive energy service provider[81]. Challenges and Risks - The coal market is expected to see price fluctuations due to increased demand and supply constraints, with the company planning to optimize coal procurement and reduce transportation costs to manage fuel expenses[81]. - The trust industry faces challenges from stricter financial regulations and a shift towards serving the real economy, prompting the company to innovate and enhance its asset management capabilities[84]. - The company is committed to improving its compliance and risk management systems to navigate the evolving financial landscape and mitigate operational risks[85].

Financial Performance - Total operating revenue for the first half of 2021 reached ¥12,832,142,376.28, an increase of 30.97% compared to ¥9,797,955,743.66 in the same period last year[21]. - Net profit attributable to shareholders was ¥1,392,621,780.90, reflecting an 18.30% increase from ¥1,177,232,196.53 year-on-year[21]. - Net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 5.80% to ¥1,108,308,277.90 from ¥1,176,519,146.45 in the previous year[21]. - Basic earnings per share increased by 19.35% to ¥0.37 from ¥0.31 year-on-year[21]. - The company reported a total of ¥284,313,503.00 in non-recurring gains and losses during the reporting period[26]. - The weighted average return on net assets was 4.63%, up from 4.26% in the previous year[21]. - The company's total operating revenue for the reporting period was ¥12,500,669,881.40, representing a 35.00% increase compared to ¥9,260,087,786.48 in the same period last year, primarily due to increased power generation from the commissioning of Sujin Baode and Sujin Shuozhou[56]. - Operating costs rose to ¥11,128,769,049.66, a 42.49% increase from ¥7,810,462,428.82, driven by higher coal prices and increased electricity generation[56]. - The financial segment's revenue decreased by 38.37% to ¥331,472,494.88, due to a strategic shift in Jiangsu Trust's business model, resulting in reduced commission income[58]. Asset and Liability Management - Total assets at the end of the reporting period were ¥72,859,715,383.15, a decrease of 2.29% from ¥74,568,724,103.70 at the end of the previous year[21]. - Net assets attributable to shareholders increased by 2.87% to ¥30,231,854,013.55 from ¥29,387,091,230.98 at the end of the previous year[21]. - Cash and cash equivalents increased to ¥5,721,662,237.65, making up 7.85% of total assets, up from 7.17% at the end of the previous year[69]. - Long-term equity investments rose to ¥16,709,719,560.46, representing 22.93% of total assets, an increase of 2.69% from the previous year[69]. - Inventory increased significantly to ¥1,215,774,291.74, accounting for 1.67% of total assets, up by 0.88% from the previous year[69]. - Short-term borrowings reached ¥8,801,845,647.32, which is 12.08% of total liabilities, an increase of 1.11% from the previous year[69]. - Total liabilities decreased to ¥32.34 billion from ¥35.21 billion, a decline of about 8.1%[199]. - Total owner's equity increased to ¥40.52 billion from ¥39.36 billion, a growth of about 2.9%[200]. Operational Highlights - The energy segment's electricity generation increased by 33.85% year-on-year, totaling 32.46 billion kWh[36]. - The average utilization hours for coal-fired power generation equipment increased by 254 hours year-on-year, reaching 2,257 hours[32]. - The company's electricity generation for the reporting period was 324.55 billion kWh, up from 242.47 billion kWh year-on-year, indicating a significant growth in production[43]. - The company's sales volume of electricity for agency users reached 50.4 billion kWh, a year-on-year increase of 40.31%, with 93.55% sourced from the company's controlled power generation enterprises[42]. - The company achieved a stable operation of its environmental protection facilities, with desulfurization and denitrification facilities operating at 100% utilization rate across multiple power plants[107][108][109][110]. Environmental Compliance - Jiangsu Guoxin's total SO2 emissions were 200.583 tons, with a limit of 1424 tons per year, indicating compliance with environmental standards[102]. - Jiangsu Guoxin's total NOx emissions from gas-fired power generation were 134.811 tons, with a limit of 1552 tons per year, showing no exceedance[103]. - The company’s environmental protection measures resulted in all monitored units achieving ultra-low emission standards, with pollutant concentrations significantly below regulatory thresholds[105][106][107][108][109][110]. - The company invested approximately 94.47 million yuan in environmental protection technology upgrades in the first half of 2021, contributing to the reduction of air pollutants and coal consumption[120]. - The company has launched the first precise carbon emission measurement system in the domestic power industry and plans to promote it across the company[88]. Strategic Initiatives - The company aims to accelerate the growth of new trust businesses, including standard product investments and equity investments, with a focus on high-quality development and maximizing economic and social value[39]. - The company is actively exploring new power storage projects and enhancing carbon asset management strategies to better control carbon emission compliance costs[41]. - The company is focusing on technological innovation, with significant investments in advanced power generation technologies and environmental performance improvements[49]. - The company is committed to enhancing its active management capabilities in response to the evolving regulatory environment in the trust industry[90]. - The company is exploring three business directions related to carbon financing, carbon investment, and carbon asset services to leverage its trust license advantages[89]. Corporate Governance - The company has committed to maintaining independent operations, ensuring that its management and financial systems are separate from its controlling shareholders and related enterprises[128]. - Jiangsu Guoxin is committed to legal compliance and has improved its corporate governance structure to minimize various operational risks[93]. - The company will ensure that any business opportunities that may lead to competition will be communicated to the listed company promptly[139]. - The company has established a credit risk management system, including a whitelist for counterparties and ongoing monitoring of their financial health[92]. - The integrity status of the company and its controlling shareholders is good, with no unfulfilled legal obligations or significant overdue debts[156].