Financial Performance - For the first half of 2024, the company reported consolidated operating revenue of RMB 118.806 billion, a decrease of 5.73% year-on-year[7]. - Net profit attributable to equity holders was RMB 7.775 billion, an increase of 19.80% year-on-year, with earnings per share at RMB 0.40[7]. - The total operating cost for the first half of 2024 was RMB 103.412 billion, a year-on-year decrease of 8.69%[24]. - Fuel costs amounted to RMB 68.114 billion, a year-on-year decrease of 12.11%[25]. - The operating profit for the first half of 2024 was RMB 14,494,248, an increase of 20.3% from RMB 12,050,363 in the previous year[103]. - The company reported a pre-tax profit of RMB 11,376,144 for the first half of 2024, compared to RMB 8,435,212 in the same period of 2023, an increase of approximately 34.4%[133]. - The comprehensive income attributable to equity holders for the same period was RMB 7,840,389,000, compared to RMB 6,863,532,000 in 2023, reflecting an increase of about 14.2%[106]. - The total comprehensive income for the six months ended June 30, 2024, was RMB 9,598,359,000, compared to RMB 6,763,693,000 in 2023, representing an increase of approximately 42.5%[106]. Electricity Generation and Market Performance - The total electricity generated by domestic power plants was 210.678 billion kWh, a slight decrease of 0.22% year-on-year, with an average utilization hour of 1,680 hours, down 120 hours[9]. - In Q2 2024, the total electricity generated by domestic power plants was 97.643 billion kWh, a year-on-year decrease of 6.24%[17]. - The average electricity price for the first half of 2024 was RMB 498.70 per MWh, down 3.21% year-on-year[18]. - The proportion of market-based electricity transactions for the first half of 2024 was 86.91%, a decrease of 0.77 percentage points year-on-year[18]. - Wind power generation increased by 12.53% year-on-year to 188.80 million kWh in the first half of 2024[18]. - Solar power generation surged by 74.24% year-on-year to 81.98 million kWh in the first half of 2024[18]. - In Singapore, the company’s market share for electricity generation was 20.4%, a decrease of 1.2 percentage points year-on-year, with a pre-tax profit of RMB 1.724 billion, down RMB 1.166 billion[13]. Capacity and Development Plans - The company added controllable power generation capacity of 3,102.19 MW in the first half, with low-carbon clean energy accounting for 32.78% of total capacity[12]. - As of June 30, 2024, the company has a controllable installed capacity of 138,570 MW, with low-carbon clean energy accounting for 32.78% of the total[16]. - The company plans to enhance its renewable energy development and optimize asset structure in the second half of 2024, focusing on high-quality completion of annual targets[14]. - The company anticipates a year-on-year growth of approximately 6.5% in electricity consumption for 2024, with an expected addition of around 300 million kilowatts in installed wind and solar capacity[46]. Financial Position and Cash Flow - The total assets as of June 30, 2024, were RMB 561.273 billion, an increase of 1.99% from the beginning of the year[35]. - Cash generated from operating activities was RMB 23.603 billion, a year-on-year increase of 71.53%[37]. - The net increase in cash and cash equivalents was RMB 4.176 billion, compared to a decrease of RMB 0.232 billion in the previous year[38]. - The company had a total long-term debt of RMB 186.988 billion as of June 30, 2024, compared to RMB 183.424 billion as of December 31, 2023[42]. - The company’s cash and cash equivalents rose to RMB 20,691,486, compared to RMB 16,849,858 at the end of 2023, indicating improved liquidity[99]. - The company’s total equity attributable to owners as of June 30, 2024, was RMB 138,763,115,000, an increase from RMB 115,664,522,000 in the previous year, reflecting a growth of approximately 19.9%[112]. Governance and Compliance - The company has maintained compliance with the corporate governance code and has established a robust governance structure[61]. - The board of directors has implemented measures to enhance corporate governance and operational quality[61]. - The company has established a comprehensive internal control system, including a detailed "Internal Control Manual" that outlines 25 business processes and 19 soft elements to ensure compliance and operational efficiency[67]. - The board of directors consists of 15 members, with Wang Kui as the chairman and Wang Zhijie as the vice chairman[71]. - The company strictly adheres to the regulations regarding insider trading and has implemented measures to prevent insider trading activities[70]. Environmental and Operational Strategies - The company is focusing on green low-carbon development, with continuous growth in wind and solar installed capacity[19]. - The company has implemented ultra-low emission modifications across all coal-fired power plants, achieving compliance with local environmental standards[50]. - The company is actively adapting to the "dual carbon" goals and is accelerating the technological upgrade and transformation of coal power units[46]. - The company is committed to addressing environmental risks by adopting advanced technologies for water conservation and wastewater treatment[50]. Risks and Challenges - The company faces significant pressure on coal supply due to limited domestic coal production growth and fluctuating international coal prices, which remain relatively high[47]. - The company identified risks related to extreme weather and rising labor costs in power construction, and is taking proactive measures to ensure project progress[51]. - The company faced foreign exchange risks due to long-term foreign currency borrowings, particularly in USD and PKR, which could impact financial performance[39].
华能国际电力股份(00902) - 2024 - 中期财报