Financial Performance - For the six months ended June 30, 2024, revenue was RMB 10,460.0 million, a decrease of 0.84% compared to the same period in 2023[2]. - For the same period, profit before tax was RMB 2,615.2 million, an increase of 0.85% year-on-year[2]. - The profit attributable to equity holders of the company was RMB 2,086.7 million, reflecting a growth of 1.55% compared to the previous year[2]. - Basic and diluted earnings per share for the period were RMB 25.31[3]. - Total comprehensive income for the period was RMB 2,104.5 million, down from RMB 2,274.5 million in the same period last year[4]. - The net profit for the six months ended June 30, 2024, was RMB 2,086,711,000, an increase from RMB 2,054,907,000 for the same period in 2023, representing a growth of approximately 1.6%[28]. - Total operating revenue decreased by 0.84% from RMB 10,548.8 million in the first half of 2023 to RMB 10,460.0 million in the first half of 2024, primarily due to lower electricity prices in the gas power and heating segment[50]. Assets and Liabilities - Non-current assets as of June 30, 2024, amounted to RMB 74,591.3 million, an increase from RMB 73,782.6 million at the end of 2023[5]. - Current assets totaled RMB 20,499.4 million, up from RMB 19,811.8 million at the end of 2023[5]. - As of June 30, 2024, the company's total assets amounted to RMB 72,824,339,000, an increase from RMB 71,383,230,000 as of December 31, 2023, reflecting a growth of approximately 2.0%[6]. - The total liabilities increased to RMB 59,824,351,000 from RMB 59,073,763,000, indicating a rise of approximately 1.3%[6]. - The net current liabilities decreased to RMB 1,766,946,000 from RMB 2,399,402,000, indicating a reduction of about 26.4%[6]. - The company's total equity increased to RMB 35,422,290,000 from RMB 34,520,678,000, representing a growth of approximately 2.6%[7]. - Total liabilities increased by 1.01% to RMB 59,668.4 million as of June 30, 2024, from RMB 59,073.8 million as of December 31, 2023, due to increased funding needs for project construction[69]. Revenue Breakdown - Revenue from customer contracts for the six months ended June 30, 2024, was RMB 10,431,908,000, slightly down from RMB 10,478,337,000 for the same period in 2023, a decrease of about 0.4%[12]. - The revenue breakdown shows that electricity sales contributed RMB 9,152,415,000, with gas power and heating generating RMB 5,040,093,000, wind power RMB 2,457,115,000, and solar power RMB 1,513,994,000[13]. - Revenue from gas power generation and heating was RMB 6,317,817 thousand, accounting for 60.4% of total revenue, while wind power revenue was RMB 2,457,115 thousand, contributing 23.5%[18]. - The wind power segment's revenue fell by 2.35% to RMB 2,457.1 million due to a decline in electricity sales from existing projects[52]. - The photovoltaic segment's revenue increased by 0.94% to RMB 1,514.0 million, driven by new projects and increased sales volume[53]. Expenses and Costs - Operating expenses decreased by 4.00% to RMB 7,691.0 million, attributed to compensation received for the dismantling of power stations[56]. - The total depreciation and amortization expenses for the six months ended June 30, 2024, amounted to RMB 2,034,760,000, compared to RMB 1,914,175,000 for the same period in 2023, reflecting an increase of about 6.3%[8]. - Financial expenses decreased by 5.73% to RMB 599.3 million, with the average financing cost dropping from 2.99% in the first half of 2023 to 2.79% in the first half of 2024[64]. Market and Operational Insights - The company maintained a stable operational performance despite various challenges, emphasizing a commitment to high-quality development[34]. - The group continues to focus on expanding its market presence and enhancing its product offerings, although specific new products or technologies were not detailed in the report[8]. - The group is actively expanding its market presence, leveraging its green electricity advantages in surrounding areas such as Chengde and Tianjin[40]. - The group aims to achieve a renewable energy installed capacity target of 12.5 million kW and a total profit target of RMB 4.1 billion in the second half of 2024[44]. Dividends and Shareholder Value - The company's proposed final dividend for the year ended December 31, 2023, was RMB 0.1398 per share, totaling RMB 1,152,582,000[27]. - The company did not recommend any interim dividend for the six months ended June 30, 2024, consistent with the previous year's zero interim dividend[27]. - The group is committed to maximizing shareholder value through high dividend ratios and effective market communication strategies[46]. Environmental and Regulatory Aspects - Government subsidies related to clean energy production decreased to RMB 143,589 thousand in 2024 from RMB 352,697 thousand in 2023, a decline of approximately 59.3%[20]. - Carbon emission certificate income was RMB 72,864 thousand for the six months ended June 30, 2024, down from RMB 98,519 thousand in 2023, reflecting a decrease of about 26.0%[20]. - The group continues to benefit from a preferential tax rate of 15% for certain projects in western China, with tax exemptions for the first three years of operation[24]. - The group has not made provisions for Hong Kong profits tax as there are no taxable profits sourced from Hong Kong[25]. - The group has received an AA rating from Wind ESG for three consecutive years, reflecting its strong performance in environmental, social, and governance aspects[42]. Future Plans and Investments - The group plans to enhance project development efforts, focusing on key projects such as the wind power project in Shantou and the pumped storage project in Mentougou[45]. - The group has increased its R&D investment intensity to 2.10%, a year-on-year increase of 0.9 percentage points, to foster new productive forces[41]. - Capital expenditures for the first half of 2024 totaled RMB 1,939.1 million, with RMB 1,384.2 million allocated to photovoltaic power generation projects[74]. - The group established several new subsidiaries focused on photovoltaic power generation projects in 2024[75].
京能清洁能源(00579) - 2024 - 中期业绩