MYSE(601615)2024-08-30 10:59Financial Performance - Revenue for the first half of 2024 reached RMB 11,796,061,810.49, a year-on-year increase of 10.85%[14] - Net profit attributable to shareholders of the company was RMB 660,656,517.92, up 0.94% compared to the same period last year[14] - Net profit attributable to shareholders of the company after deducting non-recurring gains and losses was RMB 555,833,961.58, a year-on-year increase of 3.40%[14] - Net cash flow from operating activities was negative RMB 4,553,061,557.67, compared to negative RMB 3,366,840,108.82 in the same period last year[14] - Basic earnings per share remained stable at 0.29 RMB per share[16] - Diluted earnings per share remained stable at 0.29 RMB per share[16] - Weighted average return on equity increased slightly to 2.39%, up 0.09 percentage points year-over-year[16] - Non-recurring gains and losses totaled 104,822,556.34 RMB, including government subsidies of 29,495,015.67 RMB and financial asset gains of 96,371,774.33 RMB[17][18] - Revenue for the first half of 2024 reached RMB 11,678,292,309.01, a significant increase from RMB 9,535,468,488.20 in the same period of 2023[156] - Net profit attributable to the parent company's shareholders was RMB 660,656,517.92, compared to RMB 654,487,234.50 in the previous year[154] - Operating profit for the first half of 2024 was RMB 1,426,633,767.26, a substantial rise from RMB 385,682,267.86 in 2023[156] - Total comprehensive income for the first half of 2024 was RMB 1,254,197,968.12, up from RMB 324,711,239.33 in the same period of 2023[158] - Investment income for the first half of 2024 was RMB 105,392,416.54, down from RMB 183,316,979.30 in 2023[156] - Credit impairment losses improved significantly, with a gain of RMB 52,780,640.74 in 2024 compared to a loss of RMB 178,216,660.30 in 2023[156] - Research and development expenses decreased to RMB 102,881,923.29 in 2024 from RMB 238,424,230.00 in 2023[156] - Other comprehensive income after tax for the first half of 2024 was RMB 5,313,083.46, slightly higher than RMB 5,053,827.24 in 2023[158] - Total assets impairment losses for the first half of 2024 were RMB 25,145,234.41, compared to RMB 518,234.25 in 2023[156] - Operating cash flow from sales of goods and services increased to RMB 11,215,490,558.62 in H1 2024, up from RMB 9,126,225,836.69 in H1 2023[159] - Net cash flow from operating activities was negative at RMB -4,553,061,557.67 in H1 2024, compared to RMB -3,366,840,108.82 in H1 2023[160] - Cash received from investments increased significantly to RMB 1,658,319,248.34 in H1 2024, up from RMB 610,405,613.60 in H1 2023[160] - Net cash flow from financing activities improved to RMB 5,087,453,079.29 in H1 2024, compared to RMB 4,704,357,763.67 in H1 2023[160] - Cash received from sales of goods and services in the parent company reached RMB 11,692,389,650.48 in H1 2024, up from RMB 11,039,820,928.55 in H1 2023[161] - Net cash flow from operating activities in the parent company was negative at RMB -2,402,794,204.84 in H1 2024, compared to RMB -918,816,805.92 in H1 2023[162] - Cash received from investments in the parent company increased to RMB 883,614,972.28 in H1 2024, up from RMB 585,350,808.00 in H1 2023[162] - Net cash flow from financing activities in the parent company turned positive at RMB 738,754,156.75 in H1 2024, compared to RMB -614,796,147.21 in H1 2023[162] - Total cash and cash equivalents at the end of H1 2024 stood at RMB 11,308,125,303.91, down from RMB 12,070,683,635.67 at the beginning of the period[160] - Parent company's cash and cash equivalents at the end of H1 2024 were RMB 7,011,402,776.11, down from RMB 8,826,106,622.07 at the beginning of the period[162] - Total owner's equity at the end of the period was RMB 28,100,107,032.67, a decrease of RMB 501,658,253.02 compared to the beginning of the period[166] - Comprehensive income for the period was RMB 665,837,939.85, with a net profit attributable to the parent company of RMB 660,656,517.92[165] - Capital reserve increased by RMB 71,539,066.39 during the period, mainly due to the issuance of ordinary shares[165] - The company allocated RMB 653,959,210.91 for profit distribution to shareholders[165] - Special reserves increased by RMB 33,006,291.57 during the period, with RMB 45,747,774.30 extracted and RMB 12,741,482.73 used[166] - Minority shareholders' equity decreased by RMB 177,005,263.88 during the period[165] - The company's total assets at the end of the period were RMB 28,100,107,032.67, a decrease of RMB 501,658,253.02 compared to the beginning of the period[166] - The company's total liabilities at the end of the period were RMB 26,880,852,471.03, a decrease of RMB 678,663,516.90 compared to the beginning of the period[166] - The company's total equity at the end of the period was RMB 1,219,254,561.64, a decrease of RMB 177,005,263.88 compared to the beginning of the period[166] - The company's total comprehensive income for the period was RMB 665,837,939.85, with a net profit attributable to the parent company of RMB 660,656,517.92[165] - Total owner's equity at the beginning of the period was 28,511,079,573.76[167] - Comprehensive income for the period was 659,482,185.39[167] - Total owner's equity at the end of the period was 28,496,599,660.27[169] - Capital reserve increased by 15,891,544.24 due to share-based payments[168] - Profit distribution resulted in a decrease of 696,156,047.30 in owner's equity[168] - Special reserve increased by 20,813,566.95 during the period[168] - Total capital reserve at the end of the period was 17,072,993,911.13[169] - Total undistributed profit at the end of the period was 8,147,987,621.88[169] - Minority interest at the end of the period was 259,457,536.48[169] - Total comprehensive income attributable to the parent company was 657,029,856.43[167] - Total owner's equity at the end of the period decreased to RMB 24,930,943,966.31, down from RMB 25,119,946,007.67 at the beginning of the period[171] - Comprehensive income for the period contributed RMB 1,254,197,968.12 to owner's equity[171] - Capital reserve increased by RMB 5,846,805.23 during the period[171] - Retained earnings increased to RMB 6,083,338,131.66, up from RMB 5,488,412,457.91 at the beginning of the period[171] - Total owner's equity at the end of the previous year was RMB 25,803,872,658.25[172] - Comprehensive income for the previous period contributed RMB 324,711,239.33 to owner's equity[172] - Capital reserve increased by RMB 8,850,455.08 during the previous period[172] - Retained earnings decreased to RMB 5,788,845,230.58, down from RMB 5,788,779,810.10 at the beginning of the previous period[172] - Total equity at the end of the period is RMB 25,441,946,194.14[173] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 85,121,270,322.70, an increase of 1.07% compared to the end of the previous year[15] - Equity attributable to shareholders of the company was RMB 26,880,852,471.03, a decrease of 2.46% compared to the end of the previous year[15] - Fixed assets increased by 37.59% to RMB 18,479,059,769.07, mainly due to the transfer of wind farm projects[47] - Development expenditure surged by 102.90% to RMB 499,147,187.71, driven by increased investment in new product R&D[47] - Long-term loans increased by 31.97% to RMB 15,150,063,556.94, primarily for power station construction and new production bases[47] - Overseas assets amounted to RMB 991.69 million, accounting for 1.17% of total assets[49] - Restricted assets included RMB 373.80 million in cash, RMB 910.94 million in accounts receivable, and RMB 1.25 billion in fixed assets[50] - The fair value change loss of trading financial assets was -198,433.86 yuan, with an ending balance of 1,054,423.06 yuan[53] - Other equity instrument investments increased by 7,126,583.58 yuan, with an ending balance of 138,800,294.91 yuan[53] - Other non-current financial assets decreased by -6,932,273.19 yuan, with an ending balance of 608,518,686.27 yuan[53] - The total fair value change loss of securities investments was -3,198,785.49 yuan, with an ending balance of 246,844,204.58 yuan[54] - Total assets increased to 85.12 billion CNY as of June 30, 2024, compared to 84.22 billion CNY at the end of 2023[147][148][149] - Current assets totaled 44.25 billion CNY, up from 43.68 billion CNY at the end of 2023[147] - Fixed assets grew significantly to 18.48 billion CNY, up from 13.43 billion CNY at the end of 2023[147] - Total liabilities increased to 57.02 billion CNY, compared to 55.62 billion CNY at the end of 2023[148][149] - Long-term borrowing rose to 15.15 billion CNY, up from 11.48 billion CNY at the end of 2023[148] - Inventory increased to 10.80 billion CNY, up from 9.74 billion CNY at the end of 2023[147] - Accounts receivable slightly increased to 14.24 billion CNY, compared to 14.06 billion CNY at the end of 2023[147] - Development expenditure more than doubled to 499.15 million CNY, up from 246.00 million CNY at the end of 2023[148] - Total equity decreased to 28.10 billion CNY, down from 28.60 billion CNY at the end of 2023[149] - Short-term borrowing increased to 1.24 billion CNY, up from 874.39 million CNY at the end of 2023[148] - Total assets decreased from 72.14 billion yuan to 69.26 billion yuan, a decline of 4%[152] - Total liabilities decreased from 47.02 billion yuan to 44.33 billion yuan, a decline of 5.7%[152] - Long-term equity investments increased from 10.95 billion yuan to 12.04 billion yuan, a growth of 10%[151] - Monetary funds decreased from 9.57 billion yuan to 7.20 billion yuan, a decline of 24.8%[150] - Accounts receivable decreased from 13.24 billion yuan to 12.36 billion yuan, a decline of 6.7%[150] - Inventory decreased from 6.43 billion yuan to 5.82 billion yuan, a decline of 9.5%[150] - Short-term borrowings increased from 450.10 million yuan to 1.23 billion yuan, a growth of 172.7%[152] Wind Power and Renewable Energy - The company's installed capacity for wind power generation continued to grow, with MySE series wind turbines contributing significantly to low-wind-speed and offshore wind farm projects[8] - The company maintained a strong focus on R&D, particularly in the development of high-efficiency, high-reliability wind turbines for complex environments[8] - The company emphasized its commitment to green energy, with wind power and other renewable energy sources playing a key role in its strategy[8] - Mingyang Smart Energy focuses on wind turbine manufacturing with products ranging from 1.5-11MW for onshore and 5.5-22MW for offshore applications[20] - The company has developed floating wind turbine technology, including the world's largest 16.6MW floating wind platform[20] - Mingyang operates a nationwide network of renewable energy power stations with intelligent management systems[21] - The company follows a "rolling development" model for renewable energy projects, focusing on development, construction, and transfer[22] - The company is expanding in the new energy sector, including photovoltaic (PV) business, new energy power station EPC business, and power distribution and sales business, with a focus on HJT PV cells, Topcon PV modules, and perovskite PV cell R&D[23] - In H1 2024, China's renewable energy installed capacity reached 1.653 billion kW, a 25% YoY increase, accounting for 53.8% of the total power generation capacity, with wind power installed capacity at 467 million kW[24] - China's wind power new grid-connected capacity in H1 2024 was 25.84 GW, a 12% YoY increase, with onshore wind at 25.01 GW and offshore wind at 0.83 GW[24] - The global wind power industry added 117 GW of new installed capacity in 2023, with a projected CAGR of 9.4% from 2023 to 2028, reaching 182 GW by 2028[27] - Offshore wind power is expected to grow from 11 GW in 2023 to 37 GW in 2028, with a CAGR of 27.5%[27] - The company ranked 33rd in the "2023 Global New Energy Enterprise 500" and received multiple awards in the Windpower Monthly "Global Best Wind Turbine" rankings[28] - The company launched the world's largest 16.6 MW floating wind power platform, "OceanX Mingyang Tiancheng," during the reporting period[29] - The company's MySE series wind turbines have been recognized for their low cost, high stability, and high power generation, with the MySE11-233 model winning the Windpower Monthly 2023 "Global Best Onshore Wind Turbine (above 5.6 MW)" Silver Award[29] - The company has developed smart operation and maintenance systems, including fault warning models and health management platforms, to provide customized lifecycle solutions[29] - The company has a strong R&D capability, with achievements including the National Science and Technology Progress Award for contributions to offshore wind power development and large-capacity wind energy conversion systems[30] - The company's onshore wind turbine models are advancing from 3MW and 4MW to 5MW, 6MW, 7MW, and 8MW, while offshore models are progressing from 5.5MW to 6.45MW, and now up to 8MW, 11MW, 12MW, and even 18MW and 22MW[31] - The MySE series wind turbines feature advanced intelligent control and condition-based maintenance technologies, enabling predictive health monitoring and optimized maintenance scheduling to maximize power generation[31] - Over 2,000 MySE series wind turbines have been deployed in typhoon-prone areas, successfully withstanding over 10 typhoons, including those with maximum wind speeds of 18级[33] - The company has developed the world's largest onshore wind turbine blade with a rotor diameter of 230 meters, featuring a "five-in-one" innovation matrix for extreme weather conditions[34] - The company has released four high-efficiency heterojunction (HJT) photovoltaic module series, including "Qinglong," "Baihu," "Xuanwu," and "Zhuque," which have received TÜV Nord product certification[36] - The company achieved 4.01GW of wind turbine sales, generating 7.922 billion yuan in revenue, and secured 9.73GW of new orders during the reporting period[40] - Mingyang Smart Energy accounted for 40.9% of China's new offshore wind power installations in 2023, with a total capacity of 2.941GW[40] - The company's operating new energy power stations generated 2.735 billion kWh of electricity, contributing 975 million yuan in revenue, with a total installed capacity of 2.71GW[41] Corporate Governance and Shareholder Commitments - No profit distribution plan or capital reserve to share capital conversion plan was proposed during the reporting period[4] - The company terminated the 2022 stock option incentive plan due to its inability to achieve the expected incentive purpose and effect[65] - The company granted 1,817,600 stock options to no more than 200 individuals at an exercise price of 23.85 yuan per share[65] - The