中国神华(01088) - 2024 - 中期业绩

Financial Performance - The group's revenue for the first half of 2024 was RMB 168.078 billion, a decrease of RMB 1.364 billion (0.8%) compared to the same period in 2023[1]. - Profit attributable to the owners of the company for the period was RMB 32.771 billion, down RMB 4.090 billion (11.1%) from the same period in 2023[1]. - The basic earnings per share for the period was RMB 1.649[4]. - EBITDA for the first half of 2024 was RMB 55.822 billion, a decrease of RMB 5.871 billion (9.5%) compared to the same period in 2023[1]. - The gross profit for the period was RMB 50.232 billion, down from RMB 55.298 billion in the same period last year[3]. - Total comprehensive income for the period was RMB 38.601 billion, compared to RMB 43.315 billion in the same period last year[4]. - The company reported a net profit of RMB 32,771 million for the six months ended June 30, 2024, compared to RMB 36,861 million for the same period in 2023, reflecting a decrease of approximately 11.3%[7]. - Total comprehensive income for the period was RMB 32,956 million, down from RMB 37,362 million in the previous year, indicating a decline of about 11.5%[8]. Assets and Liabilities - The total assets less current liabilities amounted to RMB 534.386 billion, a decrease from RMB 541.827 billion as of December 31, 2023[6]. - Non-current assets totaled RMB 439.365 billion, slightly up from RMB 434.461 billion at the end of 2023[5]. - The net current assets were RMB 95.021 billion, down from RMB 107.366 billion at the end of 2023[6]. - The company's equity attributable to owners was RMB 399.658 billion, down from RMB 411.478 billion at the end of 2023[6]. - The company's total equity attributable to shareholders as of June 30, 2024, was RMB 399,658 million, a decrease from RMB 396,937 million at the end of 2023[7]. Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2024, was RMB 52,668 million, an increase from RMB 46,349 million in the same period of 2023, representing a growth of approximately 13.9%[9]. - The company recorded a net cash inflow from operating activities after tax payments of RMB 63,195 million for the first half of 2024, compared to RMB 57,948 million in the same period of 2023, reflecting an increase of approximately 9.7%[9]. - Cash outflow from investing activities was RMB (43,857) million for the six months ended June 30, 2024, compared to RMB (18,234) million in the same period of 2023, indicating a significant increase in investment expenditure[10]. - The company raised RMB 4,996 million from borrowings during the six months ended June 30, 2024, compared to RMB 6,639 million in the same period of 2023, indicating a reduction in reliance on debt financing[11]. - The company repaid borrowings amounting to RMB 5,474 million in the first half of 2024, significantly lower than RMB 12,724 million in the same period of 2023, reflecting a strategic focus on debt reduction[11]. Revenue and Sales - Coal sales revenue for 2024 reached RMB 111,165 million, slightly up from RMB 110,984 million in 2023, indicating a growth of 0.2%[16]. - Power generation sales revenue increased to RMB 41,158 million in 2024 from RMB 40,770 million in 2023, reflecting a growth of 1.0%[16]. - The total revenue for the first half of 2024 was RMB 168,078 million, slightly down from RMB 169,442 million in 2023, a decrease of 0.8%[16]. - The company achieved a coal sales volume of 229.7 million tons in the first half of 2024, an increase of 5.4% compared to 217.9 million tons in the same period of 2023[46]. - The average selling price of coal decreased to 566 RMB/ton in the first half of 2024, down 5.8% from 601 RMB/ton in the same period of 2023[63]. Costs and Expenses - Total operating costs for the six months ended June 30, 2024, amounted to RMB 117,846 million, compared to RMB 114,144 million in the same period of 2023, representing an increase of 3.0%[17]. - Labor costs rose to RMB 16,986 million in 2024 from RMB 14,574 million in 2023, marking an increase of 15.5%[17]. - The company reported a total income tax expense of RMB 7,988 million for the first half of 2024, down from RMB 9,576 million in 2023, a decrease of 16.6%[17]. - The effective tax rate for the company's domestic entities remains at 25% for both 2024 and 2023[18]. Operational Performance - The company achieved a 7.3% increase in railway transportation turnover and a 7.1% increase in port loading volume year-on-year, indicating strong operational performance[28]. - The company maintained a 100% fulfillment rate for long-term coal supply contracts, ensuring stable energy supply[28]. - The company’s total power generation in the first half of 2024 was 104.04 billion kWh, an increase of 3.8% compared to 100.20 billion kWh in the first half of 2023[46]. - The average utilization hours of coal-fired power plants decreased by 43 hours year-on-year to 2,099 hours, while hydropower utilization hours increased by 238 hours to 1,477 hours[37]. Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[16]. - The company is advancing green and low-carbon development initiatives, focusing on biomass co-firing and carbon capture technologies[31]. - The company aims to enhance energy security and ensure stable supply during critical periods, including national holidays and peak seasons[30]. - The company is actively pursuing investment management optimization and project risk management to enhance investment efficiency[106]. Corporate Governance - The company has established a corporate governance system in compliance with the Hong Kong Listing Rules, ensuring that the board of directors operates within regulatory requirements[109]. - The company has adopted the Standard Code for Securities Transactions by Directors, ensuring compliance by all directors and senior management[110]. - The Audit and Risk Committee has reviewed the interim financial report for the six months ending June 30, 2024, and agreed to submit it to the board for discussion[112].