Financial Performance - For the six months ended June 30, 2024, the company's revenue was RMB 6.626 billion, a decrease of 5.02% compared to RMB 6.976 billion in the same period of 2023[2]. - The company's profit before tax for the same period was RMB 2.326 billion, down 14.71% from RMB 2.728 billion in 2023[3]. - The net profit attributable to the owners of the parent company was RMB 1.765 billion, a decrease of 15.67% compared to RMB 2.093 billion in 2023[3]. - The company reported a basic and diluted earnings per share of RMB 0.2111, down from RMB 0.2447 in the same period of 2023[3]. - For the six months ended June 30, 2024, the company's net profit was RMB 1,981.18 million, a decrease of RMB 367.95 million compared to the same period in 2023[34]. - The company's revenue for the same period was RMB 6,626.10 million, down 5.02% from RMB 6,976.24 million in 2023, primarily due to a decline in electricity prices[35]. - The electricity sales revenue was RMB 6,578.67 million, a decrease of 5.33% from RMB 6,948.98 million in the previous year, attributed to falling electricity prices[35]. - Operating profit decreased to RMB 3,123,654 thousand, a decline of 12.48% from RMB 3,566,272 thousand in the same period last year[84]. - The company reported a total comprehensive income of RMB 2,349,435,000 for the first half of 2024, compared to RMB 2,093,652,000 for the same period in 2023, marking an increase of about 12.2%[93]. Capacity and Production - The total installed capacity of the company as of June 30, 2024, was 15,554.72 MW, an increase of 1,225.05 MW or 8.55% year-on-year[8]. - The average utilization hours for the company were 1,104 hours, a decrease of 105 hours compared to the previous year[8]. - Wind power generation for the first half of 2024 was 15,248,508 MWh, a decrease of 688,704 MWh or 4.32% year-on-year, while solar power generation increased by 690,337 MWh or 58.19% to 1,876,700 MWh[10]. - The average utilization hours for wind power in the first half of 2024 were 1,167 hours, down 91 hours year-on-year, but still 33 hours above the industry average[16]. - The average utilization hours for solar power were 770 hours, down 11 hours year-on-year, yet 144 hours above the industry average[16]. - The cumulative installed capacity of wind power was 13,114.20 MW, up 2.61% from 12,781.20 MW year-on-year[24]. - The cumulative installed capacity of photovoltaic power increased to 2,440.52 MW, representing a significant growth of 57.61% compared to 1,548.47 MW in the previous year[26]. Strategic Initiatives - The company is focusing on quality improvement, green transformation, and cost control as part of its strategic initiatives[8]. - The company is advancing a reform plan covering responsibility adjustments, personnel competition, and performance assessments to enhance operational efficiency[15]. - The company aims to enhance profitability and operational performance by focusing on cost leadership and optimizing five key rates[60]. - The company plans to accelerate resource development in key areas and advance the "14th Five-Year Plan" layout for high-quality development[61]. - The company emphasizes the importance of value creation and aims to innovate financing tools to optimize pathways and reduce costs[62]. Financial Position - The total assets of the company amounted to RMB 105.498 billion, with a debt-to-asset ratio of 64.70%[4][8]. - The total non-current assets as of June 30, 2024, were RMB 80.656 billion, compared to RMB 79.037 billion as of December 31, 2023[4]. - The company's net debt-to-capital ratio is 60.78%, an increase of 0.66 percentage points from 60.12% on December 31, 2023, primarily due to increased borrowings[50]. - The total liabilities as of June 30, 2024, were RMB 32,444,516,000, compared to RMB 30,186,896,000 as of January 1, 2023, representing an increase of approximately 7.48%[93]. - The company reported cash and cash equivalents of RMB 2,438,366, down from RMB 3,055,708, indicating a decrease of 20.2%[87]. - The company’s accounts receivable increased to RMB 20,551,307, up from RMB 17,792,480, marking a rise of 15.6%[87]. - The company’s VAT receivable increased to RMB 2.40 billion as of June 30, 2024, from RMB 1.97 billion as of December 31, 2023, marking an increase of approximately 22%[143]. Shareholder Information - The board of directors proposed an interim dividend of RMB 0.03 per share (pre-tax) for the first half of 2024, subject to shareholder approval[68]. - Major shareholder Datang Group holds 4,772,629,900 domestic shares, representing 65.61% of the total share capital[74]. - China Water Resources Power Group Co., Ltd. holds 599,374,505 domestic shares, accounting for 8.24% of the total share capital[74]. - The company will strictly comply with tax regulations for withholding taxes on dividends for overseas shareholders[71]. - No shareholders have waived or agreed to waive any dividends[68]. Employee and Training Information - The total number of employees as of June 30, 2024, is 4,072, with 13.68% aged 50 and above[63]. - The company achieved a 100% training rate for all employees, with an average training duration of 50 hours per male and female employee[66]. - The company strictly adheres to labor laws and provides social insurance and housing fund contributions for employees[67]. Investment and Financing Activities - Capital expenditures for the six months ended June 30, 2024, were RMB 4,081.24 million, a significant increase of 154.82% from RMB 1,601.63 million in 2023, mainly for the construction of properties and equipment[49]. - The company issued several notes and bonds during the reporting period to improve liquidity, with proceeds used to repay interest-bearing debts[78]. - The company issued perpetual bonds amounting to RMB 2,000,000 during the period, impacting the equity structure[91]. - The company issued its first batch of ultra-short-term financing bonds on April 23, 2024, totaling RMB 1,000 million with an annual effective interest rate of 1.80%[164]. - The company issued the second phase of short-term financing bonds on July 19, 2024, with a total issuance amount of RMB 500 million and an interest rate of 1.72%[192]. Compliance and Governance - The company strictly adhered to the Corporate Governance Code and has appointed three independent non-executive directors as required by the Listing Rules[82]. - The company maintained a strong compliance record with the Listing Rules, with no significant deviations noted[80]. - The company has not repurchased, sold, or redeemed any of its listed securities during the six-month period ended June 30, 2024[77].
大唐新能源(01798) - 2024 - 中期财报