CSEC,China Shenhua(01088)2025-03-21 13:56Financial Performance - Total revenue for 2024 was 338,375 million RMB, a decrease of 1.4% compared to 343,074 million RMB in 2023 [20]. - Net profit for the year was 73,202 million RMB, down 2.6% from 75,192 million RMB in the previous year [20]. - Basic earnings per share decreased by 3.4% to 3.142 RMB from 3.253 RMB [20]. - The company achieved a total profit attributable to shareholders of 62.421 billion yuan for the year, with basic earnings per share of 3.142 yuan [30]. - The company reported a total revenue of 338,375 million yuan for the year, with quarterly revenues of 87,647 million yuan, 80,431 million yuan, 85,821 million yuan, and 84,476 million yuan respectively [28]. - Total revenue for 2024 reached 338,375 million, a decrease of 1.9% from 343,074 million in 2023 [51]. - The company’s net profit attributable to shareholders for 2024 was 62.4 billion yuan, down 3.4% from 2023 [47]. - The company reported a significant drop in other gains and losses, down 97.8% to 80 million from 3,583 million in the previous year [83]. - The group’s pre-tax profit for 2024 was 58.5 billion RMB, down 8.2% from 63.8 billion RMB in 2023 [154]. Operational Highlights - The company achieved a coal production target of 334.8 million tons for 2025, with a completion of 327.1 million tons in 2024, reflecting a 0.8% increase from 2023 [47]. - The company experienced a year-on-year increase in coal production and sales volume, exceeding the annual coal production plan [31]. - The company produced 3.271 billion tons of commodity coal in 2024, exceeding the target of 3.161 billion tons by 103.5% [62]. - Coal sales volume reached 4.593 billion tons, surpassing the target of 4.353 billion tons by 105.5% [62]. - The total electricity generation was 2,232.1 billion kWh, achieving 103.2% of the target of 2,163 billion kWh [62]. - The total installed capacity for power generation reached 43,184 MW in 2024, a slight increase from 43,164 MW in 2023 [51]. - The company achieved a reduction in standard coal consumption for coal-fired power generation to 292.9 g/kWh in 2024, down from 294.9 g/kWh in 2023, a decrease of 2.0 g/kWh [163]. - The company maintained a stable production and sales strategy despite a slight decline in operating performance due to falling coal and electricity prices [61]. Investments and Future Plans - The company plans to enhance energy supply security and improve operational efficiency through various projects, including the construction of new coal mines and power plants [41]. - The company plans to invest $1 billion in new energy projects over the next three years, focusing on renewable energy sources [57]. - The company aims to accelerate green and low-carbon development, focusing on clean and efficient coal utilization and the integration of traditional and renewable energy sources [41]. - The company is exploring strategic acquisitions in the renewable energy sector, targeting a 5% increase in market share through these initiatives [57]. - The capital expenditure plan for 2024 is set at 96.81 billion RMB, with a completion target of 125.87 billion RMB for 2025 [49]. Risk Management - The company is facing risks related to safety, compliance, project management, market competition, investment, integrated operations, policy, and international operations [6]. - The realization of its 2025 operational goals faces certain uncertainties due to factors such as coal and power supply and demand, as well as industry policy adjustments [6]. Corporate Governance - The independent auditor's report issued by KPMG confirmed a standard unqualified opinion on the financial statements prepared in accordance with international financial reporting standards [6]. - The board of directors emphasized the importance of accurate and complete financial reporting, stating that there are no significant omissions or misleading statements in the annual report [6]. - The company has not experienced any non-operational fund occupation by controlling shareholders or related parties [6]. - There are no violations of regulatory decision-making procedures regarding external guarantees [6]. - The board of directors consists of 8 members, with 7 attending the meeting in person, ensuring a quorum for decision-making [6]. Sustainability and Innovation - The company has established 14 national-level green mines and 7 provincial-level green mines, with green mines accounting for 84% of its total [33]. - The company has launched 36.6 MW of new renewable energy projects and is actively investing in strategic emerging industries such as energy storage and carbon capture [34]. - The company has been recognized for its sustainable development capabilities, ranking first among energy sector listed companies in brand value at 224.6 billion yuan [38]. - The company is committed to advancing technological innovation and digital transformation, including the promotion of intelligent mining and transportation systems [44]. - The company has developed over 300 coal mining robots for various operations, including tunneling, coal extraction, and safety control [131]. Market Performance - The average coal sales price for 2024 is expected to be 564 RMB/ton, a decrease of 3.4% from 584 RMB/ton in 2023 [50]. - The sales volume from external customers accounts for 83.0% of total sales, with a total of 381.2 million tons sold at an average price of 573 RMB/ton [50]. - The sales volume for electricity coal is 348.1 million tons, representing 77.6% of total domestic sales, up 1.6% from 342.5 million tons in 2023 [49]. - The average selling price of coal (excluding tax) decreased by 3.4% to 564 RMB per ton in 2024, down from 584 RMB per ton in 2023 [135]. - The total sales volume for 2024 is expected to reach 459.3 million tons, with a slight increase of 2.1% compared to 450.0 million tons in 2023 [50].