Financial Performance - The company's consolidated operating revenue for the year ended December 31, 2024, was RMB 245.55 billion, a decrease of 3.48% compared to the previous year[4]. - Net profit attributable to equity holders of the company was RMB 10.185 billion, an increase of RMB 1.827 billion, representing a growth of 21.86% year-on-year[4]. - Earnings per share were RMB 0.46, with a proposed cash dividend of RMB 0.27 per ordinary share (tax included)[5]. - The company's total operating revenue for 2024 was RMB 245.55 billion, a decrease of 3.48% compared to RMB 254.40 billion in the previous year[26]. - Pre-tax profit increased by 42.83% to RMB 17.82 billion, compared to RMB 12.48 billion in the previous year[26]. - The company's net profit for the year reached RMB 14.01 billion, a significant increase of 59.72% from RMB 8.77 billion, attributed to lower fuel costs and growth in new energy operations[39]. - Total comprehensive income attributable to equity holders of the company for 2024 was RMB 10,233.40 million, up from RMB 8,653.95 million in 2023, reflecting a growth of 18.2%[132]. - The company's consolidated net profit attributable to ordinary shareholders for 2024 is RMB 7,260,203,000, an increase from RMB 5,441,180,000 in 2023, representing a growth of 33.4%[187]. Revenue and Costs - Operating costs and expenses amounted to RMB 219.55 billion, down 6.26% from RMB 234.20 billion year-on-year[29]. - The average selling price of electricity from domestic power plants was RMB 494.26 per MWh, a decrease of 2.85% year-on-year[25]. - Fuel costs for domestic thermal power plants were RMB 300.31 per MWh, down 8.00% from the previous year[25]. - The company's fuel costs totaled RMB 142.12 billion, a decrease of 9.23% from RMB 156.57 billion year-on-year[30]. - Maintenance expenses increased by 13.45% to RMB 5.06 billion, compared to RMB 4.46 billion in the previous year[31]. - Depreciation expenses rose by 3.18% to RMB 26.30 billion, up from RMB 25.49 billion year-on-year[32]. Energy Generation and Capacity - The total on-grid electricity generation for domestic power plants was 452.939 billion kWh, an increase of 1.13% year-on-year[8]. - The company added controllable power generation capacity of 9,692.76 MW, including 9,417.71 MW of new energy capacity[11]. - The proportion of low-carbon clean energy installed capacity reached 35.82%[11]. - The company achieved a market share of 19.2% in electricity generation, maintaining a strong position in the Singapore electricity market[13]. - The company plans to achieve an electricity generation volume of approximately 485 billion kilowatt-hours by 2025[17]. - The company anticipates continued growth in renewable energy sources, particularly in solar and wind, as part of its future strategy[21]. - The overall performance indicates a shift towards cleaner energy, with significant increases in solar and wind generation across multiple provinces[21]. Research and Development - The company achieved significant R&D results, with 1,021 invention patents, 746 utility model patents, and 316 international patents granted during the year[12]. - Research and development expenses rose from 1,321,050 in 2023 to 1,524,082 in 2024, marking an increase of approximately 15.4%[185]. Financial Management and Investments - The company is focusing on optimizing its capital structure and controlling financial risks while enhancing shareholder returns through effective financial management[52]. - The company plans to optimize investment areas and power generation mix to maximize economic benefits while upgrading coal-fired power technology[76]. - The company has unused bank credit facilities exceeding RMB 370 billion as of December 31, 2024, indicating strong financing capabilities[49]. - The company plans to distribute a cash dividend of RMB 0.27 per ordinary share, totaling RMB 4.238 billion in cash dividends[53]. Market and Operational Strategy - The company is committed to accelerating the development of new energy and optimizing thermal power development as part of its green low-carbon transformation strategy[15]. - The company is actively expanding its retail market and optimizing retail contract structures to secure higher-margin contracts[13]. - The electricity market is undergoing reforms, with new policies expected to reshape the operational model of renewable energy and enhance market-driven pricing mechanisms[60]. Shareholder Information - The total issued share capital of the company as of December 31, 2024, is 15,698,093,359 shares, with 70.06% held by domestic investors and 29.94% by foreign investors[82]. - The company has distributed a total of RMB 65.827 billion in dividends since 1998, with a policy to distribute at least 50% of the annual distributable profit[83]. - The proposed dividend for the fiscal year 2024 is RMB 0.27 per share (before tax), pending approval at the annual general meeting[84]. Compliance and Governance - The company has complied with all corporate governance codes as per the listing rules during the reporting period[116]. - The board of directors and senior management have confirmed compliance with the management rules and standard codes throughout 2024[100]. - Independent non-executive directors have confirmed their independence as of March 25, 2025[103]. Environmental and Social Responsibility - The company has consistently completed its ESG report for nine consecutive years, highlighting its commitment to sustainability[125]. - The company was selected for the "Central Enterprise Listed Company ESG Vanguard 100 Index (2024)" for the second consecutive year, showcasing its leadership in ESG practices[125]. - The company reported a total of RMB 17.756 million in targeted poverty alleviation expenditures in China during 2024[119].
华能国际电力股份(00902) - 2024 - 年度业绩