CHINA LONGYUAN(001289)2025-03-28 15:10Financial Performance - The company's operating revenue for 2024 is reported at ¥37,069,646,589.64, a decrease of 2.58% compared to ¥38,052,495,300.00 in 2023[21]. - The net profit attributable to shareholders for 2024 is ¥6,345,287,410.55, reflecting a slight increase of 0.66% from ¥6,303,392,180.47 in 2023[24]. - The net cash flow from operating activities for 2024 is ¥17,061,905,787.00, showing an increase of 18.93% compared to ¥14,345,791,000.00 in 2023[22]. - The total assets of the company at the end of 2024 are reported at ¥257,106,196,386.24, an increase of 8.21% from ¥237,603,482,402.75 in 2023[21]. - The weighted average return on equity for 2024 is 8.68%, down from 9.11% in 2023, indicating a decrease of 0.40 percentage points[22]. - Basic earnings per share for 2024 are reported at ¥0.7535, an increase of 2.71% from ¥0.7336 in 2023[22]. - The net assets attributable to shareholders at the end of 2024 are ¥73,205,349,897.59, up 1.27% from ¥72,284,419,432.03 in 2023[24]. - The company's total operating revenue for 2024 was CNY 37,069,646,589.64, a decrease of 2.58% year-on-year, while operating costs were CNY 23,149,150,693.33, down 19.02%, resulting in a total profit of CNY 10,232,614,602.60, an increase of 22.87%[70]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 2.278 yuan per 10 shares to all shareholders, based on a total of 8,359,816,164 shares[5]. - The company will maintain a dividend payout ratio of 30%, proposing a dividend of 0.2278 CNY per share (pre-tax) for the fiscal year 2024[144]. - A mid-to-long-term dividend plan has been established, with a commitment to distribute no less than 30% of the net profit attributable to shareholders as cash dividends annually from 2025 to 2027[144]. Strategic Development and Goals - The company emphasizes the importance of safety, scale expansion, digital transformation, innovation leadership, and healthy progress in its new development strategy[12]. - The company aims to enhance its strategic implementation capabilities by building a world-class new energy asset management platform[12]. - The company is committed to creating a world-class new energy technology leading enterprise[12]. - The company aims to achieve high-quality completion of all annual targets and tasks, focusing on becoming a world-class leader in renewable energy technology[46]. - The company plans to start new renewable energy projects with a capacity of 5.5 million kilowatts and put into operation 5 million kilowatts by 2025, aiming to double installed capacity during the "14th Five-Year Plan" period[127]. Renewable Energy Initiatives - The company is focused on enhancing the proportion of renewable energy in energy consumption to reduce reliance on fossil fuels[42]. - The company is aligned with national policies aiming for a renewable energy consumption target of 1.1 billion tons of standard coal by 2025 and 1.5 billion tons by 2030[37]. - The company is involved in the development of large-scale wind and solar power bases in desert and arid regions to promote renewable energy generation[38]. - The company achieved a total renewable energy generation of 68,383,218 MWh in 2024, a year-on-year increase of 3.76%[49]. - The installed capacity for solar power generation increased by 45.2% year-on-year, reaching approximately 890 million kW by the end of 2024[35]. - The company added a total of 7,480.66 MW of new renewable energy installed capacity in 2024, including 2,654.38 MW of wind power and 4,826.28 MW of solar power[47]. - The company is committed to accelerating the construction of a new energy system and ensuring energy security as part of the national carbon neutrality goals[36]. Risk Management and Compliance - The company has established a comprehensive risk management framework to strengthen its operational efficiency and legal compliance[13]. - The company is focused on enhancing its compliance management through a digital system that includes contract management and real-time monitoring of partner creditworthiness[13]. - The company will enhance its risk management framework to address international risks, including geopolitical tensions and supply chain disruptions, while ensuring compliance and operational safety for overseas projects[126]. Research and Development - The company applied for 125 invention patents in 2024, with 20 granted and 54 utility model patents, and published a total of 102 national and industry standards[57]. - Research and development expenses increased by 43.66% to CNY 208.89 million in 2024, driven by multiple technology innovation demonstration projects[88]. - R&D investment increased by 120.59% to ¥522,996,238.21 in 2024 from ¥237,091,825.11 in 2023[92]. - The number of R&D personnel increased by 9.09% to 720 in 2024, compared to 660 in 2023[92]. Corporate Governance and Management Changes - The company appointed Gong Yufei as the new Chairman and General Manager on May 24, 2024, following the resignation of Tang Jian due to work changes[156][157]. - Wang Liqiang was appointed as the General Manager and Executive Director on May 24, 2024, succeeding Gong Yufei[157][161]. - The company experienced a change in its board with the resignation of non-executive director Wang Yiguo on February 27, 2024, due to age[160]. - The company has seen a complete turnover in its executive team with multiple new appointments in 2024, reflecting a strategic shift[161]. Market Expansion and Acquisitions - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by the end of 2024[176]. - A strategic acquisition of a local competitor is in progress, expected to enhance operational efficiency and increase market share by 15%[176]. - Recent acquisitions are anticipated to enhance operational efficiency, with expected cost savings of $G million annually[6]. Environmental, Social, and Governance (ESG) Commitment - The company has committed to ESG principles, forming a governance structure to promote sustainable development and integrating ESG factors into project lifecycle management[142][143]. - The company emphasized the integration of ESG indicators into project management to create exemplary projects in the power industry[53].