SCTE(600674)2025-04-11 14:10Dividend Distribution - The company plans to distribute a cash dividend of 4.00 CNY per 10 shares (including tax), totaling approximately 1,949,842,731.20 CNY based on a total share capital of 4,874,606,828 shares as of March 31, 2025[6]. - The company has not experienced any changes in its total share capital that would affect the dividend distribution plan[6]. - The cash dividend plan for 2023 includes a distribution of CNY 0.40 per share, with a total cash dividend amounting to CNY 1,949,842,731.20, representing 43.26% of the net profit attributable to shareholders[151]. - Over the last three accounting years, the cumulative cash dividend amount (including tax) is CNY 5,684,013,808.40, with a cash dividend ratio of 137.26%[153]. Financial Performance - The company's operating revenue for 2024 reached ¥1,608,982,365.83, an increase of 8.54% compared to ¥1,482,358,644.40 in 2023[24]. - Net profit attributable to shareholders was ¥4,507,725,742.38, reflecting a growth of 2.45% from ¥4,400,136,762.78 in the previous year[24]. - The net cash flow from operating activities increased significantly by 47.64% to ¥879,455,226.51 from ¥595,661,247.31 in 2023[24]. - The total assets of the company at the end of 2024 were ¥65,049,216,986.43, a 7.78% increase from ¥60,353,345,396.81 in 2023[24]. - The net assets attributable to shareholders rose to ¥42,137,952,781.56, marking a 13.60% increase compared to ¥37,092,127,046.47 in 2023[24]. - Basic earnings per share decreased by 5.78% to ¥0.9294 from ¥0.9864 in 2023[25]. - The weighted average return on equity decreased to 11.10%, down 1.53 percentage points from 12.63% in 2023[26]. - The company reported a revenue increase of 10.38% year-over-year, reaching 65,881.4 million yuan compared to 59,685.61 million yuan in the same period last year[94]. - The net profit for the company increased by 19.57%, amounting to 28,367 million yuan, up from 23,724 million yuan year-over-year[94]. Risk Management and Compliance - The company has outlined potential risks in its future development discussions, which investors are advised to review[9]. - The company emphasizes the importance of investor awareness regarding the risks associated with forward-looking statements in the report[7]. - The company has not reported any instances of more than half of the directors being unable to guarantee the authenticity of the annual report[9]. - The company has not faced any penalties from securities regulatory agencies in the past three years, indicating compliance with regulations[131]. - The company emphasizes risk management to mitigate impacts from natural disasters on its power stations[102]. Corporate Governance - The board of directors has confirmed that all members attended the board meeting, ensuring accountability for the annual report's accuracy[4]. - The company held 2 shareholder meetings and 9 board meetings during the reporting period, ensuring compliance with legal requirements and effective governance[105]. - The total remuneration for directors and senior management during the reporting period amounted to 717.78 million yuan[115]. - The company plans to postpone the election of the new board of directors and supervisory board to ensure continuity and stability[116]. - The company has established specialized committees, including a Strategic Committee and an Audit Committee, to enhance governance and oversight[135]. Investments and Acquisitions - The company completed the acquisition of 87% equity in the Hubei Yuan'an pumped storage power station at a "zero premium" price, expanding its presence in the pumped storage sector[38]. - The company is actively pursuing high-quality project investments and mergers to strengthen its clean energy business[45]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its portfolio[118]. - The company plans to increase its capital investment in the associated transaction with Guoneng Dadu River Basin Hydropower Development Co., Ltd. on October 14, 2024[132]. Clean Energy Initiatives - The company achieved a total electricity generation of 5.821 billion kWh in 2024, representing a year-on-year increase of 11.28%[37]. - The company’s clean energy projects, particularly the Yalong River hydropower investment, contributed significantly to its profits, accounting for over 95% of total assets and profits[48]. - The company aims to enhance its clean energy sector by developing the Yalong River basin into a comprehensive energy base, integrating hydropower, wind, and solar energy[44]. - The company is focusing on optimizing its industrial structure to explore new profit growth points amid a challenging market environment[99]. Research and Development - The company’s research and development expenses increased by 7.47% to RMB 34.61 million, reflecting a commitment to innovation[49]. - The company invested ¥34,605,538.06 in R&D, representing 2.15% of total revenue, with no capitalized R&D expenditures[62]. - The number of R&D personnel increased to 126, accounting for 9.1% of the total workforce, with a notable rise in the proportion of master's and doctoral degree holders[63][64]. - Research and development investments have increased by 30%, focusing on innovative technologies to enhance operational efficiency[118]. Environmental and Social Responsibility - The company invested 9.5971 million yuan in environmental protection during the reporting period[159]. - The company reduced carbon emissions by 4,987,008 tons, contributing to the national "dual carbon" strategy[162]. - The company generated 5.722 billion kilowatt-hours of clean energy from hydropower and solar power, equivalent to replacing 1.7258 million tons of standard coal[163]. - The company donated a total of 2.4946 million yuan to various public welfare projects, benefiting 6,300 people[165]. - The company has established partnerships with 11 villages for targeted poverty alleviation efforts[165]. Financial Management - The company has raised a total of RMB 283.3 million through bank wealth management products using designated funds, with an outstanding balance of RMB 142 million[185]. - The company has a cash management balance of 1.553 billion as of the end of the reporting period, with a maximum balance of 1.500 billion during the period[197]. - The total amount of raised funds has been fully accounted for, with no excess funds reported as of the latest reporting period[193]. - The company continues to focus on structured deposit products as a key strategy for attracting investment and managing liquidity[190]. Market Expansion - The company is expanding its market presence, targeting a 25% increase in market share within the next two years[118]. - The company is actively participating in the construction of new energy systems as outlined in the national action plan for 2024-2027[97]. - The company plans to enhance its competitive edge and technological leadership by recruiting high-qualification talents, aiming for a more robust R&D capability[64]. Future Outlook - The company plans to achieve a historical high in total profit in 2024, with detailed operational plans for 2025 to be discussed at the 2024 shareholders' meeting[101]. - The company provided a positive outlook for the next quarter, projecting a revenue increase of 10% to 1.32 billion yuan[119]. - The management emphasized the importance of sustainability, committing to a 40% reduction in carbon emissions by 2030[120].