Electricity Generation and Capacity - The company achieved a total domestic electricity generation of 447.856 billion kWh in 2023, representing a year-on-year growth of 5.33%[19]. - As of December 31, 2024, the company has a controllable installed capacity of 145,125 MW, with low-carbon clean energy capacity accounting for 35.82%[9][17]. - The company operates power plants across 26 provinces, autonomous regions, and municipalities in China, with significant overseas investments in Singapore and Pakistan[9]. - In Q1 2024, the company achieved a domestic on-grid electricity generation of 113.036 billion kWh, a year-on-year increase of 5.63%[24]. - For the first half of 2024, the company reported a domestic on-grid electricity generation of 210.678 billion kWh, a year-on-year decrease of 0.22%[29]. - In the first three quarters of 2024, the company achieved a domestic on-grid electricity generation of 341.240 billion kWh, a year-on-year increase of 1.14%[34]. - The company’s on-grid electricity generation was 452,939 million kWh in 2024, compared to 447,856 million kWh in 2023[37]. - The company’s wind power generation increased by 16.07% year-on-year, while solar power generation surged by 66.13% in 2024[52]. - The company’s coal-fired power generation decreased by 1.74% year-on-year, while hydropower generation increased by 24.79% in 2024[52]. Financial Performance - The company's net profit attributable to shareholders for the fiscal year 2023 was approximately RMB 8.446 billion, an increase of RMB 15.833 billion year-on-year, representing a growth of 214.33%[24]. - The net profit attributable to shareholders for Q1 2024 was approximately RMB 4.596 billion, an increase of RMB 2.346 billion year-on-year, representing a growth of 104.25%[24]. - The net profit attributable to shareholders for the first half of 2024 was approximately RMB 7.454 billion, an increase of RMB 1.146 billion year-on-year, representing a growth of 18.16%[29]. - The net profit attributable to shareholders for the first three quarters of 2024 was approximately RMB 10.413 billion, a decrease of RMB 2.151 billion year-on-year, representing a decline of 17.12%[34]. - The company achieved consolidated operating revenue of RMB 245.55 billion in 2024, a decrease of 3.48% compared to the previous year[41]. - Net profit attributable to equity holders of the company reached RMB 10.185 billion in 2024, an increase of RMB 1.827 billion or 21.86% year-on-year[41]. - The company’s total assets increased to RMB 595.58 billion in 2024, up from RMB 550.32 billion in 2023[36]. - The company’s total liabilities were RMB 384.99 billion in 2024, compared to RMB 370.96 billion in 2023[36]. - The company reported short-term borrowings of approximately RMB 3.02 billion backed by machinery valued at RMB 4.27 billion as of December 31, 2024[101]. Technological Innovations and Projects - The company has developed and implemented several major technological innovations, including the first domestic ultra-supercritical reheat coal-fired power unit[12]. - The company successfully launched an 18 MW super-large wind turbine unit, laying the foundation for the mass installation of large-capacity offshore wind power units[29]. - The company’s COAP technology (integrated low-temperature pollutant removal technology) successfully passed a 168-hour trial run, marking the operation of the world's first low-temperature integrated near-zero emission project[29]. - The company’s major project, the world's largest compressed air energy storage power station, has officially started construction in Jiangsu[35]. - The company has implemented significant technological innovations, including the first low-temperature integrated near-zero emissions project in China[46]. Governance and Corporate Structure - The company has a strong governance structure and market reputation, supported by a high-quality workforce and professional management[12]. - The company has established a comprehensive governance structure, ensuring effective implementation of decision-making and supervisory powers[112]. - The company has continuously improved its internal control system, successfully passing external audits for 19 consecutive years[115]. - The company has established an information disclosure committee to oversee the regular reports and ensure timely and accurate disclosures[119]. - The board of directors consists of 15 members, with independent non-executive directors making up one-third of the board[136]. Environmental and Social Responsibility - The company is committed to green development, with over 26% of its installed capacity coming from renewable energy sources[45]. - The company has improved its corporate governance and brand image, achieving recognition in ESG management and investor relations[46]. - The company has been recognized for its ESG practices, being included in the "Pioneer 100 Index" and receiving multiple awards for sustainable development[115]. - The company is actively adapting to the "dual carbon" goals and optimizing investment strategies to maximize economic benefits amid market risks[105]. - The company is enhancing its environmental protection measures in response to stricter national policies, which may increase environmental expenditure[109]. Shareholder Relations and Dividends - The company plans to distribute a cash dividend of RMB 0.27 per share (before tax) for the 2024 fiscal year[41]. - The company has maintained a cash dividend policy, distributing at least 50% of the annual distributable profit, provided that profits and accumulated undistributed profits are positive[186]. - Since its listing, the company has distributed a total of RMB 65.827 billion in dividends to shareholders since 1998[187]. - The company has a history of increasing dividends, with a proposed payout ratio of 58.78% for 2024[188]. - The company emphasizes the importance of maintaining good relationships with employees, customers, and suppliers as a key asset for long-term goals[177]. Risk Management and Compliance - The company has developed a comprehensive risk management system to enhance its risk prevention capabilities and promote sustainable development[124]. - The company has implemented strict insider information handling procedures, ensuring timely and accurate disclosure of significant financial information[129]. - The company has complied with all relevant laws and regulations without any violations reported during the year[174]. - The company will focus on optimizing its capital structure and managing financial risks while pursuing new construction and acquisitions[85]. - The company faces uncertainties in coal supply due to its reliance on international markets, which may impact fuel procurement[106].
华能国际电力股份(00902) - 2024 - 年度财报