Financial Performance - The company's operating revenue increased by 6.16% year-on-year, while net profit grew by 15.15% during the first half of 2022, demonstrating resilience amid economic challenges and the pandemic [15]. - The group achieved a net profit of RMB 1,865.4 million in the first half of 2022, an increase of 15.15% compared to RMB 1,620.0 million in the same period of 2021 [22]. - Total revenue increased by 6.16% to RMB 9,991.6 million in the first half of 2022, up from RMB 9,411.5 million in the first half of 2021 [23]. - Operating profit increased by 11.09% from RMB 2,556.5 million in H1 2021 to RMB 2,840.0 million in H1 2022 [35]. - Basic and diluted earnings per share increased to RMB 21.55 from RMB 18.80, reflecting a growth of 9.9% [86]. - Total comprehensive income for the period was RMB 1,869,983 thousand, compared to RMB 1,606,176 thousand in the same period last year, marking a rise of 16.4% [87]. - The company reported a net profit of RMB 1,776,682 thousand for the period, reflecting strong financial performance [92]. Power Generation Capacity and Utilization - As of June 30, 2022, the total installed power generation capacity in China reached 2.44 billion kilowatts, a year-on-year increase of 8.1%, with non-fossil energy capacity growing by 14.8% to 1.18 billion kilowatts, accounting for 48.2% of the total [14]. - The total installed capacity of the group reached 13.4 million kW as of June 30, 2022, representing a year-on-year increase of 19.48% [16]. - The total power generation of the group was 17.678 billion kWh in the first half of 2022, a year-on-year increase of 9.27%, significantly higher than the national average of 0.7% [16]. - The average utilization hours of power generation equipment in China decreased by 81 hours year-on-year to 1,777 hours, with gas power generation equipment averaging 1,090 hours, down 239 hours [14]. - The installed capacity for wind power and solar power increased by 17.2% and 25.8% year-on-year, respectively, indicating a strong shift towards renewable energy sources [14]. Project Development and Acquisitions - The group has 21 ongoing projects with a total capacity of nearly 3 million kW as of June 30, 2022 [18]. - The group completed the acquisition of wind and solar project capacity totaling 114,000 kW in the first half of 2022 [18]. - The company acquired Dongyuan County Shunfeng New Energy Co., Ltd. for solar power project development in the first half of 2022 [60]. - The company signed a merger agreement with Beijing Energy Group and a share transfer agreement, resulting in the acquisition of 84.68% of Shenzhen Leasing and the merger of Jingneng International [64]. - The company will continue to focus on new project development through self-construction and acquisitions, targeting resource-rich areas and expanding into new regions [68]. Financial Management and Costs - The group reduced its comprehensive financing cost to 3.56% in the first half of 2022, down from 3.74% in 2021, through low-interest debt financing [19]. - The company issued three tranches of ultra-short-term financing bonds in 2022, raising a total of RMB 55 billion at interest rates ranging from 2.00% to 2.48% [58]. - The company reported a decrease in gas consumption costs to RMB (4,546,272) thousand from RMB (4,653,477) thousand, a reduction of 2.3% [86]. - The company’s financial expenses increased to RMB (716,557) thousand from RMB (637,885) thousand, representing a rise of 12.3% [86]. - The company’s total liabilities as of June 30, 2022, were RMB 30,305,067,000, with RMB 9,510,357,000 due within one year [143]. Renewable Energy Initiatives - The company continues to focus on reform, innovation, and transformation to enhance quality and efficiency, aligning with the new development stage and green low-carbon initiatives [15]. - The company successfully delivered 170 million kWh of green electricity for the Beijing Winter Olympics, achieving 100% green power supply for 26 venues [20]. - Wind power segment revenue increased by 36.85% from RMB 1,601.3 million in H1 2021 to RMB 2,191.3 million in H1 2022 due to increased installed capacity [25]. - Photovoltaic power segment revenue rose by 11.57% from RMB 1,255.3 million in H1 2021 to RMB 1,400.5 million in H1 2022, driven by higher sales volume from increased capacity [26]. - Hydropower segment revenue grew by 13.44% from RMB 146.6 million in H1 2021 to RMB 166.3 million in H1 2022, attributed to increased water inflow [27]. Employee and Organizational Management - The workforce consisted of 3,027 employees, with 46.91% under the age of 35 and 67% holding a bachelor's degree or higher [52][53]. - The company established a multi-level incentive mechanism to enhance employee performance and motivation [54]. - The company is committed to safety management, implementing a "five precision" management approach to enhance safety culture and risk identification [70]. Assets and Liabilities - Total assets increased by 1.69% from RMB 82,214.9 million as of December 31, 2021, to RMB 83,608.3 million as of June 30, 2022, due to increased project investments [47]. - Total liabilities increased by 0.39% from RMB 52,364.6 million as of December 31, 2021, to RMB 52,567.9 million as of June 30, 2022, driven by funding needs for project construction [47]. - The company's equity attributable to shareholders increased by 4.36% from RMB 26,432.6 million as of December 31, 2021, to RMB 27,585.2 million as of June 30, 2022, due to accumulated operating profits [47]. - The company's net asset value reached RMB 31,040,436 thousand, up from RMB 29,850,308 thousand in the previous year [91]. Cash Flow and Investments - The net cash generated from operating activities was RMB 3,892,999,000, an increase from RMB 3,261,205,000 in the same period of 2021 [94]. - The total cash and cash equivalents at the end of the period were RMB 5,315,461,000, compared to RMB 6,653,571,000 at the end of June 2021 [94]. - The net cash used in investing activities was RMB 2,845,440,000, a decrease from RMB 3,121,396,000 in the previous year [94]. - The company’s investment in property, plant, and equipment amounted to RMB 2,493,183,000 during the period [94]. Taxation and Regulatory Compliance - The company has tax incentives in the western region of China, allowing a preferential corporate income tax rate of 15% and a tax exemption for the first three years of operation for eligible projects [131]. - The company did not make any provisions for Hong Kong profits tax as it did not have taxable profits sourced from Hong Kong [131]. - Income tax expense for the six months ended June 30, 2022, was RMB 372,303 thousand, an increase from RMB 329,254 thousand in the same period of 2021, representing an increase of approximately 13.1% [130].
京能清洁能源(00579) - 2022 - 中期财报