Financial Performance - In the first half of 2023, the company achieved operating revenue of RMB 10.549 billion, representing a year-on-year increase of 4.82%[15] - The profit attributable to equity holders reached RMB 2.055 billion, up 14.87% year-on-year[15] - The company's operating income increased by 4.82% to RMB 10,548.8 million in the first half of 2023, driven by increased installed capacity in wind and solar power segments[21] - The net profit attributable to equity holders rose by 14.87% to RMB 2,054.9 million in the first half of 2023 compared to RMB 1,788.9 million in the same period of 2022[20] - Operating profit increased by 8.23% from RMB 2,895.4 million in the first half of 2022 to RMB 3,133.8 million in the first half of 2023[33] - Net profit for the period increased by 14.93% from RMB 1,880.4 million in the first half of 2022 to RMB 2,161.1 million in the first half of 2023[41] - The total comprehensive income for the period amounted to RMB 2,274,544,000, compared to RMB 1,885,004,000 in 2022, reflecting a strong performance[78] Power Generation and Capacity - The total power generation of the company was 19.311 billion kWh, a year-on-year increase of 9.23%[15] - The gas power and heating segment generated 9.619 billion kWh, increasing by 4.39% year-on-year[15] - The wind power segment's generation was 6.574 billion kWh, up 24.06% year-on-year, exceeding the national growth rate by 4.07 percentage points[15] - The photovoltaic segment produced 2.595 billion kWh, reflecting a year-on-year growth of 5.31%[15] - Renewable energy generation accounted for over 50% of the company's total power generation[15] - The company achieved a total installed capacity of 13,939 MW as of June 30, 2023, representing a year-on-year growth of 4.02%[17] - The company's renewable energy project installed capacity accounted for 66.27% of total installed capacity, an increase of 1.36 percentage points year-on-year[17] Financial Position and Liabilities - Total assets increased by 5.37% from RMB 88,000.2 million as of December 31, 2022, to RMB 92,727.7 million as of June 30, 2023, driven by new investments and acquisitions[43] - Total liabilities increased by 7.21% from RMB 55,578.0 million as of December 31, 2022, to RMB 59,585.1 million as of June 30, 2023, due to funding needs for project construction[43] - Net debt-to-equity ratio increased by 1.5 percentage points from 55.79% as of December 31, 2022, to 57.29% as of June 30, 2023[45] - The company’s comprehensive financing cost decreased to 2.99%, down 0.57 percentage points from 3.56% in the same period last year[18] Operating Expenses - Operating expenses rose by 4.57% to RMB 8,011.1 million, attributed to increased gas consumption and costs associated with new capacity in wind and solar segments[27] - Employee costs increased by 9.55% to RMB 533.2 million due to business expansion and new project-related labor costs[30] - Maintenance and repair expenses increased by 6.32% from RMB 232.5 million in the first half of 2022 to RMB 247.2 million in the first half of 2023[31] - Other expenses rose by 21.93% from RMB 521.3 million in the first half of 2022 to RMB 635.6 million in the first half of 2023, primarily due to increased operating costs from new wind and solar power projects[31] Investments and Projects - The company completed 2.59 million kW of renewable energy project filings in the first half of 2023, exceeding the target by 136,000 kW, with a growth rate of 110% compared to the same period last year[16] - The company acquired several subsidiaries in the first half of 2023, including Xiamen Yangwanzhang Clean Energy Co., Ltd. and Guangdong Ansheng New Energy Co., Ltd., focusing on solar and wind power project development[55] - The company established multiple new subsidiaries in 2023 to enhance its clean energy project construction capabilities, including Beijing Jingneng Comprehensive Energy Co., Ltd.[56] - The company aims to complete its annual grid-connected capacity targets by actively advancing ongoing projects, including the Chagan Nur 1 million kW wind-solar project and the 600,000 kW wind power project in Bayannur[61] Employee and Governance - The company employed 3,202 staff as of June 30, 2023, with over 47% of employees under the age of 35[47] - The employee training participation rate reached 100% in the first half of 2023, focusing on enhancing professional skills and cultural literacy[51] - The company has implemented a multi-level incentive mechanism to enhance employee performance and motivation through clear performance targets[50] - The company has adopted the corporate governance code and complied with all relevant rules as of June 30, 2023[64] Cash Flow and Financing - The company’s cash flow from operating activities for the six months was RMB 119,772,000, showcasing operational efficiency[82] - The net cash generated from operating activities for the six months ended June 30, 2023, was RMB 1,614,059,000, a decrease of 56.8% compared to RMB 3,737,290,000 for the same period in 2022[85] - The net cash used in investing activities amounted to RMB (3,223,837,000), compared to RMB (2,316,124,000) in the previous year, indicating an increase in investment outflows[85] - The net cash generated from financing activities was RMB 1,832,790,000, a significant improvement from a net cash outflow of RMB (224,198,000) in the same period last year[85] Revenue Breakdown - Revenue from electricity sales amounted to RMB 9,368,050,000, with a breakdown of RMB 5,226,854,000 from gas power, RMB 2,516,287,000 from wind power, RMB 1,499,874,000 from photovoltaic power, and RMB 125,035,000 from hydropower[106] - The total income from customer contracts for the six months ended June 30, 2023, was RMB 10,478,337,000, compared to RMB 9,991,583,000 in the previous year, indicating a significant increase in contract revenue[104] - The company’s overseas revenue was RMB 143,971,000, while domestic revenue was RMB 10,334,366,000 for the six months ended June 30, 2023[106] Tax and Compliance - The income tax expense for the first half of 2023 was RMB 432,041,000, an increase from RMB 381,694,000 in the same period of 2022, reflecting a rise of approximately 13.2%[121] - The group benefits from a preferential corporate income tax rate of 15% for certain projects in western China, with tax exemptions for the first three years of operation[122] Shareholder Returns - The company declared dividends amounting to RMB 990,990,000 during the reporting period, indicating a commitment to returning value to shareholders[83] - The company did not propose an interim dividend for the six months ended June 30, 2023[74]
京能清洁能源(00579) - 2023 - 中期财报