WTECL(SH:600157)2022-10-25 16:00Financial Performance - The company's operating revenue for Q3 2022 was ¥10,268,500,740.09, representing a 47.39% increase compared to ¥6,956,577,382.09 in the same period last year[4] - Net profit attributable to shareholders was ¥770,991,349.50, a significant increase of 191.98% from ¥261,658,570.25 year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥498,273,768.86, up 111.88% from ¥232,768,785.17 in the previous year[4] - Basic earnings per share increased to ¥0.0347, a rise of 191.60% compared to ¥0.0118 in the same period last year[5] - The weighted average return on equity rose to 1.78%, an increase of 1.15 percentage points from 0.62% year-on-year[5] - The net cash flow from operating activities for the year-to-date was ¥4,881,706,802.23, reflecting a 33.56% increase from ¥3,655,169,161.38 in the previous year[4] - The net profit attributable to shareholders for the third quarter of 2022 was 1.541 billion yuan, an increase of 101.36% year-on-year, while the net profit excluding non-recurring gains and losses was 1.288 billion yuan, up 127.11% year-on-year[15] - Total operating revenue for the first three quarters of 2022 reached CNY 26,854,974,795.53, a significant increase of 45.4% compared to CNY 18,499,231,091.84 in the same period of 2021[24] - Operating profit for the first three quarters of 2022 was CNY 2,276,501,944.39, compared to CNY 1,141,301,410.29 in the same period of 2021, indicating a growth of 99.4%[24] - Net profit for the first three quarters of 2022 was CNY 1,315,825,451.99, a substantial increase from CNY 692,596,470.00 in the same period of 2021[24] Revenue and Sales Growth - The increase in revenue was primarily driven by higher sales in coal selection and power generation businesses[9] - In the first nine months of 2022, the company achieved a coal production of 8.25 million tons, an increase of 2.65% year-on-year, and sales of 8.15 million tons, up by 0.98% year-on-year[14] - The company reported a power generation of 28.14 billion kWh, which is an increase of 18.94% compared to the same period last year, and electricity sales of 26.69 billion kWh, up by 18.95% year-on-year[14] - The company’s operating revenue for the first nine months of 2022 reached RMB 26.855 billion, representing a growth of 45.17% year-on-year[14] - The company’s coal washing production for the first nine months of 2022 was 2.52 million tons, an increase of 1.44% year-on-year, with sales of 2.50 million tons, up by 4.00% year-on-year[14] - The company’s petrochemical product trading volume increased by 84.47% year-on-year, reaching 832,700 tons in the first nine months of 2022[14] Investments and Acquisitions - The company established a new energy storage platform, Beijing Detai Energy Storage Technology Co., Ltd., with a registered capital of RMB 1 billion, where the company holds a 51% stake[13] - The company acquired a 65% stake in Dunhuang Huihong Mining Development Co., Ltd., securing high-quality vanadium ore resources with a resource volume of 24.15 million tons of V2O5[13] - The company is investing RMB 150 million in a 2×1000MW energy storage auxiliary frequency modulation project, which is the first of its kind in the country[13] - The company plans to expand into the manufacturing of vanadium flow battery equipment and aims to establish advanced production lines for future industrial development[13] - The company has initiated the construction of the Zhangjiagang Shazhou Power Phase I energy storage frequency modulation project, expected to be operational by the end of 2022, which will enhance revenue generation[15] - The company completed the acquisition of assets from Shanxi Huaren Coal Industry, with the assessed value of the assets being approximately 558.20 million RMB and the final transaction price being 800.20 million RMB[19] Resource Management and Development - The company is committed to transitioning to the energy storage industry, focusing on all-vanadium flow batteries to achieve green and low-carbon development[12] - The company has reported a total resource area application of 6.0853 square kilometers for coal resource expansion, with an estimated resource volume of 4.1753 million tons[16] - The company has identified over 10 million tons of high-grade aluminum resources in eight coal mines, with exploration and approval processes underway to enhance asset value and economic benefits[17] - The shale gas project achieved a stable gas flow of 3,885 cubic meters per day after fracturing operations, with further evaluations and testing ongoing[17] - The company is actively pursuing resource exploration and development in accordance with local policies to maximize operational efficiency[17] Financial Position and Assets - The company reported a total asset value of ¥104,309,450,657.72 at the end of the reporting period, showing a slight increase of 0.003% from the previous year[5] - As of September 30, 2022, the company's total current assets amounted to approximately 10.55 billion RMB, an increase from 10.42 billion RMB at the end of 2021[21] - The company's cash and cash equivalents reached approximately 1.94 billion RMB, up from 1.73 billion RMB at the end of 2021[21] - The company reported accounts receivable of approximately 3.26 billion RMB, an increase from 2.90 billion RMB at the end of 2021[21] - The company's total assets amounted to CNY 104,309,450,657.72, slightly up from CNY 104,306,207,849.05 in the previous quarter[23] - Total liabilities decreased to CNY 57,189,338,672.95 from CNY 58,203,960,265.74 in the previous quarter[23] - The company's total equity increased to CNY 47,120,111,984.77 from CNY 46,102,247,583.31 in the previous quarter, indicating a growth of 2.2%[23] Cost Management and Efficiency - The company has implemented cost reduction measures that resulted in a material recovery value of 43.8061 million yuan and direct cost savings of 32.6927 million yuan from January to September 2022[15] - The company’s power plants burned 3.99 million tons of various economic coal types and 110,000 tons of coal slurry from January to September 2022, effectively reducing fuel costs[15] - The deep peak regulation electricity generated by the company’s power plants reached 451 million kWh, generating peak regulation service revenue of 115.25 million yuan from January to September 2022[15] Research and Development - Research and development expenses for the first three quarters of 2022 were CNY 110,869,106.34, compared to CNY 73,141,546.42 in the same period of 2021, reflecting a 51.7% increase[24] - The company has ongoing investments in fixed assets totaling ¥26,892,067,834.03, reflecting its commitment to infrastructure development[31]