宝新能源(000690) - 2019 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2019 was CNY 5,626,823,268.01, representing a 46.75% increase compared to CNY 3,834,291,613.98 in 2018[28]. - The net profit attributable to shareholders for 2019 was CNY 883,186,076.57, a 90.80% increase from CNY 462,891,210.18 in 2018[28]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 728,531,780.49, up 161.59% from CNY 278,501,733.19 in 2018[28]. - The net cash flow from operating activities for 2019 was CNY 1,903,336,782.10, a 93.69% increase from CNY 982,660,768.78 in 2018[28]. - The total assets at the end of 2019 were CNY 18,986,191,019.39, a decrease of 12.07% from CNY 21,593,167,648.89 at the end of 2018[28]. - The net assets attributable to shareholders at the end of 2019 were CNY 9,500,183,674.72, an increase of 7.24% from CNY 8,858,432,290.98 at the end of 2018[28]. - The company reported a basic earnings per share of CNY 0.41 for 2019, a 95.24% increase from CNY 0.21 in 2018[28]. - The company achieved a total operating revenue of 5.63 billion yuan, a year-on-year increase of 46.75%[41]. - Net profit attributable to shareholders reached 883 million yuan, up 90.80% year-on-year, with basic earnings per share of 0.41 yuan, an increase of 95.24%[41]. Dividend Distribution - The company plans to distribute a cash dividend of 2.00 RMB per 10 shares, totaling 435,177,572.40 RMB, based on a total share capital of 2,175,887,862 shares[5]. - In 2019, the company distributed a cash dividend of 2.00 CNY per 10 shares, totaling 435.18 million CNY, which accounted for 49.27% of the net profit attributable to shareholders[91]. - The cash dividend for 2018 was 1.00 CNY per 10 shares, totaling 217.59 million CNY, representing 47.01% of the net profit attributable to shareholders[91]. - In 2017, the cash dividend was 0.30 CNY per 10 shares, totaling 65.28 million CNY, which was 63.29% of the net profit attributable to shareholders[91]. - The cumulative cash dividend over the last three years accounted for 148.64% of the average annual net profit[91]. Risk Management - The company has disclosed significant risks that may adversely affect its future development strategies and operational goals in the "Discussion and Analysis of Operating Conditions" section[5]. - The company has a comprehensive risk management strategy in place to address potential adverse impacts on its operations[5]. - The company is addressing risks related to management pressure from rapid expansion and increasing competition in the power industry by enhancing cost control and operational efficiency[84]. Corporate Governance - The company has maintained a stable governance structure with no significant changes in the board composition during the reporting period[166]. - The company’s financial performance and governance practices are aligned with regulatory requirements, ensuring transparency and accountability[164]. - The company has established a governance structure with a clear division of responsibilities among the shareholders' meeting, board of directors, supervisory board, and management team, ensuring stable and healthy development[188]. - The company’s board of directors includes members with extensive backgrounds in finance and management, enhancing its strategic capabilities[168][169]. Environmental Responsibility - The company is committed to environmental protection and safety in its production operations, adhering to a "safety first, environmental protection first" policy[81]. - The company reported a total emission of 386.62 tons of sulfur dioxide, which is below the annual emission limit of 5880 tons, with a concentration of 25.58 mg/m³ against a standard of 200 mg/m³[141]. - The company achieved a dust emission of 110.88 tons, with a concentration of 6.63 mg/m³, well below the standard of 30 mg/m³[141]. - The desulfurization facility operation rate at Meixian Heshuyuan Power Plant was over 99.99%, and the denitrification facility operation rate was 100%[142]. - The company emphasizes green production and aims to reduce energy consumption and pollutant emissions[138]. Subsidiaries and Investments - The company operates several wholly-owned subsidiaries, including Guangdong Baoli Power Co., Ltd. and Lufeng Baoli New Energy Power Co., Ltd.[20]. - The company is involved in the operation of the Meixian Heshuyuan Power Plant, which has a total installed capacity of 1,470 MW[21]. - The company is also responsible for the Lufeng Jiahuwan Clean Energy Base, which includes multiple power generation assets[21]. - The total assets of the wholly-owned subsidiary Guangdong Baoli Electric Power Co., Ltd. were ¥4,741,421,912.00, with a net profit of ¥543,962,589.57 during the reporting period[61]. - The total assets of the wholly-owned subsidiary Lufeng Baoli New Energy Electric Power Co., Ltd. were ¥9,724,661,365.71, with a net profit of ¥155,585,342.58 during the reporting period[62]. Social Responsibility - The company has actively fulfilled its social responsibilities and has published a social responsibility report annually since 2008[129]. - The company invested a total of 33.79 million yuan in poverty alleviation efforts in 2019[134]. - The company aims to reduce poverty in Meizhou and Lufeng by implementing precise poverty alleviation measures, ensuring targeted funding and project arrangements[131]. - The company has committed to improving local education by investing 90,000 yuan in educational resources for impoverished areas[136]. - The company has engaged in social welfare initiatives, including donations to charities and support for vulnerable groups[138]. Future Plans - The company aims to leverage national policies to enhance its competitive edge in the renewable energy sector, focusing on sustainable development and efficiency improvements[75]. - The company plans to invest in the second phase of the Lufeng Jiahuwan (onshore) wind farm, with a capacity of 49.5MW, and collaborate on the construction of two offshore wind farms with a total capacity of 1400MW[79]. - The company aims to strengthen its core business in renewable energy power and new financial investments, implementing a "221" business development plan targeting 10 million kilowatts of installed capacity[79]. - The company plans to utilize self-owned funds, bank loans, and securities market financing to meet its funding needs for ongoing investment projects[82].