宝新能源(000690) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was approximately ¥7.16 billion, an increase of 27.24% compared to ¥5.63 billion in 2019[18]. - The net profit attributable to shareholders for 2020 reached approximately ¥1.82 billion, representing a growth of 105.83% from ¥883 million in 2019[18]. - The net cash flow from operating activities for 2020 was approximately ¥3.52 billion, an increase of 84.82% compared to ¥1.90 billion in 2019[18]. - The total assets at the end of 2020 were approximately ¥19.30 billion, a slight increase of 1.66% from ¥18.99 billion at the end of 2019[18]. - The net assets attributable to shareholders at the end of 2020 were approximately ¥10.90 billion, up 14.72% from ¥9.50 billion at the end of 2019[18]. - The basic earnings per share for 2020 was ¥0.84, a 104.88% increase from ¥0.41 in 2019[18]. - The total profit reached 2.30 billion yuan, representing a year-on-year growth of 112.82%[34]. - Total operating revenue for 2020 reached ¥7,159,672,229.83, representing a year-on-year increase of 27.24% from ¥5,626,823,268.01 in 2019[45]. - The electricity segment accounted for ¥7,131,078,746.97, or 99.60% of total revenue, with a year-on-year growth of 27.22%[45]. - The gross profit margin for the electricity segment improved to 41.76%, an increase of 11.34 percentage points compared to the previous year[47]. Dividend Distribution - The company plans to distribute a cash dividend of 3.00 RMB per 10 shares, totaling 652,766,358.60 RMB, based on a total share capital of 2,175,887,862 shares as of the end of 2020[4]. - For the 2019 fiscal year, the company distributed a cash dividend of 2.00 CNY per 10 shares, totaling 435,177,572.40 CNY, which accounted for 49.27% of the net profit attributable to shareholders[94]. - In 2018, the company distributed a cash dividend of 1.00 CNY per 10 shares, totaling 217,588,786.20 CNY, representing 47.01% of the net profit attributable to shareholders[94]. - The cumulative cash dividend over the last three years accounted for 123.79% of the average annual net profit[94]. - The company’s profit distribution policy has been continuously improved to ensure a stable dividend mechanism, protecting shareholders' rights[91]. Operational Highlights - The company completed grid-connected electricity generation of 12.685 billion kWh, contributing to revenue and profit growth in the renewable energy sector[35]. - The total market transaction electricity volume was 10.122 billion kWh, accounting for 80.21% of the company's total grid-connected electricity, an increase of 30.90 percentage points year-on-year[41]. - The average on-grid electricity price increased by 16.36% to 0.64 yuan per kWh[42]. - The company sold 126.85 billion kWh of electricity in 2020, reflecting a year-on-year increase of 4.38%[47]. - The company maintained a stable operational performance despite the challenges posed by the COVID-19 pandemic, focusing on high-quality development[34]. Investment and Assets - The company reported a significant increase in cash and cash equivalents, reaching approximately ¥4.16 billion, a 46.42% increase from ¥2.84 billion at the beginning of the year[29]. - The company’s long-term equity investments increased to ¥2,248,760,046.20, representing 11.65% of total assets[60]. - The total assets of Guangdong Baoli Electric Co., Ltd. reached CNY 5,916,903,391.92, while net assets stood at CNY 3,964,275,783.13 as of December 31, 2020[65]. - The total assets of Lufeng Baoli New Energy Electric Co., Ltd. were CNY 9,560,778,527.19, with net assets of CNY 3,432,259,119.41 as of December 31, 2020[66]. - The company reported a net loss from investment income of ¥122,096,130.55, accounting for -5.31% of total profit[58]. Risk Management - The company has disclosed significant risks that may adversely affect its future development strategies and operational goals, which can be found in the "Discussion and Analysis of Operating Conditions" section[4]. - The company faces risks related to management pressure from rapid expansion and increased competition in the electricity market due to a slowdown in electricity demand growth[83]. - The company plans to strengthen cost control and operational efficiency to ensure safe production and sustainable development[85]. - The company aims to balance risk and return in its financial investments, particularly in equity investments, which are subject to market fluctuations[85]. Corporate Governance - The company has established a clear and transparent decision-making process for its cash dividend policy, ensuring compliance with regulations[96]. - Independent directors have fulfilled their responsibilities, and minority shareholders have had ample opportunity to express their opinions, ensuring their rights are protected[99]. - The company has implemented various internal control systems and governance documents to ensure compliance with regulatory requirements[181]. - The company has established independent personnel, assets, and financial systems, ensuring no competition or related transactions with the controlling shareholder[183]. - The audit committee reviewed the 2019 annual and 2020 semi-annual audit plans, ensuring thorough oversight of financial reporting[192]. Social Responsibility - The company actively engages in social responsibility, publishing an annual social responsibility report since 2008[125]. - The company has established a leadership group for targeted poverty alleviation, responsible for planning and budgeting[127]. - In 2020, the company focused on six areas for poverty alleviation, including industrial development and education support[128]. - The company aims to improve local employment opportunities by prioritizing recruitment from impoverished areas[129]. - The company invested a total of 5,501.49 million yuan in poverty alleviation efforts[130].