baonengyuan(000690)2023-06-15 16:00Financial Performance - The company reported a total profit distribution of 65,276,635.86 RMB, with a cash dividend of 0.30 RMB per 10 shares for the year 2022[17]. - In 2022, the company achieved operating revenue of CNY 9.415 billion, a slight increase of 0.05% compared to CNY 9.411 billion in 2021[49]. - The net profit attributable to shareholders was CNY 183 million, representing a significant decrease of 77.78% from CNY 824 million in the previous year[49]. - The net profit after deducting non-recurring gains and losses was CNY 90 million, down 88.77% from CNY 802 million in 2021[49]. - The company's total assets increased by 2.13% to CNY 20.096 billion from CNY 19.678 billion in 2021[50]. - The average return on equity decreased to 1.63%, down 5.92 percentage points from 7.55% in 2021[49]. - The company's total operating revenue from thermal power was approximately CNY 9.12 billion, accounting for 96.89% of total revenue, showing a slight decrease of 1.03% year-on-year[67]. - The net cash flow from operating activities was CNY 1.196 billion, a decrease of 16.65% compared to the previous year[71]. - The cash inflow from financing activities increased by 146.86% to CNY 3.166 billion, primarily due to increased bank borrowings[71]. - The company's cash and cash equivalents increased by 176.80% to CNY 1.294 billion, mainly due to increased bank borrowings[71]. - The company reported a profit from its coal futures hedging activities during the reporting period, aligning with its operational goals[116]. Electricity Consumption and Generation - In 2022, the national electricity consumption reached 8.64 trillion kWh, representing a year-on-year growth of 3.6%[34]. - The installed power generation capacity in the country reached 2.56 billion kW by the end of 2022, an increase of 7.8% year-on-year[34]. - The first industry electricity consumption was 114.6 billion kWh, with a year-on-year increase of 10.4%[34]. - The second industry electricity consumption was 5.70 trillion kWh, showing a year-on-year growth of 1.2%[34]. - The third industry electricity consumption was 1.49 trillion kWh, reflecting a year-on-year increase of 4.4%[34]. - The urban and rural residents' electricity consumption was 1.34 trillion kWh, with a year-on-year growth of 13.8%[34]. - The total electricity trading volume in the Guangdong electricity market reached 530.89 billion kWh in 2022, with a year-on-year increase of 39.57%[2]. - The total electricity consumption in Guangdong Province reached 787 billion kWh, with a year-on-year growth of 0.05%[55]. - The highest regulated load in Guangdong Province was 142 million kW, reflecting a year-on-year increase of 4.9%[55]. - The total power generation for the year was 185.13 billion kWh, showing a slight increase of 0.56% year-on-year[80]. - The electricity generation increased by 6.25% year-on-year to 0.51 billion kWh, while the on-grid electricity volume rose by 6.38% to 0.50 billion kWh[81]. Strategic Initiatives and Investments - The company has implemented a strategy to optimize asset management and improve operational efficiency amid challenging market conditions[39]. - The company plans to expand its capacity with a new project approved for 200 MW, contributing to future growth[80]. - The company is focusing on cost control measures, including flexible coal procurement strategies and enhancing fuel management[112]. - The company has engaged in derivative investments for hedging purposes, with a total initial investment amounting to CNY 611.57 million[116]. - The company is committed to optimizing resource allocation and enhancing asset efficiency through the strategic disposal of non-core subsidiaries[122]. - The company has a total planned investment of CNY 7,806,560,000 for the expansion of the Guangdong Lufeng Jiahuwan Power Plant (2×1000MW), with an actual investment of CNY 111,692,109.05, representing 1.06% completion as of the reporting period[135]. - The company aims to strengthen its core energy power business while exploring new strategic industries such as smart energy and energy storage, aligning with high-quality development paths[132]. Governance and Management - The company has established a robust governance structure with clear responsibilities among its shareholders, board of directors, and management team to support sustainable development[141]. - The company revised and improved 23 governance-related systems, including the Independent Director System, to enhance corporate governance[165]. - The company appointed a new board secretary, Jiang Zhuowen, effective from October 10, 2022, following the resignation of Wen Hui[171]. - The company’s chairman, Zou Jinkai, has been in position since April 23, 2021, and is also a member of various committees[172]. - The company’s independent directors, including Jonathan Jun Yan and Wu Shinan, have been serving since May 13, 2019, and April 23, 2021, respectively[170]. - The company has implemented a three-year action plan to improve the quality of listed companies as per the State Council's directives[165]. Market Position and Future Outlook - The company is focusing on enhancing its core competitiveness in the energy sector while exploring new development paths[39]. - The new energy sector is expected to account for approximately 52.5% of the total installed capacity by 2023, indicating a shift towards renewable energy sources[128]. - The company has a strong market position in the new energy power sector, benefiting from national policies and technological advantages[130]. - The overall electricity consumption in society is expected to continue its growth trend, indicating a positive outlook for the industry[106]. Employee and Compensation Policies - The employee composition includes 55.01% production staff, 27.03% technical staff, and 16.06% administrative staff[188]. - The employee compensation policy is designed to attract and retain high-performing employees, with adjustments based on company performance and regional living standards[189]. - The company has a comprehensive performance assessment system for determining annual employee compensation[189]. - The company has implemented a full employment system, with retirement costs covered by the social security fund[190]. Risk Management - The company emphasizes risk control measures in its foreign exchange forward settlement and sales business to mitigate potential losses from exchange rate fluctuations[98]. - The company plans to enhance its internal control mechanisms to address risks associated with its hedging activities[98]. - The company acknowledges risks related to high coal prices and the impact of market fluctuations on its financial assets, committing to prudent financial management[136].