中国神华(01088) - 2023 - 年度财报

Dividend Distribution - The company plans to distribute a final cash dividend of RMB 2.26 per share (tax inclusive) for 2023, totaling RMB 44,903 million based on the total share capital of 19,868,519,955 shares as of December 31, 2023[2] - The company's dividend distribution proposal is subject to approval at the shareholders' meeting[2] Financial Performance - Revenue for 2023 was RMB 343,074 million, a decrease of 0.4% compared to 2022[13] - Net profit attributable to the company's owners in 2023 was RMB 64,625 million, down 11.4% year-on-year[13] - Basic earnings per share in 2023 were RMB 3.253, a decrease of 11.4% compared to 2022[13] - Net cash flow from operating activities in 2023 was RMB 89,687 million, down 18.3% year-on-year[13] - Total assets at the end of 2023 were RMB 633,412 million, an increase of 1.3% compared to the end of 2022[13] - Total equity attributable to the company's owners at the end of 2023 was RMB 411,478 million, up 3.7% year-on-year[13] - The asset-liability ratio at the end of 2023 was 24.0%, a decrease of 2.0 percentage points compared to the end of 2022[13] - The total debt-to-capital ratio at the end of 2023 was 7.3%, a decrease of 3.4 percentage points compared to the end of 2022[13] - EBITDA in 2023 was RMB 114,573 million, a decrease of 5.7% compared to 2022[13] - The company's net profit under International Financial Reporting Standards in 2023 was RMB 64,625 million, down 11.4% year-on-year[15] - Full-year net profit attributable to the company's owners reached 64.625 billion yuan, with basic earnings per share of 3.253 yuan/share, and the year-end asset-liability ratio was 24.0%[19] - Revenue for Q1, Q2, Q3, and Q4 were 87.042 billion yuan, 82.400 billion yuan, 83.025 billion yuan, and 90.607 billion yuan, respectively[17] - Net profit attributable to the company's owners for Q1, Q2, Q3, and Q4 were 20.677 billion yuan, 16.184 billion yuan, 15.640 billion yuan, and 12.124 billion yuan, respectively[17] - Net cash flow from operating activities for Q1, Q2, Q3, and Q4 were 29.203 billion yuan, 17.146 billion yuan, 28.371 billion yuan, and 14.967 billion yuan, respectively[17] - Revenue decreased by 0.4% to 343,074 million in 2023 compared to 344,533 million in 2022[43] - Operating costs increased by 2.6% to 232,537 million in 2023, driven by higher purchased coal costs and maintenance expenses[43][46] - R&D expenses decreased by 19.2% to 3,007 million in 2023[43] - The company's market capitalization at the end of the year was 598.9 billion yuan[19] - The company's integrated market value at the end of the year was 598.9 billion yuan[19] Coal Production and Sales - Coal production and sales volume increased by 3.5% and 7.7% year-on-year, respectively[19] - Coal production in 2023 reached 324.5 million tons, a 3.5% increase compared to 2022[25] - Coal sales volume in 2023 was 450.0 million tons, up 7.7% year-over-year[25] - Domestic coal sales in 2023 reached 442.5 million tons, accounting for 100% of total sales, with a 7.4% increase from 2022[25] - The coal segment contributed RMB 228,149 million in external revenue in 2023, a 3.5% decrease from 2022[26] - Pre-tax profit for the coal segment in 2023 was RMB 63,753 million, a 13.3% decrease compared to 2022[26] - Coal division operating costs increased by 2.2% to 196,959 million yuan in 2023, with purchased coal costs rising by 4.3% to 67,886 million yuan[29] - Coal sales volume increased by 7.7% to 450.0 million tons in 2023, with purchased coal sales volume rising by 22.6%[45] - Average coal sales price decreased by 9.3% in 2023 due to market supply and demand dynamics[44] - The company achieved a coal sales volume of 450.0 million tons in 2023, a 7.7% increase compared to 417.8 million tons in 2022[67] - The average selling price of coal (excluding tax) in 2023 was 584 yuan/ton, a 9.3% decrease from 644 yuan/ton in 2022[67] - Sales to the top five external coal customers accounted for 42.8% of total coal sales, with 168.8 million tons sold to the largest customer, National Energy Group, representing 37.5% of total coal sales[67] - The company's self-produced coal sales volume increased by 2.9% to 325.4 million tons, while externally purchased coal sales volume surged by 22.6% to 124.6 million tons[68] - Annual long-term contract coal sales volume grew by 16.8% to 258.7 million tons, while spot coal sales volume increased by 46.3% to 58.5 million tons[70] - Domestic coal sales accounted for 98.3% of total sales, with a 7.4% increase in volume to 442.5 million tons[72] - The company's coal reserves under Chinese standards decreased by 3.2 billion tons to 325.8 billion tons as of December 31, 2023[73] - Coal exploration expenditures in 2023 were 226 million yuan, a significant decrease from 1.218 billion yuan in 2022[73] - Capital expenditures for coal mine development and mining increased to 10.794 billion yuan in 2023, up from 7.008 billion yuan in 2022[73] - Total coal reserves under Chinese standards are 325.8 billion tons, with recoverable reserves of 133.8 billion tons, proven reserves of 30.6 billion tons, and saleable reserves under JORC standards of 94.8 billion tons[74] - The company's coal sales revenue in 2023 was 273.306 billion yuan, a decrease of 1.5% compared to 2022, primarily due to a decline in average coal sales prices[76] - Gross profit margin for the coal segment decreased by 2.6 percentage points to 27.9% in 2023, mainly due to increased costs from outsourced coal sales and depreciation[76] - Domestic coal sales accounted for 257.117 billion yuan in revenue with a gross margin of 35.1%, while export and overseas sales were 5.751 billion yuan with a gross margin of 1.1%[77] - Self-produced coal sales generated 178.242 billion yuan in revenue with a gross margin of 49.6%, while purchased coal sales contributed 84.626 billion yuan with a gross margin of 2.4%[78] - The unit production cost of self-produced coal decreased by 2.3% to 162.4 yuan per ton in 2023, with labor costs dropping significantly by 16.5% to 37.4 yuan per ton[79] - The Shendong mining area has the largest coal reserves of 149.7 billion tons under Chinese standards and 63.6 billion tons of saleable reserves under JORC standards[74] - The calorific value of main commercial coal ranges from 4,185-5,704 kcal/kg in the Shendong mining area, with sulfur content of 0.2-0.6% and ash content of 7.0-18.4%[75] - The company's pre-tax profit for the coal segment decreased by 13.3% to 63.753 billion yuan in 2023[76] - Depreciation and amortization costs for self-produced coal increased by 4.8% to 23.9 yuan per ton in 2023, mainly due to increased mining equipment and long-term deferred expenses[79] Power Generation - Cumulative power generation and sales volume increased by 11.0% and 11.1% year-on-year, respectively[19] - Total power generation in 2023 increased by 11.0% to 212.26 billion kWh[25] - The power generation segment's external revenue in 2023 was RMB 92,202 million, up 9.3% year-over-year[26] - Total power generation increased by 11.0% to 212.26 billion kWh in 2023[45] - Total power generation from coal-fired power plants reached 2,074.0 billion kWh, with total electricity sales of 1,950.1 billion kWh[30] - The average coal consumption for electricity sales was 300 g/kWh, and the average electricity price was 412 yuan/MWh[30] - Total installed capacity of coal-fired power plants increased by 4,000 MW to 43,164 MW by the end of 2023[30] - Total electricity sales in 2023 reached 199.75 billion kWh, accounting for 2.2% of the total electricity consumption in society (92,241 billion kWh), with market transaction electricity reaching 194.56 billion kWh, representing 97.4% of total electricity sales[80] - The average electricity selling price in 2023 was 414 yuan/MWh, a decrease of 1.0% compared to 2022 (418 yuan/MWh)[80] - Coal power generation in 2023 reached 207.40 billion kWh, an increase of 11.1% compared to 2022, with electricity sales of 195.01 billion kWh, up 11.2% year-on-year[81] - The company's total installed capacity reached 44,634 MW by the end of 2023, with coal-fired power generation accounting for 43,164 MW, representing 3.1% of the total coal-fired power generation capacity in society (1.39 billion kW)[82] - In 2023, the company added 4,000 MW of coal-fired power generation capacity, including 2,000 MW each from new units in Yueyang, Hunan, and Qingyuan, Guangdong[84] - The average utilization hours of coal-fired power generation units in 2023 reached 5,221 hours, an increase of 270 hours year-on-year, and 536 hours higher than the national average of 4,685 hours[85] - The company completed energy-saving and consumption-reducing transformations for 10.20 million kW of coal-fired units, flexibility transformations for 5.58 million kW, and heating transformations for 4.40 million kW in 2023[80] - The company's photovoltaic power generation projects reached a total installed capacity of 512 MW by the end of 2023, with 395 MW commercially operational[80] - The company's coal consumption for power supply decreased to 294.9 g/kWh in 2023, a reduction of 1.8 g/kWh compared to 2022[80] - The company's investment funds completed mergers and acquisitions in 37 new energy projects, including photovoltaic, wind power, and hydrogen energy equipment manufacturing, with cumulative exit proceeds of 98 million yuan[80] - Coal-fired power generation average utilization hours increased by 5.5% to 5,221 hours in 2023 compared to 4,951 hours in 2022[86] - Market-based electricity trading volume increased by 19.4% to 194.56 billion kWh in 2023, accounting for 97.4% of total grid-connected electricity[87] - Shandong Power Sales Company sold 7.15 billion kWh of electricity in 2023, generating revenue of 3,366 million yuan and incurring costs of 2,970 million yuan[88] - The company's total capital expenditure for the power generation segment in 2023 was 15,922 million yuan, with major projects including Guangdong Qingyuan Power Plant Phase I (5,176 million yuan) and Hunan Yueyang Power Plant (3,068 million yuan)[90] - The power generation segment's revenue increased by 9.3% to 92,407 million yuan in 2023, with a gross profit margin of 16.0%, up 2.9 percentage points from 2022[91] - Coal-fired power generation accounted for 97.3% of the company's total electricity sales cost in 2023, with a 10.0% increase in sales revenue to 83,252 million yuan[92] - The power generation segment consumed 73.2 million tons of internally supplied coal in 2023, a 10.9% increase from 2022, accounting for 78.0% of total coal consumption[93] - Raw materials, fuel, and power costs accounted for 77.4% of coal-fired power plant electricity sales costs in 2023, increasing by 4.8% to 54,414 million yuan[94] Transportation and Logistics - Transportation and coal chemical operating costs increased by 9.3% to 27,380 million yuan in 2023, with internal transportation business costs rising by 20.8% to 18,704 million yuan[29] - Port coal handling volume increased by 9.1% to 225.9 million tons in 2023, with third-party port volume surging by 74.2% to 27.0 million tons[29] - Railway transportation turnover increased by 5.9% to 367.4 billion ton-kilometers in 2023, with state-owned railway turnover growing by 17.6% to 58.0 billion ton-kilometers[29] - Shipping freight volume increased by 12.2% to 152.9 million tons in 2023, with internal customer volume growing by 15.7% to 97.8 million tons[29] - Depreciation and amortization costs in the coal division increased by 14.6% to 7,983 million yuan in 2023[29] - External transportation business costs increased by 4.3% to 7,476 million yuan in 2023[29] - Repair and maintenance costs in the transportation and coal chemical division surged by 38.8% to 4,971 million yuan in 2023[29] - Raw materials, fuel, and power costs in the coal division increased by 1.3% to 9,726 million yuan in 2023[29] - Labor costs in the coal division decreased by 13.1% to 12,512 million yuan in 2023[29] - Railway division's own railway transportation turnover reached 309.4 billion ton-kilometers in 2023, a year-on-year increase of 4.0%[96] - Non-coal cargo volume in the railway division increased by 13.8% to 22.3 million tons in 2023, with reverse transportation volume reaching 16.9 million tons[96] - Railway division's revenue increased by 1.8% to 42,961 million yuan in 2023, while operating costs rose by 9.3% to 27,380 million yuan, leading to a 4.4 percentage point decline in gross margin to 36.3%[97] - Huanghua Port's coal loading volume reached 209.5 million tons in 2023, a year-on-year increase of 2.1%, maintaining its position as the top coal port in China[98] - Non-coal cargo volume in the port division surged by 62.3% to 12.5 million tons in 2023, driven by the operation of Huanghua Port's 3 and 4 general bulk cargo terminals[99] - Port division's revenue increased by 4.8% to 6,749 million yuan in 2023, while operating costs rose by 8.1% to 3,844 million yuan, resulting in a 1.8 percentage point decline in gross margin to 43.0%[100] - Shipping division's cargo volume increased by 12.2% to 152.9 million tons in 2023, with turnover growing by 23.3% to 164.7 billion ton-nautical miles[101] - Shipping division's revenue decreased by 20.1% to 4,836 million yuan in 2023 due to a decline in average shipping prices, while operating costs fell by 11.7% to 4,602 million yuan, leading to a 9.0 percentage point decline in gross margin to 4.8%[102] Coal Chemical Business - Coal-to-olefins project's polyolefin product output reached 702.9 thousand tons in 2023, a year-on-year increase of 1.3%, with comprehensive energy consumption decreasing by 3.0% and unit product water consumption dropping by 8.6%[103] - Polyethylene sales volume increased by 1.7% to 364.4 thousand tons in 2023, while polypropylene sales volume rose by 0.3% to 341.5 thousand tons, with prices declining by 4.7% and 10.7% respectively[104] - Revenue from the coal chemical segment decreased by 4.4% to 6,098 million yuan in 2023, primarily due to a decline in the average selling price of polyolefin products[105] - The gross margin of the coal chemical segment dropped by 5.2 percentage points to 8.7% in 2023[105] - Pre-tax profit for the coal chemical segment fell by 66.5% to 180 million yuan in 2023[105] - Polyethylene production increased by 2.5% to 362.4 thousand tons in 2023, with unit production cost decreasing by 2.6% to 5,660 yuan per ton[106] - Polypropylene production remained stable at 340.5 thousand tons in 2023, with unit production cost decreasing by 5.2% to 5,487 yuan per ton[106] Corporate Governance and Leadership - The company's board of directors, supervisors, and senior management guarantee the authenticity, accuracy, and completeness of the annual report[2] -