Financial Performance - Revenue for 2023 reached RMB 20,446.028 million, showing a steady increase from previous years[4] - Net profit attributable to equity holders of the company for 2023 was RMB 3,057.641 million, up from RMB 2,841.680 million in 2022[4] - Basic and diluted earnings per share for 2023 were RMB 37.09 cents, up from RMB 34.47 cents in 2022[4] - The company achieved operating revenue of RMB 20.446 billion and pre-tax profit of RMB 4.144 billion in 2023, both reaching historical highs[8] - Renewable energy contributed RMB 29.09 billion in pre-tax profit, a year-on-year increase of 11.72%[11] - The company's net asset return rate attributable to equity holders was 10.32% in 2023, an increase of 0.16 percentage points year-on-year[11] - The company's gas power generation segment achieved pre-tax profit of RMB 1.865 billion, a year-on-year increase of 3.50%[11] - In 2023, the company achieved a net profit of RMB 3,235.2 million, a 7.01% increase from 2022, with attributable profit to equity holders rising 7.60% to RMB 3,057.6 million[23] - Total operating revenue increased by 2.08% to RMB 20,446.0 million in 2023, driven by increased electricity sales from gas power and heating, as well as wind and solar power capacity expansion[24] - Wind power revenue increased by 4.50% to RMB 4,511.9 million in 2023 due to increased installed capacity and electricity sales[26] - Solar power revenue rose by 8.74% to RMB 2,957.8 million in 2023, driven by increased installed capacity and electricity sales[27] - Hydropower revenue decreased by 12.40% to RMB 322.7 million in 2023 due to reduced electricity sales[28] - Other operating revenue, mainly from financial leasing and equipment maintenance, decreased by 46.05% to RMB 85.4 million in 2023 due to reduced external financial leasing income[28] - Other income increased by 6.76% from RMB 1,055.4 million in 2022 to RMB 1,126.7 million in 2023, driven by increased VAT refunds and carbon emission reduction certificate income[29] - Operating expenses rose by 2.95% from RMB 15,914.8 million in 2022 to RMB 16,384.8 million in 2023, due to increased capacity in wind and photovoltaic power generation[30] - Employee costs increased by 10.29% from RMB 1,227.1 million in 2022 to RMB 1,353.4 million in 2023, driven by business expansion and new project costs[33] - Maintenance costs decreased by 42.60% from RMB 560.5 million in 2022 to RMB 321.7 million in 2023, due to cost reduction measures and fewer major repairs[34] - Operating profit increased by 0.33% from RMB 5,170.9 million in 2022 to RMB 5,187.9 million in 2023, with wind power division profit up 15.29% to RMB 2,502.9 million[37] - Hydropower division turned a profit of RMB 142.6 million in 2022 into a loss of RMB 12.8 million in 2023 due to asset impairment[38] - Financial expenses decreased by 17.16% from RMB 1,501.0 million in 2022 to RMB 1,243.4 million in 2023, driven by lower financing costs[40] - Net profit attributable to equity holders increased by 7.60% from RMB 2,841.7 million in 2022 to RMB 3,057.6 million in 2023[43] - Revenue for the year ended December 31, 2023, increased to RMB 20,446,028 thousand, up 2.1% from RMB 20,030,281 thousand in 2022[200] - Operating profit for 2023 was RMB 5,187,881 thousand, slightly higher than RMB 5,170,923 thousand in 2022[200] - Net profit for the year increased to RMB 3,235,203 thousand, up 7.0% from RMB 3,023,414 thousand in 2022[200] - Earnings per share (basic and diluted) rose to RMB 37.09 cents, up from RMB 34.47 cents in 2022[200] - Gas consumption costs for 2023 were RMB 9,365,354 thousand, a 1.9% increase from RMB 9,186,941 thousand in 2022[200] - Depreciation and amortization expenses increased to RMB 3,847,886 thousand, up 4.5% from RMB 3,680,958 thousand in 2022[200] - Employee costs rose to RMB 1,353,435 thousand, a 10.3% increase from RMB 1,227,118 thousand in 2022[200] - Financial expenses decreased to RMB 1,243,402 thousand, down 17.2% from RMB 1,500,967 thousand in 2022[200] - Profit attributable to equity holders of the company increased to RMB 3,057,641 thousand, up 7.6% from RMB 2,841,680 thousand in 2022[200] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 93,594.441 million, with non-current assets at RMB 73,782.632 million[5] - Total equity attributable to equity holders of the company was RMB 30,678.046 million as of December 31, 2023[5] - Total assets of the company reached RMB 93.59 billion by the end of 2023, with a total installed capacity of 14.482 million kilowatts, of which renewable energy accounted for 9.78 million kilowatts, representing 68% of the total installed capacity[8] - Total assets increased by 6.36% from RMB 88,000.2 million in 2022 to RMB 93,594.4 million in 2023, driven by new and acquired projects[45] - Net debt-to-equity ratio decreased slightly from 55.79% in 2022 to 55.65% in 2023, with total borrowings increasing by 7.62% to RMB 49,920.8 million[47] - The company's bank borrowings are secured by property, plant, and equipment worth RMB 2,489.8 million, trade receivables worth RMB 2,512.0 million, finance lease receivables worth RMB 309.7 million, and restricted bank deposits worth RMB 46.9 million as of December 31, 2023[87] Renewable Energy Capacity - The company's total installed capacity for power generation reached 14.482 million kW, with renewable energy capacity at 9.78 million kW[6] - Wind power installed capacity stood at 5.566 million kW, primarily located in Inner Mongolia, Shaanxi-Gansu-Ningxia, and the Beijing-Tianjin-Hebei region[6] - Solar power installed capacity was 3.818 million kW, distributed across the northwest, north, and south China regions[6] - Gas-fired cogeneration plants in Beijing have a capacity of 4.702 million kW, accounting for over 40% of Beijing's gas-fired power generation and central heating supply[6] - Renewable energy development capacity reached 5.33 million kW in 2023, a 3-fold increase compared to the previous year, with 4.8 million kW from self-developed projects and 530,000 kW from acquisitions[12] - Total installed renewable energy capacity reached 9.78 million kW by the end of 2023, exceeding gas-fired power capacity by more than double[13] - Wind power generation increased by 15.9% YoY to 12.6 billion kWh, with utilization hours reaching 2,304 hours, 79 hours above the national average[13] - Solar power generation increased by 5.4% YoY to 5.29 billion kWh, with utilization hours reaching 1,387 hours, 101 hours above the national average[13] - Total electricity generation in 2023 reached 38.89 billion kWh, a 6.2% YoY increase, with renewable energy contributing 19.47 billion kWh, a 10.7% YoY increase[13] Operational Efficiency and Cost Management - Cost savings exceeded RMB 30 million through centralized procurement, and digital operations reduced repetitive workloads by 70% and increased per capita operation and maintenance capacity by 35%[14] - The company achieved carbon asset revenue of approximately RMB 30 million through carbon quota trading of 500,000 tons[14] - Digital transformation initiatives included 48 technology projects with an investment of RMB 720 million, resulting in 119 patents and awards[15] - The company aims to become a "smarter, more low-carbon, more flexible, and more resilient" international clean energy service provider in 2024[17] - The company aims to achieve a non-fossil energy installed capacity target of 12.5 GW in 2024, striving to exceed the total installed capacity development goal of 17.35 GW[18] - The company expects a profit impact of RMB 600-700 million in 2024 due to the adjustment of gas power plant electricity prices in Beijing[19] - The company plans to increase its profit target to exceed RMB 4.1 billion in 2024, despite the impact of gas power plant price adjustments[20] - The company will focus on digital transformation, aiming to build a digital operation platform integrating production, operation, and finance[21] Corporate Governance and Compliance - The company successfully entered the "Beijing State-owned Holding Listed Companies ESG Pioneer 30 Index" and received the highest rating of four and a half stars[8] - The company's registered share capital as of December 31, 2023, is RMB 8,244,508,144, divided into 8,244,508,144 shares with a par value of RMB 1.00 each, including 5,414,831,344 domestic legal person shares and 2,829,676,800 H-shares[82] - The company did not purchase, sell, or redeem any listed securities during the year ended December 31, 2023[83] - The company plans to expand its domestic market, focus on high-quality and high-return projects, and maximize shareholder value through self-development, acquisitions, and mergers[84] - The company will support its capital expenditures through various financing channels, including internal funds and bank loans, with sufficient bank credit lines currently available[84] - The company did not enter into any stock-linked agreements during the year ended December 31, 2023, and no such agreements were in effect at the end of 2023[85] - The company has appropriate liability insurance for its directors, supervisors, and senior management, with approved indemnity provisions in place[85] - The controlling shareholder did not pledge any shares in the company to guarantee the company's debts or other obligations during the year ended December 31, 2023[86] - The company did not provide any financial assistance or guarantees to its affiliates that required disclosure under the Listing Rules during the year ended December 31, 2023[88] - The company adopted an H-share stock appreciation rights plan on February 2, 2024, granting a total of 103,062,511 stock appreciation rights to 113激励对象[90] - The company is a leading wind and photovoltaic power operator in China and the largest gas power supplier in Beijing, engaging in diversified clean energy businesses including wind power, photovoltaic power, gas thermal power, small hydropower, and other clean energy projects[91] - The company's audited operating performance, financial position, and cash flow for the year ended December 31, 2023, are detailed in the consolidated income statement, consolidated statement of financial position, and consolidated cash flow statement, respectively[92] - The company maintains good relationships with suppliers and customers, implementing a comprehensive supplier evaluation system and ensuring product quality through manufacturing supervision[93] - The company's environmental policies and performance are discussed in the Environmental, Social, and Governance (ESG) report published on the Hong Kong Stock Exchange website[94] - The company emphasizes compliance with laws and regulations, allocating resources to ensure adherence and maintain good working relationships with regulatory authorities[95] - The company's dividend policy prioritizes maintaining sufficient cash reserves to meet operational needs, future growth, and shareholder value, with dividends to be paid in cash or other forms as approved by the board and shareholders[96] - The company proposes a final dividend of RMB 13.98 cents per share for the year ended December 31, 2023, totaling approximately RMB 1,152.6 million[97] - The final dividend for 2023 is expected to be paid on or around July 31, 2024, subject to approval at the Annual General Meeting[97] - Non-resident enterprise shareholders of H shares will have a 10% enterprise income tax withheld on the final dividend[97] - Individual H shareholders are exempt from Chinese personal income tax on dividends due to the company's status as a foreign-invested enterprise[97] - The company's distributable reserves as of December 31, 2023, were approximately RMB 11,996 million, up from RMB 10,903 million in 2022[100] - The company made external donations of approximately RMB 36 million during the reporting period, excluding employee personal donations[101] - H share transfer registration will be suspended from June 21 to June 26, 2024, for determining eligibility to attend and vote at the Annual General Meeting[99] - H share transfer registration will also be suspended from July 3 to July 8, 2024, for determining eligibility to receive the proposed final dividend[99] - The company's major shareholder, Jingneng Group, holds 5,190,483,053 domestic shares, representing 95.86% of the domestic share class and 62.96% of the total share capital[112] - Beijing State-owned Assets Management holds 5,414,831,344 domestic shares, accounting for 100% of the domestic share class and 65.68% of the total share capital[112] - Central Huijin Investment Ltd. holds 656,036,000 H-shares, representing 23.18% of the H-share class and 7.96% of the total share capital[112] - China Reinsurance (Group) Corporation holds 656,036,000 H-shares, accounting for 23.18% of the H-share class and 7.96% of the total share capital[112] - Beijing Energy Investment holds 471,612,800 H-shares, representing 16.67% of the H-share class and 5.72% of the total share capital[112] - Beijing Enterprises Holdings Limited holds 196,964,000 H-shares, accounting for 6.96% of the H-share class and 2.39% of the total share capital[112] - Beijing Enterprises Clean Energy Technology Investment Co., Ltd. holds 196,964,000 H-shares, representing 6.96% of the H-share class and 2.39% of the total share capital[112] - China Property & Casualty Reinsurance Co., Ltd. holds 196,704,000 H-shares, accounting for 6.95% of the H-share class and 2.39% of the total share capital[112] - Beijing Energy Group directly holds 5,174,447,731 domestic shares of the company, accounting for 68.68% of the total issued shares as of December 31, 2023[117] - The company's equipment maintenance framework agreement with Beijing Energy Group has an estimated annual cap of RMB 250 million, RMB 260 million, and RMB 270 million for the years 2023, 2024, and 2025, respectively[118] - The service framework agreement with Beijing Energy Group includes property management services with an estimated annual cap of RMB 85 million, RMB 90 million, and RMB 95 million for 2023, 2024, and 2025, respectively[119] - The actual transaction amount for equipment maintenance services under the framework agreement with Beijing Energy Group in 2023 was RMB 93.4 million, below the annual cap of RMB 250 million[116] - The actual transaction amount for property management services under the service framework agreement with Beijing Energy Group in 2023 was RMB 71.2 million, below the annual cap of RMB 85 million[116] - The actual transaction amount for administrative services under the service framework agreement with Beijing Energy Group in 2023 was RMB 67.3 million, below the annual cap of RMB 85 million[116] - The actual transaction amount for financial services (deposit services) with Beijing Energy Finance in 2023 was RMB 6,433.2 million, below the annual cap of RMB 8,000 million[116] - The actual transaction amount for financial services (other financial services) with Beijing Energy Finance in 2023 was RMB 0.4 million, below the annual cap of RMB 15 million[116] - The actual transaction amount for property leasing services with Beijing Energy Group in 2023 was RMB 52.1 million, below the annual cap of RMB 60.1 million[116] - The actual transaction amount for financial leasing services with Beijing Energy Leasing in 2023 was RMB 551.9 million, below the annual cap of RMB 3,000 million[116] - The new contract energy management framework agreement with Jingneng Group has an estimated annual cap of RMB 26.5 million for each of the three years ending December 31, 2025[120] - The new heat sales and procurement framework agreement with Jingneng Group has an estimated annual cap of RMB 2,351.8 million for each of the three years ending December 31, 2025[121] - The new materials procurement framework agreement with Jingneng Group has an estimated annual cap of RMB 160 million for each of the three years ending December 31, 2025, with no transactions occurring in 2023 due to changes in the company's procurement model[122] - The new financial leasing framework agreement with Beijing Jingneng Leasing has an estimated annual cap of RMB 1,000 million for each of the three years ending December 31, 2025[123] - The new financial services framework agreement with Jingneng Finance has estimated annual caps for deposit services of RMB 8,000 million, RMB 9,500 million, and RMB 11,000 million for the three years
京能清洁能源(00579) - 2023 - 年度财报