杭州热电(605011) - 2024 Q2 - 季度财报

Definitions This chapter defines key terms, abbreviations, and parties used in the report, providing essential context for understanding its content - This section primarily defines company abbreviations, related parties, regulatory bodies, and professional terms used in the report, providing a foundation for understanding its content[5] Company Profile and Key Financial Indicators This section provides the company's basic information and key financial performance indicators for the reporting period Company Basic Information This chapter provides the company's basic business registration details, including names, legal representative, addresses, and contact information Key Company Details | Item | Content | | :--- | :--- | | Company Chinese Name | Hangzhou Thermal Power Group Co., Ltd. | | Company Chinese Abbreviation | Hangzhou Thermal Power | | Stock Abbreviation | 杭州热电 | | Stock Code | 605011 | | Listing Exchange | Shanghai Stock Exchange | | Legal Representative | Liu Xiangjian | Key Accounting Data and Financial Indicators In H1 2024, the company achieved CNY 1.678 billion in revenue (+10.34%) and CNY 117 million in net profit (+9.07%), but operating cash flow significantly declined by 59.82% Key Accounting Data for H1 2024 | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,677,646,074.85 CNY | 1,520,418,124.58 CNY | 10.34% | | Net Profit Attributable to Shareholders of Listed Company | 116,712,271.86 CNY | 107,007,040.84 CNY | 9.07% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items) | 107,675,601.61 CNY | 99,660,533.31 CNY | 8.04% | | Net Cash Flow from Operating Activities | 101,738,714.76 CNY | 253,212,706.84 CNY | -59.82% | | Asset Status | End of Current Period | End of Prior Year | Period-end vs. Prior Year-end Change (%) | | Net Assets Attributable to Shareholders of Listed Company | 2,236,795,034.41 CNY | 2,183,106,942.72 CNY | 2.46% | | Total Assets | 3,878,910,366.20 CNY | 3,792,255,207.67 CNY | 2.29% | Key Financial Indicators for H1 2024 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.29 | 0.27 | 7.41% | | Diluted Earnings Per Share (CNY/share) | 0.29 | 0.27 | 7.41% | | Weighted Average Return on Net Assets (%) | 5.23% | 5.15% | Increased by 0.08 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Items) (%) | 4.83% | 4.79% | Increased by 0.04 percentage points | - Net cash flow from operating activities decreased by 59.82% year-on-year, primarily due to increased payments for goods and services during the reporting period[14] Non-recurring Gains and Losses The company's total non-recurring gains and losses for the period amounted to CNY 9.0367 million, primarily from asset disposals and government subsidies Details of Non-recurring Gains and Losses for H1 2024 | Non-recurring Gain/Loss Item | Amount (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 8,085,468.84 | | Government Subsidies Included in Current Period Profit/Loss | 8,450,791.24 | | Gains/Losses from Entrusted Investments or Asset Management | 290,730.16 | | Other Non-operating Income and Expenses | 23,835.01 | | Total | 9,036,670.25 | Management Discussion and Analysis This section provides an in-depth analysis of the company's industry, core business, competitive advantages, operational performance, and key risks during the reporting period Industry and Principal Business Overview The company's core business is cogeneration, encompassing heat, power, distributed PV, and coal wholesale, with centralized procurement and sales to State Grid and industrial users - The company's operating model covers the entire chain from raw material procurement to production and sales: - Procurement: Centralized procurement of coal, annual contracts with gas companies, and steam procurement from large power generation companies - Production: Utilizes cogeneration, prioritizing heat production to determine electricity output, generating steam and electricity by burning coal and natural gas - Sales: Electricity is fully prioritized for grid connection and sold to the State Grid; steam is sold via pipeline networks to industrial park users; coal trading involves direct sales to associate companies or customers[17] Analysis of Core Competencies Core competencies include a first-mover advantage in the Yangtze River Delta, alignment with national back-pressure cogeneration policies, and over 40 years of operational and technical expertise - Location and First-Mover Advantage: As one of Zhejiang Province's earliest cogeneration enterprises, the company's operations cover multiple industrial parks in the Yangtze River Delta, including Shanghai and Hangzhou, where energy demand is robust - Industry Advantage: Back-pressure cogeneration is listed in the national industrial structure adjustment encouragement catalog, characterized by high efficiency, environmental friendliness, and energy conservation, serving as a crucial supporting facility for industrial parks - Management and Technological Advantage: With over 40 years of operating history, the company has established an effective operational management model; technically, indicators such as power generation coal consumption and overall thermal efficiency are industry-leading, and investments in resource comprehensive utilization projects are underway[18][19] Discussion and Analysis of Operations In H1 2024, the company maintained stable operations, achieving CNY 1.678 billion in revenue (+10.34%) and CNY 176 million in total profit (+2.13%), with progress in cost reduction, innovation, governance, and expansion - During the reporting period, the company's main efforts focused on four key areas: - Stable Operations: Achieved cost reduction and efficiency improvement through optimized production processes and financial management, while enhancing market maintenance and expansion mechanisms - Technological Innovation: Increased R&D investment, collaborated with universities on topics such as solid waste co-combustion and smart heating networks, and promoted the development of "smart thermal power" - Corporate Governance: Strengthened the internal control system, deepening management across aspects including excellent performance, corporate governance, and compliance management - Industrial Expansion: Advanced key project construction, comprehensively deployed on-site distributed photovoltaics, intensified green energy expansion efforts, and aimed to create a "second growth curve"[20] Analysis of Key Operating Performance Operating revenue and costs increased with coal trade expansion; financial expenses decreased 58.67% due to lower interest, while R&D expenses surged 6142.95%; operating cash flow declined, and investing cash flow turned negative Analysis of Principal Business Operating revenue grew 10.34% driven by coal trade, with costs up 10.60%; R&D expenses surged 6142.95% due to new projects, and financial expenses decreased 58.67% from lower interest Key Financial Statement Item Changes for H1 2024 | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,677,646,074.85 | 1,520,418,124.58 | 10.34 | Increase in coal trading revenue | | Operating Cost | 1,472,241,755.39 | 1,331,100,628.28 | 10.60 | Increase in coal trading cost | | Financial Expenses | 3,416,449.16 | 8,265,431.55 | -58.67 | Decrease in interest expenses | | R&D Expenses | 30,826,851.87 | 493,786.66 | 6,142.95 | New R&D projects, increased investment | | Net Cash Flow from Operating Activities | 101,738,714.76 | 253,212,706.84 | -59.82 | Increase in cash paid for goods and services | | Net Cash Flow from Investing Activities | -134,337,870.52 | 46,322,179.43 | 不适用 | Increase in cash paid for fixed asset acquisition, etc. | Analysis of Assets and Liabilities Total assets reached CNY 3.879 billion (+2.29%); key asset changes included a 300% rise in trading financial assets, 719.43% in other receivables, and 85.73% in construction in progress, while contract liabilities increased 158.45% Changes in Key Balance Sheet Items | Item Name | Current Period End Amount (CNY) | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 40,000,000.00 | 300.00 | Increase due to purchase of structured deposits | | Other Receivables | 79,961,667.25 | 719.43 | Dividends declared but not yet distributed from associate companies | | Construction in Progress | 182,420,071.56 | 85.73 | Investment in some fundraising projects and new projects | | Right-of-use Assets | 45,516,574.40 | 4,786.75 | Increase in leased properties | | Contract Liabilities | 43,392,598.57 | 158.45 | Increase in advance receipts for goods | - As of the end of the reporting period, the company's total restricted assets amounted to CNY 56.906 million, comprising CNY 55.3786 million in accounts receivable pledged for loans and CNY 1.5274 million in monetary funds held as a housing maintenance fund[25] Analysis of Major Holding and Associate Companies All major holding subsidiaries were profitable, with Hangzhou Linjiang Environmental Thermal Power contributing CNY 33.6244 million in net profit, and associate Shaoxing Shangyu Hangxie Thermal Power achieving CNY 112.6966 million Operating Performance of Major Holding and Associate Companies (Unit: Million CNY) | Company Name | Business Nature | Shareholding Ratio (%) | Operating Revenue for the Reporting Period | Net Profit for the Reporting Period | | :--- | :--- | :--- | :--- | :--- | | Hangzhou Linjiang Environmental Thermal Power Co., Ltd. | Thermal Power Production and Sales | 55 | 22,050.75 | 3,362.44 | | Zhejiang Anji Tianzihu Thermal Power Co., Ltd. | Thermal Power Production and Sales | 100 | 12,137.24 | 1,489.05 | | Lishui Hangli Thermal Power Co., Ltd. | Thermal Power Production and Sales | 74 | 22,448.10 | 1,940.58 | | Shanghai Jinlian Thermal Power Co., Ltd. | Thermal Power Production and Sales | 55 | 20,924.04 | 997.67 | | Shaoxing Shangyu Hangxie Thermal Power Co., Ltd. | Thermal Power Production and Sales | 40 | 70,523.12 | 11,269.66 | Risk Disclosure The company faces macroeconomic, policy, and raw material price risks, as the thermal power industry is sensitive to economic cycles, government regulations, and fuel cost fluctuations - Macroeconomic Risk: An economic downturn will lead to reduced industrial heat demand, affecting the company's heat and power supply, and consequently its profitability - Policy Change Risk: As a public utility serving industrial parks, the company's operations are significantly influenced by changes in national and local energy policies and industrial park planning - Raw Material Price Volatility Risk: The thermal power industry is highly susceptible to fluctuations in fuel prices such as coal and natural gas, with fossil energy price volatility remaining a major operational risk in 2024[28] Corporate Governance This section details the company's corporate governance structure, including shareholder meetings, changes in directors, supervisors, and senior management, and profit distribution plans Shareholder Meetings The company held three shareholder meetings during the period, completing the re-election of the Board of Directors and Supervisory Board and approving various key proposals - The company held its First Extraordinary General Meeting of Shareholders in 2024, the 2023 Annual General Meeting of Shareholders, and the Second Extraordinary General Meeting of Shareholders in 2024, completing the re-election of the Board of Directors and the Supervisory Board[29] Changes in Directors, Supervisors, and Senior Management On June 13, 2024, the company completed the re-election of its Board and Supervisory Board, appointing new senior management, with several directors, supervisors, and executives departing due to term expiration - On June 13, 2024, the company completed its re-election, with Liu Xiangjian elected as the new Chairman and Xu Qinbao appointed as General Manager; concurrently, several directors and supervisors, including Wang Heng and Lin Wei, departed due to term expiration[31][32][33] Profit Distribution Plan The company's board of directors resolved that there is no profit distribution plan or capital reserve capitalization plan for the current reporting period Profit Distribution Plan Details | Item | Content | | :--- | :--- | | Whether to Distribute or Capitalize | No | | Number of Bonus Shares per 10 Shares (shares) | 0 | | Dividend per 10 Shares (CNY, tax inclusive) | 0 | | Number of Shares Capitalized per 10 Shares (shares) | 0 | Environmental and Social Responsibility This section outlines the company's environmental performance as a key polluter, including detailed emissions data and environmental investments, alongside its commitment to social responsibility Environmental Information As a key polluting entity, the company disclosed detailed pollutant emission data for major subsidiaries, meeting standards, with CNY 16.6171 million in H1 2024 environmental investment and established emergency plans Pollutant Emission Status of Major Subsidiaries for H1 2024 | Company Name | Major Pollutant | Total Emissions | Approved Emission Limit | | :--- | :--- | :--- | :--- | | 上海金联 | Particulate Matter | 0.29 tons | 6.91 tons/year | | | Sulfur Dioxide | 0.11 tons | 9.33 tons/year | | | Nitrogen Oxides | 18.46 tons | 98.77 tons/year | | 临江环保 | Particulate Matter | 1.85 tons | 15.55 tons/year | | | Sulfur Dioxide | 3.66 tons | 108.86 tons/year | | | Nitrogen Oxides | 33.88 tons | 155.51 tons/year | | 杭丽热电 | Nitrogen Oxides | 35.24 tons | 200.14 tons/year | | 天子湖热电 | Nitrogen Oxides | 20.70 tons | 66.24 tons/year | - The total environmental investment by the company's controlled enterprises in the first half of 2024 was CNY 16.6171 million, utilizing technologies such as circulating fluidized bed boilers, low-nitrogen combustion, and multi-stage denitrification and dust removal to ensure all emission indicators meet requirements[37] - The company strictly adheres to carbon reduction regulations, verifies greenhouse gas emissions through third-party agencies, and actively promotes green and low-carbon technological innovation to achieve a green transformation in high-emission industries[40] Significant Matters This section covers the company's fulfillment of commitments, significant related party transactions, major contracts, and the progress of raised capital utilization Fulfillment of Commitments The company and related parties strictly fulfilled all IPO commitments, including share lock-up, avoidance of horizontal competition, standardization of related party transactions, and share price stabilization - The company's controlling shareholder, Energy Group, and other major shareholders have strictly adhered to their share lock-up commitments since the stock's listing and have made continuous and effective commitments regarding the avoidance of horizontal competition and the standardization of related party transactions[44][45][47] Significant Related Party Transactions Actual related party transactions totaled CNY 346 million, primarily CNY 317 million in coal sales to associate Shangyu Hangxie, all within annual estimated limits Execution of Daily Related Party Transactions, Jan-Jun 2024 (Unit: Million CNY) | Category | Related Party | Related Party Transaction Content | 2024 Estimated Amount | Actual Amount | | :--- | :--- | :--- | :--- | :--- | | Sales of Goods to Related Parties | Shangyu Hangxie | Coal Sales | 98,000.00 | 31,653.89 | | | Huafeng Paper | Steam Supply | 4,800.00 | 1,651.91 | | Provision of Services to Related Parties | Shangyu Hangxie | Installation and Maintenance Services | 10,000.00 | 1,116.15 | | Total | | | 117,315.00 | 34,611.07 | Major Contracts and Their Performance The company added two supplementary agreements to its coal purchase and sales contract with Yitai Energy, including Shanghai Yitai Shenpu as a co-supplier and adjusting the 2024 contract quantity - The company signed supplementary agreements with Yitai Energy, adding Shanghai Yitai Shenpu Energy Co., Ltd. as a contract party to jointly fulfill the original coal purchase and sales contract and adjusting the contract quantity for 2024[60] Explanation of Progress in Use of Raised Funds Net IPO proceeds were CNY 204 million, with CNY 103 million invested (50.39% progress); some projects were altered or delayed, and others suspended due to lower-than-expected heat load growth Overall Use of Raised Funds | Item | Amount (CNY) | | :--- | :--- | | Net Proceeds from Fundraising | 204,060,900.00 | | Total Cumulative Investment as of End of Reporting Period | 102,826,482.17 | | Cumulative Investment Progress (%) | 50.39% | | Total Raised Funds with Changed Use | 66,891,300.00 | - Project Change: The "Lishui Hangli Thermal Power Project Centralized Gas Supply Technical Transformation Project" was changed to the "Zhejiang Anji Tianzihu Thermal Power Coal-Fired Coupled General Industrial Solid Waste Cogeneration Technical Transformation Project" - Project Delays: The "Zhejiang Anji Tianzihu" project was delayed until September 2024 to ensure downstream heat supply; the "Hangzhou Thermal Power Group Information Center" project was delayed until December 2025 due to a change in implementation location - Project Suspension: The "Lishui Hangli Thermal Power Project Centralized Heating Phase III Project" was temporarily suspended due to lower-than-expected downstream heat load growth[63][65] Share Changes and Shareholder Information This section details changes in the company's restricted shares and provides an overview of its shareholder structure, including major shareholders Changes in Restricted Shares The company's share capital remained unchanged; on July 1, 2024, 279 million IPO restricted shares became tradable, involving five shareholders, with a 36-month lock-up period - On July 1, 2024, 279,000,000 shares of the company's initial public offering restricted shares were released from lock-up and became tradable, accounting for 69.73% of the company's total share capital, involving five shareholders including Hangzhou Energy Group Co., Ltd. and Zhejiang Huashi Investment Management Co., Ltd[69] Shareholder Information As of period-end, the company had 29,740 common shareholders; top two were Hangzhou Energy Group (61.63%) and Zhejiang Huafeng Paper Group (16.00%) Top Ten Shareholders' Shareholding Status | Shareholder Name | Number of Shares Held at Period End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Hangzhou Energy Group Co., Ltd. | 246,600,000 | 61.63 | State-owned Legal Person | | Zhejiang Huafeng Paper Group Co., Ltd. | 64,000,000 | 16.00 | State-owned Legal Person | | Zhejiang Huashi Investment Management Co., Ltd. | 18,000,000 | 4.50 | Domestic Non-state-owned Legal Person | | Hangzhou Industrial Investment Group Co., Ltd. | 9,533,300 | 2.38 | State-owned Legal Person | | Zhejiang Free Trade Zone Hangre No.1 Investment Partnership | 4,872,445 | 1.22 | Other | Preferred Shares Information The company had no preferred shares related information during the reporting period - During the reporting period, the company had no preferred shares related information[74] Bond Information The company had no information related to corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - During the reporting period, the company had no information related to corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds[74] Financial Report This section presents the company's unaudited consolidated and parent company financial statements for the first half of 2024, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity Financial Statements This chapter provides the company's unaudited consolidated and parent company financial statements for H1 2024, including balance sheet, income statement, cash flow statement, and owners' equity statement Consolidated Balance Sheet As of June 30, 2024, total assets were CNY 3.879 billion, total liabilities CNY 1.162 billion, and equity attributable to parent owners CNY 2.237 billion, with an asset-liability ratio of 29.96% Key Items from Consolidated Balance Sheet (June 30, 2024) | Item | Amount (CNY) | | :--- | :--- | | Total Assets | 3,878,910,366.20 | | Total Current Assets | 1,299,160,027.21 | | Total Non-current Assets | 2,579,750,338.99 | | Total Liabilities | 1,162,127,235.30 | | Total Current Liabilities | 795,161,600.29 | | Total Non-current Liabilities | 366,965,635.01 | | Total Owners' Equity | 2,716,783,130.90 | | Equity Attributable to Parent Company Owners | 2,236,795,034.41 | Consolidated Income Statement In H1 2024, total operating revenue was CNY 1.678 billion, total operating costs CNY 1.563 billion, total profit CNY 176 million, and net profit CNY 147 million, with CNY 117 million attributable to parent shareholders Key Items from Consolidated Income Statement (Jan-Jun 2024) | Item | Amount (CNY) | | :--- | :--- | | I. Total Operating Revenue | 1,677,646,074.85 | | II. Total Operating Costs | 1,562,690,972.58 | | Operating Cost | 1,472,241,755.39 | | R&D Expenses | 30,826,851.87 | | III. Operating Profit | 167,577,109.03 | | IV. Total Profit | 175,737,461.14 | | V. Net Profit | 146,957,967.89 | | Net Profit Attributable to Parent Company Shareholders | 116,712,271.86 | | VIII. Earnings Per Share | | | Basic Earnings Per Share (CNY/share) | 0.29 | Consolidated Cash Flow Statement In H1 2024, net cash flow from operating activities was CNY 102 million, investing activities -CNY 134 million, and financing activities -CNY 61 million, resulting in a net decrease of CNY 94 million in cash and cash equivalents Key Items from Consolidated Cash Flow Statement (Jan-Jun 2024) | Item | Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | 101,738,714.76 | | Net Cash Flow from Investing Activities | -134,337,870.52 | | Net Cash Flow from Financing Activities | -61,023,726.99 | | V. Net Increase in Cash and Cash Equivalents | -93,622,882.75 | | Add: Cash and Cash Equivalents at Beginning of Period | 720,726,757.41 | | VI. Cash and Cash Equivalents at End of Period | 627,103,874.66 | Notes to Consolidated Financial Statements Notes detail accounting item composition and changes, with accounts receivable at CNY 200 million (mostly short-term), construction in progress at CNY 182 million for key projects, and revenue primarily from thermal power and coal Accounts Receivable At period-end, accounts receivable book balance was CNY 201 million, value CNY 191 million, bad debt provision CNY 10.08 million; 99.97% were current, and top five debtors accounted for 46.69% of total - The accounts receivable balance at period-end was CNY 201,339,998.66, with over 99% of it being current (within 1 year aging)[172] Top Five Accounts Receivable and Contract Assets by Debtor at Period End | Debtor Name | Total Period-End Balance (CNY) | Proportion of Total (%) | | :--- | :--- | :--- | | Shaoxing Shangyu Hangxie Thermal Power Co., Ltd. | 53,899,278.14 | 20.67 | | Huzhou South Taihu Power Technology Co., Ltd. | 21,732,689.02 | 8.33 | | State Grid Zhejiang Electric Power Co., Ltd. | 18,472,160.98 | 7.08 | | Zhejiang Minfeng Chemical Co., Ltd. | 17,068,380.00 | 6.55 | | Haining Jiangwan Energy Co., Ltd. | 10,574,001.20 | 4.06 | Construction in Progress Period-end construction in progress was CNY 182 million, a significant increase from CNY 98.21 million, primarily for the Anji Tianzihu technical transformation and Linjiang Environmental resource utilization projects Status of Significant Construction in Progress Projects | Project Name | Budget (CNY) | Period-End Balance (CNY) | Project Progress (%) | | :--- | :--- | :--- | :--- | | Zhejiang Anji Tianzihu Thermal Power Coal-Fired Coupled Technical Transformation Project | 84,380,000.00 | 79,809,516.83 | 95.00 | | Hangzhou Linjiang Environmental Resource Comprehensive Utilization Project | 269,877,500.00 | 93,648,386.73 | 35.00 | | Hangzhou Thermal Power Group Information Center | 27,541,900.00 | 395,797.06 | 1.50 | Operating Revenue and Operating Cost In H1 2024, principal business revenue was CNY 1.619 billion, with CNY 866 million from thermal power and CNY 750 million from coal, all generated domestically Operating Revenue Breakdown by Business Type | Product Type | Operating Revenue (CNY) | Operating Cost (CNY) | | :--- | :--- | :--- | | Thermal Power Business | 866,007,551.36 | 685,681,192.03 | | Coal Business | 750,445,509.44 | 736,902,639.26 | | Other | 61,193,014.05 | 49,657,924.10 | | Total | 1,677,646,074.85 | 1,472,241,755.39 |