Economic Growth and Energy Demand - In the first half of 2021, China's GDP grew by 12.7% year-on-year, with overall electricity consumption increasing by 16.2% year-on-year[4]. - China's GDP growth is expected to exceed 8% for the year, significantly higher than the government's target of 6%[167]. - The overall electricity demand in China has been rapidly increasing, with some provinces experiencing tight power supply and staggered power consumption[167]. Renewable Energy Capacity and Generation - The newly installed capacity of wind power in China was 10.84 GW, and PV power generation was 13.01 GW, representing year-on-year increases of 4.52 GW and 2.86 GW respectively[8]. - The Group's attributable power generation grew year-on-year by 8.1%, with wind power generation increasing by 14.7%[31]. - The total installed capacity of the Group's power plants as of June 30, 2021, was 3,346 MW, with a notable increase in project scale and complexity[74]. - The attributable installed capacity increased to 2,406 MW from 2,266 MW year-over-year, marking a growth of 6.2%[78]. Financial Performance - In the first half of 2021, the Group achieved a total income of RMB970,259,000, representing a decrease of 2.9% compared to the same period in 2020[29]. - Profit attributable to equity holders of the Group amounted to RMB403,213,000, reflecting an increase of 6.3% year-on-year[29]. - The Group's net assets as of June 30, 2021, were RMB6,706,971,000, with net assets per share at RMB0.79[29]. - The liability-to-asset ratio continued to decrease, indicating improved asset quality and financial stability[20]. Operational Efficiency and Technology - Technological advancements have significantly reduced the average cost of wind power, with a notable decline in wind turbine prices and costs per kW of wind power projects[12]. - Intelligent operation and maintenance (O&M) is experiencing rapid growth, driven by the increasing demand for efficiency improvements in existing power plants[13]. - The average theoretical photoelectric conversion efficiency of N-type PV cells is generally higher than 24%, indicating advancements in PV technology[12]. Project Management and Development - The Group has strengthened project management and coordination, ensuring safe and steady progress in project construction despite complex conditions[74]. - The Group aims to enhance its development capabilities by focusing on regions without power curtailment and optimizing project deployment[164]. - The Group will push forward project construction to ensure sustained growth in attributable installed capacity, with a focus on improving project management and safety quality[176]. Environmental Impact and Compliance - In the first half of 2021, the Group achieved significant reductions in carbon dioxide, sulfur dioxide, and nitrogen oxide emissions compared to conventional power plants, contributing to lower air pollution[122]. - The Group's efforts in environmental protection and compliance are integrated into its strategic and operational practices[117]. - The Group's initiatives in ecological and environmental protection have established a positive image in local investment and development[119]. Employee Development and Welfare - The Group has established a series of talent training programs, including apprenticeship and various development initiatives, to enhance employee skills and business efficiency[150]. - The Group emphasizes occupational health and safety, providing regular health checkups and safety training to ensure employee well-being[153]. - The Group has implemented various employee welfare programs, including a mutual aid fund that provided RMB58,000 in subsidies in the first half of 2021[157]. Strategic Initiatives and Future Outlook - The Group aims to innovate its development model, enhancing regional layout and capturing market share by developing various integrated resource projects such as PV and agriculture[179]. - The Group will actively develop its services businesses to achieve multifaceted development and market expansion[172]. - The introduction of favorable policies is expected to facilitate the long-term development of the renewable energy industry[168]. Financing and Investment - The Group achieved a net increase in loan amount of RMB315 million through financing replacement for existing power plants, with the financing cost of new projects decreasing by 0.28% to 5.32%[86]. - The Group actively expanded new financing channels and maintained good communication with various financial institutions to enhance financing flexibility[88]. - The Group is focused on replacing subsidized projects with grid parity projects to improve asset quality[91].
协合新能源(00182) - 2021 - 中期财报