Financial Performance - Total revenue for the first half of 2021 was RMB 8,279 million, compared to RMB 9,340 million in the first half of 2020, reflecting a decrease [4]. - The group reported a net profit of RMB 1,556.4 million for the first half of 2021, a growth of 16.51% compared to RMB 1,335.9 million in the same period of 2020 [17]. - Total revenue increased by 12.81% to RMB 9,339.8 million in the first half of 2021, up from RMB 8,279.0 million in the same period of 2020 [18]. - The company reported revenue of RMB 9,339,794,000 for the six months ended June 30, 2021, representing a 12.8% increase from RMB 8,278,996,000 in the same period of 2020 [75]. - Operating profit for the same period was RMB 2,491,735,000, up 17.7% from RMB 2,116,760,000 year-on-year [75]. - Net profit attributable to equity holders of the company was RMB 1,488,178,000, an increase of 15% compared to RMB 1,295,215,000 in the previous year [75]. - The company reported total comprehensive income of RMB 1,542,632,000 for the period, compared to RMB 1,324,544,000 in the previous year, marking a 16.5% increase [77]. - The company reported a net profit of RMB 2,491,735 thousand for the six months ended June 30, 2021, compared to RMB 2,278,996 thousand for the same period in 2020, indicating a year-over-year increase of approximately 9.3% [96]. Revenue Breakdown - Revenue from gas power generation and heating was RMB 6,394,678 thousand, accounting for approximately 68.5% of total revenue [90][96]. - Wind power revenue reached RMB 1,541,058 thousand, contributing about 16.5% to total revenue, while photovoltaic power generated RMB 1,255,347 thousand, or 13.4% of total revenue [90][96]. - The revenue from the gas power and heating segment rose by 6.65% to RMB 6,394.7 million, with electricity sales increasing by 8.80% to RMB 5,297.0 million [19]. - Wind power revenue surged by 38.90% to RMB 1,541.1 million, driven by increased average wind speed and installed capacity [20]. - Solar power revenue grew by 22.04% to RMB 1,255.3 million, attributed to increased installed capacity [21]. Installed Capacity and Power Generation - The total installed capacity of the group as of June 30, 2021, was 11,215 MW, representing a year-on-year increase of 14% [13]. - The gas power and heating segment accounted for 42% of the total installed capacity, with 4,702 MW [13]. - Wind power segment installed capacity reached 3,146 MW, making up 28% of the total [13]. - The photovoltaic segment had an installed capacity of 2,917 MW, representing 26% of the total [13]. - The group added 349 MW of new wind power capacity in the first half of 2021, all from self-built projects [13]. - Total power generation in the first half of 2021 was 3.87 trillion kWh, a year-on-year increase of 13.7% [11]. - The total power generation of the group reached 16.179 billion kWh, an increase of 17.73% year-on-year, with gas power generation at 9.733 billion kWh, up 8.08% [14]. Operating Expenses and Profitability - Operating expenses increased by 11.99% to RMB 7,301.6 million, primarily due to new project costs in wind and solar segments [24]. - Adjusted segment operating profit rose by 18.31% to RMB 2,317.7 million in the first half of 2021, compared to RMB 1,959.0 million in the same period of 2020 [31]. - The adjusted operating profit of the gas power and heating segment increased by 5.69% from RMB 943.0 million in the first half of 2020 to RMB 996.7 million in the first half of 2021, driven by an increase in electricity sales [32]. - The adjusted operating profit of the wind power segment surged by 55.64% from RMB 498.2 million in the first half of 2020 to RMB 775.4 million in the first half of 2021, attributed to increased average wind speed and installed capacity [33]. - The adjusted operating profit of the photovoltaic power segment rose by 8.87% from RMB 589.5 million in the first half of 2020 to RMB 641.8 million in the first half of 2021, due to increased installed capacity [34]. Financial Position and Assets - Total assets increased by 5.52% from RMB 70,538.3 million as of December 31, 2020, to RMB 74,434.7 million as of June 30, 2021, due to increased investment in new projects [41]. - The net debt-to-equity ratio decreased by 0.44 percentage points from 55.28% as of December 31, 2020, to 54.84% as of June 30, 2021 [43]. - The company's net assets increased to RMB 27,291,832 thousand from RMB 26,366,847 thousand, representing a rise of approximately 3.51% [79]. - Cash and cash equivalents significantly increased to RMB 6,592,508 thousand from RMB 4,297,450 thousand, marking a growth of approximately 53.43% [78]. - The company's total liabilities as of June 30, 2021, included RMB 20,540,916,000 in bank loans, an increase from RMB 19,405,925,000 as of December 31, 2020 [124]. Capital Expenditures and Investments - Capital expenditures for the first half of 2021 totaled RMB 2,910.5 million, with RMB 2,605.5 million allocated to wind power projects and RMB 305.0 million to photovoltaic projects [51]. - The group acquired properties, plants, and equipment amounting to RMB 2,609,801,000 for the six months ended June 30, 2021, compared to RMB 1,516,945,000 for the same period in 2020, representing an increase of approximately 72% [110]. - The company has capital commitments of RMB 5,671,069,000 for property, plant, and equipment as of June 30, 2021, up from RMB 3,657,075,000 at the end of 2020 [133]. Financing and Debt Management - The average financing cost decreased to 3.74%, down 0.13 percentage points from 3.87% in 2020, following a shift in debt structure [16]. - The company issued short-term financing notes totaling RMB 8 billion, with interest rates ranging from 2.65% to 2.99% [16]. - The company reported an increase in borrowings of RMB 10,307,417,000 for the six months ended June 30, 2021, compared to RMB 5,256,274,000 for the same period in 2020 [126]. - The company incurred interest expenses of RMB 653,271,000 for the six months ended June 30, 2021, compared to RMB 511,588,000 in the previous year [85]. Compliance and Governance - The audit committee has reviewed the interim results for 2021 and the unaudited financial statements for the six months ended June 30, 2021 [63]. - The company has adopted the Standard Code for securities trading by directors and supervisors, with all confirmed compliance during the reporting period [61]. - The company established a legal and compliance management committee to enhance risk management capabilities as per the requirements of the State-owned Assets Supervision and Administration Commission [72]. Renewable Energy Initiatives - The company continues to focus on expanding its renewable energy portfolio, particularly in wind and solar power generation, to align with market trends towards cleaner energy sources [93]. - The company has set a target to develop 15 million kilowatts of wind and solar projects during the "14th Five-Year Plan" period [57]. - The company is advancing the Zhangjiakou-Beijing renewable energy clean heating demonstration project, with a 450,000-kilowatt wind power project expected to be completed and connected to the grid by the end of 2021 [58].
京能清洁能源(00579) - 2021 - 中期财报