Financial Performance - In 2020, the company recorded revenue of approximately RMB5.598 billion, representing a year-on-year increase of 60.6%[13] - Net profit attributable to shareholders turned from a significant loss in 2019 to a profit of RMB301 million[13] - The company has improved its operational capacity and profitability significantly over the past year[13] - Profit before tax for 2020 was RMB202,965,000[11] - Basic earnings per share for 2020 were RMB0.120[11] - The Group's revenue increased by RMB2,111.2 million or 60.6%, from RMB3,486.3 million in 2019 to RMB5,597.5 million in 2020[166] - Gross profit rose by RMB673.1 million or 323.4%, from RMB208.1 million in 2019 to RMB881.2 million in 2020[166] - The gross profit for the Group in 2020 was approximately RMB881.2 million, with a gross profit margin of 15.7%[164] Project Developments - The 50MW photovoltaic + 100MWh energy storage integrated energy demonstration project in Shigatse, Tibet, has become the largest photovoltaic project in Tibet[14] - The 180MW photovoltaic project in Longchang, Weining, ranked among the top 10 photovoltaic power station projects in the country[14] - The company completed the 50MW photovoltaic + 100MWh energy storage integrated energy demonstration project in Shigatse, Tibet, and the 180MW photovoltaic project in Weining, which is now one of the top ten projects in China[16][18] - As of December 31, 2020, the Group had around 447.4 MW of grid-connected solar projects and 35.5 MW of projects awaiting grid connection[152] - The Group's accumulated on-grid capacity was 447.4 megawatts (MW) as of December 31, 2020, including 142.1 MW from Golden Sun or distributed power stations and 303.3 MW from ground-mounted solar farms in Mainland China[177] Business Segments - In 2020, the revenue from the curtain wall and green building construction business was approximately RMB1,136.3 million, a slight decrease of RMB13.9 million or 1.2% compared to RMB1,150.2 million in 2019[150] - The Solar EPC business revenue dropped from RMB1,495.8 million in 2019 to RMB1,192.0 million in 2020, representing a decrease of RMB303.8 million or 20.3%[150] - The Group's revenue from Wind Power EPC projects in 2020 was approximately RMB1,377.4 million, marking its entry into this sector[150] - Total sales of renewable energy goods in 2020 amounted to approximately RMB120.0 million, down from RMB130.7 million in 2019[161] - The total revenue recognized from the sale of petrochemicals in 2020 was approximately RMB925.1 million, as the Group diversified its business[152] - The Group's thermal supply business generated revenue of approximately RMB188.7 million in 2020 following the acquisition of Zibo Qilu Chemical Industry Zone Thermal Co., Ltd[152] - Revenue from the renewable energy business was RMB 4,128.9 million in 2020, accounting for 73.8% of total revenue, compared to RMB 1,939.1 million or 55.6% in 2019[184] Corporate Governance - The Board of Directors consists of nine members, including four executive directors and three independent non-executive directors, ensuring a strong independent element in its composition[39] - During the reporting period, the Board held a total of four meetings, with all executive directors attending all meetings[48] - The Company commits to providing continuous professional development programs for all directors to enhance their skills and knowledge[51] - The Board is responsible for overseeing the formulation and approval of overall business strategies and risk management systems[39] - Independent non-executive directors contribute their understanding of local and global economies and capital markets to the Group's business[51] - The Company ensures that all directors have sufficient resources to fulfill their duties and can seek independent professional advice when necessary[50] - The Company emphasizes high standards of corporate governance and the commitment of directors to the affairs of the Company[51] - The Company has received no new business opportunities introduced to the Group as of the date of the report[59] - The Company ensures that the Audit, Remuneration, and Nomination Committees are provided with sufficient resources to perform their duties[78][86][100] Risk Management and Internal Control - The Group's internal control systems are considered effective and adequate by the Directors[115] - The Board will conduct periodic reviews of the internal control and risk management systems at least annually[113] - The Group is in the process of improving and establishing an internal control manual to enhance its internal control and risk management system[120] - The Audit Committee focused on significant issues related to financial reporting, operational and compliance controls, and risk management effectiveness[74] - The Audit Committee communicated regularly with external auditors and internal audit consultants to ensure compliance with internal accounting standards[75] Shareholder Engagement - The annual general meeting (AGM) provides a forum for the Board to interact directly with Shareholders[127] - The company has established procedures for shareholders to put forward proposals at a general meeting[139] - The company ensures that all voting results at the annual general meeting are properly calculated and announced in a timely manner[130] - The company provides a platform for direct dialogue and interaction between the Board and shareholders during the annual general meeting[130] - Shareholders holding at least 5% of the total voting rights can request the company to give notice of any resolution intended to be moved at the next general meeting[140] Financial Position - The current ratio as of December 31, 2020, was 1.53, down from 2.19 in 2019, indicating a strategy to maintain a healthy current ratio to meet short-term obligations[191] - Trade receivables turnover days increased to 266 days in 2020 from 403 days in 2019, while trade and bills payables turnover days remained stable at 130 days[192] - As of December 31, 2020, the Group had outstanding bank and other loans of approximately RMB2,814.9 million and outstanding senior notes of approximately RMB1,488.1 million[198] - The Group's capital expenditures for the year amounted to RMB178.6 million, significantly up from RMB67.8 million in 2019, primarily for the acquisition and construction of self-invested solar power stations[198] - The effective interest rates for loans in Hong Kong ranged from HIBOR + 3.3% to 3.4%, while domestic loans in Mainland China had interest rates ranging from 4.45% to 24%[198]
水发兴业能源(00750) - 2020 - 年度财报