Financial Performance - Total operating income for the first half of 2021 reached RMB 22.74 billion, an increase of 28.07% compared to RMB 17.75 billion in the same period of 2020[12]. - Net profit attributable to shareholders of the parent company was RMB 1.35 billion, up 41.27% from RMB 954 million in the previous year[12]. - Basic earnings per share increased to RMB 0.43, representing a growth of 38.71% compared to RMB 0.31 in the same period last year[14]. - The total profit reached RMB 1.629 billion, with a year-on-year growth of 41.74%[22]. - The net profit after deducting non-recurring gains and losses was RMB 1.23 billion, a 24.96% increase from RMB 982 million in the previous year[12]. - The company achieved total operating revenue of RMB 22.737 billion, representing a year-on-year increase of 28.07%[22]. - The wind power segment saw a revenue increase of 267.62%, significantly contributing to overall growth[39]. - Total revenue from renewable energy equipment rose by 145.94%, driven by strong sales in wind power products[39]. Assets and Liabilities - The company's total assets as of June 30, 2021, were RMB 99.51 billion, a 1.75% increase from RMB 97.80 billion at the end of 2020[13]. - Total liabilities increased to RMB 64.96 billion, up from RMB 64.15 billion year-over-year, representing a growth of 1.27%[147]. - The asset-liability ratio improved slightly to 65.28%, down 0.32 percentage points from the beginning of the year, indicating manageable asset structure risk[50]. - The company's current assets totaled RMB 75.64 billion, up from RMB 70.67 billion year-on-year, reflecting a growth of approximately 7.5%[146]. - The total liabilities decreased to RMB 16,244,890,888.57 from RMB 17,005,260,433.11, a reduction of 4.5%[152]. Cash Flow - Cash flow from operating activities showed a negative net amount of RMB 4.66 billion, compared to a positive RMB 972 million in the same period last year[12]. - Cash flow from operating activities showed a net outflow of RMB 4,662,670,603.55, a decline from a net inflow of RMB 972,054,379.41 in the previous year[155]. - Cash and cash equivalents decreased to ¥25,798,893,048.69, a decline of 3.33% compared to the beginning of the period[45]. - The cash balance at the end of the period was 4,559,041,927.22 RMB, down from 5,477,377,691.72 RMB, a decrease of approximately 16.7%[156]. Research and Development - The company is focusing on research and development of new products to meet market demands and improve competitiveness[5]. - Research and development expenses increased by 17.18% to RMB 1.034 billion, reflecting intensified investment in key projects[33]. - Research and development expenses rose to RMB 1,034,076,117.49, an increase of 17.2% from RMB 882,438,413.90 in the previous period[153]. Market Strategy - The company plans to continue expanding its market presence and invest in new technologies to enhance operational efficiency[5]. - The company plans to enhance cost control and market expansion in response to intensified competition in the traditional coal power market[55]. - The company is actively pursuing new market opportunities in emerging industries to accelerate structural transformation[55]. - The company aims to strengthen its international market development capabilities in response to challenges posed by the COVID-19 pandemic and global economic downturn[59]. Employee and Management - As of June 30, 2021, the company has a total of 17,837 employees and paid employee compensation of RMB 1,078.01 million during the reporting period[75]. - The company has established a training plan requiring each employee to complete at least 90 hours of training annually to enhance professional capabilities[75]. - The company has appointed new board members and management, including the election of Yu Peigen as Chairman and the appointment of Hu Xiukui as Vice President[67][70]. Shareholder Information - The company distributed a cash dividend of RMB 561,532,703 (pre-tax) to shareholders for the year 2020, amounting to RMB 1.80 per 10 shares[71]. - The board of directors proposed not to distribute an interim dividend for the six months ending June 30, 2021[72]. - The total number of ordinary shares is 3,119,764,130, with the largest shareholder, Dongfang Electric Group, holding 55.39%[116]. Corporate Governance - The company has complied with all applicable provisions of the Corporate Governance Code during the reporting period[95]. - The company’s audit and review committee has approved the interim results for the six months ending June 30, 2021[98]. - The company has not been involved in any significant litigation or arbitration as of June 30, 2021, and there are no ongoing significant claims that threaten the company[109]. Financial Instruments and Risk Management - The company is actively managing foreign exchange risks through hedging tools to mitigate the impact of currency fluctuations on financial performance[61]. - The company assesses expected credit losses for financial assets measured at amortized cost and debt instruments measured at fair value, considering all reasonable and supportable information[188]. - Financial liabilities are derecognized when the current obligation is fully or partially discharged, or when a new financial liability is recognized that has substantially different terms[186].
东方电气(01072) - 2021 - 中期财报