2021-03-28 11:16Financial Performance - Total revenue for 2020 was RMB 233,263 million, a decrease of 3.6% from RMB 241,871 million in 2019[25]. - Net profit for the year was RMB 43,984 million, down 11.6% from RMB 49,777 million in 2019[25]. - Profit attributable to owners of the company was RMB 35,849 million, a decline of 14.0% compared to RMB 41,707 million in 2019[25]. - Basic earnings per share decreased to RMB 1.803, down 14.0% from RMB 2.097 in 2019[25]. - Operating cash flow increased by 28.8% to RMB 81,289 million from RMB 63,106 million in 2019[25]. - The company's financial report is subject to risks and uncertainties that may lead to significant differences from forward-looking statements made in the report[3]. - The company achieved a total profit attributable to shareholders of 35.849 billion yuan, with basic earnings per share of 1.803 yuan[36]. - The company reported a total operating income of 20.304 billion, a decrease of 1.3% compared to the previous year[7]. - The company reported a significant increase in income tax expenses, rising by 131.5% to 6,313 million RMB due to changes in tax rates for certain subsidiaries[90]. - The net profit attributable to shareholders for 2020 was 49.777 billion yuan, a decrease of 11.6% compared to 2019's 56.227 billion yuan[43]. Dividend Policy - The company plans to distribute a final cash dividend of RMB 1.81 per share for the year 2020, totaling RMB 35,962 million based on the total share capital of 19,868,519,955 shares as of March 26, 2021[2]. - The profit distribution policy ensures a minimum of 50% of the net profit attributable to shareholders is distributed in cash dividends annually from 2019 to 2021[199]. - The proposed cash dividend for the year-end 2020 is 18.1 yuan per 10 shares, totaling 359.62 million yuan[200]. - The cash dividend for the year-end 2019 was 12.6 yuan per 10 shares, amounting to 250.61 million yuan[200]. - The net profit attributable to the company's shareholders for 2020 was 39.17 billion yuan, with a dividend payout ratio of 91.8%[200]. - The net profit attributable to the company's shareholders for 2019 was 43.25 billion yuan, with a dividend payout ratio of 57.9%[200]. - The cash dividend for the year-end 2018 was 8.8 yuan per 10 shares, totaling 175.03 million yuan[200]. Operational Challenges - The company faces uncertainties in achieving its 2021 operational goals due to factors such as coal and power supply-demand dynamics and industry policy adjustments[3]. - The company emphasizes the importance of monitoring macroeconomic, production safety, environmental, and market competition risks in its operations[3]. - The company has identified macroeconomic fluctuations and safety production risks as major challenges and is implementing measures to mitigate these risks[187][188]. - Legal compliance risks have increased due to the complex international political and economic landscape, prompting the company to optimize its legal risk prevention systems[192]. Production and Sales - The company reported coal production of 291.6 million tons and coal sales of 446.4 million tons for the year[31]. - In 2020, the total coal production reached 291.6 million tons, an increase of 3.1% compared to 2019's 282.7 million tons[43]. - The total sales volume reached 446.4 million tons, with an average price of 410 RMB/ton, reflecting a 3.6% increase compared to the previous period[1]. - The sales breakdown includes 430.1 million tons from annual long-term contracts, 190.0 million tons from monthly long-term contracts, and 163.5 million tons from spot sales, accounting for 96.3%, 42.5%, and 36.6% respectively[1]. - The average price for sales under long-term contracts was 419 RMB/ton, while spot sales averaged 465 RMB/ton, indicating a slight decrease of 0.2% and 3.8% respectively[1]. - The company controlled and operated a total installed capacity of 32,279 megawatts for power generation, achieving a total electricity sales volume of 127.65 billion kilowatt-hours in 2020[31]. - The average selling price of electricity in 2020 was 219 yuan per megawatt-hour, with total electricity sales reaching 1,276.5 billion kilowatt-hours[43]. Financial Position - Total assets at the end of 2020 were RMB 562,904 million, a slight decrease of 0.0% from RMB 563,083 million in 2019[26]. - Total liabilities decreased by 6.7% to RMB 133,317 million from RMB 142,865 million in 2019[26]. - The equity attributable to owners of the company increased by 2.3% to RMB 364,203 million from RMB 356,077 million in 2019[26]. - The asset-liability ratio at the end of 2020 was 23.7%, down 1.7 percentage points from 25.4% in 2019[26]. - The return on total assets was 7.8%, down 1.0 percentage point from 8.8% in 2019[25]. - The total assets of the financial company decreased by 10.7% to 105,607 million in 2020, while total liabilities decreased by 24.5% to 83,136 million[160]. Research and Development - The company obtained 915 authorized patents during the reporting period, including 198 invention patents, reflecting its focus on technological innovation[35]. - Research and development expenses increased by 44.9% to 1,362 million yuan from 940 million yuan in 2019[70]. - The total R&D expenditure for 2020 was 2,149 million, a significant increase from 1,245 million in 2019, with capitalized R&D accounting for 36.6% of the total[85]. - The company is focusing on enhancing its coal chemical production capabilities, particularly in Baotou, to meet increasing market demand[1]. Safety and Environmental Initiatives - The company has implemented a three-year action plan for special safety production rectification, with 22 mines rated as top-level safe and efficient mines[37]. - The company has established 20 green mines, an increase of 8 from the previous year, demonstrating a commitment to environmental governance[95]. - The company aims to achieve energy conservation and emission reduction targets while preventing major environmental pollution incidents through enhanced environmental monitoring and management systems[189]. - The coal production fatality rate in 2020 was 0.0034 per million tons, significantly lower than the national average of 0.0580[106]. Future Outlook - The company aims for a revenue target of 242.6 billion yuan in 2021, representing an expected growth of approximately 5%[43]. - The company plans to enhance its market expansion strategies and invest in new technologies to improve operational efficiency[43]. - The company plans to maintain a cash dividend distribution of no less than 50% of the net profit attributable to shareholders for the years 2019-2021[39]. - The company plans to invest in new projects and technological upgrades, including significant investments in clean energy initiatives[184]. - The company will focus on expanding its non-fossil energy capacity while shifting coal power development towards high-parameter, large-capacity units[179].