SHIMAO ENERGY(SH:605028)2024-08-23 10:19Financial Performance - The company's operating revenue for the first half of 2024 was ¥184,847,059.39, representing a 3.78% increase compared to ¥178,110,264.89 in the same period last year[10]. - The net profit attributable to shareholders for the first half of 2024 was ¥67,655,771.38, a decrease of 32.07% from ¥99,597,247.57 in the previous year[10]. - The net profit after deducting non-recurring gains and losses was ¥74,444,386.42, down 20.85% from ¥94,060,520.41 year-on-year[10]. - The net cash flow from operating activities was ¥102,656,676.23, a decline of 20.95% compared to ¥129,864,842.23 in the same period last year[10]. - Basic earnings per share for the first half of 2024 were ¥0.42, a decrease of 32.26% from ¥0.62 in the same period last year[11]. - The weighted average return on net assets was 5.20%, down 3.15 percentage points from 8.35% in the previous year[11]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,424,223,875.44, a decrease of 5.99% from ¥1,514,985,304.25 at the end of the previous year[10]. - The net assets attributable to shareholders at the end of the reporting period were ¥1,271,210,174.81, down 2.18% from ¥1,299,554,403.43 at the end of the previous year[10]. - Total liabilities decreased to approximately ¥153.01 million from ¥215.43 million, a reduction of about 29.05%[85]. - The company's equity totaled approximately ¥1,271.21 million, down from ¥1,299.55 million, indicating a decrease of about 2.19%[85]. Government Policies and Support - The company benefits from a 70% VAT refund policy for its waste treatment technology services, which is expected to continue in the foreseeable future[14]. - The government aims to reduce energy consumption per unit of GDP by approximately 2.5% and carbon dioxide emissions by about 3.9% in 2024[15]. - The company is positioned to benefit from ongoing policy support for the combined heat and power industry, promoting efficiency and environmental sustainability[16]. - The company has been certified as a high-tech enterprise, allowing it to enjoy a reduced corporate income tax rate of 15% for three years starting from 2023[142]. Operational Efficiency and Projects - The company completed the "biogas into furnace project" and upgraded the DCS system, enhancing operational efficiency and safety[32][33]. - The company operates a combined heat and power (CHP) system primarily using municipal waste and coal, providing steam and electricity to customers[20]. - The company has implemented advanced pollution control technologies for its coal-fired and waste incineration furnaces, ensuring compliance with environmental regulations[50]. - The company operates a 24-hour continuous steam production system, adjusting steam output based on real-time customer demand, utilizing turbine generators to produce electricity from excess steam[22]. Safety and Compliance - The company emphasized safety management, with no major safety or environmental incidents reported during the period[31]. - The company has established a strict safety management system, achieving ISO45001:2018 certification, with no major safety incidents reported during the reporting period[46]. - The company has not faced any penalties related to safety production during the reporting period, indicating effective internal control measures[46]. Research and Development - Research and development expenses increased to CNY 7,008,251.78, up 9.0% from CNY 6,428,120.65 in the previous year[87]. - The company holds several patents related to waste treatment and coal-fired cogeneration technologies, enhancing operational efficiency and environmental performance[30]. Investments and Financial Management - The company’s cash flow from investing activities showed a significant decline of 1,524.23% to -230.85 million yuan, attributed to increased investments[38]. - The company has delayed the operational start of the "Coal-fired Combined Heat and Power Phase III Expansion Project" to December 2024 due to cautious implementation[42]. - The total investment amount for the coal-fired cogeneration project is 357.45 million RMB, with a completion rate of 96.59% as of the reporting period[77]. Shareholder and Governance Commitments - The company has committed to avoiding any direct or indirect competition with its subsidiaries, ensuring no investments or operations that could lead to conflicts[56]. - The actual controllers and major shareholders have pledged to not engage in any activities that would harm the interests of the company or its shareholders[58]. - The company will disclose the performance of its commitments in periodic reports, including any compensatory measures for unfulfilled commitments[69]. Environmental Impact and Sustainability - The company has initiated a biogas utilization project, which is expected to save an equivalent of 2 million cubic meters of biogas annually[55]. - The government aims to achieve "zero landfill" for municipal waste by 2023, promoting the construction of incineration facilities[18]. - The company has implemented a leachate treatment process consisting of anaerobic, biochemical, ultrafiltration, nanofiltration, and reverse osmosis[51]. Market and Industry Trends - The total electricity consumption in the first half of the year was 4,657.5 billion kWh, representing a year-on-year growth of 8.1%[16]. - Installed capacity of renewable energy reached approximately 3.07 billion kW, with solar power capacity increasing by 51.6% year-on-year[15]. - The newly added renewable energy generation capacity in the first half of 2024 was 134 million kilowatts, representing a 24% year-on-year growth, with solar power contributing 102 million kilowatts[20].