建投能源(000600) - 2024 Q2 - 季度财报

Part I Important Notice, Table of Contents, and Definitions This section provides crucial disclaimers, outlines the report's structure, and defines key terms for clarity Important Notice The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, assuming legal responsibility - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content[2] - Forward-looking statements regarding future plans in this report do not constitute a substantive commitment by the company to investors[2] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[3] Table of Contents This section lists the overall structure of the report, including ten main chapters covering important notices, company profile, management discussion and analysis, corporate governance, environmental and social responsibility, significant matters, share changes and shareholder information, preferred shares, bonds, and financial reports Definitions This section provides definitions for common terms and company-related entities used in the report, including regulatory bodies, reporting period, the company itself, major subsidiaries, and industry-specific terms, ensuring clear understanding of the report's content - The reporting period refers to January 1, 2024, to June 30, 2024[6] - The company's controlling shareholder is Hebei Construction Investment Group Co., Ltd.[6] - Definitions cover the company's major controlling and associate companies, as well as key indicators specific to the power industry[6][7] Part II Company Profile and Key Financial Indicators This section presents the company's fundamental information and a summary of its key financial performance metrics for the reporting period I. Company Profile This section introduces the company's basic information, including its stock abbreviation "Jiantou Energy", stock code "000600", full Chinese name, English name abbreviation, and legal representative, clarifying its listing status on the Shenzhen Stock Exchange Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Jiantou Energy | | Stock Code | 000600 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Hebei Jiantou Energy Investment Co., Ltd. | | Legal Representative | Wang Jianfeng | II. Contact Persons and Information This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses, facilitating communication and information inquiries for investors and relevant parties Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Sun Yuan | 17th Floor, Block A, Yuyuan Plaza, No. 9 Yuhua West Road, Shijiazhuang, Hebei Province | 0311-85518633 | 0311-85518601 | jei@jei.com.cn | | Securities Affairs Representative | Guo Jia | 17th Floor, Block A, Yuyuan Plaza, No. 9 Yuhua West Road, Shijiazhuang, Hebei Province | 0311-85518633 | 0311-85518601 | jei@jei.com.cn | III. Other Information This section states that the company's registered address, office address, postal code, website, email, and information disclosure and storage locations remained unchanged during the reporting period, with specific details available in the 2023 annual report - The company's contact information remained unchanged during the reporting period and can be found in the 2023 annual report[10] - Information disclosure and storage locations remained unchanged during the reporting period and can be found in the 2023 annual report[11][12] IV. Key Accounting Data and Financial Indicators This section presents the company's key accounting data and financial indicators for the first half of 2024, showing a 19.97% increase in operating revenue, a significant 295.59% increase in net profit attributable to shareholders, a 1,252.20% increase in net profit excluding non-recurring gains and losses, a positive shift in net cash flow from operating activities, and substantial improvements in basic earnings per share and weighted average return on net assets compared to the same period last year Key Accounting Data and Financial Indicators (Current Period vs. Same Period Last Year) | Indicator | Current Period (yuan) | Same Period Last Year (yuan) | Change from Same Period Last Year | | :--- | :--- | :--- | :--- | | Operating Revenue | 10,724,474,206.96 | 8,938,981,197.87 | 19.97% | | Net Profit Attributable to Shareholders of Listed Company | 333,405,593.27 | 84,280,818.00 | 295.59% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses | 311,446,780.12 | -27,030,541.28 | 1,252.20% | | Net Cash Flow from Operating Activities | 185,793,831.00 | -309,431,354.54 | 160.04% | | Basic Earnings Per Share (yuan/share) | 0.184 | 0.047 | 291.49% | | Diluted Earnings Per Share (yuan/share) | 0.184 | 0.047 | 291.49% | | Weighted Average Return on Net Assets | 3.31% | 0.86% | Increased by 2.45 percentage points | | Total Assets (yuan) | 40,425,513,174.75 | 38,486,631,166.46 | 5.04% | | Net Assets Attributable to Shareholders of Listed Company (yuan) | 10,125,273,551.90 | 9,886,776,621.92 | 2.41% | V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards This section states that during the reporting period, there were no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or overseas accounting standards and those disclosed under Chinese Accounting Standards - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and those under Chinese Accounting Standards[14] - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and those under Chinese Accounting Standards[14] VI. Non-recurring Gains and Losses Items and Amounts This section details the company's non-recurring gains and losses items and their amounts for the reporting period, totaling 21.96 million yuan, primarily including government subsidies, fair value changes and disposal gains/losses from financial assets and liabilities, and entrusted loan gains/losses, while confirming no reclassification of non-recurring items as recurring Non-recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -596,965.26 | | Government subsidies recognized in current profit or loss | 21,979,011.04 | | Gains or losses from changes in fair value of financial assets and liabilities, and disposal of financial assets and liabilities, excluding effective hedge accounting related to normal business operations of non-financial enterprises | 2,311,505.69 | | Gains or losses from entrusted loans | 2,619,484.85 | | Other non-operating income and expenses apart from the above | 1,280,068.60 | | Other gains and losses that meet the definition of non-recurring gains and losses | 1,851,207.68 | | Less: Income tax impact | 3,156,593.85 | | Minority interest impact (after tax) | 4,328,905.60 | | Total | 21,958,813.15 | - The company has not reclassified non-recurring gains and losses items as recurring gains and losses items[16] Part III Management Discussion and Analysis This section provides an in-depth review of the company's operations, financial condition, and future outlook from management's perspective I. Company's Main Business During the Reporting Period The company's main business is power and heat production and supply, primarily focusing on efficient and clean coal-fired thermal power generation and urban centralized heating, while also engaging in new energy projects such as photovoltaic, nuclear, and offshore wind power - The company's main business is investing in, constructing, and operating energy projects primarily focused on power generation, belonging to the power and heat production and supply industry[17] Company Installed Capacity and Business Composition | Indicator | Data | | :--- | :--- | | Controlling Installed Capacity | 10,756 MW | | Thermal Power Installed Capacity | 10,450 MW | | Photovoltaic Installed Capacity | 306 MW | | Main Revenue Sources | Electricity and Heat Sales | | H1 2024 Related Business Revenue Share | 96.35% | H1 2024 Key Operating Data | Indicator | Data | Year-on-Year Change | | :--- | :--- | :--- | | On-grid Power Generation by Controlling Thermal Power Companies | 21.13 billion kWh | Increased by 16.23% | | Average On-grid Settlement Price (incl. tax) | 448.30 yuan/MWh | Decreased by 0.67% (Comparable basis increased by 0.42 yuan/MWh) | | Heat Sales by Controlling Power Generation Companies | 42.83 million GJ | Increased by 26.64% | | Proportion of Thermal Power Fuel Cost to Operating Cost | 73.11% | - | | Average Comprehensive Standard Coal Price | 861.27 yuan/ton | Decreased by 11.89% | II. Core Competitiveness Analysis The company possesses diverse core competencies, including a sound corporate governance structure, advantageous unit layout and development potential in North China, an experienced management team and high-caliber talent, significant environmental advantages of combined heat and power units, continuously enhanced technological innovation capabilities, strong market reputation and financing advantages, and robust support from its controlling shareholder, Hebei Jiantou - The company has established a standardized governance structure comprising the general meeting of shareholders, board of directors, supervisory board, and management, ensuring high scientific decision-making by the board[20] - The company's power generation assets are located in North China, close to coal-rich areas, which is conducive to cost control and benefits from the integrated development of the Beijing-Tianjin-Hebei region[20] - Over 90% of the company's units are large-capacity, low-energy-consumption combined heat and power units, all exceeding national and regional emission limits, demonstrating significant energy-saving and emission reduction advantages[20][21] - The company continuously increases investment in technological innovation, obtaining 43 patents and 11 software copyrights in the first half of the year, with 16 subsidiaries certified as high-tech enterprises[21] - The company maintains an AAA credit rating, possesses diverse financing channels, and enjoys lower financing costs[21] - Controlling shareholder Hebei Jiantou, as the largest state-owned capital investment and operation company in Hebei Province, continuously supports the company's development[21] III. Main Business Analysis In the first half of 2024, the company's main business performed strongly, with operating revenue reaching 10.72 billion yuan, a 19.97% year-on-year increase, and net profit attributable to shareholders of 333 million yuan, a 295.59% year-on-year increase, driven by green transformation, expanding heat supply, efficient thermal power operations, and sustained technological innovation H1 2024 Key Financial Performance | Indicator | Amount (billion yuan) | Year-on-Year Growth | | :--- | :--- | :--- | | Operating Revenue | 10.72 | 19.97% | | Net Profit Attributable to Shareholders of Listed Company | 0.33 | 295.59% | 1. Company Optimization and Development Guided by "dual carbon" goals, the company is building a comprehensive energy service platform, making significant progress in new energy project development with 306 MW of installed capacity in operation and 900 MW under construction, while expanding its heating market with a 26.64% increase in heat sales - The company is guided by "dual carbon" goals, adhering to the strategic direction of "cleaner traditional energy, scaled-up clean energy, and efficient multi-energy complementarity"[23] New Energy Project Progress | Indicator | Data | | :--- | :--- | | Installed New Energy Capacity in Operation | 306 MW | | Projects Under Construction | 900 MW | | Filed and Reserve Project Capacity | 2,160 MW | - During the 2023-2024 heating season, the company's heating coverage area reached 247 million square meters, a year-on-year increase of 43 million square meters[24] - The company's controlling power generation companies completed cumulative heat sales of 42.83 million GJ in the first half of the year, a year-on-year increase of 26.64%[24] - Subsidiary Jiantou Dianke achieved 5.08 billion kWh in direct power transactions, maintaining its leading position in the industry[24] 2. Thermal Power Business Production and Operation In the first half of 2024, the company's thermal power business focused on enhancing existing assets, strengthening safety management, and ensuring power and heat supply, resulting in a 16.23% increase in on-grid power generation and a 116.27 yuan/ton reduction in average comprehensive standard coal price through optimized strategies and improved reliability - The company thoroughly implemented the three-year action plan for fundamental safety production improvements, with no major accidents involving casualties, significant equipment damage, or fires[25] H1 2024 Thermal Power Operating Data | Indicator | Data | Year-on-Year Change | | :--- | :--- | :--- | | Power Generation by Controlling Power Generation Companies | 22.81 billion kWh | Increased by 16.58% | | On-grid Power Generation by Controlling Power Generation Companies | 21.13 billion kWh | Increased by 16.23% | | Average Utilization Hours of Generating Units | 2,183 hours | Increased by 45 hours | | Average On-grid Settlement Price (incl. tax) | 448.30 yuan/MWh | Decreased by 0.67% (Comparable basis increased by 0.42 yuan/MWh) | | Average Comprehensive Standard Coal Price | 861.27 yuan/ton | Decreased by 116.27 yuan/ton | - The company's 300MW subcritical units ranked fifth in power supply coal consumption among 40 major power generation groups nationwide, and Guotai Company's Unit 11 was rated as an AAA-grade 300MW subcritical combined heat and power wet-cooling unit[27] 3. Scientific and Technological Innovation The company continuously strengthens innovation, increasing R&D investment to 430 million yuan for 187 ongoing projects in the first half of the year, resulting in 43 patent grants and several technologies achieving international leading or advanced levels, alongside participation in industry standard development - In the first half of 2024, the company had 187 ongoing scientific research projects, with cumulative R&D investment reaching 430 million yuan[29] - The company applied for 70 patents and obtained 43 patent grants in the first half of the year[29] - The project "Key Technology and Industrialization of Fly Ash-based Biomimetic Ceramic Composite Membrane Materials" reached an international leading level[29] - Controlling sub-subsidiary Jiantou Rongtan participated in drafting the nation's first carbon inclusive Beijing-Tianjin-Hebei local standard, and controlling subsidiary Jiantou Chuneng participated in drafting the "Technical Specification for Liquid Air Energy Storage Systems" group standard[29] 4. Deepening State-Owned Enterprise Reform The company continues to optimize governance for state-controlled listed companies, implementing term-based and contractual management for middle-level managers and a restricted stock equity incentive plan, granting 17.673 million restricted shares to 416 incentive recipients at 3.07 yuan/share, fostering a mechanism of shared interests and risks - The company implemented term-based and contractual management for middle-level managers to stimulate work enthusiasm and innovation capabilities[30] - A restricted stock equity incentive plan was implemented, granting 17.673 million restricted shares to 416 incentive recipients[30] - Controlling subsidiary Jiantou Guorong was rated as the only "benchmark" enterprise among Hebei Province's "Double Hundred Enterprises" in 2023[30] Key Financial Data Year-on-Year Changes This section details the company's key financial data changes for the first half of 2024 compared to the same period last year, showing a 19.97% increase in operating revenue, a 160.04% surge in net cash flow from operating activities due to increased sales, and a 94.44% decrease in net cash flow from investing activities due to higher capital expenditures Key Financial Data Year-on-Year Changes | Indicator | Current Period (yuan) | Same Period Last Year (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 10,724,474,206.96 | 8,938,981,197.87 | 19.97% | - | | Operating Cost | 9,242,264,576.53 | 8,093,187,628.70 | 14.20% | - | | Selling Expenses | 78,790,482.36 | 59,605,378.62 | 32.19% | Increase in hotel business selling expenses | | Administrative Expenses | 327,186,515.66 | 272,616,481.70 | 20.02% | - | | Financial Expenses | 347,358,124.22 | 274,621,353.96 | 26.49% | - | | Income Tax Expense | 52,739,406.19 | 40,686,800.34 | 29.62% | - | | R&D Investment | 424,939,232.93 | 416,775,135.27 | 1.96% | - | | Net Cash Flow from Operating Activities | 185,793,831.00 | -309,431,354.54 | 160.04% | Increase in cash received from sales of goods | | Net Cash Flow from Investing Activities | -1,114,300,304.02 | -573,077,073.82 | -94.44% | Increase in cash paid for acquisition of fixed and other long-term assets | | Net Cash Flow from Financing Activities | 655,425,386.90 | 889,711,953.58 | -26.33% | - | | Net Increase in Cash and Cash Equivalents | -273,081,086.12 | 7,203,525.22 | -3,890.94% | Combined impact of changes in operating, investing, and financing activities | Operating Revenue Composition The company's total operating revenue for the first half of 2024 reached 10.72 billion yuan, a 19.97% year-on-year increase, with thermal power remaining the primary source at 90.47%, while photovoltaic power, heat supply, and commercial trade businesses experienced significant growth Operating Revenue Composition (by Industry) | Sub-industry | Current Period Amount (yuan) | Proportion of Operating Revenue | Same Period Last Year Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Thermal Power Industry | 9,701,937,529.92 | 90.47% | 8,307,496,897.44 | 92.94% | 16.79% | | Photovoltaic Power Industry | 49,761,194.26 | 0.46% | 28,751,071.97 | 0.32% | 73.08% | | Heat Supply | 580,854,360.47 | 5.42% | 381,707,952.67 | 4.27% | 52.17% | | Commercial Trade | 159,085,829.12 | 1.48% | 1,418,267.23 | 0.02% | 11,116.91% | | Hotel Industry | 151,886,996.48 | 1.42% | 114,661,480.88 | 1.28% | 32.47% | | Energy Services | 17,603,749.87 | 0.16% | 12,423,617.43 | 0.14% | 41.70% | | Other | 63,344,546.84 | 0.59% | 92,521,910.25 | 1.04% | -31.54% | Operating Revenue Composition (by Region) | Sub-region | Current Period Amount (yuan) | Proportion of Operating Revenue | Same Period Last Year Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Hebei Province | 10,193,856,388.89 | 95.05% | 8,923,217,399.54 | 99.82% | 14.24% | | Shanxi Province | 530,617,818.07 | 4.95% | 15,763,798.33 | 0.18% | 3,266.05% | Industry, Product, or Region Accounting for Over 10% of Company's Operating Revenue or Operating Profit | Sub-industry/Product/Region | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Thermal Power Industry | 9,701,937,529.92 | 8,449,035,882.69 | 12.91% | 16.79% | 9.36% | 5.91% | | Thermal Power Electricity | 8,381,316,616.18 | 6,585,765,312.22 | 21.42% | 15.46% | 8.57% | 4.98% | | Thermal Power Heat | 1,320,620,913.74 | 1,863,270,570.47 | -41.09% | 25.96% | 12.26% | 17.22% | | Hebei Province | 10,193,856,388.89 | 8,777,456,759.41 | 13.89% | 14.24% | 8.59% | 4.48% | IV. Non-Core Business Analysis This section analyzes the impact of non-core businesses on the company's total profit, with investment income accounting for 39.50% and demonstrating sustainability, while asset impairment, non-operating income, and non-operating expenses have minor and non-sustainable effects Impact of Non-Core Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Explanation of Cause | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 165,468,498.67 | 39.50% | Primarily investment income from profits of associate thermal power companies and dividends from other non-current financial assets | Yes | | Asset Impairment | 8,325,438.62 | 1.99% | - | No | | Non-operating Income | 7,991,798.59 | 1.91% | - | No | | Non-operating Expenses | 4,995,370.88 | 1.19% | - | No | V. Analysis of Assets and Liabilities This section analyzes the company's asset and liability composition and significant changes at the end of the reporting period, showing a 5.04% increase in total assets, with construction in progress rising from 1.60% to 3.40%, short-term borrowings from 6.16% to 10.84%, and contract liabilities decreasing from 2.78% to 0.59%, while confirming no restricted major assets 1. Significant Changes in Asset Composition At the end of the reporting period, the company's total assets reached 40.43 billion yuan, a 5.04% increase from the end of the previous year, with short-term borrowings significantly increasing by 4.68 percentage points and construction in progress by 1.80 percentage points, while contract liabilities decreased by 2.19 percentage points Significant Changes in Assets and Liabilities Composition | Item | Amount at End of Reporting Period (yuan) | Proportion of Total Assets | Amount at End of Previous Year (yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,258,052,662.16 | 3.11% | 1,559,577,590.71 | 4.05% | -0.94% | | Accounts Receivable | 2,786,069,717.66 | 6.89% | 2,661,545,552.06 | 6.92% | -0.03% | | Construction in Progress | 1,375,849,271.79 | 3.40% | 614,266,334.41 | 1.60% | 1.80% | | Short-term Borrowings | 4,382,713,229.56 | 10.84% | 2,372,145,960.66 | 6.16% | 4.68% | | Contract Liabilities | 237,183,925.19 | 0.59% | 1,070,723,249.61 | 2.78% | -2.19% | 2. Major Overseas Assets The company had no major overseas assets during the reporting period - The company had no major overseas assets during the reporting period[36] 3. Assets and Liabilities Measured at Fair Value At the end of the reporting period, the company's financial assets measured at fair value primarily consisted of trading financial assets, with an ending balance of 991.21 million yuan, unchanged from the beginning of the period, and no fair value change gains or losses in the current period Financial Assets Measured at Fair Value | Item | Beginning Balance (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | | Trading Financial Assets | 991,213,660.71 | 991,213,660.71 | | Total | 991,213,660.71 | 991,213,660.71 | 4. Asset Rights Restriction Status as of the End of the Reporting Period As of the end of the reporting period, the company had no major assets subject to restrictions such as seizure, detention, or freezing - As of the end of the reporting period, the company had no major assets subject to seizure, detention, or freezing[38] VI. Investment Analysis The company's total investment for the reporting period was 410.47 million yuan, a 53.77% year-on-year decrease, including significant equity investments in new thermal power and new energy projects, capital increases in existing entities, and financial asset investments primarily in Hebei Bank, with all raised funds fully utilized for debt repayment and working capital 1. Overall Situation The company's total investment for the reporting period was 410.47 million yuan, a 53.77% decrease compared to 887.94 million yuan in the same period last year Reporting Period Investment Comparison | Indicator | Current Period (yuan) | Same Period Last Year (yuan) | Change | | :--- | :--- | :--- | :--- | | Reporting Period Investment Amount | 410,470,000.00 | 887,936,615.90 | -53.77% | 2. Significant Equity Investments Acquired During the Reporting Period Significant equity investments acquired during the reporting period include the establishment of Hebei Jiantou Xibaipo Third Power Generation Co., Ltd. and Hebei Jiantou Renqiu Second Power Generation Co., Ltd. for thermal power, and associate companies Hebei Yanzhao Energy Storage Co., Ltd. and Shanxi Lanxian Jianhao New Energy Co., Ltd., along with capital increases in Hebei Jiantou Offshore Wind Power Co., Ltd. and Hebei Jiantou Energy Storage Technology Co., Ltd. Significant Equity Investments During the Reporting Period | Investee Company Name | Main Business | Investment Method | Investment Amount (yuan) | Shareholding Ratio | Progress | Current Period Investment Profit/Loss (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hebei Jiantou Xibaipo Third Power Generation Co., Ltd. | Power Generation | New Establishment | 183,000,000.00 | 100.00% | Construction Preparation | - | | Hebei Jiantou Renqiu Second Power Generation Co., Ltd. | Power Generation | New Establishment | 150,000,000.00 | 100.00% | Construction Preparation | - | | Hebei Yanzhao Energy Storage Co., Ltd. | Energy Storage Technology Services | New Establishment | 24,000,000.00 | 30.00% | Completed | 41,082.02 | | Shanxi Lanxian Jianhao New Energy Co., Ltd. | Power Generation | New Establishment | 3,800,000.00 | 95.00% | Infrastructure Phase | - | | Hebei Jiantou Offshore Wind Power Co., Ltd. | Wind Power Generation | Capital Increase | 4,670,000.00 | 44.77% | Completed | 137,684,031.33 | | Hebei Jiantou Zhonghang Saihan Green Energy Technology Development Co., Ltd. | New Energy Technology R&D | Capital Increase | 12,500,000.00 | 25.00% | Completed | -3,837,177.90 | | Hebei Jiantou Energy Storage Technology Co., Ltd. | Energy Storage Technology Services | Capital Increase | 30,000,000.00 | 100.00% | Completed | 22,380.74 | | Hebei Xianxianfang E-commerce Co., Ltd. | Internet Sales | Capital Increase | 2,500,000.00 | 100.00% | Completed | 247,944.09 | | Total | -- | -- | 410,470,000.00 | -- | -- | 134,158,260.28 | 3. Significant Non-Equity Investments Underway During the Reporting Period The company had no significant non-equity investments underway during the reporting period - The company had no significant non-equity investments underway during the reporting period[42] 4. Financial Asset Investments The company's securities investments during the reporting period primarily consisted of an investment in Hebei Bank, with an ending book value of 361.02 million yuan, measured at fair value, and no derivative investments were held Securities Investment Status | Security Abbreviation | Initial Investment Cost (yuan) | Accounting Measurement Model | Ending Book Value (yuan) | Accounting Subject | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | | Hebei Bank | 361,024,628.03 | Fair Value Measurement | 361,024,628.03 | Other Non-current Financial Assets | Own Funds | - The company had no derivative investments during the reporting period[42] 5. Use of Raised Funds The company's two public corporate bonds issued in 2021, totaling 2.5 billion yuan, have been fully utilized as committed, primarily for repaying interest-bearing debt and supplementing working capital, with no changes in the use of raised funds during the reporting period Overall Use of Raised Funds | Issuance Year | Issuance Method | Total Raised Funds (ten thousand yuan) | Net Raised Funds (ten thousand yuan) | Cumulative Used Raised Funds (ten thousand yuan) | Cumulative Changed Purpose of Raised Funds (ten thousand yuan) | Proportion of Cumulative Changed Purpose of Raised Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2021 | Public Offering | 150,000 | 149,997 | 150,000 | 0 | 0.00% | | 2021 | Public Offering | 100,000 | 99,980 | 100,000 | 0 | 0.00% | | Total | -- | 250,000 | 249,977 | 250,000 | 0 | 0.00% | - The use of raised funds is consistent with the commitments in the prospectus, primarily for repaying interest-bearing debt and supplementing working capital[44][45] - The company had no changes in raised fund projects during the reporting period[46] [VII. Significant Asset and Equity Sales](index=23&type=section&id=%E4%B8%83%E3%80%81%E9%87%