Financial Performance - For the first half of 2024, the company achieved operating revenue of RMB 39,376.74 million, representing a growth of 1.4% compared to RMB 39,275.82 million in the same period of 2023[7]. - The net profit attributable to shareholders was RMB 7,109.29 million, up from RMB 6,958.92 million in the same period last year, indicating a growth of approximately 2.16%[7]. - Operating revenue for the six months ended June 30, 2024, was RMB 39,376.74 million, a slight increase of 0.3% compared to RMB 39,275.82 million in 2023[17]. - Net profit attributable to shareholders of the parent company reached RMB 7,109.29 million, reflecting a 2.2% increase from RMB 6,958.92 million in the previous year[17]. - The company reported a total profit of RMB 12.96 billion for the first half of 2024, down from RMB 13.07 billion in the same period of 2023, a decline of 0.84%[98]. - Basic earnings per share for the first half of 2024 were RMB 0.141, up from RMB 0.138 in the same period of 2023, indicating a growth of 2.17%[99]. - The company reported a total comprehensive income of RMB 10.87 billion for the first half of 2024, down from RMB 11.19 billion in the same period of 2023, a decrease of 2.79%[99]. Revenue and Costs - Total operating costs increased by 7.5% to RMB 24,191.35 million, up from RMB 22,502.48 million in 2023[20]. - The company reported a decrease in electricity sales revenue to RMB 30,373.75 million, down 1.8% from RMB 30,923.92 million in 2023[19]. - The average settlement electricity price experienced a slight year-on-year decrease due to market price fluctuations, while overall economic benefits remained stable[56]. - The average market electricity price for the company's operating nuclear power units decreased by approximately 2.10% compared to the same period in 2023, influenced by a decline in overall market trading prices[58]. Assets and Liabilities - The total assets as of June 30, 2024, amounted to RMB 418,799.33 million, a slight increase from RMB 415,250.36 million at the end of 2023[8]. - The company reported a total liability of RMB 250,540.06 million, which is a marginal increase from RMB 249,946.41 million at the end of 2023[8]. - The debt-to-asset ratio decreased to 59.8% as of June 30, 2024, compared to 60.2% at the end of 2023, showing improved financial stability[16]. - The company’s total equity attributable to shareholders increased to CNY 115.67 billion from CNY 113.24 billion, a growth of 2.14%[93]. Cash Flow - The net cash inflow from operating activities for the first half of 2024 was RMB 12,789.0 million, a decrease of 18.4% compared to RMB 15,680.0 million in the same period of 2023[24]. - The net cash outflow from investing activities increased by 40.8% to RMB 4,987.4 million, up from RMB 3,541.2 million year-on-year[24]. - Cash inflow from financing activities increased significantly to RMB 50.73 billion, compared to RMB 37.33 billion in the same period last year, marking a growth of 36.5%[102]. - The net cash flow from investment activities was negative at RMB 4.99 billion, worsening from a negative RMB 3.54 billion in the previous year[101]. Shareholder Engagement - The company has a total of 166,413 registered shareholders, with 163,279 holding A-shares and 3,134 holding H-shares[9]. - The company emphasizes ongoing communication with shareholders through various channels, including quarterly earnings calls and annual general meetings[11]. - The company plans to maintain a dividend payout ratio of no less than 30% of the net profit attributable to shareholders, with a dividend of RMB 0.094 per share for the year ending December 31, 2023, approved by shareholders[10]. Operational Performance - The company operates 28 nuclear power units and has 10 units under construction, with a total installed capacity of 43,814 MW, accounting for 43.48% of the total in mainland China[6]. - The average capacity factor for the operational units in the first half of 2024 was 88.66%, down from 90.59% in the same period of 2023[45]. - The average load factor for the operational units in the first half of 2024 was 83.77%, compared to 86.26% in the first half of 2023[45]. - The company managed 28 operational nuclear units and 10 under construction as of June 30, 2024, with all operational units running safely and stably[39]. Safety and Compliance - The company emphasizes safety management, maintaining a record of no Level 2 or above nuclear incidents in its operational history[41]. - The company maintained strict compliance with national laws and regulations regarding radioactive waste management, with no administrative penalties due to environmental issues in the first half of 2024[49]. - The company is committed to continuous improvement in its safety management system, ensuring robust operational standards across all nuclear facilities[40]. Future Plans and Investments - The company plans to invest in ongoing nuclear power plant construction and technology upgrades in the second half of 2024 to enhance operational performance[36]. - The company plans to issue A-share convertible bonds to raise up to RMB 4,900.0 million for the Guangdong Lufeng Nuclear Power Station project[30]. - The company aims to achieve an average utilization hour for its units in 2024 that is not lower than the average of the past three years[69]. Governance and Management - The company has adhered to all governance requirements set by the Hong Kong Stock Exchange during the reporting period[70]. - The company has revised its independent director and audit committee regulations to enhance governance standards[72]. - The Audit and Risk Management Committee, composed entirely of independent non-executive directors, reviewed and confirmed the interim results for the six months ended June 30, 2024[79]. Research and Development - Research and development expenses decreased significantly to RMB 312.23 million from RMB 677.53 million year-on-year, a reduction of approximately 53.92%[98]. - The company is exploring new technologies and models for comprehensive utilization of nuclear energy, aiming to enhance market competitiveness and address the economic impacts of market reforms[60]. Community Engagement - The company sold over 100 kilograms of lychees to support local farmers, demonstrating its commitment to community development[68]. - The company has established a "Science Popularization Ambassador" program to enhance public understanding of nuclear power in local communities[66].
中广核电力(01816) - 2024 - 中期财报