TEC(SH:600780)2024-08-27 07:49Financial Performance - The company's operating revenue for the first half of 2024 was CNY 5,263,209,652, a decrease of 4.05% compared to CNY 5,485,335,480.97 in the same period last year[13]. - Net profit attributable to shareholders decreased by 36.49% to CNY 251,630,360.34 from CNY 396,188,222.21 year-on-year[13]. - The net profit after deducting non-recurring gains and losses was CNY 246,131,640.60, down 37.07% from CNY 391,145,860.02 in the previous year[13]. - Basic earnings per share decreased by 36.49% to CNY 0.2195 from CNY 0.3456 in the same period last year[14]. - The weighted average return on net assets decreased by 2.38 percentage points to 3.41% from 5.79% year-on-year[14]. - The decline in performance was attributed to reduced power generation from traditional power plants and lower production from coal enterprises[14]. - The company's operating revenue decreased by 4.05% compared to the same period last year, while the financial expenses saw a significant reduction of 64.86% due to improved fund management and increased interest income[21][22]. - In the first half of 2024, the company achieved a total electricity generation of 2.727 billion kWh and a total electricity sales volume of 9.443 billion kWh, resulting in an operating revenue of 5.263 billion RMB and a net profit of 252 million RMB, with earnings per share of 0.2195 RMB[20]. Cash Flow and Assets - The net cash flow from operating activities increased by 29.46% to CNY 692,535,744.41 compared to CNY 534,923,476.87 in the same period last year[13]. - Cash and cash equivalents at the end of the period amounted to ¥2,459,303,669.37, representing 23.73% of total assets, an increase of 10.99% compared to the previous year[23]. - Accounts receivable decreased by 11.71% to ¥773,564,071.98, accounting for 7.46% of total assets[23]. - Long-term equity investments increased by 18.25% to ¥1,208,703,964.58, representing 11.66% of total assets[23]. - Fixed assets decreased by 6.01% to ¥4,136,602,655.59, making up 39.91% of total assets[23]. - The total assets at the end of the reporting period were CNY 10,364,757,114.63, an increase of 1.78% from CNY 10,183,567,354.26 at the end of the previous year[13]. - The net assets attributable to shareholders increased by 0.97% to CNY 7,420,539,655.59 from CNY 7,348,910,434.09 at the end of the previous year[13]. Investments and Projects - The company established Tongbao (Wuxiang) Clean Energy Co., Ltd. with a registered capital of ¥2 million to invest in a 200 MW photovoltaic power generation project[25]. - The company made a significant equity investment of ¥120,000,000.00 in Jin Energy Holdings Jinbei Energy (Shanxi) Co., Ltd., holding a 33.33% stake[27]. - The expected new installed capacity for wind and solar power in 2024 is around 30 million kW, with cumulative capacity projected to exceed 40% of total installed capacity[17]. - The company is actively promoting the integration of coal power and clean energy, focusing on upgrading power plants and expanding clean energy projects such as wind and solar[20]. - The company plans to accelerate the construction of clean energy projects while strictly managing project risks to enhance operational effectiveness[34]. Regulatory and Compliance - The company has established a robust internal control system to ensure compliance with regulatory requirements and enhance corporate governance[19]. - The company achieved compliance with emission standards, with average emissions for PM2.5, SO2, and NOx during the first half of 2024 being 1.89 mg/m³, 20.26 mg/m³, and 35.15 mg/m³ respectively[38]. - The company has completed the environmental emergency response plan, which is valid for three years[41]. - The company conducted multiple environmental monitoring activities, all of which complied with national environmental protection laws and regulations[42]. Shareholder Information - The total number of shareholders reached 31,129 by the end of the reporting period[53]. - The largest shareholder, Shanxi International Power Group Co., Ltd., holds 657,313,245 shares, representing 57.33% of the total shares[53]. - The company has not introduced any new risk factors during the reporting period[33]. - There were no changes in the company's share capital structure during the reporting period[52]. Related Party Transactions - The company reported actual related party transactions for the first half of 2024, including fuel purchases amounting to ¥54,541.66 million, which is 32.8% of the estimated ¥166,495 million[50]. - The company sold electricity to related parties for ¥8,834.27 million, representing 40.1% of the estimated ¥22,000 million for 2024[50]. - Transportation service fees received from related parties totaled ¥8,228.45 million, which is 42.0% of the estimated ¥19,560 million[50]. - The company incurred property and operation management service costs of ¥780.15 million from related parties, accounting for 43.3% of the estimated ¥1,800 million[50]. Environmental Responsibility - The company is actively implementing measures to reduce carbon emissions, including optimizing coal burning efficiency and increasing carbon quota during the heating period[45]. - The company has successfully completed emission reduction tasks set by the ecological environment bureau in Yangquan City, Shanxi Province, demonstrating its commitment to environmental responsibility[44]. - The company has maintained a 100% electrification rate for administrative villages and a 100% transformation rate for rural households[46]. Research and Development - Research and development expenses increased by 65.22% compared to the previous year, attributed to personnel adjustments within relevant departments[22]. - The company’s management expenses for the first half of 2024 were CNY 3,855,038.11, compared to CNY 3,676,418.17 in the same period of 2023, indicating an increase of about 4.9%[68]. Financial Reporting and Accounting Policies - The company's financial statements are prepared based on the assumption of going concern, with no significant doubts about the company's ability to continue operations[85]. - The company’s financial reports comply with the requirements of the enterprise accounting standards, reflecting the financial position, operating results, and cash flows accurately[87]. - The company has not made any significant changes to its accounting policies or estimates during the reporting period[162].