Financial Performance - For the six months ended June 30, 2024, the company reported a consolidated revenue of approximately RMB 405.828 million, an increase of about 5.8% compared to the same period last year[4]. - The profit attributable to equity shareholders for the same period was approximately RMB 1.787 million, representing a significant increase of 153.8% year-on-year[4]. - Earnings per share for the six months ended June 30, 2024, was RMB 1.12, up 154.5% from RMB 0.44 in the same period last year[5]. - The company reported a net profit attributable to the parent company for the first half of 2024 was approximately RMB 1.79 million, an increase of about 153.8% compared to approximately RMB 0.70 million in the same period last year[36]. - The company’s pre-tax profit for the first half of 2024 was approximately RMB 7.12 million, a significant increase of about 172.4% from approximately RMB 2.61 million in the same period last year[34]. - Gross profit for the same period was RMB 26,900 thousand, up 46.4% from RMB 18,390 thousand in 2023[82]. - Operating profit increased to RMB 15,430 thousand, representing an 83.5% rise from RMB 8,410 thousand in the previous year[82]. - The company reported a total operating revenue of approximately RMB 405.83 million, an increase of about 5.8% compared to approximately RMB 383.40 million in the same period of 2023[20]. Assets and Liabilities - The total assets as of June 30, 2024, amounted to RMB 1,076.270 million, a slight decrease from RMB 1,089.093 million as of December 31, 2023[9]. - The total liabilities decreased to RMB 611.699 million from RMB 630.302 million as of December 31, 2023[9]. - As of June 30, 2024, the company's debt-to-equity ratio was 1.32, a slight decrease from 1.37 at the end of the previous year, due to repayment of project payables related to the Lingang Thermal Power Gas Distributed Energy Station[39]. - The company held cash and bank balances of approximately RMB 134.17 million as of June 30, 2024, with total loans and borrowings amounting to approximately RMB 447.84 million[44]. - The total liabilities as of June 30, 2024, included significant bank loans, with repayments totaling RMB 124,660 thousand during the period[89]. - The company’s bank loans due within one year were RMB 261,761,000 as of June 30, 2024, slightly down from RMB 264,445,000 as of December 31, 2023[121]. Operational Efficiency - The company's gross profit margin for industrial steam remained stable, with cost reduction achieved through various technical improvements and biomass co-firing[14]. - The company has implemented a cost control system aligned with its operational goals, leading to significant reductions in coal and water consumption for steam production[15]. - The company has successfully completed multiple biomass fuel co-firing trials, with plans to implement these technologies in the future[15]. - The company is actively introducing new production capabilities to reduce operating costs and improve management efficiency, with a goal of decreasing the proportion of costs to revenue year by year[55]. - The company has implemented a cost control system aligned with operational goals to enhance efficiency and reduce costs[55]. Expansion and Projects - The company is actively expanding its distributed photovoltaic power station projects and has successfully completed the acquisition of the Yangzhou Qingchang equity project[14]. - The company added a distributed photovoltaic power generation capacity of 11.56 MW in the first half of 2024, bringing the total installed capacity to 18.8 MW, with renewable energy generation capacity reaching 62.7% of coal power generation capacity[17]. - The company completed the acquisition of 95% equity in Yangzhou Qingchang, which contributed to increased revenue from its rooftop distributed photovoltaic projects of approximately 10.44 MW[20]. - The acquisition of Yangzhou Qingchang is aimed at expanding the company's photovoltaic power generation and sales business[135]. Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2024, was RMB 42,811 thousand, compared to a cash outflow of RMB 62,636 thousand in the same period of 2023[89]. - Net cash from operating activities was RMB 40,716 thousand, a significant improvement from a net cash outflow of RMB 64,889 thousand in the previous year[89]. - Cash outflow for the acquisition of subsidiaries amounted to RMB 13,888 thousand, with no comparable figure from the previous year[89]. - Cash used in investing activities totaled RMB 39,932 thousand, down from RMB 52,184 thousand in the same period last year[89]. - The company reported a net cash position of RMB 134,171 thousand as of June 30, 2024, compared to RMB 122,704 thousand at the end of the previous period[89]. Shareholder Information - Major shareholders include Tianbao Holdings with 68.54% and Tianjin Free Trade Zone Investment Holdings with 72.29% of the total share capital[66]. - The total number of shares outstanding as of June 30, 2024, is 159,920,907 shares, each with a par value of RMB 1.00[64]. - The company has not issued new shares for cash since its listing on the main board[64]. - The board of directors did not propose any interim dividend for the six months ending June 30, 2024[72]. - The company approved a dividend of RMB 0 per share for the current period, compared to RMB 0.024 per share, totaling RMB 3,838,000 for the same period in 2023[127]. Compliance and Governance - The audit committee has reviewed the unaudited interim results for the six months ending June 30, 2024[63]. - The independent non-executive directors confirmed that the controlling shareholders have fully complied with the non-competition agreement without any breach[68]. - The company has established a structured internal control system to manage financial risks and does not engage in high-risk investments or speculative derivative trading[40]. - The independent auditor did not identify any matters that would lead them to believe that the financial statements were not prepared in accordance with the relevant accounting standards[81]. - The company has not engaged in any significant legal litigation or arbitration during the reporting period[70].
天保能源(01671) - 2024 - 中期财报