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重庆水务(601158) - 2024 Q2 - 季度财报
601158Chongqing Water(601158)2024-08-30 09:03

Financial Performance - The operating revenue for the first half of 2024 was approximately ¥3.28 billion, a decrease of 11.20% compared to ¥3.70 billion in the same period last year[15]. - The net profit attributable to shareholders of the listed company was approximately ¥416.08 million, down 41.60% from ¥712.46 million in the previous year[15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥333.95 million, a decrease of 48.21% from ¥644.77 million in the same period last year[15]. - The net cash flow from operating activities was approximately ¥468.24 million, down 61.31% from ¥1.21 billion in the previous year[15]. - Basic earnings per share for the first half of 2024 were ¥0.09, down 40.00% from ¥0.15 in the same period last year[16]. - The weighted average return on net assets was 2.43%, a decrease of 1.66 percentage points from 4.09% in the previous year[16]. - The company's operating revenue decreased by 411 million yuan year-on-year, primarily due to the adjustment of wastewater treatment service pricing from 2.98 yuan to 2.35 yuan per cubic meter[17]. - Net profit decreased by 347 million yuan year-on-year, with a potential increase of 50.65 million yuan if the previous year's pricing was applied[17]. - The net cash flow from operating activities decreased by 831 million yuan year-on-year due to the settlement of wastewater treatment service funds[17]. - The company achieved operating revenue of CNY 3.283 billion in the first half of 2024, a decrease of 11.20% year-on-year[34]. - Net profit attributable to shareholders was CNY 416 million, down 41.60% year-on-year, primarily due to the adjustment in sewage treatment service pricing[34]. - Total operating revenue for the first half of 2024 was CNY 3,283,443,281.78, a decrease of 11.2% compared to CNY 3,697,657,222.74 in the same period of 2023[123]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥34.44 billion, an increase of 4.05% from ¥33.10 billion at the end of the previous year[15]. - The net assets attributable to shareholders of the listed company were approximately ¥16.66 billion, a decrease of 1.71% from ¥16.95 billion at the end of the previous year[15]. - The company's debt-to-asset ratio rose to 51.22%, an increase of 2.82 percentage points from the previous year[34]. - Total liabilities reached ¥17.64 billion, up from ¥16.02 billion in the previous year[119]. - The company's total current assets were reported at ¥5.80 billion, slightly down from ¥5.85 billion at the end of 2023[117]. - The long-term borrowings increased to ¥6.81 billion from ¥5.48 billion, representing a significant rise[119]. - The company's total liabilities reached CNY 12,645,995,670.59, up from CNY 12,191,792,378.89, indicating increased leverage[122]. - The total amount of guarantees provided by the company, excluding those to subsidiaries, was 1,282.11 million yuan at the end of the reporting period[84]. Cash Flow - The cash inflow from operating activities for the first half of 2024 was CNY 3,519,395,913.70, a decrease of 15.7% compared to CNY 4,175,421,009.99 in the same period of 2023[131]. - The net cash flow from operating activities for the first half of 2024 was CNY 468,239,329.09, down 61.3% from CNY 1,210,157,312.64 in the first half of 2023[131]. - The total cash outflow from investing activities in the first half of 2024 was CNY 1,405,184,982.13, compared to CNY 908,764,205.13 in the same period of 2023, indicating a significant increase in investment spending[131]. - The net cash flow from financing activities for the first half of 2024 was CNY 169,653,261.70, a recovery from a negative cash flow of CNY 674,471,646.09 in the first half of 2023[132]. - The total cash and cash equivalents at the end of the first half of 2024 were CNY 2,400,250,360.31, a decrease from CNY 2,526,376,370.51 at the end of the first half of 2023[132]. Market Position and Operations - The company holds approximately 54% of the tap water market and about 84% of the sewage treatment market in the main urban area of Chongqing[23]. - The tap water supply capacity is 330.01 million m³/day, with an increase of 2.06 million m³/day[24]. - The sewage treatment capacity is 503.295 million m³/day, with an increase of 17.50 million m³/day[24]. - The company is expanding its market presence in provinces such as Sichuan, Yunnan, Hubei, and Henan, aiming to become a leading comprehensive water service provider in China[23]. - The company operates 42 water treatment plants with a designed production capacity of 3.3001 million cubic meters per day[33]. - The company has 123 sewage treatment plants with a designed treatment capacity of 5.03295 million cubic meters per day, maintaining a leading market share in Chongqing[33]. Strategic Initiatives - Future strategies include expanding service areas and enhancing operational efficiency through technological advancements in wastewater treatment[22]. - The company is focusing on digital transformation and "smart water" initiatives, leveraging big data and cloud computing technologies[33]. - The company is actively participating in market competition for projects related to the Yangtze River protection and integrated water management, aiming to expand its business scope and enhance capacity[47]. - The company is focused on enhancing its technological capabilities and promoting green and low-carbon technologies as part of its strategic goals[23]. Regulatory and Compliance - The company has outlined potential risks in the report, which are detailed in the management discussion and analysis section[4]. - The company faces risks related to the inability to timely adjust water prices in response to rising supply costs[46]. - The company is exposed to risks of increased operational costs or penalties due to stricter environmental protection laws and regulations[47]. - The company has successfully met the new drinking water quality standards implemented in April 2023[46]. Corporate Governance - The company held its first extraordinary general meeting on January 25, 2024, where the election of the fifth board of directors was approved[50]. - The company held its annual general meeting on April 26, 2024, approving six proposals including the 2023 board work report[50]. - The company appointed Dai Wei as a director, Zhang Ying as the chairman of the supervisory board, Fu Zhaoqing as the general manager, and Zhao Haiyan as the deputy general manager in early 2024[52]. - The sixth board of directors was formed on July 22, 2024, with Zheng Rubing as chairman and Zhang Ying as the chairman of the supervisory board[52]. Environmental and Social Responsibility - The company is actively expanding its green and low-carbon business, implementing energy resource recovery and promoting low-carbon living concepts[66]. - The company utilizes biogas generated from anaerobic digestion of sludge to replace natural gas and extracts residual heat energy from wastewater using water source heat pump technology[66]. - The company aims to reduce energy consumption and chemical usage in wastewater treatment, transforming wastewater treatment plants into "energy factories"[66]. Investment and Acquisitions - The company completed the acquisition of seven wastewater treatment plants for a total of CNY 3.947 billion, securing a 30-year concession for wastewater treatment services[87]. - The asset acquisition from Water Environment Group was valued at 504.30 million yuan, with a net asset assessment value of 504.30 million yuan, and the company has paid 428.65 million yuan as of the reporting period[79]. - The company has invested a total of CNY 5 billion in registered capital and CNY 8.39 billion in capital reserves for its subsidiary Kunming Yurun Water Co., Ltd. as of the reporting period[88].