2015-03-24 16:00Financial Performance - The company's operating revenue for 2014 was approximately RMB 125.41 billion, a decrease of 6.30% compared to RMB 133.83 billion in 2013[24]. - The net profit attributable to shareholders for 2014 was approximately RMB 10.55 billion, a slight increase of 0.24% from RMB 10.52 billion in 2013[24]. - The total assets of the company at the end of 2014 were approximately RMB 272.16 billion, representing a 4.57% increase from RMB 260.27 billion in 2013[24]. - The company's cash flow from operating activities for 2014 was approximately RMB 33.32 billion, a decrease of 17.20% compared to RMB 40.24 billion in 2013[24]. - The basic earnings per share for 2014 remained at RMB 0.75, unchanged from 2013[25]. - The weighted average return on equity for 2014 was 16.27%, a decrease of 1.60 percentage points from 17.87% in 2013[25]. - The net profit attributable to shareholders of the listed company for the current period is CNY 10,545,750,526, compared to CNY 10,520,133,720 in the previous period, reflecting a slight increase[27]. - The company recorded a government subsidy of CNY 900,371,082 in 2014, significantly higher than CNY 369,198,868 in 2013, indicating improved support from government policies[38]. - Non-operating income and expenses resulted in a total of CNY (28,036,170) in 2014, a substantial decrease from CNY (1,090,575,025) in 2013, suggesting better management of non-recurring items[39]. - The company reported a significant increase in available-for-sale financial assets, rising from CNY 1,627,777,620 to CNY 2,748,162,533, reflecting a strong investment performance[41]. Asset and Liability Management - The total liabilities from derivative financial liabilities increased from CNY 426,996,413 to CNY 1,482,239,339, indicating a rise in financial risk exposure[41]. - The company has recognized a deferred tax impact related to accounting standard differences, which may affect future financial results[36]. - The adjustments for previous years related to the accounting treatment of pre-collected electricity fees amounted to CNY 261,471,450, highlighting the impact of regulatory changes on financial reporting[28]. - The company’s long-term payables increased by 548.69% to 1,354,595,322, primarily due to financing lease activities[70]. - The company reported a reclassification of long-term equity investments, resulting in a decrease of RMB 1.53521469 billion in long-term equity investments and an increase in available-for-sale financial assets[118]. Operational Performance - Operating revenue decreased by 6.30% to CNY 125.41 billion compared to the previous year, primarily due to a decline in electricity sales[44][45]. - Operating costs fell by 8.61% to CNY 94.01 billion, contributing to improved cost management[44]. - The net cash flow from operating activities was CNY 33.32 billion, down 17.20% from the previous year, mainly due to reduced revenue[44][53]. - The company’s controllable power generation capacity reached 70,484 MW by the end of 2014, with a clean energy proportion of 12.08%[61]. - In 2014, the company's domestic power generation was 294.388 billion kWh, a year-on-year decrease of 7.27%[59]. Strategic Initiatives - The company plans to achieve a controlled installed power generation capacity of over 80 million kW by 2015, positioning itself as a leading international power generation company[81]. - The company aims to complete an annual power generation of 345 billion kWh in 2015, with an expected utilization hours of 4,460 hours for its units[82]. - The company is committed to optimizing its power source structure and actively developing clean energy projects, including wind and solar power[81]. - The company plans to maintain a cash dividend policy of distributing at least 50% of the annual net profit attributable to shareholders in cash, contingent on profitability and cash flow sufficiency[92]. - The company is facing risks related to the electricity market, including competition from newly operational hydropower and nuclear power plants, which may impact its power generation volume[85]. Governance and Compliance - The company has a strong governance structure, ensuring balanced decision-making and operational efficiency[72]. - The company has established a comprehensive internal control system with a scientific organizational structure, ensuring the authority, independence, and effectiveness of internal controls[190]. - The external auditor, KPMG Huazhen, issued an unqualified opinion on the effectiveness of internal controls related to financial reporting as of December 31, 2014[197]. - The company has implemented a series of information disclosure management measures to ensure compliance and reduce risks associated with information disclosure[171]. - The company held multiple shareholder meetings in 2014, including the annual meeting on June 26, where key reports and proposals were approved[173]. Human Resources and Compensation - The total number of employees in the parent company is 20,264, and in major subsidiaries, it is 17,473, resulting in a total of 37,737 employees[162]. - The company emphasizes a salary policy that links employee compensation to company performance and individual performance, ensuring a fair and efficient incentive mechanism[163]. - The total remuneration paid to the board members during the reporting period amounted to 1,050.64 million yuan, with 457.62 million yuan received from shareholders[146]. - The company has established a series of compensation management systems to create effective incentive and restraint mechanisms[156]. - The company has seen a stable leadership structure with many directors serving since 2010 or earlier[155].