SEP(SH:600021)2016-03-28 16:00Financial Performance - In 2015, the company achieved a net profit of ¥727,774,280.15, with a distributable profit of ¥654,996,852.13 after statutory reserves[2]. - The total distributable profit at the end of 2015 was ¥1,669,512,631.81, after accounting for the previous year's cash dividend distribution of ¥534,934,814.25[2]. - The proposed cash dividend distribution is ¥0.25 per share, amounting to a total of ¥534,934,814.25 based on a total share capital of 2,139,739,257 shares[2]. - The company's operating revenue for 2015 was CNY 17,006,343,897.76, representing a 5.62% increase compared to CNY 16,101,966,797.82 in 2014[21]. - The net profit attributable to shareholders for 2015 was CNY 1,332,442,623.44, a slight increase of 0.51% from CNY 1,325,640,614.94 in 2014[21]. - The net cash flow from operating activities increased by 72.07% to CNY 4,630,953,861.06 in 2015, compared to CNY 2,691,332,562.85 in 2014[21]. - The total assets of the company reached CNY 51,990,753,421.55 at the end of 2015, marking a 9.82% increase from CNY 47,343,654,103.25 at the end of 2014[21]. - The basic earnings per share for 2015 was CNY 0.6227, a 0.52% increase from CNY 0.6195 in 2014[22]. - The weighted average return on equity decreased by 1.65 percentage points to 13.31% in 2015, down from 14.96% in 2014[22]. - The company reported a net profit of CNY 420,464,093.78 in Q4 2015, which was an increase compared to CNY 197,507,702.89 in Q3 2015[24]. Risks and Challenges - The company reported no significant risks that could materially affect its operations during the reporting period[5]. - The company has outlined various risks it may face, including electricity demand decline, grid price reduction, overseas investment risks, exchange rate risks, and environmental risks[5]. - The company faced a risk of declining electricity demand due to the economic slowdown, which may impact the utilization hours of its power generation equipment[79]. - Starting January 1, 2016, the national coal-fired power grid price was reduced by 3.11 cents per kWh in Shanghai, which could exert pressure on the company's operations[79]. - The company plans to enhance its overseas risk prevention system to ensure stable and profitable international development amid increasing foreign project investments[80]. Operational Capacity and Market Position - As of the end of 2015, the company's installed capacity was 9,362,700 kW, with coal power accounting for 6,480,000 kW (69.21%), gas power 2,068,800 kW (22.10%), wind power 421,900 kW (4.50%), and solar power 392,000 kW (4.19%)[30]. - The company's heat supply market share in Shanghai is 56.3%, with significant contributions from its major plants[31]. - The company achieved a new production capacity of 605,100 kW in 2015, with an approved scale of 1,149,000 kW and a construction scale of 579,800 kW[38]. - The proportion of clean energy in the installed capacity reached 30.79%, with over 600,000 kW of installed capacity accounting for 70.9% of total coal power capacity[37]. - The company plans to expand its overseas market, with significant projects in Turkey, Tanzania, Egypt, Mozambique, and Montenegro[38]. - The company’s clean energy generation capacity is expected to increase, with non-fossil energy generation capacity projected to reach around 36% by the end of 2016[35]. Financial Management and Investments - The company maintained a domestic AAA credit rating and received investment-grade ratings from Fitch, Moody's, and S&P[43]. - The company successfully issued $500 million in bonds, enhancing its overseas direct financing channels[43]. - The average cost of financing for the year was 4.8%, saving 165 million yuan in financial expenses compared to the previous year[43]. - The company reported a significant increase in engineering project revenue, which rose by 128.11% year-on-year, with costs increasing by 112.76%[49]. - The company made significant equity investments in various projects, including a 50.01% stake in Turkey's EMBA Power Generation with an investment of ¥906.56 million[70]. - The company has invested ¥1,053.25 million in the Turkey Hunutlu coal-fired power plant project, which is currently under approval[71]. Environmental and Social Responsibility - The company is committed to improving environmental standards and will invest in pollution control technologies to mitigate environmental risks[80]. - The company aims to accelerate energy-saving and environmental protection renovations of operational units and actively promote clean coal and new energy technology applications[102]. - The company is committed to achieving zero responsibility-related fatalities and significant environmental pollution incidents[78]. Corporate Governance and Shareholder Structure - The company has a significant shareholder, China Power Investment Group, which is the actual controller[118]. - The largest shareholder, State Power Investment Corporation, holds 43.02% of the shares, with an increase of 3,954,012 shares during the reporting period[110]. - The company has not encountered any major legal or regulatory issues during the reporting period, maintaining a good integrity status[92]. - The company has established a scientific and effective incentive and restraint mechanism for its remuneration management system[125]. - The total remuneration for the board members and senior management during the reporting period amounted to 5.9044 million yuan[120]. Employee and Training Initiatives - The total number of employees in the parent company is 859, while the total number of employees in major subsidiaries is 5,252, resulting in a combined total of 6,111 employees[129]. - The company has established a specialized employee training platform to enhance skill development[131]. - The company has a total of 188 employees with a master's degree or above, and 1,573 employees with a bachelor's degree[129]. Future Outlook and Strategic Initiatives - The company aims to become an industry-leading innovative and international comprehensive energy group, focusing on clean energy development and advanced energy technology innovation[114]. - The company plans to enhance its market position by focusing on innovation and talent development as part of its strategic initiatives[77]. - The report highlights a focus on clean energy as the primary development direction, aligning with national energy policies[114].