SEP(SH:600021)2018-08-27 16:00Financial Performance - The company's operating revenue for the first half of 2018 was CNY 10.86 billion, an increase of 18.85% compared to CNY 9.14 billion in the same period last year[18]. - Net profit attributable to shareholders was CNY 307.68 million, a decrease of 6.39% from CNY 328.68 million in the previous year[18]. - The net profit after deducting non-recurring gains and losses increased by 134.94% to CNY 295.24 million, compared to CNY 125.67 million in the same period last year[18]. - Cash flow from operating activities reached CNY 2.14 billion, up 38.49% from CNY 1.54 billion in the previous year[18]. - Total profit amounted to 931 million RMB, reflecting a year-on-year growth of 22.05%[38]. - The company reported a total revenue of 10.861 billion RMB, an increase of 18.85% compared to the previous year[41]. - The total profit for the period was ¥930,825,710.88, compared to ¥762,673,286.93 in the same period last year, marking a growth of 22.1%[133]. - The company reported a total comprehensive income of 571,529,610.23 RMB for the current period, which includes a profit distribution to owners of -665,131,009.10 RMB[148]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 86.42 billion, representing a 6.80% increase from CNY 80.91 billion at the end of the previous year[19]. - The company's net assets attributable to shareholders decreased by 3.18% to CNY 12.34 billion from CNY 12.75 billion at the end of the previous year[19]. - The company's total liabilities reached ¥67.19 billion, up from ¥61.69 billion, marking a growth of around 8.1%[126]. - Current liabilities totaled ¥32.93 billion, an increase from ¥30.45 billion, reflecting a rise of about 8.1%[126]. - Non-current liabilities rose to ¥34.26 billion, compared to ¥31.23 billion, indicating an increase of approximately 9.7%[126]. - Owner's equity totaled ¥19.23 billion, slightly up from ¥19.23 billion, showing a marginal increase[127]. Operational Highlights - As of June 30, 2018, the company's installed capacity was 13.3442 million kW, with clean energy accounting for 36.45% of the total capacity[26]. - In the first half of 2018, the company achieved a consolidated power generation of 23.785 billion kWh, a year-on-year increase of 34.04%, with coal power generation increasing by 43.57%[26]. - The company’s heat supply in the first half of 2018 was 7.9402 million GJ, a year-on-year increase of 4.51%, accounting for 62.01% of the total heat supply in Shanghai[27]. - The average utilization hours for coal-fired power plants increased by 116 hours year-on-year to 2,126 hours in the first half of 2018[31]. - The company achieved a total power generation of 23.785 billion kWh during the reporting period, representing a year-on-year increase of 34.04%[38]. Investment and Expansion - The company is actively pursuing international market opportunities, with overseas assets amounting to approximately 8.88 billion RMB, representing 8.34% of total assets[33]. - The company is focusing on optimizing its asset structure by increasing the proportion of renewable energy generation[34]. - The company is actively developing offshore wind power projects, with an operational scale of 500 MW and an approved scale of 1,100 MW[35]. - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share within the next two years[201]. - A strategic acquisition of a local competitor is expected to be finalized by Q3 2018, which will enhance the company's product offerings[201]. Environmental and Regulatory Compliance - The company is committed to ensuring that pollutant emissions from its power plants comply with environmental standards through technical upgrades[56]. - The company reported emissions of 114.66 tons of particulate matter, 1,159.59 tons of sulfur dioxide, and 2,090.62 tons of nitrogen oxides during the first half of 2018[83]. - The company has established a comprehensive environmental management system, including emergency response plans for environmental incidents[90]. - The company has implemented a real-time monitoring system for emissions at all thermal power plants, ensuring compliance with emission limits[87]. - All coal-fired power plants have undergone ultra-low emission upgrades by 2017, enhancing environmental performance[87]. Shareholder and Governance Matters - The company plans to distribute profits with no cash dividends or stock bonuses proposed for the half-year period[60]. - The company is committed to improving its corporate governance and transparency, ensuring compliance with regulatory standards[73]. - The largest shareholder, State Power Investment Corporation, holds 1,190,518,219 shares, representing 49.41% of total shares[100]. - The company has established conditions for asset injection to ensure compliance with legal and regulatory standards[62]. - The company guarantees the independence of its financial operations, ensuring separate bank accounts and financial decision-making from controlling entities[64]. Risk Management - The company faced various risks including policy risk, coal price increase risk, overseas investment risk, and exchange rate risk, which are detailed in the report[5]. - The company aims to enhance its overseas investment risk management processes to mitigate political, economic, and cultural risks associated with international projects[56]. - The company is actively managing exchange rate risks associated with its overseas projects by aligning currency types for project revenues and equipment procurement[57]. Future Outlook - The company provided an optimistic outlook, projecting a revenue growth of 25% for the next quarter, driven by new product launches and market expansion[72]. - The company plans to continue focusing on market expansion and new product development to drive future growth[134]. - Future outlook includes potential market expansion in renewable energy sectors, aligning with global trends towards sustainability[162]. - The company is likely to provide further guidance on performance metrics and growth strategies in upcoming reports, emphasizing transparency and investor communication[162].