TGWC(SH:600116)2015-04-17 16:00Dividend Distribution - The company plans to distribute a cash dividend of 1.5 RMB per 10 shares, totaling 49,650,275.10 RMB for the year 2014[4]. - The total number of shares for the dividend distribution is based on the existing total share capital of 331,001,834 shares[4]. - The company did not conduct any capital reserve transfers to increase share capital for the year 2014[4]. - For the 2014 fiscal year, the company plans to distribute a cash dividend of CNY 1.5 per 10 shares, amounting to CNY 49,650,275.10, representing 34.96% of the net profit attributable to shareholders[111]. - The company has established a cash dividend policy that mandates a minimum distribution of 10% of the distributable profits, ensuring shareholder returns while supporting long-term growth[108]. - The company has actively engaged with minority shareholders to ensure their rights and interests are protected during the dividend distribution process[109]. - The company has made adjustments to its cash dividend policy to enhance transparency and compliance with regulatory requirements, which was approved by the board and shareholders[110]. Financial Performance - The company achieved operating revenue of CNY 1,297,834,574.08 in 2014, a decrease of 5.21% compared to CNY 1,369,113,279.98 in 2013[26]. - Net profit attributable to shareholders reached CNY 142,038,790.78, representing a year-on-year increase of 36.31% from CNY 104,202,816.06 in 2013[26]. - Basic earnings per share increased by 35.90% to CNY 0.53 in 2014, up from CNY 0.39 in 2013[28]. - Operating costs decreased by 5.99% to CNY 1,225,000,000 in 2014, down from CNY 1,303,000,000 in 2013[39]. - Cash flow from operating activities increased by 5.37% to CNY 356,614,165.11, mainly due to the increase in current profits[42]. - Investment income rose by 79.27% to CNY 25,932,469.06, attributed to increased returns from joint ventures[42]. - The company recorded a significant increase in asset impairment losses, totaling CNY 48,240,880.12, due to full impairment provisions for certain financial assets[50]. - The company's revenue from electricity sales reached ¥895,505,877.31, with a year-on-year increase of 3.88%[56]. - The gross profit margin for electricity sales was 26.60%, an increase of 3.99 percentage points compared to the previous year[56]. - The company's revenue from real estate sales decreased by 51.84% year-on-year, totaling ¥60,132,705.43[56]. Asset Management - The company's total assets as of December 31, 2014, were CNY 3,607,061,576.06, reflecting a growth of 2.37% from CNY 3,523,464,910.37 at the end of 2013[27]. - The company maintained an asset-liability ratio of 66.51% as of December 31, 2014[39]. - The total assets at the end of the period were significantly impacted, with a 44.94% decrease in inventory, amounting to ¥95,109,637.04[59]. - The company's short-term loans decreased by 68.05% to ¥170,000,000.00, reflecting a reduction in debt levels[60]. - The company has ongoing guarantees totaling 47,406.13 million RMB for various subsidiaries, including 17,096 million RMB for long-term loans from Agricultural Bank of China[130]. Operational Highlights - The company reported a total electricity generation of 1.728 billion kWh in 2014, an increase of 2.43% from 1.687 billion kWh in 2013[39]. - The company completed electricity sales of 1.728 billion kWh, a 2.43% increase from 1.687 billion kWh in the same period last year[54]. - The company achieved electricity business revenue of CNY 890 million, up 3.73% from CNY 858 million year-on-year[54]. - The company has a total installed capacity of 250,000 kW for hydropower, with 170,000 kW currently operational and 78,000 kW under construction[63]. - The company is focused on human resource reforms to support its strategic development and ensure a skilled workforce[97]. Strategic Initiatives - The company completed a non-public offering of shares, raising CNY 860 million to support rapid development[35]. - The company plans to raise up to CNY 860 million through a non-public offering of shares to fund various projects[51]. - The company plans to invest CNY 848.3 million over three years (2015-2017) for the rural power grid renovation and upgrade project, supported by an annual subsidy of CNY 18 million from the local government[157]. - The company is adapting to the challenges posed by macroeconomic fluctuations that may impact electricity demand and pricing[101]. - The company is committed to improving its management level and internal control systems to enhance operational efficiency and competitiveness[94]. Governance and Compliance - The company has not received any administrative penalties or public reprimands from the China Securities Regulatory Commission or the stock exchange during the year[141]. - The company has established a system to protect shareholders' rights and ensure fair information disclosure[198]. - The company has committed to maintaining compliance with the Company Law and regulations set by the China Securities Regulatory Commission[198]. - The company has outlined specific legal responsibilities in case of any breach of commitments, ensuring accountability and protection of its interests[137]. - The company has implemented an insider information management system, creating a comprehensive insider information database and ensuring confidentiality through signed agreements[198]. Human Resources - The total number of employees in the parent company and major subsidiaries is 1,912, with 1,281 retirees[192]. - The professional composition includes 1,428 production personnel, 218 technical personnel, and 53 financial personnel[192]. - The company has established a multi-level compensation policy, with general employees receiving a monthly base salary, standard performance salary, and annual performance bonus[193]. - The company has a training system that includes annual training planning for employees and specialized training for finance and human resources[194]. - The company’s independent directors have extensive experience in finance and management, contributing to strategic decision-making[188]. Market Position and Future Outlook - The company holds a dominant position in the Wanzhou district, covering approximately 90% of the power supply area, with limited competition from the State Grid[85]. - The company anticipates broader market opportunities in the power survey, design, and installation business due to the ongoing infrastructure development under the "Belt and Road" initiative[87]. - The company expects the hydropower industry to grow, with an average annual increase of 10 million kilowatts in installed capacity until 2020, reaching a total of 420 million kilowatts[83]. - The company plans to achieve an on-grid electricity volume of 1.729 billion kWh and a sales volume of 1.569 billion kWh in 2015, with projected revenue of 919 million yuan[94]. - The company is actively pursuing investment opportunities in hydroelectric projects to expand its market presence[199].