LEP(SH:600644)2016-03-01 16:00Financial Performance - The company's net profit for 2015 was CNY 115,516,687.73, a significant recovery from a net loss of CNY 1,139,314,897.75 in 2014[3]. - Operating revenue for 2015 increased by 7.48% year-on-year, reaching CNY 1,654,917,369.66 compared to CNY 1,539,810,297.46 in 2014[19]. - The cash flow from operating activities for 2015 was CNY 149,109,701.88, representing a 239.35% increase from CNY 43,940,043.75 in 2014[20]. - Basic earnings per share for 2015 was CNY 0.2146, a significant recovery from a loss of CNY -3.0025 in 2014[21]. - The weighted average return on equity increased to 12.13% in 2015, up 418.58 percentage points from -406.45% in 2014[21]. - Total operating revenue for the fourth quarter of 2015 reached CNY 462,121,157.61, with net profit attributable to shareholders at CNY 58,726,483.38[23]. - The total profit for 2015 was 183.40 million RMB, a significant increase from a loss of 1,910.06 million RMB in 2014[58]. - The net profit for the year was 126.65 million yuan, a significant recovery from a net loss of 183.84 million yuan in the previous year[45]. Assets and Liabilities - The total assets decreased by 9.11% year-on-year, amounting to CNY 2,419,167,010.33 at the end of 2015, down from CNY 2,661,710,078.36 in 2014[20]. - The company's net assets attributable to shareholders increased by 12.91% to CNY 1,010,174,359.71 at the end of 2015, compared to CNY 894,657,671.98 at the end of 2014[20]. - The company reported a negative retained earnings balance of CNY -1,003,333,336.56 at the end of 2015, indicating accumulated losses[3]. - The company’s total debt decreased by 420.1 million yuan, resulting in a savings of 47.62 million yuan in financial expenses[40]. - The company’s asset-liability ratio improved to 54.05%, a decrease of 8.9 percentage points from the beginning of the year[40]. - Total assets decreased from ¥2,661,710,078.36 at the beginning of the year to ¥2,419,167,010.33 by year-end, a decline of approximately 9.1%[195]. - Total liabilities decreased from ¥1,675,520,558.10 to ¥1,307,493,357.76, a decline of around 22%[195]. Operational Efficiency - The company achieved a turnaround in profitability for the year, successfully implementing 15 measures to enhance efficiency and reduce costs, following two consecutive years of losses[36]. - The company reduced controllable costs by 13.56% year-on-year, with total procurement costs falling below budget by 19.47%[40]. - The company completed significant infrastructure projects, including the Qianwei power grid interconnection and various substation upgrades, enhancing its operational capacity[41]. - The company achieved a total electricity generation of 501 million kWh, a 14.74% increase from 437 million kWh in the previous year[45]. - The total sales volume of electricity reached 2.292 billion kWh, up 10.20% from 2.080 billion kWh last year[45]. Investments and Subsidiaries - The company invested CNY 580 million in Sichuan Shengtian New Energy Development Co., holding a 21.60% stake[29]. - The company completed the acquisition of Qianwei Zhengxin Investment Co., Ltd., which now operates as a wholly-owned subsidiary, enhancing its market presence[39]. - The company’s investment in Qianwei Zhengxin Investment Co., Ltd. amounted to 220 million RMB, which became a wholly-owned subsidiary in May 2015, contributing a net profit of 2,077.7 million RMB[75]. - The company has invested 116 million yuan in Sichuan Shengtian New Energy Co., holding a 21.60% stake, with ongoing development in solar photovoltaic projects[44]. Market Position and Customer Base - The company reported a total of 37.85 million electricity users, with a 12.61% market share in the region, an increase of 1.71 percentage points year-on-year[28]. - The company added 19,080 new electricity customers, with a total installed capacity of 278,700 kVA, and increased electricity sales by 44.87 million kWh[37]. - The company has a total of 600 kilometers of natural gas pipelines, serving 255,200 gas users[31]. - The company installed 19,940 new natural gas connections, bringing the total to 255,189, while also adding 21,045 new water supply connections, totaling 149,681[38]. Risk Management and Compliance - The company emphasizes the importance of risk awareness regarding future plans and development strategies, advising investors to consider investment risks[4]. - The company has established a strong governance structure to ensure effective risk control and sustainable development[32]. - The company has not incurred any new external guarantees in 2015, maintaining a focus on legal compliance and risk management[100]. - The company has a structured process for profit distribution that includes input from independent directors and the supervisory board[104]. Profit Distribution and Shareholder Relations - The company did not propose any profit distribution or capital reserve transfer due to insufficient statutory reserves to cover previous losses[3]. - The profit distribution policy requires that cash dividends should not exceed 30% of the average distributable profits over the last three years if the company is profitable[103]. - The company has maintained a consistent communication channel with minority shareholders regarding profit distribution proposals[104]. - The company has not proposed a cash profit distribution plan for the reporting period despite having positive distributable profits, which requires detailed disclosure of reasons and future plans for retained earnings[110]. Legal and Regulatory Matters - The company is involved in multiple lawsuits, including a financial loan dispute where it is required to repay RMB 29.11 million, with joint liability from related parties[117]. - The company has a pending guarantee contract dispute with China Foreign Trade Financial Leasing Co., Ltd., claiming RMB 5.67 million plus litigation fees[117]. - The company has reported a total of RMB 36.73 million in contingent liabilities related to ongoing litigation[118]. - The company is actively pursuing legal actions related to various contract disputes, including claims for compensation of 1.33 million RMB[120]. Management and Governance - The company has maintained a stable management team with no significant changes in shareholding or remuneration structures[154]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 4.6728 million yuan[159]. - The company has established a performance evaluation and incentive mechanism for senior management, linking compensation to operational performance[171]. - The board of directors consists of 11 members, including 4 independent directors, ensuring compliance with governance standards[168].