GDPD(SH:600795)2018-08-30 16:00Financial Performance - The company's operating revenue for the first half of 2018 was CNY 31.18 billion, an increase of 8.47% compared to CNY 28.74 billion in the same period last year[21]. - The net profit attributable to shareholders for the first half of 2018 was CNY 1.80 billion, reflecting a growth of 6.02% from CNY 1.69 billion in the previous year[21]. - The net profit after deducting non-recurring gains and losses was CNY 1.71 billion, up by 3.79% from CNY 1.65 billion year-on-year[21]. - The basic earnings per share for the first half of 2018 were CNY 0.091, representing a 5.81% increase from CNY 0.086 in the same period last year[22]. - The weighted average return on net assets increased to 3.612%, up by 0.237 percentage points from 3.375% in the previous year[22]. - The net profit attributable to shareholders increased by 6.02% year-on-year, primarily due to a rise in electricity generation compared to the same period last year[23]. - Basic earnings per share rose by 5.81% year-on-year, driven by the increase in net profit attributable to shareholders[23]. Cash Flow and Investments - The net cash flow from operating activities decreased by 28.65% to CNY 5.69 billion, down from CNY 7.97 billion in the same period last year[21]. - The company's investment amount in the first half of 2018 was CNY 4,227.49 million, a decrease of CNY 613.23 million or 12.67% compared to the same period last year[51]. - Net cash flow from investing activities was -¥5,841,395,427.69, a decline of 5.50%, mainly due to the repayment of a performance deposit related to an equity acquisition[43]. - Net cash flow from financing activities increased by 94.07% to ¥2,275,042,418.49, primarily due to increased amounts received from financing leases[43]. Assets and Liabilities - The total assets of the company at the end of the reporting period were CNY 280.67 billion, an increase of 2.39% from CNY 274.13 billion at the end of the previous year[21]. - The total liabilities amounted to CNY 207.93 billion, up from CNY 201.47 billion, indicating a growth of around 3%[129]. - The company's equity increased slightly to CNY 72.75 billion from CNY 72.66 billion, showing a marginal growth[129]. - The debt-to-asset ratio stood at 74.08%, an increase of 0.59 percentage points compared to the previous year[123]. Market and Operational Developments - The company aims to strengthen its market share by actively expanding its electricity market and enhancing communication with local governments and grid companies[30]. - The company has a total installed capacity of 53.23 million kW as of June 30, 2018, with thermal power accounting for 62.95%, hydropower 25.93%, wind power 10.72%, and solar power 0.4%[37]. - The company completed electricity generation of 96.890 billion kilowatt-hours, a year-on-year increase of 3.82%[30]. - The average utilization hours of power generation equipment increased by 68 hours year-on-year, reaching 1,858 hours[28]. Environmental and Social Responsibility - The company has implemented a comprehensive environmental monitoring plan, ensuring compliance with pollution discharge standards and real-time data reporting to local environmental authorities[96]. - The company spent a total of CNY 195.96 million on targeted poverty alleviation in the first half of 2018, helping 868 registered impoverished individuals to escape poverty[89]. - The company has established an ecological protection fund in Yushu Prefecture, Qinghai Province, with a total investment of CNY 350 million for poverty alleviation projects[92]. - The company has initiated an e-commerce poverty alleviation project to boost local agricultural product sales, thereby increasing the income of impoverished populations[95]. Mergers and Acquisitions - The company has undergone a merger with the State Energy Investment Group, changing its controlling shareholder from China Guodian to the State Energy Group[8]. - The company completed the merger with China Guodian Corporation, now known as State Energy Group, and has inherited all debts, rights, and obligations from the previous entity[70]. - State Energy Group has committed to integrating Guodian Power as its conventional energy generation business platform, with plans to gradually inject relevant assets into Guodian Power[71]. Financial Management and Governance - The company has maintained a long-term credit rating of AAA, with a stable outlook according to both Dagong Global Credit Rating and Dongfang Jincheng International Credit Rating[119]. - The company operates under the assumption of going concern, ensuring that its financial statements are prepared based on the expectation of continuing operations[168]. - The company’s financial statements are prepared based on historical cost, with provisions for impairment where necessary[167]. - The company recognizes investment income from the difference between the consideration received and the fair value of remaining equity when losing control over a subsidiary[181].