CYPC(SH:600900)2016-04-28 16:00Financial Performance - The company achieved a net profit of CNY 11,366,538,045.56 for the fiscal year 2015, with a proposed distribution of 10% for statutory surplus reserves[3]. - The total distributable profit for shareholders after reserves is CNY 9,093,230,436.44, with an 86.36% dividend payout ratio[9]. - The company reported a profit distribution plan that includes a total of 220 million shares eligible for dividends, with 185 million shares benefiting from the distribution[9]. - The company’s net profit for the first half of 2015 was CNY 5,110,185,863.03, while the second half was CNY 6,256,352,182.53[9]. - Net profit attributable to shareholders was approximately ¥11.52 billion, down 2.62% from ¥11.83 billion in 2014[21]. - Basic earnings per share for 2015 were ¥0.6982, reflecting a decrease of 2.62% from ¥0.7170 in 2014[22]. - The weighted average return on equity decreased to 13.58%, down 0.89 percentage points from 14.47% in 2014[22]. - The net cash flow from operating activities was approximately ¥17.72 billion, a decline of 16.82% from ¥21.30 billion in 2014[21]. - The company reported a total revenue of CNY 22.82 billion, a decrease of 10.11% compared to the previous year, with a total cost of CNY 8.64 billion[60]. - The company reported a total profit of ¥14.93 billion, down from ¥15.41 billion, reflecting a decrease of about 3.5% year-over-year[174]. Dividend Distribution - A cash dividend of CNY 7,853,110,000.00 is proposed, translating to CNY 4.00 per 10 shares for existing shareholders and CNY 1.2946 per 10 shares for new strategic investors[4][5]. - A cash dividend of 4.00 CNY per 10 shares will be distributed to 18.5 billion shareholders, totaling 7,853,110,000.00 CNY in cash dividends[83]. - The distributable profit for the second half of 2015 was 5,005,081,746.01 CNY, resulting in a cash dividend of 2.7054 CNY per 10 shares[83]. - For the first half of 2015, the cash dividend was 1.2946 CNY per 10 shares from the distributable profit[83]. - The company has committed to a cash dividend of no less than 0.65 CNY per share for the years 2016 to 2020[86]. - From 2021 to 2025, the company plans to distribute cash dividends amounting to no less than 70% of the net profit achieved in those years[86]. Operational Highlights - The company operates four major hydropower stations, providing stable energy supply and focusing on optimizing reservoir scheduling and equipment management[31]. - The company’s four hydropower stations achieved a total power generation of 17.972 billion kWh, setting a historical record[38]. - The company successfully completed the water storage task for four hydropower stations, with a cumulative water-saving increase in power generation of 9.2 billion kWh[32]. - The company maintained a 24-hour flow forecasting accuracy of 97.96% and a daily power generation plan accuracy of 99.72%[32]. - The company aims to enhance operational management capabilities and improve equipment reliability through ongoing technical upgrades and monitoring[31]. Financial Position - Total assets at the end of 2015 were approximately ¥142.00 billion, a decrease of 3.40% from ¥146.99 billion at the end of 2014[21]. - The company managed to increase net assets attributable to shareholders to approximately ¥91.32 billion, up 6.02% from ¥86.13 billion in 2014[21]. - The company’s cash and cash equivalents at the end of the period increased by 23.83% to ¥3.86 billion from ¥3.11 billion in the previous year[153]. - The debt-to-asset ratio decreased to 35.66%, down 13.85% from 41.40% in 2014[153]. - The total liabilities decreased from CNY 60.86 billion to CNY 50.64 billion, a reduction of about 16.7%[168]. Research and Development - The company increased its investment in independent research projects, resulting in 183 new patents and 31 software copyrights in 2015[39]. - Research and development expenses increased by 10.35% to approximately ¥22.58 million, compared to ¥20.46 million in the previous year[42]. - The total number of research and development personnel was 184, accounting for 5% of the company's total workforce[52]. - The company completed 22 research projects during the year, with 29 projects initiated, including 16 new projects[53]. Governance and Compliance - The company has established a governance structure that allows its board and management to operate independently according to legal regulations[88]. - The company has committed to avoiding competition with its controlling shareholder, China Three Gorges Corporation, during its tenure as a major shareholder[90]. - The company guarantees that it will not engage in any business that constitutes substantial competition with its main business, ensuring independence from its controlling entities[87]. - The company has established a commitment to avoid any non-operational occupation of funds and assets by its parent company and its affiliates[88]. - The company has maintained independence in business, personnel, assets, institutions, and finance from its controlling shareholder[141]. Future Outlook - The forecast for 2016 indicates a 1%-2% growth in national electricity demand, with an expected addition of 10 million kW of new generation capacity[73]. - The company plans to enhance its operational management and improve electricity quality to adapt to the new market environment and policy changes[78]. - The company aims to optimize its debt structure and reduce financial costs by leveraging its financing advantages and innovating financing tools[77]. - The company plans to optimize the development of new energy businesses and expand its international operations[111].