GEPIC(SZ:000791)2016-03-30 16:00Financial Performance - The company's operating revenue for 2015 was approximately ¥1.33 billion, a decrease of 9.66% compared to ¥1.47 billion in 2014[17]. - The net profit attributable to shareholders of the listed company was approximately ¥32.44 million, down 83.64% from ¥198.31 million in 2014[17]. - The basic earnings per share for 2015 was ¥0.0449, reflecting an 83.65% decline from ¥0.2746 in the previous year[17]. - The net cash flow from operating activities was approximately ¥877.94 million, a decrease of 4.31% compared to ¥917.48 million in 2014[17]. - Total assets at the end of 2015 were approximately ¥13.39 billion, a decrease of 1.68% from ¥13.62 billion at the end of 2014[17]. - The net assets attributable to shareholders of the listed company were approximately ¥3.64 billion, a slight decrease of 0.20% from ¥3.65 billion in 2014[17]. - The weighted average return on net assets for 2015 was 0.89%, down from 5.53% in 2014[17]. - The company achieved operating revenue of CNY 1.326 billion in 2015, a decrease of 9.66% year-on-year[30]. - The net profit attributable to shareholders was CNY 32.44 million, down 83.64% compared to the previous year[30]. - The total assets at the end of the reporting period were CNY 13.393 billion, a decrease of 1.68% year-on-year[30]. Cash Flow and Investment - The company’s cash flow from operating activities for the year was CNY 121.33 million in Q1, CNY 246.44 million in Q2, CNY 290.03 million in Q3, and CNY 220.14 million in Q4[21]. - The net cash flow from investment activities was -CNY 231,902,249.80, a significant improvement of 59.82% compared to -CNY 577,089,983.43 in the previous year[45]. - Total financing cash inflow increased by 7.25% to CNY 1,799,623,577.23, while cash outflow rose by 21.49% to CNY 2,330,719,252.36[45]. - The company invested 396,558,144.57 CNY during the reporting period, showing a slight decrease of 0.01% compared to the previous year[50]. Operational Highlights - The company’s hydropower installed capacity reached 1.7647 million kilowatts, ranking first in Gansu Province[25]. - The company’s hydropower generation decreased by 5.3 billion kWh year-on-year, totaling 57.15 billion kWh for the reporting period[30]. - The electricity sector accounted for 100% of the total operating revenue, with electricity sales contributing CNY 1,314,362,908.03, down 9.75% year-over-year[35]. - The gross profit margin for the electricity sector was 38.90%, a decrease of 7.05% from the previous year[35]. - Total sales volume of electricity was 5,580,170,000 kWh, representing an 8.68% decline from 6,110,470,000 kWh in 2014[36]. Dividend Policy - The company plans to distribute a cash dividend of ¥0.20 per 10 shares to all shareholders, based on the total share capital as of March 10, 2016[4]. - The company proposed a cash dividend of 0.20 yuan per 10 shares for 2015, totaling 19,422,524.00 yuan, which represents 100% of the total profit distribution[78]. - The company has maintained a cash dividend policy that requires at least 20% of the distributable profit to be allocated as cash dividends when there are no major investment plans[74]. - The company’s cash dividend policy has not been adjusted during the reporting period, ensuring compliance and transparency in its procedures[74]. Risks and Challenges - The company faces risks including natural factors, monetary policy changes, and a slowdown in electricity consumption growth[4]. - The national electricity consumption growth rate slowed to 0.5% in 2015, which may impact the company's renewable energy generation business[61]. - The company will actively explore financing channels and optimize its debt structure to address risks from changes in monetary policy[65]. - The company will monitor national policies on renewable energy to mitigate the impact of slowing electricity demand on its operations[66]. Corporate Governance - The company has established a comprehensive independent labor and personnel management system, ensuring all employees have signed labor contracts[182]. - The company’s governance structure includes a shareholders' meeting as the highest approval body, a board of directors as the decision-making body, and a supervisory board for oversight[179]. - The company has implemented internal control measures and engaged an auditing institution to enhance internal control effectiveness[180]. - The company has not reported any changes in the shareholding structure of its directors and supervisors during the reporting period[161]. Future Outlook - The company plans to optimize power station operations to maximize electricity generation during both dry and wet seasons in 2016[31]. - The company aims to achieve a power generation target of 6.1 billion kilowatt-hours for the year 2016[68]. - The company is positioned to benefit from ongoing national support for renewable energy projects, aiming for 9% of total electricity generation from non-hydropower renewable sources by 2020[62]. - The company plans to expand its clean energy generation capacity following the completion of its non-public stock issuance and asset acquisition[62].