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长源电力(000966) - 2018 Q2 - 季度财报

Financial Performance - The company's operating revenue for the first half of 2018 was ¥2,890,495,173.01, representing a 17.28% increase compared to ¥2,464,713,906.06 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was ¥24,143,887.98, a significant turnaround from a loss of ¥90,154,950.48, marking a 126.78% improvement[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥15,426,898.15, compared to a loss of ¥97,184,364.86 in the previous year, reflecting a 115.87% increase[18]. - Basic and diluted earnings per share improved to ¥0.0218 from a loss of ¥0.0813, indicating a 126.81% increase[18]. - The weighted average return on net assets was 0.74%, up from -2.63% in the previous year, showing a 3.37% improvement[18]. - The company's operating revenue was 2.8905 billion yuan, an increase of 425.7813 million yuan year-on-year, with electricity sales revenue accounting for 89.17%[37]. - The net profit attributable to the parent company was 24.1439 million yuan, an increase of 11.42988 million yuan year-on-year[37]. - The gross profit margin for electricity generation was 7.62%, reflecting a year-on-year increase of 7.02%[41]. - The total operating revenue for the period reached CNY 2,890,495,173.01, an increase of 17.3% compared to CNY 2,464,713,906.06 in the previous period[141]. - Net profit for the first half of 2018 was CNY 23,241,156.50, a significant recovery from a net loss of CNY 100,242,676.99 in the previous year[142]. Cash Flow and Investments - The net cash flow from operating activities decreased by 61.59% to ¥51,490,003.10 from ¥134,063,533.81 in the previous year[18]. - The net cash flow from financing activities surged by 287.84% to ¥264,766,711.13, compared to ¥68,267,091.92 in the same period last year, mainly due to increased bank borrowings[39]. - The company's cash and cash equivalents increased by 48.16% to ¥71,245,492.30, up from ¥48,087,551.28 year-on-year, attributed to higher net cash flow from financing activities[39]. - The total investment during the reporting period was ¥132,779,374.60, a decrease of 47.33% from ¥252,106,450.01 in the previous year[44]. - The net cash flow from operating activities for the current period is ¥200,587,772.25, compared to a negative cash flow of ¥19,260,581.32 in the previous period, indicating a significant improvement[153]. - Cash inflow from operating activities totaled ¥471,234,515.42, up from ¥85,846,930.25 in the previous period, reflecting a growth of approximately 450%[152]. - The net cash flow from investing activities was -¥207,506,821.03, worsening from -¥622,280.77 in the previous period, indicating increased investment expenditures[153]. Assets and Liabilities - Total assets at the end of the reporting period were ¥9,832,147,145.62, a 5.08% increase from ¥9,356,799,285.90 at the end of the previous year[18]. - The company's total liabilities amounted to CNY 6,393,061,528.23, up from CNY 5,945,026,340.84 at the beginning of the period, reflecting a growth of 7.5%[135]. - Owner's equity totaled CNY 3,439,085,617.39, slightly increasing from CNY 3,411,772,945.06, indicating a growth of 0.8%[135]. - The total current liabilities reached CNY 4,305,766,687.66, an increase of 9.8% from CNY 3,922,426,981.57[135]. - The company's total assets included cash and cash equivalents of ¥241,877,132.82, which accounted for 2.46% of total assets, up from 0.82% in the previous year[43]. Operational Highlights - The company generated 7.602 billion kWh of electricity, representing 6.05% of Hubei's total electricity generation of 125.678 billion kWh, with a year-on-year increase of 1.119 billion kWh, or 17.26%[26]. - The company's heat sales reached 4.7382 million GJ, an increase of 1.4354 million GJ, or 43.46% year-on-year[26]. - The company has successfully connected all units of the 44,000 kW wind power project to the grid and is actively promoting biomass gasification and re-burning power generation projects[31]. - The company expects steady growth in electricity demand in Hubei in the second half of the year, despite macroeconomic uncertainties[35]. - The company has maintained a high contract fulfillment rate for coal procurement to mitigate the impact of high coal prices on operations[36]. Legal and Compliance Issues - The company has faced risks as outlined in the report, with measures in place to address these challenges[4]. - The company has undertaken joint guarantee responsibilities for loans totaling ¥151,182,343.75 (approximately $22.5 million) and ¥100,605,000 (approximately $15 million) to protect its legal rights[72]. - The company does not anticipate significant impacts on its operational and financial status from the ongoing litigation[72]. - The company reported a total litigation amount of 4,761.67 million yuan, with a favorable ruling in the first instance[73]. - The company has successfully enforced a judgment requiring the defendant to repay the prepayment for coal purchases, amounting to 4,761.67 million yuan[73]. Environmental and Social Responsibility - The company has installed pollution control facilities across all four thermal power units, ensuring compliance with the emission standards set by the GB13223-2011 regulation[96]. - The total sulfur dioxide emissions from Jingmen Company were 159 tons, significantly below the permitted limit of 2015 tons[95]. - The company has initiated a 64 kW poverty alleviation solar power project, expected to generate an annual collective income of 50,000 yuan[99]. - The company has provided financial and material assistance totaling 12,400 yuan to impoverished households[101]. - The company invested a total of 1.19 million yuan in poverty alleviation efforts, with 0.05 million yuan allocated for material support[103]. Shareholder Information - The company has maintained a total share count of 1,108,284,080 shares, with no changes during the reporting period[114]. - The largest shareholder, China Guodian Corporation, holds 37.39% of shares, totaling 414,441,332 shares[117]. - Total number of common shareholders at the end of the reporting period is 51,620[117]. Corporate Governance - The financial statements for the first half of 2018 comply with the requirements of the enterprise accounting standards, accurately reflecting the company's financial position as of June 30, 2018[173]. - The company's financial statements were approved by the board on August 27, 2018, with no changes in the scope of consolidation for the current period[168]. - The company has assessed its ability to continue as a going concern for the next 12 months and expects to have sufficient resources to maintain operations[171].