SHIMAO ENERGY(SH:605028)2025-03-18 11:05Financial Performance - The company's operating revenue for 2024 was CNY 359,183,006.38, a decrease of 0.64% compared to CNY 361,491,133.59 in 2023[25]. - The net profit attributable to shareholders for 2024 was CNY 171,725,065.83, down 8.74% from CNY 188,171,723.42 in 2023[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 154,756,224.83, a decrease of 13.61% compared to CNY 179,146,938.06 in 2023[25]. - The net cash flow from operating activities for 2024 was CNY 230,109,952.63, down 15.40% from CNY 272,003,581.34 in 2023[25]. - Basic earnings per share decreased by 9.32% to CNY 1.07 in 2024 compared to CNY 1.18 in 2023[27]. - Diluted earnings per share also decreased by 9.32% to CNY 1.07 in 2024 from CNY 1.18 in 2023[27]. - The weighted average return on equity fell by 2.41 percentage points to 13.00% in 2024 from 15.41% in 2023[27]. - The company achieved operating revenue of CNY 359.18 million, a decrease of 0.64% year-on-year, with main business income from electricity and heat at CNY 299.96 million, down 1.91%[39]. - The net profit attributable to the parent company was CNY 171.73 million, a decline of 8.74% compared to the previous year, primarily due to a decrease in steam prices and increased repair costs[39]. - Total operating revenue for the first quarter of 2024 was CNY 92,146,736.03, while the second quarter was CNY 92,700,323.36[29]. Assets and Liabilities - The total assets at the end of 2024 were CNY 1,570,542,003.81, an increase of 3.67% from CNY 1,514,985,304.25 at the end of 2023[26]. - The net assets attributable to shareholders at the end of 2024 were CNY 1,375,279,469.26, an increase of 5.83% from CNY 1,299,554,403.43 at the end of 2023[26]. - Total assets at year-end reached CNY 1.57 billion, with net assets attributable to the parent company growing by 5.83% to CNY 1.38 billion[39]. - The total asset scale at year-end was CNY 1.57 billion, with cash and cash equivalents at 165,162,517.41 yuan, down 55.82% from the previous year[91]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 2.00 per 10 shares, totaling CNY 32,000,000.00, which represents 74.54% of the net profit for 2024[6]. - Cash dividends of CNY 96 million were distributed in the mid-2024 period, with cumulative cash dividends since listing amounting to CNY 400 million[46]. - The cash dividend represents 74.54% of the net profit attributable to ordinary shareholders in the consolidated financial statements, which amounts to 171,725,065.83 RMB[173]. - The company has established a three-year shareholder return plan for 2024-2026, focusing on sustainable and stable dividend mechanisms[170]. Operational Efficiency and Costs - Operating costs increased by 2.39% to CNY 133,946,117.64, primarily due to increased depreciation from fixed asset capitalization[73]. - The gross profit margin for the main business was 62.71%, a decrease of 1.10 percentage points compared to the previous year[76]. - Direct material costs decreased by 42.66% to 23,898,898.46 yuan, attributed to reduced coal usage[82]. - Direct labor costs increased by 11.34% to 15,094,497.67 yuan, due to higher employee compensation[82]. - Manufacturing expenses rose by 24.45% to 94,884,049.51 yuan, primarily due to increased depreciation[82]. Strategic Initiatives and Future Outlook - The company is focusing on solid waste disposal and leveraging policies promoting green energy development as part of its strategic direction[38]. - The company is committed to advancing energy efficiency standards and promoting the use of clean heating methods, including geothermal and solar energy[54]. - The company is committed to upgrading its waste incineration facilities to meet current environmental and safety standards, improving energy utilization efficiency and reducing pollutant emissions[126]. - The company plans to implement a project for the harmless disposal of 50,000 tons of incineration fly ash, expected to be operational in the first half of 2025, enhancing revenue from waste treatment[127]. - The company aims to achieve zero major safety incidents and environmental violations by 2025, focusing on high-quality development and safety management[122]. Governance and Compliance - The company has established a comprehensive safety management system and has not experienced any major safety incidents during the reporting period[132]. - The company is focused on enhancing its governance and information disclosure practices to maintain transparency and protect shareholder rights[130]. - The company has maintained independent operational capabilities, with no significant violations or penalties from regulatory authorities in the past 36 months[140]. - The company has implemented strict information disclosure management systems to ensure the accuracy and completeness of disclosed information[139]. Market and Industry Trends - In 2024, the total power generation in China reached 9,418.1 billion kWh, a year-on-year increase of 4.6%[51]. - The share of thermal power generation decreased to 67.36%, while hydropower generation increased by 10.7% to 1,274.25 billion kWh, accounting for 13.53%[51]. - Renewable energy installed capacity in China reached 1.889 billion kW, growing by 25% year-on-year, accounting for approximately 56% of the total installed capacity[60]. - The government aims to enhance the stability and flexibility of the power system to accommodate a higher proportion of renewable energy sources[51]. Environmental and Social Responsibility - The company invested approximately 87.12 million RMB in environmental protection during the reporting period[179]. - The company has developed an emergency response plan for environmental incidents, which was approved by experts and filed with the local environmental authority[185]. - The company has established a self-monitoring plan for emissions, focusing on key pollutants from coal and waste incineration processes[186]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[187].