Jiaze Renewables(SH:601619)2025-03-25 12:10Financial Performance - The net profit attributable to the parent company's shareholders for 2024 is CNY 630,123,882.82, with a proposed cash dividend distribution of CNY 243,435,218.20, accounting for 38.63% of the annual net profit[8]. - The parent company reported a net loss of CNY 55,672,643.66 for 2024, with cumulative undistributed profits amounting to CNY 983,464,801.48[8]. - The company's operating revenue for 2024 was CNY 2,421,914,730.87, representing a 0.79% increase compared to CNY 2,403,043,526.62 in 2023[31]. - The net profit attributable to shareholders for 2024 decreased by 21.53% to CNY 630,123,882.82 from CNY 803,061,866.09 in 2023[31]. - The basic earnings per share for 2024 were CNY 0.26, down 21.21% from CNY 0.33 in 2023[33]. - The weighted average return on equity decreased to 9.41% in 2024, down 3.58 percentage points from 12.99% in 2023[33]. - The total cash dividend for 2024, including interim distributions, is projected to be CNY 267,778,730.54[8]. - The total revenue for the company in the current period is 10,140,692.57 million yuan, with a decrease of 4.54 percentage points compared to the previous period[64]. Dividend Distribution - The company plans to distribute a cash dividend of approximately CNY 1.00 per 10 shares (CNY 0.10 per share) based on a total share capital of 2,434,352,182 shares as of December 31, 2024[9]. - The proposed cash dividend distribution is based on a total share capital of 2,434,352,182 shares, with a distribution of approximately ¥1.00 per 10 shares (including tax)[151]. - The cumulative cash dividend amount over the last three accounting years is ¥730,302,175.44, with an average annual net profit of ¥671,843,941.56, resulting in a cash dividend ratio of 108.70%[156]. - The company has a cash dividend policy that mandates a minimum of 10% of the annual distributable profit to be distributed in cash, subject to certain conditions[149]. Operational Highlights - The net cash flow from operating activities increased by 20.46% to CNY 1,785,963,550.51 in 2024, compared to CNY 1,482,586,879.17 in 2023[31]. - The total assets of the company as of the end of 2024 were CNY 22,224,594,513.25, an increase of 11.92% from CNY 19,857,011,558.45 at the end of 2023[32]. - The company achieved a total installed capacity of 2,282.118 MW by the end of 2024, including 2,041 MW from wind power and 204.743 MW from rooftop distributed solar power[59]. - The company’s total electricity generation for the year is 520,659.94 million kWh, representing a year-on-year increase of 2.00%[79]. Market and Industry Trends - In 2024, the national renewable energy installed capacity reached 1.889 billion kilowatts, a year-on-year increase of 25%, accounting for approximately 56% of the total installed capacity in China[42]. - The newly added renewable energy generation capacity in 2024 was 37.3 million kilowatts, a year-on-year increase of 23%, representing 86% of the total new power generation capacity[42]. - The company focuses on five major sectors: renewable power station development, operation and sale, operation management services, rooftop distributed photovoltaic systems, and renewable energy equipment manufacturing[41]. - The company is actively expanding its rooftop distributed photovoltaic business, focusing on economically developed areas in central and eastern China[48]. Governance and Compliance - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[12]. - The company has received a standard unqualified audit report from the accounting firm Xin Yong Zhong He[7]. - The board of directors and senior management have ensured the accuracy and completeness of the annual report[5]. - The company maintains a robust governance structure, ensuring independence from its controlling shareholders in terms of assets, personnel, and financial management[123]. Risks and Challenges - The company faces risks related to fluctuations in grid electricity prices and potential changes in tax incentives for renewable energy projects[107][108]. - The company is exposed to risks related to government approvals, which may delay project development and negatively impact investment recovery periods[112]. - The company's operations are highly dependent on weather conditions, which can lead to variability in electricity production and revenue[118]. - The company faces a risk of talent loss due to high competition for skilled professionals in the renewable energy sector, which could adversely affect operations[117]. Social Responsibility and Environmental Impact - The company invested ¥631.78 million in environmental protection during the reporting period[166]. - The company strictly adheres to environmental laws and regulations, with no pollution incidents reported during the reporting period[166]. - The company has engaged in significant social responsibility initiatives, including participation in rural revitalization and public welfare projects[169]. - The company reduced carbon emissions by 3,317,910 tons through the use of clean energy generation[168]. Management and Personnel - The total number of employees in the parent company and major subsidiaries is 223, with 77 in the parent company and 146 in subsidiaries[146]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 13.8561 million yuan[132]. - The company is actively expanding its management team with experienced professionals from various sectors[127]. - The independent directors and supervisors have been actively involved in various roles across different organizations, enhancing their expertise and oversight capabilities[131].