Financial Performance - The group's profit for the year ended December 31, 2024, was approximately RMB 462.8 million, an increase of about 32% compared to RMB 350.3 million in 2023[2]. - Basic and diluted earnings per share were RMB 12.65, down from RMB 15.22 in 2023[2]. - Total revenue for the year was RMB 4,423.1 million, a decrease from RMB 4,486.9 million in 2023[3]. - Gross profit for the year was RMB 2,021.4 million, down from RMB 2,179.7 million in 2023[3]. - The total comprehensive income for the year was RMB 352.7 million, compared to RMB 211.5 million in 2023[4]. - The group's EBITDA for the year was approximately RMB 3,672.1 million, a slight increase of about 1% from RMB 3,652.4 million in 2023[2]. - The total operating revenue for the group in 2024 was RMB 4,423,147,000, a decrease of 1.4% from RMB 4,486,942,000 in 2023[12]. - The revenue from photovoltaic power generation business decreased to RMB 2,486,893,000 in 2024 from RMB 2,716,595,000 in 2023, representing a decline of 8.4%[12]. - Wind power business revenue increased to RMB 1,186,855,000 in 2024, up 24.2% from RMB 955,702,000 in 2023[12]. - Other income and net gains totaled RMB 242,918,000 in 2024, a significant decrease of 54.1% compared to RMB 529,100,000 in 2023[12]. Financial Position - The debt-to-asset ratio at year-end decreased to approximately 60% from 65% in 2023, with cash and cash equivalents at approximately RMB 3,645.6 million[2]. - Current assets totaled RMB 16,577.3 million, a slight decrease from RMB 16,825.2 million in 2023[6]. - The total equity of the company increased to RMB 19,358.0 million from RMB 17,545.2 million in 2023[6]. - Total assets as of December 31, 2024, were approximately RMB 48,404.5 million, compared to RMB 49,754.9 million in 2023, while total liabilities decreased to approximately RMB 29,046.5 million from RMB 32,209.7 million[31]. - The company’s net asset value increased to approximately RMB 19,358.0 million, up from RMB 17,545.2 million in the previous year[31]. - The total tax expense for the year 2024 is RMB 195,984,000, a decrease of 10.67% from RMB 219,520,000 in 2023[15]. - The company has a total of RMB 890,344,000 in trade payables as of 2024, down from RMB 1,351,351,000 in 2023[23]. - The company’s cash and cash equivalents as of December 31, 2024, were approximately RMB 3,645.6 million, with a focus on raising funds through long-term bank loans and strategic investments for clean energy development[99]. Operational Highlights - The company plans to continue focusing on the development and management of photovoltaic and wind power businesses in China[9]. - The company aims to align with national energy policies, targeting a reduction of energy consumption and carbon emissions by approximately 2.5% and 3.9% respectively for the year 2024[34]. - The installed capacity of solar power reached approximately 89 million kW, growing by 45.2% year-on-year, while wind power capacity increased by 18.0% to approximately 52 million kW[36]. - The company has secured a total installed capacity of over 5.5 GW for power generation projects under construction and approved for construction, with 20 projects of 100 MW or more[39]. - The company aims to achieve a national renewable energy utilization rate of no less than 90% by 2027, with an annual addition of over 200 million kW of new energy[37]. - The company is focusing on project incubation, expansion, and deep implementation as core drivers for high-quality development[38]. - The company has successfully launched six distributed photovoltaic projects in highway service areas, contributing to its distributed energy business strategy[41]. - The company is actively expanding its clean heating services and aims to become a leading comprehensive clean energy service provider[38]. Strategic Initiatives - The company is committed to enhancing its technological innovation capabilities and market competitiveness in response to national policy initiatives[37]. - The company has established strong strategic partnerships with leading enterprises to explore innovative models combining green energy and water resource management[42]. - The company is prioritizing wind power projects as a core segment, reflecting its confidence and determination in the renewable energy market[44]. - The group is actively conducting long-term power marketing in 11 provinces, with a projected annual trading volume of 1.36 billion kWh from 23 projects totaling 1.9 GW capacity[47]. - The company is set to benefit from national policies that support the addition of over 20 million kW of renewable energy capacity from 2025 to 2027[73]. Governance and Compliance - The company maintained compliance with corporate governance codes, focusing on transparency and accountability in operations[119]. - Changes in the board included the resignation of Mr. He Yongbing as an executive director effective February 20, 2025, and the appointment of Mr. Liu Zhijie as an executive director on February 28, 2025[120]. - The audit committee has reviewed the annual performance and confirmed compliance with applicable accounting policies and listing rules[123]. - The company has adopted its own code of conduct for securities trading by directors, ensuring compliance with standard codes[122]. - The company has conducted an internal investigation and engaged internal control consultants to address the identified deficiencies[121]. Employee and Community Engagement - The group employed 1,886 employees as of December 31, 2024, down from 2,106 employees in 2023, reflecting a focus on optimizing workforce efficiency[105]. - The company expresses gratitude to shareholders, business partners, and employees for their support and contributions during the year[126].
山高新能源(01250) - 2024 - 年度业绩