Financial Performance - In 2024, the total electricity generation of the group was 222.63 million MWh, a decrease of approximately 0.52% compared to the same period last year[4]. - The group achieved a revenue of approximately RMB 112.39 billion in 2024, a decline of about 3.42% from 2023[4]. - The net profit attributable to equity holders of the company for 2024 was approximately RMB 5.67 billion, with earnings per share of approximately RMB 0.459[4]. - The group's revenue for 2024 is approximately RMB 112.39 billion, a decrease of about 3.42% compared to 2023, with electricity sales revenue of RMB 94.74 billion, down 1.46%[17]. - The operating profit for 2024 is approximately RMB 6.622 billion, an increase of RMB 2.521 billion compared to 2023, primarily due to lower fuel prices[18]. - In 2024, the company's revenue was approximately RMB 112.39 billion, a decrease of about 3.42% compared to 2023, primarily due to reduced power generation and coal trading volume, as well as a decline in on-grid electricity prices[34]. - The company’s total revenue for 2024 was RMB 112,391,667, a decrease of 3.4% from RMB 116,376,064 in 2023[85]. - Total operating revenue for 2024 was RMB 112,993,979 thousand, a decrease of 3.5% from RMB 117,176,125 thousand in 2023[134]. - Net profit for 2024 increased to RMB 6,835,626 thousand, up 42.1% from RMB 4,808,007 thousand in 2023[135]. Dividends - The board proposed a final cash dividend of RMB 0.13 per share, totaling approximately RMB 1.33 billion, subject to shareholder approval[4]. - The board recommended an interim cash dividend of RMB 0.08 per share for the six months ending June 30, 2024, totaling approximately RMB 818.20 million[5]. - The proposed cash dividends are expected to be paid by August 30, 2025, pending approval at the upcoming annual general meeting[6]. - The proposed final dividend per share for 2024 is RMB 0.13, down from RMB 0.15 in 2023, reflecting a decrease of about 13.3%[126]. Operational Capacity - The group operates 46 power generation enterprises with a total installed capacity of 59,818.62 MW, including 46,750 MW from coal-fired power and 10,603.43 MW from gas-fired power[7]. - The total installed capacity of the group is 59,818.62 MW, with a power generation of 222.63 million MWh in 2024, a decrease of approximately 0.52% year-on-year[16]. - The group added a total of 1,508.84 MW of new power generation capacity during the reporting period, including 505.54 MW from Qingdao Company and 1,003.3 MW from Zhangqiao Thermal Power Company[19]. - The group has approved and under construction projects with a planned additional capacity of 9,321.4 MW, including gas and coal power plants[20]. Market and Strategic Initiatives - The group continues to explore opportunities for market expansion and potential mergers and acquisitions to enhance its operational capabilities[7]. - The group plans to achieve a power generation volume of approximately 210 billion kWh in 2025 and will invest about RMB 12 billion in power project construction and environmental technology upgrades[24]. - The group anticipates a 6% year-on-year increase in national electricity consumption, reaching 10.4 trillion kWh by 2025[21]. - The company is focusing on green and low-carbon development, accelerating the implementation of strategic emerging industries to increase revenue and value-added ratios[27]. - The company is addressing potential risks in the electricity market, including the pressure on coal-fired power generation due to the increasing share of renewable energy[30]. Financial Management - The company's cash and cash equivalents increased to RMB 5,851,104 thousand in 2024 from RMB 5,455,157 thousand in 2023, representing an increase of about 7.2%[131]. - The company's total equity increased to RMB 88.52 billion in 2024, up from RMB 85.90 billion in 2023, marking a growth of 2.4%[90]. - The company's reserves rose to RMB 33.92 billion in 2024, compared to RMB 30.76 billion in 2023, indicating an increase of 10.5%[90]. - The company's long-term borrowings decreased significantly to RMB 40.93 billion in 2024 from RMB 49.68 billion in 2023, representing a reduction of 17.5%[90]. - The company has unused bank credit facilities and registered but unissued bonds, ensuring sufficient operating capital to meet financial obligations due in the next twelve months[91]. Governance and Compliance - The company has adopted a strict corporate governance code that emphasizes transparency, accountability, and independence[74]. - The company’s governance structure complies with the requirements of the Hong Kong Listing Rules Appendix C1[76]. - The company has established a strategic committee to enhance governance and oversight[79]. - The company has not purchased, sold, or redeemed any of its issued securities during the fiscal year 2024[76]. Employee and Operational Costs - The company's employee costs in 2024 were approximately RMB 8.629 billion, an increase of about 7.01% compared to 2023, mainly due to the linkage of employee compensation to operating performance[35]. - The company reported a total operating cost of RMB 109,361,744 thousand in 2024, down 5.0% from RMB 115,900,749 thousand in 2023[134]. - Fuel costs in 2024 were approximately RMB 70.57 billion, down about 6.49% from 2023, primarily due to lower coal prices and reduced power generation[35]. Investments and Acquisitions - The company has agreed to acquire 80% of Huadian Jiangsu Energy Co., Ltd. and various stakes in other energy companies, with total consideration amounting to RMB 3,428.3 million, RMB 1,900.6 million, and RMB 1,997.7 million for the respective assets[59][60]. - The company plans to issue new A-shares to no more than 35 qualified investors, with the total amount of raised funds not exceeding RMB 3,428.0 million, which is 100% of the consideration shares[61]. - The company has established a partnership for a REITs-like project, with an investment of approximately RMB 794 million from Hubei Company, holding about 20% of the limited partnership[64]. Risk Management - Management believes that ongoing litigation will not have a significant negative impact on the financial condition and operating performance of the group[81]. - The company will enhance safety operations by improving coal inventory strategies and ensuring fuel supply for power generation[26].
华电国际电力股份(01071) - 2024 - 年度业绩