wsdl(SH:600995)2025-03-28 12:00Financial Performance - The company's operating revenue for 2024 reached ¥6,173,879,376.06, an increase of 9.67% compared to ¥5,629,657,903.00 in 2023[22] - The net profit attributable to shareholders for 2024 was ¥1,126,480,313.51, reflecting an 11.14% increase from ¥1,013,569,950.91 in 2023[22] - The net cash flow from operating activities for 2024 was ¥3,855,166,416.50, up 8.39% from ¥3,556,834,255.58 in 2023[22] - The total assets as of the end of 2024 amounted to ¥50,466,641,140.52, a 13.44% increase from ¥44,486,027,161.99 at the end of 2023[22] - The net assets attributable to shareholders at the end of 2024 were ¥21,344,550,188.97, which is a 2.44% increase from ¥20,836,661,255.98 at the end of 2023[22] - Basic earnings per share for 2024 were ¥0.35, representing a 9.38% increase from ¥0.32 in 2023[25] - The diluted earnings per share for 2024 also stood at ¥0.35, consistent with the basic earnings per share increase of 9.38% from the previous year[25] - The weighted average return on equity for 2024 was 5.31%, an increase of 0.33 percentage points from 4.98% in 2023[25] Dividend Distribution - The company plans to distribute a cash dividend of ¥0.6655 per share, totaling ¥212,694,186.32 based on the total share capital of 3,196,005,805 shares[6] - The total cash dividend amount (including tax) for the year is RMB 212,694,186.32, which accounts for 18.88% of the net profit attributable to ordinary shareholders in the consolidated financial statements[173] - The cumulative cash dividend amount over the last three accounting years is RMB 763,411,883.14, representing a cash dividend ratio of 60.22% against an average annual net profit of RMB 1,267,674,861.53[174] - The company aims for a minimum cash dividend ratio of 80% for mature companies without major capital expenditures[166] - The cash dividend policy stipulates that at least 30% of the annual net profit attributable to shareholders should be distributed as cash dividends[170] Research and Development - The company has achieved a significant increase in R&D investment, with R&D expenses growing by 118% year-on-year, focusing on key technologies such as variable-speed pumped storage units and sodium-ion battery applications[56] - The company reported a significant increase in research and development expenses, up 118.08% to approximately 57 million RMB, indicating a focus on innovation[61] - R&D expenses increased by 118.08% year-on-year, focusing on projects like virtual power plants and hydrogen production technology[81] - The total R&D expenditure accounted for 0.92% of the company's operating revenue[78] - The company has 100 R&D personnel, making up 4.51% of the total workforce, with 46 holding master's degrees and 4 holding doctoral degrees[78] Operational Efficiency - The company maintained a safety record with no accidents or cybersecurity incidents throughout the year, supporting its high-quality development[37] - The cost-to-revenue ratio improved by 3.47 percentage points year-on-year, while the financing cost rate for interest-bearing liabilities decreased by 37 basis points[39] - The company optimized its cost structure, with the proportion of costs to operating revenue improving by 3.47 percentage points year-on-year[59] - The company achieved a 5% increase in operational efficiency, resulting in cost savings of approximately 300 million yuan[144] Market Expansion and Strategy - The company is actively exploring new business avenues around the energy storage industry chain, including the establishment of a virtual power plant platform and a megawatt-level hydrogen production and storage demonstration project[51] - The company is focusing on expanding its renewable energy capabilities, particularly in energy storage solutions[141] - The company plans to expand its market presence and enhance its product offerings through increased R&D investment and strategic partnerships[78] - Market expansion plans include entering two new provinces, which are projected to increase market share by 15%[140] - The company is considering strategic acquisitions to enhance its service offerings, with a budget of 500 million yuan allocated for potential deals[140] Environmental and Social Responsibility - The company has invested RMB 24,443.75 million in environmental protection during the reporting period[183] - The company has not experienced any major environmental pollution incidents in 2024[185] - The company has reduced carbon emissions by 24,289,246 tons through various measures, including energy efficiency improvements and the use of clean energy[189] - In 2024, the company planted over 18,000 trees as part of its ongoing ecological restoration efforts[187] - The company has donated a total of 232.82 thousand yuan to various public welfare projects, benefiting over 41,476 people[193] Governance and Compliance - The company has established a comprehensive internal control system, achieving a 100% completion rate for the "废改立" initiative and a 100% implementation rate for new system dissemination[177] - The company continues to prioritize governance and compliance with no reported conflicts of interest among board members[137] - The company has implemented a robust management control system for its subsidiaries, ensuring effective oversight and compliance[178] - The company held a total of 25 board meetings in 2024, with all resolutions passed without any rejections[148] Investment and Financial Management - The company’s financing activities generated a net cash inflow of approximately 4.10 billion RMB, a 63.17% increase compared to the previous year[64] - The company's long-term borrowings increased by 40.46% year-on-year, reflecting a shift in debt structure[87] - The company reported a total of 1,300,836,164.38 RMB in trading financial assets, with a fair value change loss of 239,865,678.08 RMB during the reporting period[114] - The company has established the South Network Yuexiu Dual Carbon Equity Investment Fund with a committed capital of 1.01 billion RMB, representing 10.10% of the fund's total size[115] Risks and Challenges - The company faces risks related to water supply uncertainty affecting power generation from its key plants, Tian Sheng Qiao and Lu Bu Ge, with a combined capacity of 1.92 million kW[131] - The development of new energy storage business is uncertain due to regulatory changes, impacting the company's ability to advance shared energy storage projects[131] Related Party Transactions - The company will ensure that related party transaction agreements comply with relevant laws and regulations[197] - The company will avoid illegal occupation of funds and assets of the listed company and its subsidiaries[197] - The commitments made by the company are aimed at maintaining fair and transparent operations between itself and the listed company[197]