Jiangsu Xukuang Energy (SH:600925)2025-04-24 13:50Financial Performance - The company's operating revenue for 2024 reached ¥14,182,383,203.42, representing a 17.90% increase compared to ¥12,028,747,260.00 in 2023[24]. - The net profit attributable to shareholders decreased by 42.19% to ¥1,385,269,672.30 in 2024 from ¥2,396,264,981.14 in 2023[24]. - The basic earnings per share for 2024 was ¥0.20, down 44.44% from ¥0.36 in 2023[26]. - The total assets increased by 3.43% to ¥39,190,588,535.30 in 2024 from ¥37,891,976,477.11 in 2023[25]. - The cash flow from operating activities for 2024 was ¥3,236,154,939.09, a slight decrease of 1.45% from ¥3,283,797,384.79 in 2023[24]. - The weighted average return on equity decreased to 8.67% in 2024, down 8.08 percentage points from 16.75% in 2023[26]. - The net profit after deducting non-recurring gains and losses was ¥1,415,744,141.36 in 2024, a decrease of 38.97% from ¥2,319,620,148.17 in 2023[24]. - The company achieved an annual revenue of 14.182 billion RMB and a net profit attributable to shareholders of 1.385 billion RMB in 2024[33]. - Operating costs increased by 39.72% to CNY 9.58 billion from CNY 6.86 billion, primarily due to the new power plant expected to commence operations in December 2023[55][56]. - Net profit decreased by 37.99% to CNY 1.63 billion from CNY 2.63 billion year-on-year[56]. Dividend Distribution - The board of directors proposed a cash dividend of RMB 1.22 per 10 shares, totaling RMB 840,444,444.46, to be distributed to shareholders[7]. - The cash dividend amount represents 60.67% of the net profit attributable to ordinary shareholders, which is RMB 1,385,269,672.30[142]. - The cumulative cash dividend over the last three accounting years is RMB 3,664,888,888.95, with an average annual net profit of RMB 1,890,767,326.72, resulting in a cash dividend ratio of 193.83%[145]. - The company implemented a cash dividend distribution of RMB 2,824,444,444.49 for the entire year of 2023, which accounts for 117.87% of the net profit attributable to shareholders[146]. - The company plans to distribute a cash dividend of RMB 2.1 per 10 shares, totaling RMB 1,446,666,666.69, based on a total share capital of 6,888,888,889 shares for the fiscal year 2023[138]. Operational Highlights - Coal production reached 16.5577 million tons, an increase of 21.32% compared to 2023, while coal sales volume was 16.5756 million tons, up by 21.04%[36]. - The company reported a significant increase in electricity generation, with a total of 1,345,586.92 MWh, representing a 43.70% increase year-on-year[36]. - New energy sales revenue surged to 115.32 million RMB, a remarkable increase of 385.33% compared to the previous year[36]. - The company’s installed power generation capacity was 3,061 MW, with 2,700 MW from thermal power and 361 MW from renewable energy[46]. - The company plans to increase its total power generation capacity to 8,200 MW by 2026, with over 6,000 MW from thermal power and over 2,200 MW from renewable energy[46]. Environmental and Sustainability Efforts - The company is committed to promoting green and low-carbon transformation in the coal industry, aligning with national energy security strategies[40]. - The company invested RMB 609.93 million in environmental protection during the reporting period[155]. - The company has implemented carbon reduction measures, including the construction of a 100 MW photovoltaic power station and an 80 MW fish-light complementary photovoltaic project[171]. - The company has achieved a COD removal rate of over 95% and a suspended matter removal rate of over 99% in its wastewater treatment facilities[5]. - The company is actively promoting green and low-carbon development, focusing on wind, solar, and energy storage projects[173]. Governance and Management - The company has strengthened its corporate governance by adhering to relevant laws and regulations, ensuring the protection of shareholders' rights, especially for minority shareholders[99]. - The company appointed Yu Yang as the new chairman of the board following the resignation of Feng Xingzhen due to retirement[107]. - The company has established a robust financial management team, ensuring effective oversight of its financial strategies[113]. - The company is committed to maintaining a strong governance framework with independent directors overseeing its operations[114]. - The company has undergone significant changes in its board of directors, with multiple elections and retirements due to age, including the resignation of Vice Chairman Shi Binghua and Director Li Dahai[117]. Risk Management - The company faces safety risks due to natural disasters affecting coal production, despite high mechanization and safety management levels[95]. - The company is exposed to market risks due to price fluctuations in coal and electricity products, which significantly impact operational performance[96]. - The company will enhance macroeconomic research to improve coal market forecasting accuracy and optimize coal purchasing and pricing policies[97]. - The company is focused on maintaining stable production and supply in the coal industry, aligning with national policies for energy security[86]. - The company has implemented a cautious approach in decision-making, particularly regarding the remuneration plan for directors, which was submitted directly to the shareholders' meeting for approval[119].