CHANGYUAN POWER(000966)2025-04-25 16:20Financial Performance - The company's operating revenue for 2024 reached ¥17,391,175,389.60, representing a 20.29% increase compared to ¥14,457,133,396.36 in 2023[20]. - The net profit attributable to shareholders for 2024 was ¥715,222,473.46, a significant increase of 104.90% from ¥349,062,023.56 in 2023[20]. - The net cash flow from operating activities for 2024 was ¥3,934,986,500.54, up 67.63% from ¥2,347,476,954.23 in 2023[20]. - The company's total assets at the end of 2024 were ¥40,362,468,434.35, reflecting a 7.34% increase from ¥37,601,830,440.61 at the end of 2023[20]. - The net assets attributable to shareholders increased by 36.69% to ¥13,607,442,805.32 at the end of 2024, compared to ¥9,954,786,999.91 at the end of 2023[20]. - The company reported a basic earnings per share of ¥0.2545 for 2024, doubling from ¥0.1270 in 2023[20]. - The total profit increased by 442.13 million yuan year-on-year, primarily due to an increase in power generation volume contributing 821.55 million yuan[43]. - The company's operating revenue was 1,739,117.54 thousand yuan, an increase of 293,404.20 thousand yuan year-on-year, with electricity sales revenue accounting for 90.72% of total revenue[42]. - The revenue from electricity generation accounted for 90.72% of total operating revenue, with a year-on-year increase of 21.46%[45]. - The company achieved a total revenue of 407,142.27 million CNY with a net profit of 36,708.18 million CNY, marking a year-on-year increase of 10,243.40 million CNY primarily due to increased power generation[100]. Dividend Distribution - The company plans to distribute a cash dividend of 0.72 RMB per 10 shares to all shareholders, based on a total of 3,481,035,016 shares[4]. - The company plans to distribute a cash dividend of 0.72 CNY per 10 shares, amounting to a total cash dividend of 250,634,521.20 CNY, which represents 35.04% of the distributable profit for 2024[175]. - The company achieved a net profit of 183.67 million CNY for the 2024 fiscal year, with a remaining distributable profit of 1,422.09 million CNY after accounting for reserves and previous dividends[175]. - There were no stock dividends or capital reserve transfers planned for this distribution[176]. Operational Efficiency - The average coal consumption per kilowatt-hour for thermal power generation is a key performance metric, reflecting operational efficiency[13]. - The average utilization hours of power generation equipment in the regulated power plants were 3,336 hours, a decrease of 66 hours year-on-year[31]. - The average utilization hours of power plants increased to 3,574 hours, up 454 hours year-on-year, with thermal power units averaging 4,306 hours[35]. - The company's controllable total installed capacity reached 10.9174 million kW by the end of June 2024, with thermal power accounting for 8.31 million kW, hydropower 581,000 kW, wind power 264,000 kW, solar power 1.7407 million kW, and biomass 21,600 kW, representing 9.36% of Hubei province's total installed capacity of 116.6508 million kW[126]. - The company achieved a total power generation of 40.1 billion kWh in 2024, a year-on-year increase of 22.46%, with thermal power generation up 24.07% and renewable energy generation up 53.22%[127]. Renewable Energy Initiatives - The company is focused on expanding its renewable energy projects, including solar power initiatives with planned capacities of 100 MW in various locations[12]. - The company added 1,115 MW of new energy project reserves, including 740 MW of wind power and 375 MW of solar power[39]. - The company is developing a 1,000 MW photovoltaic project in Hanchuan, with an investment of 1,269,591.40 million CNY, funded by self-owned capital and loans, representing a 41.69% increase in capacity[76]. - The company has initiated a 200 MW fishery photovoltaic project in Qianjiang, with an investment of 540,390.00 million CNY, also funded by self-owned capital and loans, showing a 50.31% increase in capacity[77]. - The company plans to expand its renewable energy portfolio with additional projects, including a 230 MW fishery photovoltaic project in Gucheng County, with an investment of 9,400.00 million CNY[78]. - The company is focusing on expanding its photovoltaic power generation capacity, with multiple projects in progress across different regions[86]. Risk Management and Compliance - The report emphasizes the importance of risk awareness regarding future plans and development strategies, indicating potential uncertainties for investors[4]. - The company emphasizes the importance of compliance risk management, particularly in areas such as related party transactions and information disclosure[121]. - The company will strengthen project investment analysis to mitigate investment risks and ensure compliance with local regulations[122]. - The company aims to enhance project management to prevent risks related to construction quality, safety, and cost control[123]. - The company's risk management system is functioning well, with major risks being effectively monitored and controlled[178]. Corporate Governance - The management discussion highlights the company's commitment to enhancing internal controls and financial reporting accuracy[4]. - The company has established a robust internal control system and governance structure in compliance with relevant laws and regulations[134]. - The board of directors has been strengthened with the completion of the re-election of 2 non-independent directors and the hiring of a new general manager and deputy general managers[134]. - Independent directors held 7 specialized meetings to ensure decision-making participation, supervision, and professional consultation, protecting the interests of minority shareholders[134]. - The company has maintained an A-level rating in information disclosure assessments from the Shenzhen Stock Exchange for three consecutive years from 2021 to 2023[130]. Environmental Responsibility - The company is committed to adhering to multiple environmental protection laws and standards, including the Environmental Protection Law of the People's Republic of China[185]. - The company’s power plants achieved ultra-low emissions for three major pollutants: particulate matter, sulfur dioxide, and nitrogen oxides, complying with the national standards[188]. - The company invested approximately 184 million yuan in environmental protection projects in 2024, with plans to invest 300 million yuan in 2025 for further improvements[191]. - The company reported emissions of 720 tons of sulfur dioxide, well below the permitted limit of 353 tons[186]. - The company has successfully implemented corrective measures for all identified governance issues, demonstrating a commitment to compliance and improvement[183].