Investment in New Energy - In 2024, total investment in new energy projects in China amounted to RMB 3.7 trillion, a year-on-year decrease of 53.8%[13]. - Investment in wind power and photovoltaic power reached RMB 1.7 trillion, accounting for 46% of the total investment in the new energy sector[15]. - The overall trend for wind power, solar power, and energy storage investments remains steady and positive[17]. - The Group plans to focus on East China, Southwestern China, South China, and Northwestern China for future investments, considering factors like electricity market maturity and resource availability[30]. - The Group's new energy business is supported by substantial shareholders, enhancing resource sharing and business synergies[21]. - The Group is actively responding to policy changes and optimizing its management model to explore diversified investment opportunities in renewable energy[20]. Wind and Solar Power Capacity - The annual newly installed wind power and photovoltaic power generation capacity achieved the 2030 planning target six years ahead of schedule[16]. - Global installed wind power generation capacity reached 136 GW in 2024, indicating a rising demand for wind power[12]. - In 2024, the Group added 840MW of new wind and solar power grid-connected capacity, primarily in economically developed regions such as Guangdong and Jiangsu[22]. - In 2024, newly installed photovoltaic power generation output in China reached 278GW, a year-on-year increase of 28%, with a total installed capacity of 886GW, representing a 45% increase year-on-year[66]. - The newly installed wind power capacity in China reached 79.8GW, a year-on-year increase of 6%, with a total grid-connected capacity of 521GW, up 18% from the previous year[68][70]. Energy Storage Developments - The demand for energy storage has increased significantly, becoming a key solution for new energy consumption challenges[12]. - The Group achieved a grid-connected energy storage capacity of 307MWh, including a 100MW/200MWh independent energy storage station in Yunnan and a 14.9MW/59.8MWh industrial and commercial energy storage station in Shenzhen[22]. - The cumulative installed capacity of new energy storage projects in China reached 73.76GW by the end of 2024, reflecting a growth of over 130% compared to the end of 2023[73][75]. - The price of 2-hour energy storage systems dropped from RMB1.6/Wh in early 2023 to around RMB0.5/Wh, and energy storage battery cell prices fell from RMB0.95/Wh to approximately RMB0.3 to 0.35/Wh[74][75]. - The energy storage business is focusing on economically viable core areas, with a development and reserve scale exceeding 50MWh in Jiangsu and Shaanxi regions[101]. Financial Performance - Revenue for the company decreased by approximately 16.9% year-on-year to RMB1,295,563,000, while profit attributable to owners increased by 15.6% to RMB114,136,000[81]. - For the year ended December 31, 2024, the Group's revenue decreased by approximately 16.9% to RMB 1,295,563,000 compared to RMB 1,559,437,000 in 2023, while profit attributable to equity holders increased by approximately 15.6% to RMB 114,136,000[84]. - The EPC and consulting segment's revenue from external customers decreased by approximately 49.5% to RMB 517,228,000, primarily due to strategic shifts and a downturn in the real estate sector[85]. - The Group's power generation segment recorded a revenue growth of approximately 48.8% to RMB 756,231,000, with segment profit increasing by approximately 28% to RMB 349,908,000[96]. - Profit for the year increased by approximately 12.9% to RMB119,901,000, compared to RMB106,157,000 in 2023[192]. Strategic Initiatives and Future Outlook - The Group is proactively adjusting its strategic development and investment direction in response to industry changes and competition pressures[17]. - The Group aims to strengthen the operation and management of power stations to enhance operational efficiency and ensure safe production[33]. - The Group anticipates challenges and opportunities in upgrading distribution networks and improving grid connection capacity due to increasing installed capacity of new energy[29]. - The Group will continue to innovate and optimize engineering project quality to contribute to national new energy development[34]. - The Group will focus on stability, deepening reform and innovation, and optimizing the main responsibility of investment, construction, and operation of new energy power stations[176]. Environmental and Social Responsibility - The Group adheres to environmental protection principles, actively developing green energy and minimizing pollution[145]. - The Group has established a quality, environmental, and occupational health and safety management system in accordance with relevant standards[152]. - The Group is committed to creating a safe working environment and has obtained GB/T45001-2020/ISO 45001-2018 certification for occupational health and safety management[159]. - The Group actively integrates sustainable development into all aspects of operations and business decisions through the ESG Working Group[151]. - The Group has implemented customer property management policies to protect customer privacy and comply with relevant laws[164].
中国核能科技(00611) - 2024 - 年度财报