Financial Performance - In 2024, the company achieved a total profit of RMB 3.118 billion, with an average financing cost rate reduced to 2.84%[9]. - The total revenue for 2024 was RMB 12.802 billion, showing a steady increase compared to previous years[17]. - The profit attributable to the parent company's owners for 2024 was RMB 2.753 billion, reflecting a positive trend in profitability[18]. - The company's total revenue for the year ended December 31, 2024, was RMB 12,575.90 million, a slight decrease of 1.8% compared to RMB 12,802.29 million in 2023[25]. - Operating profit for 2024 was RMB 4,706.68 million, down 11.2% from RMB 5,299.98 million in 2023[25]. - The company achieved a pre-tax profit of RMB 3,117.87 million in 2024, a decrease of 13.9% from RMB 3,623.35 million in 2023[25]. - The company's net profit was RMB 2,617.52 million, a decrease of RMB 476.18 million compared to RMB 3,093.7 million in 2023[57]. - The company's revenue for 2024 was RMB 12,575.9 million, down 1.77% from RMB 12,802.29 million in 2023, primarily due to a decrease in electricity sales revenue[58]. - The electricity sales revenue in 2024 was RMB 12,464.35 million, a decline of 1.9% from RMB 12,706.29 million in 2023, attributed to a drop in electricity prices due to marketization[58]. - The company's operating expenses increased by 5.16% to RMB 8,314.81 million in 2024, compared to RMB 7,907.12 million in 2023, mainly due to increased depreciation and labor costs[60]. - The net financial expenses decreased by 4.61% to RMB 1,607.62 million in 2024 from RMB 1,685.25 million in 2023, influenced by a decline in average loan interest rates[63]. - The profit attributable to the parent company's owners was RMB 2,377.95 million in 2024, a decrease of 13.63% from RMB 2,753.23 million in 2023[67]. - The company's cash and cash equivalents as of December 31, 2024, were RMB 1,944.45 million, a decrease of 36.37% from RMB 3,055.71 million in 2023[69]. - The company's borrowings increased by 19.22% to RMB 68,259.92 million in 2024 from RMB 57,254.99 million in 2023[69]. Operational Capacity - The total power generation reached 32,260,150 MWh, with a construction capacity of 8,098.80 MW acquired, and 3,427.60 MW put into operation[9]. - The installed capacity as of the end of 2024 reached 18,846.32 MW, with total assets amounting to RMB 115.545 billion and a debt-to-asset ratio of 67.48%[9]. - The construction capacity acquisition in 2024 was a historical high, increasing by 4,518.80 MW, a growth of 126.22% year-on-year[10]. - The company completed a total electricity generation of 32,260,150 MWh in 2024, reflecting its operational capacity[32]. - The company's total installed capacity as of December 31, 2024, was 18,846.32 MW, with wind power contributing 14,481.80 MW and solar power 4,364.52 MW[32]. - The total controlled power generation reached 32,260,150 MWh, a year-on-year increase of 2.06% compared to 31,607,760 MWh in 2023[34]. - The photovoltaic power generation saw a significant increase of 49.03%, reaching 3,610,093 MWh compared to 2,422,395 MWh in 2023[36]. - The average utilization hours for wind power decreased to 2,061 hours, down from 2,191 hours in 2023, reflecting a decline of 130 hours[40]. - The average utilization hours for photovoltaic power decreased to 1,472 hours, a drop of 65 hours from 1,537 hours in 2023[42]. - The company has 1,249.50 MW of capacity under construction as of December 31, 2024[45]. Asset Management and Financial Position - The total assets of the company reached RMB 115,544.53 million as of December 31, 2024, an increase of 13.8% from RMB 101,545.31 million in 2023[27]. - The asset-liability ratio stood at 67.48% as of December 31, 2024, indicating a stable financial position[32]. - The total equity attributable to the parent company was RMB 33,216.31 million, an increase from RMB 32,039.11 million in 2023[27]. - The net debt-to-capital ratio for 2024 was 63.83%, an increase of 3.72 percentage points from 60.12% in 2023[73]. - The company held unused bank credit facilities of approximately RMB 46,086 million as of December 31, 2024[69]. - The company has approved but not issued corporate bonds amounting to RMB 16,000 million, with RMB 9,000 million maturing in August 2025 and the remainder in December 2025[70]. - The company's capital expenditure for 2024 was RMB 17,287.06 million, a significant increase of 193.33% compared to RMB 5,893.47 million in 2023, primarily driven by renewable energy project investments[72]. Corporate Governance and Shareholder Relations - The company was recognized for its ESG efforts, being included in the State-owned Assets Supervision and Administration Commission's "Central Enterprise ESG Pioneer Index" for the fourth consecutive year[32]. - The company has implemented a comprehensive safety production responsibility system, achieving zero safety production accidents in 2024[33]. - The company was awarded a four-and-a-half-star outstanding level in the central enterprise ESG rating, entering the "Central Enterprise ESG Pioneer · 100 Index"[92]. - The board recommends a final dividend of RMB 0.06 per share for 2024, totaling RMB 436,422,060, compared to RMB 0.07 per share in 2023[110]. - The total cash dividends for 2024, including the interim dividend of RMB 0.03 per share, amount to RMB 654,633,090, representing about 51.90% of the company's distributable profits for the year[110]. - The company will withhold corporate income tax at a rate of 10% for overseas non-resident corporate shareholders on the final dividend distribution[112]. - The company will withhold personal income tax at a rate of 10% for H-share individual shareholders from countries with a tax treaty with China[113]. - The company will allocate 10% of its after-tax profits to the statutory reserve fund as per Chinese law[118]. - The company has issued various notes and bonds to raise funds for operational continuity and to improve liquidity[105]. - The company’s financial statements are prepared in accordance with Chinese accounting standards and international financial reporting standards, with the lower of the two being used for distributable reserves[109]. Related Party Transactions - Datang Group holds 4,772,629,900 shares, representing 65.61% of the total issued share capital[143]. - The annual cap for related party transactions with Datang Group for 2024 is set at RMB 60 million for products and services provided by the company, with actual transactions amounting to RMB 56 million[163]. - The annual cap for products and services provided to the company by Datang Group for 2024 is RMB 4,500 million, with actual transactions totaling RMB 4,366 million[163]. - The company has a cap of RMB 2,000 million for factoring business support from Datang Factoring Company in 2024, with actual transactions at RMB 1,089 million[163]. - The maximum daily deposit balance for financial services provided by Datang Finance is capped at RMB 9,000 million, with actual balances reaching RMB 4,039 million[163]. - The company has set a cap of RMB 6,000 million for financing lease services from Datang Capital Holdings in 2024, with actual amounts at RMB 2,671 million[163]. - The annual cap for sale-leaseback services from Datang Capital Holdings is RMB 5,000 million, with actual transactions amounting to RMB 3,291 million[163]. - The framework agreement with Datang Group, renewed in December 2021, allows for mutual supply of products and services for a period of three years starting January 1, 2022[164]. - The pricing mechanism for agreed services will be based on market rates determined through public bidding or fair negotiation, ensuring compliance with relevant laws[169]. - The annual cap for related transactions with Datang Group for 2024 is set at RMB 600 million, with actual transaction amounting to RMB 560 million[170]. Compliance and Legal Matters - The company has complied with the disclosure requirements under the Listing Rules regarding continuing connected transactions[192]. - The company has maintained a public float of at least 25% of its issued shares, in compliance with the Listing Rules[197]. - There were no significant legal proceedings or arbitrations involving the group during the year[198]. - The audit committee reviewed the company's annual performance for 2024 and the financial statements prepared in accordance with international financial reporting standards[199].
大唐新能源(01798) - 2024 - 年度财报