西昌电力(600505) - 2025 Q2 - 季度财报

Important Notice Report Statement and Risk Disclosure The report confirms the accuracy of its unaudited financial content, discloses forward-looking statement risks, and directs to the Management Discussion and Analysis for detailed risks - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[3] - This semi-annual report is unaudited[5] - Forward-looking statements regarding future plans and development strategies do not constitute a substantive commitment to investors and carry investment risks[6] - The company has no particularly significant risks; specific risks are detailed in Section III, "Management Discussion and Analysis"[7] Section I Definitions Common Terminology Definitions This section defines common terms used in the report, ensuring clear understanding of its content Common Terminology Definitions | Common Term | Definition | | :--- | :--- | | CSRC | China Securities Regulatory Commission | | SSE | Shanghai Stock Exchange | | Company, The Company | Sichuan Xichang Electric Power Co.,Ltd. | | State Grid Sichuan Electric Power | State Grid Sichuan Electric Power Company | | Sichuan Hydropower Group | Sichuan Hydropower Investment and Operation Group Co., Ltd. | | Liangshan Development Holding Company | Liangshan Prefecture Development (Holding) Group Co., Ltd. | | Guzeng Company | Muli County Guzeng Hydropower Development Co., Ltd. | | Fengguang Company | Yanyuan Fengguang New Energy Co., Ltd. | | "Articles of Association" | "Articles of Association of Sichuan Xichang Electric Power Co.,Ltd." | | Reporting Period | January-June 2025 | Section II Company Profile and Key Financial Indicators Company Information and Contact Details This section provides the company's basic information, including its name, legal representative, and contact details for the Board Secretary and Securities Affairs Representative Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 四川西昌电力股份有限公司 | | Chinese Abbreviation | 西昌电力 | | English Name | Sichuan Xichang Electric Power Co.,Ltd. | | English Abbreviation | XCEP | | Legal Representative | Zhang Jin | Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Yan Ke | No. 66 Shengli Road, Xichang City, Sichuan Province | 0834－3830167 | 0834－3830040 | xcdlgs@126.com | | Securities Affairs Representative | Zheng Yuanyuan | No. 66 Shengli Road, Xichang City, Sichuan Province | 0834－3830167 | 0834－3830040 | xcdlgs@126.com | Changes in Basic Information and Information Disclosure The company's registered and office addresses remained unchanged during the reporting period, with information disclosed through designated newspapers and the SSE website - The company's registered and office addresses are both No. 66 Shengli Road, Xichang City, Sichuan Province, with no changes during the reporting period[15] - Designated information disclosure newspapers include "Shanghai Securities News," "China Securities Journal," "Securities Daily," and "Securities Times," with the semi-annual report available on www.sse.com.cn[16](index=16&type=chunk) Company Stock Overview | Stock Type | Stock Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Xichang Electric Power | 600505 | Company Key Accounting Data and Financial Indicators During the reporting period, the company achieved a 7.26% increase in operating revenue, returned to profitability in total profit and net profit attributable to shareholders, and saw a 230.29% surge in net cash flow from operating activities Key Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 727.11 million Yuan | 677.90 million Yuan | 7.26 | | Total Profit | 5.80 million Yuan | -26.30 million Yuan | Not Applicable | | Net Profit Attributable to Shareholders of the Listed Company | 3.24 million Yuan | -25.52 million Yuan | Not Applicable | | Net Cash Flow from Operating Activities | 216.72 million Yuan | 65.61 million Yuan | 230.29 | | Net Assets Attributable to Shareholders of the Listed Company (Period-end) | 1.21 billion Yuan | 1.21 billion Yuan | -0.11 | | Total Assets (Period-end) | 4.11 billion Yuan | 4.16 billion Yuan | -1.11 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.0089 | -0.0700 | Not Applicable | | Diluted Earnings Per Share (Yuan/share) | 0.0089 | -0.0700 | Not Applicable | | Weighted Average Return on Net Assets (%) | 0.27 | -2.13 | Increased by 2.40 percentage points | - Performance changes are primarily due to quality and efficiency improvements, increased supply and sales promotion, reduced non-productive expenses, abundant water inflow for grid-connected power stations leading to a 16.27% increase in on-grid electricity, a 11.28% decrease in average purchase price of external electricity, and an 11.55% increase in electricity sales in the supply chain[20] Non-Recurring Gains and Losses During the reporting period, the company's total non-recurring gains and losses amounted to 68,194.13 Yuan, mainly from disposal of non-current assets, government grants, and other non-operating income and expenses Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -233,546.16 | | Government grants recognized in current profit or loss | 1,591,641.83 | | Other non-operating income and expenses apart from the above | -1,272,504.98 | | Less: Income tax impact | 14,896.78 | | Minority interest impact (after tax) | 2,499.78 | | Total | 68,194.13 | Section III Management Discussion and Analysis Industry and Principal Business Overview In the first half of 2025, the national power industry maintained stable operations with significant green and low-carbon transformation, while the company, as a local integrated power enterprise, expanded its core business in hydropower, solar PV, and power engineering - In the first half of 2025, national electricity consumption reached 4.84 trillion kWh, a 3.7% year-on-year increase; power investment totaled 654.6 billion Yuan, up 9.6%; and installed power generation capacity reached 3.65 billion kW, up 18.7%[23] - The company, as the first A-share listed company in Liangshan Prefecture, operates as an integrated local power enterprise encompassing generation, transmission, distribution, and sales, with an on-grid installed capacity of 568.42 MW[24] - The company's core businesses include hydropower generation, solar photovoltaic power generation, and power engineering design and installation[24] Discussion and Analysis of Operations In the first half of the year, the company achieved consecutive profitability for the first time in three years by focusing on safety, performance, power supply, and transformation, while actively exploring distributed photovoltaic projects - The company achieved consecutive profitability in the first and second quarters for the first time in nearly three years, with key operating indicators meeting mid-year targets[25] - The company achieved significant results in production safety, enhancing grid reliability, improving power supply services, corporate governance, and tackling operational performance challenges[26] - New energy business focuses on distributed photovoltaic projects, with the Luojiagou and Shenglicun distributed photovoltaic projects expected to be completed within the year[27] Core Competitiveness Analysis The company's core competitiveness stems from its integrated power generation and supply model, clean energy advantages, extensive industry management experience, and increasingly standardized and efficient corporate governance, with no changes during the reporting period - The company's integrated power generation, transmission, distribution, and sales business model ensures a market advantage in regional power supply[28] - The company's power sources, hydropower and photovoltaic, are clean and renewable, offering long-term stable operational advantages and promising development prospects[28] - The company has accumulated extensive experience in power generation and supply operations and management, possessing a team of experienced managers and technical professionals[28] - The company strictly adheres to laws and regulations to improve corporate governance and continuously builds its internal control system, forming a standardized and efficient governance structure[28] - The company's core competitiveness remained unchanged during the reporting period[29](index=29&type=chunk