Financial Performance - The company's operating revenue for the first half of 2025 reached CNY 1,683,873,882.60, representing a 1.41% increase compared to CNY 1,660,506,740.32 in the same period last year[20]. - Total profit for the reporting period was CNY 496,328,137.26, which is a 26.92% increase from CNY 391,058,983.14 year-on-year[20]. - Net profit attributable to shareholders was CNY 377,232,320.56, up 24.49% from CNY 303,026,018.30 in the previous year[20]. - The net cash flow from operating activities increased by 16.36% to CNY 632,244,063.03, compared to CNY 543,371,427.14 in the same period last year[20]. - Basic earnings per share for the first half of 2025 were CNY 0.27, reflecting a 22.73% increase from CNY 0.22 in the same period last year[21]. - The weighted average return on equity increased by 0.77 percentage points to 4.57% compared to 3.80% in the previous year[21]. - The net profit after deducting non-recurring gains and losses was CNY 375,787,727.09, which is a 24.65% increase from CNY 301,480,353.86 in the same period last year[20]. - The company achieved operating revenue of RMB 1,684 billion, a year-on-year increase of 1.41%, and net profit attributable to shareholders of RMB 377 million, up 24.49% year-on-year[34]. Dividend Distribution - The company announced a cash dividend of RMB 0.1 per share (pre-tax) based on the total share capital as of the 2025 interim profit distribution registration date[5]. - The company will not conduct capital reserve transfers to increase share capital or issue bonus shares in this profit distribution[5]. - The company plans to distribute a cash dividend of RMB 0.1 per share, totaling approximately RMB 139.35 million for the 2025 semi-annual profit distribution[96]. - The cash dividend is expected to be distributed by November 18, 2025, pending shareholder approval[97]. Corporate Governance - The board of directors guarantees the truthfulness, accuracy, and completeness of the interim report, with no false records or major omissions[8]. - The report complies with all disclosure requirements set by the relevant stock exchange regulations[7]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange requirements[101]. - The company continues to review and monitor its corporate governance practices to ensure compliance with the corporate governance code[102]. - The board consists of two executive directors, four non-executive directors, and three independent non-executive directors, which helps to fairly represent shareholders' interests[102]. - The company emphasizes that all major decisions are made in consultation with the board, ensuring a balance of power and authority[102]. Risk Management - The company has detailed various risks in the report, which can be found in the management discussion and analysis section[6]. - The company faces industry policy risks, particularly regarding changes in renewable energy pricing policies that could adversely affect profitability and cash flow[78]. - The company plans to mitigate risks by advocating for stable policies, expanding revenue sources through heating services, and adjusting waste treatment fees if external policies change significantly[79]. - The company is facing risks related to the stability of waste supply and calorific value, which could impact operational efficiency and profitability[85]. Operational Highlights - As of June 30, 2025, the company operates 37 waste-to-energy projects with a waste processing capacity of 40,300 tons per day and an installed capacity of 857 MW, ranking among the industry leaders[26]. - The company primarily operates under the BOT model, with a typical concession period of 25 to 30 years, ensuring stable revenue from waste processing fees and electricity sales[27]. - The company processed a total of 7.1543 million tons of municipal solid waste, representing a year-on-year growth of 2.10%, and generated 253,917.97 million kWh of electricity, an increase of 1.62% year-on-year[35]. - The company is actively expanding its steam supply business, achieving a total steam supply of 513,800 tons in the first half of the year, which is a year-on-year increase of 114.98%[89]. Financial Position - The company's total assets at the end of the reporting period were CNY 21,960,181,740.81, a slight decrease of 0.13% from CNY 21,988,772,935.44 at the end of the previous year[20]. - The net assets attributable to shareholders at the end of the reporting period were CNY 8,159,621,690.99, a 1.33% increase from CNY 8,052,817,092.46 at the end of the previous year[20]. - The company's long-term borrowings rose to RMB 7,715,139,066.27, a 2.48% increase, reflecting adjustments in debt structure[54]. - The company’s total liabilities increased to RMB 5,038,372,176.22, up 7.1% from RMB 4,702,653,600.05 at the end of the previous year[166]. - The total equity attributable to the parent company increased to RMB 8.160 billion from RMB 8.053 billion, reflecting a growth of 1.3%[163]. Technological Innovation - The company is advancing digitalization and technological innovation, with the integrated ultra-low emission technology for flue gas entering trial operation and the first equipment for small-scale waste incineration completed and installed[38]. - The company has developed leading technologies, including a patented "multi-drive reverse-push mechanical grate furnace," which is recognized as a core technology for promoting environmental protection[46]. - The company is focused on technological research and development to enhance power generation capacity and offset rising environmental costs[81]. Shareholder Information - The total issued shares of the company as of June 30, 2025, is 1,393,453,043 shares[136]. - Beijing State-owned Assets Management Co., Ltd. holds 594,085,618 shares, accounting for 42.63% of total shares[129]. - The top ten shareholders collectively hold significant stakes, with the largest shareholder owning over 60% of the relevant shares[135]. - The ownership structure indicates a strong presence of state-owned entities among the top shareholders[135]. Employee Management - The company has established a competitive compensation system linked to performance, with a total employee count of 3,319 as of June 30, 2025[141]. - The company emphasizes employee development through various training programs, including new employee orientation and professional skills training[142]. - The company has implemented a differentiated salary system based on job requirements, maintaining competitiveness in employee compensation[141].
绿色动力环保(01330) - 2025 - 中期业绩