Financial Performance - For the year ended 31 December 2021, revenue increased by 3.68% to RMB601.57 million compared to RMB580.24 million in 2020[25]. - Profit attributable to equity shareholders decreased by 16.40% to RMB103.83 million, with earnings per share at RMB0.226, down 16.61% from RMB0.271[33]. - The total equity attributable to equity shareholders increased by 10.39% to RMB718.87 million, with net asset value per share rising by 10.56% to RMB1.57[33]. - The proposed final dividend is HK$0.056 per share, representing a decrease of 44% from HK$0.10 per share in the previous year[33]. - Revenue for the year ended December 31, 2021, amounted to RMB601,573,000, representing an increase of 3.68% compared to RMB580,240,000 in 2020[88]. - Profit from operations increased by 5.75% to RMB202,538,000 for the year ended December 31, 2021, compared to RMB191,533,000 in 2020[90]. - The Group's income tax expenses for the year amounted to RMB50,399,000, reflecting an increase of RMB2,721,000 or 5.71% from RMB47,678,000 in 2020[97][99]. - Profit attributable to equity shareholders decreased to RMB103,825,000, with basic and diluted earnings per share at RMB0.226, a decline of 16.61% from RMB0.271 in 2020[102][106]. Operational Highlights - The production volume by natural gas decreased slightly by 0.48% to 383,230.2 MWh compared to 385,094.6 MWh in the previous year[34]. - Volume tariff revenue increased by 0.78% to RMB188.80 million from RMB187.34 million last year[34]. - The heat sales volume increased by 44.23% to 173,791 tons compared to 120,494 tons in the previous year, with revenue from heat sales rising by 53.07% to RMB 53.65 million from RMB 35.05 million[39]. - The total consumption of natural gas increased by 6.58% to 102,768,108 m³ from 96,420,405 m³ in 2020[51]. - The average selling price of heat (inclusive of VAT) increased by 6.17% to approximately RMB336.48/ton compared to RMB316.92/ton in 2020[72]. - The marginal contribution from heat sales was RMB14,444,000, with a marginal contribution rate of 26.92%, up from 15.94% in 2020[74]. Financial Position - As of December 31, 2021, the number of shares in issue was 458,600,000 ordinary shares[10]. - The market capitalization was HK$376.05 million, with a closing price of HK$0.82 per share[10]. - Total assets decreased by 4.06% to RMB1,858.35 million from RMB1,937.02 million in 2020[25]. - The Group's total debts as of 31 December 2021 were RMB1,018,947,000, a decrease from RMB1,181,844,000 in 2020[112][114]. - The current ratio as of 31 December 2021 was 0.40, down from 0.53 in 2020, primarily due to a significant increase in current liabilities[105]. - The Group had unused credit facilities of RMB309 million as of 31 December 2021, compared to RMB196 million in 2020[110][113]. Governance and Management - KPMG serves as the auditor, ensuring compliance with financial reporting standards[7]. - The company has a diverse board of directors with extensive experience in finance, management, and economics, enhancing its strategic decision-making capabilities[147]. - The management team is well-equipped to navigate the complexities of the financial landscape, leveraging their extensive backgrounds in various sectors[154]. - The Group's principal activity is investment holding, with subsidiaries primarily engaged in the development, operation, and management of natural gas-fueled power plants in the PRC[162]. Market and Regulatory Environment - The Group anticipates challenges in 2022 due to the full implementation of the electricity spot market and capacity tariff cuts, impacting profitability[44]. - The PRC government's commitment to carbon neutrality and the development of new energy presents significant opportunities for the company to transform into an integrated energy supplier[45]. - The reform of the national electricity system in Zhejiang province since 2020 has created opportunities for the Group to expand and diversify its customer base, despite potential complexities in business operations[192]. - In September 2021, the PRC government announced a reduction in incentives effective from January 1, 2022, which may negatively impact the Group's revenue and profit[193]. Future Outlook - The company plans to optimize its natural gas power generation methods and actively participate in electricity spot trading to mitigate the impact of policy changes[28]. - The Group expects to commence construction of main lines from Anji Power Plant to Tangpu Industrial Park and Kangshan Industrial Park in 2022, with completion planned for 2023[132]. - The Group aims to enhance its long-term growth potential and shareholder value by diversifying its energy business[133]. - Funding adequacy is increasingly important for the Group's transformation into an integrated energy supplier, influenced by various market factors[197].
普星能量(00090) - 2021 - 年度财报