Financial Performance - For the year ended December 31, 2021, the Group generated revenue of RMB 2,183 million, an increase of 9.11% year-on-year, and achieved a profit of RMB 778 million, representing a 15.60% increase compared to the previous year[8]. - The Group achieved a total revenue of RMB2,183,048,000 in 2021, representing a 9.1% increase compared to RMB2,000,754,000 in 2020[49]. - Profit attributable to equity shareholders increased by 15.6% to RMB778,476,000 in 2021, up from RMB673,405,000 in 2020[49]. - Basic earnings per share rose to RMB9.35 cents in 2021, compared to RMB8.18 cents in 2020[49]. - The Group's cash and bank balances were approximately RMB4,151.44 million as of December 31, 2021, up from RMB2,608.07 million in 2020[154]. - The net assets of the Group were RMB7,553.48 million as of December 31, 2021, compared to RMB6,494.50 million in 2020[154]. - The liability-to-asset ratio increased to 68.6% as of December 31, 2021, from 66.7% in 2020[154]. - The Group's bank and other borrowings amounted to RMB10,939.51 million as of December 31, 2021, compared to RMB7,754.50 million in 2020[154]. Operational Achievements - The Group's attributable power generation reached 4.93 billion kilowatt hours, a 10% increase year-on-year, with subsidiary-owned wind farms generating 20.5% more power compared to the previous year[12]. - The total installed capacity of the Group's projects under construction reached 1,833.5 MW, with 13 new power plants commissioned during the reporting period, totaling 873.5 MW[11]. - The Group commenced construction and operation of a total of 586 MW projects in 2021, including individual wind power projects reaching 200 MW[52]. - The total constructed capacity of the Group's projects hit a record of 1,833.5 MW in 2021, compared to 1,050 MW in 2020[55]. - The Group's subsidiary-owned power plants had a total installed capacity of 2,137 MW as of December 31, 2021, with 29 wind power plants (1,763 MW) and 15 PV power plants (374 MW)[59]. - The Group's installed capacity for PV power plants increased significantly by 154.0% to 381 MW in 2021 compared to 150 MW in 2020[61]. Market and Industry Trends - The competitive landscape in the renewable energy sector has intensified with more companies entering the market[9]. - In 2021, the installed capacity of wind power in China reached 47.57 GW, while PV installations hit a record high of 54.88 GW, marking significant growth despite pandemic challenges[28]. - The price of wind turbine equipment dropped from approximately RMB 3,000/kW in early 2021 to under RMB 2,000/kW by the end of 2021, indicating a significant reduction in costs[29]. - The National Development and Reform Commission of China aims to complete a national unified electricity market system by 2025, enhancing market-based transactions for new energy[14]. - The carbon emissions trading market in China was officially launched, becoming the world's largest, which is expected to increase the value of carbon assets significantly in the future[41]. Strategic Initiatives - The Group plans to increase project construction efforts to achieve greater growth in installed capacity, focusing on optimizing procurement strategies and cost control[20]. - The Group aims to expand its business types and explore new growth points, particularly in energy storage and integrated energy services[24]. - The Group will continue to adjust and optimize asset quality, reducing reliance on green electricity subsidies and improving operational efficiency[22]. - The Group's efforts in asset optimization aimed to reduce reliance on renewable energy subsidies and improve cash flow[69]. - The Group will actively explore new energy-related business types, including energy storage, carbon assets, and integrated energy services, to cultivate new growth points[182]. Environmental and Social Responsibility - The Group's renewable energy projects achieved a reduction of 5,717 kilotons of CO2 emissions, 1,378 tons of SO2, and 1,437 tons of NOX in 2021[130]. - The Group saved 2,258 kilotons of standard coal and 8,918 kilotons of water through its renewable energy generation compared to conventional power plants[130]. - The Group emphasizes strict compliance with environmental protection laws and continuously improves its management and sustainable development capabilities[132]. - The Group's focus on ecological and environmental protection includes investments in biodiversity and water conservation[125]. - The Group actively engages in community welfare and social responsibility initiatives while focusing on clean energy development[141]. Employee and Community Engagement - The Group maintains a strong commitment to employee health and safety, ensuring no COVID-19 infections among domestic employees during the year[140]. - As of December 31, 2021, the Group had 1,907 full-time employees, an increase from 1,619 employees in 2020[152]. - Over 80% of employees have received two or more vaccine injections, with an investment of RMB0.39 million in epidemic prevention and control[151]. - The Group has donated approximately RMB3.65 million to support 1,441 outstanding students and reward 79 excellent teachers[142]. - Over 160 training sessions were organized in 2021 to enhance employee skills and improve the in-house trainer system[148]. Future Outlook and Challenges - The Group will closely follow policy changes affecting wind and PV power generation to minimize risks associated with revenue fluctuations[156]. - The ongoing COVID-19 pandemic has introduced significant uncertainties, potentially leading to fluctuations in power demand and supply chain management challenges[161]. - The main climate risk involves fluctuations in power generation due to inter-annual variations in wind and solar resources, which could adversely affect revenue and profits[163]. - The Group will focus on ensuring safety first, improving its safety management system, and implementing production safety responsibilities[173]. - The Group will continue to explore new areas of development while maintaining sustainable growth in its core business[171].
协合新能源(00182) - 2021 - 年度财报