Economic Performance - In 2021, China's GDP reached RMB 114,367 billion, growing by 8.1% year-on-year, with an average growth of 5.1% over two years[9]. - By the end of 2021, the total installed power generation capacity in China was approximately 2.38 billion kW, an increase of 7.9% year-on-year[9]. Renewable Energy Capacity - Wind power installed capacity reached approximately 330 million kW, growing by 16.6% year-on-year, with onshore wind capacity at 300 million kW and offshore wind capacity at 26.39 million kW[9]. - Photovoltaic power generation capacity reached approximately 310 million kW, increasing by 20.9% year-on-year, with centralized photovoltaic capacity at 200 million kW and distributed capacity at 110 million kW[9]. - Non-fossil energy power generation capacity reached approximately 1.12 billion kW, growing by 13.4% year-on-year, accounting for 47.0% of total installed capacity, surpassing coal power for the first time[9]. Power Generation Statistics - Total power generation from non-fossil energy sources was approximately 2.90 trillion kWh, a year-on-year increase of 12.0%, representing 34.6% of total power generation[9]. - The company achieved a total operating power generation of approximately 5.788 billion kWh in 2021, representing a year-on-year increase of about 19.5%[12]. - The company completed photovoltaic power generation of approximately 3.353 billion kWh in 2021, an increase of 6.8% year-on-year[13]. - The company’s wind power generation reached approximately 1.421 billion kWh in 2021, marking a significant year-on-year growth of about 118.6%[13]. Financial Performance - The company reported a revenue of approximately HKD 6,023.4 million for the year ended December 31, 2021, an increase of about 8% compared to the previous year[11]. - The company incurred a loss of approximately HKD 288.8 million in 2021, a decrease of about 133% compared to the previous year[11]. - The company’s gross profit for the same period was HKD 2,576,523, reflecting a decrease of 3% compared to HKD 2,662,864 in the previous year, resulting in a gross margin of 42.8%, down from 48.0%[19]. Clean Energy Initiatives - The company plans to expand its clean energy projects across various provinces, including significant developments in solar and wind energy[7]. - The company is focusing on enhancing its clean heating business, with multiple projects underway in different regions[7]. - The company aims to leverage technological advancements in renewable energy to improve efficiency and reduce costs[7]. - The company is actively exploring other clean energy sectors such as hydropower, energy storage, and hydrogen production to enhance its competitive edge[11]. Operational Developments - The company’s operational clean heating area reached approximately 49.67 million square meters, a year-on-year increase of about 70.4%[13]. - The company’s clean heating service households increased to approximately 310,478, reflecting a year-on-year growth of about 36.1%[13]. - The average utilization hours for the company’s operational wind power stations reached 2,902 hours, exceeding the national average of 2,246 hours[13]. Corporate Governance - The company emphasizes high levels of corporate governance to achieve sustainable development and enhance performance[115]. - The board of directors is responsible for leading, guiding, and monitoring the business to ensure long-term success and strategic decision-making[115]. - The company has adhered to all applicable provisions of the corporate governance code as outlined in the Listing Rules throughout the year ending December 31, 2021[115]. Leadership and Management - Zhang Tiefu was appointed as the executive director and co-chairman of the board in July 2021, bringing extensive experience in economic and market development[107]. - Yang Guang became the CEO and executive director in May 2021, previously serving as the development director and senior vice president at Beikong Water Group[108]. - The company has a strong leadership team with over 25 years of experience in management and investment across various sectors[107][110]. Risk Management - The company upgraded its risk management framework from a "three-tier + three lines of defense" model to a "three lines model" to enhance governance and risk management in response to changing business environments[136]. - The board is tasked with overseeing the effectiveness of the risk management and internal control systems, ensuring they are adequate to protect shareholder interests and group assets[136]. Related Party Transactions - The company’s independent non-executive directors have reviewed the related party transactions and confirmed they are conducted in the ordinary course of business and on normal commercial terms[194]. - The company has established ongoing related party transactions with its controlling shareholder, which are subject to annual review and disclosure requirements[194]. Shareholder Information - The company reported a financial position as of December 31, 2021, with a total available reserve for distribution to shareholders of approximately HKD 4,713.3 million[155]. - The board of directors did not recommend the payment of dividends for the year ended December 31, 2021[151]. Environmental Commitment - The company is committed to environmental sustainability and is expanding its photovoltaic and wind power businesses to contribute to renewable energy utilization[103]. - The company plans to publish its Environmental, Social, and Governance (ESG) report by the end of May 2022, detailing its commitments and performance in sustainable development[105].
山高新能源(01250) - 2021 - 年度财报