Financial Performance - The company reported a consolidated revenue of RMB 617.368 million for the year ended December 31, 2021, representing an increase of 28.1% compared to RMB 482.072 million in the previous year[5]. - Profit attributable to equity shareholders decreased to RMB 0.431 million, a decline of 97.5% from RMB 17.510 million in the prior year[5]. - Earnings per share (EPS) fell to RMB 0.27, down 97.5% from RMB 10.95 in the previous year[10]. - The company's comprehensive operating revenue for 2021 was RMB 617.368 million, an increase from RMB 482.072 million in the previous year, primarily due to increased revenue from electricity distribution and energy production[40]. - The group's profit before tax dropped by 76.8% from RMB 38.817 million in 2020 to RMB 9.023 million in 2021, primarily due to the significant rise in fuel costs outpacing revenue growth[57]. - The group’s other net income for 2021 was RMB 43.179 million, a significant increase of 1,976.9% compared to RMB 2.079 million in the previous year, primarily due to steam price subsidies received[46]. Assets and Liabilities - Total assets increased to RMB 873.552 million as of December 31, 2021, compared to RMB 810.313 million in 2020[12]. - Total liabilities rose to RMB 461.329 million, up from RMB 391.682 million in the previous year[12]. - The company's net asset value stood at RMB 412.223 million, slightly down from RMB 418.631 million in 2020[12]. - Cash and cash equivalents at the end of 2021 amounted to RMB 186.141 million, a 46.7% increase from RMB 126.916 million at the end of 2020, due to a shortened steam sales settlement period[63]. - The debt-to-equity ratio increased to 1.12 at the end of 2021 from 0.94 at the end of 2020, primarily due to increased borrowings[65]. - As of December 31, 2021, the group had total borrowings of RMB 298.134 million, including short-term borrowings of RMB 188.196 million and long-term borrowings of RMB 109.938 million[68]. Revenue Segments - Revenue from the electricity distribution segment rose 14.2% to RMB 185.267 million in 2021, compared to RMB 162.288 million in 2020, reflecting improved electricity demand[41]. - Revenue from the energy production and supply segment increased by 35.7% to RMB 414.173 million in 2021, up from RMB 305.215 million in 2020, attributed to the inclusion of Lingang Thermal Power in the consolidated financial statements[44]. - The company's total electricity sales reached 27,708.7 million kWh, up 17.6% from 23,560.8 million kWh in the previous year, driven by increased demand as the pandemic situation improved[40]. - In 2021, the company achieved a total sales volume of steam at 1.795 million tons, an increase of 27.8% compared to 1.404 million tons in the previous year[40]. Strategic Initiatives - The company aims to enhance its core competitiveness and value creation through operational management innovation and increased R&D capabilities[14]. - The company plans to leverage the advantages of the Hong Kong capital platform to improve shareholder returns and operational performance[14]. - The company is focused on integrating various clean and renewable energy sources to provide comprehensive energy solutions to meet user needs[13]. - The company has developed into a comprehensive energy service provider in the Tianjin Port Free Trade Zone, supporting national carbon neutrality goals[13]. - The company plans to optimize the equity structure of Lingang Thermal Power by introducing strategic investors to enhance market competitiveness and support the gas distributed energy station project[32]. - The company aims to enhance its profitability and operational efficiency through strengthened incentive mechanisms and management reforms[20]. Operational Developments - The company successfully completed the construction and operation of gas boilers for the Lingang Thermal Power gas distributed energy station[20]. - The company initiated the gas distributed energy station project in 2021 to replace coal with natural gas for steam production, aligning with national carbon reduction policies[31]. - The company launched a smart streetlight energy management project in Tianjin Port Free Trade Zone, expected to save approximately 12 million kWh annually and reduce CO2 emissions by about 11,000 tons[33]. - The company constructed two 160 kW DC charging piles for electric vehicles, laying the groundwork for future expansion in the EV charging market[22]. - The company has implemented comprehensive ultra-low emissions and energy-saving transformations for its coal-fired units, significantly reducing coal consumption and pollution emissions[27]. Market Expansion and Future Outlook - The company has set a future outlook with a revenue target of 30 billion RMB for 2022, representing a projected growth of 30%[115]. - The company is expanding its market presence, with plans to enter two new provinces in China by the end of 2022, aiming for a 20% market share in those regions[115]. - The company is actively developing new energy service markets and conducting research on market-oriented pricing mechanisms in various regions[93]. - The company is exploring potential mergers and acquisitions to enhance its market position and operational capabilities[199]. Governance and Management - The board of directors includes several independent non-executive directors, ensuring corporate governance and oversight[198]. - The management team emphasized a commitment to sustainability, targeting a 25% reduction in carbon emissions by 2025[115]. - The company has appointed new independent directors to strengthen governance and oversight, enhancing the board's expertise in energy sector regulations[130]. - The company has established risk prevention mechanisms to address policy risks, procurement management risks, safety risks, and performance evaluation management risks[80]. Employee and Safety Management - The company has a total of 63 employees as of December 31, 2021, with 82.5% holding a bachelor's degree or higher[100]. - Employee costs, including salaries, benefits, and allowances, amounted to RMB 29.822 million during the reporting period[107]. - The company organized 4 safety training sessions and 28 professional skills training sessions for employees in 2021 to enhance their capabilities[108]. - The company has not experienced any safety responsibility accidents in 2021, maintaining a stable overall safety situation[37]. Environmental Commitment - The company is committed to high-quality, sustainable, and low-carbon development, aligning with national carbon neutrality goals[23]. - The ongoing energy system transformation in China is expected to create significant opportunities for the company, particularly in the smart energy sector[27]. - The company is actively expanding its energy supply and value-added services, focusing on green production and ultra-low emissions[160].
天保能源(01671) - 2021 - 年度财报