中国电力(02380) - 2022 - 中期财报

Financial Performance - For the six months ended June 30, 2022, the profit attributable to equity holders of the company was RMB 849,881,000, a decrease of 44.8% compared to RMB 1,541,731,000 for the same period in 2021[13]. - Revenue for the six months ended June 30, 2022, was RMB 20,305,157,000, representing a 19.68% increase from RMB 16,965,636,000 in 2021[12]. - The company reported a basic earnings per share of RMB 0.07 for the first half of 2022, down 53.33% from RMB 0.15 in 2021[12]. - In the first half of 2022, the company's net profit was RMB 1,430,427,000, a decrease of RMB 1,140,145,000 or 44.35% compared to the same period last year[44]. - The company's total comprehensive income for the period was RMB 748,539,000, a decrease of 70.5% from RMB 2,529,558,000 in the same period last year[102]. Revenue and Sales - Total electricity sales volume for the six months ended June 30, 2022, was 50,440,867 MWh, an increase of 5.16% from 53,045,286 MWh in 2021[9]. - The total electricity sales for the first half of 2022 reached 53,045,286 MWh, representing a 5.16% increase year-on-year[29]. - The group’s hydropower sales increased by 6.09% due to higher average rainfall in the river basins where the hydropower plants are located[30]. - The combined electricity sales volume of wind and solar power increased by 32.83% year-on-year, with profits rising by 9.07%[13]. - The company generated RMB 20,154,790,000 from electricity sales to regional and provincial grid companies, up from RMB 16,920,099,000, representing a 19.5% growth[127]. Capacity and Projects - The installed capacity as of June 30, 2022, was 32,140.0 MW, a 13.05% increase from 28,429.7 MW in 2021[12]. - The consolidated installed capacity of the group reached 32,140.0 MW as of June 30, 2022, an increase of 3,710.3 MW year-on-year[17]. - The group plans to acquire clean energy project companies with a total operational capacity of 2,154.83 MW, which was approved by independent shareholders on August 24, 2022[17]. - As of June 30, 2022, the total capacity of projects under construction was 6,541.6 MW, all of which are clean energy projects[26]. - The group has planned a total capacity of 56,000 MW for five major wind and solar energy base projects in regions such as Ningxia, Gansu, and Inner Mongolia, all of which have completed the proposal preparation work[27]. Financial Position - The total debt amounted to RMB 115,360,699,000, an increase of 8.91% from RMB 105,921,101,000 in 2021[12]. - The total assets of the company increased by 7.17% to RMB 187,802,826,000 from RMB 175,245,988,000 in 2021[12]. - The company's cash and cash equivalents increased significantly to RMB 8,579,462,000, up 385.64% from RMB 1,766,632,000 in 2021[12]. - The debt-to-equity ratio, calculated as net debt divided by total capital, was approximately 67% as of June 30, 2022, unchanged from December 31, 2021[65]. - As of June 30, 2022, the company's total equity was RMB 52,721,100,000, compared to RMB 51,884,797,000 at the end of 2021, reflecting a growth of approximately 1.6%[105]. Operating Costs and Expenses - Operating costs rose to RMB 16,857,356,000, an increase of 31.25% from RMB 12,843,392,000, mainly due to higher fuel costs and depreciation[49]. - The average unit fuel cost for coal power operations increased by 40.48% to RMB 331.57 per MWh, attributed to tight supply and high coal prices[51]. - Financial expenses increased by RMB 171,403,000 or 8.72% to RMB 2,137,952,000, reflecting higher interest expenses due to increased asset scale[55]. - The company reported a significant increase in fuel costs, which rose to RMB 10,244,732,000, an increase of 36.5% from RMB 7,486,534,000 in the previous year[101]. - The average on-grid electricity price for coal power increased by approximately 20% due to rising coal prices, while the average price for hydropower decreased due to a higher proportion of lower-priced market transactions[35]. Clean Energy Initiatives - Clean energy sources, including hydropower, wind power, photovoltaic power, and gas power, accounted for 16,300.0 MW, representing approximately 50.72% of the total installed capacity, up 3.62 percentage points year-on-year[17]. - The group is actively participating in competitive offshore wind power projects in Guangxi, with a planned total capacity of 2,700 MW[21]. - The group aims to become a world-class green low-carbon energy supplier, focusing on sustainable and rapid development of clean low-carbon energy[17]. - The group is developing integrated source-network-load-storage projects, with significant progress in multiple projects, including a 1,000 MW renewable energy base project in Macheng City[27]. - The company is actively pursuing clean energy development and optimizing operations to reduce carbon emissions[79]. Risk Management and Governance - The company has established a comprehensive risk management system to address various financial and operational risks[71]. - The company emphasizes strong corporate governance and has adhered to all relevant provisions of the Corporate Governance Code as of June 30, 2022[86]. - The company has implemented a robust audit and internal control system, ensuring compliance with risk management regulations[86]. - The company aims for "zero deaths, zero accidents" in operational safety, enhancing management capabilities and conducting regular safety training sessions[77]. - The company has not faced any significant accidents or regulatory penalties related to safety or environmental compliance during the reporting period[77][81]. Employee and Community Engagement - As of June 30, 2022, the company employed 10,928 full-time employees, an increase from 10,413 in the previous year[79]. - The company has adopted a new equity incentive plan to align the interests of employees and shareholders, promoting long-term stability and performance[78]. - The company conducted online meetings with over 500 investment institutions to maintain investor relations during the pandemic[89]. - The company is committed to enhancing ESG disclosures and aims for full coverage of ESG reports by 2023[76]. - The company has implemented energy-saving upgrades across multiple power plants, resulting in significant energy savings[81]. Future Outlook - In the second half of 2022, the overall electricity consumption in China is expected to grow by approximately 7% year-on-year, with an annual growth forecast of 5%-6%[82]. - The company plans to accelerate the completion of clean energy investment projects and achieve seamless asset integration, focusing on large-scale renewable energy bases in Ningxia and Inner Mongolia, as well as integrated projects in Qinghai[82]. - The company expects its wind and solar power projects to qualify for price subsidies after June 30, 2023, with receivables anticipated to be recoverable 12 months post-report date[153]. - The company is advancing the green electricity transportation project in Chaoyang City, which is expected to increase the local green electricity ratio and contribute to carbon reduction in transportation[83]. - The company is committed to exploring new energy storage demonstration projects and accelerating the development of electrochemical storage technologies and battery module production lines[83].