中国电力(02380) - 2023 - 中期财报

Financial Performance - For the six months ended June 30, 2023, the net profit attributable to equity holders of the company was RMB 1,849,653,000, a significant increase of 117.64% compared to RMB 849,881,000 in 2022[16]. - The revenue for the first half of 2023 was RMB 21,317,030,000, compared to RMB 20,305,157,000 in the same period of 2022, reflecting a growth of 4.98%[12]. - The group’s operating profit for the first half of 2023 was RMB 4,478,416,000, compared to RMB 4,016,650,000 in the same period of 2022, marking an increase of 11.50%[12]. - The basic earnings per share for the first half of 2023 were approximately RMB 0.14, compared to RMB 0.07 in the same period of 2022, indicating a 100% increase[16]. - The company reported a total comprehensive income of RMB 2,740,005 for the six months, compared to RMB 748,539 in 2022, marking an increase of 265.45%[145]. - The company reported a net profit of RMB 2,549,571 thousand for the six months, with a notable profit from wind power generation at RMB 1,453,360 thousand[167]. - The company’s financial income increased to RMB 175,497 from RMB 90,833, marking a growth of 93.52%[144]. Clean Energy Development - The total installed capacity of the group as of June 30, 2023, was 32,941.2 MW, representing an increase of 801.2 MW year-on-year, with clean energy accounting for 66.36% of the total capacity, up by approximately 15.6 percentage points[17]. - The group reported a significant increase in clean energy sales and profits, with wind and solar power sales and profits rising by approximately 50% year-on-year[15]. - The company has 7,391.2 MW of clean energy projects under construction as of June 30, 2023, including large-scale wind and photovoltaic projects across multiple provinces[33]. - The company plans to enhance its asset structure through the acquisition of quality clean energy assets, which is expected to increase the proportion of clean energy installed capacity by approximately 6.9 percentage points[118]. - The company is focused on developing new energy storage projects and integrating energy solutions to meet growing demand in the market[161]. Cash and Liquidity - The cash and cash equivalents as of June 30, 2023, were RMB 8,122,121,000, representing a substantial increase of 92.10% from RMB 4,228,099,000 at the end of 2022[13]. - The net cash inflow from operating activities for the first half of 2023 was RMB 3,248,977,000, a decrease from RMB 6,625,423,000 in the same period of 2022[90]. - The company recorded a net increase in cash and cash equivalents of RMB 3,905,160,000 during the reporting period, compared to RMB 6,810,225,000 in 2022[86]. - The group’s current ratio improved to 0.78 as of June 30, 2023, from 0.67 as of December 31, 2022[83]. - The company has secured available undrawn financing of RMB 24,937,615,000 as of June 30, 2023, to mitigate funding risks[100]. Operational Highlights - The total electricity sales volume for the first half of 2023 was 48,259,373 MWh, a decrease of 9.02% from 53,045,286 MWh in 2022[9]. - The company has launched a smart operation and maintenance platform for a 100 MW energy storage power station, marking a breakthrough in core energy storage technology[30]. - The company is actively expanding its energy storage business, benefiting from the continuous optimization of domestic energy storage policies[102]. - The company has initiated a 55 MW rooftop photovoltaic and 5 MW energy storage project in Bangladesh, addressing local frequent power outages and promoting zero carbon emissions in industrial parks[27]. Investments and Acquisitions - The company has conditionally agreed to acquire equity stakes in four major clean energy generation companies from State Power Investment Corporation for RMB 8,811,044,100, to be settled in cash[82]. - The company has secured construction indicators for several new projects, including a 1,000 MW wind-solar-storage integrated project and a 2,480 MW wind-solar-storage base project in Shandong[36]. - The company made significant investments in property, plant, and equipment, with payments totaling RMB 9,021,161,000 for the first half of 2023[155]. Environmental, Social, and Governance (ESG) - The company has established a strategic and sustainable development committee to optimize its ESG management structure and integrate ESG into its corporate culture[111]. - The company has been recognized as a leader in ESG development and was listed among the "Top 100 ESG Listed Companies in China" during the review period[111]. - The company published its latest sustainability report in April 2023, identifying and analyzing climate-related risks and opportunities[112]. - The company aims for a "zero serious injury" target in its safety production management, enhancing safety training and monitoring[105]. Debt and Liabilities - The group's total debt as of June 30, 2023, was RMB 121,859,338,000, up from RMB 116,606,464,000 as of December 31, 2022[87]. - The total liabilities increased to RMB 147,774,037 from RMB 142,814,859, reflecting a rise of 3.36%[149]. - The company’s borrowings amounted to RMB 118,440,877 thousand, reflecting a high leverage position[168]. Employee and Governance - The company employed a total of 10,636 full-time employees as of June 30, 2023, a decrease from 10,928 in the previous year[108]. - The company has adopted a code of conduct for directors' securities trading, confirming full compliance during the six months ending June 30, 2023[125]. - The audit committee reviewed the accounting standards and the unaudited interim consolidated financial statements for the six months ending June 30, 2023[126].