2019-03-19 16:00Financial Performance - The company's operating revenue for 2018 was approximately RMB 169.86 billion, representing an increase of 11.04% compared to RMB 152.97 billion in 2017[17]. - The net profit attributable to shareholders of the listed company for 2018 was approximately RMB 1.44 billion, a decrease of 17.42% from RMB 1.74 billion in 2017[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately RMB 1.42 billion, showing a significant increase of 215.41% compared to RMB 450.30 million in 2017[17]. - The net cash flow from operating activities for 2018 was approximately RMB 28.89 billion, a decrease of 3.94% from RMB 30.08 billion in 2017[17]. - Basic earnings per share decreased by 36.36% to CNY 0.07 in 2018 from CNY 0.11 in 2017[19]. - Diluted earnings per share also decreased by 36.36% to CNY 0.07 in 2018 from CNY 0.11 in 2017[19]. - The weighted average return on equity decreased by 0.51 percentage points to 1.88% in 2018 from 2.39% in 2017[19]. - The company reported a net loss from other operating income and expenses of RMB 228.26 million, primarily due to penalties and fines from subsidiaries[29]. - The company’s operating profit was RMB 3.65 billion, a decrease of 7.63% year-on-year[43]. Assets and Liabilities - The total assets at the end of 2018 were approximately RMB 403.44 billion, an increase of 5.52% from RMB 382.35 billion at the end of 2017[18]. - The net assets attributable to shareholders of the listed company at the end of 2018 were approximately RMB 83.23 billion, reflecting a growth of 9.99% from RMB 75.67 billion at the end of 2017[18]. - Long-term receivables amounted to CNY 12,045.30 million, primarily due to leasing operations of overseas subsidiaries[58]. - Contract liabilities increased by approximately 27% compared to the end of 2017, reaching CNY 1,976.65 million, driven by expanded heating coverage and improved collection of heating fees[58]. - The company issued long-term bonds, resulting in total bonds payable of CNY 25,984.66 million, a 62.47% increase year-on-year[58]. Dividends and Shareholder Returns - The company plans to distribute a dividend of RMB 0.10 per ordinary share for the 2018 fiscal year, amounting to approximately RMB 1.57 billion in total dividends[4]. - The company established a cash dividend policy, distributing at least 70% of the annual distributable profit as cash dividends, with a minimum of RMB 0.1 per share for the years 2018-2020[91]. - In 2018, the company distributed a cash dividend of RMB 1.0 per 10 shares, totaling RMB 1,569,809,336, which represents approximately 143.0% of the net profit attributable to ordinary shareholders[92]. Market and Operational Insights - The company expects a stable decline in electricity demand growth to approximately 5.5% in 2019, with an anticipated new installed capacity of around 11 million kW[32]. - The company’s total net assets attributable to shareholders under Chinese accounting standards were CNY 83,234,629,238 at the end of 2018, up from CNY 75,671,844,084 at the end of 2017[20]. - The company reported a total installed capacity of 105,991 MW and an equity capacity of 93,755 MW as of December 31, 2018, with clean energy accounting for 16.5% of the total capacity[32]. - The total electricity generation for the year was 430.457 billion kWh, representing a year-on-year increase of 9.12%[32]. - The company completed the acquisition of three power generation companies in Shandong, with total assets of RMB 3.654 billion[34][35]. Environmental and Social Responsibility - The company maintains a leading position in energy efficiency and environmental protection, with coal consumption and other technical indicators reaching world-class levels[37]. - The company has implemented pollution prevention measures, including the installation of desulfurization and denitrification equipment across its thermal power plants[137]. - The company has established emergency response plans to ensure stable power supply during critical periods, reflecting its commitment to social responsibility[136]. - The company reported a total of 27 poverty alleviation projects with an investment of RMB 72.33 million, helping 3,636 registered impoverished individuals to escape poverty[128]. Strategic Initiatives and Future Outlook - The company plans to enhance its product offerings and invest in new technologies to maintain competitive advantage[63]. - Future guidance indicates a continued emphasis on technological advancements and market expansion in the renewable energy sector[63]. - The company is committed to implementing a green transformation strategy, focusing on the development and acquisition of large-scale clean energy bases[82]. - The company aims to transition from a focus on power generation to an integrated industry chain that includes power generation, heating, peak regulation, distribution, energy storage, and environmental protection[82]. - The company plans to enhance its market competitiveness by transitioning from a traditional energy supplier to a comprehensive energy supplier[80]. Governance and Management - The company has established a comprehensive governance structure involving the shareholders' meeting, board of directors, supervisory board, and management team, ensuring clear responsibilities and effective operation[183]. - The company has a strategic focus on expanding its market presence and enhancing operational efficiency through effective management practices[174]. - The company has a diverse management team with significant experience in finance and energy sectors[164]. - The company received the "Outstanding Contribution Listed Company Award" from the China Securities Golden Bauhinia Awards, reflecting recognition in the capital market[183]. Financial Reporting and Compliance - The company received a standard unqualified audit report from KPMG Huazhen[3]. - The company adopted new revenue recognition standards effective January 1, 2018, which shifted the revenue recognition criteria from risk and reward transfer to control transfer[98]. - The external auditor, KPMG Huazhen, confirmed the effectiveness of the company's internal controls related to financial reporting as of December 31, 2018[191]. - The company has maintained effective internal controls in all significant aspects, as per the internal control evaluation report[190].