2022-03-22 16:00Financial Performance - The company's operating revenue for 2021 was CNY 204.61 billion, an increase of 20.75% compared to CNY 169.44 billion in 2020[17]. - The net profit attributable to shareholders was a loss of CNY 10.26 billion, a decrease of 324.85% from a profit of CNY 4.56 billion in 2020[17]. - The net cash flow from operating activities was CNY 6.03 billion, down 85.65% from CNY 42.05 billion in 2020[17]. - The total assets at the end of 2021 were CNY 490.07 billion, an increase of 11.84% from CNY 438.21 billion at the end of 2020[18]. - The net assets attributable to shareholders decreased by 13.51% to CNY 105.26 billion from CNY 121.70 billion at the end of 2020[18]. - The basic earnings per share for 2021 was -0.79 CNY, a decrease of 538.89% compared to 0.18 CNY in 2020[19]. - The diluted earnings per share for 2021 was also -0.79 CNY, reflecting the same percentage decrease as basic earnings per share[19]. - The company reported a significant decrease in net profit due to non-recurring losses, with a net profit excluding non-recurring items at a loss of CNY 12.56 billion[17]. - The weighted average return on equity for 2021 was -19.15%, a decrease of 22.96 percentage points from 3.81% in 2020[19]. Dividend Policy - The company will not distribute dividends for 2021 due to a negative net profit and increased investment needs for transformation[4]. Risk Management - The company emphasizes risk management, focusing on potential risks from the COVID-19 pandemic, electricity market, coal market, carbon market, and environmental regulations in 2022[5]. Operational Highlights - The total electricity generated by the company's power plants in China reached 430.165 billion kWh, a year-on-year increase of 13.23%[32]. - The average utilization hours of domestic power plants were 4,058 hours, an increase of 314 hours year-on-year, with coal-fired units averaging 4,488 hours, up 429 hours[32]. - The company purchased 203 million tons of coal in 2021, with an average procurement price of RMB 770.67 per ton, a year-on-year increase of 60.85%[32]. - The average on-grid electricity settlement price was RMB 431.88 per MWh, an increase of 4.41% year-on-year, while the fuel cost for coal-fired power plants was RMB 316.36 per MWh, up 51.32%[35]. - The company added controllable installed capacity of 5,232.45 MW in 2021, with low-carbon clean energy projects accounting for 3,232.45 MW[32]. International Operations - The company's overseas projects were profitable, with Singapore operations generating revenue of RMB 16.3 billion and net profit of RMB 125 million, while Pakistan operations generated revenue of RMB 5.2 billion and net profit of RMB 762 million[32]. - The company’s overseas assets amounted to CNY 40,490,916,241, accounting for 8.26% of total assets[62]. Research and Development - The company authorized 80 invention patents and 2,365 utility model patents in 2021, indicating a strong focus on innovation[38]. - The company reported a significant increase in R&D expenses, which rose by 98.43% to RMB 1.32 billion[47]. - The company has maintained a research and development investment of 1.325 billion yuan, accounting for 0.65% of operating revenue[55]. Environmental Compliance - The company achieved compliance with emission standards across all power plants, with SO2 emissions ranging from 0.002 to 0.139 g/kWh[143]. - NOx emissions were reported between 0.067 and 0.219 g/kWh, indicating adherence to environmental regulations[143]. - The company operates a total of 288 emission outlets, all of which are compliant with the relevant permits[143]. - The company has successfully maintained a consistent performance in wastewater management, with reported values at or below regulatory limits[143]. Governance and Management - The company maintains independence in assets, personnel, finance, and operations, with a governance structure recognized by regulatory bodies and investors[102]. - The board consists of over 50% external directors and one-third independent directors, ensuring effective decision-making and compliance[102]. - The company has established a comprehensive governance framework, including rules for shareholder and board meetings, to support decision-making processes[102]. Future Outlook - The company anticipates that the national non-fossil energy generation capacity will reach approximately 50% of the total installed capacity by 2022[93]. - The company plans to enhance its renewable energy capacity while ensuring the reliable replacement of traditional energy sources[87]. - Future guidance indicates a focus on increasing production capacity in high-growth areas such as biomass and wind energy[67]. Community Engagement - The company invested over 10 million yuan in assistance funds to support rural revitalization and improve local education, healthcare, and living conditions[156]. - The company has been recognized as one of the "Top 500 Charitable Enterprises in China" in 2021 for its social responsibility efforts[155].