浙能电力(600023) - 2021 Q1 - 季度财报

Important Notice This section provides key declarations regarding the report's authenticity and audit status Statement on Report Authenticity and Audit Information The company's board, supervisory board, and senior management ensure the quarterly report's truthfulness, accuracy, and completeness, with all directors attending the review meeting, and note that the financial statements are unaudited - Management guarantees the quarterly report's content is true, accurate, and complete, free from false records, misleading statements, or major omissions[4] - The company's Q1 2021 report is unaudited[4] Company Basic Information This section details the company's key financial performance and shareholder structure Key Financial Data In Q1 2021, the company achieved significant performance growth with revenue up 66.29% and net profit attributable to shareholders up 88.38%, despite a 72.50% decrease in net cash flow from operating activities to 418.13 million Yuan Key Financial Indicators for Q1 2021 | Indicator | Current Period | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 14.46 billion | 8.70 billion | 66.29% | | Net Profit Attributable to Shareholders (Yuan) | 1.05 billion | 558.90 million | 88.38% | | Net Profit Attributable to Shareholders Excluding Non-Recurring Items (Yuan) | 963.86 million | 638.72 million | 50.90% | | Net Cash Flow from Operating Activities (Yuan) | 418.13 million | 1.52 billion | -72.50% | | Basic Earnings Per Share (Yuan/share) | 0.08 | 0.04 | 100.00% | | Weighted Average Return on Net Assets (%) | 1.53 | 0.87 | Increased by 0.66 percentage points | - Total non-recurring gains and losses for the period amounted to 89.01 million Yuan, primarily comprising government subsidies of 111 million Yuan recognized in current profit and loss[6][7] Shareholder Information As of the end of the reporting period, the company had 169,901 shareholders, with controlling shareholder Zhejiang Provincial Energy Group Co., Ltd. holding 68.47%, indicating a stable equity structure dominated by state-owned entities or funds among the top ten - As of the end of the reporting period, the company had 169,901 shareholders[8] Top Three Shareholders' Holdings | Shareholder Name | Number of Shares Held | Shareholding Ratio (%) | | :--- | :--- | :--- | | Zhejiang Provincial Energy Group Co., Ltd. | 9.31 billion | 68.47 | | China Huaneng Group Co., Ltd. | 573.12 million | 4.21 | | Zhejiang Zheneng Xingyuan Energy Saving Technology Co., Ltd. | 500.50 million | 3.68 | - Zhejiang Zheneng Xingyuan Energy Saving Technology Co., Ltd. is a wholly-owned subsidiary of the controlling shareholder, Zhejiang Provincial Energy Group Co., Ltd., forming a concerted action relationship[9] Significant Events This section analyzes major changes in financial indicators and provides updates on significant investment activities Analysis of Significant Changes in Key Financial Indicators During the reporting period, several financial indicators underwent significant changes, with operating revenue and cost increasing by 66.29% and 68.60% respectively due to higher power generation and coal prices, leading to a 102.28% surge in operating profit, while inventory grew 32.50% from the period's start due to increased coal stock Explanation of Significant Changes in Major Financial Statement Items | Item | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | | Operating Revenue | 66.29% | Primarily due to increased power generation | | Operating Cost | 68.60% | Primarily due to increased coal consumption from higher power generation and rising coal prices | | Operating Profit | 102.28% | Primarily due to increased power generation revenue and investment income | | Inventory | 32.50% (vs. period start) | Primarily due to increased coal inventory | | Non-current Liabilities Due Within One Year | -61.78% (vs. period start) | Primarily due to a decrease in long-term borrowings due within one year | Progress of Significant Events The company disclosed progress on two significant investments: a successful 439.6 million Yuan investment in Shanghai Kangheng Environmental Co., Ltd. for a 4.43% stake via a partnership, and the termination of the acquisition of 25.62% of Zheneng Jinjiang Environment Holding Co., Ltd. shares due to unfulfilled preconditions - The company, through its established partnership, invested 439.6 million Yuan to acquire a 4.43% stake in Shanghai Kangheng Environmental Co., Ltd[11] - The company terminated the transaction to acquire 25.62% of Zheneng Jinjiang Environment Holding Co., Ltd. shares on April 12, 2021, due to unfulfilled preconditions[11] Appendix This section contains the unaudited financial statements for the first quarter of 2021 Financial Statements The appendix provides the company's unaudited consolidated and parent company balance sheets, income statements, and cash flow statements for Q1 2021 Consolidated Balance Sheet As of March 31, 2021, total assets were 115.50 billion Yuan, a slight 0.86% increase from year-end, with net assets attributable to shareholders at 69.77 billion Yuan, up 2.84%, indicating a stable asset structure Major Items of Consolidated Balance Sheet (Unit: Billion Yuan) | Indicator | 2021-03-31 | 2020-12-31 | Change from Period Start | | :--- | :--- | :--- | :--- | | Total Assets | 115.50 | 114.51 | +0.86% | | Total Liabilities | 37.22 | 38.20 | -2.57% | | Equity Attributable to Parent Company Owners | 69.77 | 67.85 | +2.84% | Consolidated Income Statement In Q1 2021, the company achieved total operating revenue of 14.46 billion Yuan, up 66.29% YoY, and net profit attributable to parent company shareholders of 1.05 billion Yuan, up 88.38%, primarily driven by increased power generation revenue and investment income Major Items of Consolidated Income Statement (Unit: Billion Yuan) | Indicator | 2021 Q1 | 2020 Q1 | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 14.46 | 8.70 | +66.29% | | Operating Cost | 13.20 | 7.83 | +68.60% | | Investment Income | 632 million | 509 million | +24.21% | | Operating Profit | 1.28 | 634 million | +102.28% | | Net Profit Attributable to Parent Company | 1.05 | 559 million | +88.38% | Consolidated Cash Flow Statement In Q1 2021, net cash flow from operating activities was 418 million Yuan, a significant 72.50% YoY decrease primarily due to increased coal procurement, while net cash outflows from investing and financing activities were 1.22 billion Yuan and 2.04 billion Yuan respectively, leading to a reduced period-end cash and cash equivalents balance Major Items of Consolidated Cash Flow Statement (Unit: Billion Yuan) | Indicator | 2021 Q1 | 2020 Q1 | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 418 million | 1.52 | -72.50% | | Net Cash Flow from Investing Activities | -1.22 | -343 million | -256.27% | | Net Cash Flow from Financing Activities | -2.04 | -1.35 | -50.74% | | Net Increase in Cash and Cash Equivalents | -2.84 | -172 million | -1552.33% |