ZZEPC(SH:600023)2022-05-04 16:00Financial Performance - The company's operating revenue for 2021 was approximately ¥71.07 billion, an increase of 37.51% compared to ¥51.68 billion in 2020[15]. - The net profit attributable to shareholders of the listed company for 2021 was a loss of approximately ¥855.22 million, a decrease of 114.05% compared to a profit of ¥6.09 billion in 2020[15]. - The net cash flow from operating activities for 2021 was approximately ¥845.66 million, a decrease of 91.65% compared to ¥10.13 billion in 2020[15]. - The total operating revenue for 2021 reached ¥71,073,237,421.13, a significant increase from ¥51,684,433,449.89 in 2020, representing a growth of approximately 37.5%[168]. - The total operating costs for 2021 were ¥75,968,972,312.85, up from ¥47,282,453,378.16 in 2020, indicating an increase of about 60.5%[168]. - The net profit for 2021 was reported as -¥2,920,912,211.91, a decline from a profit of ¥7,827,338,939.44 in 2020[168]. - The comprehensive income for 2021 was approximately ¥3.25 billion, compared to ¥5.28 billion in 2020, showing a decrease of around 38%[170]. - The net loss attributable to the parent company for 2021 was approximately ¥855.22 million, compared to a profit of ¥6.09 billion in 2020, indicating a significant decline[169]. Assets and Liabilities - The total assets at the end of 2021 were approximately ¥115.69 billion, an increase of 1.03% from ¥114.51 billion at the end of 2020[15]. - The total liabilities rose to ¥43.91 billion in 2021 from ¥38.20 billion in 2020, an increase of 15.00%[163]. - The company's total equity decreased to ¥71.79 billion in 2021 from ¥76.31 billion in 2020, a decline of 5.00%[163]. - Current assets decreased to ¥27.15 billion in 2021 from ¥29.84 billion in 2020, a decline of 9.05%[162]. - Cash and cash equivalents dropped significantly to ¥10.86 billion in 2021 from ¥18.57 billion in 2020, a decrease of 41.00%[161]. - Accounts receivable rose to ¥8.53 billion in 2021, up from ¥6.02 billion in 2020, an increase of 41.67%[161]. - Inventory increased to ¥4.33 billion in 2021 from ¥2.73 billion in 2020, a growth of 58.00%[161]. - Short-term borrowings surged to ¥9.11 billion in 2021 from ¥4.66 billion in 2020, an increase of 95.00%[162]. Operational Highlights - The company achieved a total electricity generation of 146.973 billion kWh, and grid-connected electricity of 138.995 billion kWh, representing year-on-year growth of 29.24% and 29.70% respectively[28]. - The company’s user-side heating volume reached 29.185 million tons, marking a year-on-year increase of 12.80%[28]. - The company holds a substantial market share in Zhejiang, managing approximately half of the province's thermal power generation capacity[26]. - The company is actively involved in nuclear power projects, partnering with various nuclear energy companies to enhance its portfolio[26]. - The company plans to complete the construction of two 1,000 MW ultra-supercritical coal-fired units at the Leqing Power Plant by the summer peak of 2023[49]. Research and Development - The company’s research and development expenses increased by 36.02% to 388.7 million RMB, reflecting a commitment to innovation[29]. - Total R&D investment accounted for 0.58% of operating revenue, with capitalized R&D representing 5.03% of total R&D investment[40]. Market and Regulatory Environment - The company is adapting to regulatory changes in the electricity market, which may enhance competition and efficiency in the long term[45]. - The average annual growth rate of electricity consumption in China is projected to be 4.8% from 2021 to 2025, with total electricity consumption expected to reach 9.5 trillion kWh by 2025[24]. - The company plans to enhance its competitive edge by focusing on clean and efficient production in traditional thermal power and expanding into nuclear energy, energy storage, and integrated energy projects[66]. Environmental and Safety Initiatives - The company emphasizes the importance of safety management and environmental protection, completing significant upgrades to its operational infrastructure[22]. - The carbon emission intensity of the company's coal-fired units decreased to 0.83 tons/MWh, a reduction of 0.01 tons/MWh year-on-year[105]. - The company has established pollution prevention facilities, including dust removal and wastewater treatment systems, all of which are operating normally[99]. Governance and Management - The company has committed to enhancing its internal control systems and conducting self-assessments of governance practices[68]. - The company appointed a new chairman and general manager in October 2021, with the chairman's remuneration set at 96.59 million CNY and the general manager's at 85.72 million CNY[72]. - Total remuneration for directors and senior management during the reporting period amounted to 728.71 million CNY[73]. - The company has not reported any significant changes in the number of shares held by directors and senior management during the reporting period[72]. Related Party Transactions - The total amount of related party transactions for natural gas procurement was approximately CNY 2.37 billion, with total related party transactions amounting to CNY 3.28 billion for the year[117]. - The company has a framework agreement for related party transactions with a projected upper limit of CNY 7.5 billion for 2021, which was not exceeded in actual performance[118]. Financial Management - The company engaged PwC as its domestic accounting firm with an audit fee of CNY 365 million for a term of 5 years[114]. - The financial statements were audited by PwC, confirming compliance with accounting standards[155]. - The company has maintained compliance with all relevant regulations and has not faced any penalties or corrective actions[116].