TBEA(SH:600089)2021-08-27 16:00Financial Performance - The company's operating revenue for the first half of 2021 reached ¥22,492,046,489.45, representing a 25.19% increase compared to ¥17,966,412,784.63 in the same period last year[11]. - Net profit attributable to shareholders was ¥3,106,459,979.44, a significant increase of 237.64% from ¥920,044,646.76 in the previous year[11]. - The net cash flow from operating activities was ¥4,744,546,358.23, up 225.73% from ¥1,456,606,145.17 in the same period last year[11]. - Basic earnings per share increased to ¥0.8363, a rise of 237.63% compared to ¥0.2477 in the same period last year[12]. - The weighted average return on net assets increased by 5.47 percentage points to 8.0682% from 2.6031% in the previous year[12]. - The company reported a net profit excluding non-recurring gains and losses of ¥1,950,015,851.35, which is a 143.47% increase from ¥800,934,345.70 in the same period last year[11]. - Operating profit increased by 268.22% to ¥1,214,711,767.62, while net profit rose by 262.24% to ¥1,054,388,758.91, driven by increased fair value gains and higher sales volumes[39]. - The company reported a substantial increase in investment income by 174.98%, attributed to the improved net profit of its associate company and gains from foreign exchange settlements[39]. - The total profit for the first half of 2021 was CNY 4,512,886,612.81, compared to CNY 1,243,221,025.43 in the same period of 2020, indicating an increase of approximately 263%[145]. Assets and Liabilities - The total assets of the company at the end of the reporting period were ¥110,289,637,496.67, a slight increase of 0.73% from ¥109,494,347,449.13 at the end of the previous year[11]. - The total liabilities decreased to CNY 62,274,352,063.02 from CNY 62,897,661,489.46, showing a reduction of 0.99%[137]. - The company's total equity increased to CNY 48,015,285,433.65, up from CNY 46,596,685,959.67, marking an increase of 3.02%[138]. - The company's inventory stood at CNY 6,139,576,501.56, a slight increase from CNY 6,018,087,029.58, reflecting a growth of 2.01%[135]. - The accounts receivable increased marginally to CNY 12,683,119,837.41 from CNY 12,615,980,927.49, indicating a growth of 0.53%[135]. - The company's total liabilities at the end of the reporting period are not explicitly stated but can be inferred from the total equity and assets[167]. Revenue Segments - Revenue from the new energy sector and supporting projects grew significantly by 144.65% to ¥6,560,250,756.41, with a gross margin of 29.23%[42]. - The company's power generation business revenue grew by 33.51% year-on-year, with operating costs rising by 2.06%, leading to a gross margin increase of 13.89 percentage points[44]. - Revenue from the new energy industry and supporting projects surged by 144.65% year-on-year, with operating costs increasing by 105.27%, leading to a gross margin increase of 13.58 percentage points[43]. - The company's coal business revenue increased by 8.40% year-on-year, while operating costs rose by 9.29%, resulting in a gross margin decrease of 0.55 percentage points[44]. - The revenue from the power transmission and transformation engineering segment declined by 71.17% year-on-year, with operating costs decreasing by 68.50%, resulting in a gross margin decrease of 7.69 percentage points[43]. Research and Development - Research and development expenses increased by 15.09% to ¥281,729,419.07, indicating a continued focus on innovation[37]. - The company added 98 authorized patents, including 29 invention patents, bringing the total to 1,472 effective authorized patents[25]. - The company has established a national-level enterprise technology center and has participated in the formulation of national and industry standards, enhancing its innovation capabilities[25]. Environmental Responsibility - The company is focused on environmental responsibility and compliance with pollution control standards[70]. - The company’s Changji Thermal Power Plant achieved ultra-low emissions certification for its pollutants[70]. - The company reported emissions of 29.20 tons of particulate matter, 131.40 tons of sulfur dioxide, and 327.70 tons of nitrogen oxides from its Changji Thermal Power Plant, all within national emission standards[71]. - The company achieved a comprehensive water recycling utilization rate of over 98% in its polysilicon production facilities[74]. - The company has established a carbon asset management leadership group to reduce carbon emissions and support national carbon neutrality goals[83]. Market Position and Strategy - The company plans to enhance its market position by focusing on the development of new energy solutions and expanding its international system integration business[19]. - The company is positioned to benefit from national policies promoting renewable energy and infrastructure development, which are expected to drive growth in the transmission and transformation industry[21]. - The company is actively pursuing market expansion in new energy and emerging markets, maintaining a leading position in traditional markets such as nuclear and hydropower[30]. Risks and Challenges - The company faces risks from macroeconomic fluctuations, market competition, and the impact of COVID-19 on project execution and revenue[58][59]. - Rising raw material costs, which account for approximately 90% of production costs, pose a significant risk to profitability[61]. - Customer credit risk has increased due to economic pressures, prompting the company to strengthen credit assessments and monitoring[64]. Related Party Transactions - The company reported a total of 30,605.91 million yuan in related party transactions for purchased and commissioned processing products, accounting for 31.86% of similar transaction amounts[98]. - The company generated 7,444.30 million yuan from sales of transformers, cables, and other services to its largest shareholder, accounting for 0.85% of similar transaction amounts[98]. - The company maintained a good integrity status, with no significant debts or court judgments unfulfilled by the company or its major shareholder during the reporting period[98]. Legal Matters - The company reported significant litigation and arbitration matters during the reporting period[93]. - New Energy Company is pursuing a lawsuit against Xuyi Gaochuan for unpaid project payments totaling ¥130,488,063.62 and associated overdue penalties[96]. - A mediation agreement was reached with Jiangsu Gaochuan, requiring payment of overdue amounts by April 30, 2021[96]. Financial Management - The company has no overdue bonds, indicating effective debt management[130]. - The company reported a stable loan repayment rate of 100%, maintaining its commitment to debt obligations[131]. - The company plans to implement hedging and forward foreign exchange trading in 2021[65].