TGWC(SH:600116)2020-03-06 16:00Financial Performance - In 2019, the company achieved operating revenue of CNY 1,306,910,762.83, representing a year-on-year increase of 0.65% compared to CNY 1,298,466,057.58 in 2018[19] - The net profit attributable to shareholders of the listed company for 2019 was CNY 191,674,333.59, a decrease of 10.26% from CNY 213,578,524.58 in 2018[19] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 80,451,488.52, down 39.64% from CNY 133,286,425.56 in the previous year[19] - The net cash flow from operating activities was CNY 356,718,841.02, a decline of 17.29% compared to CNY 431,264,840.14 in 2018[19] - Basic earnings per share decreased by 13.64% to ¥0.19, while diluted earnings per share remained the same at ¥0.19[22] - The weighted average return on equity dropped to 6.39%, down 1.27 percentage points from the previous year[22] - The company reported operating revenue of 1.307 billion yuan, an increase of 0.69% from the previous year, while total operating costs rose by 4.25% to 1.227 billion yuan[57] - Net profit for the year was 192 million yuan, a decline of 10.26% year-on-year[57] Dividend and Profit Distribution - The company plans to distribute a cash dividend of CNY 1.00 per 10 shares, totaling CNY 9,930.06 million, based on a total share capital of 993,005,500 shares[6] - The cumulative distributable profit at the end of the year was CNY 92,858.85 million, after accounting for the previous year's undistributed profits and the impact of new financial instrument accounting policies[6] - The company proposed a cash dividend of CNY 1.00 per 10 shares, totaling CNY 99,300,600, which represents 51.81% of the net profit attributable to shareholders[74] - The cash dividend policy stipulates a minimum distribution of 10% of the distributable profit for the year, ensuring a stable return to investors[186] Operational Strategy and Risks - The company has outlined potential risks in its operations and strategies, which are detailed in the report[7] - The company continues to focus on its development strategies and operational plans, emphasizing the importance of risk awareness for investors[7] - The company has faced operational risks due to reliance on external electricity purchases, which can increase costs and pressure profit margins[177] - The government’s policy to reduce electricity prices by an average of 10% may impact the company's revenue from electricity sales[181] Investment and Capital Expenditure - The company plans to invest 883 million yuan in rural power grid upgrades, with 709 million yuan already completed, improving power supply capabilities[63] - The company’s investment in major power projects totaled 799.5 billion yuan in 2019, a decrease of 2.0% year-on-year[44] - The company plans to maintain a debt financing cost below 6% to support its operational and investment needs in 2020[173] - The company’s capital expenditure for the reporting period was 41,502 million RMB for the Two Meetings Tuo Hydropower Station project[115] Market Position and Business Development - The company is focused on expanding its electricity supply business and enhancing its market position through strategic asset restructuring[54] - The company plans to acquire controlling stakes in Chongqing United Energy and 100% of Chongqing Liangjiang Changxing Power Co., aiming to enhance its core competitiveness[45] - The company is actively exploring direct trading models between electricity supply and demand to lower procurement costs and enhance profitability[159] - The company aims to integrate its generation and distribution networks, ensuring stable supply and cost advantages in its service areas[161] Hydropower and Electricity Generation - The company’s core business remains stable, focusing on power generation and supply, with no major changes in the business model reported[31] - The company achieved a total electricity generation of 20.69 billion kWh and a sales volume of 19.41 billion kWh in 2019, resulting in revenue of 1.307 billion yuan[172] - The company’s hydropower capacity is 269,800 kW, covering 80% of the land area in Wanzhou District, providing significant energy support for local economic development[46] - The company has no thermal power units, focusing solely on hydropower generation[112] Financial Health and Management - The asset-liability ratio improved to 41.90%, a decrease of 3.92 percentage points year-on-year, while shareholder equity increased by 7.15% to 3.056 billion yuan[57] - The company conducted nine board meetings, approving 56 proposals, ensuring strategic decision-making aligned with shareholder interests[68] - The company has implemented measures to strengthen internal controls and ensure compliance across all levels of the organization[176] - The board of directors is focused on improving management efficiency and governance standards through continuous learning and system optimization[176] Future Outlook - Future outlook includes continued investment in renewable energy projects and potential acquisitions to enhance operational capabilities[136] - The company plans to leverage technological advancements in power generation and distribution to improve efficiency and service delivery[136] - The company is committed to improving service quality and operational efficiency as part of its strategic goals for the upcoming years[174]