WTECL(SH:600157)2021-04-15 16:00Financial Performance - The company's operating revenue for 2020 was CNY 22,144,195,812.55, representing a 4.52% increase compared to CNY 21,186,956,132.51 in 2019[13]. - The net profit attributable to shareholders of the listed company reached CNY 4,484,669,792.13, a significant increase of 3,099.33% from CNY 140,175,491.10 in the previous year[13]. - The net profit after deducting non-recurring gains and losses was CNY 195,279,150.95, up 112.92% from CNY 91,714,562.51 in 2019[13]. - The net cash flow from operating activities was CNY 5,019,089,657.18, a slight decrease of 2.90% compared to CNY 5,168,793,681.59 in 2019[13]. - The total assets at the end of 2020 were CNY 104,133,134,714.24, showing a decrease of 2.21% from CNY 106,485,157,848.79 at the end of 2019[13]. - The net assets attributable to shareholders of the listed company increased by 74.66% to CNY 41,552,427,031.17 from CNY 23,790,206,779.03 in 2019[13]. - Basic earnings per share for 2020 reached CNY 0.2019, a significant increase of 3,104.76% compared to CNY 0.0063 in 2019[14]. - The weighted average return on equity rose to 17.403%, an increase of 16.81 percentage points from 0.590% in 2019[14]. - Operating profit rose to CNY 5,174,385,571.44, a significant increase of 494.45% from CNY 870,448,861.59 in the previous year, while total profit reached CNY 4,964,497,504.39, up 506.21% from CNY 818,936,003.45[43]. - The company achieved a total electricity transaction volume of over 237 million kWh, saving over 8 million CNY in electricity costs[37]. Debt Restructuring - The company has completed its restructuring plan, effectively resolving debt issues and optimizing its debt structure, leading to improved operational performance[5]. - The company reported a net profit attributable to shareholders of approximately RMB 4.48 billion for 2020, with a profit distribution plan of 0% due to liquidity issues and debt repayment needs[95]. - The restructuring plan received overwhelming support from creditors, with the second creditors' meeting approving the plan on December 16, 2020[33]. - The company successfully completed its debt restructuring plan, leading to improved financial conditions and enhanced profitability[190]. - The company faced a substantial default on its short-term financing bonds in 2018, which triggered cross-defaults on other bonds and led to a downgrade in its credit rating[196]. - Following the restructuring, the company's debt repayment plan is progressing, leading to a further reduction in debt scale and an improvement in financial structure[197]. Operational Performance - The company is focusing on enhancing its power generation and heating business, with profits driven by increased generation and cost control[19]. - The company achieved its production recovery targets by June 2020 for coal and by August 2020 for electricity, utilizing market advantages to control costs[36]. - The company has achieved a safety production record of 5,192 days in the power sector, with 8 coal mines recognized as safe and efficient mines by the China Coal Association[29]. - The company is actively pursuing market expansion and technological advancements in both its electricity and coal businesses[19]. - The company has implemented a thermal power transformation, achieving an external industrial steam supply capacity of 8.28 million tons and a heating capacity of 1,910 MW, covering an area of 42 million square meters[27]. Market and Industry Trends - In 2020, the national electricity consumption was 7.51 trillion kWh, a year-on-year increase of 3.1%[20]. - The total coal production in 2020 was 3.9 billion tons, an increase of 1.4% year-on-year[21]. - The company plans to optimize production and operational strategies in response to market fluctuations[20]. - The company is focused on expanding its market presence and enhancing operational efficiency in both coal and electricity sectors[63]. - The company plans to peak carbon emissions by 2025, five years ahead of the national target, in line with the "carbon peak and carbon neutrality" strategy[85]. Legal and Compliance Issues - The company faced significant litigation, including a financing lease contract dispute with a claim amount of approximately ¥98.46 million from Ligen Financing Leasing Co., Ltd.[106]. - The company’s stock was subject to delisting risk warning on September 29, 2020, and subsequently changed its stock name to "*ST Yongtai" due to entering the restructuring process[103]. - The company has ongoing civil litigation with Huazhong Financing Leasing Co., Ltd. involving amounts of ¥37,823,480.00, which has been executed and settled[108]. - The company has successfully resolved multiple civil disputes with Pacific Securities Co., Ltd. involving amounts of ¥54,448,750.00 and ¥53,780,090.00, both cases have been concluded as per the restructuring plan[108]. - The company continues to manage its legal challenges while adhering to its restructuring plan[109][110]. Environmental and Safety Management - The company has implemented a pollution prevention and control plan, adhering to national and local environmental regulations[139]. - The company achieved a 100% operational rate for its environmental protection facilities, which include high-efficiency dust collectors and low-nitrogen combustion systems[136]. - The company has established emergency response plans for environmental incidents, enhancing its ability to manage potential pollution accidents[142]. - The company emphasizes the importance of safety production, implementing strict safety measures to prevent major accidents[68]. - The company has conducted multiple emergency drills to enhance its ability to respond to environmental incidents[139]. Shareholder and Management Actions - The company raised a total of 25.81 million shares through stock purchases by management and major shareholders, amounting to approximately 34.62 million yuan, boosting market confidence[33]. - The company has committed to distributing at least 30% of the net profit attributable to shareholders as cash dividends when there are no major investment plans or cash expenditures[94]. - The company has established a joint venture, Zhangjiagang Huaxing Jincheng Power Co., Ltd., with a registered capital of 500 million yuan, where the company holds 49%[130]. - The company appointed Dou Hongping as the new general manager on March 2, 2020, following the resignation of Li Haibin[169]. - The company has a significant workforce in production, indicating a strong operational capacity[171].