ZMNY(SH:600163)2019-04-17 16:00Financial Performance - In 2018, the parent company achieved a net profit of ¥166,749,451.98, while the consolidated net profit attributable to shareholders was ¥130,352,331.57[6]. - As of the end of the reporting period, the cumulative distributable profit for the parent company was -¥1,627,265,145.15, indicating no profit distribution for the year[6]. - The company reported a negative cumulative distributable profit of -¥1,297,750,648.51 on a consolidated basis, leading to a decision not to distribute profits or increase capital reserves[6]. - In 2018, the company's operating revenue was CNY 524,103,638.60, an increase of 3.43% compared to CNY 506,703,076.69 in 2017[23]. - The net profit attributable to shareholders was CNY 130,352,331.57, a decrease of 15.07% from CNY 153,476,261.49 in 2017[23]. - The total profit for the year was CNY 180,860,571.58, a decrease of 14.75% year-on-year[58]. - The net profit attributable to the parent company was CNY 130,352,300, down 15.07% from the previous year[55]. - The company's operating revenue for the electricity sector reached ¥521.69 million, with a year-on-year increase of 3.87%, while operating costs increased by 12.70%[63]. - The company's short-term borrowings increased to ¥260 million, a 225% rise compared to the previous year, primarily due to new bank loans[74]. Operational Highlights - The company reported a total power generation of 6.8 trillion kWh in 2018, with a year-on-year growth of 6.8%[38]. - The total electricity consumption in 2018 was 6.84 trillion kWh, showing an increase of 8.5% compared to the previous year[38]. - The company achieved a total installed capacity of 436,500 kW by December 31, 2018, with wind power accounting for 416,500 kW and solar power for 20,000 kW[55]. - The total electricity generated by the company's projects reached 1,040,542,900 kWh in 2018, representing a year-on-year increase of 6.92% from 973,174,500 kWh[55]. - The company reported a significant improvement in the solar power sector, with a total installed capacity of 174 million kW by the end of 2018, and a solar power generation of 177.5 billion kWh, a year-on-year increase of 50.8%[45]. - The company completed the construction of 38 wind turbine foundations at the Fuzhou Matoushan and Wangmushan wind farms during the reporting period[54]. - The company reported a total revenue of 52,169.33 million RMB, with a year-on-year increase of 3.87% compared to 50,224.95 million RMB in the previous year[80]. Market and Industry Trends - In 2018, the total installed wind power capacity in China reached 184 million kW, accounting for 25.3% of the total power generation capacity, with a total wind power generation of 366 billion kWh, representing 4.8% of the total power generation, an increase of 0.7 percentage points from 2017[40]. - The average utilization hours for wind power in China increased by 147 hours year-on-year to 2095 hours in 2018, with Fujian province having the second-highest average utilization hours at 2587 hours[40]. - The average selling price of electricity increased by 17.93% to 597.77 RMB/MWh in 2018[79]. - The total amount of wind power abandoned in 2018 was 27.7 billion kWh, a decrease of 142 million kWh from the previous year, resulting in an average abandonment rate of 7%, down 5 percentage points[78]. - The company is actively pursuing the development of the 200,000 kW wind power project in Xinjiang and is seeking investment opportunities in solar thermal projects in the region[48]. Risk Management and Compliance - The company has outlined potential risks and countermeasures related to its future operations in the report[8]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[8]. - There were no violations of decision-making procedures regarding external guarantees[8]. - The company has committed to minimizing related party transactions and ensuring they are conducted fairly and transparently[128]. - The company has established an independent financial department and accounting system, ensuring compliance with financial regulations[128]. Shareholder and Governance - The company has established a three-year shareholder return plan for 2017-2019, which was approved at the 2016 extraordinary general meeting[124]. - The company has committed to maintaining the independence of its management and financial operations, ensuring no overlap with other controlled entities[128]. - The company guarantees the independence of its assets, ensuring that all assets are under its control and not used to secure debts of other entities[128]. - The total number of ordinary shares is 999,465,230, with 75.40% being tradable shares[186]. - The largest shareholder, Fujian Investment Development Group, holds 471,713,026 shares, representing 47.20% of the total shares[190]. Environmental and Social Responsibility - The company actively participated in poverty alleviation efforts, donating RMB 2,100 and providing RMB 7,080 worth of materials to support local communities[175]. - The company has established a long-term poverty alleviation mechanism to ensure effective implementation of its initiatives[177]. - The company reduced carbon dioxide emissions by 877,000 tons, sulfur dioxide by 416 tons, nitrogen oxides by 384 tons, and particulate matter by 853,200 tons through its clean energy initiatives[179]. - The company focuses on wind and solar power development, contributing to environmental sustainability[179].