ZMNY(SH:600163)2022-04-21 16:00Financial Performance - The company reported a net profit of CNY 115,535,680.23 for the parent company and a net profit of CNY 656,463,419.84 for the consolidated financial statements in 2021[8]. - The company's operating revenue for 2021 was CNY 1,532,634,224.86, representing a 22.41% increase compared to CNY 1,252,012,734.94 in 2020[27]. - The net profit attributable to shareholders for 2021 was CNY 656,463,419.84, a 35.11% increase from CNY 485,887,518.81 in 2020[27]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 654,337,390.45, up 40.33% from CNY 466,272,642.33 in 2020[27]. - The total profit for 2021 was CNY 753 million, reflecting a growth of 24.38% compared to the previous year[60]. - The company's total assets at the end of 2021 were CNY 11,310,684,080.90, an 8.83% increase from CNY 10,392,729,037.36 at the end of 2020[29]. - The weighted average return on equity for 2021 was 15.76%, an increase of 1.29 percentage points from 14.47% in 2020[30]. - The net cash flow from operating activities for 2021 was CNY 801,610,987.27, a 2.41% increase from CNY 782,723,698.73 in 2020[27]. - The company reported a significant increase in other income by 125.41%, amounting to CNY 32.53 million[61]. - The total revenue from the company’s subsidiaries in the wind power sector was RMB 80,114.34 million, contributing significantly to the overall financial performance[110]. Profit Distribution and Cumulative Profit - As of the end of the reporting period, the cumulative distributable profit for the parent company was CNY -1,273,941,121.81, indicating no profit distribution for 2021[8]. - The company plans to submit the profit distribution proposal to the 2021 annual general meeting for approval[8]. - The company has a negative cumulative distributable profit, which has led to the decision not to conduct any capital reserve transfers to increase share capital[8]. - The company did not distribute profits for the fiscal year 2020 due to negative distributable profits at year-end[175]. Operational Achievements - The company successfully connected the Fuyuan biomass thermal power project to the grid by the end of 2021[38]. - The company achieved zero accidents, zero injuries, and zero pollution during the reporting period[42]. - The company made significant progress in the construction of renewable energy projects, including the successful inclusion of the 50MW fish-solar complementary project in Fujian Province's pilot list for 2021[38]. - The cumulative on-grid electricity generation for all projects was 265,389.28 million kWh, an increase of 18.48% year-on-year[60]. - The company achieved a total power generation of 272,234 million kWh in 2021, resulting in a reduction of 95.28 million tons of standard coal consumption and a decrease in carbon dioxide emissions by 237.39 million tons compared to coal-fired power plants[189]. Market and Capacity Development - The company's total installed capacity reached 957,300 kW by the end of 2021, with wind power capacity accounting for 907,300 kW[49]. - The average utilization hours for wind power in Fujian province were 2,836 hours in 2021, the highest in the country[53]. - The company maintained a significant market share in renewable energy in Fujian, with its wind power capacity representing 10.85% of the province's total[48]. - The company's biomass power generation capacity was 30,000 kW, contributing to its diversified energy portfolio[49]. - The company is actively pursuing resource allocation in Fujian and seeking investment opportunities in cost-effective wind and solar projects outside the province[55]. Strategic Initiatives and Future Outlook - The company plans to enhance investment in offshore wind power and conduct research on upgrading old wind turbines, preparing for the "replace small with large" initiative[120]. - The company aims to leverage its experience in project development and operation to enhance management efficiency and explore new profit growth points through CCER and green electricity trading[120]. - The company plans to expand its market presence in renewable energy sectors, particularly in wind and solar power, in line with national carbon neutrality goals[114]. - The company anticipates that by the end of 2022, the total installed capacity of power generation will reach approximately 2.6 billion kilowatts, with non-fossil energy power generation expected to reach around 1.3 billion kilowatts[114]. - The company aims to enhance project resource reserves, focusing on investments in renewable energy projects such as onshore and offshore wind power and solar energy, particularly in Fujian province[122]. Risk Management and Compliance - The company has not identified any significant risks that could materially affect future development[10]. - The company faces risks related to the decline in average electricity selling prices due to increased participation in market-based trading, which could negatively impact profitability[126]. - The company is addressing the risk of renewable energy power consumption due to the intermittent nature of wind and solar energy, which may lead to curtailment issues[127]. - The company is monitoring the lag in renewable energy price subsidies and the risk of reaching subsidy limits, which could adversely affect cash flow and operational efficiency[128]. - The company has established a comprehensive internal control system, with no significant deficiencies reported in financial or non-financial reporting during the evaluation period[180]. Governance and Management - All board members attended the board meeting, ensuring the integrity of the report[5]. - The company has committed to ensuring the authenticity, accuracy, and completeness of the financial report[7]. - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with governance regulations and maintaining a professional structure[136]. - The company maintains independence from its controlling shareholder in terms of assets, personnel, finance, and operations, adhering to legal requirements and internal governance standards[139]. - The company actively engages in investor relations, providing timely responses to inquiries and enhancing communication to foster investor understanding and trust[136]. Sustainability and Social Responsibility - The company has committed to sustainable development practices, including environmental impact assessments for new energy projects[186]. - The company actively participated in social responsibility initiatives, including a total expenditure of 159,288.50 yuan on poverty alleviation products during traditional festivals[191]. - The management team emphasized a commitment to sustainability, with a goal to reduce carbon emissions by 40% by 2025[152].