GGEP(SH:600236)2020-04-17 16:00Financial Performance - In 2019, the company achieved a net profit attributable to shareholders of CNY 2,113,932,801.37, a decrease of 11.36% compared to 2018[4]. - The total operating revenue for 2019 was CNY 9,043,440,069.26, reflecting a decline of 4.95% from the previous year[15]. - The net cash flow from operating activities was CNY 5,419,464,294.94, down 16.78% year-on-year[15]. - The basic earnings per share for 2019 was CNY 0.2682, a decline of 10.6% from 2018[16]. - The weighted average return on equity decreased to 14.66% in 2019, down 1.91 percentage points from the previous year[16]. - The company reported a decrease in net profit in the fourth quarter of 2019 to approximately RMB 146.64 million, down from RMB 740.55 million in the third quarter[18]. - The company's total profit for 2019 was 289.647 million yuan, down 44.977 million yuan from the previous year, with hydropower profits decreasing by 54.606 million yuan due to a reduction in electricity generation[35]. - The company’s EBITDA before interest, taxes, depreciation, and amortization was approximately 6.405 billion RMB, reflecting a decrease of 8.81% compared to 2018[160]. - The company reported a comprehensive income total of ¥2,404,854,132.13 for 2019, down from ¥2,709,037,397.87 in 2018[182]. Assets and Liabilities - The company's total assets at the end of 2019 were CNY 43,957,014,606.61, a decrease of 4.34% compared to the end of 2018[15]. - Total liabilities decreased from 29,352,022,927.36 to 26,830,709,567.46, a reduction of approximately 8.6%[174]. - Total equity increased from 16,599,917,419.89 to 17,126,305,039.15, representing a growth of about 3.2%[175]. - The company's total equity attributable to shareholders rose from 14,076,719,885.02 to 14,513,388,669.42, an increase of about 3.1%[174]. - The company's current ratio decreased to 0.36, down 4.06% from the previous year, indicating a tighter liquidity position[160]. - The debt-to-asset ratio increased to 61.04%, up 3.00% from 2018, due to continuous profitability and a reduction in total liabilities[160]. Cash Flow - The net cash flow from operating activities for 2019 was 754,742,096.85 RMB, a significant improvement compared to the negative cash flow of -1,523,169,183.10 RMB in 2018[191]. - The company generated cash inflow from operating activities totaling ¥10,404,192,303.06, compared to ¥11,303,569,852.31 in the previous year[187]. - The total cash inflow from financing activities was 6,777,386,782.54 RMB, up from 4,717,318,874.35 RMB in 2018[192]. - The company incurred a total of 1,981,000,013.07 RMB in cash payments related to operating activities, a decrease from 5,844,157,426.03 RMB in the previous year[191]. Dividends and Shareholder Information - The company proposed a cash dividend of CNY 1.9 per 10 shares, totaling CNY 1,515,841,885 for the 2019 profit distribution[4]. - The company distributed cash dividends amounting to approximately 1.5 billion yuan, representing 70.85% of the net profit attributable to ordinary shareholders[65]. - The total number of ordinary shareholders increased from 56,488 to 58,809 during the reporting period[111]. - The company distributed a cash dividend of 0.25 CNY per share and issued 0.3 bonus shares per share, totaling 1,515,841,885 CNY in cash dividends and 1,819,010,262 shares issued, resulting in a total share capital of 7,882,377,802 shares[110]. Operational Performance - The average utilization hours for power generation equipment in 2019 were 3,825 hours, a decrease of 54 hours compared to the previous year[23]. - The company maintained a total installed capacity of 11.8391 million kW by the end of 2019, with hydropower accounting for 86.38% of this capacity[24]. - The total electricity generation was 39.37 billion kWh, a decrease of 4.75% year-on-year, with hydropower generation dropping by 5.91% to 36.1 billion kWh due to reduced water inflow[30]. - The company’s hydropower generation capacity increased by 1.02276 million kW, contributing to its focus on clean energy[24]. - The company is actively participating in the electricity sales reform to adapt to the changes in the electricity system[23]. Strategic Initiatives - The company plans to expand its market presence in various provinces, including Guangxi, Sichuan, and Yunnan, to enhance its competitive position[24]. - The company is actively developing offshore wind power projects in Guangxi, laying the groundwork for new clean energy resource projects[32]. - The company aims to enhance its management and operational efficiency through a three-year action plan focused on high-quality development[32]. - The company plans to focus on hydropower while steadily developing wind, solar, and gas power, aiming to become a "world-class clean energy company" with a core focus on electricity[61]. Risk Management - The company has outlined potential risks in its annual report, advising investors to be cautious[6]. - The company faces risks from electricity policy changes, extreme weather, coal price fluctuations, and impacts from the COVID-19 pandemic on electricity demand[62]. Corporate Governance - The company has not faced any penalties from securities regulatory authorities in the past three years[136]. - The company’s governance structure is in accordance with the requirements of the Company Law and Securities Law, with clear responsibilities and checks and balances[141]. - The company has maintained a stable management team with no changes in shareholding among key executives[123]. Social Responsibility - The company allocated 3,999.76 million for poverty alleviation projects, benefiting 2,053 registered impoverished individuals[99]. - The company has established a comprehensive poverty alleviation strategy focusing on education, infrastructure, and industry development[99]. - The company conducted 288 vocational skills training sessions with an investment of 73.86 million[100].