GGEP(SH:600236)2023-08-18 16:00Financial Performance - The net profit attributable to shareholders for the first half of 2023 is CNY 913,234,260.28, a decrease of 52.03% compared to the same period last year[4]. - Operating revenue for the first half of 2023 is CNY 4,154,873,276.94, down 26.07% year-on-year[16]. - The net cash flow from operating activities is CNY 2,480,575,349.28, a decline of 38.49% compared to the previous year[16]. - Basic earnings per share for the first half of 2023 is CNY 0.1109, a decrease of 53.03% year-on-year[17]. - The weighted average return on equity for the first half of 2023 is 5.12%, down from 11.84% in the same period last year[17]. - The company's net profit attributable to shareholders decreased by 53.03% year-on-year, with earnings per share at CNY 0.1109[32]. - Operating cash flow decreased by 38.49% year-on-year, totaling CNY 2.481 billion[36]. - Revenue for the reporting period was CNY 4.155 billion, a decrease of 26.07% compared to CNY 5.620 billion in the same period last year[36]. Asset and Liability Management - The total assets as of June 30, 2023, amount to CNY 45,388,678,392.85, an increase of 0.35% from the end of the previous year[16]. - The total liabilities to assets ratio was 52.40%, an increase of 1.00% compared to the end of the previous year[103]. - As of June 30, 2023, the total assets of the company amounted to CNY 45.389 billion, with total liabilities of CNY 23.786 billion, resulting in a debt-to-asset ratio of 52.40%, an increase of 1.00 percentage points from the beginning of the year[32]. - The company's total liabilities increased to ¥23,785,548,570.09 from ¥23,251,180,221.34, representing a growth of about 2.30%[106]. - The company's total liabilities were reported at CNY 17,511,024,033.08, showcasing a stable financial position[134]. Power Generation and Operations - The company's total power generation from January to June 2023 was 14.713 billion kWh, a decrease of 36.04% year-on-year[31]. - Hydropower generation was 11.332 billion kWh, down 45.75% year-on-year, primarily due to severe drought conditions in the southwest region[31]. - Thermal power generation increased by 97.45% year-on-year to 2.172 billion kWh, while wind power generation rose by 3.17% to 1.009 billion kWh[31]. - The company's installed capacity as of mid-2023 was 12.6879 million kW, with hydropower accounting for 10.2354 million kW, representing 80.67% of the total[24][25]. - The average utilization hours for hydropower remain stable, providing a competitive edge in the electricity market[26]. Environmental and Social Responsibility - The company achieved a clean energy ratio of 90%, contributing to a reduction of 9,793,660 tons of carbon emissions in the first half of 2023[63]. - The company invested a total of 28.95 million yuan in 31 rural revitalization projects, with 27.9 million yuan specifically allocated to targeted assistance in Dahu County[65]. - The company completed ultra-low emission upgrades for all three units at the Heshan Thermal Power Plant, meeting emission limits of 35 mg/m³ for sulfur dioxide, 50 mg/m³ for nitrogen oxides, and 10 mg/m³ for particulate matter[54]. - The company participated in the "2023 World Environment Day" initiative, releasing 300,000 fish into the Longtan Reservoir as part of an ecological restoration effort[62]. - The company has established emergency response plans for environmental incidents and has implemented self-monitoring schemes as required by environmental authorities[56][57]. Investment and Financing Activities - The company has invested approximately 6.298 billion CNY in two photovoltaic projects in Guangxi, with a funding structure of 30% equity and 70% bank loans, and the projects have been approved to commence construction as of June[41]. - A significant investment of approximately 21.8863 billion CNY has been approved for three photovoltaic projects and one wind power project, with the same funding structure, and some projects have already commenced construction as of June[42]. - The company issued CNY 5 billion in special bonds for energy supply, achieving the lowest interest rate for similar bonds this year[33]. - The company has issued green bonds totaling 1.5 billion RMB, with a coupon rate of 2.74%, aimed at funding sustainable projects[91]. - The company has maintained a strong liquidity position, ensuring it can meet its financial obligations and invest in growth initiatives[88]. Risk Management - The company attributes the decline in net profit to a decrease in hydropower generation compared to the previous year[18]. - The company faces risks including power policy changes, climate risks affecting renewable energy generation, coal price volatility, and market demand fluctuations[45]. - As of the report date, nearly 90% of the company's installed capacity is from non-fossil sources (hydropower, wind power, and photovoltaic), making it vulnerable to climate conditions[45]. - There are no significant risks that have materially affected the company's operations during the reporting period[5]. Corporate Governance - The company has undergone changes in its board of directors, with new appointments and resignations, including the election of new independent directors[48]. - The financial report was approved by the board of directors on August 18, 2023, ensuring timely disclosure of financial performance[148]. - The company did not disclose any new products or technologies during the reporting period[83]. - There were no significant changes in the company's share capital structure during the reporting period[87]. Accounting and Financial Reporting - The financial statements comply with the relevant accounting standards, providing a true and complete reflection of the company's financial status and operational results[152]. - The company recognizes expected credit losses based on the original effective interest rate for financial assets measured at amortized cost and fair value through other comprehensive income[164]. - The company applies a simplified model for expected credit losses for receivables and lease receivables, measuring loss provisions over the entire life of the financial instrument[166]. - Financial assets are derecognized when the company has transferred substantially all risks and rewards of ownership to the transferee[167]. - The company uses the effective interest method for subsequent measurement of financial liabilities measured at amortized cost[163].