*ST金山(600396) - 2018 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2018 was CNY 7,137,514,095.15, representing a 3.34% increase from CNY 6,906,908,817.95 in 2017[18]. - The net profit attributable to shareholders of the listed company was a loss of CNY 728,646,773.14, an improvement from a loss of CNY 895,675,785.40 in the previous year[18]. - The net cash flow from operating activities was CNY 994,446,325.40, showing a 2.82% increase compared to CNY 967,165,431.54 in 2017[18]. - The total assets at the end of 2018 were CNY 20,106,044,859.29, a decrease of 1.10% from CNY 20,328,955,517.64 in 2017[18]. - The net assets attributable to shareholders decreased by 27.20% to CNY 1,964,212,874.32 from CNY 2,698,126,687.95 in 2017[18]. - Basic earnings per share for 2018 was -0.4948 yuan, an improvement of 18.65% compared to -0.6082 yuan in 2017[19]. - The company's weighted average return on equity was -31.26% in 2018, a decrease of 2.83 percentage points from -28.43% in 2017[19]. - The company's total installed capacity reached 5.3098 million kW, including 5.2 million kW from thermal power and 100,300 kW from wind power[30]. - The company reported a net profit attributable to shareholders of -728.65 million RMB for 2018, marking a continuous loss for two consecutive years[92]. Operational Highlights - The average utilization hours for thermal power plants increased to 4361 hours in 2018, up by 143 hours from the previous year[26]. - The total installed capacity in Liaoning Province reached 51.92 million kilowatts by the end of 2018, with thermal power accounting for 33.83 million kilowatts[27]. - The company generated 22.968 billion kWh of electricity, an increase of 1.77% year-on-year, and achieved a revenue of CNY 7.1375 billion, up 3.34% from the previous year[37]. - The average utilization hours of the company's thermal power units were 4,236 hours, which is 133 hours higher than the provincial average[30]. - The company completed a heating area expansion of 6.06 million square meters in 2018, with a heat supply of 17.2517 million GJ, representing a year-on-year growth of 4.36%[37]. Financial Management - The company’s financial expenses increased by 11% to CNY 676 million, while management expenses decreased by 4.56% to CNY 183.49 million[39]. - The company reported a significant reduction in income tax expenses by 77.01% compared to the previous year[51]. - Asset impairment losses decreased by 37.84% compared to the same period last year, mainly due to impairment provisions for asset dismantling in the previous year[52]. - Operating expenses decreased by 40.74% year-on-year, primarily due to a previous arbitration loss with a coal supplier that resulted in estimated liabilities[52]. - Cash flow from investment activities improved by 15.63% year-on-year, although cash received from investment income decreased by 73.22% due to reduced dividend payments[54][55]. Strategic Initiatives - The company is focusing on expanding its clean energy initiatives in response to national policies aimed at improving renewable energy utilization[26]. - The company is actively pursuing new energy projects and has developed plans for clean energy heating projects as part of its long-term development strategy[33]. - The company aims to enhance its sustainable development capabilities by implementing various environmental protection regulations and improving production environments[32]. - The company has committed to avoiding direct investment in new thermal power projects within Liaoning Province to mitigate competition risks[95]. Risks and Compliance - The company is facing risks that may adversely affect its future development strategy and operational goals, as detailed in the discussion and analysis section[6]. - The company faces risks of delisting due to negative net profits for two consecutive years, as indicated by the Shanghai Stock Exchange[88]. - The tightening of the funding market has increased financing costs and made it more difficult for the company to secure loans[87]. - The company has not conducted any profit distribution during the reporting period[91]. Corporate Governance - The company has established a comprehensive internal control system to enhance operational efficiency and compliance with regulations[184]. - The internal control audit conducted by Tianzhi International Accounting Firm confirmed the effectiveness of the internal controls related to financial reporting, with no major deficiencies identified[189]. - The company has established an internal control self-evaluation report, which was approved by the board of directors[189]. - The governance structure includes a general meeting of shareholders, a board of directors, and a supervisory board, ensuring clear responsibilities and effective checks and balances[183]. Social Responsibility - The company donated 100,000 RMB for the construction of a high-efficiency greenhouse project in the poverty alleviation efforts[133]. - The company has committed to a framework agreement for targeted poverty alleviation in cooperation with local government[135]. - The total investment in poverty alleviation efforts amounted to 21.5648 million RMB, with 10 million RMB allocated to industrial development poverty alleviation projects[139]. - The company has engaged in market expansion through various social responsibility projects, including infrastructure improvements in impoverished areas[135].