*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 compared to 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 from 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 weighted average return on equity decreased to -31.26% in 2018 from -28.43% in 2017, a decline of 2.83 percentage points[19]. - The net profit attributable to shareholders for the first quarter of 2018 was 13,002,016.30 yuan, while the second, third, and fourth quarters reported net losses of -198,176,614.55 yuan, -249,393,816.06 yuan, and -294,078,358.83 yuan respectively[22]. - The total operating revenue for the fourth quarter of 2018 was 1,731,412,273.84 yuan, showing a significant contribution to the annual revenue[22]. - Non-recurring gains and losses amounted to 211,305,848.45 yuan in 2018, compared to 8,139,217.83 yuan in 2017[24]. Business Operations - The company’s main business includes power and heat production, with a focus on coal as the primary raw material for thermal power generation[26]. - In 2018, the national electricity consumption increased by 8.5%, marking the highest growth rate in seven years[26]. - The total installed capacity in Liaoning Province reached 51,924,800 kW by the end of 2018, with coal power accounting for 33,829,500 kW[27]. - The company is actively involved in the development of combined heat and power projects to enhance energy efficiency and reduce emissions[28]. - 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]. - In 2018, the company generated 22.968 billion kWh of electricity, an increase of 1.77% year-on-year, while the on-grid electricity volume was 20.55 billion kWh, up 1.18%[37]. - The company completed a heating area expansion of 6.06 million square meters in 2018, contributing to a 4.36% increase in heating supply[36]. - The average utilization hours of the company's thermal power units were 4,236 hours, exceeding the provincial average by 133 hours[30]. Environmental and Regulatory Compliance - The company has implemented various environmental protection measures, including the establishment of an environmental supervision management network led by the chief engineer[31]. - The company aims to enhance its sustainable development capabilities by actively promoting clean energy projects and expanding its market presence[33]. - The company has made significant investments in energy-saving and emission-reduction projects, reflecting its commitment to sustainability[122]. - The company maintains strict compliance with environmental regulations, ensuring that all pollutants meet national and local standards[143]. - The company has conducted environmental impact assessments for all construction projects and obtained necessary permits[145]. Financial Management and Risks - 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 has faced 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, particularly affecting cash flow in renewable energy sectors[87]. - The company has reported a significant reduction in income tax expenses, down 77.01% year-on-year[51]. - The company has established an independent financial department and accounting system to ensure financial autonomy[99]. Shareholder and Governance Structure - The total number of ordinary shareholders at the end of the reporting period was 71,846, a decrease from 79,766 in the previous month[156]. - The largest shareholder, Huadian Energy Co., Ltd., holds 308,061,649 shares, representing 20.92% of total shares[157]. - The company has a diverse management team with extensive experience in energy and finance sectors, including positions in major energy companies[170]. - The governance structure includes a clear division of responsibilities among the shareholders' meeting, board of directors, supervisory board, and management, ensuring effective decision-making and oversight[183]. - The company has established a comprehensive internal control system to enhance operational efficiency and compliance with regulations[184]. Future Outlook and Strategic Initiatives - The company aims to enhance its operational efficiency and achieve a turnaround from losses to profits in 2019[85]. - The company plans to focus on developing renewable energy projects, particularly wind and solar power, while also improving the quality of existing assets[83]. - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency[122]. - The company has established a plan to continue its poverty alleviation efforts in accordance with national and local government requirements[140].