*ST金山(600396) - 2021 Q2 - 季度财报

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 3,218,747,290.07, a decrease of 6.13% compared to CNY 3,428,954,628.73 in the same period last year[20]. - The net profit attributable to shareholders of the listed company was a loss of CNY 315,561,051.59, a decline of 405.39% compared to a profit of CNY 103,332,025.82 in the previous year[20]. - The net cash flow from operating activities increased by 196.29% to CNY 383,389,569.13 from CNY 129,394,624.20 in the same period last year[20]. - The total assets at the end of the reporting period were CNY 19,819,386,490.16, down 3.11% from CNY 20,454,753,752.51 at the end of the previous year[20]. - The net assets attributable to shareholders of the listed company decreased by 14.60% to CNY 1,807,132,830.10 from CNY 2,115,996,968.71 at the end of the previous year[20]. - Basic earnings per share for the first half of 2021 were -CNY 0.2143, a decrease of 405.27% compared to CNY 0.0702 in the same period last year[21]. - The weighted average return on net assets was -16.09%, a decrease of 21.03 percentage points from 4.94% in the previous year[21]. - The company's main business profit decreased significantly, with a total profit of -¥353,371,253.56, compared to a profit of ¥101,332,892.74 in the previous year[42]. - The company's total profit for the first half of 2021 was a loss of CNY 353,371,253.56, compared to a profit of CNY 101,332,892.74 in the same period of 2020[131]. Operational Challenges - The company faced significant external pressures, including a substantial increase in coal prices, which negatively impacted profitability[21]. - The company adjusted its operating strategy in response to rising coal prices, resulting in a decrease in power generation compared to the previous year[21]. - The average coal price (including tax) increased by 70.75% year-on-year in the first half of the year, leading to expanded losses for thermal power enterprises[57]. - The company faced a rigid coal supply gap of 150 million tons in Liaoning Province, exacerbating coal supply pressures and contributing to rising coal prices[57]. - Future net profit is expected to decline significantly due to persistently high coal prices[37]. Electricity Generation and Supply - In the first half of 2021, the company's electricity generation decreased by 6.66% to 862,394.84 million kWh, while the on-grid electricity decreased by 7.5% to 765,355.83 million kWh[31]. - The total heat supply in the first half of 2021 was 1,332.16 million GJ, a decline of 2.51% year-on-year[31]. - The total electricity sales in the Northeast power grid reached 1,999.27 billion kWh, an increase of 11.70% year-on-year[27]. - Wind power generation in the Northeast power grid increased by 22.69% to 457.36 billion kWh, accounting for 16.62% of total generation[27]. - The average utilization hours of thermal power units in Liaoning province increased by 182 hours to 1,919 hours[30]. - The average utilization hours of wind power increased by 125 hours to 1,321 hours in the first half of 2021[27]. Environmental Management - The company has implemented measures to monitor emissions and comply with environmental regulations, ensuring all thermal power units have obtained pollution discharge permits[64]. - The company received administrative penalties totaling RMB 1.63 million due to water pollution exceeding national standards and failure to conduct risk assessments for environmental incidents[70]. - The company has implemented measures to reduce carbon emissions, including boiler efficiency improvements and the development of a carbon emission management plan[72]. - All thermal power units have achieved ultra-low emissions for air pollutants, reflecting the company's commitment to environmental management[66]. - The company has established emergency response plans for environmental incidents and conducts regular drills[68]. - The company has complied with environmental laws and regulations, ensuring that construction projects undergo necessary environmental impact assessments[67]. Financial Position and Investments - The total assets at the end of the reporting period amounted to 19.819 billion yuan, a decrease of 636 million yuan compared to the end of the previous year[48]. - The company made investments totaling 57.892 million yuan during the reporting period, a decrease of 55.428 million yuan compared to the same period last year[52]. - Significant investments included 20 million yuan in Fuxin New Energy Power Generation and 35 million yuan in Inner Mongolia Huadian Jinyuan New Energy[53]. - The company has a total of CNY 470,000,000.00 in loans from China Huadian Group Co., Ltd., reflecting its financing strategy[94]. - The company has a total guarantee amount of ¥386,645,367.42, which accounts for 21.40% of the company's net assets[108]. Related Party Transactions - The company reported a total of 783,772,929.29 RMB in related party transactions during the reporting period[89]. - The company engaged in coal procurement transactions amounting to 446,591,972.65 RMB with related parties during the reporting period[89]. - The company has a receivable balance of CNY 1,276,683.04 from China Huadian Financial Co., Ltd. at the end of the reporting period, indicating ongoing financial interactions[94]. - The company has incurred technical service fees of 731,320.76 RMB from related parties, indicating ongoing collaboration in technical development[89]. - The company has established various related party transactions, including consulting services, with amounts varying from 8,479.24 RMB to 2,688.68 RMB[91]. Corporate Governance - The company has established a sound corporate governance structure with independent and complete organizational architecture[80]. - The company ensures that its shareholders' meetings, board of directors, independent directors, supervisory board, and management team exercise their powers independently according to laws and regulations[80]. - The company has committed to not directly invest in new thermal power projects in Liaoning Province to avoid competition with its subsidiary[75]. - The company guarantees that any necessary related transactions with Kingsoft will follow fair pricing principles and will not harm Kingsoft's interests[78]. - The company has established a complete and independent labor, personnel, and compensation management system for Kingsoft, ensuring no interference in personnel appointments[79]. Legal Matters - The company is involved in ongoing litigation regarding claims for auxiliary service fees totaling 32,061,800 RMB for the heating periods from 2019 to 2021[86]. - The company has requested compensation for losses due to contract termination amounting to 346,734,500 RMB, which reflects a significant financial impact[86]. - The company has ongoing legal proceedings related to a civil judgment regarding a previous case, with the court ruling in favor of the company on June 2, 2021[85]. - There are no significant lawsuits or arbitration matters reported during the reporting period[83]. Future Outlook - The company plans to focus on market expansion and new product development in the upcoming quarters[128]. - The company is actively pursuing financing solutions to address funding challenges amid a difficult coal supply environment[40]. - The company is focusing on technological innovation and carbon emission management to enhance operational efficiency[36]. - The company is actively pursuing a green and low-carbon transformation strategy as part of its long-term development goals[72].