XCEP(SH:600505)2021-04-15 16:00Financial Performance - In 2020, the company's operating revenue was CNY 961,911,069.56, an increase of 1.43% compared to CNY 948,371,961.78 in 2019[21] - The net profit attributable to shareholders was CNY 34,145,924.76, a decrease of 7.85% from CNY 37,053,410.25 in the previous year[21] - The company's cash flow from operating activities increased by 33.17% to CNY 258,003,863.68 from CNY 193,735,304.45 in 2019[21] - Total assets at the end of 2020 reached CNY 3,981,136,916.57, reflecting a 13.13% increase from CNY 3,519,163,869.63 in 2019[21] - The company reported a revenue of 961,911,069.56 RMB, a 1.43% increase compared to the previous year[46] - The net profit for the period was 40,675,192.80 RMB, representing a decrease of 11.83% year-on-year[46] Electricity Sales and Generation - The company's electricity sales volume (including photovoltaic) increased by 15.45% year-on-year, while electricity business revenue (including photovoltaic) grew by 5.11%[22] - The company achieved a total electricity sales volume of 24.66 billion kWh, an increase of 15.45% year-on-year[46] - The self-generated electricity volume was 7.42 billion kWh, reflecting a year-over-year increase of 10.58%[53] - The total electricity generation capacity of the company's grid-connected hydropower stations is 706,300 kW, with 129 stations in operation[72] - The company's wind power generation capacity saw a 12% increase in electricity generation compared to the previous year[70] - The total electricity traded in the market was 2,131.96 million kWh, a decrease of 7.02% year-on-year, while the total on-grid electricity was 6,172.19 million kWh, down 6.03%[76] Cost and Expenses - The average selling price of electricity (excluding tax and photovoltaic) decreased by 9.10% year-on-year due to policy-driven price reductions and temporary fee reductions during the pandemic[22] - The company's electricity cost for external purchases increased by 8.08%, contributing to a 1.24% rise in operating costs[49] - The total cost of sales was approximately ¥755.06 million, with a gross profit margin of 20.91%[52] - Sales expenses increased by 2.97% year-over-year, while management expenses decreased by 2.71%[59] - The electricity engineering segment saw a significant cost reduction of 59.74% compared to the previous year[56] Investments and Projects - The company’s investment in construction increased by 50.06% to ¥1.58 billion, reflecting heightened investment in new power station projects[35] - The company plans to invest in 102 projects with a total investment of 252.983 million yuan in 2021, excluding the 504 million yuan for the construction of the Muli Gugu Hydropower Station[96] - The capital expenditure for the Muli Gengzheng Power Station was 40,904.86 million yuan, with a cumulative investment of 129,369.27 million yuan, achieving a project progress of 59.8%[74] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.30 per 10 shares, totaling CNY 10,937,025.00, based on a total share capital of 364,567,500 shares[5] - In 2020, the company distributed a cash dividend of RMB 0.31 per 10 shares, totaling RMB 11,301,592.50[110] - The company's net profit attributable to shareholders for 2019 was RMB 37,053,410.25, with a dividend payout ratio of 30.50%[112] Operational Efficiency - The average utilization hours for hydropower equipment reached 3,827 hours, an increase of 130 hours year-on-year, indicating improved operational efficiency[33] - The installed capacity utilization hours for hydropower reached 4,930 hours, an increase of 542 hours compared to the previous year, exceeding the national average by 628 hours[73] - The company's comprehensive line loss rate was 6.33%, a decrease of 0.45 percentage points year-on-year[46] Challenges and Risks - The company faces challenges due to limited installed capacity and increasing electricity demand, leading to a reliance on external power purchases[93] - The company is at risk of losing six key electricity users due to their potential search for alternative power supply solutions[103] - The company faces policy risks due to accelerated electricity system reforms, which may intensify competition in the electricity market[102] Social Responsibility and Community Engagement - The company implemented 53 rural power grid construction projects in the Liangshan area, with an investment of CNY 136.5 million, benefiting approximately 45,000 impoverished people[139] - The company aims to enhance the quality of poverty alleviation efforts and prevent the return of poverty through various initiatives[138] - A total of 432 registered impoverished individuals were lifted out of poverty, with an average annual income of 7,048 RMB for impoverished households in 2020[141] Governance and Compliance - The company has strengthened its internal control systems and governance structure to ensure compliance with relevant laws and regulations[41] - The company has maintained compliance with relevant laws and regulations, ensuring effective corporate governance and stakeholder engagement[182] - The company has not disclosed any significant internal control deficiencies during the reporting period[188] Future Outlook and Strategy - The company plans to enhance its service quality by implementing full data collection and intelligent management systems for electricity usage[77] - The company is committed to adapting to market changes and enhancing its competitive edge amid ongoing electricity market reforms[93] - The management team emphasized the importance of sustainability in future business strategies, aiming for a 25% reduction in carbon emissions by 2025[169]