XCEP(SH:600505)2022-04-13 16:00Financial Performance - The company's operating revenue for 2021 was CNY 1,081,472,929.68, representing a year-on-year increase of 12.43% compared to CNY 961,911,069.56 in 2020[18]. - The net profit attributable to shareholders for 2021 was CNY 42,528,503.11, which is a 24.55% increase from CNY 34,145,924.76 in 2020[18]. - The basic earnings per share for 2021 was CNY 0.1167, up 24.55% from CNY 0.0937 in 2020[19]. - The company's total assets increased by 10.67% to CNY 4,406,058,778.82 in 2021, compared to CNY 3,981,136,916.57 in 2020[18]. - The cash flow from operating activities for 2021 was CNY 195,684,434.50, a decrease of 24.15% from CNY 258,003,863.68 in 2020[18]. - The company reported a decrease of 4.00% in net profit after deducting non-recurring gains and losses, amounting to CNY 38,786,205.78 in 2021 compared to CNY 40,402,332.69 in 2020[18]. - The total revenue for the year was approximately 1,074.95 million, an increase of 20.27% compared to the previous year[45]. - The company's operating profit increased by 18.84% year-on-year, reaching ¥60,791,685.77[38]. - The total revenue for the period was 25,378.45 million RMB, reflecting a year-on-year increase of 2.93%[63]. Electricity Sales and Generation - The electricity sales volume (excluding photovoltaic) increased by 3.04% year-on-year, with electricity business revenue (excluding photovoltaic) growing by 12.79%[20]. - The average selling price of electricity (excluding tax and photovoltaic) increased by 9.46% year-on-year due to changes in sales structure[20]. - The company achieved a total electricity sales volume of 25.38 billion kWh, an increase of 2.93% year-on-year[38]. - The total electricity generation for the reporting period was 63,453.90 million kWh, a decrease of 14.45% year-on-year[65]. - The company's electricity generation decreased by 14.45% year-on-year to 635 million kWh, with the Tangniwan photovoltaic power station generating 61.55 million kWh[38]. - The total electricity traded in the market reached 2,238.38 million kWh, an increase of 4.99% compared to the previous year[68]. Investments and Assets - The company reported an increase in investment in other equity instruments, with a total of CNY 75,470,585.50 at year-end, up from CNY 73,469,285.50 at the beginning of the year[28]. - The company's total installed hydropower capacity is 706,300 kW, with self-owned and controlled hydropower stations accounting for 124,800 kW[35]. - The company has a total of 14 equity investment enterprises, with a long-term equity investment value decreasing from 16,986,369.61 yuan to 16,861,746.52 yuan, a reduction of 124,623.09 yuan[73]. - The company has a total of 182.2 million shares, with the controlling shareholder, Liangshan Development (Holding) Group, delegating certain rights to State Grid Sichuan Electric Power Company[179]. Costs and Expenses - The total cost of sales was approximately 857.10 million, reflecting a year-over-year increase of 13.51%[48]. - The company experienced a significant increase in costs related to electricity purchases, which rose by 10.94% year-over-year[48]. - Sales expenses increased by 26.64% to approximately 34.11 million, while management expenses rose by 21.74% to approximately 96.33 million[50]. Corporate Governance and Management - The company has conducted 4 board meetings and reviewed 34 proposals during the reporting period, ensuring effective governance and decision-making[97]. - The company emphasizes safety management and infrastructure upgrades to improve the resilience of its power grid against accidents[93]. - The company’s board of directors has established specialized committees, including the Audit Committee and the Strategic Committee, with specific members assigned to each[119]. - The company’s financial management system was reviewed and approved during the eighth board's thirty-fourth meeting on August 27, 2021[116]. Social Responsibility and Community Engagement - The company is committed to social responsibility, focusing on rural revitalization and environmental protection initiatives[98]. - The company is actively involved in rural revitalization efforts, having established a five-year plan for targeted assistance in two villages[141]. - The company organized a "purchase instead of donation" initiative, successfully consuming 8,040 pounds of potatoes and 80 chickens, contributing to local economic stability[144]. Future Outlook and Strategic Initiatives - The company provided a future outlook, projecting a revenue growth of 20% for the next fiscal year, driven by new product launches and market expansion[107]. - The company plans to invest CNY 33,387.3 million in 69 projects in 2022, with a projected electricity generation of 124,475 million kWh, including 117,535 million kWh from hydropower[87]. - The company aims to enhance traditional business efficiency and accelerate online services through a comprehensive electricity information collection and intelligent marketing management system[69]. Legal and Compliance Matters - The company is involved in a legal dispute regarding the transfer of 50 million shares of Huaxi Securities, with the court ruling to suspend the litigation as of July 18, 2019[152]. - The audit opinion confirms that the financial statements of Sichuan Xichang Electric Power Co., Ltd. fairly reflect its financial position as of December 31, 2021, and its operating results for the year 2021[190]. Related Party Transactions - The company reported a total of 346,961,420.32 CNY in related party transactions for the month, accounting for 100% of similar transaction amounts[156]. - The company purchased electricity from related parties, with the largest transaction being 300,281,003.03 CNY from State Grid Sichuan Electric Power Company, representing 86.54% of total related party purchases[156]. - The company emphasizes that its related party transactions are conducted at fair market prices and do not harm the interests of the company or its shareholders[157].