Xinjiang Tianfu Energy (SH:600509)2021-08-20 16:00Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2021, representing a year-on-year increase of 15%[12]. - The net profit attributable to shareholders was RMB 300 million, up 20% compared to the same period last year[12]. - The company's operating revenue for the first half of the year reached ¥3,052,302,533.22, representing a 29.50% increase compared to ¥2,356,958,354.40 in the same period last year[22]. - Net profit attributable to shareholders was ¥138,768,352.10, a significant increase of 868.69% from ¥14,325,388.74 in the previous year[24]. - The net profit after deducting non-recurring gains and losses was ¥103,820,530.27, compared to a loss of ¥10,038,013.30 in the same period last year, marking a turnaround[24]. - The basic earnings per share (EPS) increased to ¥0.1205, up 871.77% from ¥0.0124 in the previous year[25]. - The weighted average return on net assets rose to 2.30%, an increase of 2.08 percentage points from 0.22% in the same period last year[25]. - The company achieved operating revenue of CNY 3.05 billion, a year-on-year increase of 29.50%[41]. - The net profit attributable to shareholders reached CNY 138.77 million, up 868.69% compared to the previous year[40]. - Power generation increased to 9.436 billion kWh, a growth of 34.89% year-on-year[40]. - Heating revenue increased to CNY 368 million, a rise of 8.53% compared to the previous year[40]. - The company reported a significant increase in accounts receivable by 39.13% to ¥714,627,114.25, indicating higher sales activity[46]. - The company reported a decrease in inventory to ¥201,561,041.38 from ¥243,449,459.13, a decline of approximately 17.2%[186]. - The total current liabilities decreased to ¥4,638,413,312.74 from ¥6,069,561,314.49, a reduction of about 23.6%[186]. Market Expansion and Operations - The company expanded its market presence by entering two new provinces, increasing its operational footprint by 25%[21]. - The company has completed the registration of its updated business scope, which now includes clean energy development and logistics services[21]. - The company plans to expand its natural gas business across Xinjiang, with 22 gas stations along key transportation routes and ongoing investments in liquefaction plants[32]. - The overall electricity consumption in the region increased by 16.2% year-on-year, with the company's power supply volume rising by 36.39% compared to the previous year[34]. - The company operates a natural gas pipeline network exceeding 700 kilometers, covering the entire Shihezi area[36]. - The company has integrated the heating market in Shihezi, achieving centralized heating through cogeneration[36]. - The company has established 22 gas stations across various cities, enhancing its market presence[36]. Environmental Commitment - The company is committed to environmental protection, with emissions below national standards and ongoing upgrades towards near-zero emissions[36]. - The company generated 246 million kWh of green energy in the first half of the year, reducing carbon emissions by approximately 187,000 tons[96]. - The company has completed ultra-low emission upgrades for all thermal power units and continues to enhance water conservation and wastewater reduction efforts[96]. - The company has implemented low-emission transformation projects, with the 2×330 MW units completing upgrades in October 2018[88]. - The company has engaged a third-party service provider for environmental self-monitoring in compliance with local regulations[91]. - The company has maintained compliance with all relevant environmental laws and regulations, ensuring no major violations occurred during the reporting period[94]. Research and Development - Research and development expenses increased by 10% to RMB 50 million, focusing on clean energy technologies[21]. - The company plans to launch a new energy-efficient power generation system by the end of 2021, aiming to reduce emissions by 30%[21]. Corporate Governance and Management Changes - Independent director Han Jianchun resigned due to personal reasons, effective from January 13, 2021[78]. - Chen Jianguo was elected as an independent director and appointed as the chairman of the audit committee on January 27, 2021[78]. - Vice General Manager Chang Yong resigned on March 9, 2021, due to job changes[78]. - Li Jinsong was appointed as Vice General Manager and Chief Engineer on March 10, 2021[78]. - Independent director Liu Zhong resigned due to term expiration on March 31, 2021[81]. - The seventh board of directors was elected on May 11, 2021, with Liu Wei as chairman and new independent directors including Wang Shicun and Chen Jianguo[81]. Legal Matters - The company has initiated legal proceedings against Shawan Want Mining Co., Ltd. for unpaid electricity fees amounting to CNY 16,712,298.98 as of May 2019, following a repayment agreement of CNY 22,983,000[13]. - The company is pursuing a civil lawsuit against Xinjiang Jingxin Silicon Industry Co., Ltd. for overdue electricity payments totaling CNY 39,098,011.47 and a penalty of CNY 6,408,641.00[14]. - The company has filed a lawsuit against Xinjiang Xinlei Optoelectronic Technology Co., Ltd. for unpaid electricity fees of CNY 2,686,042.09 and a penalty of CNY 108,968.85, with a court ruling in favor of the company[15]. - The company has requested the court to enforce a judgment against Xinjiang Ru Yi Textile and Garment Co., Ltd. for overdue rental fees of CNY 7,970,041.50 and interest of CNY 567,865.50[16]. - The company is involved in a legal dispute with Jiangsu Sai Ao Biochemical Co., Ltd. regarding a claim for a refund of electricity fee differences amounting to CNY 73,068,459.31[18]. Financial Position and Liabilities - The total assets at the end of the reporting period were ¥22,085,581,065.98, reflecting a 0.69% increase from ¥21,933,196,465.73 at the end of the previous year[24]. - Long-term borrowings increased by 20.59% to ¥6,876,759,408.00, representing 31.14% of total liabilities[46]. - Total liabilities decreased to ¥15,309,886,030.67 from ¥17,320,234,935.29, indicating a reduction in financial obligations[179]. - Total equity attributable to shareholders increased to ¥6,105,984,011.66 from ¥5,967,634,494.99, reflecting a growth of approximately 2.0%[181]. - The company has provided guarantees totaling 5,860,000,000 to shareholders, actual controllers, and their related parties[131]. Future Plans and Investments - The company plans to continue expanding its investments in renewable energy and infrastructure projects, as indicated by ongoing construction projects in urban and rural networks[46]. - The company plans to distribute cash dividends of at least 10% of the distributable profits when conditions are met, with a minimum of 40% for mature stages with significant capital expenditures[103]. - The company plans to issue green corporate bonds with a total principal amount not exceeding 1 billion CNY, to be used for green industry projects and other approved purposes[148].