Xinjiang Tianfu Energy (SH:600509)2023-04-17 16:00Financial Performance - The company's operating revenue for 2022 was approximately CNY 8.14 billion, an increase of 15.25% compared to CNY 7.07 billion in 2021[22]. - The net profit attributable to shareholders was a loss of approximately CNY 198.57 million, a significant decline of 342.93% from a loss of CNY 44.83 million in the previous year[22]. - The net cash flow from operating activities was approximately CNY 920.87 million, reflecting an increase of 11.48% from CNY 826.04 million in 2021[23]. - The total assets at the end of 2022 were approximately CNY 21.81 billion, showing a slight increase of 0.01% from CNY 21.81 billion at the end of 2021[23]. - The net assets attributable to shareholders decreased by 3.41% to approximately CNY 5.70 billion from CNY 5.90 billion at the end of 2021[23]. - Operating costs rose to 7.393 billion yuan, reflecting a year-on-year increase of 20.27%[33]. - Basic and diluted earnings per share were both -0.1725 yuan, a decrease of 343.44% year-on-year[24]. - The weighted average return on equity was -3.42%, a decrease of 2.66 percentage points from the previous year[24]. - The company reported a non-recurring profit and loss of 50.95 million yuan in 2022, down from 85.03 million yuan in 2021[28]. - The total operating revenue reached 8.14 billion RMB, representing a year-on-year growth of 15.25%[46]. - The company’s operating costs increased by 20.27% year-on-year, primarily due to high coal prices impacting electricity and heating costs[46]. Business Operations - The company expanded its business scope to include coal sales, approved by the board and shareholders in late 2022 and early 2023[31]. - The company experienced a significant increase in power supply revenue due to adjustments in industrial electricity prices and increased consumption by major customers[24]. - The company achieved a power generation of 19.196 billion kWh, an increase of 0.501 billion kWh or 2.68% year-on-year[34]. - The company completed a power supply of 20.358 billion kWh, an increase of 1.957 billion kWh or 10.64% year-on-year[34]. - The company realized power supply revenue of 5.982 billion yuan, an increase of 1.137 billion yuan or 23.46% year-on-year[34]. - The company’s heating area reached 26.2231 million square meters, an increase of 0.6115 million square meters year-on-year[35]. - The company’s steam supply volume was 7.638 million GJ, an increase of 1.054 million GJ or 16.05% year-on-year, with steam revenue growing by 58%[35]. - The company’s natural gas supply volume was 205.97 million cubic meters, a decrease of 25.8535 million cubic meters or 11.15% year-on-year[36]. - The company acquired 51% of Xinjiang Yunrun Energy Development Co., which has a daily gas supply capacity of approximately 100,000 cubic meters[36]. - The company invested in a 70MW back-pressure unit to enhance energy efficiency and reduce coal consumption[37]. Investments and Projects - The company plans to invest approximately 1.95319 billion yuan in a 400,000 kW photovoltaic power project, expected to provide about 600 million kWh of electricity annually[38]. - The company holds a unique position in the energy supply market in the Shihezi area, with a self-owned power generation capacity of 3,161 MW[40]. - The company plans to invest in a 400,000 kW photovoltaic power generation project, aligning with regional policies to enhance its core competitiveness in the power business[44]. - The company’s coal production capacity in Xinjiang is expected to increase from 160 million tons/year to 460 million tons/year during the 14th Five-Year Plan, which will alleviate cost pressures from coal prices[45]. - The company plans to generate 19.6 billion kWh of electricity and supply 21 billion kWh in 2023, with a construction investment plan totaling 1.82146 billion CNY[90]. - The company is actively participating in the construction of a 3GW photovoltaic project and a 90MW biomass power project during the 14th Five-Year Plan period[85]. - The company aims to enhance its gas business with 51 gas stations along key transportation routes and plans to build a liquefaction plant to achieve an annual gas supply capacity of 600 million cubic meters[87]. - The company has initiated the construction of a 1 million kW photovoltaic base project, with 400,000 kW expected to be operational by Q4 2023[85]. Risk Management and Compliance - The company plans to continue monitoring risks associated with the power industry and coal market in 2023[7]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties[7]. - The company received a standard unqualified audit report from Tianzhi International Accounting Firm[4]. - The company has not reported any violations regarding guarantees during the reporting period[174]. - The company has not faced any risks of delisting or related warnings during the reporting period[179]. - The company has not encountered any major accounting errors that required correction during the reporting period[177]. Governance and Management - The company held 19 board meetings and 19 supervisory meetings during the reporting period, reviewing 74 proposals including regular reports and stock issuance[95]. - A total of 7 shareholder meetings were held in the reporting period, with all proposals approved, including the annual shareholder meeting and 6 temporary meetings[98]. - The company’s board of directors and management team remains stable, with no significant changes in personnel reported during the year[104]. - The company has a long-standing leadership structure with key personnel holding positions since 2013, indicating stability in management[114]. - The company has a diverse management team with expertise in finance, engineering, and human resources[114]. - The company has established a modern enterprise system for effective management of subsidiaries, ensuring compliance with management standards[143]. Environmental and Social Responsibility - The company has achieved a 100% operational rate for its environmental protection facilities, ensuring all pollution control measures are functioning and compliant with standards[151]. - The company has not faced any significant environmental incidents during the reporting period and has complied with all relevant environmental laws and regulations[149]. - The company has implemented measures to ensure energy supply during the pandemic, including early heating provision and deferred payment policies for affected small businesses[162]. - The company has maintained a strong commitment to environmental protection, ensuring compliance with pollution discharge standards and actively participating in local environmental initiatives[162]. - The company reduced carbon emissions by 820,000 tons during the reporting period through various measures, including the use of clean energy sources such as hydropower and photovoltaics, which generated 737 million kWh of green energy, reducing carbon emissions by approximately 600,000 tons[158]. Related Party Transactions - The company has reported a total of CNY 154,327,690 in related party transactions for the reporting period, including CNY 140,353,560 for labor services and CNY 4,984,620 for leasing transactions[185]. - The company has approved a related party transaction to acquire assets from Xinjiang Tianfu Group for CNY 88,394,800, with the transaction completed by the end of the reporting period[186]. - The company has reported a total of CNY 8,775,350 in asset book value for the acquired assets from Tianfu Group, with a tax-inclusive valuation of CNY 88,394,800[186]. - The company agreed to a coal transportation contract with Xinjiang Tianfu Yitong, with a total coal transportation volume not exceeding 506,000 tons and a transportation price of CNY 0.53 per ton per kilometer[191].