国网英大(600517) - 2020 Q4 - 年度财报

Section I Definitions I. Definitions This section provides definitions of key terms used in the report, covering company names, related parties, business entities, and specific business concepts like the 2020 major asset restructuring, ensuring clear understanding of the report content - Company Name: State Grid Yingda Co., Ltd., Stock Code: 600517[11] - Controlling Shareholder: State Grid Yingda International Holdings Group Co., Ltd.[11] - 2020 Restructuring: The company's acquisition of 73.49% equity in Yingda Trust and 96.67% equity in Yingda Securities from Yingda Group and other transaction parties through share issuance[11] Section II Company Profile and Key Financial Indicators I. Company Information This section outlines State Grid Yingda's basic registration information, including its Chinese name, abbreviation, foreign name, and legal representative - Company Chinese Name: State Grid Yingda Co., Ltd., Chinese Abbreviation: State Grid Yingda, Legal Representative: Tan Zhenyong[13] II. Contact Person and Information This section provides contact information for the company's Board Secretary and Securities Affairs Representative, facilitating communication for investors and relevant parties - Board Secretary: Niu Xihong, Securities Affairs Representative: Zhong Hua, Contact Number: 021-51796818, Email: 600517@sgcc.com.cn[14] III. Brief Introduction to Basic Information This section introduces the company's registered address, office address, website, and email - Company Registered and Office Address: 9th Floor, Building C, No. 211 Guoyao Road, China (Shanghai) Pilot Free Trade Zone, Company Website: **www.gwydgf.com**[15](index=15&type=chunk) IV. Information Disclosure and Document Availability This section specifies the designated media for company information disclosure and the location for annual report availability - Designated media for information disclosure: Shanghai Securities News, China Securities Journal, Designated website: **www.sse.com.cn**[16](index=16&type=chunk) V. Company Stock Overview This section provides company stock listing information, including stock type, listing exchange, stock abbreviation, and code Company Stock Overview | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | State Grid Yingda | 600517 | Zhixin Electric | VI. Other Relevant Information This section lists the accounting firm appointed by the company and the financial advisor responsible for continuous supervision during the reporting period - Domestic accounting firm appointed by the company: ShineWing Certified Public Accountants (Special General Partnership)[18] - Financial advisor performing continuous supervision during the reporting period: China Securities Co., Ltd.[18] VII. Key Accounting Data and Financial Indicators for the Past Three Years This section presents the company's key accounting data and financial indicators for the past three years, explaining the significant impact of the 2020 major asset restructuring on financial data Key Accounting Data (Unit: Yuan, Currency: RMB) | Indicator | 2020 | 2019 (Adjusted) | 2018 (Adjusted) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 8,091,587,654.49 | 7,603,296,316.62 | 6,798,924,479.60 | 6.42 | | Net Profit Attributable to Shareholders of Listed Company | 1,176,009,762.34 | 952,752,773.09 | 532,718,877.97 | 23.43 | | Net Cash Flow from Operating Activities | -195,512,120.34 | 1,570,688,014.52 | -264,375,061.29 | -112.45 | | Net Assets Attributable to Shareholders of Listed Company | 17,269,918,410.89 | 13,988,802,736.94 | 13,029,007,117.95 | 23.46 | | Total Assets | 39,679,969,181.69 | 33,126,425,582.05 | 31,843,049,611.57 | 19.78 | Key Financial Indicators (Unit: Yuan/share) | Indicator | 2020 | 2019 (Adjusted) | 2018 (Adjusted) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Basic Earnings Per Share | 0.21 | 0.18 | 0.10 | 16.67 | | Diluted Earnings Per Share | 0.21 | 0.18 | 0.10 | 16.67 | | Basic Earnings Per Share Excluding Non-recurring Gains and Losses | 0.23 | -0.01 | -0.01 | Not Applicable | | Weighted Average Return on Net Assets (%) | 7.45 | 7.05 | 3.99 | Increased by 0.40 percentage points | | Weighted Average Return on Net Assets Excluding Non-recurring Gains and Losses (%) | 7.96 | -0.50 | -0.24 | Increased by 8.46 percentage points | - During the reporting period, the company completed the acquisition of 73.49% equity in Yingda Trust and 96.67% equity in Yingda Securities through share issuance, and gained controlling interest in Yingda Factoring through capital increase, leading to a significant increase in the company's assets, net assets, revenue, and net profit attributable to shareholders of the listed company compared to pre-adjustment levels[22] VIII. Differences in Accounting Data under Domestic and Overseas Accounting Standards This section clarifies that the company has no differences in net profit and net assets attributable to shareholders of the listed company in financial reports disclosed simultaneously under International Accounting Standards and Chinese Accounting Standards - The company has no differences in accounting data under domestic and overseas accounting standards[23] IX. Key Quarterly Financial Data for 2020 This section presents the company's key quarterly financial data for 2020, reflecting its quarterly operating performance during the reporting period Key Quarterly Financial Data for 2020 (Unit: Yuan, Currency: RMB) | Indicator | Q1 (Jan-Mar) | Q2 (Apr-Jun) | Q3 (Jul-Sep) | Q4 (Oct-Dec) | | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 973,954,491.61 | 1,749,775,646.13 | 2,207,793,140.02 | 3,160,064,376.73 | | Operating Revenue | 305,569,445.46 | 994,744,267.94 | 1,373,879,991.46 | 2,370,057,651.39 | | Interest Income | 137,656,889.12 | 213,482,792.60 | 219,371,489.55 | 212,100,897.65 | | Fee and Commission Income | 530,728,157.03 | 541,548,585.59 | 614,541,659.01 | 577,905,827.69 | | Net Profit Attributable to Shareholders of Listed Company | 241,428,009.63 | 327,636,656.60 | 386,817,042.38 | 220,128,053.73 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 179,958,907.91 | 303,054,056.61 | 390,537,691.29 | 382,657,939.04 | | Net Cash Flow from Operating Activities | 1,395,779,806.34 | -2,377,749,738.29 | 389,037,467.68 | 500,219,624.93 | X. Non-recurring Gains and Losses Items and Amounts This section lists the company's non-recurring gains and losses items and their amounts for 2020, noting the company's main business shifted to a "finance + manufacturing" dual-core model after the 2020 major asset restructuring Non-recurring Gains and Losses Items and Amounts (Unit: Yuan, Currency: RMB) | Non-recurring Gains and Losses Item | 2020 Amount | 2019 Amount | 2018 Amount | | :--- | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -1,241,341.84 | 23,933,726.11 | 83,893.86 | | Government Grants Included in Current Profit/Loss | 36,645,602.76 | 33,829,869.78 | 52,903,561.28 | | Net Profit/Loss of Subsidiaries from Beginning of Period to Merger Date under Common Control | 18,241,389.21 | 1,191,086,483.58 | 663,171,302.55 | | Other Non-operating Income and Expenses Apart from the Above | -224,693,633.66 | 2,061,844.11 | 6,487,386.66 | | Impact on Minority Interests | 41,944,798.59 | -258,654,797.69 | -151,883,264.45 | | Income Tax Impact | 48,904,352.43 | -26,670,184.44 | -14,573,735.72 | | Total | -80,198,832.51 | 1,019,727,230.67 | 564,722,083.96 | - After the completion of the 2020 major asset restructuring, the company's main business shifted from electrical manufacturing to a "finance + manufacturing" dual-core model, with carbon asset business included in the main business from this year[26] XI. Items Measured at Fair Value This section discloses the company's financial asset items measured at fair value, along with their opening and closing balances, current period changes, and impact on current profit Items Measured at Fair Value (Unit: Yuan, Currency: RMB) | Item Name | Opening Balance | Closing Balance | Current Period Change | Impact on Current Period Profit | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 9,552,932,625.08 | 10,718,052,603.37 | 1,165,119,978.29 | 427,753,621.86 | | Other Debt Investments | 4,659,417,621.18 | 8,270,867,935.93 | 3,611,450,314.75 | 221,009,937.38 | | Other Equity Instrument Investments | 76,873,182.56 | 82,284,754.27 | 5,411,571.71 | 870,942.00 | | Total | 14,289,223,428.82 | 19,071,205,293.57 | 4,781,981,864.75 | 649,634,501.24 | Section III Company Business Overview I. Description of Main Businesses, Business Models, and Industry Conditions during the Reporting Period In 2020, State Grid Yingda successfully transformed into a "finance + manufacturing" dual-core business model through major asset restructuring, with operations covering trust, securities, futures, factoring, carbon assets, and power equipment; this section details the business models and overall industry conditions for each segment - In 2020, the company actively promoted transformation and development, completed major asset restructuring, and shifted its main business from electrical manufacturing to a "finance + manufacturing" dual-core model, covering trust, securities, futures, factoring, carbon assets, and power equipment[29] (1) Main Businesses and Business Models This section elaborates on the business models of the company's six major business segments, including trust, securities, futures, factoring, carbon assets, and power equipment - Trust Business: Manages or disposes of assets as a trustee, collects fees, with investment scope covering finance, energy, and infrastructure[30] - Securities Business: A comprehensive securities company engaged in brokerage, credit trading, investment banking, proprietary trading, asset management, and STAR Market follow-on investments[31] - Futures Business: Engaged in futures brokerage, asset management, fixed income, and investment advisory services[32] - Factoring Business: Primarily engaged in accounts receivable factoring financing, earning interest spread income, covering areas such as grid electricity fees and equipment manufacturing[33] - Carbon Asset Business: Engaged in carbon auditing, carbon asset development, carbon trading, carbon finance, low-carbon and carbon market-related research, and green supply chain management[33] - Power Equipment Business: Engaged in R&D, production, sales, and technical services related to electrical and new material equipment, power operation and maintenance, and energy-saving and engineering services[34][35] (2) Industry Overview This section analyzes the macroeconomic environment and development trends of the industries in which the company's various businesses operate, including trust, securities, futures, factoring, carbon assets, and power equipment - Trust Industry: Development focuses on quality and efficiency, with a decline in channel business scale, enhanced active management capabilities, and overall controllable risks[36] - Securities Industry: Multi-level development of capital markets, accelerated business transformation, serving the real economy and household wealth management, with overall improving operating conditions[37] - Futures Industry: Entered a rapid development stage, with increased trading volume and market margin, and full utilization of risk management functions[38] - Carbon Asset Industry: Carbon market construction is accelerating, the national carbon market has officially launched, and significant achievements have been made in addressing climate change[40] - Power Equipment Industry: Part of the electrical equipment manufacturing sector within the power industry, benefiting from the trend towards clean, low-carbon, intelligent, and efficient transformation[41] II. Explanation of Significant Changes in the Company's Major Assets during the Reporting Period During the reporting period, the company significantly increased its equity in Yingda Trust, Yingda Securities, and Yingda Factoring through share issuance for asset acquisition and capital increase, leading to a substantial growth in the company's asset scale - On February 28, 2020, the company completed the acquisition of 73.49% equity in Yingda Trust and 96.67% equity in Yingda Securities through share issuance, adding 25.07 billion yuan in book value of assets and 13.24 billion yuan in net assets[42] - On May 15, 2020, the company completed the supporting raised funds of 2.22 billion yuan[42] - The company and Yingda Trust increased capital in Yingda Factoring; upon completion, the company holds 56% equity and Yingda Trust holds 19% equity in Yingda Factoring, adding 298.77 million yuan in book value of assets and 52.38 million yuan in net assets[43] III. Analysis of Core Competitiveness during the Reporting Period During the reporting period, the company's core competitive advantages in its "finance + manufacturing" dual-core business model became more prominent, accumulating significant advantages in the energy sector through industry-finance synergy, specialized operations, and risk management - The company possesses strong comprehensive service capabilities, fully leveraging the advantageous resources of State Grid Corporation as a shareholder to deeply serve the main power grid business and cultivate industry chain operations[44] - Strong synergistic effects have been formed, deepening industry-finance collaboration, strengthening the complementary advantages of finance, carbon assets, and manufacturing, and promoting financial services to empower industrial development[44] - Adhering to a compliant and stable operating model, strictly implementing regulatory policies, improving the comprehensive risk management system, and enhancing standardized operation levels[44] (1) Efficient and Standardized Operation of "Finance + Manufacturing" Dual-Core Business Relying on its State Grid background, the company achieved efficient and standardized operation of its "finance + manufacturing" dual-core business through industry-finance synergy and strict compliance management, forming unique comprehensive service capabilities and competitive advantages - As a controlled subsidiary of State Grid Corporation, the company leverages advantageous resources such as shareholder assets, credit, data, and channels, accumulating first-mover advantages in finance, carbon assets, and manufacturing[44] - Deepening industry-finance synergy, strengthening the competitive advantage of financial businesses in the energy sector through industrial practice, and empowering industrial development through financial services[44] - Strictly implementing regulatory policies, strengthening related party transaction management, improving the comprehensive risk management system, and enhancing standardized operation levels[44] (2) Competitive Advantages in Each Business Segment Each of the company's business segments possesses unique competitive advantages, including trust's specialized experience in the power industry chain, securities' distinctive services in the energy sector, futures' mature business model, factoring's industry-finance synergy, carbon assets' professional qualifications, and power equipment's complete industry chain and technological leadership - Yingda Trust, relying on its industrial background and shareholder strength, holds an advantageous position in clean energy generation, supply chain finance, and possesses an experienced talent pool[45] - Yingda Securities has a rich variety of business types, has deeply cultivated the energy and power industry for many years, forming distinctive business features and industry influence[46] - Yingda Futures has established a mature business model, is familiar with the upstream and downstream of the energy industry chain, and continuously strengthens its marketing team[46] - Yingda Factoring possesses industry-finance and inter-finance synergy advantages, has established coordination mechanisms around the power grid industry chain, and built a sound risk management system[47] - Yingda Carbon Assets has accumulated rich business experience, holding membership qualifications for 8 carbon exchanges and the International Emissions Trading Association[47] - The power equipment segment has a relatively complete industry chain, focusing on amorphous alloy material applications and transformer development, with a solid technological foundation in high-voltage, ultra-high-voltage, and ultra-high-voltage fields[47] Section IV Management Discussion and Analysis [I. Management Discussion and Analysis](index=17