Shenergy(SH:600642)2019-04-29 16:00Financial Performance - The company's operating revenue for 2018 was CNY 36,221,254,583.28, an increase of 11.78% compared to CNY 32,404,021,552.37 in 2017[16] - The net profit attributable to shareholders of the listed company was CNY 1,825,934,190.10, reflecting a growth of 5.08% from CNY 1,737,638,978.89 in the previous year[16] - The net profit after deducting non-recurring gains and losses was CNY 1,484,673,306.28, which is a 19.40% increase from CNY 1,243,484,131.10 in 2017[16] - The net cash flow from operating activities reached CNY 2,767,981,053.91, up 13.68% from CNY 2,434,807,577.74 in the prior year[16] - Basic earnings per share for 2018 was CNY 0.401, a 5.08% increase compared to CNY 0.382 in 2017[17] - The weighted average return on equity increased to 7.08% in 2018, up by 0.26 percentage points from 6.82% in 2017[17] - Total operating revenue for Q4 2018 was CNY 9,196,160,758.14, with a net profit attributable to shareholders of CNY 574,911,888.44[19] - The company reported a net cash flow from operating activities of CNY 1,784,518,036.30 in Q3 2018, indicating strong operational cash generation[19] Assets and Liabilities - As of the end of 2018, the total assets amounted to CNY 59,662,307,412.87, a 10.39% increase from CNY 54,047,180,498.36 at the end of 2017[16] - The net assets attributable to shareholders of the listed company were CNY 25,953,166,153.61, showing a 1.94% increase from CNY 25,459,970,185.70 in 2017[16] - The total liabilities increased to CNY 25,382,310,378.77 from CNY 20,611,425,086.49, reflecting a rise of about 23.5%[179] - Long-term borrowings surged to CNY 11,200,725,014.24 from CNY 6,960,143,898.80, an increase of approximately 60.4%[179] Dividends and Profit Distribution - The company plans to distribute a cash dividend of CNY 2.00 per 10 shares, totaling approximately CNY 910,407,663.20[4] - The company maintained a dividend payout ratio of 49.86% for 2018, compared to 52.39% in 2017 and 40.69% in 2016[82] - The remaining undistributed profit at the end of 2018 is CNY 1,510,079,631.22, which will be carried forward to the next fiscal year[81] - The proposed dividend for 2018 is CNY 2.00 per 10 shares, based on a total share capital of 4,552,038,316 shares[81] Research and Development - Research and development expenses decreased significantly by 46.75% to CNY 25,361,507.81 from CNY 47,623,601.28 in the prior year[39] - The company's total R&D investment accounted for 0.07% of operating revenue, with 51 R&D personnel, making up 2.00% of the total workforce[46] Environmental and Energy Initiatives - The company is actively expanding its clean energy investments, with a focus on wind and solar power, increasing the proportion of clean energy capacity[24] - The company’s coal-fired power generation projects are among the most efficient in the country, with significant advancements in energy consumption metrics[23] - The average desulfurization efficiency of coal-fired power generation enterprises reached over 98%, and the denitrification efficiency exceeded 90%[36] - The company achieved an average dust emission concentration of 2.56 mg/m³, sulfur dioxide at 11.29 mg/m³, and nitrogen oxides at 20.58 mg/m³ across its power plants in 2018[123] Market Expansion and Strategy - The company plans to enhance its market presence in regions outside Shanghai, including Anhui, Ningxia, Qinghai, Xinjiang, and Inner Mongolia, in line with the "Belt and Road" initiative[23] - The company is exploring potential mergers and acquisitions to enhance its market position and operational efficiency[140] - The company aims to enhance operational management and reduce costs to improve profitability, focusing on market expansion and performance effectiveness[71] Shareholder Structure - The total number of ordinary shareholders reached 156,068 by the end of the reporting period, an increase from 150,594 at the end of the previous month[130] - The largest shareholder, Sheneng (Group) Co., Ltd., holds 2,266,545,766 shares, representing 49.79% of the total shares[131] - The top ten shareholders include five state-owned entities, indicating a strong state presence in the ownership structure[132] Compliance and Governance - The company’s financial report for 2018 has been audited and is in compliance with the relevant regulations[81] - The company emphasizes transparency and accountability in its financial reporting and governance practices[140] - The internal control system was evaluated and reported, with no significant deficiencies noted during the reporting period[167] Operational Performance - The company completed an equity generation of 35.71 billion kWh, a 4% increase year-on-year, and controlled generation of 36.42 billion kWh, up 2.4%[38] - The company’s total power generation for 2018 was 2,826,474.41 million kWh, representing a year-on-year growth of 3.60%[53] - The company’s coal consumption per unit of power generated was 288.6 grams/kWh, a decrease of 3.2 grams/kWh year-on-year[36] Financial Adjustments and Audit - The company adjusted its financial statements according to the Ministry of Finance's notification, impacting the combined receivables and payables, with total receivables adjusted to CNY 2,460,418,998.61 as of December 31, 2017[92] - The audit procedures included evaluating the internal controls related to impairment assessments and the appropriateness of the methods used for impairment evaluation according to accounting standards[172] Employee and Management Structure - The total number of employees in the parent company and major subsidiaries was 2,555, with 1,144 production staff and 728 technical staff[149][150] - The company employs a salary point system to ensure internal equity and competitiveness in attracting talent[152] - The total remuneration for all directors, supervisors, and senior management was 8.0002 million yuan[146]