LEP(SH:600644)2021-03-26 16:00Financial Performance - In 2020, the company's operating revenue reached ¥2,291,204,881.07, representing a 3.06% increase compared to ¥2,223,199,937.34 in 2019[23] - The net profit attributable to shareholders of the listed company for 2020 was ¥102,535,347.58, an increase of 14.90% from ¥89,234,940.80 in 2019[23] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥66,886,467.10, up 19.46% from ¥55,992,775.62 in the previous year[23] - The net cash flow from operating activities was ¥408,424,506.68, a significant increase of 45.08% compared to ¥281,509,330.77 in 2019[23] - As of the end of 2020, the net assets attributable to shareholders amounted to ¥1,589,338,612.07, reflecting a 7.20% increase from ¥1,482,571,551.42 at the end of 2019[23] - The total assets of the company at the end of 2020 were ¥3,998,923,590.43, which is a 5.73% increase from ¥3,782,209,518.15 in 2019[23] - Basic earnings per share increased by 14.91% to CNY 0.1904 in 2020 compared to CNY 0.1657 in 2019[24] - The weighted average return on equity rose to 6.67% in 2020, an increase of 0.49 percentage points from 2019[24] - The company reported a total of CNY 35,648,880.48 in non-recurring gains in 2020, compared to CNY 33,242,165.18 in 2019[27] Profit Distribution and Dividends - The company will not distribute profits or transfer capital reserves to increase share capital for the year due to insufficient earnings reserves to cover losses[6] - The company did not distribute any profits in 2020, 2019, or 2018, with cash dividends amounting to 0 for each year[116] - The company's cash dividend policy requires a minimum of 30% of the average distributable profit over the last three years to be distributed as cash dividends if conditions are met[111] - The independent directors approved the 2020 profit distribution plan, confirming compliance with relevant laws and regulations[114] - The company has not proposed a cash profit distribution plan for the reporting period despite having positive distributable profits[116] Business Segments and Operations - The company operates in five main business segments: electricity, natural gas, water supply, comprehensive energy, and hotel services[32] - The company achieved a total electricity generation of 51,114 million kWh, a year-on-year increase of 17.80% from 43,392 million kWh[48] - The total sales volume of electricity reached 300,468 million kWh, reflecting a year-on-year growth of 3.53% compared to 290,219 million kWh[48] - The electricity business generated revenue of 1,412,666,939.95 RMB, with a gross margin of 25.27%, reflecting a decrease of 4.93% in revenue year-on-year[53] - The natural gas business reported revenue of 437,540,101.31 RMB, with a gross margin of 23.25%, down 5.31% year-on-year[53] - The company’s water supply business achieved revenue of 271,214,865.04 RMB, with a gross margin of 22.42%, an increase of 37.77% in revenue year-on-year[53] Market and Customer Engagement - The electricity sales volume in Leshan City accounted for 12.97% of total sales in 2020, a decrease of 0.42 percentage points from the previous year[32] - The company achieved a total of 2,922.70 million CNY in electricity cost reductions for users due to government policies during the reporting period[42] - The company participated in the electricity market with 10 users in the water and electricity consumption demonstration area, reflecting its active engagement in market transactions[43] - The company has implemented a new "Internet + marketing service" model to enhance customer service and payment flexibility[42] Investment and Development - The company has invested 666 million CNY in rural power grid projects to improve the weak rural electricity supply situation[41] - The company is focusing on the "Four Networks Integration" strategy to enhance operational efficiency and market competitiveness[38] - The company plans to enhance energy digitalization and smart transformation during the 14th Five-Year Plan period, focusing on market expansion and efficiency improvement[80] - The company is actively exploring the hydrogen energy supply and distributed energy service sectors, aiming to enhance its comprehensive energy business[93] Challenges and Risks - The company reported a cumulative undistributed profit of -¥431,926,643.21 at the end of 2020, indicating ongoing financial challenges[6] - The company has outlined potential risks in its future development plans, urging investors to be cautious[7] - The company faces multiple challenges including policy constraints, market fluctuations, and competition, leading to significant pressure on profitability in the electricity sector due to increasing electricity price cuts[102] Corporate Governance and Shareholder Information - The company does not have a controlling shareholder or actual controller, as confirmed by legal opinions[159] - The report indicates that there were no changes in the controlling shareholder or actual controller during the reporting period[160] - The company has a structured remuneration decision process for directors and senior management based on performance and operational goals[177] - The total number of ordinary shareholders at the end of the reporting period is 32,349, an increase from 28,521 at the end of the previous month[156] Social Responsibility and Community Engagement - The company donated 850,000 RMB to support poverty alleviation efforts in Xingxing Village, aiming to enhance rural development and ensure sustainable poverty reduction[140] - The company helped 168 registered impoverished individuals to escape poverty through its initiatives[144] - The total investment in poverty alleviation projects amounted to 41 million RMB, with 7 different project types initiated[144] - The company is committed to preventing poverty recurrence and ensuring the sustainability of its poverty alleviation outcomes[145]