DHEP(SH:600744)2022-04-13 16:00Financial Performance - The company's operating revenue for 2021 was ¥9,603,312,018.03, representing a 16.32% increase compared to ¥8,255,680,918.70 in 2020[22]. - The net profit attributable to shareholders of the listed company was -¥2,270,149,162.12, a significant decrease of 6,653.08% from ¥34,642,462.37 in the previous year[22]. - The net cash flow from operating activities was -¥893,852,305.39, a decline of 137.61% compared to ¥2,376,423,603.90 in 2020[22]. - The total assets at the end of 2021 amounted to ¥19,839,995,842.79, which is a 9.79% increase from ¥18,070,202,084.83 at the end of 2020[22]. - The net assets attributable to shareholders of the listed company decreased by 82.47% to ¥532,930,205.76 from ¥3,039,492,861.18 in 2020[22]. - The basic earnings per share for 2021 was -¥1.27, a decrease of 6,450% from ¥0.02 in 2020[23]. - The weighted average return on net assets was -119.20%, a decrease of 120.32 percentage points from 1.12% in 2020[23]. - The company reported a significant increase in revenue from core business activities, with a total of ¥9,317,329,121.42, up 16.73% from ¥7,982,189,621.10 in 2020[22]. - The company reported a net loss attributable to shareholders of 2.27 billion yuan, a decrease in profit of 2.30 billion yuan year-on-year[41]. - The company’s total revenue for the year was 9.60 billion CNY, an increase of 16.32% year-on-year, while the total profit was -2.26 billion CNY, a decrease of 23.49% year-on-year[73]. Operational Highlights - In 2021, the company achieved a total power generation of 23.22 billion kWh, an increase of 11.67% year-on-year[32]. - The company’s electricity generation for the year was 232.20 billion kWh, an increase of 11.67% year-on-year, while the on-grid electricity volume was 214.60 billion kWh, also up 11.38% year-on-year[73]. - The total power generation was 23.22 billion kWh, an increase of 11.67% year-on-year[49]. - The total on-grid electricity volume was 21.46 billion kWh, reflecting an increase of 11.38% year-on-year[49]. - Power sales revenue reached 8.88 billion yuan, up 1.30 billion yuan, or 17.18% year-on-year, driven by an increase in on-grid electricity volume by 2.19 billion kWh[48]. Cost Management - The company successfully reduced fuel costs by 410 million RMB through strategic procurement, despite rising coal prices[32]. - The company’s electricity sales cost increased by 49.57% year-on-year, reaching 10.25 billion yuan, primarily due to a sharp rise in coal prices[41]. - Operating costs totaled 10.79 billion yuan, an increase of 3.40 billion yuan, or 45.93%, significantly outpacing revenue growth[48]. - The gross margin for the power industry segment decreased by 24.99 percentage points to -15.39% due to rising costs[45]. - The company implemented cost-saving measures that reduced financial expenses by 66 million RMB and controllable expenses by 35.4 million RMB[32]. Research and Development - The company’s research and development expenses increased by 5.79% year-on-year, totaling approximately 19.73 million yuan[41]. - The company employed 279 R&D personnel, making up 4.9% of the total workforce[59]. - Research and development expenses totaled CNY 55,896,691.37, representing 0.58% of operating revenue, with 64.70% of R&D costs capitalized[58]. - The company’s research and development expenses increased by 25%, totaling 300 million RMB, focusing on renewable energy technologies[126]. Environmental Compliance - The company’s subsidiaries have achieved compliance with environmental standards, with no significant pollution incidents reported during the reporting period[170]. - The actual emissions of sulfur dioxide, nitrogen oxides, and particulate matter from the company’s power plants have met the required standards[171]. - The company has completed ultra-low emission upgrades for all its power generation units, ensuring compliance with ultra-low emission standards for air pollutants[176]. - The dust removal facilities at the company operated at a 100% utilization rate, achieving a dust removal efficiency of 99.97%[176]. - The company has established emergency response plans for environmental incidents, which have been filed with local environmental authorities[177]. Strategic Initiatives - The company aims to achieve a clean energy installed capacity ratio of 50% by 2025, focusing on wind and solar power expansion, as well as optimizing coal power structure[103]. - The company is strategically positioned to leverage the "14th Five-Year Plan" for energy transition, with a focus on clean energy development in Hunan province[102]. - The company plans to leverage the full liberalization of general industrial and commercial electricity prices to expand its market share in 2022[89]. - The company has initiated several renewable energy projects, including three wind power and four solar projects, contributing to its high-quality development goals[32]. Governance and Management - The company has initiated a governance reform plan to address the management overlap and competition with its controlling shareholder, ensuring compliance with regulatory requirements[111]. - The company has committed to gradually integrating high-quality power assets in Hunan from its controlling shareholder, China Datang Group, within three years after the approval of the share reform plan[108]. - The total pre-tax remuneration for the executives during the reporting period amounted to 617.75 million CNY[121]. - The company has maintained a stable management structure with no significant changes in the board composition[120]. - The company has established a performance assessment mechanism for senior management, which includes basic, classified, and restricted indicators[161]. Community Engagement - The company has allocated 1 million yuan in special assistance funds for rural revitalization, with an additional 1.2 million yuan from local government[192]. - The company has successfully transitioned Longzhu Village out of poverty, with all 137 registered impoverished households achieving stable poverty alleviation[189]. - The company has implemented a black cattle breeding project with an investment of 1.2 million yuan, expected to generate over 60,000 yuan annually for the village collective economy[196]. - The company has facilitated the sale of 190,015 pounds of citrus fruit and 135,850 pounds of potatoes, benefiting 470 households in Longzhu Village[190]. Future Outlook - The company provided a future outlook, projecting a revenue growth of 12% for the next fiscal year, targeting 11.2 billion RMB[127]. - The company plans to implement a new sustainability strategy, targeting a 30% reduction in carbon emissions by 2025[128]. - The company is expanding its market presence in Southeast Asia, with plans to invest 500 million RMB in new projects[129].