TEC(600780)2020-08-25 16:00Financial Performance - The company's operating revenue for the first half of 2020 was approximately CNY 3.31 billion, a slight increase of 0.35% compared to CNY 3.30 billion in the same period last year[20]. - The net profit attributable to shareholders decreased by 39.32% to CNY 103.51 million from CNY 170.57 million year-on-year[20]. - The net profit after deducting non-recurring gains and losses was CNY 101.78 million, down 40.75% from CNY 171.79 million in the previous year[20]. - The net cash flow from operating activities was CNY 488.91 million, a decrease of 13.55% compared to CNY 565.55 million in the same period last year[20]. - Basic earnings per share decreased by 39.31% to CNY 0.0903 from CNY 0.1488 in the same period last year[20]. - The weighted average return on net assets was 1.92%, down 1.37 percentage points from 3.29% in the previous year[20]. - Operating costs increased by 2.81% to CNY 2.915 billion, primarily due to increased electricity sales volume[35]. - The company's total revenue for the first half of 2020 was 3,308,430,137.29 RMB, a slight increase from 3,296,863,813.58 RMB in the same period of 2019, representing a growth of approximately 0.4%[115]. - The net profit for the first half of 2020 was 102,420.97 million, a decrease of 39.3% compared to 168,921.28 million in the first half of 2019[121]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 8.29 billion, a slight decrease of 0.07% from CNY 8.30 billion at the end of the previous year[20]. - The total power generation was 2.768 billion kWh, while the total electricity sales reached 6.285 billion kWh[32]. - The company's total assets included CNY 1.632 billion in cash, representing 19.68% of total assets, a slight decrease from the previous year[36]. - Total current assets increased to ¥2,280,924,384.60 as of June 30, 2020, up from ¥2,125,956,968.52 as of December 31, 2019, representing a growth of approximately 7.3%[103]. - Total liabilities decreased to ¥2,894,876,023.42 from ¥2,942,471,149.44, a reduction of about 1.6%[108]. - The company's total equity as of June 30, 2020, is RMB 2,903,673,126.58, a decrease of RMB 59,172,709.39 compared to the beginning of the year[143]. Business Operations - The main business remains focused on thermal power generation and distribution, with revenue generated from selling electricity to State Grid Shanxi Electric Power Company[28]. - The company expects a 6% year-on-year increase in electricity consumption in the second half of 2020, with an overall annual growth of 2%-3%[28]. - The company is actively pursuing capital operations to facilitate its industrial transformation and upgrade[32]. - The company is exploring new business models, such as charging stations, to expand its electricity consumption market[47]. - The company has committed to resolving property rights defects, ensuring they do not affect normal business operations, and will expedite the rectification of any defects within 12 months after the national land survey results are published[53]. Environmental and Social Responsibility - The company is focused on enhancing power supply capabilities in impoverished areas, particularly in deeply impoverished regions, to support clean energy projects[63]. - The company aims to ensure full purchase of electricity generated by poverty alleviation solar power stations, prioritizing the settlement and distribution of electricity fees and subsidies[63]. - The company has maintained compliance with environmental standards, with emissions of particulate matter, sulfur dioxide, and nitrogen oxides averaging 1.85 mg/m³, 15 mg/m³, and 31.34 mg/m³ respectively, all below the required limits[74]. - The company helped 845 registered poor individuals to escape poverty and assisted 47 individuals in finding employment during the first half of 2020, with a total of 98,100 RMB in financial and material aid provided[68]. - The company invested 8.27 million RMB in poverty alleviation projects and provided 1.54 million RMB in material assistance[68]. Corporate Governance - The company did not propose any profit distribution plan or capital reserve transfer to share capital during the reporting period[6]. - The company has not reported any changes in accounting policies or estimates that would materially affect its financial status or results of operations[82]. - The total number of common shareholders at the end of the reporting period was 41,397[87]. - The largest shareholder, Shanxi International Power Group Co., Ltd., held 657,313,245 shares, representing 57.33% of the total shares[87]. - The company has no significant litigation or arbitration matters during the reporting period[57]. Financial Reporting and Accounting - The financial statements are prepared based on the assumption of going concern, with no significant doubts about the company's ability to continue operations in the next 12 months[158]. - The company adheres to the relevant accounting standards, ensuring that the financial statements accurately reflect its financial position, operating results, changes in equity, and cash flows[160]. - The company recognizes goodwill when the acquisition cost exceeds the fair value of identifiable net assets acquired in a business combination[172]. - Financial assets are classified into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss[183]. - The company evaluates the extent of risks and rewards retained when transferring financial assets to determine derecognition[198].