TEC(600780)2023-08-29 16:00Financial Performance - The company's operating revenue for the first half of 2023 was approximately RMB 5.49 billion, an increase of 1.97% compared to RMB 5.38 billion in the same period last year[20]. - The net profit attributable to shareholders for the first half of 2023 was approximately RMB 396.19 million, a decrease of 13.28% from RMB 456.87 million in the previous year[20]. - The basic earnings per share for the first half of 2023 was RMB 0.3456, down 13.27% from RMB 0.3985 in the same period last year[20]. - The net cash flow from operating activities decreased by 24.76% to approximately RMB 534.92 million, compared to RMB 710.94 million in the previous year[20]. - The total profit for the first half of 2023 was RMB 477,152,294.67, down 15.36% from RMB 563,780,762.72 in the first half of 2022[99]. - The company reported a net profit of 24,170.18 million RMB for Shanxi Local Power Company, with total assets of 691,542.88 million RMB and net assets of 451,569.08 million RMB[50]. Assets and Liabilities - The total assets at the end of the reporting period were approximately RMB 10.09 billion, a slight increase of 0.54% from RMB 10.03 billion at the end of the previous year[20]. - The total current assets as of June 30, 2023, amounted to RMB 3,302,755,388.02, a decrease from RMB 3,424,068,892.92 as of December 31, 2022, reflecting a decline of approximately 3.55%[90]. - The total liabilities decreased to RMB 1,500,000,000 from RMB 1,600,000,000, showing a reduction of 6.25%[90]. - The total assets of the company are supported by a robust capital structure, with a focus on sustainable growth in the energy sector[117]. - The total owner's equity at the end of the reporting period is CNY 3,680,497,337.78, an increase of CNY 130,000,320.66 compared to the previous period[115]. Operational Efficiency - The average utilization hours for coal-fired power generation increased to 2,244 hours, a year-on-year increase of 104 hours, reflecting improved operational efficiency[26]. - The company has implemented 30 specific measures to reduce costs and increase revenue, focusing on operational efficiency[35]. - The company is focused on optimizing existing power plants and grid upgrades to enhance operational quality and efficiency, aligning with the clean energy transition strategy[33]. Market Position and Strategy - The company's market share in the heating market of Yangquan City is nearly 70%, indicating a strong competitive position in the local market[31]. - The company aims to achieve a historical milestone by adding over 30 million kW of new installed capacity in 2023, with more than 23 million kW coming from non-fossil energy sources[27]. - The company is actively pursuing a strategic transformation towards clean energy, aligning with the "coal-electricity and clean energy integration" strategy[35]. Environmental and Safety Management - The company is committed to achieving "carbon peak" and "carbon neutrality" goals, enhancing energy efficiency and increasing investment in environmental protection measures[49]. - The company has established a dual prevention mechanism for safety risk control and hidden danger investigation, enhancing overall safety management[35]. - The company has established emergency response plans for environmental incidents, which have been filed with local environmental authorities[62]. - The company’s environmental monitoring results comply with national regulations and are publicly disclosed on the local environmental information platform[63]. Related Party Transactions - The company reported a total of 351,826,000 CNY in related party transactions for the first half of 2023, with 159,405,000 CNY already realized[75]. - The company purchased fuel from related party Jineng Holding Power Group Co., Ltd. for a total of 82,395,580 CNY, out of an estimated 171,530,000 CNY for the year[74]. - The company sold electricity to related parties totaling 61,296,400 CNY, with significant contributions from Shanxi Xishan Jinxing Energy Co., Ltd. and other state-controlled enterprises[75]. Governance and Compliance - The company has established a robust internal control management system to mitigate risks and ensure effective governance[32]. - The company has not disclosed any plans for profit distribution or capital reserve transfer to increase share capital during this reporting period[6]. - There are no significant risks or non-operating fund occupation by controlling shareholders or related parties reported[7]. - The financial statements have been prepared in accordance with the relevant accounting standards, ensuring transparency and accuracy[119]. Future Outlook - The company plans to focus on new product development and market expansion strategies to enhance future growth prospects[99]. - The company is actively working on the transformation of existing coal-fired power units to reduce coal consumption and emissions, aligning with national environmental goals[51].