NYOCOR Co.,Ltd.(SH:600821)2023-03-30 16:00Employee Composition and Compensation - The total number of employees in the parent company and major subsidiaries is 375, with 221 in the parent company and 154 in subsidiaries[11]. - The professional composition includes 148 production personnel, 47 sales personnel, 79 technical personnel, 26 financial personnel, and 33 administrative personnel[11]. - The educational background of employees shows that 306 have a bachelor's degree or higher, while 69 have a college degree or lower[13]. - The company maintains a competitive compensation scheme based on employee value, company strategy, and market levels, with salaries comprising base pay, performance pay, special bonuses, long-term incentives, and benefits[14]. - Employee salaries are differentiated by position, with salary growth linked to the company's key performance indicators[14]. - The company provides comprehensive employee benefits, including mandatory social insurance and supplementary commercial medical insurance[14]. - Senior management compensation includes base salary, performance pay, long-term incentives, and benefits, with performance pay based on annual performance evaluations[20]. - The actual compensation paid to all directors, supervisors, and senior management is detailed in the report[20]. Board Governance and Meetings - The board consists of 9 members, with 4 nominated by shareholders, 3 independent directors, and 2 internal directors, with no shareholder-nominated directors receiving compensation[20]. - Independent directors receive an annual pre-tax allowance of 150,000 yuan, paid monthly[20]. - Recent changes in the board include the resignation of the chairman and the election of new directors due to work reasons[20][23]. - The company held a total of 13 board meetings in 2022, with all members attending the meetings either in person or via communication methods[27]. - All proposals presented during the board meetings were unanimously approved, indicating strong consensus among board members[31]. - The company has not reported any instances of independent directors failing to attend consecutive meetings, indicating strong governance practices[27]. - The board has established specialized committees, including an audit committee and a nomination committee, to enhance governance and oversight[28]. - The board of directors has actively participated in all meetings, with no instances of absenteeism reported for key members[27]. Financial Performance and Position - The company achieved a consolidated net profit attributable to shareholders of 732.02 million yuan in 2022, representing a 52.34% increase compared to 2021[52]. - Operating revenue for 2022 was 3.08 billion yuan, up 57.52% from 1.96 billion yuan in 2021[52]. - The net cash flow from operating activities reached 3.05 billion yuan, a significant increase of 230.36% compared to the previous year[52]. - The total assets of the company as of the end of 2022 amounted to 32.69 billion yuan, reflecting a 29.38% growth from 2021[52]. - The net assets attributable to shareholders increased to 8.37 billion yuan, marking a 68.67% rise year-on-year[52]. - The company reported a net profit excluding non-recurring gains and losses of 683.30 million yuan, which is a 55.86% increase from the previous year[52]. - The company will not distribute profits or increase capital reserves due to an unabsorbed loss of 776.87 million yuan as of the end of 2022[54]. - The company has received a standard unqualified audit opinion from KPMG Huazhen[57]. Operational Strategies and Future Growth - The company plans to continue its operational strategies without any significant changes, ensuring stability in its financial reporting[31]. - The company has outlined future growth strategies that include market expansion and potential mergers and acquisitions to strengthen its position[40]. - The company is focused on maintaining transparency and governance standards, as evidenced by the diverse backgrounds of its board members[39]. - The company is committed to innovation and technology development in the renewable energy space, aiming to enhance its product offerings[40]. - The company is positioned to leverage its financial expertise and market knowledge to capitalize on emerging opportunities in the renewable energy sector[40]. - The company plans to achieve a new energy generation capacity of over 13 GW by 2025, with a focus on investment and operational competitiveness[193]. - By 2035, the company aims to transition to zero-carbon energy production and establish a globally competitive energy ecosystem[193]. Renewable Energy Initiatives - The company has been focusing on expanding its renewable energy initiatives, aligning with national green development goals[40]. - The company is actively involved in various subsidiaries and partnerships, enhancing its operational capabilities and market reach[39]. - The company has a strong management team with extensive experience in finance and investment, including roles in major banks and investment firms[36]. - The company’s total installed capacity of renewable energy sources accounted for nearly 50% of the total installed capacity in the country by the end of 2022[111]. - The company achieved a total power generation of 6.278 billion kWh in 2022, an increase of 25.19 billion kWh compared to the previous year[86]. - The installed capacity as of December 31, 2022, was 5,566 MW, with a grid-connected capacity of 3,754 MW, reflecting a year-on-year growth of 17% and 20% respectively[79]. - The proportion of non-fossil energy generation in total power generation increased to 36.2%, up by 1.7 percentage points year-on-year[111]. Investment and Acquisitions - The company completed a non-public offering of 460,906,950 shares at a price of RMB 5.85 per share, raising a total of RMB 2.669 billion, which reduced the asset-liability ratio to 72.99%, down 6.01 percentage points from the beginning of the year[79]. - The company has made a total investment of 991,069,198.43 in various projects, with a reported profit impact of 105,864,881.63[164]. - The company acquired a 100% stake in Urumqi Ruihe Guangsheng Power Technology Co., Ltd. for 149,995,569.00, with the investment fully paid and the equity registered[161]. - The company has invested 216,249,149.43 to acquire a 90% stake in Lingyuan Zhijing New Energy Co., Ltd., with the investment already paid as per the contract[160]. - A 55% stake in Shanghai Electric (Mulei) Wind Power Co., Ltd. was acquired for 115,362,500.00, with the investment amount fully paid and equity registered[160]. - The company has invested 86,400,000.00 to acquire a 90% stake in Guigang Gaochuan Wind Power Co., Ltd., with the investment already paid[161]. - The company has made a 51% acquisition in Daqing Tongcai New Energy Co., Ltd. for 661,980.00, with the investment fully paid[162]. - The company has a 49.94% stake in Jinkai Qiyu (Beijing) New Energy Development Partnership, with an investment of 294,100,000.00[163]. Market Performance and Sales - The company’s market share of total electricity was 30.51% in 2022, up from 16.20% in 2021[179]. - The total electricity traded in the market reached 189,152.22 million kWh in 2022, a year-on-year increase of 214.44%[179]. - The total on-grid electricity was 619,986.72 million kWh, representing a 66.94% increase compared to the previous year[179]. - The average selling price of electricity rose by 85% to 4,298 RMB/MWh, reflecting improved market conditions[175]. - The company achieved a 32% increase in electricity sales in Anhui, totaling 5,780 MWh, reflecting strong regional demand[173]. - The company reported a 110% increase in electricity sales in Shanxi, totaling 69,056 MWh, showcasing robust demand[172]. Research and Development - Research and development expenses surged by 297.89% to approximately CNY 7.26 million, compared to CNY 1.83 million in the previous year, accounting for 0.24% of total revenue[112][123]. - The company plans to complete the full coverage of its production digitalization system across its power stations in 2023, enhancing AI-assisted decision-making[134]. - The company is focusing on high-end equipment and materials innovation to enter the top tier of clean energy enterprises by 2022[193].