HTGF(SH:600864)2021-08-24 16:00Financial Performance - Total operating income for the first half of 2021 was CNY 1,370,068,969.44, a decrease of 13.96% compared to the same period last year[23] - Net profit attributable to shareholders of the listed company reached CNY 111,693,134.60, an increase of 70.98% year-on-year[23] - The net cash flow from operating activities was CNY 265,782,659.23, down 74.88% from the previous year[23] - The total assets at the end of the reporting period were CNY 30,835,502,022.79, a decrease of 9.63% compared to the end of the previous year[23] - The net asset attributable to shareholders of the listed company was CNY 13,484,315,902.01, a decrease of 0.71% from the previous year[23] - Basic earnings per share for the first half of 2021 was CNY 0.05, an increase of 66.67% year-on-year[24] - The weighted average return on net assets increased by 0.34 percentage points to 0.83%[24] - The total revenue for the reporting period was 52,131,287.81 RMB, reflecting a year-on-year increase of 9.31%[52] - The total cost of thermal power was 50,041,328.74 RMB, which is a decrease of 1.96% compared to the previous year[54] - The securities business reported total operating revenue of CNY 502 million, a decrease of 32.98% year-on-year, while net profit increased by 0.27% to CNY 22 million[80] Operational Metrics - The company's total installed capacity remains at 99 MW, unchanged from the previous year[33] - Total electricity generation increased by 1.79% to 24,453,000 MWh compared to 24,023,000 MWh in the same period last year[44] - The electricity sales volume rose by 1.91% to 14,477,000 MWh, up from 14,206,000 MWh year-on-year[47] - The company's heating supply decreased by 12.82% to 830,000 GJ due to fewer heating days this year compared to the previous year[45] - The steam sales volume increased by 4.23% to 15.03 million tons, driven by higher demand from steam users[46] - The company's power plant's electricity consumption rate improved to 5.72%, an increase of 0.35% from the previous year[43] - The company currently operates 23 boilers, a decrease of 3 units from the previous year due to the retirement of older equipment[40] - The company has maintained a stable number of 9 generating units, with no changes from the previous year[36] Market and Regulatory Environment - The company faces increasing heating costs due to rising coal prices and environmental regulations, impacting profitability in the heating sector[32] - The new regulations from the People's Bank of China aim to enhance liquidity management for securities companies, presenting both opportunities and challenges[61] - The recent policy changes in the heating sector may increase the company's heating costs, impacting profitability[55] - From March 1, 2021, the company is no longer allowed to charge construction and supporting fees for centralized heating, directly impacting the revenue from network connection fees[120] - The provincial government plans to increase the heating temperature from 18°C to 20°C, which will raise the company's heating costs and affect profitability[120] Risk Management - The company implemented a comprehensive risk management system and improved internal control measures to enhance risk prevention capabilities[85] - The company has established a major risk reporting mechanism to effectively control significant risks identified during the risk assessment process[85] - The company plans to continue enhancing its internal control management capabilities and risk management systems in line with regulatory requirements[85] - The company has established a dual credit risk management mechanism to mitigate credit risks associated with derivative and financing businesses, including customer credit ratings and collateral management[121] - A comprehensive liquidity risk management system is in place, including capital management, stress testing, and emergency liquidity plans to address potential liquidity needs[121] - Market risk is managed through a limit management system, focusing on stock price and interest rate risks, with daily monitoring of risk limits[124] Environmental Compliance - The company operates three 130t/h coal-fired steam boilers, which have undergone dust removal, desulfurization, and denitrification modifications, ensuring compliance with ultra-low emission standards for nitrogen oxides, sulfur dioxide, and particulate matter[145] - The annual emission limits as per the pollution discharge permit are set at 290.76 tons/year for particulate matter, 1213.05 tons/year for sulfur dioxide, and 1538.99 tons/year for nitrogen oxides[138] - The company has six online monitoring emission outlets, with a total of 6 monitoring points across different plants, ensuring continuous emission tracking[139] - The company has implemented SCR denitrification upgrades in 2018, enhancing its ability to meet stringent emission requirements[145] - The company has established a robust environmental protection framework, including advanced pollution control facilities across its operations[145] - The company has received environmental impact assessment approvals for multiple projects, including the construction of new boilers and upgrades to existing systems[156] - The company has a commitment to environmental responsibility, with quarterly monitoring of emissions data conducted by a third-party agency[162] Community and Social Responsibility - Jianghai Securities has successfully helped four regions achieve poverty alleviation, with ongoing support for local businesses, including purchasing 700 boxes of local products worth 84,000 CNY[169] - Jianghai Securities is committed to energy conservation, advising employees to set air conditioning above 26°C and to turn off equipment when not in use[167] - The company promotes a paperless operation strategy, encouraging double-sided printing and the use of an OA office system to minimize paper consumption[167] - Jianghai Securities is actively involved in financing support for new agricultural entities through various debt instruments to enhance direct financing capabilities[172] Legal and Compliance Issues - Jianghai Securities reported a litigation amount of 40 million RMB related to a real estate contract dispute, with a judgment to return this amount plus interest[179] - The company is involved in a contract dispute with Shenzhen Xinlian Technology Co., with a litigation amount of 100 million RMB, and a first-instance judgment requiring repayment of this amount plus interest and penalties[179] - Jianghai Securities has ongoing arbitration disputes with multiple parties regarding stock pledge business, with various announcements made from 2018 to 2021[178] - The company has received a notice regarding the debt extension arrangement from Yiyang Group, which has successfully undergone bankruptcy reorganization, with a debt amount of 60,241,600 RMB to be repaid over five years[178] - Jianghai Securities Co., Ltd. is involved in multiple legal disputes, with amounts involved including 15,000 million and 56,000 million related to arbitration cases[183]