CTGR(SH:600905)2022-04-27 16:00Financial Performance - In 2021, the company's operating revenue reached ¥15.48 billion, a year-on-year increase of 36.85% compared to ¥11.31 billion in 2020[19]. - The net profit attributable to shareholders was ¥5.64 billion, reflecting a 56.26% increase from ¥3.61 billion in the previous year[19]. - The net profit after deducting non-recurring gains and losses was ¥5.07 billion, up 45.53% from ¥3.48 billion in 2020[19]. - By the end of 2021, total assets grew by 52.34% to ¥217.20 billion from ¥142.58 billion in 2020[19]. - The net assets attributable to shareholders increased by 64.22% to ¥68.83 billion, compared to ¥41.91 billion at the end of 2020[19]. - The basic earnings per share for 2021 was ¥0.2279, a 26.26% increase from ¥0.1805 in 2020[20]. - The weighted average return on equity rose to 10.14%, an increase of 1.16 percentage points from 8.98% in 2020[20]. - The company reported a net cash flow from operating activities of ¥8.82 billion, a slight decrease of 1.77% from ¥8.98 billion in 2020[19]. - The company's operating revenue for 2021 was 15.484 billion RMB, an increase of 36.85% year-on-year, while operating costs rose to 6.440 billion RMB, up 34.52%[42]. - The net profit attributable to shareholders for 2021 was 5.642 billion RMB, reflecting a growth of 56.26% compared to the previous year[43]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.2122 per 10 shares, totaling approximately RMB 607.34 million (including tax) based on a total share capital of 28,620,950,000 shares as of March 31, 2022[4]. - The company distributed cash dividends totaling 1.083 billion yuan (including tax) to shareholders in 2021[26]. - The company distributed a cash dividend of 0.0379 RMB per share for the first half of 2021, totaling 1,082,840,900 RMB[127]. - For the fiscal year 2021, the company plans to distribute a cash dividend of 0.2122 RMB per share, amounting to 607,336,559 RMB based on the total share capital of 28,620,950,000 shares[127]. Risk Management - The company reported no significant risks affecting its ongoing operations during the reporting period[6]. - The company has outlined potential risks in its annual report, which investors are advised to review[6]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties[6]. - The company has not violated decision-making procedures for providing guarantees[6]. - The company has confirmed that all board members are able to guarantee the authenticity, accuracy, and completeness of the annual report[6]. - The company is facing risks related to policy changes that may intensify industry competition and affect project development[87]. - The company is addressing potential risks from the renewable energy subsidy policy and the impact of market demand fluctuations on its electricity generation efficiency[87]. Corporate Governance - The company held 4 shareholder meetings during the reporting period, addressing significant matters such as project changes, profit distribution, and related transactions, all of which were approved[90]. - The board of directors convened 19 meetings, approving 112 important proposals, including the annual board work report[90]. - The supervisory board held 7 meetings, reviewing 19 proposals, including the annual financial settlement report[90]. - The company disclosed 77 announcements related to major events, including meeting resolutions and significant transactions, ensuring timely and accurate information dissemination[91]. - The governance structure of the company aligns with national laws and regulations, ensuring effective supervision and risk management[90]. - The board includes 9 members, with 3 independent directors, ensuring compliance with legal requirements[90]. - The company emphasizes the integration of party leadership into corporate governance, enhancing decision-making efficiency and compliance[90]. - The company plans to continue improving its governance structure and compliance management in 2022[92]. Environmental Initiatives - The company generated 33.069 billion kWh of electricity in 2021, equivalent to saving approximately 9.92 million tons of standard coal and reducing CO2 emissions by about 25.46 million tons[140]. - The comprehensive energy consumption per 10,000 yuan of output was 0.0726 tons of standard coal/10,000 yuan, a decrease of 1.04% compared to the previous year[140]. - The company has established an ecological environment protection leadership group to oversee environmental protection work, ensuring full lifecycle management of environmental protection across all business activities[138]. - The company has implemented various environmental protection management systems, including the Environmental Protection Assessment Management Measures and the Solid Waste Management Measures[139]. - The company has not experienced any major environmental violations or incidents during the reporting period, maintaining compliance with environmental standards[140]. - The company is actively involved in rural revitalization efforts, implementing the "New Energy + Rural Revitalization" model and participating in national energy initiatives[142]. - The company has completed several renewable energy projects, including a 100 MW fish-solar complementary project and an 182 MW photovoltaic project, contributing to local economic development[142]. Strategic Development - The company is focusing on enhancing energy storage capabilities to support the integration of renewable energy sources[34]. - The company is actively exploring new energy technologies, including pumped storage and hydrogen energy, to create integrated projects that enhance renewable energy development[38]. - The company plans to continue expanding its renewable energy projects, particularly in offshore wind power, which saw a significant increase in installed capacity[43]. - The company aims to deepen its offshore wind power layout during the 14th Five-Year Plan, focusing on regions such as Guangdong, Fujian, and Jiangsu, while expanding into Shandong, Liaoning, Hainan, Shanghai, Zhejiang, and Guangxi[84]. - The company is committed to increasing its investment in renewable energy development and technology innovation, with a focus on high-quality development and risk management[85]. - The company plans to enhance its resource reserve efforts and steadily advance project approvals, construction, and production, targeting breakthroughs in scale, technology, and standards[84]. - The company is focused on increasing its research and development investment to enhance its independent innovation capabilities and promote the application of innovative technologies[85]. Shareholder Commitments - The controlling shareholder, Three Gorges Group, committed to not transferring or entrusting others to manage shares for 36 months starting from June 10, 2021[146]. - Other shareholders, including Doucheng Weiye and others, committed to not transferring or entrusting others to manage shares until March 23, 2023[147]. - The company has made a long-term commitment to avoid any business activities that compete with its main operations in wind and solar power generation[148]. - The company has a commitment to strictly adhere to regulations regarding share reduction after the lock-up period, ensuring compliance with relevant laws and regulations[147]. - The company’s controlling shareholders will not engage in any competitive business activities within China, excluding Hubei Province[148]. - The company has established a commitment to ensure that any violation of share transfer commitments will result in the proceeds being returned to the company[147]. - The company’s shareholders have agreed to correct any violations within the timeframe required by regulatory authorities[147]. Related Party Transactions - The company has undertaken significant related party transactions, including the acquisition of shareholder loans and assets from subsidiaries[163]. - The company’s related party transactions are primarily based on cost-plus pricing methods[163]. - The company’s financial reports indicate no significant changes in related party transactions that were previously disclosed[161]. - The company has not disclosed any new related party transactions in the current reporting period[161]. Investment and Acquisitions - The company completed the acquisition of 100% equity in Pingdu Anxin Electric Investment New Energy Co., Ltd. for ¥0, with a registered capital of ¥50 million[167]. - The company purchased a 31% stake in Yongdeng Hongyang New Energy Power Co., Ltd. for ¥3,555.70 million, increasing its ownership to 51%[167]. - The company agreed to acquire a 51% stake in Xingyi Three Gorges Clean Energy Development Co., Ltd. for ¥204.0255 million, with a registered capital adjustment to ¥124 million[167]. - The company also acquired a 51% stake in Fengjie Kuizhou Three Gorges Clean Energy Development Co., Ltd. for ¥714.00 million, with a registered capital adjustment to ¥286 million[167]. - The company and its partners established Jiangsu Energy Investment Co., Ltd. with a registered capital of 500 million RMB, where the company contributed 165 million RMB, holding a 33% stake[169]. Human Resources and Management - The total number of employees at the company and its main subsidiaries is 4,420, with 248 in the parent company and 4,172 in subsidiaries[122]. - The company has a training plan aimed at developing high-quality, professional talent, focusing on youth employee selection and training[125]. - The company has implemented a salary policy that links employee performance to compensation, ensuring competitive salaries and benefits[124]. - The company has a structured remuneration decision process based on performance evaluations for senior management[103]. Compliance and Internal Control - The company has established a strict internal control management system in accordance with relevant laws and regulations, enhancing decision-making efficiency and ensuring compliance and asset safety[131]. - The company received a standard unqualified opinion in its internal control audit report, confirming effective financial reporting internal controls as of December 31, 2021[134]. - The company has no significant litigation or arbitration matters reported for the year[159]. - The company has implemented a new leasing accounting standard effective January 1, 2021, impacting financial statement disclosures[156].