wsdl(SH:600995)2023-03-27 16:00Financial Performance - The company's operating revenue for 2022 was approximately CNY 8.26 billion, representing a year-on-year increase of 0.64%[19]. - Net profit attributable to shareholders for 2022 was approximately CNY 1.66 billion, an increase of 33.25% compared to the previous year[19]. - The net profit after deducting non-recurring gains and losses was approximately CNY 397.42 million, showing a significant increase of 391.59% year-on-year[19]. - The net cash flow from operating activities for 2022 was approximately CNY 4.60 billion, a decrease of 14.44% compared to the previous year[19]. - The company's total assets at the end of 2022 were approximately CNY 40.74 billion, reflecting a year-on-year increase of 10.11%[19]. - Basic earnings per share for 2022 were CNY 0.64, up 30.61% from CNY 0.49 in 2021[20]. - The weighted average return on equity for 2022 was 11.48%, an increase of 1.95 percentage points from the previous year[20]. - The company's total revenue from battery storage products increased by 43.76%, with costs rising by 51.58%, attributed to the addition of three new battery storage stations[45]. - The company's revenue in the Guangdong region increased by 42.94%, while costs increased by 41.94%, mainly due to the new pumped storage and battery storage stations[45]. Asset Management and Investments - The company completed a significant asset swap in September 2022, exchanging its electricity sales and related assets for 100% equity in Southern Power Grid Frequency Regulation Power Co., Ltd[8]. - The company completed a major asset swap, transitioning its main business from the power supply sector to the power generation sector, focusing on pumped storage and new energy storage[37]. - The company completed a major asset restructuring, acquiring 100% equity of a frequency modulation company from China Southern Power Grid through asset swap and share issuance, raising a total of 8 billion yuan in supporting funds[85]. - The asset swap involved the disposal of assets valued at approximately 2.1 billion yuan, including direct electricity supply services and 100% equity of two subsidiaries[88]. - The company has made significant equity investments totaling approximately ¥12.93 billion, with a projected internal rate of return of 6.5% based on document 633[82]. - The company has a total of 16 pumped storage power stations under construction and in preliminary work, with a total installed capacity of 19.4 million kilowatts, and one new energy storage power station with a total installed capacity of 300,000 kilowatts[200]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of 0.38 yuan per 10 shares, totaling 121,448,220.59 yuan for the year 2022[4]. - The company's profit distribution policy emphasizes cash dividends, with a minimum cash dividend ratio of 80% for mature companies without major capital expenditures[144]. - The company's profit distribution plan requires independent directors to provide clear opinions and engage with minority shareholders[144]. - The company's cash dividend distribution is subject to the condition of having positive retained earnings and meeting legal requirements[145]. - The company will not issue new shares or increase capital reserves through stock dividends for the 2022 fiscal year[146]. Corporate Governance - The company maintained independence from its controlling shareholders in terms of assets, personnel, finance, and operations during the reporting period[100]. - The board composition includes 9 members post-asset swap, with 3 independent directors, meeting regulatory requirements[97]. - The company held a total of 14 board meetings, approving 132 proposals during the reporting period[97]. - The supervisory board convened 11 meetings, passing 61 proposals, with no proposals being rejected[97]. - The company has a comprehensive evaluation method for assessing the performance of its leadership team[118]. Research and Development - Research and development expenses increased by 78.78% to CNY 58.32 million, reflecting the company's commitment to innovation[38]. - The company successfully added 62 new invention patents and 2 PCT international patents, achieving a "zero breakthrough" in international patent applications[31]. - The company is investing 500 million yuan in research and development for new technologies aimed at improving energy efficiency[107]. - The company is investing heavily in renewable energy technologies, with a budget allocation of 10 billion yuan for R&D in the next three years[110]. Environmental and Social Responsibility - Environmental protection investments amounted to RMB 15,625.79 million, with no environmental pollution incidents reported in 2022[153]. - The company reduced carbon emissions by 7,782,545 tons through various carbon reduction measures, including the use of clean energy[158]. - The company donated a total of RMB 268.04 million for public welfare projects, including RMB 238.7 million for targeted poverty alleviation[162]. - The company achieved a 100% environmental impact assessment approval rate for new projects in 2022[155]. Risks and Challenges - The company has outlined potential risks in its future development strategies, which investors should be aware of[5]. - The company faces risks related to water supply variability for its hydropower stations, which can significantly impact operational efficiency[94]. - The company is also exposed to regulatory risks regarding electricity pricing, which could adversely affect revenue if new pricing mechanisms are less favorable[96].