Jiaze Renewables(SH:601619)2021-08-20 16:00Financial Performance - The company's operating revenue for the first half of 2021 reached ¥711,968,733.77, representing a 35.16% increase compared to ¥526,764,764.44 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was ¥253,396,114.70, a significant increase of 113.97% from ¥118,428,019.34 in the previous year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥252,833,529.10, up 108.91% from ¥121,026,418.37 in the same period last year[19]. - The net cash flow from operating activities for the reporting period was approximately CNY 267.08 million, an increase of 51.98% compared to the previous year[22]. - The basic earnings per share for the first half of the year was CNY 0.1214, representing a 112.61% increase year-over-year[23]. - The diluted earnings per share increased by 88.44% to CNY 0.1076 compared to the same period last year[23]. - The weighted average return on equity rose to 6.63%, an increase of 3.13 percentage points from the previous year[23]. - The net assets attributable to shareholders increased by 22.04% to approximately CNY 4.47 billion compared to the end of the previous year[22]. - The total assets of the company reached approximately CNY 12.63 billion, reflecting a 3.29% increase from the previous year[22]. - The company reported a total asset value of 12.631 billion yuan, an increase of 3.29% compared to the end of the previous year[52]. - The company reported a significant increase in investment income, reaching ¥50,138,830.91 compared to ¥361,580.48 in the previous year[191]. - The total operating profit for the first half of 2021 was ¥103,522,480.58, compared to ¥47,929,503.47 in the first half of 2020, indicating significant growth[200]. Renewable Energy Capacity and Performance - The renewable energy installed capacity in China reached 971 million kilowatts by the end of June 2021, with wind power capacity at 292 million kilowatts and solar power capacity at 268 million kilowatts[38]. - The company’s wind power generation increased by approximately 44.6% year-over-year, contributing to a total of 344.18 billion kilowatt-hours in the first half of 2021[38]. - The average utilization rate for wind power reached 96.4%, an improvement of 0.3 percentage points compared to the previous year[38]. - As of June 30, 2021, the company's installed capacity for renewable energy reached 1,417.875 MW, including 1,361.5 MW for wind power and 50 MW for solar power[52]. - The total installed wind power capacity in China reached 292 million kW by the end of June 2021, with a year-on-year generation increase of 44.6%[41]. - The total installed solar power capacity in China was 268 million kW by the end of June 2021, with a year-on-year generation increase of 23.4%[42]. Investments and Subsidiaries - The company established a wind energy development industry fund to enhance its investment in renewable energy projects, aiming to integrate capital with industry effectively[52]. - The company has ongoing and planned projects totaling 342.5 MW, including 242.5 MW for wind power and 100 MW for solar power[52]. - The company has established a wholly-owned subsidiary, Ningxia Jialong New Energy Operation Management Co., Ltd., with an investment of RMB 50 million to engage in power generation, transmission, and supply services[69]. - The company invested RMB 25 million to hold a 50% stake in Linyi Jiazexihe New Energy Co., Ltd., in collaboration with Permanent Idea Development Limited and Beijing Xihe Energy Investment Co., Ltd.[72]. - The company acquired a 7.945% stake in Ningxia Ningbo Industrial Investment Fund (Limited Partnership) for RMB 22 million, with a paid-in capital of RMB 17.149 million[73]. - The company has established several subsidiaries, including Guangxi Jiazhe New Energy Co., Ltd. with an investment of 5.6 million CNY (56% ownership) and Ningxia Jiajun Electricity Sales Co., Ltd. with an investment of 20 million CNY (100% ownership) in 2021[114]. Financial Position and Liabilities - The company's total liabilities as of June 30, 2021, were 8.16 billion yuan, with a debt-to-asset ratio of 64.60%[173]. - The company's long-term credit rating remains at AA, with a stable outlook, indicating strong creditworthiness[173]. - The total amount of guarantees provided by the company, including those to subsidiaries, is CNY 4,862,899,586.80, which accounts for 108.76% of the company's net assets[134]. - The company provided guarantees totaling CNY 788,000,000.00 to subsidiaries during the reporting period, with a total outstanding guarantee balance of CNY 4,862,899,586.80 at the end of the period[134]. - The total amount of guarantees exceeding 50% of net assets is CNY 2,627,251,171.51[134]. Market and Regulatory Environment - The company is at risk of revenue decline due to potential changes in on-grid electricity prices, which could adversely affect operational performance if costs are not effectively controlled[89]. - The company has faced risks related to changes in supportive policies for renewable energy, which could impact future project revenues[88]. - The company is actively monitoring regulatory changes that could affect the renewable energy sector and its operational strategies[88]. - The company must navigate government approval processes for its wind and solar projects, and any tightening of these processes could delay project development and affect returns[100]. Operational Efficiency and Challenges - The company has implemented a supplier one-stop service model to enhance operational efficiency and reduce maintenance costs[43]. - The company has maintained a stable operational environment with no safety incidents reported during the first half of 2021[53]. - The company faces risks related to wind and solar power curtailment due to insufficient grid capacity to absorb generated electricity, which can significantly impact overall power generation[95]. - The company has obtained grid connection approvals for all its projects, but future projects may face delays in obtaining necessary permits, affecting their operational capacity[98]. - The company's operating costs are heavily influenced by the prices of power generation equipment, which account for over 60% of total investment; significant price increases could adversely affect profitability[101]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 83,613[150]. - The top shareholder, Jinyuan Rongtai Investment Management (Ningxia) Co., Ltd., held 585,371,237 shares, representing 24.79% of total shares, with 378,321,470 shares pledged[150]. - The company granted 6,897,000 restricted shares to incentive plan participants, which will be released upon meeting certain conditions[158]. - The total number of restricted shares granted during the reporting period was 1,160,000, with no shares unlocked yet[161]. - The top ten shareholders accounted for a significant portion of the company's equity, with the largest shareholder holding nearly 25%[150].