Jiaze Renewables(SH:601619)2023-04-07 16:00Financial Performance - The net profit attributable to the parent company's shareholders for 2022 was approximately ¥535.44 million, representing a significant achievement for the year[6]. - The parent company reported a net profit of approximately ¥129.54 million for the year, with retained earnings amounting to approximately ¥1.35 billion[6]. - The net profit attributable to shareholders for 2022 was CNY 535.44 million, a decrease of 30.59% from CNY 771.40 million in 2021[27]. - The company's operating revenue for 2022 was approximately CNY 1.84 billion, representing a 27.26% increase compared to CNY 1.45 billion in 2021[27]. - The cash flow from operating activities for 2022 was CNY 1.16 billion, showing a significant increase of 114.36% compared to CNY 539.64 million in 2021[27]. - The total assets at the end of 2022 reached CNY 18.97 billion, a 57.40% increase from CNY 12.05 billion at the end of 2021[27]. - The basic earnings per share for 2022 was CNY 0.22, down 37.14% from CNY 0.35 in 2021[28]. - The diluted earnings per share for 2022 was CNY 0.22, a decrease of 31.25% compared to CNY 0.32 in 2021[28]. - The company reported a net profit of CNY 160.65 million in Q4 2022, with a quarterly operating revenue of CNY 570.06 million[30]. - The net assets attributable to shareholders at the end of 2022 were CNY 5.81 billion, an increase of 10.62% from CNY 5.25 billion at the end of 2021[27]. Dividend Distribution - The company plans to distribute cash dividends totaling approximately ¥194.75 million, which accounts for 36.37% of the net profit attributable to the parent company[6]. - The proposed cash dividend for 2022 is CNY 194.75 million, accounting for 36.37% of the net profit attributable to the parent company's shareholders[187][192]. - The company plans to distribute a cash dividend of approximately CNY 0.80 per 10 shares (including tax) based on a total share capital of 2,434,312,419 shares as of March 31, 2023[188]. - The cumulative undistributed profits of the parent company amount to approximately CNY 1.35 billion[187]. - The cash dividend policy is clearly defined in the company's articles of association, requiring a minimum of 10% of the distributable profit to be distributed as cash dividends annually[187]. - The company has not adjusted its cash dividend policy during the reporting period[187]. - The company has a legal opinion confirming the compliance of the cash dividend policy with the articles of association and shareholder resolutions[189]. - The total cash dividend amount is subject to adjustment if there are changes in the total share capital before the dividend distribution date[188]. Risk Management - The company has not identified any significant risks that would affect its normal operations during the reporting period[13]. - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[10]. - The company faces risks related to fluctuations in grid electricity prices due to ongoing reforms in the electricity market, which may impact future performance[141]. - The company is exposed to risks from potential changes in tax incentive policies that could adversely affect its operating performance[142]. - The company acknowledges the risk of curtailment of wind and solar power generation due to grid limitations, which may affect overall power output[144]. - The company’s operating costs are significantly influenced by the prices of power generation equipment, which account for over 60% of total investment in power plants[148]. - The company is at risk of talent loss in the renewable energy sector, which could negatively impact its operational management and performance[150]. Corporate Governance - The company emphasizes the importance of independent governance structures, ensuring clear separation from its controlling shareholders in terms of assets, personnel, and finances[153]. - The company has established a complete and independent business system, including procurement, production, sales, and R&D, ensuring operational independence from shareholders and related parties[155]. - The company has taken measures to ensure the independence of its board and management, reinforcing its governance framework[155]. - The board of directors consists of 9 members, including 3 independent directors, and is supported by various committees to ensure effective governance and oversight[197]. - The company has implemented internal control activities based on the "Enterprise Internal Control Evaluation Guidelines," identifying one significant internal control deficiency during the reporting period[198]. - A financial reporting internal control deficiency was identified, resulting in an overstatement of total profit by CNY 137.5 million and net profit by CNY 118.12 million due to misclassification of investment income[199]. - The company has developed management guidelines for subsidiaries to ensure unified management and effective oversight in financial and operational areas[200]. Business Development - The company has diversified its business model into five key segments: renewable energy generation, rooftop distributed solar, power station sales, asset management, and fund business[63]. - The company plans to develop 800 MW to 1,000 MW of rooftop distributed solar projects over the next 3 years, focusing on commercial clients in economically developed southeastern coastal areas[51]. - The company is actively pursuing opportunities in pumped storage projects in Northeast China, with preliminary work already underway[134]. - The company is focusing on developing a comprehensive mechanism for rooftop distributed photovoltaic business, ensuring risk control and standardization across all operational processes[135]. - The company plans to establish two income-oriented industrial funds in collaboration with ProLogis and State Power Investment Corporation, focusing on renewable energy projects[139]. - The company is working on setting up an equity investment fund aimed at investing in new energy industrial parks or manufacturing sectors[139]. Market Position - The company achieved an operating revenue of CNY 184,096,780.00, which is a 27.26% increase year-on-year[64]. - The total revenue from the top five customers amounted to ¥165,313.09 million, representing 89.80% of the annual total sales, with the largest customer, State Grid Ningxia Electric Power Company, contributing ¥108,874.98 million or 59.14%[73][74]. - The company’s participation in market-oriented electricity trading was 205,242.71 million kWh, accounting for 56.98% of total grid electricity, a decrease of 12.66 percentage points year-on-year[99]. - The company’s market-oriented electricity trading volume decreased due to lower trading ratios in Henan, Hebei, and Shandong provinces[99]. Human Resources - The company employed a total of 162 staff members, with 61 in the parent company and 101 in major subsidiaries[181]. - The remuneration policy for directors and senior management is based on the company's profitability and individual contributions, with salaries adjusted according to market levels[183]. - The training plan includes skill enhancement for ordinary employees and targeted training for technical and management personnel to improve overall quality[184]. - The total compensation for the chairman, Chen Bo, was 12.12 million CNY for the year, with no changes in shareholding[160]. - The total compensation for the general manager, Zhao Jiwei, was 1.38 million CNY, with no changes in shareholding[160]. - The total compensation for the executive vice president, Han Xiaodong, was 1.26 million CNY, with a shareholding of 310,000 shares[161]. - The total compensation for the vice president, Zhou Jiesheng, was 1.26 million CNY, with no shareholding[162]. - The company reported a total of 4.82 million CNY in compensation for all executives listed[161]. Strategic Planning - The company’s 2021-2025 development strategy was approved, indicating a long-term growth plan[157]. - The strategic committee met once to discuss the company's development strategy for 2021-2025, aligning it with industry trends and the company's current status[179]. - The company continues to focus on strategic adjustments and governance improvements to enhance overall performance[169].