Jinko Power(SH:601778)2021-08-19 16:00Financial Performance - The company reported a significant increase in net profit attributable to shareholders compared to the previous year, with a growth rate of 10%[6]. - The company's operating revenue for the first half of the year was RMB 1,780,540,210.51, an increase of 2.62% compared to RMB 1,735,044,812.02 in the same period last year[22]. - The net profit attributable to shareholders decreased by 21.55% to RMB 170,299,943.74 from RMB 217,078,799.81 year-on-year[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 43.65% to RMB 103,347,329.74 compared to RMB 183,414,835.55 in the previous year[22]. - The company achieved a net profit attributable to the parent company of 170 million yuan in the first half of 2021, a year-on-year decrease of 21.55% due to declining gross profits from power generation business[42]. - The company reported a basic earnings per share of RMB 0.06, down 40% from RMB 0.10 in the same period last year[24]. Cash Flow and Assets - The company's cash flow from operating activities increased by 12.36% to RMB 392,793,938.23 from RMB 349,577,263.25 year-on-year[22]. - The total assets at the end of the reporting period were RMB 32,138,165,178.95, reflecting a 9.66% increase from RMB 29,306,833,414.46 at the end of the previous year[22]. - The company’s total assets included CNY 5.42 billion in cash, representing 16.88% of total assets, a 122.74% increase from the previous year[51]. - The total current assets as of June 30, 2021, amounted to approximately RMB 13.66 billion, an increase from RMB 10.36 billion as of December 31, 2020, reflecting a growth of about 31.1%[194]. - The cash and cash equivalents increased to approximately RMB 5.42 billion from RMB 2.43 billion, representing a significant growth of approximately 122.5%[194]. Shareholder Information - The total share capital of the company was 2,765,501,922 shares[6]. - The total number of shareholders at the end of the reporting period was 97,125[167]. - The largest shareholder, Jinko Solar Group Co., Ltd., held 853,400,000 shares, representing 30.86% of the total shares[167]. - The total number of shares held by the top ten shareholders was 1,500,000,000, which is approximately 54.3% of the total shares[167]. Dividends and Profit Distribution - The company plans to distribute a cash dividend of 0.1721 RMB per 10 shares, totaling approximately 47.59 million RMB, which represents 27.95% of the net profit attributable to shareholders for the first half of 2021[6]. - The company has committed to maintaining the total distribution amount unchanged even if the total share capital changes[6]. Operational Highlights - The company operated a total of 401 photovoltaic power stations with a total operation scale of nearly 5GW as of June 30, 2021[29]. - The company completed a contract signing scale of approximately 228.90MW in its EPC business during the first half of 2021[29]. - The company has approximately 1,257.13MW of domestic photovoltaic power stations under construction and about 2,302MW overseas, including equity projects[38]. - The company has developed a comprehensive O2O operation and maintenance management service platform, significantly improving operational efficiency through advanced technologies such as drone inspections and infrared detection[37]. Risks and Challenges - The company is facing risks from macroeconomic fluctuations and policy adjustments, which could impact profitability due to the close relationship with national policies and economic conditions[66]. - The company is experiencing intensified market competition, particularly during the "14th Five-Year Plan" period, with increased capital inflow into the renewable energy sector[66]. - The company is monitoring raw material price fluctuations, particularly for photovoltaic components, which significantly affect project costs and revenues[67]. - The company has a high balance of subsidy receivables due to the gradual expansion of national photovoltaic electricity subsidies, which poses cash flow pressure if delays continue[67]. Compliance and Governance - The company has not faced any non-operating fund occupation by controlling shareholders or related parties[8]. - There are no violations of decision-making procedures regarding external guarantees[8]. - The company has not encountered any risks that would prevent a majority of directors from ensuring the accuracy and completeness of the semi-annual report[8]. - The company committed to strictly adhere to the regulations regarding stock reduction after the lock-up period, ensuring compliance with the China Securities Regulatory Commission and Shanghai Stock Exchange guidelines[99]. Project Developments - The company has formed partnerships with global energy giants, successfully bidding for large overseas photovoltaic projects totaling 2,100MW in Abu Dhabi, 182.5MW in Spain, and 109MW in Jordan[40]. - The company signed an investment contract with Huaneng Jiangxi to jointly establish a foreign-invested company for a 2GW photovoltaic power station project in Jiangxi Province, with an estimated total investment of approximately 8.8 billion yuan[155]. - The project is expected to generate approximately 2 billion kWh of electricity annually, yielding an estimated annual revenue of about 828 million yuan[155]. Guarantees and Liabilities - The total amount of guarantees provided by the company (excluding subsidiaries) during the reporting period was 100,578.28 million RMB[143]. - The total balance of guarantees at the end of the reporting period (excluding subsidiaries) was 218,744.93 million RMB[146]. - The company has a joint liability guarantee of 44,561.42 million RMB for Poyang County Luohong Electric Co., Ltd., with a guarantee period from March 29, 2019, to January 15, 2023[143]. Future Plans - The company aims to explore new business areas such as energy storage and photovoltaic building integration (BIPV) to leverage its experience in the photovoltaic power sector[29]. - The company plans to continue tracking national macro policies and industry trends to enhance decision-making capabilities in response to economic changes[66].