XINJI ENERGY(SH:601918)2021-03-24 16:00Financial Performance - The company's operating revenue for 2020 was CNY 8,354,965,440.60, a decrease of 9.42% compared to CNY 9,223,580,390.04 in 2019[23]. - The net profit attributable to shareholders for 2020 was CNY 847,100,522.63, representing an increase of 47.05% from CNY 576,074,386.10 in 2019[23]. - The net cash flow from operating activities was CNY 2,033,643,288.01, down 40.78% from CNY 3,433,897,172.34 in 2019[23]. - The total assets at the end of 2020 were CNY 28,466,757,956.56, a slight increase of 1.75% from CNY 27,976,818,710.03 at the end of 2019[23]. - The net assets attributable to shareholders increased by 13.96% to CNY 6,947,957,163.74 at the end of 2020, compared to CNY 6,096,933,949.60 at the end of 2019[23]. - Basic earnings per share for 2020 were CNY 0.327, up 47.3% from CNY 0.222 in 2019[23]. - The weighted average return on net assets increased by 2.56 percentage points to 11.69% in 2020, compared to 9.13% in 2019[23]. - The company achieved an operating revenue of 8.36 billion RMB, a decrease of 9.42% year-on-year[38]. - The total profit reached 1.646 billion RMB, an increase of 0.37 billion RMB compared to the previous year[38]. - The company reported a significant increase in net profit attributable to ordinary shareholders in 2020, with a profit of CNY 847,100,522.63 and a dividend payout ratio of 10.70%[86]. Market and Operational Insights - The company actively expanded its market presence, achieving a stable market share in the coal and electricity sectors within Anhui province, with coal sales reaching 8.85 million tons in 2020[30]. - The average market price of coal remained stable at CNY 515 per ton in 2020, with expectations of increased competition in the market due to improved transportation channels[30]. - The company holds a controlling stake in the Lixin Power Plant, which has a capacity of 2,000 MW, contributing significantly to its electricity generation capabilities[30]. - The company plans to continue its strategic initiatives in market expansion and technological advancements in energy production to maintain its competitive edge[30]. - The company completed a total coal production of 16.17 million tons, an increase of 193,600 tons year-on-year[37]. - The company's coal sales volume was 15.75 million tons, a decrease of 1.47% year-on-year[42]. - The company plans to produce 17 million tons of commercial coal and generate 10.3 billion kWh of electricity in 2021[79]. Financial Management and Investments - The company reported a retained earnings balance of CNY 1,185,339,685.54 to be carried forward to the next year[6]. - The company plans to distribute a cash dividend of CNY 0.35 per 10 shares, totaling CNY 90,668,963, pending shareholder approval[6]. - The company has outstanding loans totaling CNY 2,882,350,000.00, with various maturity dates ranging from 2020 to 2029[109]. - The company has a total resource reserve of 1.016 billion tons, accounting for approximately 40% of the total resource amount of the four major coal enterprises in Anhui Province[33]. - The company has adjusted the investment for the Banjic Coal Mine project from 2,494.96 million CNY to 5,992.40 million CNY, with an additional investment requirement of 1,397.48 million CNY for completion[114]. Environmental and Social Responsibility - The company is committed to environmental protection, having established a leadership group for environmental management and increased investment in green initiatives[124]. - The company has implemented advanced treatment processes for wastewater, including biological contact oxidation and chemical coagulation, to enhance treatment efficiency[130]. - The company has established a comprehensive waste management system, ensuring that all industrial and domestic wastewater is treated and reused without discharge[130]. - The company invested approximately 244.8 million CNY in poverty alleviation efforts, achieving full poverty alleviation for 29 households and increasing the collective income of the village by 36% year-on-year[116][117]. - The company has received recognition for its social responsibility initiatives, as detailed in its 2020 Social Responsibility Report[123]. Legal and Compliance Matters - The company has ongoing litigation involving claims for repayment of debts totaling approximately ¥394.1 million and ¥80.6 million from different parties[93]. - The company has not faced any risks of suspension or termination of listing during the reporting period[92]. - The company has engaged Tianzhi International Accounting Firm for auditing services, with a fee of ¥90,000 for the audit and ¥40,000 for internal control audit[91]. - The company has not encountered any issues with funds being occupied or overdue receivables during the reporting period[90]. - The company has successfully maintained asset preservation measures against Liu Zhuang Real Estate, securing properties valued at CNY 365 million[96]. Future Outlook and Strategic Initiatives - The company provided a positive outlook for 2021, projecting a revenue growth of 10% to 12% based on market expansion strategies and new product launches[156]. - The company plans to leverage its advantages to promote industrial structure adjustments and build a clean and efficient coal-electricity integrated industrial base[77]. - The management emphasized the importance of sustainability, with plans to invest 300 million CNY in green energy projects over the next five years[156]. - The company plans to accelerate the construction of new power projects to enhance its production capacity[79]. - The company is focusing on enhancing operational efficiency and cost reduction measures to mitigate the impacts of economic downturns and the pandemic[30].