大唐发电(601991) - 2021 Q2 - 季度财报

Financial Performance - The company's operating revenue for the first half of the year reached CNY 50,394,245, an increase of 13.30% compared to CNY 44,478,123 in the same period last year[15]. - Net profit attributable to shareholders of the listed company was CNY 1,636,247, a decrease of 7.97% from CNY 1,777,894 in the previous year[15]. - The net profit after deducting non-recurring gains and losses was CNY 2,102,178, reflecting a 27.18% increase from CNY 1,652,956 in the same period last year[15]. - The net cash flow from operating activities was CNY 10,735,260, down 11.72% from CNY 12,160,696 in the previous year[15]. - As of the end of the reporting period, the net assets attributable to shareholders were CNY 72,477,676, a decrease of 0.75% from CNY 73,024,030 at the end of the previous year[15]. - Total assets amounted to CNY 280,745,254, showing a slight increase of 0.15% compared to CNY 280,333,508 at the end of the previous year[15]. - Basic earnings per share for the first half of the year were CNY 0.0499, down 25.19% from CNY 0.0667 in the same period last year[16]. - The weighted average return on net assets was 2.24%, a decrease of 0.71 percentage points from 2.95% in the previous year[16]. Revenue and Costs - Total operating costs for the first half of 2021 were RMB 47,921,633 thousand, up from RMB 41,490,022 thousand in the first half of 2020, reflecting a growth of 15.8%[101]. - The company's total revenue for the first half of 2021 was 4,203,210 thousand RMB, an increase from 4,151,421 thousand RMB in the same period of 2020, representing a growth of approximately 1.25%[104]. - The company's financial expenses for the first half of 2021 were 444,074 thousand RMB, a decrease from 559,389 thousand RMB in the previous year, indicating a reduction of approximately 20.6%[104]. Investments and Assets - The company completed a total power generation of approximately 132.08 billion kWh, representing a year-on-year growth of 8.58%[27]. - The total amount of long-term equity investments during the reporting period was RMB 18,698,730 thousand, reflecting an increase of RMB 854,493 thousand or 4.79% compared to the previous year[35]. - The company reported a total of RMB 4,882,055 thousand in financial assets measured at fair value, with a report period gain of RMB 206,959 thousand[39]. - The company’s total financial assets were not disclosed in the provided documents, indicating a focus on cash and receivables management[197]. Liabilities and Equity - Total liabilities decreased by 34.52% for non-current liabilities due within one year, mainly due to the repayment of maturing corporate bonds[17]. - The debt-to-asset ratio was approximately 67.52%, an increase of 0.12 percentage points from the end of the previous year[27]. - The total equity attributable to shareholders is 72,477,676, down from 73,024,030, indicating a decrease of 0.75%[96]. - The company has a total of 190,028 common shareholders as of the end of the reporting period[82]. Cash Flow - Operating cash inflow for the first half of 2021 was CNY 54,145,547, an increase from CNY 48,857,356 in the same period of 2020, representing a growth of approximately 5.9%[107]. - Cash outflow from operating activities totaled CNY 43,410,287, compared to CNY 36,696,660 in the previous year, indicating an increase of about 18.5%[107]. - The ending balance of cash and cash equivalents was CNY 9,665,650, compared to CNY 10,022,682 in the previous year, showing a decrease of approximately 3.6%[108]. Environmental and Regulatory Compliance - The company has implemented pollution control measures, ensuring all thermal power plants meet or exceed national emission standards[50]. - In 2021, the company faced administrative penalties totaling 42 million yuan for environmental violations, all of which have been rectified[53][54]. - The company is committed to reducing carbon emissions through equipment upgrades and energy-saving measures, aiming to lower carbon intensity[58]. Strategic Initiatives - The company plans to invest CNY 5.75 million in rural revitalization efforts in the first half of 2021, focusing on infrastructure improvement, collective economy enhancement, and rural beautification[60]. - The company is focusing on expanding its renewable energy portfolio, with ongoing developments in wind and solar energy across various provinces[187]. - Future outlook includes continued investment in renewable energy projects, with a focus on meeting regulatory requirements and maximizing tax benefits[189]. Risks and Challenges - The company faces risks from potential COVID-19 resurgences affecting power supply, project construction, and coal production, with measures in place for strict pandemic control[44]. - Domestic coal prices remain high due to ongoing safety and environmental policies, leading to significant profit declines for thermal power companies, prompting the company to adjust its power generation strategy[44]. - The cancellation of voltage level restrictions for power users may increase market complexity and price risks, with the company actively monitoring policy changes and optimizing market strategies[44]. Corporate Governance - The company reported no significant litigation or arbitration matters during the reporting period[66]. - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[64]. - The company has not received any non-standard audit opinions in the previous annual report[65].