JSNE(SH:603693)2021-04-26 16:00Financial Performance - The company's operating revenue for 2020 was CNY 1,546,722,242.92, representing a 4.20% increase compared to CNY 1,484,404,012.94 in 2019[23]. - The net profit attributable to shareholders for 2020 decreased by 39.47% to CNY 153,717,843.88 from CNY 253,953,179.50 in 2019[23]. - The net cash flow from operating activities increased by 56.69% to CNY 810,795,432.63 in 2020, up from CNY 517,439,515.13 in 2019[23]. - Total assets grew by 34.43% to CNY 11,214,134,348.09 at the end of 2020, compared to CNY 8,342,125,519.19 at the end of 2019[23]. - Basic earnings per share for 2020 were CNY 0.25, down 39.02% from CNY 0.41 in 2019[24]. - The weighted average return on equity decreased to 3.33% in 2020, down from 5.61% in 2019, a reduction of 2.28 percentage points[24]. - Non-recurring gains and losses for 2020 amounted to CNY 6,815,463.13, compared to CNY 7,889,216.11 in 2019[30]. - The gross profit margin improved to 39.91%, an increase of 1.22 percentage points year-on-year[53]. - The company's asset-liability ratio at the end of the reporting period was 54%, indicating strong debt repayment capability[48]. Dividend Distribution - The company plans to distribute a cash dividend of 1.5 CNY per 10 shares, totaling approximately 92.7 million CNY based on a total share capital of 61.8 million shares as of December 31, 2020[5]. - The company has not proposed any stock dividend distribution or capital reserve transfer to increase share capital for this reporting period[5]. - The company distributed cash dividends of 92.7 million RMB to shareholders for the 2020 fiscal year, with a proposed distribution of 0.15 RMB per share for 2021[141]. Operational Efficiency - The average utilization hours of the company's power generation equipment during the reporting period are not specified but are critical for assessing operational efficiency[12]. - The company monitors project operations and conducts performance assessments for its subsidiaries to ensure operational efficiency[34]. - The company is committed to enhancing operational efficiency to maximize output under existing resource conditions[107]. Renewable Energy Focus - The company emphasizes the importance of renewable energy sources, including wind and solar power, in its operational strategy[12]. - The company's main business involves investment, development, and operation of renewable energy projects, including wind power (996 MW), biomass power (115 MW), and solar power (92 MW), with a total installed capacity of 1,206 MW as of the end of 2020[33]. - The company is currently constructing an offshore wind power project with a capacity of 350 MW[33]. - The company plans to explore new directions such as energy storage and BIPV for business innovation[56]. - The company is focusing on the development of energy storage and microgrid technologies to enhance power system stability and consumption capacity[94]. Market and Growth Opportunities - The Chinese government aims for carbon emissions to peak by 2030 and achieve carbon neutrality by 2060, presenting significant growth opportunities for the renewable energy sector[35]. - By the end of 2020, China's installed capacity for wind power reached 281 million kW and solar power reached 253 million kW, indicating a need for an additional 666 million kW of capacity to meet the 2030 target[35]. - The company aims to expand its market share in renewable energy generation through self-development and mergers and acquisitions, focusing on microgrids, energy storage, and new energy hydrogen production[96]. - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share by 2025[175]. Risk Management - The company has not identified any significant risks that could materially impact its operational development during the reporting period[7]. - The company’s future plans and strategic developments are subject to investment risks, and no substantial commitments are made to investors[6]. - The company faces risks related to delayed renewable energy price subsidies, which could impact cash flow and investment returns[99]. - The company is actively managing risks associated with declining grid-connected electricity prices and the potential impact on project profitability[104]. Corporate Governance - The company has engaged Suya Jincheng Accounting Firm for auditing services, with a fee of 1.62 million RMB for the 2020 financial report, compared to 1.48 million RMB for the previous year[123]. - The company has established long-term commitments regarding the elimination of competition with its controlling shareholder, Guoxin Group[119]. - The company maintains independence from its controlling shareholder in terms of assets, personnel, and operations[193]. - The total remuneration for the board of directors and senior management during the reporting period amounted to 308.45 million RMB[173]. Environmental Compliance - The company has complied with all environmental regulations, with no pollution incidents reported during the reporting period[153]. - All biomass power generation companies under the company have established pollution prevention facilities in accordance with national and local requirements[150]. - The company has developed emergency response plans for environmental incidents and submitted them for record to the environmental protection bureau[151]. Research and Development - The total R&D expenditure was CNY 516,130.60, accounting for only 0.03% of total revenue, with three R&D personnel[69]. - The company plans to enhance R&D investment, particularly in "new energy + blockchain" and digital smart wind farms[97]. - The company has allocated 100 million yuan for research and development in new technologies for renewable energy[175]. Subsidiary Performance - The company's net profit from the subsidiary Linhai Wind Power in 2020 was CNY 157.20 million, with a cost of CNY 61.11 million[92]. - Huanghai Wind Power reported a 2020 revenue of CNY 163.59 million and a cost of CNY 68.62 million[92]. - The total revenue from the subsidiary Dazhong Wind Power in 2020 was CNY 122.07 million, with a cost of CNY 36.70 million[92].