皖能电力(000543) - 2021 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2021 was ¥21,032,266,848.21, representing a 25.55% increase from ¥16,751,999,120.95 in 2020[11]. - The net profit attributable to shareholders for 2021 was -¥1,337,000,624.63, a decrease of 231.91% compared to ¥1,013,564,890.60 in 2020[11]. - The net cash flow from operating activities was -¥1,056,417,219.80, down 135.81% from ¥2,949,739,752.74 in 2020[11]. - The total assets at the end of 2021 were ¥40,576,269,276.06, an increase of 20.43% from ¥33,692,016,765.68 at the end of 2020[11]. - The company reported a weighted average return on equity of -9.94% for 2021, down 17.19% from 7.25% in 2020[11]. - The company reported a total revenue of CNY 21.03 billion, a year-on-year growth of 25.55%, while total costs rose by 44.56% to CNY 23.07 billion[27]. - The net profit attributable to shareholders was CNY -1.337 billion, a decline of 231.91% compared to the previous year[27]. Operational Highlights - The company is positioned as the second-largest power generation group in Anhui Province, with a 21.3% share of the total installed capacity of thermal power[18]. - The total installed capacity of the company's efficient low-energy consumption units accounted for 72% of its operational units[18]. - The total installed capacity reached 10,850 MW, an increase from 9,530 MW in the previous year, reflecting a growth of approximately 13.8%[22]. - The total power generation for the year was 36.568 billion kWh, representing a year-on-year increase of 4.79%[27]. - The power generation sector contributed ¥12,646,705,848.14, accounting for 60.13% of total revenue, with a year-on-year growth of 11.57%[31]. - The coal sector saw revenue of ¥7,994,739,775.21, which is a significant increase of 54.84% from ¥5,163,074,303.43 in 2020, representing 38.01% of total revenue[31]. Strategic Initiatives - The company acquired a 50 MW photovoltaic power station at the end of 2021, as part of its strategy to expand into renewable energy[28]. - The company is actively pursuing a "going out" strategy, having completed acquisitions of stakes in energy projects in Xinjiang and Shanxi[28]. - The company aims to replace 20% of coal with ammonia by the end of 2022 through the ammonia co-firing project, with full promotion of green ammonia utilization expected by 2025[29]. - The company completed the acquisition of a 53% stake in Xinjiang Lu'an Xiexin Zhundong Energy Co., Ltd. in April 2021, expanding its operational footprint[37]. - The company established the Anhui Energy Collaborative Innovation Center in partnership with Hefei Comprehensive National Science Center to enhance R&D in renewable energy technologies[29]. Risk Management - The company emphasizes the importance of risk awareness in its forward-looking statements[1]. - The company has detailed potential risks and countermeasures in its operational analysis section[1]. - The company faced uncertainties regarding its ability to continue as a going concern, as indicated by the negative net profit figures over the past three years[12]. - The company faces high coal price pressure, with coal prices expected to remain volatile in the short term despite potential declines due to expanded long-term contracts[68]. - Increased competition in the electricity market is anticipated in 2022, limiting the company's power generation growth potential[68]. Governance and Compliance - The company maintains a complete and independent governance structure, ensuring compliance with relevant laws and regulations without significant discrepancies[73]. - The company has established an independent financial management system, with clear separation from the controlling shareholder, ensuring no interference in financial decisions[75]. - The company has implemented a robust internal control system to ensure compliance and protect shareholder rights[73]. - The governance practices are regularly reviewed to align with the latest regulatory requirements, enhancing overall governance quality[73]. - The company has not reported any financial disputes or potential conflicts with the controlling shareholder, indicating a stable operational environment[75]. Research and Development - Research and development expenses increased significantly by 451.64% to ¥481,663,137.26, primarily due to increased R&D investments[41]. - The number of R&D personnel rose by 27.86% to 1,097, with a notable increase in the proportion of high-educated staff[45]. - The company’s R&D investment accounted for 2.29% of operating revenue, up from 0.52% in the previous year, reflecting a strategic focus on innovation[45]. - The company completed significant R&D projects, including deep peak regulation technology and intelligent SCR denitrification systems, enhancing core competitiveness[42]. Environmental and Social Responsibility - The company achieved an average dust emission concentration of 3.82 mg/m3, which is better than the ultra-low emission standard of 10 mg/m3[130]. - The average sulfur dioxide emission concentration was 18.07 mg/m3, exceeding the ultra-low emission standard of 35 mg/m3, with a comprehensive desulfurization efficiency of 98.8%[130]. - The average nitrogen oxide emission concentration was 30.95 mg/m3, better than the ultra-low emission standard of 50 mg/m3, with a comprehensive denitrification efficiency of 85.8%[130]. - The company is committed to green development and has taken measures to reduce carbon emissions as part of its "14th Five-Year Plan" for coal-fired unit upgrades[130]. - The company has actively participated in rural revitalization efforts, focusing on infrastructure development and local economic support[133]. Shareholder Engagement - The annual shareholders' meeting had a participation rate of 57.35% on April 15, 2021, reflecting strong shareholder engagement[77]. - The company has successfully acquired 25% equity in Shenwan Energy, fully transferring ownership to the company, addressing potential competition issues with the controlling shareholder[76]. - The company has maintained a strong commitment to protecting the legal rights of all shareholders[107]. Future Outlook - The company anticipates that 2022 will be a significant year for the development of renewable energy installations, presenting both opportunities and challenges[69]. - The company plans to accelerate project development, including the second phase of the Fuyang Power Plant and various renewable energy projects, to enhance sustainable development capabilities[70]. - The company is focusing on developing green park industrial chains and comprehensive energy services to create new growth points[71]. - The company aims to enhance its core competitiveness through increased investment in research and development and technology innovation[71].