GEPIC(SZ:000791)2019-03-14 16:00Financial Performance - The company's operating revenue for 2018 was CNY 2,305,941,868.89, representing a 16.07% increase compared to the previous year[23]. - Net profit attributable to shareholders for 2018 was CNY 485,199,230.93, an increase of 85.86% year-on-year[23]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 453,255,773.99, reflecting a 97.71% increase from the previous year[23]. - The net cash flow from operating activities for 2018 was CNY 1,370,860,477.89, up 14.19% compared to the previous year[23]. - The total assets at the end of 2018 were CNY 19,140,373,127.76, a decrease of 3.49% from the end of 2017[26]. - The net assets attributable to shareholders at the end of 2018 were CNY 6,020,735,134.32, an increase of 2.91% year-on-year[26]. - The company reported a diluted earnings per share of CNY 0.4996 for 2018, an increase of 85.86% compared to CNY 0.2535 in 2017[26]. - The company reported a net profit margin of 8% for 2017, with a target to improve it to 10% in 2018[194]. - The company reported a significant increase in revenue for the first three quarters of 2018, with a forecasted growth of 15% compared to the same period last year[103]. Dividend Policy - The company plans to distribute a cash dividend of 1.50 RMB per 10 shares (including tax) to all shareholders based on the total share capital as of December 31, 2018, and will also increase capital by 4 shares for every 10 shares held[6]. - The cash dividend payout ratio for 2018 was 30.02%, compared to 28.64% in 2017[109]. - The company’s cash dividend policy requires a minimum of 20% of the distributable profit to be distributed as cash dividends when there are no major investment plans[101]. - The company did not propose any stock dividends for the years 2017 and 2018, focusing solely on cash dividends[108][110]. Operational Capacity and Growth - The company has a total installed capacity of 2,750,900 kW, with hydropower capacity of 1,796,800 kW, ranking first in the province[37]. - The installed capacity of the company's hydropower rights reached 2.75 million kilowatts after acquiring 100% equity of Lianfeng Hydropower and 92.95% equity of Longhui Hydropower[45][56]. - The company completed the acquisition of controlling stakes in several subsidiaries, which were included in the consolidated financial statements[26]. - The company has a total revenue growth strategy that includes market expansion and potential mergers and acquisitions to enhance its competitive position in the energy sector[6]. Risk Management - The company emphasizes the importance of risk awareness regarding natural factors, monetary policy changes, and electricity market risks that could impact future performance[6]. - The company acknowledges risks from natural factors affecting electricity generation and plans to improve operational capabilities to mitigate these risks[95]. - The company faces risks from monetary policy changes due to its high asset-liability ratio and will actively seek innovative financing methods[95]. - The company is focused on increasing electricity sales and revenue to mitigate risks associated with insufficient electricity demand in the market[95]. Environmental and Social Responsibility - The company has implemented environmental protection measures, ensuring that all operational power stations meet relevant environmental standards[184]. - The company has actively engaged in environmental remediation efforts around its power stations during the reporting period[184]. - The company has invested a total of 284.22 million yuan in poverty alleviation efforts during the reporting period[174]. - The company provided 23 bags of fertilizer worth 2,880 yuan to 4 households in Huoxian Village as part of its targeted poverty alleviation initiatives[173]. - The company donated 30,000 yuan to a local primary school for purchasing learning supplies and improving educational resources[173]. Corporate Governance - The board of directors confirmed that all members attended the meeting to review the annual report, ensuring accountability for the report's accuracy and completeness[5]. - The company has engaged Ruihua Certified Public Accountants for auditing, ensuring compliance and transparency in financial reporting[22]. - The company has established a dedicated investor relations team to facilitate communication with shareholders and stakeholders, enhancing transparency and engagement[17]. - The company has fulfilled its commitments regarding related party transactions and the independence of the listed company[114]. Strategic Initiatives - The company plans to continue expanding its clean energy business in response to favorable policies supporting the renewable energy sector[45]. - The company aims to leverage the advantages of the Electric Power Investment Group to expand its operational scope and enhance its competitiveness in the comprehensive energy sector[89]. - The company plans to invest CNY 200 million in R&D for new technologies in 2018, focusing on sustainable energy solutions[19]. - The company is expanding its market presence in the southwestern region, targeting a 25% increase in market share by 2019[19].