JEP(SZ:000875)2021-04-28 16:00Company Overview - The company is listed on the Shenzhen Stock Exchange under the stock code 000875[14]. - The registered address of the company is located at 9699 Renmin Avenue, Changchun, Jilin Province, with a postal code of 130022[14]. - The company has a legal representative named Gao Ping[14]. - The company has designated several media outlets for information disclosure, including Securities Times and China Securities Journal[16]. - The annual report is available on the designated website of the China Securities Regulatory Commission[16]. - The company has a dedicated email for investor relations inquiries: jdgf@spic.com.cn[15]. - The company’s office address is the same as its registered address[14]. - The company has a secretary of the board named Zhao Min and a securities representative named Gao Xue[15]. Financial Performance - The financial report was confirmed to be true, accurate, and complete by the company's management[3]. - The company reported no cash dividends, stock bonuses, or capital reserve transfers for the year[5]. - The company's operating revenue for 2020 was CNY 10,060,017,627.94, representing a 17.64% increase from CNY 8,454,148,014.35 in 2019[24]. - The net profit attributable to shareholders for 2020 was CNY 478,079,296.98, a significant increase of 174.83% compared to CNY 147,650,375.29 in 2019[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 323,496,990.84, showing a remarkable improvement of 1,361.81% from a loss of CNY 25,637,434.69 in 2019[24]. - The net cash flow from operating activities for 2020 was CNY 3,336,523,370.49, up 24.02% from CNY 2,630,586,972.91 in 2019[24]. - Basic earnings per share for 2020 were CNY 0.22, reflecting a 175.00% increase from CNY 0.07 in 2019[24]. - Total assets at the end of 2020 amounted to CNY 56,090,328,496.14, a 31.08% increase from CNY 42,241,407,073.40 in 2019[24]. - The return on equity for 2020 was 6.31%, up from 2.01% in 2019[24]. Revenue Breakdown - The total operating revenue for 2020 was approximately CNY 10.06 billion, with a quarterly breakdown of CNY 2.49 billion in Q1, CNY 2.11 billion in Q2, CNY 2.15 billion in Q3, and CNY 3.31 billion in Q4[28]. - The electricity segment contributed ¥7,898,232,462.05, accounting for 78.51% of total revenue, with a year-on-year growth of 9.66%[52]. - The company's sales volume of electricity was 194.33 billion kWh in 2020, up 10.06% from 176.56 billion kWh in 2019[56]. - The total sales volume of heat energy was 3,260.95 million GJ, reflecting a year-on-year increase of 13.36%[57]. - The Northeast region generated ¥7,281,151,925.06 in revenue, representing 72.38% of total revenue, with a growth of 16.43%[52]. Investments and Acquisitions - The company completed acquisitions of several renewable energy firms, including Guangxi Wozhong Investment Co., with a total investment of approximately 4.91 million and a 100% ownership stake[87]. - The acquisition of Zhangbei Herun Energy Co. was finalized for 208.16 million, representing a 51% ownership stake[87]. - The company reported a total investment of 1,131.53 million in renewable energy projects during the reporting period[90]. - The company achieved a 100% ownership in multiple solar energy projects, including Hefei Kaiji New Energy Technology Co., with an investment of 24.60 million[90]. - The company acquired several subsidiaries, including DuLan DaXueShan Wind Power Co., Ltd. and Heqing New Energy Technology Co., Ltd., to enhance its renewable energy strategy[112]. Research and Development - Research and development expenses increased significantly by 1,841.40% to ¥18,930,459.81, reflecting the company's increased investment in new energy technology[69]. - The number of R&D personnel rose by 61.33% to 242, while R&D investment as a percentage of operating income decreased to 0.27% from 0.44%[72]. - The company completed key R&D projects, including advancements in industrial internet technology and smart power plant construction[71]. Environmental and Social Responsibility - The company actively developed photovoltaic poverty alleviation projects, distributing over 18 million CNY in poverty alleviation funds to registered impoverished households, significantly increasing their income[194]. - The company’s environmental protection measures include achieving emissions standards for all thermal power plants, with total emissions of 26.73 tons of smoke, 326.94 tons of sulfur dioxide, and 776.29 tons of nitrogen oxides, all within regulatory limits[199]. - The company is committed to expanding its clean energy projects, focusing on wind and solar energy, and enhancing the ultra-low emission transformation of thermal power units[192]. - The company has successfully completed poverty alleviation efforts in two villages, with significant increases in annual income for residents[194]. - The company adheres to national labor laws, ensuring comprehensive social security and medical insurance for its employees[192]. Challenges and Strategic Responses - The company faced challenges in electricity demand, particularly in North China and Central China, where supply is tight, while Northeast and Northwest regions have surplus[125]. - The coal supply in Jilin Province is under pressure, especially during the winter heating season, leading to price volatility[125]. - The company plans to optimize coal supply structure by using long-term contracts and supplementing with imported coal to ensure sufficient supply and cost efficiency[125]. - The company is adapting to the national policy changes regarding electricity pricing, transitioning to a market-driven pricing mechanism[125]. Corporate Governance and Compliance - The company has no significant related party transactions that exceed the approved transaction limits[167]. - The company confirmed that there are no integrity issues with its controlling shareholders or actual controllers during the reporting period[165]. - The company has engaged Zhongzheng Zhonghuan Accounting Firm for auditing services with a fee of ¥2.2 million, and the firm has been providing services for 2 consecutive years[160]. - The company has no stock incentive plans or employee shareholding plans in place during the reporting period[166]. - The company has committed to reducing related party transactions to avoid competition in the industry[140].