长源电力(000966) - 2021 Q3 - 季度财报

Financial Performance - The company's operating revenue for Q3 2021 was ¥3,015,565,914.80, an increase of 8.49% compared to ¥2,779,705,436.15 in the same period last year[4]. - Net profit attributable to shareholders was ¥22,558,916.35, a significant decrease of 96.42% from ¥629,438,895.46 in the previous year[4]. - The net profit after deducting non-recurring gains and losses was -¥123,176,212.42, down 137.38% from ¥329,567,754.47 in the same period last year[4]. - Total revenue for the first nine months of 2021 was ¥10,891,362,670.47, representing a 36.29% increase year-over-year, driven by higher business income[15]. - Net profit for the first nine months of 2021 was ¥279,177,115.88, a decrease of 68.21% compared to the previous year, mainly due to rising coal prices impacting total profit[15]. - Operating profit for the first nine months of 2021 was ¥343,794,932.35, down 70.94% year-over-year, attributed to sharply rising coal prices[15]. - The company reported a basic earnings per share of ¥0.1011 for the first nine months of 2021, a decrease of 67.98% year-over-year, reflecting the impact of rising coal prices on profitability[15]. - The net profit for the current period is approximately ¥279.18 million, a decrease from ¥878.06 million in the previous period, representing a decline of about 68.3%[50]. - Operating profit for the current period is ¥343.79 million, down from ¥1.18 billion in the previous period, indicating a decrease of approximately 70.1%[50]. - The company reported a total profit of ¥371.02 million, down from ¥1.19 billion in the previous period, indicating a decrease of about 68.9%[50]. - The total comprehensive income for the current period is approximately ¥265.61 million, down from ¥974.42 million in the previous period, indicating a decline of about 72.7%[50]. Cash Flow and Liquidity - The company's cash flow from operating activities for the year-to-date was ¥446,884,005.19, a decrease of 61.63% compared to ¥1,164,766,117.10 in the previous year[6]. - Cash flow from operating activities for the first nine months of 2021 was ¥446,884,005.19, a decrease of 61.63% compared to the previous year, primarily due to increased cash expenditures for coal procurement[16]. - The cash flow from investment activities shows a net outflow of approximately ¥726.28 million, compared to a net outflow of ¥83.73 million in the previous period[57]. - The company's cash and cash equivalents increased by 45.11% to ¥246,758,519.65 due to higher cash receipts from electricity sales[11]. - Cash and cash equivalents increased by ¥81,208,214.58 in the first nine months of 2021, a rise of 128.35%, mainly due to increased cash flow from financing activities[16]. - The cash and cash equivalents at the end of the period amount to ¥244.26 million, down from ¥329.81 million at the end of the previous period[57]. Assets and Liabilities - Total assets as of September 30, 2021, were ¥21,320,888,829.98, reflecting a 3.16% increase from the previous year[6]. - Total liabilities as of September 30, 2021, included accounts payable to employees of ¥132,980,324.57, up 48.26% from the beginning of the period, due to increased unpaid wages[13]. - The total liabilities of the company reached ¥12,669,702,835.08, up from ¥11,172,023,670.33, indicating a growth of 13.4%[41]. - The company's non-current liabilities totaled ¥4,685,796,147.67, an increase of 15.4% from ¥4,058,834,775.86 year-over-year[41]. - Short-term borrowings increased to ¥4,317,874,475.17 from ¥3,634,681,009.48, marking a rise of 18.8%[41]. Investments and Subsidiaries - Long-term equity investments rose by 56.61% to ¥403,508,344.73, attributed to increased net profits from associated companies[11]. - The company plans to invest CNY 134.75 million to establish a wholly-owned subsidiary, Huaneng Changyuan Hanchuan New Energy Co., Ltd., for the construction of a photovoltaic power generation project[22]. - The company has decided to dissolve and liquidate its subsidiary, Hubei Biomass Gasification Technology Co., Ltd., due to ongoing financial losses since 2018[22]. - The company established a wholly-owned subsidiary, Guoneng Changyuan Anlu New Energy Co., Ltd., with an investment of 11.28 million RMB to develop a wind power project with a capacity of 50 MW, involving a total static investment of 36.84 million RMB[28]. - The company’s subsidiary, Guoneng Changyuan Suizhou Power Co., Ltd., awarded a project for DCS and ICS equipment procurement to an affiliated company for a bid amount of 29.9971 million RMB[28]. - The company’s subsidiary awarded a project for the procurement of wind turbine generators for a total bid amount of 47.8872 million RMB[28]. Market and Operational Insights - The company achieved a total power generation of 7.904 billion kWh and grid-connected power of 7.399 billion kWh, representing year-on-year increases of 118.46% and 119.49% respectively[21]. - The significant increase in power generation is attributed to the completion of the acquisition of 100% equity in Hubei Electric Power Co., Ltd. on April 2, 2021, which has been included in the consolidated financial statements since April 1, 2021[21]. - The company anticipates uncertainty in power generation for the fourth quarter due to potential impacts from autumn floods and low national coal inventory[21]. - The company is closely monitoring the impact of high coal prices and supply constraints on power generation capacity in the Hubei region[21]. Shareholder Information - A cash dividend of CNY 0.5 per 10 shares was distributed to all shareholders, totaling CNY 127.48 million, based on a total share capital of 2,549,660,478 shares after the restructuring[23]. - The top ten shareholders include State Energy Investment Group Co., Ltd. with a 72.79% stake, and Hubei Energy Group Co., Ltd. with a 4.69% stake[20]. - The company has not reported any new financing or securities lending activities among the top ten shareholders[20]. Accounting and Reporting - The company implemented the new leasing standards starting January 1, 2021, without retrospective adjustments to the 2020 comparative figures[58]. - The change in accounting policy does not affect the company's 2020 shareholder equity or net profit[58]. - The new accounting policy reflects the company's financial status and operating results objectively and fairly, complying with relevant laws and regulations[58]. - The third quarter report for 2021 has not been audited[61].