CHANGYUAN POWER(SZ:000966)2023-07-28 16:00Financial Performance - The company reported a net profit attributable to shareholders of -25.35 million, a decrease of 102.68 million year-on-year[10]. - Total operating revenue for the period was 12.16 billion, an increase of 20.75% compared to the previous year[11]. - Power sales revenue accounted for 90.45% of total operating revenue, amounting to 11.00 billion, up 18.91% year-on-year[11]. - The gross profit margin for electricity products was 1.31%, down 12.14 percentage points year-on-year, while the gross profit margin for heat products was -26.47%, down 14.07 percentage points[10]. - The company experienced a significant increase in coal prices, which negatively impacted profits by 233.64 million[10]. - The company's net profit from subsidiaries under common control amounted to ¥69,650,214.17[17]. - The total non-recurring gains and losses amounted to ¥134,037,535.78, with a tax impact of ¥14,702,053.96[17]. - The company reported a revenue growth of 15% compared to the previous year, reaching 10 billion RMB[39]. - The company's operating revenue for 2021 was CNY 12,163,965,739.06, an increase of 20.75% compared to CNY 10,073,499,278.24 in 2020[52]. - The net profit attributable to shareholders for 2021 was CNY -25,350,276.00, representing a decrease of 102.53% from CNY 354,218,021.20 in 2020[52]. Investment and Development - The company plans to continue its focus on infrastructure investments in thermal, photovoltaic, and wind power projects in 2022[2]. - The company has allocated a budget of 500 million RMB for new technology research and development in the upcoming year[39]. - The company plans to expand the Jingzhou thermal power project with an additional capacity of 70 MW[37]. - The company is developing a video big data-based monitoring system to reduce safety risks, with three invention patents and two software copyrights applied for[85]. - The company plans to expand its renewable energy projects through the establishment of multiple subsidiaries focused on solar and wind energy across various regions[75]. - The company invested 1.025 billion yuan in fire power, wind power, and photovoltaic projects during the reporting period, achieving 67.15% of the annual budget[134]. - The company aims to ensure that new installed capacity of wind and solar energy exceeds 5 million kW during the "14th Five-Year Plan" period[134]. - The company is currently developing the Jingzhou Thermal Power Phase II project with an investment of ¥220,290,000, which is also in the infrastructure phase[105]. Operational Efficiency - The average coal consumption for power generation was reported at 0.4 g/kWh, indicating efficiency improvements[38]. - The company is implementing new strategies to reduce operational costs by 5% over the next year[39]. - The company plans to increase its coal supply chain efficiency, targeting a reduction in coal procurement costs by 3%[39]. - The company reported a significant increase in operating revenue from electricity generation, reaching approximately 11 billion yuan, a year-on-year increase of 18.91%[158]. - The total operating costs for electricity products amounted to 10,858,587,694.68 CNY, which is 90.47% of total operating costs, reflecting a year-on-year increase of 35.59%[68]. - The average utilization hours of equipment increased by 614 hours to 4,469 hours, with thermal power units averaging 4,646 hours, an increase of 687 hours year-on-year[151]. Risk Management and Compliance - The company has established a comprehensive risk management system, identifying the top five risks including policy risk and market competition risk[6]. - No major internal control deficiencies were reported during the period, indicating effective internal control operations[7]. - The company confirmed that there were no violations in the management and disclosure of raised funds[118]. - The company is committed to strict investment management and project analysis to mitigate investment risks associated with renewable energy projects[140]. - The company is enhancing its governance structure and internal controls to ensure compliance with legal and regulatory requirements, thereby protecting shareholder rights[146]. Subsidiary Performance - The subsidiary Guodian Changyuan Hanchuan First Power Generation Co., Ltd. reported a net loss of RMB 120,390.42 million[123]. - The subsidiary Guoneng Changyuan Jingmen Power Generation Co., Ltd. reported a net loss of RMB 122,017.39 million[123]. - The subsidiary Guoneng Changyuan Jingzhou Thermal Power Co., Ltd. reported a net loss of RMB 35,054.70 million[123]. - The total revenue of the company’s subsidiaries in the reporting period was 1,041,000 million yuan, with several subsidiaries reporting net profit declines due to rising fuel costs[129]. Management and Governance - The company has a total of 8 board members, including 4 independent directors, ensuring a diverse governance structure[188]. - The company is actively involved in various subsidiaries, with board members holding positions in multiple organizations, enhancing its influence in the energy sector[190]. - The total pre-tax remuneration for the chairman, Zhao Hu, is 1.0228 million CNY, while the total for the general manager, Yuan Guangfu, is 0.6157 million CNY[192]. - The total remuneration for the management team during the reporting period amounts to 6.2063 million CNY[194]. - The board of directors held a total of 9 meetings during the reporting period, with attendance recorded for each member[197]. Future Outlook - The company plans to add 1.3 million kW of new energy capacity and aims to start construction on 1.7 million kW in 2022[134]. - The company aims to enhance market operation levels and achieve long-term stable profitability by implementing refined management practices and addressing inefficient assets[136]. - The company is committed to achieving carbon peak and carbon neutrality goals, focusing on clean renewable energy development[134]. - The company is focusing on digital transformation and cybersecurity to improve operational efficiency and safeguard its systems[138].