CGN POWER(SZ:003816)2021-04-22 16:00Dividend Policy - The company plans to distribute a cash dividend of 1.5 yuan (including tax) for every 10 shares based on a total share capital of 50,498,611,100 shares as of the profit distribution record date for 2020[2]. - The company reported a cash dividend of RMB 0.80 per 10 shares for the fiscal year 2020, totaling RMB 4,039,888,888.00[118]. - The cash dividend for 2019 was RMB 0.76 per 10 shares, amounting to RMB 3,837,894,443.60, which was 40.55% of the consolidated net profit[118]. - The cash dividend for 2018 was RMB 0.72 per 10 shares, totaling RMB 3,272,310,000.00, which accounted for 37.60% of the consolidated net profit[118]. - The total cash dividend for 2020 represented 100% of the total distributable profit[119]. - The company has maintained a consistent cash dividend policy over the past three years, with increasing amounts each year[117]. - The company aims to maintain a cash dividend policy of at least 30% of the net profit attributable to shareholders for future years, with a target of a minimum 5% increase in per-share dividends from 2018 to 2020[114]. - The company has not made any adjustments or changes to its cash dividend policy during the reporting period[119]. Financial Performance - The company's operating revenue for 2020 was ¥70.58 billion, an increase of 15.95% compared to ¥60.88 billion in 2019[11]. - The net profit attributable to shareholders for 2020 was ¥9.56 billion, a slight increase of 1.02% from ¥9.47 billion in 2019[11]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥9.41 billion, up 3.54% from ¥9.09 billion in 2019[11]. - The net cash flow from operating activities was ¥30.15 billion, a decrease of 1.45% compared to ¥30.60 billion in 2019[11]. - The total assets at the end of 2020 were ¥391.90 billion, reflecting a 1.01% increase from ¥387.98 billion at the end of 2019[11]. - The company's net assets attributable to shareholders increased by 6.09% to ¥95.27 billion from ¥89.80 billion in 2019[12]. - The company's total assets reached approximately CNY 391.90 billion, a 1.01% increase from 2019, while total liabilities were about CNY 250.27 billion, resulting in a debt-to-asset ratio of 63.86%[36]. - The company's operating revenue for 2020 was approximately CNY 70.59 billion, reflecting a 15.95% growth year-on-year[36]. - The net profit attributable to shareholders was approximately CNY 9.56 billion, a 1.02% increase from the previous year[36]. Operational Performance - The company managed 24 operational nuclear power units and 7 under construction, with a total installed capacity of 27,142 MW and 8,210 MW, respectively, representing 54.42% and 47.31% of the national total[17]. - The total electricity generated by the company's managed nuclear power stations in 2020 was 186.49 billion kWh, accounting for 54.41% of the national nuclear power generation[17]. - The average utilization hours for nuclear power in 2020 were 7,453 hours, an increase of 59 hours compared to 2019[33]. - The average capacity factor for the 24 operational units in 2020 was 92.03%, while the average load factor was 83.75%[46]. - The company achieved a significant reduction in standard coal consumption by approximately 56.9719 million tons and a reduction in carbon dioxide emissions by about 156.2764 million tons in 2020[20]. - The total electricity generated by the operational nuclear units in 2020 was 186.487 billion kWh, representing a 4.20% increase compared to 2019[42]. - The total electricity generation from subsidiaries was 155.838 billion kWh in 2020, up 5.15% from 148.206 billion kWh in 2019[43]. - The Taishan Nuclear Power Plant achieved a significant increase in electricity generation, reaching 21.573 billion kWh in 2020, a 33.35% increase from 16.178 billion kWh in 2019[43]. Safety and Compliance - The company maintained a good safety record, with no level 2 or above nuclear incidents reported in its operational management of nuclear power stations[40]. - The company’s radioactive waste management strictly adhered to national laws and regulations, with total radioactive emissions significantly below national limits[51]. - The company has not reported any radioactive material exceedances or environmental pollution incidents in 2020, adhering to national standards for waste management[177]. - The company’s environmental monitoring program met national and industry standards, ensuring effective monitoring of the surrounding environment of its nuclear power plants[176]. Research and Development - The company has developed the third-generation nuclear technology "Hualong One," with demonstration projects at Fangchenggang Units 3 and 4, which began construction in December 2015 and December 2016, respectively[26]. - The company is actively developing small reactor technology and participating in the research and development of fourth-generation reactor technologies to maintain competitiveness[26]. - The company has a well-established R&D system, including a national engineering technology center and five national-level R&D centers, enhancing its technological innovation capabilities[27]. - The number of R&D personnel increased by 2.09% to 4,831, with R&D investment amounting to ¥2,472,985,103.88, a 12.06% increase from 2019[80]. Market and Customer Relations - The market transaction electricity volume accounted for 42.2% of the total electricity consumption in 2020, an increase of 3 percentage points from 2019[33]. - The largest customer, China Southern Power Grid Company, accounted for sales of CNY 39.99 billion, representing 56.66% of total annual revenue[67]. - The second-largest customer, Fujian Electric Power Company, had sales of CNY 9.72 billion, making up 13.77% of total annual revenue[67]. - The total sales amount from the top five customers was CNY 69.96 billion, which constituted 99.12% of the annual sales[71]. Corporate Governance - The company appointed Mr. Yang Changli as the chairman of the board on May 20, 2020, following the addition of two non-executive directors[181]. - The second board and supervisory board's term ended on May 23, 2020, and the company completed the election of the new boards on August 5, 2020[183]. - The company has not experienced any changes in its controlling shareholder during the reporting period[194]. - The actual controller of the company is the State-owned Assets Supervision and Administration Commission, which has not changed during the reporting period[195]. Social Responsibility and Community Engagement - The company has actively participated in poverty alleviation efforts, achieving significant results despite challenges posed by the COVID-19 pandemic[159]. - The company invested a total of 4,037,000 CNY in poverty alleviation efforts, helping 2,308 registered impoverished individuals to escape poverty[169]. - The company has initiated a kiwifruit project in Leyue County, which is expected to benefit 63 impoverished villages and 11,168 impoverished households once operational[161]. - The company invested 300,000 CNY in the construction of a poverty alleviation museum in Fujian, which was officially opened on September 30, 2020[168].