Financial Performance - The company's consolidated operating revenue for the first half of 2023 was RMB 126.032 billion, an increase of 7.84% year-on-year[1]. - Net profit attributable to equity holders was RMB 6.490 billion, representing a significant growth of 301.53% compared to the same period last year[1]. - Earnings per share stood at RMB 0.32, with net assets per share (excluding minority interests) at RMB 3.76[1]. - The company's total operating revenue for the first half of 2023 was RMB 126.032 billion, an increase of 7.84% from RMB 116.869 billion in the same period last year[17]. - The increase in domestic operating revenue was primarily due to the rise in on-grid electricity generation and settlement prices[17]. - The company reported a total of RMB 4.05 billion in other income, which includes various service revenues, reflecting a diversified income stream[90]. - The company reported a significant increase in investment income, reaching RMB 728.71 million, compared to RMB 670.82 million in the same period of 2022[139]. - The total comprehensive income for the six months was RMB 6.57 billion, compared to a loss of RMB 3.95 billion in the same period last year[140]. Electricity Generation and Utilization - The total electricity generated by the company's domestic power plants reached 211.148 billion kWh, a year-on-year increase of 7.43%[3]. - The average utilization hours of domestic power plants increased by 39 hours to 1,799 hours[3]. - In Q2 2023, the company's total electricity generation in China reached 104.138 billion kWh, a year-on-year increase of 17.24%[10]. - The electricity generation from coal-fired units in the first half of 2023 was 1,760.16 billion kWh, a year-on-year increase of 5.19%[11]. - The electricity generation from solar power in the first half of 2023 saw a significant increase of 72.04% year-on-year, reaching 47.05 billion kWh[11]. Costs and Expenses - The consolidated operating costs and expenses for the first half of 2023 were RMB 113.25 billion, a decrease of 2.85% year-on-year[19]. - Fuel costs, the largest component of operating costs, totaled RMB 77.50 billion, down 4.01% year-on-year due to a decrease in domestic fuel prices[20]. - Depreciation expenses increased to RMB 12.61 billion, up RMB 637 million from the previous year, primarily due to increased depreciation from newly established units[21]. - Labor costs rose to RMB 7.42 billion, an increase of RMB 685 million year-on-year, mainly due to higher social security contributions[22]. - The company reported a total of RMB 6.143 billion in operating expenses for the first half of 2023, slightly up from RMB 6.091 billion in the same period of 2022[129]. Debt and Financing - The debt-to-equity ratio improved to 2.65 from 3.26 at the end of 2022, indicating a stronger equity position due to profitability[30]. - The company issued perpetual bonds totaling RMB 27.99 billion and redeemed RMB 11.00 billion in perpetual bonds during the first half of 2023[32]. - The company issued a total of RMB 500 million in unsecured short-term bonds with varying interest rates from 1.79% to 2.18% during the first half of 2023[35]. - The total short-term borrowings of the company and its subsidiaries as of June 30, 2023, were RMB 69.038 billion, down from RMB 83.573 billion at the end of 2022[35]. - Long-term borrowings, including those due within one year, reached RMB 180.160 billion as of June 30, 2023, an increase from RMB 170.808 billion at the end of 2022[37]. Shareholder Information - As of June 30, 2023, the total issued share capital of the company is 15,698,093,359 shares, with domestic shares accounting for 70.06% and foreign shares for 29.94%[49]. - The largest shareholder, Huaneng International Power Development Company, holds 5,066,662,118 shares, representing 32.28% of the total issued shares[51]. - The company did not declare dividends for the year 2022 due to a negative net profit attributable to shareholders, as approved by the annual general meeting[38]. - The company’s board of directors decided not to declare an interim dividend for the year 2023[55]. Governance and Compliance - The company has complied with the Corporate Governance Code, except for the separation of roles between the chairman and the CEO, which was addressed with the appointment of a new general manager[56]. - The company has established a robust governance structure to ensure the interests of shareholders are protected[56]. - The board of directors has taken responsibility for corporate governance, continuously reviewing and improving governance policies to enhance operational quality and protect minority investors' rights[58]. - The company has strengthened its information disclosure management system, establishing an Information Disclosure Committee to ensure timely and accurate reporting of significant operational matters[59]. - The company has established a comprehensive internal control system, including a sixth edition of the Internal Control Manual, detailing 25 business processes and 19 soft elements to enhance operational efficiency and compliance[60]. Future Plans and Strategies - The company plans to continue promoting green low-carbon transformation and optimize coal power structure in the second half of 2023[8]. - The company aims to enhance capital operations and broaden financing channels to support energy security and green low-carbon transition[8]. - The company is committed to continuous improvement in financial disclosures and compliance with international standards, enhancing investor confidence[89]. - The company plans to continue expanding its overseas operations, particularly in Singapore and Pakistan, as part of its growth strategy[93]. - The company aims to enhance the proportion of clean energy and optimize its installed capacity structure in response to the "dual carbon" goals[44].
华能国际电力股份(00902) - 2023 - 中期业绩