Financial Performance - For the six months ended June 30, 2023, the group recorded a gross profit of approximately HKD 1,489.0 million, an increase of about 9% compared to HKD 1,369.4 million for the same period in 2022[2]. - The gross profit margin improved from 46.6% for the six months ended June 30, 2022, to 53.8% for the current reporting period, attributed to ongoing business structure optimization and cost reduction efforts[2]. - The profit for the period was approximately HKD 355.4 million, representing a 4% increase from HKD 342.6 million for the same period in 2022[2]. - Basic and diluted earnings per share for the period were both HKD 0.16, compared to HKD 0.2391 (restated) for the same period in 2022[2]. - The company reported a profit attributable to equity holders of HKD 359,530,000 for the six months ended June 30, 2023, a slight decrease from HKD 360,914,000 in the same period of 2022[31]. - The company's profit before tax for the six months ended June 30, 2023, was HKD 434,819,000, compared to HKD 417,230,000 for the same period in 2022, representing an increase of approximately 4.0%[16][19]. - The total revenue from customer contracts for the six months ended June 30, 2023, was HKD 2,769,414,000, a decrease of about 5.8% from HKD 2,938,362,000 in the same period of 2022[23][24]. - The company reported a net amount of unallocated income and expenses of (49,710) during the period[15]. - The company’s other income and gains for the six months ended June 30, 2023, amounted to HKD 114,589,000, significantly higher than HKD 53,187,000 in the same period of 2022[25]. - The total tax expense for the six months ended June 30, 2023, was HKD 79,401,000, compared to HKD 74,679,000 in 2022, representing an increase of about 6.9%[29]. Assets and Liabilities - Non-current assets totaled HKD 33,842.1 million as of June 30, 2023, down from HKD 35,442.8 million as of December 31, 2022[6]. - Current liabilities amounted to HKD 12,163.8 million, an increase from HKD 10,162.4 million as of December 31, 2022[7]. - The net asset value was HKD 14,428.7 million as of June 30, 2023, compared to HKD 15,091.7 million as of December 31, 2022[7]. - The total equity increased from 14,428,659 to 15,091,724, representing a growth of approximately 4.6%[8]. - The company’s total bank borrowings and other borrowings increased to HKD 31,603,959 as of June 30, 2023, up from HKD 30,572,721 as of December 31, 2022, representing a growth of 3.4%[43]. - The company’s total issued and fully paid ordinary shares as of June 30, 2023, were 2,246,588,726 shares, a significant decrease from 112,329,436,304 shares as of December 31, 2022[48]. - The company’s non-current portion of trade receivables decreased to HKD 2,444,596 as of June 30, 2023, compared to HKD 3,332,845 as of December 31, 2022, reflecting a decline of 26.7%[40]. - The company’s total bonds classified as current liabilities decreased to HKD 428,245 as of June 30, 2023, from HKD 527,366 as of December 31, 2022[46]. - The company’s other payables decreased to HKD 1,312,901 as of June 30, 2023, down from HKD 1,385,091 as of December 31, 2022, indicating a reduction of 5.2%[42]. Operational Performance - The weighted average utilization hours of wind power projects during the reporting period were 1,490 hours, exceeding the national average of 1,237 hours for wind power in China[2]. - The actual electricity generation reached 3.322 million MWh, an increase of 8.5% year-on-year[57]. - The group completed a power generation of approximately 2.898 million MWh, representing a 16.2% increase from 2.493 million MWh in the same period last year[59]. - The group’s operational power generation from concentrated solar power stations was approximately 1,465,813 MWh, up from 1,427,383 MWh in the same period last year[62]. - The company operates 16 wind power stations as of June 30, 2023, with a total installed capacity of 790 MW, an increase from 588 MW in the previous year[70]. - Revenue from wind power sales was approximately HKD 654.9 million for the six months ending June 30, 2023, up from HKD 508.1 million in the same period of 2022, indicating a growth of 28.9%[70]. - The company confirmed operating income of approximately HKD 7.3 million from entrusted management services for photovoltaic power stations for the six months ending June 30, 2023, down from HKD 9.0 million in the previous year[69]. - The company has initiated discussions with the local government regarding the dismantling of the Ying Shang project, which has a capacity of 60 MW, and has taken measures to mitigate the impact of this project’s removal[65]. Investments and Acquisitions - The company completed the acquisition of three renewable energy companies for a total consideration of approximately RMB 242.7 million, enhancing its portfolio in the clean energy sector[108]. - The company agreed to repurchase equity interests from minority shareholders, totaling approximately 10.52%, 7.29%, 5.52%, 2.92%, 2.71%, and 1.04% for a total consideration of RMB 45.5 million, RMB 45.54 million, RMB 34.48 million, RMB 18.22 million, RMB 16.9 million, and RMB 6.51 million respectively[109]. - The company has established a non-binding memorandum of cooperation with Shandong Expressway Group to develop low-carbon service areas, with a potential installed capacity of up to 4 GW[68]. Corporate Governance - The company emphasizes maintaining high levels of corporate governance to achieve sustainable development and enhance performance[120]. - The board of directors consists of 12 members, including 4 independent non-executive directors, complying with listing rules[120]. - The audit committee, composed of three independent non-executive directors, reviewed the unaudited interim results for the six months ending June 30, 2023[122]. - The company has adopted the standard code of conduct for securities trading by directors, confirming compliance for the six months ending June 30, 2023[121]. - The company acknowledges the support of shareholders and business partners during the reporting period[124]. Future Outlook and Strategy - The company aims to become a flagship enterprise in the renewable energy sector under Shandong High-Speed Group, focusing on solar and wind energy[57]. - The group aims to accelerate development in the renewable energy sector, supported by national policies targeting a 50% increase in renewable energy generation by 2025[60]. - The company is actively exploring organic coupling forms in the hydrogen energy sector, including "wind-solar electrolysis for hydrogen storage," to assist in the transition from gray hydrogen and blue hydrogen to green hydrogen[80]. - The company is preparing its first pumped storage project in Guangdong Province, which is expected to enhance local grid stability and contribute to economic development[79]. - The company is focusing on carbon-related businesses, including carbon asset development, trading, and finance, to ensure dynamic balance with the development of the power system[80].
山高新能源(01250) - 2023 - 中期业绩