Financial Performance - The operating revenue for the year ended December 31, 2022, was RMB 18.561 billion, an increase of 15.01% compared to 2021[2]. - The profit before tax was RMB 3.295 billion, reflecting a growth of 0.73% year-on-year[2]. - The net profit attributable to shareholders was RMB 2.294 billion, a slight decrease of 0.04% from the previous year[2]. - Earnings per share were RMB 0.53, down 7.02% compared to 2021[2]. - The group achieved a net profit of RMB 2.819 billion for the year 2022, a decrease of 1.25% year-on-year, with net profit attributable to shareholders at RMB 2.294 billion, down 0.04%[21]. - Total operating revenue for 2022 was RMB 18.561 billion, an increase of 15.01% year-on-year, with the wind and photovoltaic segment contributing RMB 6.346 billion, up 0.34%, and the natural gas segment contributing RMB 12.202 billion, up 24.43%[22]. - The company reported a gross profit margin of approximately 28.5% for 2022, compared to 30.5% in 2021, indicating a decrease in profitability[137]. - The comprehensive income for 2022 was RMB 2,818,964,076.40, compared to RMB 2,854,700,266.87 in 2021, indicating a decrease of about 1.25%[139]. Assets and Liabilities - The total assets of the group as of December 31, 2022, amounted to RMB 77.409 billion[3]. - The company's total liabilities increased to RMB 52,223,427,296.61 in 2022, compared to RMB 48,153,452,750.53 in 2021, representing a rise of 6.4%[136]. - The debt-to-asset ratio increased slightly to 67.46% from 66.81%, reflecting higher external financing[128]. - As of December 31, 2022, the company's total borrowings amounted to RMB 37.203 billion, an increase of RMB 3.615 billion from the end of 2021[31]. - The company's current ratio decreased to 78.53% from 93.81%, a decline of 16.29% due to increased external financing and project investments[128]. - The total equity attributable to shareholders increased to RMB 20,464,970,898.87 in 2022 from RMB 19,834,599,822.27 in 2021, reflecting a growth of 3.2%[136]. Cash Flow - The net cash flow from operating activities increased by 72.26% to RMB 7,463,360,158.38, driven mainly by cash received from sales of goods and services[51]. - The net cash flow from investment activities was RMB -7,648,675,576.32, primarily due to cash payments for the construction of fixed assets[51]. - The net cash flow from financing activities for 2022 was RMB -176 million, a significant decrease from RMB 8.649 billion in 2021, primarily due to the absence of financing activities such as share issuance and perpetual bonds in the current period[54]. Revenue Segments - The company's main business revenue from natural gas sales reached RMB 11.85 billion, with a gross margin of 9.57%, reflecting a year-on-year increase of 24.49%[55]. - The revenue from the wind and photovoltaic power business was RMB 6.29 billion, with a gross margin of 61.55%, showing a slight decrease of 0.08% year-on-year[55]. - Natural gas revenue decreased by 3.21% to RMB 4,708,156.26 thousand in 2022 from RMB 4,864,515.53 thousand in 2021[30]. - Wind and solar energy revenue fell by 17.87% to RMB 2,527,745.37 thousand in 2022 from RMB 3,077,598.39 thousand in 2021[30]. Investments and Expenditures - Capital expenditures for the reporting period amounted to RMB 7.241 billion, a decrease of 8.87% compared to RMB 7.946 billion in the previous year[29]. - The group has invested RMB 3.29 billion in external investments during the reporting period, an increase from RMB 3.07 billion in the previous year[26]. - The company has added 6,400 MW of new pumped storage capacity agreements during the reporting period[17]. - The company is actively exploring new energy storage project investments, with two demonstration projects included in the provincial planning list[18]. Renewable Energy Development - The company is focused on expanding renewable energy development in line with national carbon neutrality goals, aiming for a non-fossil energy consumption ratio of around 20% by 2025[7]. - The newly installed wind power capacity in 2022 was 37.63 million kW, with a cumulative installed capacity of 365 million kW, representing an 11.2% increase year-on-year[6]. - The newly installed photovoltaic capacity was 87.41 million kW, with a cumulative installed capacity of 393 million kW, showing a growth of 28.1% year-on-year[6]. - The company is actively promoting the integration of renewable energy projects, with 7,334 projects confirmed for subsidy verification as of October 2022[7]. Market Expansion and Strategy - The company is actively expanding its market presence beyond Hebei province, focusing on developing untapped provincial markets[49]. - The company aims to maximize its interests through active participation in market-oriented electricity trading as the scale of market transactions is expected to expand[48]. - The company is focusing on the integration of wind, solar, and energy storage projects to create a comprehensive smart energy system[89]. - The company plans to enhance its natural gas supply chain, targeting an annual production of over 230 billion cubic meters by 2025, with a goal to increase natural gas's share in primary energy consumption from 8.9% in 2021 to 15% by 2030[77]. Environmental and Social Responsibility - The company has received the "Golden Responsibility Award" for Best Environmental Responsibility, highlighting its commitment to ESG initiatives since 2014[50]. - The company generated 14.198 billion kWh of green electricity during the reporting period, avoiding CO2 emissions of approximately 11,755,944 tons[119]. - The company avoided SO2 emissions of approximately 1,434 tons and NOx emissions of about 2,158.1 tons during the reporting period[119]. Challenges and Risks - The company is aware of potential climate risks affecting wind energy production and is conducting comprehensive resource assessments to mitigate these risks[92]. - The company anticipates that power supply restrictions may worsen in regions with concentrated wind and solar resources due to delays in grid construction[93]. - The company faces challenges in project construction due to slow land approval processes and complex procedures, impacting overall project timelines[95]. - The company is at risk of declining electricity prices due to market-based trading as the national power system reform deepens[96]. Future Outlook - The company aims to increase renewable energy generation to approximately 3.3 trillion kWh by 2025, with wind and solar power generation expected to double during the 14th Five-Year Plan[77]. - The company plans to prioritize the development of wind power projects in areas with improved grid facilities and explore innovative consumption methods[94]. - The company is committed to achieving a balanced power supply and demand in Hebei by 2027, aligning with provincial and national energy strategies[78].
新天绿色能源(00956) - 2022 - 年度业绩