Financial Performance - The company's operating revenue for 2023 was CNY 3,955,548,511.61, a decrease of 13.39% compared to CNY 4,567,117,851.39 in 2022[20]. - Net profit attributable to shareholders for 2023 was CNY 629,281,357.74, down 15.51% from CNY 744,767,290.31 in 2022[20]. - The net cash flow from operating activities for 2023 was CNY 977,677,149.93, a decrease of 19.17% compared to CNY 1,209,581,828.27 in 2022[20]. - Basic earnings per share for 2023 was CNY 0.45, down 15.09% from CNY 0.53 in 2022[21]. - The weighted average return on net assets for 2023 was 8.31%, a decrease of 2.33 percentage points from 10.64% in 2022[21]. - The total assets at the end of 2023 were CNY 22,537,265,642.95, a slight decrease of 0.62% from CNY 22,677,440,152.69 at the end of 2022[20]. - The net assets attributable to shareholders at the end of 2023 were CNY 7,807,439,716.26, an increase of 6.51% from CNY 7,330,237,121.56 at the end of 2022[20]. - The total comprehensive income attributable to the parent company's shareholders for the reporting period was RMB 629,281,357.74, a decrease from RMB 722,293,217.33 in the same period of 2022, primarily due to a reduction in net profit[116]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.15 per share (before tax) based on the total share capital on the dividend distribution record date[6]. - The company has calculated its distributable reserves for dividends at RMB 2,058,119,860.42, with no share premium account available for capitalized dividend distribution[124]. - The cash dividend amount represents 33.22% of the net profit attributable to ordinary shareholders in the consolidated financial statements, which is RMB 62,928.14 million[199]. - The cash dividend distribution plan states that the cash dividends should not exceed 10% of the distributable profits for the year, with a cumulative distribution over the last three years not less than 30% of the average annual distributable profits[198]. - The board of directors has confirmed that the cash dividend policy aligns with the company's articles of association and shareholder meeting resolutions[198]. - The company emphasizes cash dividends as a priority in its shareholder return plan for the years 2021 to 2023, focusing on maintaining sustainable operations[197]. - The company has not proposed any stock dividends for the year 2023, indicating a focus solely on cash distributions[199]. Audit and Compliance - The company reported a standard unqualified audit opinion from PwC Zhong Tian LLP for the annual report[5]. - The board of directors confirmed the accuracy and completeness of the annual report, ensuring no false records or significant omissions[4]. - The annual report complies with all disclosure requirements set by relevant regulations in both mainland China and Hong Kong[9]. - The supervisory board confirmed that the financial report for the year 2023 was prepared in accordance with relevant accounting standards and accurately reflects the company's financial status and operating results[130]. - The company has established a governance structure that includes a general meeting of shareholders, a board of directors, a supervisory board, and senior management, ensuring compliance with relevant laws and regulations[131]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules and has complied with applicable provisions throughout the reporting period[133]. Operational Highlights - The company operates multiple waste-to-energy projects across various regions, including Wuhan, Taizhou, and Pingyang, contributing to its overall capacity[14]. - The company is involved in the construction and operation of several BOT (Build-Operate-Transfer) projects, enhancing its market presence in waste management[15]. - The company has plans for expansion in existing projects, such as the second phase of the Wuhan project, which aims to increase capacity and efficiency[15]. - The company launched four new waste-to-energy projects, increasing waste processing capacity by 4,600 tons per day[26]. - The company processed 13.4468 million tons of household waste, an increase of 17.98% year-on-year[26]. - The company generated 3.89423 billion kWh of electricity, representing a year-on-year growth of 11.87%[26]. - The company aims to strengthen its core business in waste-to-energy and explore new growth points in low-carbon environmental industry parks[27]. Risk Management - The company has detailed various risks in the report, which can be found in the management discussion and analysis section[8]. - The company emphasizes the importance of investment risk awareness for investors regarding future plans and strategies[7]. - The company faces risks from fluctuating waste supply and calorific value, which could impact operational efficiency and profitability[112]. - The company will monitor policy changes closely, as alterations in renewable energy pricing and subsidies could adversely affect profitability and cash flow[109]. Governance and Management - The company has established a governance structure that includes independent directors and a remuneration committee to ensure transparency and accountability[155]. - The company has a total of 85,900 shares held by senior management, with no changes reported during the period[136]. - The company has appointed several new directors and independent directors, with their tenures ranging from 2021 to 2024[136]. - The company has a diverse management team with expertise in engineering, finance, and operations, enhancing its strategic capabilities[149]. - The company emphasizes governance and transparency in its management structure, as detailed in the governance section of the report[137]. Research and Development - The company has obtained a total of 75 authorized patents, including 18 invention patents, reflecting its commitment to technological innovation[36]. - Total research and development (R&D) expenses amounted to RMB 7,372,735.78, representing 0.19% of total revenue[79]. - The company is actively exploring new technologies, including an integrated ultra-low emission technology for waste incineration flue gas, which has shown promising results in trials[36]. - The company continues to conduct trials for new processes, including a novel de-ammoniation technology, to enhance operational efficiency in various projects[36]. Market Position and Strategy - The company operates in the waste-to-energy sector, which is characterized by government encouragement, regional monopolies, capital intensity, and minimal seasonal and cyclical fluctuations[41]. - The company is positioned to benefit from the recent adjustments in waste incineration power pricing policies, which will enhance revenue sources post-subsidy[37]. - The company aims to achieve "zero landfill" for primary waste in regions with significant waste generation, promoting the construction of incineration facilities[40]. - The company is focused on enhancing waste incineration processing facilities in county-level regions, particularly where daily waste collection exceeds 300 tons[40]. - The company is positioned to capitalize on the growing market for waste incineration in county-level regions as part of national policy initiatives[105].
绿色动力环保(01330) - 2023 - 年度业绩