wsdl(SH:600995)2024-03-29 16:00Financial Performance - The company's operating revenue for 2023 was CNY 5,629,657,903, a decrease of 31.85% compared to CNY 8,260,893,377.42 in 2022[16]. - Net profit attributable to shareholders for 2023 was CNY 1,013,569,950.91, down 39.05% from CNY 1,662,974,320.17 in 2022[16]. - The net profit after deducting non-recurring gains and losses increased by 158.37% to CNY 1,027,935,847.97 in 2023 from CNY 397,860,645.36 in 2022[16]. - The net cash flow from operating activities for 2023 was CNY 3,556,834,255.58, a decrease of 22.69% compared to CNY 4,600,633,362.14 in 2022[16]. - Basic earnings per share for 2023 were CNY 0.32, a decrease of 50.00% from CNY 0.64 in 2022[22]. - The weighted average return on net assets for 2023 was 4.98%, down 6.50 percentage points from 11.48% in 2022[22]. - The company achieved operating revenue of 5.63 billion RMB, a year-on-year decrease of 31.85%[39]. - Operating costs amounted to 3.04 billion RMB, down 28.69% year-on-year[40]. - Net profit attributable to shareholders was 1.01 billion RMB, with basic earnings per share of 0.32 RMB[39]. Dividend and Share Capital - The company plans to distribute a cash dividend of 0.9515 CNY per 10 shares, totaling 304,099,952.35 CNY for the year 2023, with no stock bonus or capital reserve conversion[3]. - The total share capital as of the end of 2023 is 3,196,005,805 shares[3]. - The total cash dividend amount for the year was approximately ¥304.1 million, representing 30% of the net profit attributable to ordinary shareholders in the consolidated financial statements[143]. - The company has implemented a cash dividend policy, with a minimum cash dividend ratio of 30% of the average distributable profit over the last three years, contingent on profitability and positive retained earnings[140]. Audit and Compliance - The company has received a standard unqualified audit report from Da Xin Certified Public Accountants[2]. - There are no non-operating fund occupations by controlling shareholders or related parties reported[4]. - The company has not violated any decision-making procedures regarding external guarantees[4]. - The company maintained independence from its controlling shareholders in terms of assets, personnel, finance, organization, and business operations throughout the reporting period[102]. - The company’s board of directors has established several specialized committees, including the audit committee, nomination committee, and strategic committee, to enhance governance[129]. Risk Management - The company has outlined potential risks in its management discussion and analysis section, which investors should be aware of[5]. - The company faces risks related to water supply uncertainty and construction challenges for pumped storage projects[99]. Technology and Innovation - The company has made significant progress in technology development, with 21 technologies filling domestic gaps and eight achieving international leading or advanced levels[30]. - The company is focusing on technological innovation in the energy storage sector, having developed several key technologies[38]. - The company is actively researching sodium-ion batteries, flow batteries, and compressed air storage technologies, and has initiated planning for a compressed air storage power station[36]. Project Development - The company has secured approval for five new projects, increasing its total project reserve capacity to over 35 million kilowatts[25]. - The company completed the largest energy storage station in the Guangdong-Hong Kong-Macao Greater Bay Area with a capacity of 300MW/600MWh[25]. - As of the end of 2023, the company's pumped storage capacity reached 10.28 million kW, with 4 projects under construction totaling 4.8 million kW[36]. - The company approved 5 new pumped storage projects in 2023, adding a total capacity of 6 million kW, including projects in Guangdong and Guangxi[36]. Market and Customer Relations - The company's major customer, China Southern Power Grid, accounted for 95.29% of total sales, highlighting a significant reliance on a single customer[49]. - Revenue from the Guangdong region decreased by 2.07%, while the Yunnan region saw a drastic decline of 85.85% due to changes in business operations[45]. Environmental and Social Responsibility - The company invested ¥16,760.14 million in environmental protection during the reporting period[150]. - The company reduced carbon emissions by 7,174,787 tons through various carbon reduction measures[154]. - The company donated a total of ¥193.4 million to public welfare projects, benefiting 27,141 people[158]. Employee and Management - The company reported a total of 2,151 employees, with 675 in the parent company and 1,476 in major subsidiaries[135]. - The employee composition includes 803 production personnel, 738 technical personnel, and 364 administrative personnel[135]. - The company has established a performance-based compensation system, emphasizing merit and contribution in salary determination[137]. Future Outlook - The company plans to achieve a total installed capacity of approximately 16.71 million kW by the end of 2025, including 12.68 million kW of pumped storage and 2 million kW of new energy storage[96]. - By 2030, the company aims to have a pumped storage capacity of around 29 million kW and over 5 million kW of new energy storage, totaling approximately 36 million kW[96]. - The company is focusing on sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025[113].