Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.15 per share (pre-tax) based on the total share capital on the dividend record date for all shareholders[6]. - The company will not increase share capital from capital reserves or issue bonus shares for the fiscal year 2023[6]. - The company will carry forward the remaining undistributed profits to the next fiscal year[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[123]. - The company plans to pay a final dividend of RMB 0.15 per share, totaling approximately RMB 209.0175 million, subject to approval at the upcoming annual general meeting[118]. - In 2023, the total 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[198]. - The company aims to distribute at least 10% of the annual distributable profit in cash and ensure that the cumulative cash dividends over the last three years are no less than 30% of the average annual distributable profit[196]. - The cash dividend proposal for 2023 is part of the company's commitment to maintaining a sustainable cash dividend policy while ensuring ongoing operational capabilities[196]. - The company emphasizes the importance of cash dividends and will not issue stock dividends in years where cash dividends are not distributed[196]. 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[19]. - Net profit attributable to shareholders for 2023 was CNY 629,281,357.74, down 15.51% from CNY 744,767,290.31 in 2022[19]. - The net cash flow from operating activities for 2023 was CNY 977,677,149.93, a decline of 19.17% compared to CNY 1,209,581,828.27 in 2022[19]. - Basic earnings per share for 2023 was CNY 0.45, a decrease of 15.09% from CNY 0.53 in 2022[20]. - The weighted average return on equity for 2023 was 8.31%, down 2.33 percentage points from 10.64% in 2022[20]. - 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[19]. - The net assets attributable to shareholders increased by 6.51% to CNY 7,807,439,716.26 at the end of 2023, compared to CNY 7,330,237,121.56 at the end of 2022[19]. - The total profit for the period was RMB 777,086,059.95, a decline of RMB 114,556,815.89 compared to the same period last year[58]. - The gross profit decreased by 2.95% to RMB 1,523,750,202.69, with a gross margin of 38.52%, up from 34.38% in the previous year[57]. Project Development and Operations - The company is involved in multiple waste-to-energy projects across various regions, including Wuhan, Taizhou, and Pingyang, focusing on sustainable energy generation[13]. - The company has ongoing projects such as the expansion of the Pingyang waste incineration power plant, which is a PPP project aimed at increasing capacity[14]. - The company is actively pursuing new projects, including the construction of waste incineration plants in regions like Guangxi and Guizhou, enhancing its market presence[14]. - The company launched four new waste-to-energy projects, increasing waste processing capacity by 4,600 tons per day[25]. - The company achieved a steam supply volume of 428,600 tons, which is a 42.00% increase compared to the previous year[25]. - In 2023, the company processed 13.4468 million tons of household waste, an increase of 17.98% year-on-year[25]. - The company generated 3.89423 billion kWh of electricity, representing a year-on-year growth of 11.87%[25]. - The company aims to strengthen its core business in waste-to-energy and explore new growth points in low-carbon environmental industry parks[26]. - The company is focused on enhancing the operational efficiency of existing incineration facilities, particularly those with a load rate below 70%[39]. Governance and Compliance - The audit report issued by PwC confirms the financial report's authenticity, accuracy, and completeness[5]. - The annual report complies with all disclosure requirements set by relevant securities regulations in both mainland China and Hong Kong[9]. - The board of directors and senior management guarantee the report's content is free from false records or misleading statements[4]. - The company has established a governance structure that includes a general meeting of shareholders, a board of directors, a supervisory board, and senior management[130]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules and has complied with applicable provisions[132]. - The supervisory board approved the financial report for the year 2023, affirming that it was prepared in accordance with relevant accounting standards[129]. - The company has not faced any penalties from regulatory authorities in the past three years, reflecting compliance with regulations[156]. - The company emphasizes transparency in its governance practices, as noted in the governance section of the report[136]. Risk Management - The company has detailed risks in the report, particularly in the "Management Discussion and Analysis" section[8]. - The company emphasizes the importance of investment risk awareness regarding forward-looking statements in the report[7]. - The company is facing risks related to fluctuating waste supply and calorific value, which could impact operational efficiency and profitability[111]. - The company will continue to monitor policy changes that may affect its profitability and cash flow, particularly regarding renewable energy subsidies[108]. - The company is committed to adhering to environmental standards and increasing public awareness of waste incineration power generation to mitigate negative perceptions[110]. Research and Development - The total R&D expenditure for the period was RMB 7,372,735.78, representing 0.19% of total revenue, with no capitalized R&D expenses[79]. - As of the end of 2023, the company has obtained a total of 75 authorized patents, including 18 invention patents, reflecting its commitment to technological innovation[35]. - The company is committed to advancing its research and development efforts in new processes and technologies for waste treatment, enhancing its competitive edge in the industry[35]. - The company has initiated trials for new technologies aimed at ultra-low emissions in waste incineration, showing promising results in various projects[35]. Management and Human Resources - The company has a total of 3,466 employees, with 2,136 in production roles and 652 in technical positions[192]. - Female employees account for 22.99% of the total workforce[189]. - The company has established a competitive salary system linked to performance, with a focus on maintaining stability and adjusting salaries based on operational conditions and industry standards[193]. - The company has implemented a comprehensive training program, including five specialized training projects and various online and offline training methods to enhance employee skills and performance[194]. - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to 17.5989 million yuan[154]. Market Position and Strategy - The company has a nationwide market presence covering 20 provinces and municipalities, focusing on economically developed regions such as the Yangtze River Delta and Pearl River Delta[46]. - The company is positioned to benefit from the adjustment of waste incineration power pricing policies, which will provide additional revenue sources through green certificate trading[36]. - The company plans to strengthen mergers and acquisitions to enhance its core business in waste incineration power generation and aims for high-quality development[105]. - The company is actively seeking investment opportunities to improve profitability, with no major investment plans beyond previously announced projects[101]. - The market for waste incineration power generation is expected to grow as policies encourage the establishment of facilities in county-level regions by 2030[104].
绿色动力环保(01330) - 2023 - 年度财报