Financial Performance - The operating revenue for 2023 was RMB 82,548.6 million, a decrease of 0.3% compared to 2022[15]. - The net profit attributable to shareholders of the parent company was RMB 10,724.6 million, an increase of 7.6% from 2022[15]. - EBITDA for 2023 was RMB 38,569.7 million, reflecting a growth of 7.4% compared to the previous year[15]. - The total profit for 2023 reached RMB 20,530.56 million, an increase from RMB 18,700.13 million in 2022[16]. - In 2023, the company achieved revenue of approximately RMB 82.549 billion, a slight decrease of 0.33% compared to 2022[61]. - The net profit attributable to shareholders was approximately RMB 10.725 billion, an increase of 7.64% from 2022 (restated)[61]. - The proposed dividend for the year is RMB 0.094 per share (tax included), representing an increase of 8.05% compared to 2022[61]. - The company's EBITDA margin increased to 46.7% in 2023 from 43.4% in 2022[88]. - Net profit margin improved to 20.6% in 2023 compared to 18.4% in 2022[88]. - Operating revenue for 2023 was RMB 82,548.64 million, a slight decrease of 0.3% from RMB 82,822.40 million in 2022[89]. - The cost of operating revenue decreased by 4.4% to RMB 52,857.62 million in 2023 from RMB 55,280.97 million in 2022[89]. - Sales revenue from electricity rose by 7.6% to RMB 62,516.99 million in 2023, up from RMB 58,104.82 million in 2022[91]. Asset and Liability Management - The total assets as of December 31, 2023, were RMB 52,857.62 million, down from RMB 55,280.97 million in 2022[16]. - Total current assets for 2023 reached approximately $72.79 billion, an increase from $70.50 billion in 2022, reflecting a growth of about 1.8%[17]. - Total non-current assets amounted to approximately $342.46 billion in 2023, compared to $338.51 billion in 2022, indicating a growth of about 1.4%[17]. - Total liabilities decreased to approximately $249.95 billion in 2023 from $251.08 billion in 2022, representing a reduction of about 0.5%[17]. - Total equity attributable to shareholders increased to approximately $113.24 billion in 2023, up from $107.03 billion in 2022, marking a growth of about 5.5%[17]. - The total assets for 2023 were approximately $415.25 billion, compared to $409.02 billion in 2022, showing an increase of about 1.6%[17]. - The total liabilities and equity combined for 2023 stood at approximately $415.25 billion, consistent with the total assets[17]. - The company's debt-to-equity ratio improved to 111.2% in 2023 from 117.3% in 2022[88]. - Interest coverage ratio increased to 3.7 in 2023, up from 3.0 in 2022[88]. - The company reported a decrease in financial expenses by 14.1% to RMB 5,665.97 million in 2023[89]. Operational Efficiency and Production - The company maintained an average capacity factor of approximately 89% across its 27 operating nuclear units, with 24 units using second-generation technology achieving an average capacity factor of about 92%[68]. - The average utilization hours for nuclear units were 7,509 hours, an increase from the three-year average of 7,450 hours[68]. - The company successfully completed 17 scheduled refueling outages, achieving expected targets for duration and quality, setting multiple historical records[68]. - The average utilization hours of nuclear power in China for 2023 were 7,670 hours, an increase of 54 hours year-on-year[106]. - The average load factor for 2023 was 85.72%, an increase from 85.45% in 2022[116]. - The company’s operational nuclear units achieved stable operation throughout 2023, contributing to a reliable power supply[113]. - The company has completed annual trading sales of approximately 19.5 billion kWh for ten nuclear power units in Guangdong, maintaining similar trading volumes as in 2023[73]. - The company plans to conduct 18 scheduled refueling outages in 2024, including four ten-year overhauls and one first overhaul[140]. - The company aims to maintain an average utilization hour for its units in 2024 that is not lower than the average of the last three years[140]. Safety and Environmental Management - The company emphasizes environmental governance and social development in its operational strategies[57]. - The company emphasizes nuclear safety management, achieving over 99% completion of identified issues and hazards rectification in 2023[67]. - The company emphasizes safety management, maintaining a record of no Level 2 or above nuclear incidents in its operational history[111]. - The company has implemented measures to optimize the management of radioactive waste, ensuring compliance with national regulations without incurring administrative penalties[123]. - The company has achieved a radioactive liquid waste discharge rate of 0.19% in 2023, down from 0.22% in 2022, indicating improved waste management[124]. - The company’s radioactive gas waste discharge rate was reported at 0.45% in 2023, slightly down from 0.46% in 2022[124]. - The company continues to enhance its safety management system, conducting regular emergency drills and safety inspections across all managed nuclear power stations[111]. Research and Development - The company is committed to strengthening technology research and development to enhance sustainable development capabilities[57]. - The company has received approval for five nuclear power projects in 2023, with multiple provinces focusing on nuclear project construction in their 2024 energy plans[61]. - The company has established three R&D bases in Shenzhen, Yangjiang, and Zhongshan, and applied for two national-level R&D centers in 2023[70]. - The company has applied for a total of 1,668 patents in 2023, with 985 patents granted, including one invention patent awarded the 24th China Patent Gold Award[71]. - The company has successfully developed new high-performance radiation shielding materials and core operation monitoring instruments, enhancing safety and economic operation at nuclear power plants[168]. - The company has developed the third-generation nuclear technology, Hualong One, based on over 30 years of experience, aiming to enhance economic efficiency and competitiveness[163]. - The company has established long-term collaborations with four academicians and university teams to enhance its research talent pool[177]. - The company has a total of 1,706 employees with registered qualifications in engineering construction, including 394 registered first-class constructors and 212 registered nuclear safety engineers[196]. Employee Development and Welfare - The total number of employees at the end of 2023 was 19,038, representing an increase from 18,968 in 2022[173]. - The company introduced 1,322 graduates through campus recruitment and 71 through social recruitment in 2023[177]. - The average training hours per employee reached 138.5 hours in 2023, reflecting the company's commitment to continuous skill enhancement[183]. - The company has established a talent training system with 211 full-time instructors and over 2,800 part-time instructors to enhance training resources[193]. - The company has implemented a competitive salary management system, with total employee costs reflecting performance-based bonuses[197]. - The company achieved a 100% coverage rate for social insurance for employees, emphasizing the importance of employee welfare[198]. - The company has established a comprehensive occupational health management system, complying with national regulations and obtaining ISO45001 certification[199]. Strategic Initiatives - The company aims to enhance profitability through cost reduction and efficiency improvements while focusing on high-quality production for new units[57]. - The strategy includes adapting to electricity market reforms and reinforcing market marketing on a provincial basis[57]. - The company is committed to accelerating the construction of a world-class nuclear energy enterprise with global competitiveness, targeting key areas such as production operations and technological innovation[139]. - The company will closely monitor changes in national policies and the economic environment to ensure stable development through effective risk management[140]. - The company has implemented a standardized management model (OPST) to enhance operational efficiency and unify technical standards, resulting in significant cost-effectiveness improvements[161].
中广核电力(01816) - 2023 - 年度财报