Financial Performance - The audited net profit attributable to the parent company's shareholders for 2023 is RMB 2,207,473,530.19, with undistributed profits amounting to RMB 8,960,553,185.93[6]. - The proposed cash dividend is RMB 2.14 per 10 shares (including tax), totaling RMB 896,037,917.62 (including tax), which represents 40.59% of the net profit attributable to the parent company's shareholders for 2023[6]. - The company's operating revenue for 2023 reached CNY 20,281,788,883.53, representing a year-on-year increase of 9.27% compared to CNY 18,560,522,731.81 in 2022[60]. - Net profit attributable to shareholders of the listed company was CNY 2,207,473,530.19, a decrease of 3.71% from CNY 2,292,630,759.66 in the previous year[60]. - The net cash flow from operating activities was CNY 4,851,683,579.95, down 34.99% from CNY 7,463,360,158.38 in 2022[60]. - Basic and diluted earnings per share for 2023 were CNY 0.51, a decrease from CNY 0.53 in 2022[61]. - The total assets of the company at the end of 2023 were CNY 79,016,593,096.75, an increase of 2.07% from CNY 77,412,548,934.66 in 2022[62]. - The net assets attributable to shareholders of the listed company increased to CNY 21,876,733,637.92, up 6.92% from CNY 20,461,432,459.73 in 2022[62]. - The weighted average return on equity decreased to 10.70% in 2023, down from 11.97% in 2022, reflecting a decline of 1.27 percentage points[61]. - The company reported a decrease in net profit due to an increase in non-recurring gains and losses compared to the previous year[61]. Operational Highlights - As of the end of 2023, the company's total assets reached RMB 79.017 billion, with operating revenue of RMB 20.282 billion and a net profit of RMB 2.734 billion, representing a net profit attributable to shareholders of RMB 2.207 billion[31]. - The company generated 14.254 billion kWh of electricity from wind and solar power, with a sales volume of 13.930 billion kWh, while the total gas transmission volume was 5.114 billion cubic meters, an increase of 13.63% year-on-year[31]. - The company added 1.4418 million kW of approved wind power capacity and 42,000 kW of approved solar capacity, along with 160,000 kW/640,000 kWh of independent energy storage capacity[31]. - The company has made significant progress in construction projects, including the completion of various wind power projects and the first phase of the Tangshan LNG project, which is now operational[35]. - The gas business saw a sales volume of 4.503 billion cubic meters, reflecting a year-on-year increase of 15.93%[31]. - The company has received approvals for several key projects, including the Tangshan LNG export pipeline and the Qingxian gas power plant project[31]. - The company operated a total of 51.14 billion cubic meters of natural gas transmission volume and sold 4.503 billion cubic meters of gas in 2023[41]. - The company has a total of 1 LNG receiving station, 11 long-distance gas pipelines, and 33 city gas projects as of December 31, 2023[41]. - The company has a total of 508.1 MW of equity capacity in wind farms in which it holds stakes[42]. - The company manages and operates photovoltaic projects with a total capacity of 170 MW[43]. Strategic Initiatives - The company is focused on enhancing its management capabilities and aims to achieve high-quality development in 2024, aligning with the strategic goals of the 14th Five-Year Plan[38]. - The company emphasizes the importance of technological innovation as a driving force for future growth and development[35]. - The company is actively seeking suitable overseas investment projects while focusing on domestic renewable energy development[41]. - The company is committed to fulfilling environmental, social, and governance responsibilities, focusing on the development of renewable energy to support China's low-carbon transition[147]. - The company plans to enhance its digital marketing efforts, allocating an additional 2 million to boost online presence and customer engagement[194]. - The company is exploring potential mergers and acquisitions to strengthen its market position[190]. - The company aims to enhance its natural gas supply capacity by promoting the commissioning of the Tangshan LNG terminal and associated gas pipelines, which will support a comprehensive operational model focusing on gasification and liquid distribution services[144]. Risks and Challenges - The company has detailed potential risks and countermeasures in the report, encouraging investors to review the relevant sections[8]. - The wind power and photovoltaic business faces climate risks due to annual fluctuations in wind resources, with a risk of decreased wind speed in 2024 compared to 2023[153]. - The company is exposed to risks of declining electricity prices due to ongoing market reforms and increased competition in power trading[156]. - New energy projects are increasingly required to incorporate energy storage solutions, raising initial investment costs and potentially affecting project returns[157]. - The company faces risks from potential decreases in gas transmission and city gas charges as part of national pricing reforms[158]. - Market expansion difficulties are expected to increase due to the gradual opening of national pipeline infrastructure, intensifying competition with upstream suppliers[159]. Governance and Management - The board of directors consists of 9 members, including 4 non-executive directors, 2 executive directors, and 3 independent non-executive directors, complying with the Hong Kong listing rules[168]. - The company has adopted the Corporate Governance Code and has complied with all relevant provisions, except for the attendance of the chairman at the annual general meeting due to business commitments[173]. - The company conducts at least four board meetings annually, ensuring proper notification and attendance protocols are followed[171]. - The company has established a framework for communication between the board of directors, shareholders, and management to facilitate decision-making[180]. - The company has confirmed that all resolutions passed in the shareholder meetings were approved unanimously[182]. - The company has established a nomination committee responsible for proposing new directors, who must be elected at the shareholders' meeting[175]. - The company has arranged appropriate insurance for directors and senior management against potential legal claims, which is reviewed annually[181]. Future Outlook - The company aims to achieve a renewable energy generation of approximately 3.3 trillion kWh by 2025, with renewable energy accounting for over 50% of the total electricity consumption increase during the 14th Five-Year Plan period[139]. - The company plans to increase its wind power installed capacity to 43 million kW by 2025, as part of the Hebei provincial government's strategy[140]. - The company is actively pursuing the integration of multiple energy sources and the development of hydrogen production from wind energy as part of its future projects[141]. - The company has outlined a future outlook with a projected revenue growth of 20% for the next fiscal year, driven by new product launches and market expansion strategies[194]. - The company plans to enhance its supply chain management, aiming for a 15% reduction in operational costs by 2024[199].
新天绿色能源(00956) - 2023 - 年度财报