JINKONG POWER(000767)2024-04-25 12:37Financial Performance - The company's operating revenue for 2023 was ¥19.62 billion, a decrease of 2.99% compared to ¥20.22 billion in 2022[20]. - The net profit attributable to shareholders was a loss of ¥515 million, an improvement of 24.33% from a loss of ¥683 million in the previous year[20]. - The net cash flow from operating activities was negative at ¥1.57 billion, a decline of 236.96% compared to a positive cash flow of ¥1.15 billion in 2022[20]. - The total assets at the end of 2023 were ¥60.51 billion, down 3.95% from ¥62.99 billion in 2022[20]. - The net assets attributable to shareholders increased by 3.40% to ¥11.12 billion from ¥10.75 billion in 2022[20]. - The basic earnings per share for 2023 was -¥0.2542, a slight improvement of 0.51% from -¥0.2561 in 2022[20]. - The weighted average return on net assets was -11.77%, compared to -10.74% in the previous year[20]. - The company has reported a significant increase in losses due to non-recurring items, with a net profit loss of ¥531 million after deducting non-recurring gains and losses[20]. - The company has faced uncertainties regarding its ability to continue as a going concern, as indicated in the recent audit report[21]. Revenue Segments - The electricity segment generated ¥15,469,180,006.97, accounting for 78.86% of total revenue, down 9.74% from the previous year[46]. - The coal segment saw a significant increase in revenue, reaching ¥9,305,668,204.94, which is a 58.21% increase compared to ¥5,881,818,028.89 in 2022[46]. - The total sales volume of electricity was 4,139,561.74 million kWh, down 1.90% from 4,219,709.57 million kWh in 2022[49]. - The company achieved a total revenue of 3,724,771,000 CNY from financial services through its subsidiary Tongmei Dayou Capital Investment, indicating diversification in revenue streams[83]. Operational Capacity and Production - As of the end of 2023, the company had a total operational capacity of 10,927.9 MW, including 8,800 MW from thermal power and 1,999.9 MW from renewable sources[33]. - The company completed a total electricity generation of 44.983 billion kWh in 2023, with an average utilization hour of 4,116.36 hours, outperforming the provincial average by 687.36 hours[33]. - The average utilization hours for conventional thermal power in 2023 were 4,662.99 hours, a decrease of 118.78 hours year-on-year, while hydro power utilization increased by 526.1 hours to 4,914.05 hours[33]. - The company completed a heat supply of 40.8421 million GJ, representing a growth of 6.99% year-on-year[37]. Cash Flow and Investments - The company reported a net cash flow from operating activities of -1,574,186,031.69 CNY, a decrease of 236.96% compared to the previous year[65]. - Investment activities generated a net cash flow of -1,623,060,105.28 CNY, an improvement of 18.34% from -1,987,617,225.25 CNY in 2022[65]. - The company’s financing activities produced a net cash flow of 2,617,316,537.02 CNY, down 41.79% from 4,496,348,559.38 CNY in the previous year[65]. Research and Development - The company applied for 28 utility model patents and achieved 16 patent authorizations in 2023, demonstrating a commitment to technological innovation[43]. - R&D expenses surged by 82.83% to ¥16,769,401.23, reflecting increased investment in research and development[59]. - Research and development (R&D) investment increased to 60,742,287.51 CNY, up 268.35% from 16,490,231.44 CNY in 2022, representing 0.31% of operating revenue[63]. - The number of R&D personnel rose to 231, an increase of 80.47% from 128 in 2022, with a significant rise in the proportion of personnel holding bachelor's degrees[63]. Environmental Compliance - The company has consistently adhered to the emission standards set forth in the 2019 regulations for coal-fired power plants in Shanxi Province[151]. - The total emissions of particulate matter from the Shanxi Power Plant amounted to 34.26 tons, with a concentration of 1.25 mg/m³, which is compliant with the emission standards[149]. - The company has established a pollution discharge ledger and submits regular reports to local environmental protection authorities[148]. - The company has maintained compliance with environmental regulations, with no reported environmental accidents or violations during the reporting period[165]. Governance and Management - The company maintains a robust governance structure with a board of directors consisting of 5 members, including 3 independent directors, ensuring compliance with regulatory requirements[93]. - The company has established an independent financial department with its own accounting system and financial management policies[95]. - The internal control system has been improved to enhance risk management and control activities[94]. - The company reported a significant leadership change with the resignation of Chairman Liu Huicheng and Vice Chairman Xin Tao due to work-related transitions[100]. Social Responsibility and Community Engagement - The company is actively involved in rural revitalization efforts, managing three villages and three poverty alleviation projects to support local development[166]. - The company has coordinated the issuance of small loans amounting to 150,000 yuan to support local development projects[168]. - The company has implemented a "100-day attack" action plan to address poverty alleviation and rural revitalization, ensuring comprehensive support for local communities[169]. - The company is committed to fulfilling its social responsibilities and promoting rural revitalization in alignment with national policies and directives[172].