CTGR(600905)2024-04-29 12:14Financial Performance - In 2023, the company's operating revenue reached ¥26,485,472,393.22, an increase of 11.23% compared to the previous year[18]. - The net profit attributable to shareholders of the listed company was ¥7,181,086,737.34, reflecting a growth of 0.94% year-on-year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 2.39% to ¥7,008,579,848.95[18]. - The company's total assets increased by 18.82% to ¥311,707,560,904.40 by the end of 2023, driven by new installed capacity[20]. - The net assets attributable to shareholders grew by 6.93% to ¥82,529,395,261.07[18]. - The basic earnings per share rose to ¥0.2509, an increase of 0.88% compared to the previous year[19]. - The net cash flow from operating activities decreased by 14.23% to ¥14,417,230,797.01, primarily due to lower recovery amounts from renewable energy price surcharges[20]. - The company experienced a 47.48% decline in investment income due to fluctuations in the profitability of associated enterprises[20]. - The company reported a total revenue from electricity generation of approximately ¥26.12 billion, up 10.71% from the previous year[70]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.78 per 10 shares, totaling approximately RMB 2.23 billion (including tax) based on a total share capital of 28,621,379,200 shares as of March 31, 2024[4]. - The company has not proposed any capital reserve transfers to increase share capital or stock dividends in the current profit distribution plan[4]. - The company's cash dividend distribution plan is subject to approval at the shareholders' meeting[137]. - The company has adhered to the regulations regarding cash dividend policies as outlined in its articles of association[138]. Governance and Compliance - The company has received a standard unqualified audit report from Da Hua Accounting Firm[3]. - The board of directors has been fully present at the meetings, ensuring governance and oversight[2]. - The company has confirmed that all directors can guarantee the authenticity, accuracy, and completeness of the annual report[6]. - The company has implemented a strict governance structure, ensuring compliance with national laws and regulations, and enhancing the effectiveness of decision-making processes[95]. - The company has integrated party leadership into its governance structure, ensuring that the party's role is reflected in all governance aspects[95]. - The company has established a management system for related party transactions, ensuring compliance with regulatory requirements[95]. - The company has maintained a strong focus on risk management and internal control, ensuring the legality and compliance of its operations[95]. Strategic Development - The company is actively developing large-scale land-based renewable energy projects, focusing on high-proportion renewable energy delivery[27]. - The company is actively pursuing new energy projects, including a 2.4 million kW pumped storage power station in Qinghai and a 1 million kW photovoltaic and all-vanadium flow battery integration project in Xinjiang[28]. - The company aims to double its wind and solar power generation by 2025, contributing to a renewable energy consumption target of approximately 1 billion tons of standard coal[87]. - The company plans to deepen its offshore wind power layout, focusing on regions such as Guangdong, Fujian, and Jiangsu, while expanding into Shandong, Liaoning, and other areas[89]. - The company is focusing on talent acquisition and training, particularly in high-demand areas such as energy storage and hydrogen technology[40]. Risk Management - There are no significant risks affecting the company's ongoing operations during the reporting period[7]. - The company has outlined potential risks in its annual report, which investors should be aware of[5]. - The company conducted a major risk assessment for 2023, identifying and analyzing significant risks and formulating corresponding control measures[119]. - The company is actively monitoring policy changes to mitigate risks associated with resource acquisition and market competition in the renewable energy sector[92]. Environmental and Social Responsibility - The company invested approximately 226.51 million yuan in environmental protection during the reporting period[150]. - The company reduced carbon emissions by 42,705,800 tons through the use of clean energy generation[156]. - The company has committed to long-term promises regarding competition and related transactions, ensuring compliance with regulations[164]. - The company has engaged in various forms of assistance, including industrial, educational, and medical support, as part of its poverty alleviation efforts[161]. - The company has committed to a long-term strategy for sustainable development, aligning with national policies and contributing to rural revitalization[162]. Market Engagement - The company participated in electricity market transactions across 23 provinces, settling a total transaction volume of 26.078 billion kWh, accounting for 48.63% of total grid electricity[29]. - The company is actively participating in the development of a unified national electricity market system, enhancing the marketization of electricity transactions[34]. - The company is focusing on technological innovation, particularly in offshore wind, energy storage, and hydrogen production, to strengthen its core competencies[90]. Management Changes - The company has appointed Zhang Long as the acting chairman following the resignation of Wang Wubin[6]. - The company reported significant management changes, with multiple resignations from the board and senior management positions in 2023[105]. - The company’s board of directors is currently undergoing restructuring following the resignation of several key members, including the chairman and board secretary[106]. - The company is focusing on enhancing its governance structure in light of recent leadership changes to ensure stability and continuity[107]. Investment and Financing - The company plans to issue bonds and debt financing tools totaling no more than CNY 14 billion to meet operational funding needs and reduce capital costs[129]. - The company reported a total of 6,154 employees, with 257 in the parent company and 5,897 in major subsidiaries[132]. - The company has established a joint venture, Sanxia Bazhou Ruoqiang Energy Co., Ltd., with a registered capital of RMB 150 million, where the company contributed RMB 51 million, holding a 34% stake[195]. - The company has completed the transfer of 90% equity in Cai Xia Ying Shang New Energy Co., Ltd. to Three Gorges (Anhui) Energy Investment Co., Ltd. for a price of 26,366.58 million yuan on December 29, 2023[190]. Technological Innovation - The company’s annual R&D investment exceeded 700 million yuan, with over 800 new patent applications and more than 300 patents granted during the year[29]. - The company is advancing its digital transformation, aiming to enhance operational efficiency through smart production and predictive maintenance[40]. - The company emphasizes the importance of technological innovation and aims to enhance its technological support system and increase investment in R&D[89].