Overview of Financial Performance - The total operating revenue of the company in 2024 was 3.786 billion, a decrease of 4.55% compared to 3.966 billion in 2023 [1] - Despite the decline in revenue, the net profit attributable to shareholders increased significantly from 159 million in 2023 to 217 million, a year-on-year growth of 36.25% [1] - The non-recurring net profit also rose from 154 million to 196 million, reflecting a year-on-year increase of 26.88% [1] Quarterly Performance - In the fourth quarter, total operating revenue was 996 million, down 3.33% year-on-year, but net profit attributable to shareholders reached 93.65 million, a substantial increase of 103.37% [2] - The non-recurring net profit for the fourth quarter was 95.68 million, showing a year-on-year growth of 116.81% [2] Key Financial Indicators - The company's accounts receivable stood at 3.419 billion, which is 1577.97% of the latest annual net profit, indicating significant pressure in accounts receivable management [4] - The net cash flow from operating activities was 40.44%, primarily due to an increase in the recovery of subsidy electricity fees [4] Debt Situation - The company's interest-bearing liabilities were 6.177 billion, slightly down from 6.193 billion in 2023, but the interest-bearing asset-liability ratio remained high at 57.68% [6] - The ratio of total interest-bearing liabilities to the average operating cash flow over the past three years was 11.97%, indicating high debt pressure [6] Business Composition - The company's main business includes electricity, heat, and other services, with electricity revenue at 2.037 billion, accounting for 53.81% of total revenue and a gross margin of 15.25% [7] - Heat revenue was 1.651 billion, making up 43.62% of total revenue with a gross margin of 23.24% [7] - Other business revenue was 97.54 million, representing 2.58% of total revenue and a gross margin of 44.36% [7] Development Prospects and Risks - The company has established a presence in biomass cogeneration, centralized heating from coal in industrial parks, and waste-to-energy projects [8] - Key risks include fluctuations in biomass fuel supply and prices, expiration of subsidies for early-stage projects, and delays in subsidy electricity fee settlements [8] Profitability Metrics - The gross margin was 19.48%, a year-on-year decrease of 9.01% [9] - The net profit margin was 5.79%, reflecting a year-on-year increase of 42.03% [9] - Earnings per share were 0.29, up 36.26% year-on-year [9] Cash Flow from Investment and Financing Activities - Cash inflow from investment activities decreased by 88.07%, mainly due to a reduction in cash recovered from asset disposals [10] - Cash outflow from investment activities decreased by 40.16%, primarily due to reduced asset construction [10] - Cash outflow from financing activities increased by 37.28%, mainly due to the redemption of convertible bond holders' repurchase options [10]