香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概 不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔 任何責任。 由於本公司已於中國公開發行債務融資工具，本公司根據中國人民銀行及 中國銀行間巿場交易商協會的相關規則及法規，公佈本公司及其附屬公司 根據中國公認會計原則所編製截至2025年3月31日止3個月的內部財務數據。 投資者務請注意，截至2025年3月31日 止3個月的內部財務數據並無經獨立 核數師審核，亦無經本公司審計委員會審閱。 有關文件已於2025年4月30日分別在中國貨幣網和上海清算所網站上公告， 網址分別為www.chinamoney.com.cn 及www.shclearing.com.cn 。 Beijing Jingneng Clean Energy Co., Limited 北京京能清潔能源電力股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00579） 公 告 截 至2025年3月31日 止3個月的內部財務數據 本 公 告 乃 由 北 京 京 能 清 潔 能 源 電 力 ...

2024 年報 2 目錄 | 財務摘要 | 2 | 企業管治報告 | 75 | | --- | --- | --- | --- | | 財務概要 | 3 | 獨立核數師報告 | 91 | | 公司簡介 | 5 | 合併損益表 | 96 | | 董事長致辭 | 6 | 合併損益及其他綜合收益表 | 97 | | 總經理致辭 | 7 | 合併財務狀況表 | 98 | | 管理層討論與分析 | 8 | 合併權益變動表 | 101 | | 人力資源 | 26 | 合併現金流量表 | 104 | | 董事、監事及高級管理人員 | 28 | 合併財務報表附註 | 107 | | 董事會報告 | 39 | 釋義 | 248 | | 監事會報告 | 71 | 公司資料 | 250 | 1 北京京能清潔能源電力股份有限公司 財務摘要 人民幣百萬元 2,303 2,529 2,842 3,058 3,245 0 500 1,000 1,500 2,000 2,500 3,000 3,500 2020 2021 2022 2023 2024 人民幣百萬元 2020 17,003 0 5,000 10,000 15,000 20,0 ...

Core Points - Company reported a significant decline in revenue and profit for Q1 2025, with total revenue of 224 million yuan, down 90.18% year-on-year [1] - The net profit attributable to shareholders was -24.37 million yuan, a decrease of 164.85% compared to the same period last year [1] - Operating cash flow also decreased by 33.05% year-on-year, amounting to 35.36 million yuan [1] Financial Ratios - The latest debt-to-asset ratio is 57.48%, an increase of 1.81 percentage points from the previous quarter, but a decrease of 23.34 percentage points year-on-year [3] - Gross margin stands at 13.85%, down 7.22 percentage points from the previous quarter and down 7.44 percentage points year-on-year [3] - Return on equity (ROE) is -1.46%, a decrease of 7.49 percentage points compared to the same period last year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share is -0.05 yuan, a decline of 162.50% year-on-year [3] - Total asset turnover ratio is 0.06 times, down 53.14% year-on-year [3] - Inventory turnover ratio is 0.35 times, a decrease of 27.61% compared to the same period last year [3] Shareholder Information - The number of shareholders is 40,800, with the top ten shareholders holding 316 million shares, accounting for 63.85% of total equity [3] - The largest shareholder is China Chemical Science Research Institute Co., Ltd., holding 43.40% of shares [3]

Group 1 - The company has conducted a series of performance roadshows, including a 2024 annual performance release meeting in Hong Kong and an overseas roadshow in Singapore, focusing on energy security and green low-carbon development [1][2] - As of December 31, 2024, the company's total installed capacity reached approximately 17.437 million kilowatts, with non-fossil energy capacity at 12.662 million kilowatts, a year-on-year increase of 29.5% [1] - The total revenue for 2024 was approximately 20.562 billion yuan, an increase of 0.57% year-on-year, and the profit attributable to equity holders was about 3.245 billion yuan, up 6.13% year-on-year [1] Group 2 - The company has initiated a three-year dividend plan for 2025-2027, with a cash dividend ratio of no less than 42%, 44%, and 46% of the distributable profits for each respective year [3] - The management emphasizes the importance of policy guidance and compliance in business development, aiming to enhance investor relations and information disclosure quality through a multi-dimensional communication mechanism [2][3] - The company aims to adapt to new market conditions and strengthen its market awareness while promoting a virtuous cycle of performance growth, valuation recovery, and shareholder returns [3]

Investment Rating - The report assigns a "Buy" rating to the company 京能清洁能源 (579 HK) with a target price of HKD 2.46, indicating a potential upside of 20.6% from the current price of HKD 2.04 [1][14]. Core Insights - The company is expected to achieve a net profit of RMB 3.34 billion in 2024, reflecting a year-on-year increase of 6.1%, which is 15% higher than previous expectations. This is attributed to higher-than-expected compensation for shut-down hydropower projects, reduced operational costs for wind and solar projects, and a 7% decrease in financial expenses [6][15]. - The company plans to maintain a generous dividend of RMB 0.14 per share, which is a 2% increase year-on-year [6]. - The company has a total renewable energy capacity target of 21 GW by 2025, with a current construction of 2.1 GW. The ability to meet this target will be assessed in the upcoming half-year report [6][15]. Financial Overview - Revenue projections for the company are as follows: RMB 20.45 billion in 2023, RMB 20.56 billion in 2024, and RMB 21.88 billion in 2025, with a compound annual growth rate (CAGR) of 11% expected from 2024 to 2027 [3][15]. - The net profit is projected to grow from RMB 3.15 billion in 2023 to RMB 4.55 billion in 2027, with a steady increase in earnings per share from RMB 0.37 in 2023 to RMB 0.54 in 2027 [3][15]. - The company maintains a dividend yield of 7.5% for 2025 and 2026, which is considered attractive for investors [6][15]. Operational Data - The company’s installed capacity is expected to grow significantly, with wind power capacity increasing from 5,566 MW in 2023 to 11,958 MW by 2027, and solar power capacity from 3,818 MW to 10,368 MW in the same period [8][9]. - The proportion of wind and solar power in the total energy mix is projected to rise from 64.7% in 2023 to 81.2% by 2027 [8]. Market Position - The company is positioned favorably within the renewable energy sector, with a focus on wind and solar energy, which are expected to dominate its energy production in the coming years [6][15].

Investment Rating - The report assigns a "Buy" rating to the company 京能清洁能源 (579 HK) with a target price of HKD 2.46, indicating a potential upside of 20.6% from the current price of HKD 2.04 [1][14]. Core Insights - The company is expected to achieve a net profit of RMB 3.34 billion in 2024, representing a year-on-year increase of 6.1%, which is 15% higher than previous expectations. This is attributed to higher-than-expected compensation for shut-down hydropower projects, reduced operational costs for wind and solar projects, and a 7% decrease in financial expenses [6][15]. - The company plans to maintain a final dividend of RMB 0.14 per share, reflecting a 2% increase year-on-year [6]. - The company has a total renewable energy capacity target of 21 GW by 2025, with a current construction of 2.1 GW, primarily in solar projects. The ability to meet this target will be assessed in the upcoming half-year report [6][15]. Financial Overview - Revenue projections for the company are as follows: - 2023: RMB 20.45 billion - 2024: RMB 20.56 billion (0.6% YoY growth) - 2025E: RMB 21.88 billion (6.4% YoY growth) - 2026E: RMB 23.67 billion (8.1% YoY growth) - 2027E: RMB 25.41 billion (7.4% YoY growth) [3][15]. - Net profit forecasts are: - 2023: RMB 3.15 billion - 2024: RMB 3.34 billion (6.1% YoY growth) - 2025E: RMB 3.70 billion (11.1% YoY growth) - 2026E: RMB 4.13 billion (12.0% YoY growth) - 2027E: RMB 4.55 billion (10.3% YoY growth) [3][15]. - The company maintains a dividend yield of 7.5% for 2025 and 2026, which is considered attractive [6][15]. Operational Data - The company’s installed capacity is projected to grow significantly: - Wind power: from 5,566 MW in 2023 to 11,958 MW in 2027 - Solar power: from 3,818 MW in 2023 to 10,368 MW in 2027 - Total renewable energy capacity: from 14,500 MW in 2023 to 27,486 MW in 2027 [8][9]. - The proportion of wind and solar power in total capacity is expected to increase from 64.7% in 2023 to 81.2% in 2027 [8]. Valuation Metrics - The report maintains a price-to-earnings (P/E) ratio of 5.2x for 2025, based on a five-year historical average, with a target price adjustment reflecting the company's improved operational cost management [6][15]. - The company’s book value per share is projected to increase from RMB 3.72 in 2023 to RMB 5.06 in 2027 [3][15].

Financial Performance - For the year ending December 31, 2024, the company's revenue was RMB 20,561.7 million, an increase of 0.57% compared to the previous year[4] - The profit attributable to equity holders for the year was RMB 3,245.0 million, representing a growth of 6.13% year-on-year[4] - The basic and diluted earnings per share for the year were RMB 39.36[4] - The company's operating profit for the year was RMB 5,261.1 million, compared to RMB 5,187.9 million in the previous year[5] - The total comprehensive income for the year was RMB 3,367.9 million, up from RMB 3,264.8 million in the previous year[7] - Revenue from customer contracts for the year ended December 31, 2024, was RMB 20,512,847, an increase from RMB 20,364,969 in 2023, representing a growth of 0.73%[17] - Total revenue for the year ended December 31, 2024, reached RMB 20,561,740, compared to RMB 20,446,028 in 2023, indicating a growth of 0.56%[17] - The company reported a year-on-year increase in segment profit to RMB 5,257,422,000 for the year ended December 31, 2024, compared to RMB 5,172,960,000 in 2023[34] - The company reported a net profit attributable to ordinary shareholders of RMB 3,245,045,000 for 2024, up from RMB 3,057,641,000 in 2023, reflecting a growth of about 6.1%[61] Dividends - The board proposed a final dividend of RMB 0.143 per share, totaling approximately RMB 1,179.0 million[3] - The company approved a final ordinary share dividend of RMB 0.1398 per share for the year ending December 31, 2023, totaling RMB 1,152,582,000, to be paid on July 31, 2024[62] - For the year ending December 31, 2024, the board proposed a final ordinary share dividend of RMB 0.1430 per share, amounting to RMB 1,178,964,000, pending shareholder approval[62] - The company will withhold a 10% corporate income tax on dividends distributed to non-resident corporate shareholders[152] - Non-resident individual shareholders will not be subject to Chinese personal income tax on the dividends distributed by the company[153] Assets and Liabilities - Non-current assets increased to RMB 76,988.2 million from RMB 73,782.6 million year-on-year[8] - Cash and cash equivalents rose to RMB 7,401.6 million, compared to RMB 6,605.1 million in the previous year[8] - As of December 31, 2024, the total current liabilities amounted to RMB 28,114,771,000, an increase from RMB 22,211,211,000 in 2023, representing a growth of approximately 26.8%[9] - The net current liabilities stood at RMB (4,049,535,000) as of December 31, 2024, compared to RMB (2,399,402,000) in 2023, indicating a deterioration in liquidity position[9] - Total assets minus current liabilities reached RMB 72,938,670,000 in 2024, slightly up from RMB 71,383,230,000 in 2023[9] - Non-current liabilities decreased to RMB 35,455,895,000 in 2024 from RMB 36,862,552,000 in 2023, reflecting a reduction of about 3.8%[9] - The company's net asset value increased to RMB 37,482,775,000 in 2024, up from RMB 34,520,678,000 in 2023, marking an increase of approximately 8.5%[9] - The total equity attributable to equity holders of the company rose to RMB 33,161,082,000 in 2024, compared to RMB 30,678,046,000 in 2023, representing a growth of about 8.1%[9] - Total assets reached RMB 1010.5 billion by the end of 2024, marking an 8.0% increase year-on-year, and the first time total assets surpassed the RMB 100 billion mark[76] Revenue Segmentation - The revenue breakdown for 2024 shows electricity sales at RMB 18,342,675, heat sales at RMB 2,157,466, and maintenance services at RMB 12,706[21] - The report indicates that the performance of the gas power and heating segment generated revenue of RMB 12,410,304, while wind power, solar power, and hydropower contributed RMB 4,709,301, RMB 3,086,397, and RMB 294,139 respectively[30] - The revenue from the gas power and heating segment decreased by 1.26% from RMB 12,568.2 million in 2023 to RMB 12,410.3 million in 2024, primarily due to a reduction in electricity prices and sales volume[102] - The wind power segment's revenue increased by 4.38% from RMB 4,511.9 million in 2023 to RMB 4,709.3 million in 2024, attributed to an increase in grid-connected capacity[103] - The photovoltaic segment's revenue rose by 4.35% from RMB 2,957.8 million in 2023 to RMB 3,086.4 million in 2024, also due to increased grid-connected capacity[105] - The hydropower segment's revenue decreased by 8.86% from RMB 322.7 million in 2023 to RMB 294.1 million in 2024, resulting from a decline in sales volume[106] Government Support and Subsidies - The company received government subsidies related to clean energy production amounting to RMB 22,760 and subsidies related to asset construction totaling RMB 60,887[30] - The company received government subsidies related to clean energy production amounting to RMB 589,835,000, with additional subsidies for asset construction totaling RMB 42,650,000[32] Strategic Initiatives and Future Outlook - The company anticipates continued growth in revenue and profitability driven by increased demand for clean energy solutions and government support[40] - The company plans to enhance its market presence through strategic investments in new technologies and potential acquisitions in the renewable energy sector[40] - The company is focusing on developing renewable energy businesses and exploring hydrogen energy and energy storage to adapt to macroeconomic changes[145] - The company plans to accelerate the development of strategic emerging projects, including the completion of the first batch of the integrated wind and sand control project in Xilin Gol League[95] - The company aims to enhance its market awareness and utilize AI tools to optimize trading strategies and improve marketing efficiency[92] - The company will actively explore new business models such as "new energy+" and virtual power plants to solidify its foundation for high-quality development[96] Corporate Governance - The company is committed to maintaining high standards of corporate governance and has complied with the relevant rules during the year ending December 31, 2024[156] - The audit committee has reviewed the group's annual performance and the financial statements prepared in accordance with international financial reporting standards[160] - The annual performance announcement is published on the Hong Kong Stock Exchange's "Disclosure Easy" website and the company's website[161] - The company will release its 2024 annual report containing all information required by the Listing Rules at an appropriate time[161] Research and Development - Research and development investment for the year was approximately RMB 880 million, with an R&D intensity of 3.6%, resulting in 19 invention patents and 76 utility model patents[86] Market Position and Recognition - The group was recognized as one of the "Top 500 Global New Energy Enterprises" and ranked among the "Top 100 ESG Best Practices" in 2024[88]

Group 1 - A new company named Tianjin Wuqing Jingneng Yongding Clean Energy Co., Ltd. has been established with a registered capital of 20 million yuan [1] - The legal representative of the company is Qiao Jiaxin [1] - The business scope includes wind power generation technology services, solar power generation technology services, energy storage technology services, and contract energy management [1] Group 2 - The company is jointly held by Jingneng Clean Energy and other stakeholders [1]

Assets and Liabilities - As of September 30, 2024, the total current assets amounted to RMB 20,566,260,049.05, an increase from RMB 19,658,065,103.28 at the beginning of the period[3] - Non-current assets totaled RMB 76,234,259,090.60, an increase from RMB 74,304,062,883.78 at the beginning of the period[4] - The total assets of the company amounted to RMB 96,800,519,139.65, compared to RMB 93,962,127,987.06 at the start of the period, reflecting a growth of approximately 3.9%[4] - Total current liabilities amounted to RMB 21,989,815,223.60, an increase from RMB 13,543,158,109.72 at the beginning of the period[5] - Non-current liabilities totaled RMB 38,706,695,252.01, compared to RMB 37,719,278,301.13 at the beginning of the period[6] - The total liabilities reached RMB 60,696,510,475.61, up from RMB 59,268,683,414.05 at the start of the period[6] - The total equity attributable to shareholders was RMB 35,268,098,998.19, an increase from RMB 32,940,783,669.09 at the beginning of the period[7] Revenue and Profit - Total operating revenue for the period reached RMB 14,832,094,322.22, a decrease from RMB 15,123,755,367.47 in the previous period[8] - Total operating costs amounted to RMB 12,469,285,174.30, compared to RMB 12,539,427,133.92 in the previous period[8] - Operating profit for the period was RMB 2,807,103,612.46, down from RMB 3,071,273,612.97 in the previous period[9] - Net profit for the period was RMB 2,604,024,972.32, a decrease from RMB 3,072,641,613.91 in the previous period[9] - The net profit attributable to the parent company's shareholders was RMB 2,569,355,902.93, compared to RMB 3,072,641,613.91 in the previous period[9] - Total comprehensive income for the period was RMB 2,513,541,609.65, down from RMB 3,072,641,613.91 in the previous period[10] Cash Flow - The net cash flow from operating activities for the current period is RMB 3,934,719,705.31, compared to a net outflow of RMB 1,328,116,842.66 in the previous period[11] - Cash inflow from operating activities totaled RMB 18,917,472,521.04, while cash outflow was RMB 14,982,752,815.73, resulting in a net cash flow of RMB 3,934,719,705.31[11] - The cash flow from investment activities showed a net outflow of RMB 3,978,313,614.58, a significant decrease from a net inflow of RMB 1,785,420,669.51 in the previous period[12] - Cash inflow from financing activities was RMB 18,622,883,728.24, while cash outflow was RMB 18,760,513,300.05, leading to a net cash flow of RMB -137,629,571.81[12] - The total cash and cash equivalents at the end of the period amounted to RMB 6,403,225,598.86, down from RMB 1,083,248,268.62 in the previous period[13] Investments and Expenses - The company's long-term equity investments were valued at RMB 1,654,249,297.61, showing a slight increase from RMB 1,626,781,466.57 at the beginning of the period[4] - The company reported a total of RMB 13,690,309,857.48 in construction in progress, an increase from RMB 11,108,602,081.20 at the beginning of the period[4] - Research and development expenses for the company were RMB 2,726,517.88, compared to RMB 3,405,405.96 in the previous period[8] Other Information - The company has not disclosed any new product developments or market expansion strategies in the current report[1] - The exit of four hydropower stations in Sichuan Province is expected to impact the company's profits, with compensation arrangements still under discussion[10] - The company reported a government subsidy of RMB 21,270,421.00 during the period[9] - Other comprehensive income after tax was negative RMB 90,483,362.67, reflecting a decline from the previous period[10] - The impact of exchange rate changes on cash and cash equivalents was a decrease of RMB 4,438,773.31[13]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 2.37, indicating a potential upside of 16.2% from the current price of HKD 2.04 [11]. Core Insights - The impact of the Sichuan hydropower plant's exit from operation is expected to be minor, with compensation payments anticipated to be received in 2025 [1]. - The company forecasts a reduction in hydropower generation by approximately 110 million kWh in 2024, leading to a revenue decrease of about RMB 30 million [1]. - A one-time impairment is expected in 2024, but the core earnings impact for 2025-2026 is projected to be minimal [1]. - The dividend policy for 2024 is expected to remain unchanged, with a forecasted dividend of RMB 0.14 per share [1]. Financial Summary - Revenue projections for the company are as follows: RMB 20,867 million for 2024, RMB 22,696 million for 2025, and RMB 24,982 million for 2026, reflecting growth rates of 2.1%, 8.8%, and 10.1% respectively [2]. - Net profit estimates are RMB 2,932 million for 2024, RMB 3,523 million for 2025, and RMB 4,240 million for 2026, with a projected decline of 7.6% in 2024 followed by a recovery in subsequent years [2]. - The company’s earnings per share (EPS) is expected to be RMB 0.34 for 2024, RMB 0.41 for 2025, and RMB 0.50 for 2026 [2]. - The price-to-earnings (P/E) ratio is projected to be 5.4 for 2024, decreasing to 4.5 for 2025 and 3.7 for 2026 [2]. Operational Insights - The company’s total electricity sales for 2024 are projected to be 40,927 million kWh, with contributions from various energy sources: wind (13,836 million kWh), natural gas (19,424 million kWh), solar (6,066 million kWh), and hydropower (1,600 million kWh) [5]. - The operational profit from the wind and solar segments is expected to be significant, while the hydropower segment's contribution to operating profit is anticipated to be only 1% in 2025-2026 [1].