Energy Consumption and Generation - In the first half of 2024, the total electricity consumption in China reached 4.66 trillion kWh, representing a year-on-year growth of 8.1%[15] - The installed capacity of non-fossil energy power generation reached 1.71 billion kW, a year-on-year increase of 24.2%, accounting for 55.7% of the total installed capacity[15] - The total electricity generation from the gas power segment was 9.51 billion kWh, a year-on-year decrease of 1.2%[17] - Total power generation reached approximately 20.101 billion kWh, representing a year-on-year growth of 4.09%[19] - Wind power generation amounted to 7.14 billion kWh, up 8.67% year-on-year, with an equipment utilization of 1,137 hours, exceeding the industry average by 3 hours[19] Financial Performance - In the first half of 2024, the company's profit attributable to equity holders was approximately RMB 2.087 billion, a year-on-year increase of 1.55%[19] - Total operating revenue decreased by 0.84% from RMB 10,548.8 million in the first half of 2023 to RMB 10,460.0 million in the first half of 2024, attributed to lower electricity prices in gas power and heating segments, decreased sales volume in wind power, and lower average prices in photovoltaic projects[31] - Operating profit decreased by 0.36% from RMB 3,133.8 million in the first half of 2023 to RMB 3,122.6 million in the first half of 2024[43] - Net profit for the period increased by 1.20% from RMB 2,161.1 million in the first half of 2023 to RMB 2,187.0 million in the first half of 2024[51] - Basic and diluted earnings per share for the period were RMB 25.31, up from RMB 24.92 in the previous year, representing a growth of 1.56%[81] Revenue Breakdown - Revenue from the gas power and heating segment decreased by 0.30% from RMB 6,336.7 million in the first half of 2023 to RMB 6,317.8 million in the first half of 2024, with electricity sales revenue down by 3.57% to RMB 5,040.1 million[32] - Wind power segment revenue decreased by 2.35% from RMB 2,516.3 million in the first half of 2023 to RMB 2,457.1 million in the first half of 2024 due to a decline in sales volume[33] - Photovoltaic segment revenue increased by 0.94% from RMB 1,499.9 million in the first half of 2023 to RMB 1,514.0 million in the first half of 2024, driven by new project contributions despite lower average prices[34] - The breakdown of revenue from customer contracts includes RMB 6,317,817 thousand from gas power and heating, RMB 2,457,115 thousand from wind power, RMB 1,513,994 thousand from photovoltaic power, and RMB 141,213 thousand from hydropower[97] Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 95,090.7 million, with total liabilities of RMB 59,668.4 million and total equity of RMB 35,422.3 million[52] - Total assets increased by 1.60% from RMB 93,594.4 million on December 31, 2023, to RMB 95,090.7 million on June 30, 2024, due to increased investment in new projects[53] - Total liabilities rose by 1.01% from RMB 59,073.8 million to RMB 59,668.4 million, driven by funding needs for project construction[53] - Net current liabilities decreased by 26.36% from RMB 2,399.5 million to RMB 1,766.9 million as of June 30, 2024[54] Capital Expenditures and Investments - Capital expenditures for the first half of 2024 amounted to RMB 1,939.1 million, with RMB 1,384.2 million allocated to photovoltaic power generation projects[65] - The company has completed new filing capacity of approximately 2.416 million kW in the first half of 2024, including 900,000 kW for wind power and 1.516 million kW for solar power[21] - The company plans to enhance project development efforts and reserve high-quality projects for future growth, including key projects in wind and solar energy[27] Debt and Financing - The company issued a super short-term financing bond of RMB 1,700 million at an interest rate of 1.93% on April 16, 2024[64] - The company holds fixed interest rate loans totaling RMB 11,989 million as of June 30, 2024[55] - The company’s total borrowings increased by RMB 7,344,833,000 in the six months ended June 30, 2024, compared to an increase of RMB 11,125,750,000 in the same period of 2023, indicating a slowdown in borrowing growth[125] Employee and Workforce - Employee costs for the first half of 2024 were approximately RMB 535.4 million[61] - The proportion of employees under 35 years old is approximately 44.20%, indicating a younger workforce[57] Corporate Governance and Compliance - The company has been recognized with an AA rating in the Wind ESG assessment for three consecutive years, reflecting its commitment to environmental, social, and governance standards[24] - The company has adopted the corporate governance code and complied with all applicable provisions during the six months ending June 30, 2024[70] Future Outlook - The company aims to achieve a renewable energy installed capacity target of 12.5 million kW and a profit target of RMB 4.1 billion for the second half of 2024[26] - The company plans to continue its market expansion and investment in new technologies to enhance operational efficiency and profitability in the upcoming periods[90]

Financial Performance - For the six months ended June 30, 2024, revenue was RMB 10,460.0 million, a decrease of 0.84% compared to the same period in 2023[2]. - For the same period, profit before tax was RMB 2,615.2 million, an increase of 0.85% year-on-year[2]. - The profit attributable to equity holders of the company was RMB 2,086.7 million, reflecting a growth of 1.55% compared to the previous year[2]. - Basic and diluted earnings per share for the period were RMB 25.31[3]. - Total comprehensive income for the period was RMB 2,104.5 million, down from RMB 2,274.5 million in the same period last year[4]. - The net profit for the six months ended June 30, 2024, was RMB 2,086,711,000, an increase from RMB 2,054,907,000 for the same period in 2023, representing a growth of approximately 1.6%[28]. - Total operating revenue decreased by 0.84% from RMB 10,548.8 million in the first half of 2023 to RMB 10,460.0 million in the first half of 2024, primarily due to lower electricity prices in the gas power and heating segment[50]. Assets and Liabilities - Non-current assets as of June 30, 2024, amounted to RMB 74,591.3 million, an increase from RMB 73,782.6 million at the end of 2023[5]. - Current assets totaled RMB 20,499.4 million, up from RMB 19,811.8 million at the end of 2023[5]. - As of June 30, 2024, the company's total assets amounted to RMB 72,824,339,000, an increase from RMB 71,383,230,000 as of December 31, 2023, reflecting a growth of approximately 2.0%[6]. - The total liabilities increased to RMB 59,824,351,000 from RMB 59,073,763,000, indicating a rise of approximately 1.3%[6]. - The net current liabilities decreased to RMB 1,766,946,000 from RMB 2,399,402,000, indicating a reduction of about 26.4%[6]. - The company's total equity increased to RMB 35,422,290,000 from RMB 34,520,678,000, representing a growth of approximately 2.6%[7]. - Total liabilities increased by 1.01% to RMB 59,668.4 million as of June 30, 2024, from RMB 59,073.8 million as of December 31, 2023, due to increased funding needs for project construction[69]. Revenue Breakdown - Revenue from customer contracts for the six months ended June 30, 2024, was RMB 10,431,908,000, slightly down from RMB 10,478,337,000 for the same period in 2023, a decrease of about 0.4%[12]. - The revenue breakdown shows that electricity sales contributed RMB 9,152,415,000, with gas power and heating generating RMB 5,040,093,000, wind power RMB 2,457,115,000, and solar power RMB 1,513,994,000[13]. - Revenue from gas power generation and heating was RMB 6,317,817 thousand, accounting for 60.4% of total revenue, while wind power revenue was RMB 2,457,115 thousand, contributing 23.5%[18]. - The wind power segment's revenue fell by 2.35% to RMB 2,457.1 million due to a decline in electricity sales from existing projects[52]. - The photovoltaic segment's revenue increased by 0.94% to RMB 1,514.0 million, driven by new projects and increased sales volume[53]. Expenses and Costs - Operating expenses decreased by 4.00% to RMB 7,691.0 million, attributed to compensation received for the dismantling of power stations[56]. - The total depreciation and amortization expenses for the six months ended June 30, 2024, amounted to RMB 2,034,760,000, compared to RMB 1,914,175,000 for the same period in 2023, reflecting an increase of about 6.3%[8]. - Financial expenses decreased by 5.73% to RMB 599.3 million, with the average financing cost dropping from 2.99% in the first half of 2023 to 2.79% in the first half of 2024[64]. Market and Operational Insights - The company maintained a stable operational performance despite various challenges, emphasizing a commitment to high-quality development[34]. - The group continues to focus on expanding its market presence and enhancing its product offerings, although specific new products or technologies were not detailed in the report[8]. - The group is actively expanding its market presence, leveraging its green electricity advantages in surrounding areas such as Chengde and Tianjin[40]. - The group aims to achieve a renewable energy installed capacity target of 12.5 million kW and a total profit target of RMB 4.1 billion in the second half of 2024[44]. Dividends and Shareholder Value - The company's proposed final dividend for the year ended December 31, 2023, was RMB 0.1398 per share, totaling RMB 1,152,582,000[27]. - The company did not recommend any interim dividend for the six months ended June 30, 2024, consistent with the previous year's zero interim dividend[27]. - The group is committed to maximizing shareholder value through high dividend ratios and effective market communication strategies[46]. Environmental and Regulatory Aspects - Government subsidies related to clean energy production decreased to RMB 143,589 thousand in 2024 from RMB 352,697 thousand in 2023, a decline of approximately 59.3%[20]. - Carbon emission certificate income was RMB 72,864 thousand for the six months ended June 30, 2024, down from RMB 98,519 thousand in 2023, reflecting a decrease of about 26.0%[20]. - The group continues to benefit from a preferential tax rate of 15% for certain projects in western China, with tax exemptions for the first three years of operation[24]. - The group has not made provisions for Hong Kong profits tax as there are no taxable profits sourced from Hong Kong[25]. - The group has received an AA rating from Wind ESG for three consecutive years, reflecting its strong performance in environmental, social, and governance aspects[42]. Future Plans and Investments - The group plans to enhance project development efforts, focusing on key projects such as the wind power project in Shantou and the pumped storage project in Mentougou[45]. - The group has increased its R&D investment intensity to 2.10%, a year-on-year increase of 0.9 percentage points, to foster new productive forces[41]. - Capital expenditures for the first half of 2024 totaled RMB 1,939.1 million, with RMB 1,384.2 million allocated to photovoltaic power generation projects[74]. - The group established several new subsidiaries focused on photovoltaic power generation projects in 2024[75].

Investment Rating - The report maintains a **Buy** rating for the company with a target price of **HKD 2.50**, representing a potential upside of **+15.7%** from the current price of HKD 2.16 [1][2] Core Views - The company's profitability is expected to return to growth in **2025**, with the dividend yield remaining the highest in the sub-sector [1][2] - The company is expected to achieve a breakthrough in wind and solar installed capacity in **2024**, with a target of **2.7 GW** of new installations, compared to **0.8 GW** in 2023 [2] - The company's **2024/25** profit forecasts have been slightly revised downward by **0.3%/0.7%** due to adjustments in wind and solar utilization hours and operating costs [2] - The company's **2025/26** wind and solar installations are expected to reach **4.2 GW** annually, contingent on the utilization rate of projects in 2024 [2] Financial Performance - Revenue is projected to grow from **RMB 20,446 million** in 2023 to **RMB 25,880 million** in 2026, with a CAGR of **8.1%** [4] - Net profit is expected to increase from **RMB 3,150 million** in 2023 to **RMB 4,640 million** in 2026, with a CAGR of **13.8%** [4] - The company's **2024/25/26** dividend yield is expected to remain at **7.0%**, with a consistent dividend payout of **RMB 0.14** per share [2][4] Operational Highlights - The company's total installed capacity is expected to grow from **17,236 MW** in 2024 to **25,636 MW** in 2026, with wind and solar accounting for **80.1%** of the total by 2026 [5] - Wind and solar power generation is expected to increase from **20,274 GWh** in 2024 to **33,812 GWh** in 2026, despite a slight downward revision in utilization hours [5] - The company's **2024** wind and solar utilization hours are expected to decline by **2.0%** and **1.5%**, respectively, compared to previous forecasts [5] Valuation and Market Position - The company's valuation is based on a **5.2x** forward P/E ratio, in line with its 5-year historical average [2] - The company's **7.0%** dividend yield is the highest among its peers in the operator sub-sector, supporting its valuation [2] - The company's recent improvement in trading volume could enhance its chances of being included in the **Stock Connect** program [2]

Investment Rating - The report does not specify an investment rating for the company [4]. Core Insights - Jingneng Clean Energy is the largest gas power supplier in Beijing, with its gas power and heating segment contributing 61% of the company's revenue and 36% of its operating profit in 2023 [2]. - The company has a strong focus on renewable energy, with an expected increase in renewable energy installed capacity to 12.5GW by the end of 2024, up from 9.78GW in 2023 [2]. - The company emphasizes shareholder returns, with a dividend yield of 7.2%, which is the highest in the industry [3]. Summary by Sections Company Overview - Jingneng Clean Energy, a subsidiary of Jingneng Group, was listed on the Hong Kong Stock Exchange in 2011 and operates in various clean energy sectors including gas, wind, solar, and hydropower across 26 provinces [1][2]. Gas Power Segment - The gas power segment has an installed capacity of 4.7GW, accounting for over 40% of Beijing's gas power generation and heating supply [2]. - In 2023, gas power generation contributed 50% of the company's total generation, with sales agreements linked to the pricing guidelines from the Beijing Development and Reform Commission [2]. Renewable Energy Growth - The company has been increasing its investment in renewable energy projects, with wind power being the largest segment at 5.57GW and solar power at 3.8GW [2]. - Renewable energy generation accounted for 50% of the total generation in 2023, contributing 38% to the company's revenue and 73.9% to its operating profit [2]. Shareholder Returns - The company has a strong track record of returning value to shareholders, with cumulative dividends reaching 6.78 billion yuan since its listing and a rising dividend payout ratio from 24.5% in 2021 to 37.7% in 2023 [3]. - The operating cash flow was robust, reaching 11.27 billion yuan in 2022 and 9.43 billion yuan in 2023, supporting the company's high dividend policy [3]. Financial Metrics - The company's market capitalization is approximately 17.23 billion HKD, with a current share price of 2.09 HKD [4]. - The expected net profit for 2024 is projected to exceed 3 billion yuan, corresponding to a low PE ratio of 5.2 times, indicating potential for stock price appreciation [3].

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。 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2024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股份有限公司（「本公司」）根據證券及期貨條例第XIVA 部項下內幕消息條文（定義見香港聯合交易所有限公司證券上巿規則（「上市規則」），及上 巿規則第13.09(2)條作出。 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2024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2024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2024年4月26日分別在中國 ...

Financial Performance - Revenue for 2023 reached RMB 20,446.028 million, showing a steady increase from previous years[4] - Net profit attributable to equity holders of the company for 2023 was RMB 3,057.641 million, up from RMB 2,841.680 million in 2022[4] - Basic and diluted earnings per share for 2023 were RMB 37.09 cents, up from RMB 34.47 cents in 2022[4] - The company achieved operating revenue of RMB 20.446 billion and pre-tax profit of RMB 4.144 billion in 2023, both reaching historical highs[8] - Renewable energy contributed RMB 29.09 billion in pre-tax profit, a year-on-year increase of 11.72%[11] - The company's net asset return rate attributable to equity holders was 10.32% in 2023, an increase of 0.16 percentage points year-on-year[11] - The company's gas power generation segment achieved pre-tax profit of RMB 1.865 billion, a year-on-year increase of 3.50%[11] - In 2023, the company achieved a net profit of RMB 3,235.2 million, a 7.01% increase from 2022, with attributable profit to equity holders rising 7.60% to RMB 3,057.6 million[23] - Total operating revenue increased by 2.08% to RMB 20,446.0 million in 2023, driven by increased electricity sales from gas power and heating, as well as wind and solar power capacity expansion[24] - Wind power revenue increased by 4.50% to RMB 4,511.9 million in 2023 due to increased installed capacity and electricity sales[26] - Solar power revenue rose by 8.74% to RMB 2,957.8 million in 2023, driven by increased installed capacity and electricity sales[27] - Hydropower revenue decreased by 12.40% to RMB 322.7 million in 2023 due to reduced electricity sales[28] - Other operating revenue, mainly from financial leasing and equipment maintenance, decreased by 46.05% to RMB 85.4 million in 2023 due to reduced external financial leasing income[28] - Other income increased by 6.76% from RMB 1,055.4 million in 2022 to RMB 1,126.7 million in 2023, driven by increased VAT refunds and carbon emission reduction certificate income[29] - Operating expenses rose by 2.95% from RMB 15,914.8 million in 2022 to RMB 16,384.8 million in 2023, due to increased capacity in wind and photovoltaic power generation[30] - Employee costs increased by 10.29% from RMB 1,227.1 million in 2022 to RMB 1,353.4 million in 2023, driven by business expansion and new project costs[33] - Maintenance costs decreased by 42.60% from RMB 560.5 million in 2022 to RMB 321.7 million in 2023, due to cost reduction measures and fewer major repairs[34] - Operating profit increased by 0.33% from RMB 5,170.9 million in 2022 to RMB 5,187.9 million in 2023, with wind power division profit up 15.29% to RMB 2,502.9 million[37] - Hydropower division turned a profit of RMB 142.6 million in 2022 into a loss of RMB 12.8 million in 2023 due to asset impairment[38] - Financial expenses decreased by 17.16% from RMB 1,501.0 million in 2022 to RMB 1,243.4 million in 2023, driven by lower financing costs[40] - Net profit attributable to equity holders increased by 7.60% from RMB 2,841.7 million in 2022 to RMB 3,057.6 million in 2023[43] - Revenue for the year ended December 31, 2023, increased to RMB 20,446,028 thousand, up 2.1% from RMB 20,030,281 thousand in 2022[200] - Operating profit for 2023 was RMB 5,187,881 thousand, slightly higher than RMB 5,170,923 thousand in 2022[200] - Net profit for the year increased to RMB 3,235,203 thousand, up 7.0% from RMB 3,023,414 thousand in 2022[200] - Earnings per share (basic and diluted) rose to RMB 37.09 cents, up from RMB 34.47 cents in 2022[200] - Gas consumption costs for 2023 were RMB 9,365,354 thousand, a 1.9% increase from RMB 9,186,941 thousand in 2022[200] - Depreciation and amortization expenses increased to RMB 3,847,886 thousand, up 4.5% from RMB 3,680,958 thousand in 2022[200] - Employee costs rose to RMB 1,353,435 thousand, a 10.3% increase from RMB 1,227,118 thousand in 2022[200] - Financial expenses decreased to RMB 1,243,402 thousand, down 17.2% from RMB 1,500,967 thousand in 2022[200] - Profit attributable to equity holders of the company increased to RMB 3,057,641 thousand, up 7.6% from RMB 2,841,680 thousand in 2022[200] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 93,594.441 million, with non-current assets at RMB 73,782.632 million[5] - Total equity attributable to equity holders of the company was RMB 30,678.046 million as of December 31, 2023[5] - Total assets of the company reached RMB 93.59 billion by the end of 2023, with a total installed capacity of 14.482 million kilowatts, of which renewable energy accounted for 9.78 million kilowatts, representing 68% of the total installed capacity[8] - Total assets increased by 6.36% from RMB 88,000.2 million in 2022 to RMB 93,594.4 million in 2023, driven by new and acquired projects[45] - Net debt-to-equity ratio decreased slightly from 55.79% in 2022 to 55.65% in 2023, with total borrowings increasing by 7.62% to RMB 49,920.8 million[47] - The company's bank borrowings are secured by property, plant, and equipment worth RMB 2,489.8 million, trade receivables worth RMB 2,512.0 million, finance lease receivables worth RMB 309.7 million, and restricted bank deposits worth RMB 46.9 million as of December 31, 2023[87] Renewable Energy Capacity - The company's total installed capacity for power generation reached 14.482 million kW, with renewable energy capacity at 9.78 million kW[6] - Wind power installed capacity stood at 5.566 million kW, primarily located in Inner Mongolia, Shaanxi-Gansu-Ningxia, and the Beijing-Tianjin-Hebei region[6] - Solar power installed capacity was 3.818 million kW, distributed across the northwest, north, and south China regions[6] - Gas-fired cogeneration plants in Beijing have a capacity of 4.702 million kW, accounting for over 40% of Beijing's gas-fired power generation and central heating supply[6] - Renewable energy development capacity reached 5.33 million kW in 2023, a 3-fold increase compared to the previous year, with 4.8 million kW from self-developed projects and 530,000 kW from acquisitions[12] - Total installed renewable energy capacity reached 9.78 million kW by the end of 2023, exceeding gas-fired power capacity by more than double[13] - Wind power generation increased by 15.9% YoY to 12.6 billion kWh, with utilization hours reaching 2,304 hours, 79 hours above the national average[13] - Solar power generation increased by 5.4% YoY to 5.29 billion kWh, with utilization hours reaching 1,387 hours, 101 hours above the national average[13] - Total electricity generation in 2023 reached 38.89 billion kWh, a 6.2% YoY increase, with renewable energy contributing 19.47 billion kWh, a 10.7% YoY increase[13] Operational Efficiency and Cost Management - Cost savings exceeded RMB 30 million through centralized procurement, and digital operations reduced repetitive workloads by 70% and increased per capita operation and maintenance capacity by 35%[14] - The company achieved carbon asset revenue of approximately RMB 30 million through carbon quota trading of 500,000 tons[14] - Digital transformation initiatives included 48 technology projects with an investment of RMB 720 million, resulting in 119 patents and awards[15] - The company aims to become a "smarter, more low-carbon, more flexible, and more resilient" international clean energy service provider in 2024[17] - The company aims to achieve a non-fossil energy installed capacity target of 12.5 GW in 2024, striving to exceed the total installed capacity development goal of 17.35 GW[18] - The company expects a profit impact of RMB 600-700 million in 2024 due to the adjustment of gas power plant electricity prices in Beijing[19] - The company plans to increase its profit target to exceed RMB 4.1 billion in 2024, despite the impact of gas power plant price adjustments[20] - The company will focus on digital transformation, aiming to build a digital operation platform integrating production, operation, and finance[21] Corporate Governance and Compliance - The company successfully entered the "Beijing State-owned Holding Listed Companies ESG Pioneer 30 Index" and received the highest rating of four and a half stars[8] - The company's registered share capital as of December 31, 2023, is RMB 8,244,508,144, divided into 8,244,508,144 shares with a par value of RMB 1.00 each, including 5,414,831,344 domestic legal person shares and 2,829,676,800 H-shares[82] - The company did not purchase, sell, or redeem any listed securities during the year ended December 31, 2023[83] - The company plans to expand its domestic market, focus on high-quality and high-return projects, and maximize shareholder value through self-development, acquisitions, and mergers[84] - The company will support its capital expenditures through various financing channels, including internal funds and bank loans, with sufficient bank credit lines currently available[84] - The company did not enter into any stock-linked agreements during the year ended December 31, 2023, and no such agreements were in effect at the end of 2023[85] - The company has appropriate liability insurance for its directors, supervisors, and senior management, with approved indemnity provisions in place[85] - The controlling shareholder did not pledge any shares in the company to guarantee the company's debts or other obligations during the year ended December 31, 2023[86] - The company did not provide any financial assistance or guarantees to its affiliates that required disclosure under the Listing Rules during the year ended December 31, 2023[88] - The company adopted an H-share stock appreciation rights plan on February 2, 2024, granting a total of 103,062,511 stock appreciation rights to 113激励对象[90] - The company is a leading wind and photovoltaic power operator in China and the largest gas power supplier in Beijing, engaging in diversified clean energy businesses including wind power, photovoltaic power, gas thermal power, small hydropower, and other clean energy projects[91] - The company's audited operating performance, financial position, and cash flow for the year ended December 31, 2023, are detailed in the consolidated income statement, consolidated statement of financial position, and consolidated cash flow statement, respectively[92] - The company maintains good relationships with suppliers and customers, implementing a comprehensive supplier evaluation system and ensuring product quality through manufacturing supervision[93] - The company's environmental policies and performance are discussed in the Environmental, Social, and Governance (ESG) report published on the Hong Kong Stock Exchange website[94] - The company emphasizes compliance with laws and regulations, allocating resources to ensure adherence and maintain good working relationships with regulatory authorities[95] - The company's dividend policy prioritizes maintaining sufficient cash reserves to meet operational needs, future growth, and shareholder value, with dividends to be paid in cash or other forms as approved by the board and shareholders[96] - The company proposes a final dividend of RMB 13.98 cents per share for the year ended December 31, 2023, totaling approximately RMB 1,152.6 million[97] - The final dividend for 2023 is expected to be paid on or around July 31, 2024, subject to approval at the Annual General Meeting[97] - Non-resident enterprise shareholders of H shares will have a 10% enterprise income tax withheld on the final dividend[97] - Individual H shareholders are exempt from Chinese personal income tax on dividends due to the company's status as a foreign-invested enterprise[97] - The company's distributable reserves as of December 31, 2023, were approximately RMB 11,996 million, up from RMB 10,903 million in 2022[100] - The company made external donations of approximately RMB 36 million during the reporting period, excluding employee personal donations[101] - H share transfer registration will be suspended from June 21 to June 26, 2024, for determining eligibility to attend and vote at the Annual General Meeting[99] - H share transfer registration will also be suspended from July 3 to July 8, 2024, for determining eligibility to receive the proposed final dividend[99] - The company's major shareholder, Jingneng Group, holds 5,190,483,053 domestic shares, representing 95.86% of the domestic share class and 62.96% of the total share capital[112] - Beijing State-owned Assets Management holds 5,414,831,344 domestic shares, accounting for 100% of the domestic share class and 65.68% of the total share capital[112] - Central Huijin Investment Ltd. holds 656,036,000 H-shares, representing 23.18% of the H-share class and 7.96% of the total share capital[112] - China Reinsurance (Group) Corporation holds 656,036,000 H-shares, accounting for 23.18% of the H-share class and 7.96% of the total share capital[112] - Beijing Energy Investment holds 471,612,800 H-shares, representing 16.67% of the H-share class and 5.72% of the total share capital[112] - Beijing Enterprises Holdings Limited holds 196,964,000 H-shares, accounting for 6.96% of the H-share class and 2.39% of the total share capital[112] - Beijing Enterprises Clean Energy Technology Investment Co., Ltd. holds 196,964,000 H-shares, representing 6.96% of the H-share class and 2.39% of the total share capital[112] - China Property & Casualty Reinsurance Co., Ltd. holds 196,704,000 H-shares, accounting for 6.95% of the H-share class and 2.39% of the total share capital[112] - Beijing Energy Group directly holds 5,174,447,731 domestic shares of the company, accounting for 68.68% of the total issued shares as of December 31, 2023[117] - The company's equipment maintenance framework agreement with Beijing Energy Group has an estimated annual cap of RMB 250 million, RMB 260 million, and RMB 270 million for the years 2023, 2024, and 2025, respectively[118] - The service framework agreement with Beijing Energy Group includes property management services with an estimated annual cap of RMB 85 million, RMB 90 million, and RMB 95 million for 2023, 2024, and 2025, respectively[119] - The actual transaction amount for equipment maintenance services under the framework agreement with Beijing Energy Group in 2023 was RMB 93.4 million, below the annual cap of RMB 250 million[116] - The actual transaction amount for property management services under the service framework agreement with Beijing Energy Group in 2023 was RMB 71.2 million, below the annual cap of RMB 85 million[116] - The actual transaction amount for administrative services under the service framework agreement with Beijing Energy Group in 2023 was RMB 67.3 million, below the annual cap of RMB 85 million[116] - The actual transaction amount for financial services (deposit services) with Beijing Energy Finance in 2023 was RMB 6,433.2 million, below the annual cap of RMB 8,000 million[116] - The actual transaction amount for financial services (other financial services) with Beijing Energy Finance in 2023 was RMB 0.4 million, below the annual cap of RMB 15 million[116] - The actual transaction amount for property leasing services with Beijing Energy Group in 2023 was RMB 52.1 million, below the annual cap of RMB 60.1 million[116] - The actual transaction amount for financial leasing services with Beijing Energy Leasing in 2023 was RMB 551.9 million, below the annual cap of RMB 3,000 million[116] - The new contract energy management framework agreement with Jingneng Group has an estimated annual cap of RMB 26.5 million for each of the three years ending December 31, 2025[120] - The new heat sales and procurement framework agreement with Jingneng Group has an estimated annual cap of RMB 2,351.8 million for each of the three years ending December 31, 2025[121] - The new materials procurement framework agreement with Jingneng Group has an estimated annual cap of RMB 160 million for each of the three years ending December 31, 2025, with no transactions occurring in 2023 due to changes in the company's procurement model[122] - The new financial leasing framework agreement with Beijing Jingneng Leasing has an estimated annual cap of RMB 1,000 million for each of the three years ending December 31, 2025[123] - The new financial services framework agreement with Jingneng Finance has estimated annual caps for deposit services of RMB 8,000 million, RMB 9,500 million, and RMB 11,000 million for the three years

交银国际研究 公司更新 新能源 收盘价 目标价 潜在涨幅 2024年4月1日 港元1.74 港元2.10↑ +20.7% 京能清洁能源 (579 HK) 今年风光装机进度有惊喜，8.7% 预期股息率为子行业中最高  因电站资产减值，2023年盈利略低于预期。京能2023年净利润同比上升 个股评级 7.4%至30.6亿元（人民币，下同），略低于我们预期5%，原因包括：1） 买入 水电板块因利用小时下跌，录得 0.13 亿元经营亏损（原预期盈利 1.3 亿 元）； 以及2）公司期内个别电站计提资产减值约3.6亿元。2022年公司 每股派息大幅提升70%后，2023年公司继续提升派息比率3个百分点至 1年股价表现 38%，每股派息0.14元（同比上升16%）。 579 HK 恒生指数 15%  装机进度优于预期，较高机率完成2024年目标。管理层预期2024年总装 10% 5% 机目标仍按股权激励方案12.5吉瓦进行，公司目前1.69吉瓦的风/光已在 0% -5% 试运营中，管理层表示这部份的装机将较大机会在今年2-3季度开始正式 -10% -15% 运营。同时另有1.58吉瓦的在建项目，目前的整体建设进度对投 ...

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。 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） 截至2023年12月31日止年度之年度業績公告 | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------| | | | | | 財務摘要 | | • | 截至 2023 年 12 月 31 日止年度，本集團收入為人民幣 20,446.0 百萬元，比去年增加 | | | 2.08% 。 | | • | 截至 2023 年 12 月 31 日止年度，本公司權益持有人溢利為人民幣 3,057.6 百 ...

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。 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2023年9月30日止9個月的內部財務數據 本公告乃由北京京能清潔能源電力股份有限公司（「本公司」）根據證券及期貨條例第XIVA 部項下內幕消息條文（定義見香港聯合交易所有限公司證券上巿規則（「上市規則」），及上 巿規則第13.09(2)條作出。 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2023年9月30日止9個月的內部財務數據。 投資者務請注意，截至2023年9月30日止9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2023年10月27日分別在中 ...

BJE 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 12 中期報告 目錄 頁數 2 財務摘要 3 公司資料 5 管理層討論與分析 20 企業管治及其他資料 24 未經審核簡明合併損益表 25 未經審核簡明合併損益及其他綜合收益表 26 未經審核簡明合併財務狀況表 28 未經審核簡明合併權益變動表 30 未經審核簡明合併現金流量表 31 簡明合併財務報表附註 g 財務概要 收入 人民幣百萬元 0 2,200 4,400 6,600 8,800 11,000 2022年上半年 (經重述) 2023年上半年 10,063 10,549 本公司權益持有人應佔期內溢利 0 350 700 1,050 1,400 1,750 2,100 人民幣百萬元 2022年上半年 (經重述) 2023年上半年 1,789 2,055 每股盈利 人民幣分 0 5 10 15 20 25 2022年上半年 (經重述) 2023年上半年 21.70 24.92 2023 中期報告 北京京能清潔能源 ...