SEP(600021)2024-08-26 09:07Financial Performance - Revenue for the first half of 2024 was RMB 20,121,269,840.72, a slight decrease of 0.85% compared to the same period last year[13] - Net profit attributable to shareholders of the listed company increased by 65.72% to RMB 1,327,099,844.11 compared to the same period last year[13] - Net cash flow from operating activities surged by 64.97% to RMB 4,343,040,392.51 compared to the same period last year[13] - Basic earnings per share (EPS) increased by 64.14% to RMB 0.4166 compared to the same period last year[14] - Total assets grew by 3.67% to RMB 174,758,783,831.22 compared to the end of the previous year[14] - Weighted average return on equity (ROE) increased by 2.16 percentage points to 6.3297% compared to the same period last year[14] - The company's total profit for the first half of 2024 reached 3.175 billion yuan, a year-on-year increase of 28.83%, with net profit attributable to shareholders of 1.327 billion yuan, up 65.72% year-on-year[22] - The company's weighted average return on equity (ROE) for the first half of 2024 was 6.33%, an increase of 2.16 percentage points compared to the same period last year[22] - Operating revenue for the first half of 2024 decreased by 0.85% year-on-year to 201.21 billion yuan, primarily due to a decline in electricity sales revenue from the Turkish subsidiary[23][25] - Operating costs decreased by 4.51% year-on-year to 148.46 billion yuan, mainly due to a 12.13% drop in coal costs and improved internal cost control[23][25] - R&D expenses increased by 21.83% year-on-year to 705.37 million yuan, reflecting the company's increased investment in research and development[25] - Net cash flow from operating activities surged by 64.97% year-on-year to 4.343 billion yuan, driven by improved accounts receivable collection[25] - Net profit attributable to parent company shareholders reached 1,327,099,844.11 yuan, a significant increase from 800,817,343.79 yuan in the previous year[134] - Total comprehensive income amounted to 2,528,910,253.72 yuan, compared to 1,983,112,523.86 yuan in the prior year[135] - Basic earnings per share (EPS) stood at 0.4166 yuan, up from 0.2538 yuan in the previous year[135] - Interest expenses were 1,627,902,110.26 yuan, slightly lower than the previous year's 1,754,765,551.79 yuan[134] - Investment income from associates and joint ventures increased to 652,032,900.17 yuan from 439,116,451.91 yuan[134] - Operating profit rose to 3,193,573,342.54 yuan, up from 2,457,458,253.65 yuan in the previous year[134] - Total revenue for the parent company was 1,583,425,670.67 yuan, a decrease from 3,502,110,209.71 yuan in the prior year[136] - Net profit for the parent company was 870,720,007.21 yuan, a significant improvement from a loss of 151,756,310.76 yuan in the previous year[136] - Other comprehensive income after tax for the parent company was -206,132.36 yuan, compared to 55,232.77 yuan in the prior year[137] - Sales of goods and services received cash of RMB 20,106,544,163.55 in the first half of 2024, an increase from RMB 18,434,105,376.31 in the same period of 2023[138] - Total cash inflow from operating activities reached RMB 20,696,757,818.55 in the first half of 2024, up from RMB 19,273,613,471.05 in the same period of 2023[138] - Net cash flow from operating activities was RMB 4,343,040,392.51 in the first half of 2024, compared to RMB 2,632,607,488.31 in the same period of 2023[139] - Cash paid for goods and services was RMB 12,699,550,513.06 in the first half of 2024, slightly down from RMB 12,766,662,239.61 in the same period of 2023[138] - Net cash flow from investing activities was negative RMB 4,494,266,956.13 in the first half of 2024, an improvement from negative RMB 5,601,153,635.03 in the same period of 2023[139] - Net cash flow from financing activities was RMB 1,597,474,183.91 in the first half of 2024, down from RMB 4,416,419,196.18 in the same period of 2023[139] - Cash received from sales of goods and services in the parent company was RMB 1,961,087,341.78 in the first half of 2024, a decrease from RMB 4,146,350,005.96 in the same period of 2023[140] - Net cash flow from operating activities in the parent company was RMB 124,775,290.50 in the first half of 2024, up from RMB 27,634,192.52 in the same period of 2023[140] - Cash received from investments in the parent company was RMB 2,941,050,000.00 in the first half of 2024, significantly higher than RMB 1,144,784,000.00 in the same period of 2023[140] - Net cash flow from investing activities in the parent company was negative RMB 301,572,275.38 in the first half of 2024, an improvement from negative RMB 930,692,259.71 in the same period of 2023[140] - Total cash inflow from financing activities was 28.56 billion yuan, with cash outflow of 28.17 billion yuan, resulting in a net cash flow from financing activities of 387.12 million yuan[141] - The company repaid 27.18 billion yuan in debt during the period[141] - Cash and cash equivalents increased by 210.33 million yuan, reaching a total of 417.83 billion yuan at the end of the period[141] - Total comprehensive income for the period was 1.76 billion yuan, with a significant portion attributed to minority shareholders[142] - Owner's equity increased by 5.30 billion yuan, driven by capital injections and profit growth[144] - The company allocated 563.35 million yuan for profit distribution to shareholders[142] - Capital reserves increased by 901.41 million yuan, reflecting additional investments and capital adjustments[144] - The company's total assets grew to 52.32 billion yuan, with a notable increase in undistributed profits[143] - Comprehensive income for the first half of 2024 reached 1,150,836,970.83 yuan, a significant increase from the previous period[145] - Total owner's equity at the end of the period was 49,604,837,481.27 yuan, reflecting strong financial health[145] - Owner's capital contributions amounted to 223,690,000.00 yuan, with a net increase of 220,490,000.00 yuan after adjustments[145] - Profit distribution to owners totaled -459,400,792.66 yuan, indicating substantial returns to shareholders[145] - Special reserves increased by 10,652,580.49 yuan, with 15,437,955.88 yuan extracted and 4,785,375.39 yuan used during the period[147][148] - Other comprehensive income decreased by -206,132.36 yuan, reflecting minor adjustments in financial performance[147] - Capital reserve adjustments included a significant increase of 56,571,557.65 yuan, primarily from other sources[147] - Retained earnings at the end of the period stood at 996,504,708.65 yuan, showing a healthy balance[148] - Total equity at the end of the period was 23,086,179,599.43 yuan, indicating robust financial stability[148] - Total owner's equity at the beginning of the period was 18,187,507,639.89 RMB[149] - Comprehensive income for the period was -151,701,077.99 RMB[149] - Owner's capital injection and reduction amounted to 228,987,096.20 RMB[149] - Profit distribution to owners was -98,586,027.58 RMB[149] - Special reserve usage for the period was 6,831,886.34 RMB[150] - Total owner's equity at the end of the period was 18,168,128,333.52 RMB[150] Operational Efficiency and Capacity - The company's installed capacity and power generation data were not explicitly mentioned in the provided content, but the financial performance indicates strong operational efficiency[13][14] - The company's installed capacity reached 22.69 million kW, with clean energy accounting for 56.60% and new energy installed capacity at 9.22 million kW[19] - The company's renewable energy installed capacity reached 9.2237 GW by the end of June 2024, with cumulative power generation of 8.012 billion kWh in the first half of 2024[59] - The Changxing Island Power Plant's carbon capture and utilization project has cumulatively transported 24,494 tons of CO₂ in the first half of 2024[59] Risk Management - The company highlighted risks such as power market reform, international market risks, and project safety, but no significant risks impacted operations during the reporting period[4] - The company faces risks from power market reforms, requiring improved market analysis, forecasting, and marketing strategies to enhance competitiveness[40] - The company is exposed to overseas political and market risks, necessitating strengthened risk control measures, including due diligence, partnerships, and exchange rate hedging[40] - The company is managing risks related to project safety, progress, quality, and cost, particularly for large-scale thermal power and renewable energy projects[40] Environmental and Sustainability - The company and its subsidiaries did not experience any sudden environmental incidents or major environmental issues in the first half of 2024[45] - Total emissions for the first half of 2024: 114.77 tons of soot, 1280.09 tons of sulfur dioxide, and 2624.81 tons of nitrogen oxides[45] - Shanghai Shangdian Caojing Power Generation Co., Ltd. emitted 11.98 tons of soot, 335.82 tons of sulfur dioxide, and 440.96 tons of nitrogen oxides in the first half of 2024[46] - Shanghai Waigaoqiao Power Generation Co., Ltd. emitted 10.98 tons of soot, 176.27 tons of sulfur dioxide, and 259.73 tons of nitrogen oxides in the first half of 2024[46] - Shanghai Electric Power Co., Ltd. Wujing Thermal Power Plant emitted 12.51 tons of soot, 87.19 tons of sulfur dioxide, and 127.49 tons of nitrogen oxides in the first half of 2024[46] - Shanghai Changxing Island Thermal Power Co., Ltd. emitted 1.22 tons of soot, 4.32 tons of sulfur dioxide, and 13.79 tons of nitrogen oxides in the first half of 2024[46] - Huaihu Electric Power Co., Ltd. Tianji Second Power Generation Co., Ltd. emitted 28.16 tons of soot, 122.43 tons of sulfur dioxide, and 322.57 tons of nitrogen oxides in the first half of 2024[46] - Jiangsu Kanshan Power Generation Co., Ltd. emitted 15.25 tons of soot, 145.59 tons of sulfur dioxide, and 217.82 tons of nitrogen oxides in the first half of 2024[46] - A total of 174.09 tons of hazardous waste were disposed of in the first half of 2024, with Shanghai Shangdian Caojing Power Generation Co., Ltd. accounting for 161.60 tons and Shanghai Caojing Thermal Power Co., Ltd. accounting for 12.49 tons[48] - The company's coal-fired power plants have achieved 100% operation rate for dust removal facilities with an efficiency of over 99.90%, 99.995% operation rate for denitrification with an efficiency of 84.57%, and 100% operation rate for desulfurization with an efficiency of 98.89%[49] - The total desulfurization efficiency across all coal-fired power plants is 98.89% with a 100% operation rate, and the total denitrification efficiency is 84.57% with a 99.995% operation rate[50] - The company has completed the re-application of emission permits for Tianji No. 2 Plant and Changxing Gas Turbine, and completed the modification of emission permits for Binhai Power Plant in the first half of 2024[52] - The company has revised and released several environmental protection management measures, including the "Ecological Environmental Protection Reward and Punishment Implementation Measures" and "Carbon Emission Management Measures" in the first half of 2024[58] - The company has established a comprehensive environmental management system, including real-time monitoring of emissions and automatic transmission of data to environmental protection departments[49] - The company has completed environmental risk assessments and emergency response plans for Hami Gas Turbine and Minhang Gas Turbine in the first half of 2024[53] - The company has implemented a self-monitoring program for environmental indicators, including automatic monitoring of emissions from each boiler chimney and manual monitoring of wastewater and noise[54] - The company has improved solid waste management by establishing a full-process ledger management system and registering it in the national solid waste management information system[55] Strategic Development and Innovation - The company's development strategy focuses on building large-scale clean energy bases in the west and expanding international energy markets, with projects in Gansu and Japan already underway[20] - The company is advancing technological innovation in areas such as carbon capture (CCUS), flexible coal power, zero-carbon transportation, and energy storage[21] - The company has implemented 12 poverty alleviation projects with a total capacity of 327.2 MW, all of which are photovoltaic projects distributed across Shandong, Hebei, Hunan, Yunnan, and Jiangsu provinces[60] - The company's "Yingshanhong" series of sub-brand activities have expanded internationally, providing educational support and promoting Chinese culture and environmental awareness in countries such as Malta and Montenegro[60] Corporate Governance and Shareholder Information - The company did not propose any profit distribution or capital reserve conversion plans for the reporting period[2] - The company approved a 2.5 billion euro loan hedging business for Shanghai Electric Power Hong Kong Co., Ltd. during the 2024 first extraordinary general meeting[41] - The company approved a 17 billion yen loan hedging business for Shanghai Electric Power Hong Kong Co., Ltd. during the 2024 first extraordinary general meeting[41] - The company passed the 2023 annual financial report and 2024 financial budget during the 2023 annual general meeting[41] - No profit distribution or capital reserve transfer plan was proposed for the period[43] - The company has committed to avoiding new businesses that compete with its main operations and will prioritize Shanghai Electric Power for any new opportunities in the power sector[62] - The company has pledged to minimize and avoid related-party transactions with Shanghai Electric Power, ensuring fair pricing and compliance with legal and regulatory requirements[62] - The company has guaranteed the value of assets transferred to Shanghai Electric Power and committed to compensating for any losses due to land use issues within three months of the loss occurrence[64] - The company has committed to completing the registration of property rights for certain assets within one year of provincial government approval[66] - The company has pledged to complete the registration of sea use rights for specific projects within six months of approval by the local government[66] - The company has committed to compensating Shanghai Electric Power for any additional expenses or losses incurred due to delays or inability to register property, land, or sea use rights[66] - The company has committed to compensating Shanghai Electric Power in full within 3 months for any losses incurred due to the inability to obtain or delay in obtaining necessary operating qualifications for projects under Jiangsu Power Company[67] - As of August 31, 2016, the accounts receivable balance for Jiangsu Power Company and its subsidiaries due to unreceived national renewable energy subsidies was RMB 516.88 million, which decreased to RMB 175.32 million by July 31, 2017[67] - The company has pledged not to interfere with the management activities of the listed company and not to encroach on the interests of the listed company[67] - The company has a priority development right for power generation projects in the Shanghai area that the State Power Investment Corporation has the right to develop, invest in, construct, and operate[67] - The State Power Investment Corporation has committed not to transfer or otherwise dispose of the 199,579,449 shares of the company's stock acquired in the recent issuance for 36 months following the issuance[69] - As of June 30, 2024, the company's deposit balance in the State Power Investment Corporation's financial company settlement account was RMB 4.62 billion[73] - As of June 30, 2024, the company's loan balance with the State Power Investment Corporation's financial company was RMB 3.607 billion[73] - The company has no significant litigation or arbitration matters during the reporting period[72] - The company and its controlling shareholders and actual controllers have no outstanding court judgments or significant debts due and unpaid during the reporting period[72] - The company has no significant related-party transactions during the reporting period[73] - The company's deposit balance at State Power Investment Hong Kong Treasury Management Co., Ltd. was RMB 452 million as of June 30, 2024[74] - The financing balance for fixed asset financial leasing and other financial services at SPIC Ronghe Financial Leasing Co., Ltd. was RMB 7.861 billion as of June 30, 2024[74] - The company used RMB 11.459 billion of debt financing tools from State Power Investment Corporation as of June 30, 2024[74] - The deposit balance at State Power Investment Group Finance Co., Ltd. was RMB 4.620 billion as of June 30, 2024[80] - The loan balance at State Power Investment Group Finance Co., Ltd. was RMB 3.607 billion as of June 30, 2024[81] - The loan balance at State Power Investment Hong Kong Treasury Management Co