Financial Performance - Revenue for the year ended December 31, 2024, was RMB 2,440.4 million, representing a 7.0% increase from RMB 2,280.8 million in 2023[3] - Profit attributable to equity holders of the company decreased by 12.0% to RMB 790.9 million from RMB 898.3 million in the previous year[3] - Basic and diluted earnings per share were RMB 9.55, down 15.9% from RMB 11.36 in 2023[3] - The company reported a net loss from other income of RMB 37.7 million, compared to a loss of RMB 4.8 million in 2023[5] - The company’s financial income decreased to RMB 2.6 million from RMB 6.1 million in the previous year[5] - The company's net profit attributable to equity holders for 2024 was RMB 790,851,000, down from RMB 898,292,000 in 2023, resulting in basic earnings per share of RMB 9.55 compared to RMB 11.36[31] - The net profit attributable to equity holders decreased by 12% to RMB 790.9 million, with basic earnings per share dropping by 15.9% to RMB 9.55[42] - EBITDA for the year was RMB 2,232.0 million, a 5.9% increase from RMB 2,107.9 million in 2023, with an EBITDA margin of 91.5%[71] - The net profit margin was 32.4%[71] Dividends - The company proposed a final dividend of HKD 0.027 per share, slightly up from HKD 0.026 in the previous year[3] - The interim dividend per share for 2024 was set at 2.3 HKD cents, down from 3.4 HKD cents in 2023, totaling RMB 177,750,000[32] - The company plans to distribute a final dividend of 2.7 HKD cents per share for 2024, compared to 2.6 HKD cents in 2023, amounting to RMB 212,758,000[32] - A final dividend of HKD 0.027 per share is proposed, subject to shareholder approval at the annual general meeting[73] Assets and Liabilities - Total assets increased to RMB 21,668.5 million as of December 31, 2024, compared to RMB 19,263.2 million in 2023[8] - Total liabilities increased to RMB 9,164.0 million from RMB 7,133.6 million in the previous year[9] - Non-current assets rose to RMB 16,727.4 million from RMB 14,732.7 million in the previous year[8] - Current assets increased to RMB 4,941.1 million, up from RMB 4,530.6 million in 2023[8] - The current ratio improved to 1.6 from 1.2 year-on-year, attributed to an increase in trade and other receivables and a decrease in the current portion of bank borrowings[74] - The net debt-to-equity ratio increased to 55.8% from 42.3% due to a decrease in cash and cash equivalents from electricity price adjustment subsidies and an increase in bank borrowings[76] Revenue Sources - Electricity sales revenue reached RMB 1,464,170 thousand, up from RMB 1,286,447 thousand in the previous year, representing a growth of 14%[18] - Revenue from electricity sales rose by 13.8% to RMB 1,464.2 million, while revenue from electricity price adjustments decreased by 2.1% to RMB 964.8 million[58] - The total revenue generated from solar power projects acquired in 2023 and 2024 was RMB 312.5 million, accounting for 12.8% of the company's total solar power business revenue[43] - The total revenue from solar power generation for the year ending December 31, 2024, is RMB 11.4 million, accounting for 0.5% of total revenue[62] Expenses - Sales costs increased by 14.8% to RMB 840.7 million from RMB 732.4 million in 2023, primarily due to higher employee benefits, electricity costs, and depreciation expenses[63] - Depreciation expenses for property, plant, and equipment increased to RMB 654,136 thousand from RMB 574,096 thousand, reflecting a rise of 14%[25] - Employee benefits expenses, including director remuneration, rose to RMB 65,747 thousand, up from RMB 60,095 thousand, marking an increase of 9%[25] - Financing costs increased to RMB 364,775,000 in 2024 from RMB 328,388,000 in 2023, with bank loan interest expenses rising to RMB 319,457,000[27] Trade Receivables - Trade receivables increased to RMB 4,247,035,000 in 2024 from RMB 3,602,110,000 in 2023, with a net trade receivable of RMB 4,204,565,000[33] - The company recorded a provision for trade receivables of RMB 42.47 million, compared to RMB 36.02 million in 2023[35] - The company reported a significant increase in trade receivables related to electricity sales, with amounts of RMB 168,355,000 in 2024 compared to RMB 180,978,000 in 2023[33] Acquisitions and Projects - The company completed the acquisition of seven solar power projects from Xinyi Solar during the reporting period[82] - The company plans to complete the acquisition of six solar power projects in the second half of 2024, which is expected to reflect in the company's performance for the fiscal year 2025[43] - The company acquired seven large solar power projects in China from Xinyi Solar Holdings Limited, with a total approved capacity of 860 MW[48] - As of December 31, 2024, the total approved capacity of the company's large solar power projects reached 4,510.5 MW, comprising 1,734 MW under feed-in tariff policies and 2,776.5 MW under grid parity policies[48] Regulatory Environment - The National Energy Administration's 2024 work plan emphasizes the development of clean energy and market mechanisms, supporting the sustainable development of the energy sector[49] - The introduction of the Energy Law aims to promote the development of wind and solar energy, providing a legal framework for high-quality energy development[52] - The company is closely monitoring the implementation of the market-oriented pricing reform for renewable energy, which will affect projects launched after June 1, 2025[54] Governance and Meetings - The board of directors includes four executive directors and three independent non-executive directors, ensuring a diverse governance structure[101] - The annual general meeting of shareholders is scheduled for May 30, 2025, with the share transfer registration suspended from May 27 to May 30, 2025[97] - The shareholder register will also be suspended from June 5 to June 9, 2025, for the eligibility to receive the final dividend, with transfer documents due by June 4, 2025[99] Miscellaneous - The company has transitioned its reporting currency from Hong Kong dollars to Renminbi to better reflect its business operations in mainland China[15] - The company did not engage in any significant purchases, sales, or redemptions of its listed securities during the reporting period[88] - The company had no significant contingent liabilities as of December 31, 2024[81] - Cash and cash equivalents balance stood at RMB 354.2 million as of December 31, 2024[77] - Total employee costs for the year were RMB 65.8 million, with 414 full-time employees as of December 31, 2024[85] - The announcement will be published on the Hong Kong Stock Exchange website and the company's website, ensuring transparency and accessibility of information[102]
信义能源(03868) - 2024 - 年度业绩