Operational Performance - The company achieved a total installed capacity of 4,615 MW and generated 8.65 billion kWh of electricity in 2024, both representing historical highs for the group[12]. - The company secured new wind and solar projects totaling 1,399 MW in 2024, with 720 MW located in China and 679 MW in other countries[11]. - The company obtained new international energy storage investment projects amounting to 308 MW/616 MWh, while also reserving a number of high-quality international project resources[11]. - The company's total revenue from continuing operations for 2024 reached RMB 2,752,054 thousand, a 6.3% increase compared to RMB 2,588,646 thousand in 2023[22]. - The net profit attributable to equity holders was RMB 805,133 thousand, a decrease of 16.5% from RMB 963,774 thousand in the previous year[22]. - The total installed capacity of the company reached 4,615 MW by the end of 2024, representing a 14.0% increase from 4,050 MW in 2023[27]. - The equity generation volume increased by 10.5% year-on-year, with wind power generation up by 10.2% and solar power generation up by 12.8%[31]. - Total revenue from power plants reached RMB 2,515,951 thousand, an increase of 11.35% compared to 2023, while net profit rose by 4.69% to RMB 797,814 thousand[33]. Financial Performance - The company's management expenses, total asset liability ratio, comprehensive financing costs, and comprehensive electricity generation costs all decreased year-on-year[11]. - The average financing cost for new withdrawals has decreased to 3.43%, while the overall financing cost has dropped to 3.98%, both at historical lows[29]. - The company's net asset value reached RMB 8,906,306 thousand by December 31, 2024, up from RMB 8,435,414 thousand in 2023[22]. - The group's cash holdings are approximately RMB 2,229,188 thousand as of December 31, 2024, down from RMB 3,902,924 thousand in 2023[47]. - The group maintains an asset-liability ratio of 72.28% as of December 31, 2024, a slight decrease from 72.99% in 2023[47]. - The group has signed contracts for capital expenditures amounting to RMB 2,680,010 thousand as of December 31, 2024[50]. Strategic Initiatives - The company plans to accelerate its global layout and expand its international development space by promoting a "secondary listing" in Singapore[11]. - The company aims to enhance its management capabilities and strengthen its core competitiveness by focusing on project development, construction, production, and marketing[13]. - The company is committed to achieving its strategic goals and aims to deliver better results in 2025, benefiting shareholders and society[13]. - The company will actively track and analyze market changes, optimizing assets to match strategic goals and market demands[60]. - The company aims to enhance operational awareness and crisis management, focusing on cost reduction and efficiency improvement through detailed analysis of costs and expenses[61]. - The company is dedicated to enhancing its management capabilities through refined and specialized management practices[61]. Market Trends and Investments - The global renewable energy investment reached $728 billion in 2024, marking an approximate 8% year-on-year increase, setting a new record for investment scale[14]. - The average cost of battery energy storage systems decreased by 40% in 2024, driving significant growth in new energy storage projects[20]. - The global market share of TOPCon technology in photovoltaic components rose to 60%, solidifying its position as the mainstream technology[19]. - The company anticipates a continued clear trend in global energy transition and expects a further loosening of financing conditions in major international economies[12]. Environmental and Social Responsibility - The group achieved a CO2 emission reduction target of 6,255 thousand tons for 2024, with a cumulative reduction of 61,715 thousand tons[45]. - The company completed green electricity transactions of 811 million kWh and sold 6.41 million green certificates, both showing year-on-year growth[34]. - The company received an AA rating from MSCI ESG and was recognized as one of the top 10% of Chinese companies in S&P Global ESG ratings[12]. Corporate Governance - The board consists of 13 members, including 7 executive directors, 1 non-executive director, and 5 independent non-executive directors[152]. - The company has established four committees, including the nomination committee, remuneration committee, audit committee, and ESG committee, to ensure effective governance[161]. - The independent non-executive directors have confirmed their independence according to the relevant listing rules[154]. - The board reviewed the corporate governance practices and confirmed compliance with the relevant corporate governance code[149]. - The company has implemented a share incentive plan for directors and eligible employees as part of its compensation policy[143]. Shareholder Information - The proposed final dividend for the year ending December 31, 2024, is HKD 0.035 per ordinary share, amounting to approximately HKD 279,371,000 based on the number of shares issued[95]. - The company repurchased a total of 138,480,000 ordinary shares at a total cost of HKD 74,495,000 during the fiscal year ending December 31, 2024[90]. - The total number of reward shares available for grant under the share incentive plan is 148,161,748, which represents approximately 0.04% of the weighted average number of shares issued during the year[100]. - The total number of unvested shares held by the trustee under the share incentive plan as of December 31, 2024, is 17,250,000[102]. - The company has no provisions in its articles of association regarding preemptive rights for existing shareholders when issuing new shares[92]. Risk Management - The company has implemented a comprehensive risk management framework that includes risk identification, assessment, response, and monitoring[194]. - The audit committee is responsible for overseeing the design and implementation of the risk management and internal control systems[195]. - The board reviewed the effectiveness of the risk management and internal control systems throughout the year[195]. - The company has established various risk management and internal control policies to ensure compliance with financial, operational, and regulatory monitoring[194].
协合新能源(00182) - 2024 - 年度财报