中国再生能源投资(00987) - 2024 - 年度财报

Electricity Consumption and Demand - In 2024, China's electricity consumption increased by 6.8%, outpacing GDP growth of 5%[10] - The number of newly registered electric vehicles surged to 11.25 million in 2024, up from 1.2 million in 2019, contributing to rising electricity demand[11] - Electricity consumption as a percentage of total energy consumption rose to 28.1% in 2023, compared to 25.5% in 2020, with expectations to reach 35% by 2030[11] - Total electricity generation reached 1,327.6 GWh, resulting in a reduction of approximately 430,000 tons of coal consumption and a decrease of 1,028,000 tons in carbon emissions[93] Wind and Solar Capacity - Wind capacity in China increased by 18% to 548 GW, while solar capacity rose by 45% to 854 GW, ahead of the 1,200 GW target for 2030[12] - Total wind power output increased by approximately 16.0% to 991,600 GWh, accounting for 11% of total power generation in China[53] - The Group operates 738 MW of wind and distributed solar projects across several provinces in China, contributing to local economic development[93] Power Dispatch and Performance - Total power dispatch from the company's wind farms in 2024 was 1,323.1 GWh, a decrease of 7% from 2023[13] - Power dispatch at Mudanjiang, Siziwang Qi, Danjinghe, Changma, and Songxian decreased by 7.5%, 8.1%, 11.6%, 13.5%, and 11.8% respectively[13] - Power dispatch at Lunaobao increased by 30% due to the construction of a new transmission line, reducing curtailment[13] - The performance of the wind farms was impacted by adverse weather conditions, particularly in the Songxian project[67] Financial Performance - For the year ended December 31, 2024, the Group recorded a turnover of HK$163.1 million, a 10$181.3 million in 2023 due to poor wind conditions[38] - Gross profit declined 37% to HK$32.9 million compared to HK$52.1 million in 2023[38] - Net profit attributable to equity holders decreased 29% to HK$16.5 million, with earnings per share of HK$0.66, down from HK$23.3 million and HK$0.93 per share in 2023[40] - The Group's associate wind farms experienced a 61% decline in net profit to HK$22.2 million from HK$57.1 million in the previous year[39] Debt and Financial Management - The Group's finance costs dropped 52% to HK$11.6 million as a result of loan repayments, down from HK$24.2 million in 2023[29][38] - As of December 31, 2024, total bank borrowings were reduced to HK$227.6 million from HK$287.8 million in 2023, primarily due to principal repayments[41] - The Group's cash management resulted in a strong balance sheet, with bank deposits and cash totaling HK$232.2 million against bank borrowings of HK$227.6 million, yielding a net debt equity ratio of 0%[33][35] Corporate Governance - The Company is committed to good corporate governance principles and practices, ensuring accountability, transparency, and responsibility towards stakeholders[112] - The Company complied with the Corporate Governance Code during the year ended 31 December 2024, with a noted deviation regarding the separation of roles between the chairman and CEO[113][114] - The current structure has the CEO functions performed by the Chairman, Mr. OEI Kang, Eric, which the Board believes does not impair the balance of power[114] - The Board consists of seven directors, including four Executive Directors and three Independent Non-executive Directors, ensuring a balanced and independent governance structure[125] Diversity and Inclusion - The Company has appointed one female director to enhance board gender diversity as of May 31, 2024[126] - The Board consists of seven Directors, with a gender ratio of six males to one female, and plans to appoint an additional female director by May 31, 2024, to enhance gender diversity[179] - The Group's workforce gender ratio is approximately 8:2, indicating a commitment to diversity at all levels[180] Risk Management and Strategy - Risk management is integrated into daily business processes, covering project operations to corporate strategy development[74] - The Group's strategy "Grow Advance Sustain" focuses on evaluating investment opportunities based on economic, environmental, and social benefits[73] - The Group aims to continue developing renewable energy projects and seek growth investment opportunities[73] Future Outlook - The Chinese government aims to maintain a 5% GDP growth rate and increase the budget deficit to 4% to stimulate economic growth in 2025[78] - Wind speed increased by 11% year-on-year in January and February 2025, leading to a 37% year-on-year increase in electricity generation, and a 15% increase compared to the same period in 2023[79] - China's clean energy capacity has reached over 40% of the total energy generation capacity, with a shift to a market-based pricing system for new wind power projects expected by the end of 2025[80] Community and Environmental Commitment - The Group is committed to decreasing carbon emissions by investing in renewable energy projects and contributing to local communities[92] - The Company aims to continue investing in various renewable energy projects to support carbon emission reduction goals[94] - The Company is committed to complying with all local environmental regulations for its operational assets by 2024[93]