BJP(600578)2023-04-26 16:00Financial Performance - The company's operating revenue for 2022 was CNY 30,485,414,718.71, representing a 37.07% increase compared to CNY 22,239,966,915.05 in 2021[16]. - Net profit attributable to shareholders for 2022 was CNY 803,206,883.32, a significant recovery from a loss of CNY 3,116,470,184.02 in 2021, marking a 125.77% increase[16]. - The net cash flow from operating activities reached CNY 6,163,579,091.98, up 889% from CNY 623,212,941.19 in the previous year[16]. - Basic earnings per share for 2022 was CNY 0.12, a turnaround from a loss of CNY 0.47 per share in 2021, reflecting a 125.53% increase[17]. - The company's total assets as of the end of 2022 were CNY 84,693,136,899.96, a 2.5% increase from CNY 82,625,624,107.49 in 2021[16]. - The weighted average return on equity for 2022 was 3.60%, an increase of 17.90 percentage points from -14.30% in 2021[17]. - The company reported a net profit of CNY 26,016,828.33 in Q4 2022, compared to CNY 262,055,216.90 in Q3 2022, indicating a decline in quarterly performance[18]. - The company's main business revenue reached CNY 30.221 billion, representing a year-on-year increase of 37.74%, while the main business cost was CNY 27.589 billion, up 14.99% year-on-year[49]. - The gross profit margin for electricity sales increased by 18.83 percentage points to 13.82%, while the gross profit margin for heating sales decreased by 6.13 percentage points to -55.41%[50]. - The company reported a significant increase in sales in the North China grid region, with revenue of CNY 10.635 billion, a year-on-year growth of 31.15%[51]. Dividend Distribution - The company plans to distribute a cash dividend of 1.2 RMB per 10 shares, totaling 803,254,006.08 RMB, which accounts for 100.01% of the net profit attributable to shareholders for 2022[4]. - The total share capital for the dividend distribution is based on 6,693,783,384 shares as of the end of Q1 2023[4]. - The company will not conduct a capital reserve transfer to increase share capital for the year[4]. - The company has a cash dividend policy that mandates a minimum distribution of 40% of the distributable profit when profitable[123]. - For the fiscal year 2021, the company reported a net loss of 3.111 billion RMB, leading to no cash dividends being distributed[124]. - In 2022, the company distributed a total cash dividend of approximately 803.25 million RMB, which is 100.01% of the net profit attributable to ordinary shareholders[126]. - The company plans to maintain an average annual cash dividend amount of no less than 70% of the distributable profit for the years 2020-2022[124]. Operational Strategy and Future Outlook - The company anticipates that national industry policies, coal market supply, and environmental policy changes will impact its future development strategy and operational goals in 2023[5]. - The company has taken effective measures to mitigate risks associated with future operational challenges[5]. - The management team emphasizes the importance of monitoring periodic reports and announcements for investor awareness[5]. - The company plans to achieve full closure of coal yards by the end of 2023, enhancing environmental protection efforts[29]. - The company expects a 6% increase in total electricity consumption in 2023 compared to 2022, driven by normal weather conditions[84]. - The company aims to optimize existing coal-fired units to meet regional renewable energy consumption needs while ensuring stable supply[85]. - The company plans to enhance its energy security capabilities by implementing a safety-first approach and improving safety mechanisms[87]. - The company intends to accelerate the transformation of market strategies to increase market share and optimize resource allocation[88]. - The company is focusing on building a digital operation system for coal power, aiming for breakthroughs in energy management and operational efficiency[89]. - The company aims to reduce costs by 5% based on a three-year average, focusing on high fixed-cost areas[91]. Environmental and Social Responsibility - The company has established environmental protection mechanisms and has not experienced any environmental pollution incidents in 2022[135]. - The company actively conducted environmental impact assessments for new projects and obtained the necessary pollution discharge permits[140]. - Total donations for public welfare projects amounted to 11.24 million yuan, including 4 million yuan for pandemic prevention and 400,000 yuan for affordable coal purchases for farmers[148]. - The company invested a total of 3.33728 billion yuan in poverty alleviation and rural revitalization projects, benefiting 50,000 people[150]. - The company has created 1,760 job opportunities for rural laborers, including 1,255 from rural areas, through its subsidiaries[151]. - The company has developed online monitoring systems for air and water pollution, ensuring real-time data transmission to environmental protection departments[145]. - The company has established various environmental management regulations to comply with national and local environmental standards[146]. Corporate Governance and Management - The company received a standard unqualified audit report from Zhongzheng Accounting Firm[3]. - The management team is committed to ensuring the authenticity, accuracy, and completeness of the annual report[3]. - The company has not violated decision-making procedures in providing guarantees[5]. - The company has a structured profit distribution plan that includes independent director oversight and opportunities for minority shareholders to express their opinions[125]. - The company has implemented stock incentive plans, with one executive exercising options resulting in a change of 253,333 shares[98]. - The company has a commitment to uphold independence from related parties in its operations and governance[94]. - The company has not reported any changes in shareholding for its directors and supervisors during the reporting period[97]. - The company has not faced any requests for temporary shareholder meetings from preferred shareholders[95]. - The company has a total of 10 directors and supervisors, with varying levels of remuneration, the highest being 88.57 thousand yuan[98]. - The total remuneration paid to all directors, supervisors, and senior management for the reporting period amounted to RMB 6.3738 million[106]. Research and Development - The company invested 723 million RMB in technology innovation, resulting in 3 authorized invention patents and over 50 utility model patents[28]. - The company’s research and development expenses decreased by 32.86% to CNY 37.288 million, compared to CNY 55.538 million in the previous year[49]. - Total R&D investment for the period amounted to ¥69,645,488.63, with ¥37,287,833.86 expensed and ¥32,357,654.77 capitalized[58]. - R&D investment accounted for 0.23% of total revenue, with 46.46% of R&D costs capitalized[59]. - The company employed 220 R&D personnel, representing a significant portion of the workforce[60]. - Research and development investments increased by 25%, focusing on innovative energy technologies[99]. Market Position and Competition - The company actively participated in electricity market reforms, securing favorable policies and enhancing its market position[76]. - The company is exploring potential mergers and acquisitions to enhance its market position, with a budget of 2 billion RMB allocated for this purpose[99]. - The company is expanding its market presence, targeting new regions in Southeast Asia, aiming for a 10% market share by 2025[101]. - The company focused on refining its electricity marketing strategies, resulting in improved pricing and marketing effectiveness[76]. - The company maintained long-term stable cooperation with over 200 large electricity users, enhancing resource complementarity and mutual benefits[76]. Leasing and Financial Management - The company reported a leasing income of CNY 24,220,183.49 from the leasing of machinery and equipment for the year 2022[174]. - The total amount involved in leasing agreements for machinery and equipment reached CNY 100,000,000.00, with a leasing income of CNY 736,125.01[175]. - The company has ongoing leasing agreements with a total value of CNY 542,492,000.00, expected to generate an income of CNY 16,933,877.54[176]. - The company has a significant leasing agreement with Inner Mongolia Jingneng Kangbashi Thermal Power Co., Ltd. for 287,500,000.00 RMB, expiring on October 27, 2025[179]. - The total guarantee amount provided by the company is 2,742,835,409.40 RMB, which exceeds 50% of the net assets[182]. - The company has provided bank loan guarantees of 1.688 billion RMB to its subsidiary Huazhou Thermal Power and 0.2 billion RMB to Jinglong Power[182]. Shareholder Structure and Changes - The total number of common shareholders at the end of the reporting period was 55,944, down from 56,555 at the end of the previous month[193]. - The top shareholder, Beijing Jingneng International Energy Co., Ltd., holds 2,869,161,970 shares, representing 42.86% of the total shares[194]. - The company completed the merger with Beijing Jingneng International Energy Co., Ltd., which will now directly hold all shares of the company[197]. - The merger was finalized on March 20, 2023, with the subsequent transfer of shares to Beijing Energy Group[197]. - The company has completed the absorption merger with Jingneng International, inheriting all shares and becoming the direct controlling shareholder[198].