Financial Performance - The operating revenue for the year ended December 31, 2023, was RMB 20.282 billion, an increase of 9.27% compared to 2022[2]. - The profit before tax was RMB 3.368 billion, reflecting a growth of 2.22% year-on-year[2]. - The net profit attributable to shareholders was RMB 2.207 billion, a decrease of 3.71% from the previous year[2]. - Earnings per share were RMB 0.51, down 3.77% compared to 2022[2]. - The total profit for the group reached RMB 3.368 billion, an increase of 2.22% year-on-year, while net profit was RMB 2.734 billion, a decrease of 2.96%[21]. - Operating revenue for the group was RMB 20.282 billion, representing a year-on-year increase of 9.27%, with the natural gas segment contributing RMB 14.027 billion, up 14.96%[21]. - The wind and solar segment's revenue was RMB 6.244 billion, down 1.61%, accounting for 30.78% of total revenue, primarily due to a decrease in available hours for wind power generation[21]. - The company reported a significant increase in financing activities, with net cash flow from financing activities at RMB -23.10 billion, a substantial decrease from RMB -1.76 billion in the previous year[50]. - The company reported a decrease of 4.31% in net profit compared to the previous year, primarily due to a reduction in net profit[117]. - The total comprehensive income for 2023 was approximately RMB 2.73 billion, a decrease from RMB 2.82 billion in 2022, reflecting a decline of about 3.2%[126]. Revenue and Sales - The total gas sales volume for the reporting period was 5.114 billion cubic meters, an increase of 13.63% year-on-year[8]. - The retail gas sales volume reached 2 billion cubic meters, up 8.78% from the previous year[8]. - The LNG sales volume surged by 9,585.78% to 0.456 billion cubic meters, primarily due to the commissioning of the Tangshan LNG project[8]. - The company's natural gas sales revenue reached RMB 13.79 billion, with a year-on-year increase of 16.33%[51]. - The revenue from natural gas sales primarily comes from pipeline transportation and city gas distribution, with stable unit profit margins[41]. Assets and Liabilities - The total consolidated assets amounted to RMB 79.017 billion as of December 31, 2023[3]. - The group’s total borrowings amounted to RMB 37.913 billion, an increase of RMB 0.71 billion from the end of 2022, with short-term borrowings at RMB 7.219 billion[29]. - The asset-liability ratio was 66.16%, a decrease of 1.31 percentage points from 67.47% at the end of 2022, due to stable total liabilities and growth in net assets[30]. - The total liabilities as of December 31, 2023, were RMB 52,275,823,528.51, slightly up from RMB 52,231,291,874.48 in 2022[124]. - The total shareholders' equity as of December 31, 2023, was RMB 26,740,769,568.24, an increase from RMB 25,181,257,060.18 in 2022, representing a growth of 6.19%[124]. Investments and Expenditures - Capital expenditures for the period were RMB 6.147 billion, a decrease of 15.11% from RMB 7.241 billion in the previous year[27]. - The company has allocated RMB 148.55 million for new investments in 2023, compared to RMB 80.38 million in 2022, indicating a significant increase in investment activity[128]. - The company plans to enhance its offshore wind power projects, leveraging the Tangshan Leting Bodhi Island offshore wind project to explore new opportunities in offshore wind development[75]. Research and Development - The company has been awarded 59 invention patents and 403 utility model patents, reflecting its commitment to innovation and technology development[20]. - Research and development expenses for 2023 were RMB 371.59 million, a decrease from RMB 427.16 million in 2022, reflecting a strategic focus on cost management[193]. - The total R&D investment accounted for 1.88% of operating revenue, with capitalized R&D expenses making up 2.37%[58]. Market and Competition - The company is actively pursuing the development of smart gas transmission and distribution technologies, contributing to the digital transformation of the natural gas industry[20]. - The company is focusing on expanding its market presence in untapped provinces while maintaining its competitive edge in Hebei province[45]. - Market expansion difficulties are expected to increase as upstream suppliers extend their reach into downstream markets, intensifying competition[91]. Environmental and Social Responsibility - The company has received multiple ESG awards, highlighting its commitment to sustainable development and environmental management[46]. - The company generated 14.254 billion kWh of green electricity in 2023, avoiding CO2 emissions of approximately 11.7453 million tons[110]. - The company has avoided SO2 emissions of approximately 1,439.65 tons and NOx emissions of about 2,166.61 tons through its green energy initiatives[110]. Cash Flow and Financial Management - The net cash flow from operating activities decreased by 34.99% to RMB 7.46 billion, down from RMB 11.43 billion in the previous year[49]. - The company’s cash and cash equivalents decreased to RMB 3,420,053,078.91 from RMB 7,326,059,327.77, a decline of 53.3%[123]. - The company is closely monitoring interest rate changes as it requires substantial capital expenditure for wind power and natural gas projects, which could impact funding costs[94]. Risks and Challenges - The company faces risks related to wind resource uncertainty and potential electricity output limitations due to lagging grid construction, which may affect project development[85][86]. - There is a risk of declining pipeline transportation and city gas charges as the government continues to reform natural gas pricing, which may impact revenue[90]. - Natural gas consumption is under pressure due to external demand decline and geopolitical instability, affecting market demand[93].
新天绿色能源(00956) - 2023 - 年度业绩