中国再生能源投资(00987) - 2023 - 年度财报

Electricity Consumption and Renewable Energy Capacity - In 2023, China's electricity consumption increased by 6.7%, with a further expected rise of 6.0% in 2024[8]. - China's wind and solar capacity is projected to reach 1,300 GW by the end of 2023, surpassing the original target of 1,200 GW set for 2030[9]. - Total power consumption in China increased by 6.7% in 2023, reaching 9,224,000 GWh, with wind and solar power generation capacity rising by 27.5% and 38.7% respectively[50]. - By the end of 2024, the total capacity for wind and solar is expected to exceed that of coal, potentially accounting for 40% of the country's total installed capacity[81]. - Of the 1,300 GW, 530 GW will come from wind energy and 780 GW from solar energy, with renewable energy expected to account for 40% of total installed capacity by the end of 2024[83]. Financial Performance - Turnover from majority-owned wind farms declined by 8% to HK$181.3 million, while gross profit decreased by 19$52.1 million[21]. - Overall net profit before impairment rose by 93% to HK$57.4 million, with cash flow from operating and investing activities increasing by HK$79.9 million to HK$289.5 million[23]. - A non-cash impairment of HK$30.6 million was recorded for Mudanjiang and Lunaobao wind farms, resulting in a 25% decrease in earnings to HK$23.3 million[24]. - For the year ended December 31, 2023, China Renewable Energy recorded a turnover of HK$181.3 million, an 8% decrease from HK$197.2 million in 2022 due to increased curtailment[32]. - Gross profit for the period decreased by 19$52.1 million, down from HK$64.7 million in 2022[32]. - Net profit before impairment increased by 93$57.4 million, compared to HK$31.1 million in 2022, driven by improved profit contributions from associates and lower exchange losses[34]. - The Group's net debt to equity ratio improved to 7$287.8 million from HK$440.9 million in 2022, primarily due to the repayment of existing loans[36]. - The Group recorded a net exchange loss of HK$5.0 million in 2023, significantly lower than the HK$24.8 million loss in 2022[34]. - Impairment charges of HK$30.6 million for certain wind farms resulted in a net profit after tax attributable to equity holders decreasing by 25% to HK$23.3 million, or earnings per share of HK$0.93[35]. Operational Performance - Total power dispatch for 2023 increased by 5% to 1,423.8 GWh despite curtailment challenges[18]. - The Group operates eight wind farms and one distributed solar project, with a total gross power generating capacity of 738 MW and a net capacity of 427 MW as of December 31, 2023[51]. - Total power dispatch from the Group's wind farms in 2023 reached 1,423.8 GWh, reflecting a 5% increase from 1,360.9 GWh in 2022[52]. - The Siziwang Qi Phase I and II wind farms dispatched approximately 210.3 GWh in 2023, an increase from 188.7 GWh in 2022, with utilization hours rising to 2,124[58]. - The Danjinghe wind farm dispatched approximately 403.7 GWh in 2023, up from 371.3 GWh in 2022, with utilization hours increasing to 2,018[59]. - The Changma wind farm dispatched approximately 466.7 GWh in 2023, compared to 412.3 GWh in 2022, with utilization hours increasing to 2,322[60]. - The Lunaobao wind farm dispatched approximately 154.0 GWh in 2023, a decrease from 183.5 GWh in 2022, with utilization hours dropping to 1,532[65]. - The Songxian wind farm dispatched approximately 135.8 GWh in 2023, slightly lower than 137.6 GWh in 2022, with utilization hours at 1,836[66]. - The Nanxun distributed solar project generated approximately 4.6 GWh of power in 2023, slightly down from 4.7 GWh in 2022, resulting in 1,154 utilization hours compared to 1,167 hours last year[67]. Corporate Governance and Management - The Company has complied with the Corporate Governance Code and Listing Rules throughout the year ended December 31, 2023, with a noted deviation regarding the separation of the roles of chairman and CEO[119][120]. - The Company’s independent non-executive directors have extensive experience in corporate management and international equity investment, enhancing governance and strategic oversight[118][119]. - The Group's corporate governance practices are designed to safeguard the interests of shareholders and other stakeholders, ensuring accountability and transparency[118]. - The Board will continue to review its organizational structure to ensure it meets governance principles and may consider separating the roles of chairman and CEO when appropriate[120][122]. - The Company has taken measures to ensure strict compliance with corporate governance functions and has reviewed its governance practices during the year[124][126]. - The Group's leadership is committed to driving sustainable growth and exploring new market opportunities in the renewable energy sector[106]. - The Board consists of six members, including three Executive Directors and three Independent Non-executive Directors, meeting the requirement of at least one-third independent representation[134]. - The Company aims to appoint one female director by the 2024 annual general meeting to enhance gender diversity on the Board[135]. - The Company has adopted a Board Diversity Policy to enhance competitive advantage through increased diversity at the Board level[186]. - The Nomination Committee has established measurable objectives for achieving diversity on the Board and recommended them for adoption[187]. Strategic Focus and Future Outlook - The company's strategy focuses on evaluating investment opportunities based on economic, environmental, and social benefits to enhance profitability and create sustainable value[73]. - Risk management is integrated into daily business processes, with identified risks monitored and discussed at the Group level[75]. - The company aims to continue developing renewable energy projects and seek growth investment opportunities in high-quality industries such as clean energy and advanced manufacturing[80]. - The Group anticipates that curtailment rates will decrease in the coming years as new high-speed transmission lines are built[85]. - The Group is actively seeking to upgrade older wind farms, encouraged by a new policy from the National Energy Agency[86]. - The Group's financial performance and business review for 2023 are detailed in the "Management Discussion and Analysis" section of the annual report[125].