XINJI ENERGY(601918)2024-07-10 08:08Production and Sales Performance - In the first half of 2024, the company produced 1,037.90 million tons of raw coal and sold 910.36 million tons of commercial coal [2] - The electricity generation reached 46.10 billion kWh, with grid-connected electricity at 43.53 billion kWh [2] Strategic Development and Projects - The company is focusing on "stock efficiency and incremental transformation" during the 14th Five-Year Plan, with key projects including the reconstruction of the Banjic Coal Mine and the construction of the second phase of the Banjic Power Plant, which began in October 2022 and is expected to be operational by October 2024 [3] - The total area of the company's mining area is approximately 1,092 square kilometers, with coal reserves of 10.16 billion tons, accounting for 40% of Anhui Province's total coal resources [3] Financial Performance and Shareholder Returns - The company has maintained a stable dividend policy, with cash dividends per 10 shares increasing from 0.10 yuan in 2018 to 1.50 yuan in 2023, reflecting a commitment to shareholder returns [6] - The average dividend payout ratio from 2021 to 2023 was 18.42%, exceeding the 30% threshold of the average distributable profit [6] Capacity and Pricing - The company has a total production capacity of 23.5 million tons per year across five operational mines [3] - In 2024, approximately 85% of coal sales are expected to be under long-term contracts, with a pricing model based on various coal price indices [4] Electricity Pricing and Market Conditions - The average grid-connected electricity price in Anhui Province was 0.4082 yuan per kWh in 2022, with a 19.9% increase from the previous year [4] - The capacity electricity price in Anhui Province for 2024-2025 is set at 100 yuan per kW per year [5] Risk Management and Future Outlook - The company aims to maintain an asset-liability ratio within a reasonable range, currently at 59.29% as of Q1 2024, while managing cash flow and financing arrangements for new projects [9] - Future funding for new projects will be sourced from operational cash reserves, existing credit lines, and potential equity or debt financing [8] Market Value Management - The company is implementing measures to enhance market value management, including improving information disclosure and investor communication [7]