Share This

Public company info - China Energine International (Holdings) Ltd. , 01185.HK

Input the stock code or the company name     Search  
 
 Profile   Information   Data   Financial Ratios   Profit Loss   Cash Flow   Balance   Earnings   Dividend 

China Energine International (Holdings) Ltd., 01185.HK - Company Profile
Chairman Han Qingping
Share Issued (share) 4,369,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Electric Equipment
Corporate Profile Business Summary: The Group is principally engaged in the Manufacture and sales of wind energy related products,Sales of electricity from operation of wind power field,Development and distribution of communication products, information technology systems, broadband systems, equipment and accessories,Manufacture and sales of energy renewal products by combining wind energy, solar energy and energy storage. Performance for the year: The turnover for the year 2020 for continuing operation of operation of wind power field was approximately HK$26.2 million whereas that of 2019 was approximately HK$26.0 million; the loss for the year 2020 attributable to owners of the Company amounted to approximately HK$186.3 million from continuing operation and approximately HK$875.0 million from discontinued operations as compared to that of 2019 of approximately HK$33.9 million and HK$1,011.4 million respectively. Business Review Impact of the COVID-19 Outbreak Affected by the COVID-19 outbreak, the supply chain for the wind turbines could not meet the customer’s delivery and installment schedule by the end of 2020. The implementation of the Group’s 2020 business development plan and financial performance have been greatly affected. Besides, affected by the unstable global economic environment, the progress of after-sales technical services of certain projects has been severely affected and delayed due to the COVID-19 outbreak, resulting in further delay in the collection of trade receivables, and in turn leading to numerous lawsuits with suppliers. As a result, the Group terminated the operation of wind power generation business. Due to epidemic restrictions and the increase in the vacancy rate of commercial buildings in Shenzhen, the disposal of an investment property in Shenzhen of the Group was not completed. In response to the above impact, the management has taken measures including business plan adjustments, expenses reductions, negotiated layoffs and salary reductions, office space and rent reductions, and cost control of wind turbines maintenance expenditures. Wind Turbine Manufacture Business The development of domestic new energy industry has been fast changing in recent years. In 2020, the PRC government has successively issued a series of policies in relation to the wind power industry clarifying, among others, the construction of grid parity projects, the construction of state-subsidized projects, the construction of distributed wind power projects, the implementation of power transmission and consumption conditions, which promoted the wind power industry to enter an era of comprehensive competition. The intensive introduction of national policies indicates that the wind power industry enters an era of subsidies deduction and comprehensive competition on the basis of cost per KWh, and is approaching the target of “same price for wind power and thermal power”. Facing the fierce competition and the changing policies, the Group further strengthened the resource acquisition and vigorously advanced the project in Gaizhou. Meanwhile, the business remained customer-oriented, devoted greater effort to address the quality issues of the wind turbines regarded by customers. As the result of the Group lost the control over Beijing Energine, the financial results and position of Beijing Energine and its subsidiaries are deconsolidated from those of the Group, and financial results of the wind turbine manufacture business was reclassified to discontinued operation. Wind Farm Operations The wind farms operated by the Group include the CASC Long Yuan (Benxi) Wind Farm, which provides a capacity of 24,650,000KW with 29 sets of 850KW wind turbines. In addition to the abovementioned CASC Long Yuan (Benxi) Wind Farm, the two wind farms invested in and operated by the Group include the Jilin Longyuan Tongyu wind farm providing a capacity of 200,000KW with 236 sets of 850KW wind turbines; the Jiangsu Longyuan Rudong wind farm providing a capacity of 150,000KW with 100 sets of 1.5MW wind turbines. Business of Automotive Engine Management Systems Beijing Delphi Wan Yuan Engine Management Systems Co., Ltd. (“Beijing Delphi”), a joint venture of the Group, is a major supplier in the domestic automotive electronic fuel injection market. The joint venture improved its net profit by 50% in 2020 as compared to that of the previous year through cost reduction and other measures. The Group held the equity interest of Beijing Delphi through Beijing Energine, and as the result of the bankruptcy liquidation of Beijing Energine, Beijing Delphi ceased to be the joint venture of the Group. Prospects: The year of 2021 marks the first year of the “14th Five-Year Plan”, and a crucial year of grid parity for wind power and photovoltaic power and a new development stage for the renewable energy. Driven by the goals of achieving peak carbon emissions and carbon neutrality, the renewable energy will become an important means for power groups and local governments to realize peak carbon emissions, and will have a greater weight in the installed capacity. However, in the next stage, renewable energy policies need to focus on how to ensure the renewable energy can meet the requirements of peak carbon emissions and carbon neutrality without the strong stimulus of central government’s subsidies. The work report of the central government released at the beginning of March 2021 states that the government will take solid steps toward the goals of achieving peak carbon emissions and carbon neutrality, and draw up an action plan for carbon emissions to peak by 2030. China’s industrial structure and energy mix will be improved. It will make a major push to develop new energy sources, will expand the catalog of corporate income tax credits for environmental protection and the conservation of water and energy, and promote the development and application of new types of energy-efficient and eco-friendly technologies, equipment and products as well as the cultivation of energy-saving and environmental protection industries. As Beijing Energiner has entered the bankruptcy liquidation proceedings, the Group terminated operations for the wind turbine manufacture business, but is still optimistic about the new energy field over the long term. It will actively explore the business transformation, continue with the operation of wind farm development and operation business, and actively cultivate conditions to advance the wind resource development. Owning to the influence of various factors, the implementation of prospective projects is subject to great uncertainty. Particularly, under the policy of new energy grid parity (subsidies deduction) introduced by the National Energy Administration, new grid-connected wind farms will not enjoy any policy subsidy from 2021, which raises higher requirements to the inherent cost-effectiveness of wind farm projects and the refinement of project management By seizing opportunities of the strategic development of new energies against the backdrop of “achieving peak carbon emissions and carbon neutrality”, we committed to promoting the cooperation and development of certain wind power development projects based on the preliminary market work to achieve our financial goals. We will decide whether to acquire 15% equity in CASC Long Yuan (Benxi) held by Beijing Energiner depending on the transaction consideration. With the support from the controlling shareholders, we will strive to seek business opportunities, proactively develop international engineering business, and expand the scope of the core business.

Information from the financial statements of listed companies

Mobile | Full
Forum rule | About Us | Contact Info | Terms & Conditions | Privacy Statment | Disclaimer | Site Map
Copyright (C) 2024Suntek Computer Systems Limited. All rights reserved
Disclaimer : In the preparation of this website, 88iv endeavours to offer the most current, correct and clearly expressed information to the public. Nevertheless, inadvertent errors in information and in software may occur. In particular but without limiting anything here, 88iv disclaims any responsibility and accepts no liability (whether in tort, contract or otherwise) for any direct or indirect loss or damage arising from any inaccuracies, omissions or typographical errors that may be contained in this website. 88iv also does not warrant the accuracy, completeness, timeliness or fitness for purpose of the information contained in this website.