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Public company info - Shandong Hi-Speed New Energy Group Limited , 01250.HK
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Shandong Hi-Speed New Energy Group Limited, 01250.HK - Company Profile
Chairman Hu Xiaoyong
Share Issued (share) 63,525,000,000
Par Currency Hong Kong Dollar
Par Value 0.001
Industry Alternative Energy
Corporate Profile Business Summary: During the year, the Group was principally engaged in the investment, development, construction, operation and management of photovoltaic power businesses, wind power businesses and clean heat supply businesses in the mainland (“Mainland China”) of the People’s Republic of China (the “PRC”). Performance for the year: The Group recorded revenue of approximately HK$6,335.6 million (2018: approximately HK$6,980.3 million), representing a decrease of approximately 9% as compared to the corresponding period of last year. Profit for the year of the Group was approximately HK$842.1 million (2018: approximately HK$1,378.0 million), representing a decrease of approximately 39% as compared to the corresponding period of last year. Profit attributable to the equity holders of the Company was approximately HK$682.9 million (2018: approximately HK$1,268.6 million), representing a decrease of approximately 46% as compared to the corresponding period of last year. Business Review: 1.1 Sale of Electricity and Entrusted Operations During the year, the Group steadily expanded its operating capacity through the investment, development, construction, operation and management of power plant projects, and the aggregate revenue in respect of the sale of electricity and the provision of entrusted management services amounted to approximately HK$3,370.9 million (2018: approximately HK$3,040.2 million), representing an increase of 11% as compared to the corresponding period of last year. The aggregate electricity sales volume in respect of the Group’s sale of electricity during the year was approximately 3.70 million megawatt-hour (“MWh”) (2018: approximately 2.89 million MWh), representing an increase of 28% as compared to the corresponding period of last year. Pursuant to the “Several Opinions on Facilitating the Healthy Development of Non-hydro Renewable Power Generation*” (《關於促進非水可再生能源發電健康發展的若干意見》) and “Administrative Measures for the Additional Subsidies for Renewable Energy Electricity Prices*” (《可再生能源電價附加補助資金管理辦法》) jointly announced by the Ministry of Finance, the National Development and Reform Commission of the PRC (the “NDRC”) and the National Energy Administration in January 2020, and the “Notice on Relevant Review Work on the Projects List of Renewable Energy Power Generation Subsidies*” (《關於開展可再生能源發電補貼項目清單審核有關工作的通知》) announced by the Ministry of Finance in March 2020, the conditions and application procedures for entering the list of this batch of national financial subsidy for the renewable energy power generation projects were clarified. Based on the Group’s understanding and preliminary estimation, the capacity of the Group that may meet the application requirements of the subsidy list is over 2,000 megawatt (“MW”). The promulgation shows that the government is doing its best to solve the problem of arrears in subsidies for renewable energy power generation, which is beneficial to the betterment of the Group’s cash flow. The Group will closely follow up and implement this batch project inventory declaration and national subsidies related work, and prepare for the declaration of the next batch of list projects in advance, will proactively promote the implementation of relevant strategies to improve the receipt of national subsidies. 1.2 Engineering, Procurement and Construction Services, and Technical Consultancy Services The Group is engaged in the provision of engineering, procurement and construction services for clean energy businesses including photovoltaic and wind power-related projects and clean heat supply projects in the PRC, and has couples of qualification and extensive experience in the design, engineering and construction of power-related projects. Since 2018, the Group has been focusing on the development of businesses with higher gross profit ratio and stronger sustainability (such as sales of electricity and clean heat supply), improving the quality of existing projects, implementing cost reduction and efficiency enhancement and reducing the proportion of its construction services business which has a lower gross profit ratio. Revenue of approximately HK$1,863.0 million (2018: approximately HK$3,085.4 million) in aggregate arising from provision of engineering, procurement and construction services was recognised during the year, representing 29% (2018: 44%) of the Group’s total revenue during the year and a decrease of 40% as compared to the corresponding period of last year. In addition to the above, certain photovoltaic power plant and clean heat supply projects on a build-operate-transfer basis (the “BOT Basis”) were under construction during the year. With reference to HK (IFRIC) Interpretation 12 Service Concession Arrangements, construction revenue of approximately HK$85.9 million (2018: approximately HK$246.1 million) was recognised during the year with reference to the fair value of construction services delivered during the construction phase. The fair value of such services is estimated on a cost-plus basis with reference to a prevailing market rate of gross margin at the inception date of the relevant service concession agreements. The decrease in construction revenue on a BOT Basis was attributable to the completion of the construction of a centralised photovoltaic project on a BOT Basis located in Shandong Province, the PRC during the year. In respect of the technical consultancy services, the Group successfully marketed the aforementioned qualification and experience to other industry participants. Revenue of approximately HK$221.1 million (2018: approximately HK$300.3 million) was recognised during the year. 1.3 Provision of Clean Heat Supply Services Clean heat supply represents the production of low emission heat through the utilisation of clean energies such as natural gas, electricity, geothermal energy, biomass energy, photovoltaic power, industrial excess heat energy, clean coal (ultra-low emission) energy, river water source etc., and the supply of such heat to end users. With various supportive government policies issued including but not limited to the issuance of “the Notice on the Winter Clean Heat Plan (2017 to 2021) of the Northern China*” (《關於印發北方地區冬季清潔取暖規劃(2017- 2021年）的通知》) jointly by ten government authorities in December 2017 and the “Notice on the Budget for Air Pollution Prevention and Control in 2019*” （《關於下達2019年度大氣污染防治資金預算的通知》）by the Ministry of Finance in June 2019, the Clean Heat Supply Business shall have a favourable business prospects. As at 31 December 2019, through development and business acquisition, 17 projects in operation with an aggregate actual clean heat supply area of reached 27 million square meters locating in Henan, Hebei, Shanxi, Shaanxi, the Ningxia Hui Autonomous Region, Liaoning, Shandong, Jiangsu and other provinces were held and/or managed by the Group. Revenue of approximately HK$794.7 million (2018: approximately HK$308.3 million) arising from the provision of clean heat supply services was recognised by the Group during the year, representing an increase of approximately 158% as compared to the corresponding period of last year. 1.4 Other Clean Energy Businesses The Group has been exploring other clean energy businesses such as multi-energy complement, hydropower, energy storage, distribution and sales of electricity and other business lines, and exploring international opportunities for strategic development and diversification, with an aim to become a leading integrated clean energy service provider. Prospects: Seize the day and live it to the fullest. Since its inception, Beijing Enterprises Clean Energy has been committed to implementing the energy development strategy of “Four Revolutions and One Cooperation”, regarding “promoting the revolution in energy production and consumption and building a clean, low-carbon, safe and efficient energy system” as its mission to contribute to the construction of a community of human destiny in the global village for the benefit of all humankind and future generations. At present, the unstable development of the global economy has become a new normal. In addition, the widespread outbreak of the new coronavirus (“COVID-19”) across the globe in 2020 has become a daunting challenge to the whole world. In the face of the raging epidemics, the Group is confident that it will strive to fully accomplish the established operating goals while ensuring the safe, orderly and precise resumption of work. However, the Board remains cautious about the business development of the Group and will make appropriate adjustment to its development plans and business goals where necessary. All of the Group’s business partners will jointly advance the Group’s clean energy businesses to a new level with firm beliefs and concerted efforts.

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