Tianbao Energy (01671) announced that it is expected that the Group will be in operation for the year ended December 31, 2023...
According to Zhitong Finance App News, Tianbao Energy (01671) announced that the Group is expected to obtain operating income of about RMB 785 million (same unit) for the year ended December 31, 2023, an increase of about 10.0%; profit during the year was about 267 million yuan, but compared with the same period in 2022, a sharp decrease of about 84.6%; profit attributable to the company's equity shareholders was about 258,000 yuan, but compared with the same period in 2022, a sharp decrease of about 96.7%.
The board of directors believes that although the Group's revenue increased during the review period, the sharp decline in profit is mainly due to the fact that coal prices continued to operate at a high level in 2022. As an enterprise that guarantees stable regional energy supply, the group borne additional costs of steam prices not fully linked to coal purchase costs from January to August 2022. Therefore, in 2022, local Chinese government departments approved a price subsidy of about 25.969 million yuan for the steam supply business to the Group, which is included in the current year's profit. In 2023, the Group implemented a price linkage mechanism, the steam sales price was fully linked to the cost of purchasing coal and gas, and the business returned to a profitable trend. The Group's Lingang thermoelectric gas distributed energy station project was completed in 2023. The power generation part of the project is in the early stages of operation, and the overall project has not yet reached the revenue level of smooth operation. Furthermore, the distributed photovoltaic project developed and acquired by the Group itself in 2023 is still under construction or handover, and has not contributed to the Group's business performance. In summary, the Group continues to improve its management level, expand its new energy business, and rely on its own operations to achieve profits without receiving government subsidies in 2023.