BEIJING, Aug. 30, 2024 /PRNewswire/ — In today’s China, the cultivation and development of new quality productive force is in full swing. Green development is the essence of high-quality development, and new quality productive force is inherently green productivity. Actively developing clean energy is crucial to the overall economic and social development. In addressing global climate change, strengthening ecological civilization, and promoting the green and low-carbon transition of the economy and society, China’s clean energy industry continues to advance, with the scale of development and utilization leading the world. Exploring pathways for high-quality development of clean energy and building a green, low-carbon, and circular economy are of great significance for actively and steadily advancing carbon peaking and carbon neutrality, as well as establishing a beautiful China.
With the tailwind at our back, it’s the perfect time to forge ahead. Recently, Beijing Energy International (00686.HK) disclosed its performance for the first half of 2024. The report shows that its total assets reached 101.8 billion RMB, a 13% increase from the beginning of the year; total installed capacity reached 10.045 million kilowatts, a 17% increase from the beginning of the year; achieving its interim target. Its operating income reached 3.272 billion RMB, up 27% year-on-year; total profit reached 434 million RMB, also up 27% year-on-year. Beijing Energy International (hereinafter referred to as "the company") has become the first platform within Beijing Energy Holding (BEH) to exceed 100 billion in assets, setting a new benchmark for comprehensive strength.
Strategic Vision: Leading with Excellence
Innovators lead, adapters thrive, and wisers succeed. In 2020, the company was restructured, with the new leadership demonstrating insight and pragmatism. In just one year, the company turned losses into profits. Over the past four years, the company has stayed ahead of the curve by understanding industry trends, continuously innovating its strategy with sharp insight and forward-thinking, thereby sustaining a trajectory of high-quality development.
Wisers grasp trends, and winners leverage them. In 2024, to achieve the corporate vision of becoming the most respected international player in clean energy investment and operations, the company reshaped its strategic development plan, promoted institutional reform, and explored the "dual-circle, one-center and one-focus" strategic pathway. It established a new business structure centered around "Energy + Intelligent Computing," with six synergistic business segments: wind, solar, hydropower, integrated energy, gas turbines, green hydrogen, and intelligent computing.
Enhancing Quality through Innovation: Promoting Development through Diverse Business Models
The company aims to improve asset quality and economic benefit, focusing on cost reduction and efficiency improvement. It aligns its work with the main lines of "focusing on the main business, diversified drivers, lean management, and innovation for effectiveness," promoting coordinated development across its six business segments, with multiple key projects achieving breakthroughs.
At the project development level, the dual-circle base projects have seen significant favorable developments. The "Northeast Songliao Clean Energy Base Power Transmission to North China Project" has been included in the plan, with the energy bureaus of Heilongjiang and Jilin provinces both explicitly supporting the company’s lead in the "Green Electricity to Beijing" Project of the Northeast base. The East China base project continues to make breakthroughs, and the East China Branch has obtained 5.1 GW equity installed capacity of new energy in the Yangtze River Delta region. Additionally, the Southwest Branch has secured a 1 GW wind power project construction quota in Panzhou City, Guizhou Province, marking a major breakthrough in its new energy industry layout in Guizhou.
In the diversified business development field, energy storage, gas turbines, green hydrogen, and intelligent computing have flourished, establishing differentiated competitive advantages. A new chapter of coordinated development of "Energy + Intelligent Computing" has kicked off, creating a crucial foundation for Beijing’s digital economy innovation, with the data industry platform gradually maturing. The storage battery module independently designed and developed by the Beijing Jingneng International Integrated Smart Energy Company has completed the new national standard product certification, indicating that this company has the capability for independent R&D and system integration of storage products, meeting the energy storage and reserve needs in regional project development processes. The Chongqing Dazu 2*500 MW gas turbine power station project has been included in the "14th Five-Year Plan for Power Development in Chongqing," meeting the requirements for initial groundwork. Additionally, a cooperation consensus was reached with Zhangjiakou’s Xuanhua District Government and HBIS Xuan Steel to accelerate the implementation of the "Green Electricity to Green Hydrogen, and Green Hydrogen for Metallurgy" project, jointly creating a leading national demonstration project that is internationally leading.
In overseas business expansion, the company has emerged as the largest Chinese enterprise in Australia, methodically establishing a new profit growth center. It is in the process of acquiring a local Australian electricity sales company, boosting market expectations for its Australian branch to join the ranks of top-tier power enterprises, and striving to realize overseas asset securitization. With an expanded global vision, the company plans to launch a Canadian photovoltaic project next year, positioning it as a strategic pivot to develop new growth centers beyond Australia and secure new footholds for its overseas market expansion.
Enhancing Quality through Trust: Optimizing the Company’s Capital Structure
In 2023, the company was assigned by with a Long-Term Foreign-Currency IDR of ‘A’ by Fitch Ratings, a Long-Term Issuer rating of ‘BBB+’ by Standard & Poor’s Global Ratings; and in 2024, it was assigned a ‘AAA’ Long-term Issuer Credit Rating by China Lianhe Credit Rating Co., Ltd. and an ESG Entity Rating of ‘2’ and an entity score of 78 by Sustainable Fitch, marking the highest publicly disclosed ESG score by Fitch in China’s history. These excellent credit ratings have helped the company gain dual recognition from capital markets and financial regulators. The strong ESG ratings also fully demonstrate the company’s confidence and commitment to supporting high-quality green and low-carbon energy development in China. Initial progress in the introduction of strategic investors has been made, and investment intention has been reached with multiple companies. The company has issued a total of 5 billion RMB in Panda perpetual bonds in the interbank market and plans to issue an additional 5 billion RMB in perpetual bonds, aiming to issue them in installments within 2024. The defect elimination task at the Baoshan Energy Development’s Hydropower Station is nearing completion, and efforts to enlarge the fundraising of hydropower REITs are accelerating, with plans to further explore quality wind and solar power station projects for the next round of fundraising expansion, continuously enhancing asset securitization. By leveraging its stellar reputation and growth expectations in the industry, the company focuses on results by connecting with influential and high-potential entities both domestically and internationally. Through actively pursuing potential investors, it continuously refines its shareholder base, and genuinely cuts down on the cost of equity capital.
Enhancing Quality through Integration: Building Intellectual Support for Development
The capable journey far, and the inclusive attain greatness. The company is driving forward institutional reform, attracting top talent across diverse market segments with its multi-segment business lineup. By continually refining talent allocation and systematically promoting positive empowerment, it unlocks potential by focusing on practical outcomes and injecting new energy. The company is committed to nurturing talent, ensuring that everyone’s potential is fully realized.
The company revitalizes its corporate culture, refining and distilling its core values. With a focus on both the present and the future, it has fostered an "Integration Culture." This culture is built on pillars of growth and unity, self-driven responsibility, transparency, diligence, a pursuit of excellence, and a spirit of openness and innovation. By using culture to guide development and harness collective strength, the company fosters an intrinsic drive for sustainable growth, paving the way for high-quality development and making the vision of making the clean energy accessible for all.
The remarkable past is now history, and the brilliant present continues to unfold. Moving into the second half of 2024, the company highlights this message: "We remain committed to our entrepreneurial spirit, embracing change, striving for excellence, and maintaining a focus on high-quality development. Our goal is to maximize company value and enhance shareholder interests."
Source : Beijing Energy International: Quadruple Growth in Four Years, Total Assets Surpass 100 Billion!
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