Revenue and Profitability - Revenue for the year ended December 31, 2024, increased to RMB 1,108 million, up from RMB 832 million in 2023, representing a growth of approximately 33%[2] - The company reported a loss attributable to owners of the company of RMB 424 million for 2024, significantly reduced from a loss of RMB 1,166 million in 2023, indicating an improvement of about 64%[2] - Basic and diluted loss per share improved to RMB 32.16 in 2024 from RMB 99.85 in 2023[4] - Gross profit decreased to RMB 127.4 million in 2024 from RMB 380.8 million in 2023, reflecting a decline of approximately 66%[3] - Other income increased to RMB 117.6 million in 2024, compared to RMB 82.8 million in 2023, marking a growth of about 42%[3] - Financing costs significantly decreased to RMB 51.4 million in 2024 from RMB 443.9 million in 2023, a reduction of approximately 88%[3] Revenue Breakdown - Revenue from electricity sales and price subsidies was RMB 90,057,000 in 2024, down from RMB 578,208,000 in 2023, indicating a decline of about 84%[11] - Natural gas business revenue surged to RMB 729,971,000 in 2024, compared to RMB 8,617,000 in 2023, reflecting an increase of over 8,400%[11] - Revenue from solar-related services was RMB 15,150,000 in 2024, slightly down from RMB 16,747,000 in 2023[11] - LNG business revenue from sales and related products was RMB 728,268,000 in 2024, a substantial increase from RMB 8,335,000 in 2023[17] Assets and Liabilities - Total assets decreased to RMB 5,383.5 million in 2024 from RMB 5,740.4 million in 2023, a decline of about 6%[6] - Net current assets decreased to RMB 1,568.2 million in 2024 from RMB 1,760.5 million in 2023, a decrease of approximately 11%[6] - The company’s equity attributable to owners decreased to RMB 1,688.2 million in 2024 from RMB 2,055.4 million in 2023, a decline of about 18%[6] Customer Revenue - Revenue from external customers in China increased to RMB 1,020,578 thousand in 2024, up 36% from RMB 750,024 thousand in 2023[21] - Revenue from external customers in the US rose to RMB 86,440 thousand in 2024, a 6% increase from RMB 81,496 thousand in 2023[21] - Total revenue from external customers reached RMB 1,107,755 thousand in 2024, representing a 33% increase compared to RMB 831,520 thousand in 2023[21] Financial Position - The company reported a net loss of RMB 66,622 thousand in 2024, a significant improvement from a net loss of RMB 414,599 thousand in 2023[24] - Interest income from bank and other sources decreased to RMB 8,617 thousand in 2024 from RMB 11,530 thousand in 2023[23] - The company received government subsidies totaling RMB 557 thousand in 2024, down from RMB 2,126 thousand in 2023[23] Debt and Financing - The company reported bank loans of RMB 10,000,000 in 2024, down from RMB 87,923,000 in 2023, representing a decrease of approximately 88.6%[37] - Other loans totaled RMB 330,235,000 in 2024, slightly up from RMB 321,870,000 in 2023, showing a marginal increase of about 2.7%[38] - The actual interest rates for borrowings in 2024 ranged from 1.72% to 5.64%, consistent with the previous year[39] Strategic Developments - The company is accelerating its international energy expansion, focusing on a "trade and station integration" strategy to diversify its energy industry layout[42] - The company is transitioning to a dual main business strategy of "photovoltaics + natural gas," enhancing its capabilities in clean energy services while entering the natural gas trade market[43] - The company has established GCL Natural Gas (Singapore) Pte. Ltd. and successfully imported its first LNG shipment to Tianjin South Port LNG receiving station in October 2024[44] Corporate Governance - The board is committed to optimizing corporate governance practices to ensure sustainable development and value creation for shareholders[98] - The company has adhered to the corporate governance code as outlined in the Listing Rules Appendix C1 during the reporting period[99] Miscellaneous - The company did not declare any dividends for 2024, consistent with 2023[30] - The company has no financial covenants related to its bank and other financial institution financing as of December 31, 2024[38] - The group has no significant acquisitions or disposals of subsidiaries or associates during the year ending December 31, 2024[79]

Financial Performance - GCL New Energy's revenue for the first half of 2024 reached RMB 558 million, a significant increase compared to RMB 496 million in the same period of 2023, reflecting a growth of approximately 12.5%[11]. - For the six months ended June 30, 2024, the company's total revenue was RMB 496,473,000, an increase from RMB 422,764,000 in the same period of 2023, primarily due to the sale of solar power stations and new LNG-related business revenue[27]. - Revenue for the six months ended June 30, 2024, was RMB 496,473,000, a 17.4% increase from RMB 422,764,000 in the same period of 2023[107]. - The company generated sales revenue of RMB 307 million from LNG trading and related products for the six months ended June 30, 2024, compared to zero revenue in the previous reporting period[21]. - The gross profit margin for the six months ended June 30, 2024, was 14.1%, down from 46.2% in the same period of 2023, mainly due to lower margins from the newly entered LNG and related products trading business[28]. - Gross profit for the same period was RMB 70,230,000, down from RMB 195,476,000 in 2023, indicating a decline of 64.1%[93]. - The net loss for the six months ended June 30, 2024, was RMB 74,352,000, compared to a net loss of RMB 115,680,000 in 2023, showing an improvement of 35.7%[93]. - The company reported a basic and diluted loss per share of RMB (14.14), an improvement from RMB (18.51) in the same period last year[93]. - The company reported a total loss for the six months ended June 30, 2024, of RMB 70,849,000, primarily due to expected credit loss on other receivables[119]. Operational Highlights - The company's installed capacity for operational and maintenance services reached approximately 7.3 GW as of June 30, 2024, maintaining a leading market share in the industry[17]. - The company successfully completed the sale of 36 photovoltaic power station projects in China, totaling approximately 584 MW, as part of its asset-light strategy[15]. - GCL New Energy has signed various operation and maintenance service contracts with nearly 300 photovoltaic power stations across the country, enhancing its operational footprint[17]. - The company provided operation and maintenance services for several sold photovoltaic power station projects, generating management service revenue of RMB 137.4 million[25]. - The company is focusing on integrating wind and solar energy storage solutions to enhance competitiveness and efficiency in the new energy market[17]. Financial Position - GCL New Energy's asset-liability ratio improved to about 22.8% by June 30, 2024, down from 48% in the same period of 2023, indicating a strong financial position[15]. - The company's total liabilities were RMB 1,468 million as of June 30, 2024, down from RMB 1,512 million as of December 31, 2023, resulting in a debt-to-asset ratio of 22.8%[44]. - Cash and bank balances were approximately RMB 400 million as of June 30, 2024, a decrease from RMB 555 million as of December 31, 2023[43]. - The company’s net current assets were approximately RMB 1,710 million as of June 30, 2024, compared to RMB 1,760 million as of December 31, 2023[44]. - The company’s total liabilities related to lease agreements decreased by 25.5% from the end of 2023 to mid-2024, indicating improved financial management[184]. Strategic Initiatives - GCL New Energy launched the "Xinyi Lian" comprehensive energy management platform V3.0, integrating advanced energy management technologies and intelligent operation strategies[16]. - The company is actively pursuing strategic partnerships, including a collaboration with Guoshun Technology Group to expand into new energy management and data service markets[17]. - The company aims to leverage its upstream oil and gas resources and domestic LNG receiving station resources to expand its LNG market presence[18]. - The company plans to establish an independent investment portfolio focusing on energy and advanced manufacturing sectors to maximize long-term absolute returns[19]. - The company is committed to integrating ESG principles into its operations, focusing on sustainable development and reducing environmental impact[20]. Market Trends - The domestic photovoltaic market saw a new installed capacity of 102.48 MW in the first half of 2024, representing a year-on-year growth of 30.68%[16]. - The company holds a significant risk related to government policy changes that could impact the photovoltaic energy industry, including tax incentives and feed-in tariff subsidies[53]. - Electricity prices are a major driver of the company's profit growth, with potential reductions in government subsidies affecting new photovoltaic energy project profitability[54]. - The company is focused on accelerating technological development and implementing cost control measures to mitigate risks associated with electricity price fluctuations[54]. Shareholder Information - As of June 30, 2024, the company had a total of 1,400,922,926 shares issued, with significant shareholdings by key executives[64][65]. - Major shareholders hold a total of 197,143,695 shares, representing approximately 14.07% of the issued shares as of June 30, 2024[66]. - The company has a total of 140,092,292 shares available for grant under the 2024 stock option plan, representing 10% of the issued shares as of June 30, 2024[71]. - The 2024 share option plan aims to incentivize eligible participants to achieve optimal performance and efficiency for the benefit of the group[70]. - The company has not granted any stock options under the 2024 plan as of the reporting date[71]. Risk Management - The company has established financial risk management policies to ensure payables are settled within credit terms, indicating a proactive approach to financial management[145]. - The company continues to assess credit risk based on historical repayment records and current government policies supporting the photovoltaic energy industry[141]. - The company has not hedged against foreign exchange risks, which could impact its financial performance due to currency fluctuations[56]. - The company relies heavily on external financing for new photovoltaic energy project development, making it vulnerable to interest rate fluctuations[55]. Employee and Management - The company employed approximately 963 employees as of June 30, 2024, compared to 949 employees as of December 31, 2023, reflecting a growth in workforce[58]. - Total employee costs for the six months ended June 30, 2024, amounted to RMB 117 million, an increase from RMB 103 million for the same period in 2023[58]. - The company’s management compensation structure is determined by a remuneration committee based on individual performance and market trends, reflecting a strategic approach to talent management[188]. Future Outlook - The company has provided a positive outlook for the second half of 2024, projecting a revenue increase of 10% to 1.32 billion HKD[194]. - New product development includes the launch of a solar energy solution expected to contribute an additional 200 million HKD in revenue by the end of 2024[194]. - The company is investing 100 million HKD in research and development for innovative energy solutions over the next two years[194]. - The company plans to implement new marketing strategies aimed at increasing brand awareness, with a budget allocation of 50 million HKD for the upcoming campaigns[194].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 496 million, an increase of 17.3% compared to RMB 423 million for the same period in 2023[1] - Loss attributable to owners of the company for the six months ended June 30, 2024, was RMB 174 million, an improvement from a loss of RMB 216 million in the same period of 2023[1] - Basic and diluted loss per share decreased to RMB 14.14 from RMB 18.51 year-on-year, reflecting a reduction in losses[2] - The company reported a net loss of RMB 74.35 million for the period, an improvement from a net loss of RMB 115.68 million in the same period of 2023[2] - For the six months ended June 30, 2024, the company reported a net loss of RMB 174,452,000, compared to a net loss of RMB 216,111,000 for the same period in 2023, indicating an improvement of approximately 19.3%[20] Revenue Breakdown - Total revenue for the six months ended June 30, 2024, was RMB 496,473,000, an increase from RMB 422,764,000 in the same period of 2023, representing a growth of approximately 17.4%[8] - Revenue from electricity sales was RMB 41,854,000, down from RMB 151,293,000 year-over-year, indicating a decline of approximately 72.3%[8] - LNG-related revenue amounted to RMB 306,544,000, with no revenue reported in the previous year, marking a significant new revenue stream for the company[10] - Operating and management service revenue increased to RMB 137,404,000 from RMB 65,503,000, reflecting a growth of approximately 109.5%[8] - Revenue from external customers in China reached RMB 454,074,000, up from RMB 386,538,000, which is an increase of about 17.5%[12] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 5,731.62 million, slightly down from RMB 5,740.39 million as of December 31, 2023[4] - Net assets attributable to owners of the company decreased to RMB 1,935.80 million from RMB 2,055.43 million at the end of 2023[4] - Non-current assets totaled RMB 4,021.95 million as of June 30, 2024, compared to RMB 3,979.92 million at the end of 2023[3] - The company reported a significant increase in trade receivables to RMB 1,900,543,000 from RMB 1,708,937,000, reflecting a growth of approximately 11.2%[23] - The company’s bank loans stood at RMB 88,470,000 and other loans at RMB 345,923,000 as of June 30, 2024, with an effective annual interest rate ranging from 5% to 7.4%[30] Operational Efficiency and Strategy - The company continues to engage in power sales and LNG business, focusing on development and management of photovoltaic power stations[5] - The company is committed to enhancing its operational efficiency and exploring new market opportunities in the renewable energy sector[5] - The company is actively expanding its LNG business, which has shown promising revenue growth in the current reporting period[10] - The company has established long-term power purchase agreements with local and overseas grid companies, which are expected to stabilize future revenue streams[8] - The company continues to enhance its digital operation and maintenance capabilities, focusing on comprehensive energy carbon asset services[32] Cost Management - Interest expenses on financial liabilities decreased significantly to RMB 39,426,000 from RMB 193,073,000 year-over-year, reflecting a reduction of approximately 79.6%[18] - The company reported a total income tax expense of RMB 1,310,000 for the six months ended June 30, 2024, down from RMB 9,333,000 in the same period of 2023, a decrease of approximately 86%[16] - Depreciation expenses for property, plant, and equipment were RMB 29,819,000, down from RMB 130,860,000, representing a reduction of approximately 77%[18] - Administrative expenses increased by 14.7% to RMB 122 million, mainly due to general administrative costs associated with the LNG trading business[37] Corporate Governance and Compliance - The company is committed to optimizing corporate governance practices to ensure sustainable growth and protect shareholder value[79] - The company has adhered to the corporate governance code as stipulated by the Hong Kong Stock Exchange during the reporting period[80] - The external auditor has reviewed the interim financial information for the six months ending June 30, 2024, without raising any objections to the accounting practices adopted by the company[82] Market and Industry Risks - The company is closely monitoring government policies that significantly impact the photovoltaic energy industry, as any changes in tax incentives or subsidies could have major effects on operations[69] - The company is accelerating technological development and implementing cost control measures to mitigate risks associated with potential reductions in electricity price subsidies for new photovoltaic projects[70] - The company relies on external financing for new photovoltaic project development, making it susceptible to interest rate fluctuations that could affect capital and financing expenditures[71] Employee and Workforce - The company has 963 employees as of June 30, 2024, an increase from 949 employees on December 31, 2023, with total employee costs amounting to RMB 117 million for the six months ending June 30, 2024, compared to RMB 103 million for the same period in 2023[74]

Financial Performance - In 2023, the company achieved a revenue of RMB 929 million, a significant increase from RMB 578 million in 2022, representing a growth of 60.6%[8] - In 2023, the company reported a loss attributable to shareholders of RMB 1,166 million, a decrease from RMB 1,493 million in the previous year, indicating a reduction in losses[33] - Total revenue for the year ended December 31, 2023, was RMB 831.52 million, a decrease from RMB 929.06 million in 2022, primarily due to the sale of photovoltaic power stations[39] - The net loss for the year ended December 31, 2023, was RMB 415 million, compared to RMB 105 million in 2022, mainly due to losses from the sale of subsidiaries[45] - The share of profits from associates was RMB 112 million, down from RMB 123 million in 2022[55] - Income tax expenses for the year were RMB 15 million, down from RMB 19 million in 2022, attributed to reduced taxable income from the sale of photovoltaic power stations[57] Capacity and Operations - The total installed capacity of affiliated power stations connected to the grid reached 840 MW in 2023, up from 450 MW in 2022, marking an increase of 86.7%[9] - The installed capacity of subsidiary power stations decreased from 0.84 GW as of December 31, 2022, to 0.13 GW as of December 31, 2023, representing a decline of 84%[33] - The group's connected capacity of subsidiary power stations decreased to approximately 134 MW as of December 31, 2023, down from 840 MW in 2022[35] - The company completed the sale of 36 subsidiaries, with a total consideration of RMB 1,004 million, which significantly reduced its business scale[33] - The company sold approximately 7 GW of photovoltaic power stations from 2018 to 2023, generating net cash exceeding RMB 27 billion, with receivables provisions accounting for less than 5% of the net proceeds[54] Financial Management and Costs - The financing cost decreased to RMB 572 million in 2023, down 22% from RMB 444 million in 2022[11] - The company's debt ratio improved significantly, decreasing from 50.9% in 2022 to 23.2% in 2023, a reduction of 28 percentage points[12] - Administrative expenses decreased by 25.7% to RMB 424.8 million, primarily due to reduced employee costs and depreciation related to sold solar power stations[34] - The average electricity price (after tax) was approximately RMB 0.67 per kWh for 2023, compared to RMB 0.70 per kWh in 2022[39] - The gross profit margin for the year ended December 31, 2023, was 45.8%, down from 48.6% in 2022, attributed to lower margins in procurement services compared to electricity sales[42] Strategic Focus and Market Position - The company aims to focus on a dual main business strategy of "photovoltaics + natural gas" to enhance flexibility and reduce financial pressure[18] - The company is positioned to benefit from the growing demand for LNG in various sectors, including power generation and transportation, as part of the national strategy[22] - The company anticipates a 6.7% year-on-year increase in natural gas demand in China, reaching 194.9 billion cubic meters in the summer of 2024[24] - The company aims to integrate wind, solar, and energy storage operations to create a comprehensive service system, enhancing its market competitiveness[29] - The company is actively pursuing opportunities for mergers and acquisitions to enhance its market position[126] Corporate Governance and Leadership - The company is committed to maintaining high standards of corporate governance with a diverse board composition[120] - The board consists of 11 members, including 4 independent non-executive directors, ensuring a balance of skills and experience[136] - The company has expanded its board with independent directors who have extensive backgrounds in finance and governance, strengthening corporate governance[119] - The company appointed a new non-executive director, with over 25 years of experience in investment, financial strategy, and management[111] - The Chief Financial Officer has over 30 years of experience in accounting, auditing, and financial management, enhancing the company's financial oversight[112] Risk Management and Compliance - The company has implemented a framework for risk management, including regular reviews to identify operational deficiencies and opportunities[153] - The board is responsible for maintaining an effective risk management and internal control system to protect shareholder value and manage risks[149] - The governance committee reviewed the effectiveness of the risk management and internal control systems during the reporting period[152] - The company emphasizes anti-corruption measures through internal guidelines and a reporting policy to the audit committee[164] - The company has been compliant with the corporate governance code throughout the reporting period[135] Employee and Training Initiatives - As of December 31, 2023, the company had approximately 949 employees, an increase from 792 employees in 2022[89] - Total employee costs for the year ended December 31, 2023, were approximately RMB 251 million, down from RMB 282 million in 2022, reflecting a decrease of about 11%[89] - All newly appointed directors receive comprehensive onboarding materials to enhance their understanding of the company's culture and operations[200] - The company provides ongoing professional training for directors, covering business operations and regulatory environment updates[200] - Directors are encouraged to attend relevant training courses, with costs covered by the company[200]

Financial Performance - The company's revenue for 2023 was RMB 831.52 million, a decrease of 10.5% from RMB 929.06 million in 2022[12]. - The gross profit for 2023 was RMB 380.79 million, down 15.6% from RMB 451.07 million in 2022[3]. - The net loss attributable to the company's owners for 2023 was RMB 1,165.64 million, compared to a net loss of RMB 1,492.55 million in 2022, representing a 21.8% improvement[4]. - The company reported a total comprehensive expense of RMB 956.79 million for 2023, compared to RMB 1,241.09 million in 2022, indicating a 22.9% reduction[3]. - The electricity sales and price subsidies revenue for 2023 was RMB 578.21 million, down 23.7% from RMB 758.46 million in 2022[12]. - Total other income for 2023 was RMB 82,753,000, down from RMB 149,488,000 in 2022, indicating a significant decline of approximately 44.5%[30]. - The company's revenue from external customers for the year ended December 31, 2023, was RMB 2,434,963 thousand, a decrease from RMB 4,760,136 thousand in 2022[172]. - The net loss for the year 2023 was RMB 414,599 thousand, compared to a net loss of RMB 104,526 thousand in 2022[165]. - The total revenue for the group in 2023 was RMB 832,000,000, compared to RMB 1,782,722,000 in 2022, indicating a significant decrease[198]. Cost and Expenses - The financing costs decreased to RMB 443.88 million in 2023 from RMB 571.54 million in 2022, a reduction of 22.3%[3]. - Administrative expenses decreased by 25.7% from RMB 571.6 million to RMB 424.8 million, primarily due to reduced employee costs and depreciation related to sold photovoltaic power stations[121]. - The total borrowing cost for 2023 was RMB 443,883 thousand, down from RMB 571,543 thousand in 2022[166]. - The impairment loss on property, plant, and equipment was RMB 85,943 thousand in 2023, down from RMB 358,968 thousand in 2022[166]. Assets and Liabilities - The company has a net asset value of RMB 4,994.65 million as of December 31, 2023, down from RMB 5,978.03 million in 2022[21]. - The company has bank borrowings of RMB 409,793,000 as of December 31, 2023, down from RMB 2,519,423,000 in the previous year[66]. - Total debt was significantly reduced from RMB 4,689 million in 2022 to RMB 552 million in 2023, resulting in a debt-to-asset ratio decline from 50.9% to 23.2%[126]. - The company had trade receivables overdue amounting to RMB 39,798 thousand as of December 31, 2023, compared to RMB 50,499 thousand in 2022[175]. - The company’s total liabilities related to assets classified as held for sale were RMB 1,537 thousand as of December 31, 2023, compared to RMB 192,385 thousand in 2022[154]. Revenue Sources and Diversification - Revenue from state grid companies accounted for 60% of total revenue in 2023, down from 73% in 2022, indicating a diversification in revenue sources[52]. - The company operates in both China and the United States, with significant revenue generated from solar-related services and products[51]. - The company plans to focus on the dual main business strategy of "photovoltaics + natural gas" to drive sustainable development[134]. - The group plans to diversify its natural gas business and has appointed Xu Huilin as the CEO to lead this initiative, aiming to enhance revenue through LNG trade[183]. - The group expects the diversification of its natural gas business to align with the national trend towards clean energy transition, indicating a long-term growth strategy[183]. Government Support and Subsidies - Government subsidies for the year 2023 amounted to RMB 2,126,000 for reward subsidies and RMB 14,471,000 for investment tax credits, compared to RMB 1,533,000 and RMB 14,341,000 in 2022, respectively[30]. - The company received government subsidies aimed at improving working capital, which were granted based on discretionary criteria and all conditions for receiving the subsidies were met[164]. Future Plans and Developments - The company plans to continue expanding its photovoltaic power station management contracts, with expected completion within the next 12 to 48 months[14]. - Future plans include expanding services based on distributed photovoltaic operation and maintenance points, integrating wind power and energy storage projects[117]. - The company is developing a comprehensive energy management platform, "Xinyilian," to provide integrated energy system solutions, focusing on data and management[116]. - GCL-Poly Energy is exploring cooperation opportunities in the LNG business with Poly GCL Natural Gas Group, which has significant upstream gas resources in Ethiopia[114]. Operational Changes - The installed capacity of subsidiary power stations decreased from 0.84 GW as of December 31, 2022, to 0.13 GW as of December 31, 2023, representing a reduction of 84.0%[121]. - The company completed the sale of 36 subsidiaries with a total capacity of 584 MW for a total consideration of RMB 1,004 million, significantly reducing its business scale[135]. - The company signed various operation and maintenance service contracts with nearly 260 photovoltaic power stations across the country, with a total installed capacity of approximately 7.2 GW[131]. Financial Management - The company continues to monitor compliance with financial covenants related to its borrowings to avoid early repayment requirements[70]. - The company has established a new "light asset" development model to enhance flexibility and reduce financial pressure, focusing on the "photovoltaic + natural gas" dual business strategy[81].

協鑫新能源控股有限公司 2023 中期報告 9 其他非控股權益應佔溢利 中期股息 物業、廠房及設備 本公司官方網址╱微信平台鏈接 網址：www.gclnewenergy.com/ 微信賬號：gclnewenergy 70 協鑫新能源控股有限公司 2023 中期報告 辭 彙 | --- | --- | --- | |-------------------------------------------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 「聯屬公司」 | 指 | 本公司控股股東或控股股東的附屬公司或聯營公司（定義見購股權計 | | 「聯繫人」、「關連人士」、 | 指 | 劃） 具有上市規則賦予該詞之涵義 | | 「控股股東」及「主要股東」 「審核委員會」 ...

Financial Performance - The company reported a loss attributable to owners of RMB 1,493 million for the year ended December 31, 2022, compared to a loss of RMB 790 million in the previous year, indicating a significant increase in losses [3]. - The company recorded a loss of RMB 48 million from the sale of subsidiaries in the year ended December 31, 2022, compared to a gain of RMB 85 million in the previous year [3]. - Net loss for the year ended December 31, 2022, was RMB 105 million, compared to a net gain of RMB 141 million in 2021, primarily due to foreign exchange losses of RMB 239 million from USD-denominated debt [142]. - The actual net loss for the fiscal year 2022 was RMB 1.288 billion, slightly lower than the previously expected loss of at least RMB 1.3 billion [163]. - The gross profit decreased from RMB 1,779 million to RMB 451 million for the year ended December 31, 2022, reflecting the decline in business scale [191]. - Total revenue for the group was RMB 929 million, a decrease from RMB 2,844.9 million in the previous year [169]. - The group’s gross profit margin for the year was 48.6%, a significant decrease from 62.5% in the previous year [171]. - The total revenue from subsidiary power station electricity sales was RMB 796 million, after accounting for the impact of discounted price subsidies [169]. - The group recorded a foreign exchange loss of RMB 239 million for the year ended December 31, 2022, compared to a foreign exchange gain of RMB 54 million in 2021, mainly due to the appreciation of RMB against USD [191]. Operational Highlights - The company sold a 100% stake in a solar power station with a capacity of 60 MW for RMB 144 million in the first quarter of 2022 [4]. - The company sold approximately 6 GW of photovoltaic power stations from 2018 to 2022, generating net cash proceeds exceeding RMB 17 billion, with over RMB 15 billion already received [148]. - The grid-connected capacity of the company's subsidiary power stations was approximately 840 MW as of December 31, 2022, down from 996 MW a year earlier [166]. - The total installed capacity of the group’s photovoltaic power stations was approximately 840 MW, with a grid-connected capacity of 706 MW [167]. - The group provided operation and maintenance services for photovoltaic power stations with a total installed capacity of approximately 3,669 MW [171]. - The group experienced a reduction in grid-connected capacity from 1.0 GW at the end of 2021 to 0.84 GW at the end of 2022 [170]. Cost Management - Administrative expenses decreased by 17.9% to RMB 572 million, primarily due to reduced employee costs and depreciation related to sold solar power stations [3]. - The total employee cost for the year was approximately RMB 282 million, down from RMB 331 million in the previous year, reflecting a reduction in workforce from 896 to 792 employees [10]. - Financing costs decreased by RMB 1,007 million, attributed to the reduction in business scale and debt repayment [191]. Strategic Focus - The company is focusing on a dual main business strategy of "photovoltaics + natural gas" to capitalize on the growing demand for natural gas [2]. - The company anticipates domestic natural gas consumption to reach 430-450 billion cubic meters by 2025, while aiming for an annual production of over 250 billion cubic meters [1]. - The company aims to capitalize on the future development of clean energy, particularly focusing on natural gas as a clean and low-carbon fossil energy source [188]. - The EU's REPower EU plan, initiated in May 2022, emphasizes the acceleration of renewable energy development, highlighting the importance of liquefied natural gas as a clean alternative energy source [189]. Corporate Governance - The board consists of members with diverse skills and experiences, including three female directors, enhancing gender diversity [22]. - The board is responsible for managing the overall business and ensuring the implementation of strategic plans to enhance shareholder value [23]. - The company has established a whistleblowing policy to allow direct reporting to the audit committee, which regularly reviews related policies and systems [36]. - The remuneration committee has referenced the company's performance and guidelines from the Hong Kong Institute of Directors in determining executive director compensation [39]. - The nomination committee is responsible for identifying qualified candidates for board membership and reviewing the progress of nomination policies [42]. - The company has been continuously improving corporate governance infrastructure across various business units during the reporting period [30]. - The company is committed to maintaining a diverse board structure and has been reviewing its composition and diversity policies [74]. - The company will disclose its board diversity policy annually in the corporate governance report, considering various diversity criteria [45]. - The independent non-executive directors have confirmed their independence in accordance with listing rules, ensuring they are free from any relationships that could impair their judgment [59]. Risk Management - The company has been reviewing its risk management processes to better identify, assess, and manage significant risks, including environmental, social, and governance risks [31]. - The company has established a risk management system to evaluate the nature and extent of risks associated with achieving strategic objectives [114]. - The risk management and internal control systems are deemed fundamentally effective, with no significant adverse impacts on the company's financial condition or operating performance identified [65]. - The audit committee has been reviewing the effectiveness of the internal control systems and has implemented necessary procedures to safeguard shareholder interests [61]. - The company has a commitment to continuous monitoring of key risk indicators, including asset-liability ratios and solvency [65]. Shareholder Engagement - The company emphasizes regular and transparent communication with stakeholders to build trust and achieve long-term success [94]. - The company did not declare a final dividend for the reporting period [97]. - The company reviewed and approved the remuneration for the auditor for the fiscal year 2022 [112]. Stock Options - The company has implemented a stock option plan to incentivize selected participants and enhance their performance and efficiency [72]. - The company has not exercised any stock options granted on February 26, 2021, as of December 31, 2022 [195]. - The stock options plan indicates that the exercise price must not be lower than the highest of the closing price on the grant date, the average closing price over the five trading days preceding the grant date, or the par value of the shares [197].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 GCL New Energy Holdings Limited 協 鑫 新 能 源 控 股 有 限 公 司 （於百慕達註冊成立之有限公司） （股份代號：451） 截至二零二二年十二月三十一日止年度 之期末業績初步公告 財務摘要 二零二二年 二零二一年 人民幣百萬元 人民幣百萬元 收入 929 2,845 本公司擁有人應佔虧損 (1,493) (790) 人民幣分 人民幣分 ...

Financial Performance - GCL New Energy reported a total revenue of RMB 1,943 million for the first half of 2022, reflecting a 51% increase compared to the same period in 2021[7]. - Total revenue for the group was RMB 558 million, a significant decrease from RMB 1,942 million in the previous year[30]. - Revenue for the six months ended June 30, 2022, was RMB 558,036 thousand, a decrease of 71.3% from RMB 1,942,650 thousand in the same period of 2021[138]. - Gross profit for the same period was RMB 254,697 thousand, down 79.6% from RMB 1,250,448 thousand year-on-year[138]. - The company reported a loss of RMB 410,401 thousand for the six months ended June 30, 2022, compared to a profit of RMB 177,935 thousand in the prior year[138]. - Power sales volume and revenue decreased by 76% and 78% respectively, leading to a gross profit reduction from RMB 1,250 million to RMB 255 million[23]. - The company recorded a foreign exchange loss of RMB 144 million for the six months ended June 30, 2022, compared to a foreign exchange gain of RMB 23 million in the same period last year[23]. - The company reported a net loss attributable to equity holders of the company was RMB 513,772 thousand, compared to a profit of RMB 52,826 thousand in the previous year[138]. - The basic and diluted loss per share was RMB (2.44), compared to earnings of RMB 0.26 per share in the same period last year[138]. Debt Management and Financial Position - The company successfully transformed into a light-asset model, reducing the total debt-to-asset ratio to a more stable level, which improved cash flow balance and opened opportunities for new ventures[10]. - GCL New Energy completed a repurchase of approximately USD 76.9 million, equivalent to 15.03% of the outstanding principal of existing notes, improving its debt management[10]. - Total borrowings decreased from RMB 18,101 million to RMB 5,540 million, a reduction of 66%, while the average borrowing cost increased from approximately 7.4% to 8.5%[39]. - Net debt decreased from RMB 6,037 million as of December 31, 2021, to RMB 4,927 million as of June 30, 2022, resulting in a net debt to total equity ratio of 75%[55]. - The company aims to maintain a reasonable debt ratio and ensure stable cash flow while pursuing opportunities in the clean energy sector[20]. Operational Developments - GCL New Energy has developed over 7 GW of photovoltaic power stations, leveraging its experience in development, construction, and operation management[11]. - The company provides operation and maintenance management services for over 3.4 GW of energy projects, covering 106 photovoltaic power stations across the country[13]. - The company established a hydrogen energy division in July 2021 and is actively researching competitive natural gas sources to support its hydrogen business development[14]. - The company signed a memorandum of understanding with Poly GCL Natural Gas Group to invest in the Ethiopia-Djibouti natural gas project, which has a resource capacity of 5 trillion cubic meters of natural gas and 4 billion tons of crude oil[15]. - The company aims to enhance its intelligent operation and maintenance management capabilities through continuous R&D investment and technology iteration[13]. Market and Strategic Initiatives - GCL New Energy is actively pursuing the development of distributed energy projects in zero-carbon industrial parks, aiming to provide comprehensive solutions for net-zero emissions[11]. - The company anticipates further development momentum in the second half of 2022, driven by strategic adjustments in its clean energy business[9]. - The company plans to invest approximately 90% of the net proceeds from a share placement of 2,275 million shares, raising about HKD 310 million, into natural gas and LNG-related projects and R&D[19]. - The company plans to continue its market expansion and product development strategies, although specific figures were not disclosed in the provided content[146]. Governance and Management - The board of directors consists of 11 members, including 4 independent non-executive directors, enhancing independent judgment[78]. - The company emphasizes the importance of high-level corporate governance for sustainable development and shareholder value creation[115]. - The company has complied with the corporate governance code, except for the separation of roles between the Chairman and CEO, which was rectified on September 9, 2022[116]. - The company has appointed new independent non-executive directors and members of various committees effective September 9, 2022[81]. - The Audit Committee reviewed the accounting principles and internal controls adopted by the Group during the reporting period[82]. Employee and Operational Efficiency - The company has approximately 874 employees as of June 30, 2022, down from 896 employees at the end of 2021[76]. - The total employee cost was approximately RMB 125 million, a decrease from RMB 148 million in the same period of the previous year[76]. - Employee costs, including salaries and other benefits, amounted to RMB 97,922,000 for the six months ended June 30, 2022, down 21.2% from RMB 124,058,000 in the same period of 2021[193]. Risks and Challenges - The company faces significant risks from government policy changes affecting the photovoltaic energy industry[69]. - The company is focused on reducing development costs through technological advancements to mitigate risks associated with electricity price fluctuations[72]. - The company has not hedged against foreign exchange risks, which may impact its financial performance due to currency fluctuations[74]. Cash Flow and Liquidity - The company’s cash flow statement for the six months ended June 30, 2022, is yet to be detailed in the provided documents[148]. - The net cash generated from operating activities for the six months ended June 30, 2022, was RMB 1,722,496,000, an increase from RMB 1,464,644,000 in the same period of 2021, representing a growth of approximately 17.6%[150]. - The company reported a net cash outflow from financing activities of RMB 1,921,842,000 for the six months ended June 30, 2022, compared to a net cash outflow of RMB 6,858,933,000 in the same period of 2021[150]. - Cash and cash equivalents decreased by RMB 155,090,000 for the six months ended June 30, 2022, compared to a decrease of RMB 354,220,000 in the same period of 2021[153].

Financial Performance - In 2021, GCL New Energy achieved a revenue of RMB 5,024 million, representing a 77% increase from RMB 2,845 million in 2020[7]. - The gross profit margin improved to 64% in 2021, up from 60% in 2020, with gross profit reaching RMB 3,220 million[8]. - The company reported a loss attributable to owners of the company of RMB 1,368 million in 2021, compared to a loss of RMB 790 million in 2020[9]. - The total installed capacity of subsidiary power stations was 1,051 MW as of the report date, with a significant increase in sales volume to 6,941 MWh from 3,868 MWh in 2020[10][11]. - The company reported a loss attributable to owners of RMB 790 million for the year ended December 31, 2021, a decrease from a loss of RMB 1,368 million in 2020, primarily due to a significant reduction in operational scale[32]. - The installed capacity of the company's power stations decreased from 4.8 GW as of December 31, 2020, to 1.0 GW as of December 31, 2021, resulting in a 79% reduction in business scale and a 44% and 45% decrease in electricity sales volume and revenue, respectively[32]. - Gross profit for the year was RMB 1,779 million, down from RMB 3,220 million in the previous year, with a gross margin of 62.5% compared to 64.1% in 2020[32]. - Total revenue for the year was RMB 2,845 million, with electricity sales contributing RMB 1,135 million and government subsidies amounting to RMB 1,591 million[39]. Debt Management - GCL New Energy successfully implemented a light asset strategy, reducing its debt ratio from 81% in the previous year to 56% in 2021, following the sale of solar power stations with a total installed capacity exceeding 2.9 GW[16]. - The company successfully completed a debt restructuring with a new bond issuance of $497 million, allowing for a maximum debt extension of three years and some cash interest payment deferrals[20]. - Following a share placement of 2 billion shares at HK$0.455 per share, the net proceeds amounted to approximately HK$895 million, significantly improving the company's liquidity and reducing the debt ratio to about 56%[23]. - The company anticipates a further reduction in debt by approximately RMB 6 billion in 2022, leading to a continued decline in the debt ratio to a more robust level[23]. - The company completed a debt restructuring plan for its 2018 senior notes, repaying 5% of the principal amount, equivalent to USD 25 million[73]. - Total liabilities decreased to RMB 8,963 million in 2021 from RMB 36,499 million in 2020, resulting in a total liabilities to total assets ratio of 56.3%[67]. Strategic Initiatives - GCL New Energy is expanding into the hydrogen energy sector, aiming to develop dual main businesses in photovoltaic and hydrogen energy[3]. - The company is actively pursuing opportunities in the hydrogen energy sector, aiming to establish a unique competitive advantage through blue and green hydrogen initiatives[24]. - A strategic cooperation framework agreement has been established to set up a hydrogen industry investment fund of approximately RMB 10 billion and a new energy industry investment fund of up to $800 million, totaling nearly RMB 15 billion[27]. - The company aims to maintain a stable debt level while pursuing its hydrogen energy strategy through a light asset model[27]. - The successful transformation to a light asset strategy positions the company to focus on renewable energy and hydrogen energy as its main business tracks[30]. Corporate Governance - The company is committed to improving corporate governance practices, believing that sound governance is crucial for sustainable growth and shareholder value[131]. - The board includes experienced members with extensive backgrounds in finance and management, enhancing corporate governance[110]. - The board consists of ten members, including four independent non-executive directors, ensuring a balance of independent opinions and effective governance[134]. - The company has a diverse board composition, including three female directors, promoting gender diversity[137]. - The board is responsible for formulating long-term and short-term strategies, reviewing financial performance, and overseeing risk management[139]. - The board has adopted a standard code for securities trading that meets or exceeds the requirements of the Listing Rules, confirming compliance during the reporting period[146]. - The company governance committee was established to oversee risk management and corporate governance functions, ensuring effective internal control systems are maintained[190]. Future Outlook - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by market expansion and new product launches[110]. - The company is investing in new technology development, with a budget allocation of $50 million for R&D in renewable energy solutions[110]. - Market expansion plans include entering three new international markets by the end of 2023, aiming for a 10% market share in each[110]. - The company has set a goal to achieve carbon neutrality by 2030, aligning with global sustainability trends[110]. Operational Adjustments - The company emphasizes the importance of social responsibility and environmental governance in achieving sustainable profitability and cash flow stability[30]. - The company is closely monitoring government policies that significantly impact the photovoltaic energy industry, including tax incentives and feed-in tariff subsidies, which may change at any time[87]. - The company acknowledges that electricity prices are a major driver of profit growth, and there is a risk that subsidies for photovoltaic energy will decrease, prompting the company to accelerate technological development and cost control measures[88]. - The company aims to reduce operational costs by 5% through efficiency improvements in the supply chain[110]. Employee Management - The company has approximately 896 employees as of December 31, 2021, down from 1,122 employees in the previous year, with total employee costs amounting to RMB 331 million for the year[93].