Financial Performance - For the year ended December 31, 2023, the company reported total revenue of RMB 343,811,000, an increase of 12.9% from RMB 304,443,000 in 2022[3] - The gross profit for the same period was RMB 125,962,000, representing a significant increase of 96.5% compared to RMB 64,114,000 in the previous year[3] - The operating profit surged to RMB 72,098,000, compared to only RMB 992,000 in 2022, indicating a substantial improvement in operational efficiency[3] - The company recorded a net loss of RMB 94,773,000 for the year, which is a 41.6% reduction from the net loss of RMB 162,020,000 in 2022[5] - Revenue from electricity sales increased to RMB 251,163 thousand in 2023, up from RMB 220,602 thousand in 2022, reflecting a growth of about 13.8%[41] - Revenue from wind farm operations for the year ended December 31, 2023, was approximately RMB 342,744,000, an increase of about 15% compared to RMB 298,870,000 for the year ended December 31, 2022[99] - The gross profit for the year ended December 31, 2023, was approximately RMB 125,962,000, with a gross margin of 37%, compared to RMB 64,114,000 and a gross margin of 21% in 2022[141] - The net loss for the year ended December 31, 2023, was RMB 94,773,000, a reduction of 42% from RMB 162,020,000 in the previous year[171] Assets and Liabilities - Total assets decreased to RMB 1,865,469,000 from RMB 2,008,215,000, reflecting a decline of 7.1% year-over-year[13] - Total liabilities decreased from RMB 1,893,058 thousand in 2022 to RMB 1,653,481 thousand in 2023, representing a reduction of approximately 12.7%[24] - The company’s equity attributable to owners increased to RMB 211,988,000 from RMB 115,157,000, showing a significant improvement in financial stability[13] - The company’s total equity and liabilities amounted to RMB 1,865,469 thousand in 2023, down from RMB 2,008,215 thousand in 2022, a decrease of approximately 7.1%[24] - The company’s borrowings decreased from RMB 1,400,619 thousand in 2022 to RMB 1,238,293 thousand in 2023, a reduction of about 11.6%[24] - The company reported a year-end balance of RMB 297,256,000 in accounts receivable, an increase from RMB 281,075,000 at the end of 2022[90] - The average trade payables increased to RMB 107,713,000 in 2023 from RMB 151,366,000 in 2022, indicating a decrease in liabilities[118] Cash Flow and Financing - The company’s cash and cash equivalents stood at RMB 385,512,000, down from RMB 420,843,000 in the previous year, a decrease of 8.4%[13] - The company plans to raise funds in the capital market to support future development projects and strengthen internal management and risk control[108] - The total amount of loans receivable from independent third parties was approximately RMB 127,775,000 in 2023, down from RMB 136,790,000 in 2022[96] - Financing costs for the year ended December 31, 2023, were approximately RMB 142,755,000, a slight decrease from RMB 156,469,000 in 2022 due to lower interest rates on new loans[170] - The company issued additional corporate bonds with a principal amount of HKD 3,000,000 during the year ended December 31, 2023[148] - The company has fully repaid the principal amount of HKD 64,751,000 of bonds that were outstanding as of December 31, 2022[154] Business Strategy and Development - The company is actively pursuing opportunities in the wind power sector, capitalizing on favorable government policies aimed at promoting renewable energy[11] - The company plans to leverage the anticipated growth in the wind power industry to achieve rapid business expansion in the coming years[11] - The company plans to focus on the development and operation of various forms of renewable energy, aiming to establish a leading position in the renewable energy sector in northern China[106] - The company will explore new business models such as wind power + energy storage and wind power + hydrogen to expand its business boundaries and enhance market competitiveness[106] - The company aims to optimize the layout of wind farms and improve the performance and efficiency of wind power equipment to achieve higher electricity generation and better economic benefits[106] - The group aims to expand its renewable energy resources, focusing on wind power while exploring opportunities in other clean energy sectors[109] - The group plans to actively seek partnerships for the development or acquisition of projects in solar and biomass energy, aiming for a diversified energy structure[132] - The group is exploring hydrogen energy-related businesses, including hydrogen vehicle production and hydrogen station construction[133] Shareholder Information - The weighted average number of ordinary shares issued increased to 1,100,066,000 shares in 2023 from 663,067,000 shares in 2022, reflecting a significant increase in share capital[66] - The basic loss per share improved to RMB (0.099) in 2023 from RMB (0.236) in 2022, indicating a reduction in losses per share[66] - The company increased its authorized share capital from HKD 100 million to HKD 500 million by consolidating 8 billion shares at a par value of HKD 0.05 each, effective from July 6, 2023[191] - The rights issue completed on August 22, 2023, resulted in the issuance of 1,187,403,730 shares at a subscription price of HKD 0.18 per share, raising approximately HKD 211 million net of expenses[192] - The company granted 179,900,000 share options at an exercise price of HKD 0.18 per share, with adjustments made post-consolidation and rights issue, resulting in 59,295,040 shares at an exercise price of HKD 0.546[194] Operational Efficiency - The average days sales outstanding decreased to 177 days from 289 days in the previous year, indicating improved efficiency in receivables collection[162] - The current ratio improved to 222% as of December 31, 2023, compared to 189% in 2022[162] - The cost of sales for the year ended December 31, 2023, was approximately RMB 217,849,000, which accounted for about 63% of total revenue, down from 79% in 2022[165] - The company has recognized a provision for impairment of trade receivables amounting to RMB 2,030,000 for both 2023 and 2022, indicating consistent risk management practices[77] Social Responsibility - The group emphasizes its commitment to social responsibility and aims to contribute to the global carbon neutrality goal[135]

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，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA RUIFENG RENEWABLE ENERGY HOLDINGS LIMITED 中 國 瑞 風 新 能 源 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：00527） 有關截至二零二二年十二月三十一日止年度的年報的補充資料 茲提述中國瑞風新能源控股有限公司（「本公司」）日期為二零二三年三月 三十一日的截至二零二二年十二月三十一日止年度之年報（「二零二二年年報」） 以及本公司日期為二零二一年十一月二十九日及二零二一年十二月十日的公 告（「該等公告」），內容有關（其中包括）提供財務資助。除文義另有所指外，本 公告所用詞彙將與二零二二年年報及該等公告所界定者具有相同涵義。 除二零二二年年報所提供的資料外，董事會謹此向股東及本公司潛在投資者 提供下列有關應收貸款及其他應收款項的進一步資料： ...

Financial Performance - The company reported a net loss attributable to owners of RMB 129,715 thousand for the six months ended June 30, 2023, compared to a loss of RMB 91,787 thousand for the same period in 2022[8]. - For the six months ended June 30, 2023, total revenue was RMB 962,944 thousand, a decrease of 8.9% compared to RMB 1,057,240 thousand for the same period in 2022[62]. - The company reported a basic loss per share for the period, calculated based on the loss attributable to shareholders divided by the weighted average number of ordinary shares in issue[74]. - The company reported a loss attributable to owners of the company of RMB 29,431,000, compared to a loss of RMB 38,065,000 for the same period in 2022[108]. - Basic loss per share improved to RMB (0.014) for the six months ended June 30, 2023, compared to RMB (0.019) for the same period in 2022[108]. - The loss for the reporting period was approximately RMB 21,080,000, an improvement from a loss of RMB 39,453,000 in the same period of 2022, primarily due to increased electricity generation and sales[189][197]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 1,940,091 thousand, a decrease of 3.4% from RMB 2,008,215 thousand as of December 31, 2022[7]. - Total liabilities decreased to RMB 1,851,662 thousand as of June 30, 2023, compared to RMB 1,893,058 thousand as of December 31, 2022, reflecting a reduction of 2.2%[8]. - The total equity attributable to the owners of the company was RMB 88,429 thousand as of June 30, 2023, down from RMB 115,157 thousand as of December 31, 2022, indicating a decline of 23.2%[8]. - Non-current assets, including property, plant, and equipment, totaled RMB 808,628 thousand as of June 30, 2023, compared to RMB 878,931 thousand as of December 31, 2022, representing a decrease of 7.9%[7]. - Current assets increased slightly to RMB 912,096 thousand as of June 30, 2023, from RMB 905,924 thousand as of December 31, 2022, showing a growth of 0.2%[7]. - The company’s total liabilities to total assets ratio was approximately 95.4% as of June 30, 2023, indicating a high level of leverage[8]. - Total borrowings of the group as of June 30, 2023, were approximately RMB 1,692,276,000, a decrease of about RMB 30,794,000 from RMB 1,723,070,000 as of December 31, 2022[172]. Revenue and Sales - Major customer A contributed RMB 190,165 thousand in revenue for the six months ended June 30, 2023, up from RMB 175,454 thousand in the same period of 2022, representing an increase of 8.9%[63]. - The company has recognized revenue from power sales of RMB 139,018,000 and electricity price subsidies of RMB 51,147,000 for the six months ended June 30, 2023, compared to RMB 127,025,000 and RMB 48,429,000 in the same period of 2022[84]. - Revenue from wind power business for the six months ended June 30, 2023, was approximately RMB 190.165 million, an increase of about 8% compared to RMB 175.454 million for the same period in 2022[120]. - The company's revenue for the first half of 2023 was approximately RMB 190,165,000, an increase of 6% compared to RMB 179,744,000 in the same period of 2022[189]. - Operating revenue from wind farm operations was approximately RMB 190,165,000, an increase of about 8% from RMB 175,454,000 in the same period of 2022[190]. Expenses and Costs - The cost of sales and administrative expenses totaled RMB 138,637 thousand for the six months ended June 30, 2023, compared to RMB 148,423 thousand for the same period in 2022, indicating a decrease of 6.0%[68]. - Interest expenses on bank loans and other loans were RMB 37,042 thousand for the six months ended June 30, 2023, down from RMB 53,442 thousand in the same period of 2022, reflecting a reduction of 30.6%[71]. - Administrative expenses decreased by approximately 13% to about RMB 18,700,000, compared to RMB 21,420,000 in the same period of 2022[193]. - Sales costs for the reporting period were approximately RMB 119,937,000, accounting for about 63% of the group's revenue, compared to approximately 71% in the same period of 2022[164]. - Tax expenses increased from approximately RMB 7,776,000 in the first half of 2022 to about RMB 13,089,000 in the reporting period due to increased taxable profits from the Hong Song project[196]. Strategic Initiatives - The company plans to continue its market expansion and product development strategies to enhance future performance[16]. - The company aims to enhance development quality and efficiency, striving for large scale, significant market share, and strong profitability and competitiveness in the renewable energy sector[157]. - The company is positioned to benefit from increased policy support for the clean energy sector as part of China's strategic initiatives in the 14th Five-Year Plan[157]. - The company plans to focus resources on accelerating the development of its wind power business and seeks new development opportunities in the renewable energy sector[184]. - The company aims to secure a solid market position in the renewable energy industry in the near future[184]. Cash and Financial Assets - The cash and cash equivalents as of June 30, 2023, were RMB 370,071 thousand, a decrease from RMB 420,843 thousand as of December 31, 2022, reflecting a decline of 12.0%[7]. - The company’s financial assets at fair value through profit or loss remained stable at RMB 4,260 thousand as of June 30, 2023, unchanged from December 31, 2022[36]. - The company has issued and outstanding bonds amounting to approximately HKD 147,504,000 and HKD 151,311,000 as of June 30, 2023, and December 31, 2022, respectively[175]. - The company issued convertible bonds totaling HKD 19.54 million, with a conversion price of HKD 0.06 per share, maturing in 2026[135]. - The company is currently negotiating with noteholders regarding the settlement of the remaining balance of the notes[123]. Operational Highlights - The company has one operating segment, which is the generation of wind power using wind turbine blades in China, with no further segment analysis presented[61]. - The company has a wind power plant under construction in Baotou, Inner Mongolia, with a first phase project capacity of 49.8 MW, expected to contribute to future revenues[160]. - The average utilization hours of the Hebei Hongsong Wind Power Plant were approximately 1,063 hours and 996 hours for the six months ended June 30, 2023, and June 30, 2022, respectively[160]. - The company recorded property, plant, and equipment acquisitions of approximately RMB 537,000,000 and disposals of approximately RMB 65,000,000 for the six months ended June 30, 2023, compared to RMB 1,094,000,000 and RMB 106,000,000 in 2022, respectively[99]. - The accounts receivable balance as of June 30, 2023, was approximately RMB 189,436,000, an increase from RMB 136,816,000 as of December 31, 2022[104].

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份內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 CHINA RUIFENG RENEWABLE ENERGY HOLDINGS LIMITED 中 國 瑞 風 新 能 源 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：00527） 截至二零二三年六月三十日止六個月的 中期業績 業績 中國瑞風新能源控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣 佈本公司及其附屬公司（統稱「本集團」）截至二零二三年六月三十日止六個月（「呈 報期」）的未經審核中期業績，連同去年同期的比較數字如下： ...

Financial Performance - Revenue from wind farm operations for the year ended December 31, 2022, was approximately RMB 298.87 million, a decrease of about 15% compared to RMB 349.99 million for the year ended December 31, 2021[16]. - The company's revenue for the year ended December 31, 2022, was approximately RMB 304,443,000, a decrease of about 14% compared to RMB 352,407,000 for the year ended December 31, 2021[36]. - The gross profit for the year ended December 31, 2022, was approximately RMB 64,114,000, down 43% from RMB 112,770,000 in the previous year, resulting in a gross margin of 21% compared to 32% in 2021[40]. - Operating profit for the year ended December 31, 2022, was RMB 992, a significant improvement from an operating loss of RMB 195,638,000 in 2021, marking a 101% change[34]. - The net loss for the year ended December 31, 2022, was approximately RMB 162,020,000, a reduction of 55% from RMB 358,678,000 in the previous year[47]. Operational Developments - The company aims to enhance operational efficiency of existing wind farms to reduce costs and increase effectiveness while actively seeking other development opportunities in the renewable energy sector[11]. - The company is exploring potential acquisitions and joint ventures in hydrogen vehicle research, production, and sales, as well as hydrogen fuel cells and power systems[10]. - The first phase of the Baotou Silver Wind project, with an expected installed capacity of 49.8 MW, is still under construction and is projected to generate revenue in the coming years[7]. - The company's subsidiary, Baotou Yinwind, is currently constructing a wind farm project with a capacity of 49.8 MW, which is expected to contribute to future revenue from wind farm operations[18]. - The company anticipates significant opportunities in the wind power sector due to supportive government policies promoting renewable energy[21]. Financial Position - The company's net debt as of December 31, 2022, was RMB 1,302,227,000, a decrease from RMB 1,460,422,000 in 2021[34]. - The current ratio improved to 189% as of December 31, 2022, compared to 118% in the previous year[34]. - The average collection period for trade receivables decreased to 289 days in 2022 from 322 days in 2021[34]. - Cash and bank balances as of December 31, 2022, were approximately RMB 420,843,000, an increase from RMB 243,295,000 in the previous year[50]. - The company's capital debt ratio increased from approximately 87% as of December 31, 2021, to about 94% as of December 31, 2022[52]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to enhance management quality and protect shareholder interests[178]. - The company has adopted and complied with the corporate governance code as per the listing rules, with exceptions noted regarding attendance at shareholder meetings and the separation of roles between the chairman and CEO[179]. - The board consists of seven directors, including four executive directors and three independent non-executive directors, ensuring compliance with the listing rules regarding board composition[186]. - The independent non-executive directors represent at least one-third of the board, fulfilling the independence requirements set by the listing rules[189]. - The company has arranged for directors and senior management liability and indemnity insurance as part of its corporate governance practices[185]. Market Environment - The total electricity consumption in China for the year 2022 was 8,637.2 billion kWh, representing a year-on-year increase of 3.6%[10]. - The overall economic environment in China remained stable in 2022, with a GDP growth of 3%[10]. - In 2022, China's GDP grew by 3.0% year-on-year, with the fourth quarter showing a growth of 2.9%, indicating a gradual recovery from the impacts of COVID-19[19]. - In 2022, China added 37.63 million kW of new wind power capacity, bringing the total installed capacity to 370 million kW, with wind power generation reaching 686.7 billion kWh, accounting for approximately 8.2% of total electricity generation[19]. - The average utilization hours for wind power in China were 2,221 hours in 2022, with total electricity consumption increasing by 3.6% year-on-year to 8.64 trillion kWh[19]. Shareholder Relations - The company expresses gratitude to shareholders and partners for their support and aims to deliver better returns through a prudent and pragmatic development strategy[13]. - The company did not recommend the payment of a dividend for the year ending December 31, 2022, consistent with the previous year[116]. - As of December 31, 2022, the company's distributable reserves for shareholders amounted to approximately RMB 0[122]. - The total number of issued shares as of December 31, 2022, was 2,049,140,800 shares[135]. - The major shareholder, Yinghui, holds 1,979,861,111 shares, which is about 96.62% of the total issued shares[137]. Risk Management - The company faces risks related to fluctuations in wind turbine utilization hours, with energy generation from its Hongsong wind farm being 663.38 GWh in 2022, down from 777.54 GWh in 2021[22]. - The company has not adopted any currency hedging measures due to the board's belief that the costs of such measures would exceed the potential risks from currency and interest rate fluctuations[52]. - The company faced a liquidation petition claiming a debt of RMB 500,000, which was subsequently withdrawn by the petitioner[97]. - There have been no significant contingent liabilities as of December 31, 2022[94]. - The internal control consultant identified deficiencies in internal controls and provided recommendations, all of which have been implemented by the board[157].

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，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA RUIFENG RENEWABLE ENERGY HOLDINGS LIMITED 中 國 瑞 風 新 能 源 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：00527） 截至二零二二年十二月三十一日止年度的全年業績公告 中國瑞風新能源控股有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈本 公司及其附屬公司（統稱「本集團」）截至二零二二年十二月三十一日止年度（或「報 告期間」）的綜合業績，連同過往年度的比較數字如下： ...

Financial Performance - The company reported revenue of RMB 179,744,000 for the six months ended June 30, 2022, a decrease of approximately 10% compared to RMB 199,303,000 for the same period in 2021[15]. - Gross profit for the same period was RMB 52,741,000, reflecting a decline of 35% from RMB 81,528,000 in the previous year[15]. - Operating profit was RMB 48,839,000, down 33% from RMB 72,449,000 year-on-year[15]. - The net loss attributable to equity holders was RMB 38,065,000, compared to a loss of RMB 30,862,000 in the prior year, representing an increase in loss of 23%[15]. - The loss for the reporting period was approximately RMB 39,453,000, compared to a loss of RMB 18,762,000 for the same period last year[35]. - The company reported a comprehensive loss of RMB 60,171,000 for the six months ended June 30, 2022, compared to RMB 11,766,000 in the same period of 2021[112]. - The company's basic and diluted loss per share for the period was RMB (0.019), compared to RMB (0.016) in the previous year[110]. - Total equity attributable to owners decreased to RMB 17,286 thousand from RMB 55,236 thousand year-over-year, representing a decline of 68.7%[116]. - Total liabilities increased to RMB 2,001,636 thousand from RMB 1,955,819 thousand, reflecting a rise of 2.3%[116]. Revenue Sources - Revenue from wind farm operations was approximately RMB 175,454,000, a decrease of about 12% from RMB 199,303,000 in the previous year[21]. - Revenue from external customers for the six months ended June 30, 2022, was RMB 179,744 million, compared to RMB 199,303 million for the same period in 2021, indicating a decrease of approximately 9.8%[171]. - The company had one major customer contributing over 10% of total revenue, with contributions of RMB 175,454 million for the six months ended June 30, 2022, down from RMB 199,303 million in the previous year[170]. Costs and Expenses - The sales cost for the reporting period was approximately RMB 127,003,000, accounting for about 71% of the wind power operating revenue, compared to 59% in the same period last year[28]. - Administrative expenses decreased by approximately 19% to about RMB 21,420,000, down from RMB 26,438,000 in the same period last year[31]. - Employee benefits costs, including director remuneration, totaled RMB 20,970 million for the six months ended June 30, 2022, compared to RMB 31,230 million for the same period in 2021, reflecting a decrease of approximately 32.9%[178]. - Financing costs for the reporting period were approximately RMB 80,227,000, an increase from RMB 77,993,000 in the same period last year[33]. Debt and Financing - The net debt as of June 30, 2022, was RMB 1,531,972,000, with a net asset value of RMB 257,924,000, resulting in a debt-to-equity ratio of 593%[15]. - Total borrowings increased to approximately RMB 1,796,989,000 as of June 30, 2022, from RMB 1,703,717,000 as of December 31, 2021, an increase of about RMB 93,272,000[38]. - The company has been actively restructuring its debt obligations through various amendments to the convertible bond agreements over the years[46]. - The company entered into a deferral agreement with convertible bondholders to extend the maturity of the convertible bonds by one year, from March 25, 2021, to March 25, 2022[54]. Strategic Focus and Market Position - The company aims to enhance its market position in renewable energy by focusing on wind power development and seeking new investment opportunities[19]. - The company plans to continue its strategic development in the wind energy sector to achieve sustainable growth and profitability[19]. - The company aims to enhance its wind farm business and expand into other clean energy sectors, positioning itself as a pillar company in the renewable energy industry in Northern China[77]. - The company will continue to seek acquisition opportunities to strengthen its operational capabilities in the wind power sector and expand its maintenance services[77]. Cash Flow and Assets - Cash flow from operating activities showed a net cash inflow of RMB 33,328 thousand, down 43.1% from RMB 58,631 thousand in the previous year[127]. - Cash flow from investing activities resulted in a net cash inflow of RMB 2,179 thousand, compared to a net outflow of RMB 23,827 thousand in the same period last year[127]. - Cash flow from financing activities recorded a net outflow of RMB 16,223 thousand, a significant improvement from a net outflow of RMB 446,859 thousand in the previous year[129]. - As of June 30, 2022, the total assets as of June 30, 2022, were RMB 2,259,560,000, a slight increase from RMB 2,237,007,000 as of December 31, 2021[114]. Corporate Governance and Compliance - The company has complied with the corporate governance code, with no chairman appointed during the reporting period[89]. - An internal control consultant was hired to review and improve the company's internal controls and risk management systems[90]. - The company’s financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and comply with applicable disclosure requirements[135]. Shareholder Information - The company has issued and fully paid 1,979,141,000 shares at HKD 0.01 each as of June 30, 2022, unchanged from December 31, 2021[200]. - No interim dividend was recommended for the reporting period ending June 30, 2021[94]. - The company did not declare any interim dividend for the six months ended June 30, 2022, consistent with the previous year[189].

Company Overview - In 2021, the company's indirect control over Hong Kong Hong Song New Energy Investment Co., Ltd. reached 86.55% through gradual acquisitions[12]. - The company operates primarily in the wind farm sector, focusing on investment holding and wind power generation[117]. - The company aims to establish a solid market position in the renewable energy industry in the near future[18]. Financial Performance - Revenue from wind farm operations for the year ended December 31, 2021, was approximately RMB 349,995,000, an increase of about 1% compared to RMB 346,401,000 in 2020[23]. - The company's revenue for the year ended December 31, 2021, was approximately RMB 352,407,000, a slight increase of 2% from RMB 346,401,000 in 2020[48]. - The gross profit for the year was approximately RMB 112,770,000, resulting in a gross margin of about 32%, down from 36% in the previous year[53]. - The net loss for the year was approximately RMB 358,678,000, an increase of 76% compared to RMB 203,973,000 in 2020[60]. - The operating loss for the year was approximately RMB 195,638,000, a decline from an operating profit of RMB 60,857,000 in 2020[45]. - The company's administrative expenses increased by approximately 57% to about RMB 71,559,000, primarily due to share-based payments[55]. Market and Industry Trends - In 2021, China's GDP grew by 8.1% year-on-year, and the total electricity consumption increased by 10.3%[17]. - The anticipated market reforms in electricity pricing and the restart of carbon emission trading rights (CCER) are expected to bring additional revenue to the company[18]. - The Chinese government continues to support the wind power industry, which is expected to benefit the company's development[28]. - The average utilization hours for wind power in China reached 2,246 hours, with curtailment of wind power increasing to 20.6 billion kWh, up from 16.6 billion kWh in 2020[26]. Strategic Initiatives - The company aims to enhance its position in the renewable energy sector by expanding its wind power operations and exploring new clean energy opportunities[37]. - The company plans to focus on improving the operational efficiency of existing wind farms to reduce costs and increase efficiency[18]. - The company is actively seeking other potential development opportunities in the renewable energy sector[14]. - The company is exploring expansion into hydrogen energy-related businesses, including hydrogen vehicle production and hydrogen station construction[36]. Debt and Financial Management - The net debt to equity ratio rose significantly to 519% from 215% in the previous year[46]. - The current ratio decreased to 118% from 158% in the previous year, indicating a decline in liquidity[46]. - Total borrowings decreased to approximately RMB 1,703,717,000 as of December 31, 2021, down by approximately RMB 517,915,000 from RMB 2,221,632,000 as of December 31, 2020[65]. - The capital debt ratio increased from approximately 80% as of December 31, 2020, to approximately 87% as of December 31, 2021[65]. Corporate Governance - The company has adopted corporate governance practices to maintain the highest standards[186]. - The board consists of seven directors, including four executive directors and three independent non-executive directors[197]. - The independent non-executive directors have confirmed their independence according to the listing rules[200]. - The company has complied with the corporate governance code, with independent non-executive directors constituting at least one-third of the board[200]. Employee and Operational Insights - Employee costs for the year ended December 31, 2021, amounted to approximately RMB 50.5 million, an increase from RMB 39.15 million in 2020[100]. - The company has approximately 154 full-time employees as of December 31, 2021, compared to 125 employees in 2020[100]. - The company emphasizes the importance of maintaining good relationships with employees, customers, and suppliers for sustainable development[172]. Legal and Compliance Issues - The auditor's report for the year ended December 31, 2021, included a qualified opinion due to insufficient audit evidence regarding the carrying values of interests in associates and receivables[175]. - The company has initiated legal proceedings in China to recover amounts owed by the associate company, which includes a court ruling requiring the associate to repay approximately RMB 36,000,000 for undelivered equipment[181]. - Management has assessed the recoverability of loans and related interest receivables from the associate, concluding that the risk of default has significantly increased[177]. Future Outlook - The company is positioned to adapt to the global energy structure transformation and enhance its development quality and efficiency[18]. - The company has been actively involved in discussions regarding its business outlook and strategies for future growth[118]. - The company anticipates that the qualified opinion will continue to affect the comparative figures in the consolidated financial statements for the year ending December 31, 2022, but expects to resolve this by the year ending December 31, 2023[183].

中國瑞風新能源控股有限公司 (於関曼群島註冊成立的有限公司) (股份代號：00527) 中期報告 2021 目錄目錄 2 公司資料 | --- | --- | --- | --- | --- | --- | --- | |-------|------------------|-------|-------|-------|-------|-------| | | | | | | | | | 5 | 財務業績概要 | | | | | | | 6 | 行政總裁報告 | | | | | | | 8 | 管理層討論與分析 | | | | | | | 22 | 權益披露 | | | | | | | 25 | 企業管治 | | | | | | | 26 | 其他資料 | | | | | | | 29 | 簡明綜合財務報表 | | | | | | | | | | | | | | | | | | | | | | 公司資料 上市地點 香港聯合交易所有限公司 股份代號：00527 執行董事 張志祥先生（行政總裁） 寧忠志先生 李天海先生 彭子瑋先生 獨立非執行董事 屈衛東先生 胡曉琳女士 姜森林先生 審核委員會 姜森林先生（審核 ...

Wind Power Business - The company holds an indirect controlling interest of 86.55% in Hong Song New Energy, which has an installed capacity of 398.4 MW and a maximum capacity of 596.4 MW[8] - The first phase of the wind farm project in Baotou, Inner Mongolia, is expected to reach an installed capacity of 49.8 MW and is still under construction[9] - The company plans to accelerate its wind power business and seeks to establish a solid market position in the renewable energy sector[15] - The total installed capacity of the Hong Song wind farm is 398.4 MW, contributing to the group's total revenue from wind farm operations in 2020[18] - The Chinese government is expected to continue supporting the wind power industry, which will provide significant opportunities for the company's wind farm business[22] - The company plans to focus resources on the development and operation of wind farms, aiming to become a pillar company in the renewable energy sector in northern China[28] - The company is committed to developing wind farm projects to provide clean renewable energy, reducing reliance on traditional fossil fuels[140] Financial Performance - Revenue from wind farm operations for the year ended December 31, 2020, was approximately RMB 346,401,000, a decrease of about 4% compared to RMB 361,683,000 in 2019[17] - Profit from wind farm operations for the same period was approximately RMB 68,944,000, down about 10% from RMB 76,350,000 in 2019[17] - For the year ended December 31, 2020, the company's revenue was approximately RMB 346,401,000, a decrease of RMB 15,282,000 or 4% compared to RMB 361,683,000 for the year ended December 31, 2019[33] - The gross profit for the year ended December 31, 2020, was approximately RMB 112,613,000, resulting in a gross margin of about 33%, compared to 32% in 2019[39] - The operating profit decreased by 29% to RMB 60,857,000 for the year ended December 31, 2020, down from RMB 85,140,000 in 2019[33] - The company reported a loss before tax of RMB 173,877,000 for the year ended December 31, 2020, compared to a loss of RMB 61,607,000 in 2019, representing an increase in loss of 182%[33] - The net loss for the year ended December 31, 2020, was RMB 203,973,000, a significant increase of 153% from RMB 80,778,000 in 2019[33] - The company's cash and cash equivalents decreased to RMB 1,362,795,000 as of December 31, 2020, compared to RMB 1,480,490,000 in 2019[33] - The net asset value as of December 31, 2020, was RMB 633,223,000, down from RMB 790,353,000 in 2019[33] - The current ratio improved to 158% as of December 31, 2020, compared to 123% in 2019[33] - The total loss for the year ended December 31, 2020, was approximately RMB 203,973,000, a substantial increase from the loss of RMB 80,778,000 in 2019[48] Market and Economic Context - In 2020, China's GDP grew by 2.3% despite the impact of COVID-19, highlighting a gradual recovery in economic activities[12] - The Chinese government aims for non-fossil fuels to account for 15% of the energy structure by 2020, 20% by 2030, and 50% by 2050, emphasizing the importance of renewable energy like wind power[13] - In 2020, China added 71.67 GW of new wind power capacity, an increase of approximately 178% compared to 2019, with a cumulative installed capacity of 280 GW, accounting for about 13% of total installed power generation capacity[20] Corporate Governance and Structure - The board of directors includes four executive directors and three independent non-executive directors, with all retiring directors eligible for re-election at the upcoming annual general meeting[106] - The company has not appointed a chairman, with the CEO, Mr. Zhang, responsible for daily management, and the board believes this will not adversely affect decision-making[181] - The board consists of seven directors, including four executive directors and three independent non-executive directors, with a total of 12 board meetings held in the year ended December 31, 2020[172] - The independent non-executive directors account for at least one-third of the board, ensuring compliance with listing rules[171] - The company is committed to maintaining high standards of corporate governance and has adopted a set of governance principles[161] - The company has complied with the corporate governance code as per the listing rules, with some deviations noted regarding attendance at the annual general meeting[162] Legal and Compliance Issues - The company is seeking legal advice regarding court proceedings involving debtors and assessing the recoverability of investments in joint ventures[148] - The company has recognized a full provision for expected credit losses on interests in joint ventures and receivables from joint ventures due to high default risk[147] - The company is seeking legal advice and preparing evidence to pursue further legal action to recover approximately RMB 36,323,000 for remaining equipment costs and RMB 42,100,000 for deposits[153] - The board believes that if the court makes a final ruling on the legal actions against the supplier, there will be no uncertainty regarding the recoverability of other receivables[154] Share Capital and Financing - The company issued convertible bonds totaling HKD 313,795,000, with a conversion price of HKD 0.485 per share, which could potentially result in the issuance of 647,000,000 new shares, representing approximately 35.96% of the company's issued share capital at the time of the agreement[62] - The company completed a placement of 180,000,000 shares at a price of HKD 0.25 per share, raising a net amount of approximately HKD 44,097,000, which was used to repay other loans and interest[67] - The company extended the maturity of the convertible bonds by one year, now set to mature on March 25, 2022[66] - The interest rate on the convertible bonds was revised from 8% to 10% as part of a supplemental agreement, which was subject to shareholder approval[64] - The company has not issued additional non-listed corporate bonds during the reporting period, with a total principal amount of HKD 1,000,000 maturing and redeemed[54] Risk Management - The company emphasizes the importance of effective risk management and internal control measures to ensure operational compliance, asset security, and accurate financial reporting[187] - The risk management strategy includes setting objectives, information collection, risk identification, analysis, response, monitoring, and reporting[188] - The management regularly maintains and evaluates the risk management system to ensure its effectiveness[189] - The board conducts an annual review of major risks faced by the group and monitors the response measures[200] Employee and Operational Information - The employee costs for the year ended December 31, 2020, amounted to approximately RMB 39,152,000, down from RMB 42,764,000 in 2019, with a workforce of about 125 full-time employees[78] - The company has implemented a training program for new directors to ensure they understand their responsibilities and the company's operations[177] Other Financial Information - The auditor's fees for the year ended December 31, 2020, amounted to HKD 1,300,000 for audit services and HKD 180,000 for non-audit services[182] - The company did not recommend any dividend for the year ended December 31, 2020, consistent with the previous year where no dividend was declared[98] - The company has not made any charitable or other donations during the year, maintaining the same stance as in 2019[102]