Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of RMB 163,164,000, an increase of 12.7% compared to RMB 144,645,000 in 2023[4] - The gross profit for the year was RMB 11,341,000, down 44.9% from RMB 20,584,000 in the previous year[4] - The company incurred a net loss of RMB 50,523,000 for the year, compared to a profit of RMB 42,958,000 in 2023, representing a significant decline[4] - Basic and diluted loss per share was RMB (4.68), compared to earnings per share of RMB 5.25 in the previous year[6] - The company reported a total comprehensive loss of RMB 50,368,000 for the year, compared to a comprehensive income of RMB 44,331,000 in 2023[6] - The company reported a net loss attributable to shareholders of RMB 48,383,000 for 2024, compared to a profit of RMB 44,456,000 in 2023[41] - The company recorded a pre-tax loss of RMB 48,667,000, primarily due to unallocated corporate expenses of RMB 30,088,000 and financing costs of RMB 23,430,000[27] - The company recorded a pre-tax loss of approximately RMB 48,700,000, a decrease of about RMB 86,500,000 compared to a profit of RMB 37,800,000 in the same period of 2023[56] Revenue Breakdown - Revenue from solar power generation was RMB 12,804,000 in 2024, down from RMB 14,780,000 in 2023, representing a decrease of 13.3%[22] - Revenue from energy storage (sales and production) decreased to RMB 7,183,000 in 2024 from RMB 11,232,000 in 2023, a decline of 36.1%[22] - For the fiscal year ending December 31, 2024, total revenue reached RMB 163,164 thousand, with logistics services contributing RMB 130,014 thousand[27] - The logistics segment generated a profit of RMB 47 thousand, while the solar and energy storage segment reported a profit of RMB 5,624 thousand, leading to a total segment profit of RMB 5,671 thousand[27] - Logistics revenue significantly increased to RMB 130,014,000 in 2024 from RMB 89,826,000 in 2023, marking a growth of 44.7%[22] - Revenue from solar and energy storage decreased by approximately RMB 21,700,000 or 39.5% to about RMB 33,200,000 in 2024, primarily due to poor performance in lithium battery storage product sales in the second half of the year[47] - Logistics service revenue increased by 44.7% to approximately RMB 130,000,000 in 2024, up from about RMB 89,800,000 in 2023, driven by organic growth from external customer contracts[47] Assets and Liabilities - The company's total assets decreased to RMB 146,259,000 from RMB 206,037,000, reflecting a decline of 29%[7] - Trade receivables dropped significantly to RMB 12,505,000 from RMB 47,485,000, a decrease of 73.7%[7] - The company’s cash and cash equivalents fell to RMB 9,075,000 from RMB 18,286,000, a decline of 50.3%[7] - The total liabilities decreased to RMB 259,164,000 from RMB 289,152,000, a reduction of 10.4%[8] - As of December 31, 2024, the group's net current liabilities and total liabilities were approximately RMB 175,884,000 and RMB 160,424,000, respectively[12] - Total assets decreased from RMB 207,037 thousand in 2023 to RMB 146,259 thousand in 2024, with solar and energy storage assets dropping from RMB 78,007 thousand to RMB 27,221 thousand[30] - Total liabilities also decreased from RMB 341,480 thousand in 2023 to RMB 306,683 thousand in 2024, with logistics services liabilities falling from RMB 26,990 thousand to RMB 8,366 thousand[31] Operational Changes and Investments - The group has invested RMB 8,500,000 in a flywheel lithium iron phosphate hybrid energy storage system to enhance profitability[16] - The group plans to acquire a logistics cloud technology platform company to improve existing business and profitability[16] - The company has revised its operational classification to separately present logistics business performance, indicating a strategic focus on this segment[26] - The company has completed the construction and testing of the flywheel energy storage system, which began generating electricity on March 1, 2025, with a second phase of 60 MW facilities planned for the second half of 2025[45] - The company is actively seeking new contracts in the logistics services sector and expects stable growth in this business segment in 2025[46] - The company has initiated due diligence for the acquisition of a controlling stake in Changzhou Zhiliang Cloud, with discussions ongoing regarding the investment terms[46] Financial Management and Governance - The company has implemented strict control measures for its operational and investment activities[16] - The board believes that the group will have sufficient working capital to meet its current needs until December 31, 2025, assuming planned measures are realized[13] - The independent auditor expressed a disclaimer of opinion on the consolidated financial statements due to significant uncertainties regarding the company's ability to continue as a going concern[88] - The company has taken various measures to improve its liquidity and financial position to meet its financial obligations in the foreseeable future[89] - The audit committee, consisting of three independent non-executive directors, reviewed and approved the consolidated financial statements for the year[81] - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with regulations[80] Shareholder and Market Information - The annual general meeting of shareholders is scheduled for June 30, 2025[75] - The company did not recommend the payment of a final dividend for the period, with no dividends declared for 2023[84] - The company maintained a public float of no less than 25% of its issued shares as required by the listing rules[83] - The company did not purchase, sell, or redeem any of its listed securities during the year[82] - The group made no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year[69] - The company has no capital commitments as of December 31, 2024, and does not plan to expand its traditional solar manufacturing capacity further[66] - The company has no significant contingent liabilities as of December 31, 2024[67] - As of December 31, 2024, the group had no restricted cash and no collateralized assets other than those disclosed[68] Strategic Partnerships and Future Plans - A strategic cooperation framework agreement was established with Jiangsu Changzhou Tianning Economic Development Zone, resulting in a government subsidy of RMB 10,000,000 to support future development[72] - The group plans to enter the hazardous goods transportation and smart logistics sectors, benefiting from national policies promoting distributed photovoltaic power generation[73] - The group is open to investment opportunities that provide satisfactory returns and synergies with existing businesses, including a project involving innovative flywheel energy storage technology[74] Other Financial Information - Other income for 2024 totaled RMB 8,818,000, an increase from RMB 6,927,000 in 2023, driven by higher rental income and interest income[36] - The company recorded a net loss of RMB 9,800,000 from other (loss) income, compared to a gain of RMB 64,464,000 in the previous year[36] - Other income for the year was approximately RMB 8,800,000, an increase of 27.3% compared to RMB 6,900,000 in 2023, attributed to higher rental income[50] - The company recorded other losses of approximately RMB 9,800,000 in 2024, a decrease of about RMB 74,300,000 compared to other income of RMB 64,500,000 in 2023, mainly due to the absence of one-time gains from the sale of investment properties[51] - Administrative expenses increased by approximately RMB 1,900,000 or 6.1% to about RMB 32,400,000 in 2024, primarily due to strict cost control measures implemented by the company[53] - Interest expenses increased by approximately RMB 10,400,000 to about RMB 24,400,000 from RMB 14,000,000 in the same period of 2023, attributed to increased one-time arrangement fees and rising interest rates on new loans[55] - The group reported tax expenses of approximately RMB 1,900,000, compared to a tax credit of RMB 5,100,000 in the same period of 2023[57] - The total loss and comprehensive expenses attributable to the company's owners amounted to RMB 48,400,000, representing a year-on-year decline of 108.8%[59] - As of December 31, 2024, the group's current ratio was 0.32, down from 0.46 a year earlier, and the debt-to-equity ratio was 1.91, down from 2.5[61] - The investment in Shenyang Guoyun, representing a 15% stake, was valued at RMB 3,400,000 as of December 31, 2024, up from RMB 2,900,000 a year earlier[70] - The group has ceased its upstream manufacturing business and is actively selling low-utilization assets to improve capital structure and cash flow[71]

Revenue Growth - The revenue from solar and energy storage increased by approximately RMB 3,300,000 or 36.6% to about RMB 12,400,000 compared to RMB 9,100,000 in the same period last year[7]. - The logistics services revenue surged by 1,075% to approximately RMB 74,300,000 from RMB 6,300,000 in the same period last year, driven by organic growth from external customer contracts[7]. - Revenue for the six months ended June 30, 2024, was RMB 86,716 thousand, compared to RMB 15,430 thousand for the same period in 2023, representing a significant increase[60]. - Total revenue for the six months ended June 30, 2024, was RMB 86,716 thousand, a significant increase from RMB 15,430 thousand in the same period of 2023, representing a growth of 461%[73]. - Revenue from solar power generation was RMB 5,188 thousand, down 9.2% from RMB 5,713 thousand in the previous year, while energy storage sales surged to RMB 6,595 thousand from RMB 1,720 thousand, marking a growth of 284%[73]. - Logistics services revenue increased dramatically to RMB 74,299 thousand from RMB 6,326 thousand, reflecting a growth of 1,078%[73]. Financial Performance - The gross profit decreased by approximately 25.4% to about RMB 3,600,000 from RMB 4,900,000 in the same period last year due to changes in the relative proportion of revenue sources[9]. - The company reported a loss before tax of RMB 28,150 thousand, a decline from a profit of RMB 48,714 thousand in the previous year[60]. - The net loss for the period was RMB 25,601 thousand, compared to a profit of RMB 48,700 thousand in the same period last year[60]. - For the six months ended June 30, 2024, the company reported a pre-tax loss of RMB 25,254,000 compared to a profit of RMB 48,714,000 in the same period of 2023, indicating a significant decline in performance[64]. - The company reported a total loss before tax of RMB 28,150 thousand for the six months ended June 30, 2024, compared to a profit before tax of RMB 48,714 thousand in the same period of 2023[77]. - For the six months ended June 30, 2024, the company reported a loss attributable to shareholders of RMB 25,254,000 compared to a profit of RMB 49,305,000 for the same period in 2023, representing a significant decline[95]. Cost and Expenses - The cost of sales and services rose by 686% to approximately RMB 83,100,000 from RMB 10,600,000 in the same period last year, aligning with revenue growth[8]. - Research and development expenses decreased by approximately 33.5% to about RMB 400,000 from RMB 600,000 in the same period last year due to strict cost control measures[15]. - Interest expenses increased to RMB 12,486,000 in the first half of 2024 from RMB 7,235,000 in the same period of 2023[64]. - Employee costs decreased from RMB 3,178,000 to RMB 2,674,000, a reduction of 15.8%[90]. - Depreciation expenses decreased from RMB 6,264,000 to RMB 5,126,000, a decline of 18.2%[91]. Debt and Liabilities - The pre-tax loss was approximately RMB 28,200,000, a decrease of about RMB 76,900,000 compared to a profit of RMB 48,700,000 in the same period last year[17]. - The group recorded a working capital deficit of approximately RMB 157,700,000 as of June 30, 2024, compared to approximately RMB 157,500,000 as of December 31, 2023[22]. - The net debt of the group was approximately RMB 146,000,000 as of June 30, 2024, compared to approximately RMB 134,400,000 as of December 31, 2023[22]. - The company is in the final stages of acquiring all outstanding debts owed to Putana Limited, totaling approximately USD 800,000[120]. - The board believes that the debt acquisition will likely resolve long-term default debts owed to Putana, thus improving the company's financial stability[121]. Strategic Initiatives - The company is actively pursuing new contracts in the logistics services sector, expecting stable growth in 2024[6]. - The company is investing in a flywheel energy storage system in Shanxi Province, with completion and grid connection expected in the second half of 2024[5]. - The acquisition of Changzhou Zhili Cloud is nearing completion, anticipated to enhance the company's logistics capabilities and profitability[6]. - The company plans to enter the hazardous materials transportation, smart logistics, and logistics finance sectors through necessary licensing and partnerships with local governments and industry experts[32]. - The company is actively negotiating with potential parties to restructure its debt obligations[68]. Shareholder Information - The company has maintained a public float of at least 25% of its issued shares as required by listing rules[42]. - No interim dividend has been declared for the six months ending June 30, 2024, consistent with the previous period[40]. - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[41]. - Zhang Yi holds 142,470,887 shares, representing approximately 13.44% of the company's issued share capital[43]. - Dai Ji owns 67,500,000 shares, which is about 6.37% of the company's issued share capital[43]. Corporate Governance - The board has achieved a gender diversity target of at least 10% female representation following the appointment of a new independent non-executive director[37]. - The company has adopted the standard code of conduct for securities trading as per listing rules[38]. - The audit committee has reviewed the company's internal controls and financial reporting matters during the reporting period[39]. Future Outlook - The company provided a future outlook, projecting a revenue growth of 10% for the next fiscal year[124]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share by 2025[124]. - A strategic acquisition of a local tech firm was announced, expected to increase operational efficiency by 15%[124]. - The company is investing 200 million RMB in research and development for innovative technologies over the next two years[124].

Financial Performance - The company's revenue for the six months ended June 30, 2024, was approximately RMB 86,700,000, an increase of 462% compared to RMB 15,400,000 for the same period in 2023[1]. - Gross profit for the period was approximately RMB 3,600,000, a decrease of 25.4% from RMB 4,900,000 in the same period of 2023[1]. - The net loss attributable to shareholders for the period was approximately RMB 25,300,000, primarily due to the absence of a one-time net gain from the sale of investment properties in Shanghai recorded in the same period of 2023, which was approximately RMB 68,100,000[1]. - The company reported a basic loss per share of RMB 2.50 for the period, compared to earnings per share of RMB 6.22 in the same period of 2023[3]. - The group reported a net loss of approximately RMB 25.6 million for the six months ended June 30, 2024, with current liabilities and total liabilities amounting to approximately RMB 157.7 million and RMB 146 million, respectively[8]. - The group reported a pre-tax loss of approximately RMB 28,200,000, a decrease of about RMB 76,900,000 compared to a profit of RMB 48,700,000 in the same period of 2023[53]. - The pre-tax loss attributable to the owners of the company for the six months ended June 30, 2024, was RMB (25,254), compared to a profit of RMB 49,305 in the same period of 2023, reflecting a substantial decline[33]. Revenue Breakdown - Revenue from solar power generation and energy storage reached RMB 12.4 million, while logistics services generated RMB 74.3 million, leading to a total revenue of RMB 86.7 million for the period[13]. - The sales and production of energy storage products increased significantly to RMB 6.6 million from RMB 1.7 million in the previous year, reflecting a growth of approximately 284%[13]. - The logistics services segment generated revenue of RMB 74,299 thousand, contributing significantly to the overall revenue for the period[17]. - The solar and energy storage segment generated a profit of RMB 4,114 thousand, while the logistics services segment contributed RMB 1,244 thousand, leading to a total segment profit of RMB 5,358 thousand[17]. - The group’s revenue from EPC consulting for photovoltaic power stations decreased to RMB 0.634 million from RMB 1.671 million year-on-year[13]. Expenses and Costs - The company’s administrative expenses increased to RMB 15,811,000 from RMB 13,938,000 in the same period of 2023[2]. - The company’s financing costs rose to RMB 12,486,000 from RMB 7,235,000 in the same period of 2023[2]. - The total interest expenses for the six months ended June 30, 2024, were RMB 12,486, compared to RMB 7,235 in the same period of 2023, representing an increase of approximately 72.5%[27]. - The cost of sales and services rose by 686% to approximately RMB 83,100,000, aligning with the revenue increase[46]. - Administrative expenses increased by approximately RMB 1,900,000 or 13.4% to about RMB 15,800,000, primarily due to an increase in operational scale with rising income[50]. - Research and development expenses decreased by approximately RMB 200,000 or 33.5% to about RMB 400,000, attributed to strict cost control measures implemented by the company[51]. Assets and Liabilities - The company's total liabilities as of June 30, 2024, were approximately RMB 311,600,000, a decrease from RMB 341,500,000 as of December 31, 2023, with a debt-to-equity ratio improving from 2.5 to 2.1[1]. - Total assets less current liabilities amounted to RMB (92,459,000) as of June 30, 2024, compared to RMB (82,115,000) as of December 31, 2023[4]. - The company’s cash and cash equivalents decreased to RMB 9,017,000 from RMB 18,286,000 as of December 31, 2023[4]. - Total assets decreased from RMB 207,037 thousand as of December 31, 2023, to RMB 165,590 thousand as of June 30, 2024, reflecting a reduction in both solar and energy storage assets and logistics services assets[20]. - The total liabilities decreased from RMB 341,480 thousand as of December 31, 2023, to RMB 311,606 thousand as of June 30, 2024, with a notable reduction in liabilities for the logistics services segment[19]. Strategic Initiatives - The company continued to invest in new renewable energy storage technologies, including flywheel energy storage and lithium iron phosphate hybrid storage systems, aimed at enhancing clean energy consumption and regional grid peak shaving capabilities[1]. - The group plans to acquire a logistics cloud technology platform company to enhance its existing business and improve profitability[9]. - The company has decided to merge its reporting segments into "Solar and Energy Storage" for better presentation and management[15]. - The company plans to complete the acquisition of Changzhou Zhilian Cloud in the second half of 2024 to enhance its logistics business[44]. - The company is investing in a flywheel energy storage system in Shanxi Province, expected to be completed and connected to the grid in the second half of 2024[43]. - The company plans to enter the hazardous materials transportation and smart logistics sectors through partnerships with local governments and industry experts[66]. Debt and Financing - The company is actively negotiating with potential parties to restructure its debt and explore equity or debt investment opportunities[9]. - The company issued convertible bonds totaling $10,000,000 with an annual interest rate of 10%[38]. - The actual interest rate on the debt portion of the convertible bonds was 12.44%[39]. - The company has entered into a loan agreement to provide RMB 8,500,000 to Shenyang Guoyun at an interest rate of 10% for a term of 36 months[64]. - The group recorded a net debt of approximately RMB 146,000,000 as of June 30, 2024, compared to approximately RMB 157,500,000 as of December 31, 2023[57]. Other Information - The company did not declare or propose any dividends for the six months ended June 30, 2024, and 2023[32]. - The company has ceased production and sales of monocrystalline products following the sale of its subsidiary, focusing on solar and energy storage services[15]. - The company has undertaken over 30 distributed photovoltaic EPC projects since 2017, with a recent project in Shanghai having a capacity of 4,000 kW[67]. - The company is open to strategic investments that provide satisfactory returns and synergies with existing operations, including a project involving innovative flywheel energy storage technology[68]. - The company faced a winding-up petition related to an outstanding loan of approximately USD 800,000, which has since been withdrawn[69][70]. - The company is confident in reaching a settlement regarding the outstanding debt, which is not expected to significantly impact its financial performance[70]. - The company maintained a public float of at least 25% of its issued shares as required by listing rules[75]. - The board has achieved a gender diversity target of at least 10% female representation following the appointment of a new independent non-executive director[71].

Financial Performance - The company reported a net profit attributable to shareholders of approximately RMB 44.5 million, recovering from a loss of RMB 55.8 million in the previous year[9]. - Total revenue increased by RMB 107,500,000 or 289.5% year-on-year to RMB 144,600,000, driven by breakthroughs in logistics services and significant revenue growth from external customers[22]. - The company recorded a profit before tax of approximately RMB 37,800,000, an increase of RMB 86,000,000 or 178.5% compared to a loss of RMB 48,200,000 in the previous year[34]. - The group recorded a total profit and comprehensive income of approximately RMB 44,300,000, compared to a loss of RMB 50,700,000 in the previous year[36]. - Other income decreased by RMB 6,400,000 or 47.8% to approximately RMB 6,900,000, mainly due to reduced rental income from the sale of several properties in Shanghai[25]. Revenue Growth - Revenue and gross profit increased due to business growth, with significant contributions from a rooftop distributed generation project completed in February 2023 and a breakthrough in logistics service revenue[9]. - Revenue from solar and energy storage business rose to RMB 54,800,000, an increase of RMB 17,700,000 or 47.6% compared to the previous year, primarily due to more EPC projects and new power generation income from a solar power station[22]. - Gross profit increased by approximately RMB 12,800,000 or 163.5% to about RMB 20,600,000, aligning with the revenue growth in solar, energy storage, and logistics businesses[24]. - Logistics services revenue saw a significant increase, with the establishment of a logistics business in Changzhou enhancing supply chain efficiency for internal and external clients[18]. Investments and Acquisitions - The company is investing in new energy storage technologies, specifically flywheel energy storage systems, to enhance clean energy consumption and grid stability[10]. - Plans are underway for a potential acquisition in 2024 to transform existing logistics operations into smart logistics solutions, aiming to improve profitability and competitiveness in the logistics sector[10]. - The acquisition of a controlling stake in Changzhou Zhiliyun for RMB 20,000,000 is expected to enhance the company's logistics capabilities and improve operational efficiency[18]. - The group plans to acquire Changzhou Zhilian Cloud for RMB 20,000,000 to further invest and expand its logistics business[58]. Financial Condition - Total liabilities decreased to approximately RMB 341.5 million as of December 31, 2023, down from RMB 467.1 million the previous year, improving the financial condition[9]. - The debt-to-equity ratio improved to 2.5 from 2.8 year-on-year, indicating a stronger balance sheet[9]. - The current ratio slightly decreased to 0.46 from 0.54, with net debt at approximately RMB 72,800,000, down from RMB 86,100,000 in the previous year[38]. - The group recorded a working capital deficit of RMB 157,500,000, improved from RMB 192,300,000 in the previous year[38]. Cost Management - Sales and service costs rose by 323% to RMB 124,100,000, largely due to increased logistics service revenue[23]. - Sales and distribution expenses decreased by RMB 2,400,000 or 52.1% to RMB 2,200,000 due to cost control measures implemented in the second half of the year[28]. - Administrative and general expenses decreased by RMB 5,200,000 or 14.4% to RMB 30,600,000, attributed to reduced depreciation and strict cost control measures[29]. - R&D expenses decreased by RMB 2,200,000 or 65.9% to RMB 1,200,000 due to strict cost control in response to macroeconomic difficulties[30]. Strategic Focus - The company remains committed to expanding its solar energy business, including investment, development, construction, and operation of solar photovoltaic power stations[10]. - The company anticipates significant growth potential in the renewable energy storage industry in China, aligning with global ESG trends[11]. - The company anticipates continued growth in the solar and energy storage sectors, benefiting from ongoing trends in the ESG landscape[19]. - The group is exploring strategic investments in innovative flywheel energy storage technology projects with state-owned enterprises[62]. Corporate Governance - The company has adopted effective corporate governance practices to enhance transparency and accountability to shareholders[161]. - The board consists of five directors, including one executive director and two independent non-executive directors, ensuring a diverse governance structure[167]. - The board has set a target for female directors to comprise no less than 10% of the board by the end of 2024, aiming to appoint at least one female director[172]. - The company has complied with the corporate governance code during the year, except for specific disclosures mentioned in the annual report[162]. Shareholder Information - As of December 31, 2023, the company had a total of 142,470,887 shares held by Mr. Zhang Yi, representing approximately 15.80% of the issued share capital[95]. - The company has a total of 31,171,544 shares potentially issuable upon the exercise of options under the old share option scheme, which represents about 3.46% of the issued shares as of December 31, 2023[103]. - The total number of shares that may be issued under the new share option plan is capped at 10% of the total issued shares as of the adoption date, which amounts to 209,770,358 shares[105]. - The company has maintained a consistent approach to stock option grants, reflecting a commitment to employee incentives and retention[120].

Financial Performance - The company's revenue for the year ended December 31, 2023, was approximately RMB 144,600,000, an increase of 289.5% compared to RMB 37,100,000 for the year ended December 31, 2022[3]. - Gross profit for the year was approximately RMB 20,600,000, up 163.5% from RMB 7,800,000 in the previous year, with a gross margin of 14.2% compared to 21.0% in 2022[3]. - The net profit attributable to the owners of the company was approximately RMB 44,500,000, a significant turnaround from a loss of RMB 55,800,000 in the previous year, resulting in a net profit margin of 30.7%[3]. - Basic earnings per share for the year were RMB 5.25, compared to a loss per share of RMB 7.05 in 2022[3]. - The company reported a pre-tax profit of RMB 37,826,000 for the year, compared to a pre-tax loss of RMB 48,191,000 in the previous year[5]. - The company recorded a total comprehensive income of approximately RMB 44,300,000, compared to a loss of RMB 50,700,000 in the previous year[59]. - The company reported a net profit attributable to shareholders of RMB 44,456,000 for the year ended December 31, 2023, compared to a net loss of RMB 55,805,000 in 2022[35]. - Pre-tax profit improved by RMB 86,800,000 or 178.5% to approximately RMB 37,800,000, compared to a loss of RMB 86,000,000 in the previous year[57]. Revenue Breakdown - Total revenue for the group in 2023 was RMB 144,645,000, a significant increase from RMB 37,140,000 in 2022, representing a growth of approximately 288%[22]. - Revenue from solar power generation was RMB 14,780,000 in 2023, up from RMB 12,269,000 in 2022, indicating a growth of about 12.3%[22]. - Revenue from energy storage sales and production was RMB 11,232,000 in 2023, down from RMB 12,731,000 in 2022, reflecting a decline of approximately 11.8%[22]. - Total revenue for the solar and energy storage segment reached RMB 54,819,000, while logistics services generated RMB 89,826,000, leading to a combined total revenue of RMB 144,645,000 for the year ended December 31, 2023[24]. - The solar and energy storage segment reported a profit of RMB 11,323,000, whereas the logistics services segment incurred a loss of RMB 1,007,000, resulting in an overall profit of RMB 10,316,000[24]. Liabilities and Financial Position - Total liabilities decreased to approximately RMB 341,500,000 as of December 31, 2023, from RMB 467,100,000 a year earlier, with a debt-to-equity ratio of 2.5, down from 2.8[3]. - As of December 31, 2023, the group's net current liabilities and total liabilities were approximately RMB 157,497,000 and RMB 134,443,000 respectively[14]. - The company’s total assets decreased from RMB 302,946,000 in 2022 to RMB 207,037,000 in 2023, reflecting a reduction of approximately 31.6%[25][26]. - Total liabilities also decreased from RMB 467,099,000 in 2022 to RMB 341,480,000 in 2023, indicating a decline of about 26.8%[26]. - The net debt as of December 31, 2023, was approximately RMB 134,400,000, down from RMB 164,200,000 a year earlier, reflecting an improvement in the company's debt situation[61]. - The company recorded an operating capital deficit of RMB 157,500,000 as of December 31, 2023, compared to RMB 192,300,000 in the previous year, showing a reduction in operational liquidity issues[61]. Investments and Acquisitions - The group has invested RMB 8,500,000 in a flywheel lithium iron phosphate hybrid energy storage system to enhance profitability[17]. - The company announced the acquisition of a controlling stake in Changzhou Zhilian Cloud for RMB 20,000,000, expected to enhance logistics capabilities[43]. - The company has entered into a conditional sale agreement to acquire Changzhou Zhiliang Cloud for RMB 20,000,000 (approximately HKD 22,000,000) to further invest and expand its logistics business[76]. - The company has invested in a 15% stake in Shenyang Guoyun Micro Control Energy Technology Co., Ltd., valued at RMB 2,881,005 as of December 31, 2023[71]. Operational Highlights - The company is engaged in the research, production, and sale of high-efficiency monocrystalline products, energy storage products, and lithium battery products, as well as providing consulting services for solar power station operations[11]. - The company continues to provide EPC services for rooftop distributed generation projects across various regions in China, maintaining its core business focus[40]. - The company observed a rebound in procurement orders in the second half of 2023, suggesting a recovery in demand for its lithium battery energy storage systems[40]. - The company has undertaken over 30 distributed photovoltaic EPC projects since 2017, with a notable project in Shanghai this year reaching a scale of 4,000 kW[77]. - The company is focused on accelerating its EPC business in response to national policies promoting carbon neutrality and the growth of distributed photovoltaic power generation[77]. Cost Management and Efficiency - Administrative and general expenses decreased by RMB 5,200,000 or 14.4% to RMB 30,600,000 due to cost control measures[53]. - Research and development expenses decreased by RMB 2,200,000 or 65.9% to RMB 1,200,000, reflecting strict cost control in response to macroeconomic challenges[54]. - Financing costs remained stable at RMB 14,032,000 in 2023, slightly up from RMB 14,017,000 in 2022, indicating effective cost management[32]. Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance and has complied with the corporate governance code, with ongoing reviews of its governance structure[83]. - The audit committee consists of two independent non-executive directors, ensuring compliance with corporate governance codes[90]. - The independent auditor's report indicated significant uncertainties regarding the company's ability to continue as a going concern, with net current liabilities of approximately RMB 157.5 million and total liabilities of approximately RMB 134.4 million as of December 31, 2023[99]. Future Outlook and Strategy - The company plans to sell low-utilization properties to alleviate cash flow pressure and improve operational capital[62]. - The company has no plans to expand traditional solar manufacturing capacity and will cautiously plan for the expansion of rooftop distributed generation projects and energy storage businesses based on market conditions[67]. - The company plans to expand into smart logistics and renewable energy sectors, with progress expected to resume as the Chinese economy recovers from the pandemic[75]. - The company is actively seeking opportunities for partnerships with local governments and industry experts to enter hazardous materials transportation and logistics finance sectors[76].

Revenue Performance - Revenue from solar and energy storage decreased by approximately RMB 7,900,000 or 46.4% to about RMB 9,100,000 compared to the same period in 2022, primarily due to weak demand for lithium battery storage products [12]. - Revenue from logistics services increased by 100% to approximately RMB 6,300,000 during the same period, indicating significant growth in this segment [8]. - Revenue for the six months ended June 30, 2023, was RMB 15,430,000, a decrease of 9.1% compared to RMB 16,971,000 for the same period in 2022 [86]. - The company reported total revenue of RMB 15,430,000 for the six months ended June 30, 2023, compared to RMB 16,971,000 for the same period in 2022, reflecting a decrease of about 9.1% [109]. - Revenue from the sale of energy storage products decreased significantly to RMB 1,720,000 in 2023 from RMB 10,852,000 in 2022, representing a decline of approximately 84.2% [109]. - The logistics services segment generated revenue of RMB 6,326,000 in 2023, which was not reported in the previous year [109]. Profitability - Gross profit for the period was approximately RMB 4,800,000, a decrease of about 15.7% from approximately RMB 5,800,000 in the same period of 2022, attributed to reduced revenue [14]. - The company's profit before tax for the period was approximately RMB 48,700,000, an increase of about RMB 54,600,000 compared to a loss of approximately RMB 5,900,000 in the same period of 2022 [23]. - The total profit and comprehensive income for the period was approximately RMB 48,700,000, compared to a loss of approximately RMB 4,200,000 in the same period of 2022 [26]. - The company reported a net profit of approximately RMB 48.7 million for the six months ended June 30, 2023, compared to a net loss of RMB 12.2 million in the previous period [101]. - Basic earnings per share for the period was RMB 6.22, a significant improvement from a loss of RMB 1.55 per share in 2022 [86]. - The company achieved a gross profit of RMB 5,330,000 for the six months ended June 30, 2023, with an unallocated income of RMB 71,477,000 [116]. Expenses and Costs - Gross profit for the same period was RMB 4,854,000, down 15.7% from RMB 5,757,000 in 2022 [86]. - Other income for the period was approximately RMB 3,600,000, down 13.2% from approximately RMB 4,200,000 in the same period of 2022, mainly due to decreased rental income from property sales [15]. - Administrative expenses increased by approximately RMB 1,000,000 or 8.1% to about RMB 13,900,000, mainly due to increased legal and professional fees related to debt reduction and property sales [20]. - Research and development expenses decreased by approximately RMB 1,200,000 or 66.2% to about RMB 600,000, attributed to strict cost control measures implemented by the company [21]. - Interest expenses for the period were approximately RMB 7,200,000, a decrease of about RMB 700,000 from approximately RMB 7,900,000 in the same period of 2022, due to reduced borrowing costs following property sales [22]. - Employee costs totaled RMB 3,178,000 for the six months ended June 30, 2023, compared to RMB 3,300,000 for the same period in 2022, reflecting a decrease of 3.7% [132]. Financial Position - The group recorded a current ratio of 0.3 as of June 30, 2023, down from 0.54 as of December 31, 2022, indicating a decline in liquidity [28]. - The group reported a net debt of approximately RMB 130,800,000 as of June 30, 2023, a decrease from approximately RMB 164,200,000 as of December 31, 2022 [28]. - Total assets as of June 30, 2023, were RMB 77,774,000, a decrease from RMB 226,011,000 at the end of 2022 [88]. - Total liabilities as of June 30, 2023, were approximately RMB 130.811 million, with current liabilities netting around RMB 180.421 million [101]. - The company’s cash and cash equivalents decreased to RMB 12,144,000 from RMB 22,544,000 at the end of 2022 [88]. - The company reported a decrease in cash and cash equivalents to RMB 12,144 million from RMB 42,614 million at the end of the previous period [97]. Strategic Initiatives - The company continues to focus on improving energy supply efficiency and increasing the proportion of renewable energy in global energy supply through investment and technology development [9]. - The group plans to expand into new businesses, including smart logistics and renewable energy, following the establishment of a new headquarters in Jiangsu Province [39]. - The company is focused on expanding its operations in solar energy and battery products, indicating a strategic shift towards renewable energy solutions [99]. - The company is exploring partnerships with international firms to enhance its technological capabilities and market reach [170]. - The company is actively negotiating with interested parties for debt restructuring to facilitate discussions with creditors regarding loan repayment extensions and refinancing [104]. - The company has adopted strict controls over its operational and investment activities to manage financial stability [104]. Shareholder Information - The company completed subscription agreements on June 30, 2023, issuing a total of 158,341,800 shares at a subscription price of HKD 0.105 per share, raising approximately RMB 8,000,000 for general working capital and debt repayment [32]. - The company maintains a public float of at least 25% of its issued shares as required by listing rules [55]. - The beneficial ownership of Mr. Zhang is 142,470,887 shares, representing approximately 15.80% of the issued share capital [57]. - The company is actively seeking to fill vacancies for independent non-executive directors and committee members to comply with listing rules [47]. - The company has established a goal for female representation on the board to be no less than 10% [50]. - The company has no other persons or corporations holding shares that need to be recorded as of June 30, 2023 [63]. Legal and Compliance - The audit committee has reviewed the interim financial statements, ensuring internal controls and risk management are in place [52]. - The company is involved in a legal case regarding an outstanding loan of approximately USD 513,000 (around RMB 3,443,000) as of April 27, 2021 [165]. - The company has not reported any options that have lapsed or been cancelled during the period under the new share option scheme [82]. - The company reported no expenses related to the new share option plan for the six months ending June 30, 2023 [161]. Future Outlook - The company expects a revenue growth of 10% for the next fiscal year, driven by new product launches and market expansion strategies [170]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share by 2025 [170]. - A strategic acquisition of a local solar technology firm was completed, expected to enhance production capacity by 40% [170]. - The company launched a new solar panel product line, projected to contribute an additional RMB 200 million in revenue [170].

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佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任 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。 卡姆丹克太陽能系統集團有限公司 Comtec Solar Systems Group Limited （於開曼群島註冊成立的有限公司） （股份代號：712） 截至二零二三年六月三十日止六個月的 中期業績公佈 業績摘要 • 期內收益約為人民幣15,400,000元，較二零二二年同期約人民幣17,000,000元 減少9.1%； • 期內毛利約為人民幣4,900,000元，較二零二二年同期毛利約人民幣5,800,000 元減少15.7%； • 期內毛利率為31.5%，而二零二二年同期則錄得毛利率33.9%； • 作為本集團剔除資本集中、效益表現不佳的上游業務之策略的一部分，本 公司於二零二二年六月一日公佈出售位於上海的若干物業，代價為人民幣 180,000,000元。出售事項經已完成，而本集團於期內錄得出售物業淨收益約 人民幣68,100,000元。該等物業包括兩項土地使用權及七幢工廠大廈。本集 ...

Financial Performance - The company's revenue for the year was approximately RMB 37.1 million, a decrease of 32.3% compared to RMB 54.8 million for the year ended December 31, 2021, primarily due to significant adverse impacts from the shutdown of battery production and sales in Shanghai [9]. - Gross profit for the year was approximately RMB 7.8 million, an increase of 15.5% compared to RMB 6.8 million for the year ended December 31, 2021 [9]. - The net loss and total comprehensive expenses for the year were approximately RMB 50.7 million, a decrease of about 17.2% compared to RMB 61.3 million for the year ended December 31, 2021, indicating an improvement in profitability [9]. - The company reported a loss per share of RMB 0.0705, compared to a loss per share of RMB 0.0685 for the year ended December 31, 2021 [9]. - Total revenue decreased by RMB 17,700,000 or 32.3% to RMB 37,100,000 for the year ended December 31, 2022, primarily due to reduced sales of energy storage products caused by the resurgence of COVID-19 in China [16]. - Cost of sales and services decreased by 39.0% to RMB 29,300,000, aligning with the revenue decline [17]. - Other income rose by approximately RMB 700,000 or 5.6% to RMB 13,300,000, mainly due to increased government subsidies for clean energy activities [19]. - The company reported other losses of approximately RMB 26,300,000, compared to other income of RMB 14,900,000 in the previous year, primarily due to fair value losses on properties [20]. - Selling and distribution expenses increased by RMB 3,400,000 or 278.0% to RMB 4,600,000, driven by intensified marketing efforts [23]. - Administrative and general expenses decreased by RMB 1,200,000 or 3.3% to RMB 35,700,000, consistent with the revenue decline [24]. - Research and development expenses remained stable at RMB 3,400,000, with ongoing investments in improving energy storage system efficiency [25]. - The company recorded a pre-tax loss of approximately RMB 48,200,000, a decrease of RMB 11,700,000 or 19.6% from the previous year [27]. - The group reported a net loss of approximately RMB 50,689,000 for the year [193]. Future Outlook - The company is optimistic about future growth opportunities in the solar energy sector, driven by global trends in climate change and environmental justice [8]. - The company anticipates diversified and stable profit growth as the electric vehicle and green energy sectors gain global attention [14]. - The company plans to continue developing solar energy businesses, including investment, development, construction, and operation of solar photovoltaic power stations [14]. - The company plans to issue 155,414,011 shares at HKD 0.157 per share, which will help repay loans totaling HKD 18,380,000 [195]. - The company anticipates a gradual recovery of its business in 2023 as COVID-related travel bans and quarantine measures are lifted in China [195]. Debt and Liquidity - A property sale agreement was signed for RMB 180 million, with a deposit of RMB 179.5 million received, aimed at improving the company's liquidity [13]. - Net debt as of December 31, 2022, was approximately RMB 164,200,000, an increase from RMB 113,500,000 the previous year [32]. - As of December 31, 2022, the group reported a net current liability of approximately RMB 192,258,000 [46]. - The group's debt-to-equity ratio as of December 31, 2022, was 2.8, with net liabilities amounting to approximately RMB 164,200,000 [47]. - The group is in discussions with creditors regarding debt restructuring and aims to implement these plans by December 31, 2023 [48]. - The group plans to sell low-utilization assets and properties to improve its capital structure and reduce its debt ratio [47]. - The company received RMB 180,000,000 from the sale of properties in Shanghai to repay debts and support general working capital [195]. - The net cash proceeds from the third subscriber's payment are expected to be approximately HKD 5,620,000, intended for debt repayment [195]. Corporate Governance - The company has maintained good corporate governance practices, focusing on transparency and accountability to shareholders [116]. - The board of directors consists of five members, including one executive director and two independent non-executive directors [155]. - The independent non-executive directors play a crucial role in the board, providing unbiased opinions on the group's strategy and performance [162]. - The company has established multiple channels for independent non-executive directors to express their opinions openly as needed [164]. - The audit committee, consisting of two independent non-executive directors, has reviewed the financial statements for the six months ending June 30, 2022, and confirmed compliance with applicable accounting standards [179]. - The company has implemented a mechanism for the nomination committee to review the effectiveness of the independent director system annually [165]. - The board meetings are held regularly to discuss the overall strategy, operations, and financial performance of the group [171]. - The company has purchased appropriate insurance for potential legal actions against directors and senior officers [168]. - The company is focused on ensuring compliance with corporate governance policies and regulations [189]. Shareholder Information - The company’s major shareholders include Zhang Yi, holding approximately 18.00% of the issued shares, and Dai Ji, holding approximately 8.53% [80]. - Major shareholders include Carrie Wang with 142,470,887 shares (18.00%) and Fonty with 130,513,461 shares (16.49%) as of December 31, 2022 [84]. - The company’s major shareholders also include Advanced Gain Limited with 47,728,179 shares (6.03%) and Sun Da with 104,885,179 shares (13.25%) as of December 31, 2022 [84]. - The company has a total of 32,176,544 shares potentially issuable upon exercise of all unexercised options under the old share option scheme, representing approximately 4.06% of the issued share capital [87]. - The new share option scheme allows for a total of 22,982,956 shares to be issued upon exercise of options, which is approximately 2.90% of the issued share capital as of December 31, 2022 [92]. - The company did not declare any dividends for the year due to plans to retain cash for operational needs and potential future investment opportunities [65]. - As of December 31, 2022, there were no distributable reserves available for shareholders [68]. Operational Highlights - The company primarily engages in solar energy business, focusing on distributed generation projects for industrial, commercial, and residential buildings [61]. - The company provides solar EPC services for distributed generation projects primarily to clients in various provinces including Guangdong, Fujian, and Zhejiang [14]. - The largest customer accounted for 30.5% of total sales, while the top five customers together represented 73.5% of total sales [136]. - The largest supplier accounted for 46.9% of total procurement, and the top five suppliers together represented 90% of total procurement [137]. - The company has established long-term relationships with suppliers, averaging approximately 12 years, ensuring stable supply of polysilicon feedstock [138]. - The company is committed to environmental protection and has implemented measures to comply with environmental laws and regulations, including wastewater and chemical waste management [140]. Risk Management - The board is responsible for the effectiveness of the internal control and risk management systems, which are designed to manage risks associated with business objectives [122]. - The company has adopted financial risk management policies to manage currency, interest rate, credit, and liquidity risks, with monthly reviews of management accounts and capital structure [124]. - The company has implemented strict policies to ensure compliance with applicable laws and regulations, including hiring professional consultants to stay updated on regulatory developments [125]. - The company has no significant liabilities related to retirement benefits beyond the mandatory contributions to the MPF scheme [133]. - The company has complied with all relevant laws and regulations that have a significant impact on its operations during the reporting period [143]. Audit and Compliance - The audit committee has reached a consensus with management regarding the actions to address the audit opinion [197]. - The company paid RMB 1,100,000 for audit services and RMB 150,000 for non-audit services to its auditor during the year [199].

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佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任 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。 卡姆丹克太陽能系統集團有限公司 Comtec Solar Systems Group Limited （於開曼群島註冊成立的有限公司） （股份代號：712） 截至二零二二年十二月三十一日止年度 的年度業績公佈 業績摘要 • 年內收益約為人民幣37,100,000元，較截至二零二一年十二月三十一日止年 度約人民幣54,800,000元同比減少32.26%； • 年內毛利約為人民幣7,800,000元，較截至二零二一年十二月三十一日止年 度約人民幣6,800,000元同比增加15.46%； • 年內毛利率約為21.0%，而截至二零二一年十二月三十一日止年度的毛利率 則為12.3%； • 年內本公司擁有人應佔淨虧損約為人民幣55,800,000元，較截至二零二一年 ...

Credit Impairment and Expected Credit Loss - The audited financial results reported a credit impairment loss of approximately RMB 22,600,000 for the fiscal year 2021, with trade receivables and other receivables contributing RMB 20,400,000 and RMB 2,200,000 respectively [7]. - The expected credit loss provision for the fiscal year 2021 was estimated at approximately RMB 37,500,000, compared to a carryover of approximately RMB 35,400,000 from the fiscal year 2020 [5]. - The largest non-credit impaired debtor's outstanding balance decreased significantly from approximately RMB 22,370,000 as of December 31, 2021, to approximately RMB 750,000 by September 30, 2022, indicating a substantial reduction in credit risk [13]. - The expected credit loss model adopted a 35% expected credit loss rate based on Moody's global default rates for the fiscal year 2021, reflecting a conservative approach [6]. - The majority of the group's trade receivables were overdue for more than 180 days, leading to a higher expected credit loss value due to the aging of receivables [9]. - The company did not recognize any provision for expected credit losses in the unaudited results due to the initial assessment being below RMB 2,100,000 [5]. - The independent valuation firm applied a simplified flow rate matrix method to determine the expected credit loss rate, which increased with the aging of receivables [9]. - The board emphasized that the expected credit loss provision is a forward-looking estimate and does not represent actual losses incurred [11]. - The company plans to adjust the impairment loss for prudence based on subsequent events after the publication of the unaudited results [6]. Audit Process and Delays - The company faced delays in the audit process due to COVID-19 restrictions in China, impacting the assessment of financial assets [3]. Company Leadership - The executive director is Mr. Zhang Yi, with non-executive directors Mr. Dai Ji and Mr. Qiao Fenglin, and independent non-executive directors Dr. Zhen Jiasheng and Mr. Jiang Qiang [15].