Group 1 - The company, Jinyang New Energy (01121.HK), will hold a board meeting on August 29, 2025, to review and approve its interim results for the six months ending June 30, 2025 [1] - The meeting will also discuss the proposal for the distribution of an interim dividend, if any [1]

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，並明確表示概不會就本公佈全部或任何部分內容產生或因依賴該等內 容而引致的任何損失承擔任何責任。 康莊 董事會會議通告 金陽新能源科技控股有限公司（「本公司」）之董事（「董事」）會（「董事會」）謹此宣佈，本公司將於 二零二五年八月二十九日（星期五）舉行董事會會議，其中議程包括考慮及批准本公司及其附屬公 司截至二零二五年六月三十日止六個月之中期業績及有關之公告，考慮及批准宣派中期股息（如 有），以及其他事項。 代表董事會 金陽新能源科技控股有限公司 主席 GOLDEN SOLAR NEW ENERGY TECHNOLOGY HOLDINGS LIMITED 金陽新能源科技控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1121） 香港，二零二五年八月十五日 於本公佈日期，執行董事為康莊先生及鄭景東先生；非執行董事為林煒歡女士；及獨立非執行董 事為陳少華先生、張保平博士及趙金保教授。 ...

I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01121 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.01 USD | | 50,000,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 5,000,000,000 | USD | | 0.01 USD | | 50,000,000 | 本月底法定/註冊股本總額： USD 50,000,000 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 金陽新能源科技控股有限公司 呈交日期: 20 ...

Group 1 - The core viewpoint of the article highlights that the photovoltaic industry has become a representative sector against "involution," with initial success in price adjustments across the supply chain due to recent measures against selling below cost [1] - Zhongxin Securities reports that the silicon material sector is highly concentrated, with fewer companies, making it easier to achieve supply-side reforms, which may lead to industry consolidation and reduced output, positioning silicon materials favorably in future profit distribution [1] - The company has made significant progress in its photovoltaic business, successfully developing high-efficiency intrinsic heterojunction (HJT) solar cell technology using monocrystalline cast silicon wafers, and has entered into a joint venture agreement for HBC upgrade projects with partners [1] Group 2 - Huachuang Securities notes that at a recent seminar on the photovoltaic supply chain, it was reported that the comprehensive energy consumption of polysilicon has been continuously decreasing, with ongoing efforts to revise the energy consumption standards for polysilicon products [1] - The current energy consumption standards for polysilicon products are ≤7.5, 8.5, and 10.5 (kgce/kg) for levels 1, 2, and 3, respectively, with proposed revisions aiming for ≤5, 6, and 7.5 (kgce/kg) to facilitate the elimination of outdated production capacity [1]

Financial Performance - In 2024, the Group's revenue decreased by approximately RMB 41.8 million or approximately 14.2% to approximately RMB 253.5 million, primarily due to declines in the sales of Photovoltaic Products and OEM business[17]. - The revenue from the OEM business slightly decreased by approximately 1.5% to approximately RMB 206.2 million in 2024 despite challenging macroeconomic conditions[18]. - Revenue from the manufacture and sale of Photovoltaic Products dropped by approximately 51.6% to approximately RMB 38.6 million due to a transition to new technology products[19]. - The Group's revenue for the year ended December 31, 2024, decreased by approximately RMB 41.8 million or 14.2% to approximately RMB 253.5 million compared to RMB 295.3 million in 2023[28]. - Revenue from the Photovoltaic Products business decreased by approximately 51.6% to approximately RMB 38.6 million, down from approximately RMB 79.8 million in 2023[29]. - The gross profit margin for the Group decreased to approximately 13.0% for the year ended December 31, 2024, compared to approximately 14.5% in 2023, with gross profit decreasing by approximately 23.2% to approximately RMB 32.9 million[28]. - The Group recorded a decrease in net loss for the year ended December 31, 2024, of approximately RMB 49.0 million to approximately RMB 277.4 million, compared to a net loss of approximately RMB 326.4 million in 2023[31]. Assets and Equity - Non-current assets amounted to RMB 327.3 million, while current assets were RMB 368.9 million in 2024[14]. - Shareholders' equity decreased to RMB 382.4 million in 2024 from RMB 541.0 million in 2023[14]. - The Group's current ratio was 1.3x in 2024, down from 2.0x in 2023, reflecting a decline in liquidity[14]. Costs and Expenses - Selling and distribution expenses increased by approximately 2.1% to approximately RMB 25.3 million in 2024, accounting for approximately 10.0% of the Group's revenue[44][47]. - General and administrative expenses decreased by approximately RMB 35.5 million or approximately 13.8% to approximately RMB 221.6 million in 2024, primarily due to a reduction in equity-settled share-based payments[45][48]. - Research and development costs decreased by approximately RMB 23.1 million to approximately RMB 60.2 million in 2024, focusing on upgrading HJT cell production lines[46][49]. Cash Flow and Liquidity - As of December 31, 2024, the Group's net cash outflow from operating activities amounted to approximately RMB 50.6 million, with cash and bank balances decreasing to approximately RMB 31.9 million[51]. - The net cash outflow from operating activities for the year was approximately RMB 50.6 million, a decrease from RMB 161.9 million in 2023[55]. - As of December 31, 2024, cash and bank balances were approximately RMB 31.9 million, down by approximately RMB 110.7 million from RMB 142.6 million at the end of 2023[55]. Debt and Gearing - The gearing ratio increased to 80.7% as of December 31, 2024, compared to 58.7% in 2023, indicating a rise in total debts relative to equity[52]. - The Group's leverage ratio increased to 80.7% as of December 31, 2024, compared to 58.7% in 2023[55]. Employee and Staff Information - The total staff costs for the year ended December 31, 2024, amounted to approximately RMB 243.95 million, down from RMB 293.07 million in 2023[61]. - The Group had approximately 1,020 employees as of December 31, 2024, a decrease from 1,090 employees in 2023[61]. Corporate Governance - The Company has complied with the Corporate Governance Code throughout the year ended December 31, 2024[85]. - The Company periodically reviews its corporate governance practices to ensure continuous compliance[85]. - The Board held a total of 11 meetings during the year 2024, with attendance details summarized in the report[108]. - The Company has maintained a well-balanced Board composition with Directors possessing relevant expertise and extensive experience[99]. - The Company has established three Board Committees: audit committee, remuneration committee, and nomination committee, to oversee specific aspects of its affairs[132]. Board Composition and Diversity - As of December 31, 2024, the Board consisted of two executive Directors, one non-executive Director, and three independent non-executive Directors, with a gender ratio of 83.3% male and 16.7% female, achieving the target set by the Board[167]. - The gender ratio in the workforce (excluding Directors) was 47.7% female to 52.3% male, indicating a balanced gender distribution[168]. - The Company aims to maintain a balanced gender ratio in the workforce and does not consider gender in recruitment decisions[168]. - The Company has set a gender diversity target of having at least one female Director on the Board[166]. Strategic Initiatives - The Group upgraded its existing HJT cell production lines to the patented HBC solar cell technology, which offers higher conversion efficiency and lower costs[20]. - The Group plans to complete the world's first gigawatt-scale HBC cell factory in 2025 through a joint venture with partners, aiming to expand market reach and partnerships[23]. - The specialized silver-copper paste technology developed for back-contact cells reduces silver paste consumption by over 20%, lowering production costs while maintaining conductivity[26]. - The Group's Boree branded products revenue increased by approximately 496.8% to approximately RMB 4.1 million due to increased online sales[36]. - The Group's strategy includes collaborating with traditional awning suppliers to supply solar awnings to downstream recreational vehicles and household customers[25]. Internal Controls and Risk Management - The Board is responsible for preparing the financial statements for the year ended December 31, 2024, ensuring they provide a true and fair view of the Company's affairs and comply with International Financial Reporting Standards[191]. - The Board and audit committee conducted a review of the internal control system and procedures, believing that the existing risk management and internal control systems are adequate and effective[199]. - The internal audit function is responsible for assessing the Group's risk management and internal control systems and reporting findings to the audit committee[196].

瑞财经 钟鸣辰 3月31日消息，金阳新能源(01121)发布2024年年度报告。 | | | 二零二四年 | 二零二三年 | | --- | --- | --- | --- | | | 附註 | 人民幣千元 | 人民幣千元 | | 收益 | 4 | 253.514 | 295.348 | | 销售成本 | | (220,580) | (252.443) | | 毛利 | | 32,934 | 42.905 | | 其他收入及收益淨額 | 4 | 16.475 | 15.660 | | 應收貿易賬款減值虧損撥回/(減值虧損) | | 245 | (337) | | 銷售及分銷開支 | | (25,325) | (24.814) | | 一般及行政開支 | | (221,595) | (257.115) | | 物業、廠房及設備減值虧損 | | (3,382) | (2.307) | | 存貨減值虧損 | | (7,065) | (9.255) | | 研發成本 | | (60,226) | (83.352) | | 無形資產攤銷 | | (16) | (460) | | 融資成本 | 5 | (8,139) | ...

Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of RMB 253,514,000, a decrease of 14.2% compared to RMB 295,348,000 in 2023[3] - The gross profit for the same period was RMB 32,934,000, down 23.3% from RMB 42,905,000 in the previous year[3] - The company recorded a pre-tax loss of RMB 276,031,000, an improvement of 14.8% compared to a loss of RMB 323,829,000 in 2023[3] - Basic and diluted loss per share for the year was RMB 15.294, compared to RMB 18.400 in the previous year, indicating a reduction in loss per share[3] - The company reported a pre-tax loss of RMB 276,031,000 for the year ended December 31, 2024, compared to a loss of RMB 323,829,000 in 2023[18] - The company recorded a net loss of approximately RMB 27.7 million for the year ended December 31, 2024, a reduction of approximately RMB 49 million compared to a net loss of RMB 32.6 million in 2023[36] - The total tax expense for the year ended December 31, 2024, was RMB 1,376,000, compared to RMB 2,551,000 for the year ended December 31, 2023, representing a decrease of approximately 46%[20] - The basic loss per share for the year ended December 31, 2024, was RMB 0.153, based on a total comprehensive loss of approximately RMB 277,407,000, compared to RMB 0.184 for the year ended December 31, 2023, which reflects a reduction in loss per share of about 16.8%[22] Revenue and Sales - Total revenue for the year ended December 31, 2024, was RMB 253,514,000, a decrease of 14.2% compared to RMB 295,348,000 in 2023[16] - Revenue from photovoltaic products decreased by approximately 51.6% to approximately RMB 38.6 million, down from RMB 79.8 million in 2023, primarily due to the transition between old and new technology products[41] - Revenue from OEM business slightly decreased by approximately 1.5% to approximately RMB 206.2 million, compared to RMB 209.4 million in 2023, despite facing macroeconomic challenges[40] - Revenue from Baorun brand products increased by approximately 496.8% to approximately RMB 4.1 million, up from RMB 0.7 million in 2023, driven by increased online sales[38] - The graphene products segment reported a profit of RMB 1,113,000, while the photovoltaic products segment incurred a loss of RMB 102,910,000, contributing to a total segment loss of RMB 74,008,000[13] Expenses and Costs - Research and development expenses decreased to RMB 60,226,000, a reduction of 27.7% from RMB 83,352,000 in 2023[3] - The cost of goods sold for the year was RMB 220,580,000, down from RMB 252,443,000 in 2023, reflecting a reduction in sales volume[18] - Employee benefits expenses, including salaries and share-based payments, totaled RMB 243,953,000 in 2024, compared to RMB 293,066,000 in 2023[18] - Selling and distribution expenses increased by approximately 2.1% to approximately RMB 25.3 million, accounting for about 10.0% of total revenue, up from 8.4% in 2023[42] - General and administrative expenses decreased by approximately 13.8% to approximately RMB 221.6 million, down from RMB 257.1 million in 2023, mainly due to a reduction in share-based payment expenses[43] Assets and Liabilities - Total assets decreased to RMB 696,181,000 from RMB 864,995,000 in 2023, reflecting a decline of 19.5%[4] - Current liabilities increased to RMB 277,644,000 from RMB 261,342,000, representing a rise of 6.2%[4] - The company's cash and bank balances significantly decreased to RMB 31,861,000 from RMB 142,643,000, a decline of 77.7%[4] - Trade receivables decreased to RMB 144,295,000 as of December 31, 2024, from RMB 155,321,000 as of December 31, 2023, indicating a decline of approximately 7.1%[26] - The total accounts payable decreased to RMB 71,890,000 as of December 31, 2024, from RMB 79,592,000 as of December 31, 2023, representing a decrease of about 9.7%[27] Shareholder Information - The company did not recommend any dividend distribution for the years ended December 31, 2024, and December 31, 2023[21] - The weighted average number of shares for calculating basic loss per share increased to 1,813,788,930 for the year ended December 31, 2024, from 1,773,772,107 for the year ended December 31, 2023, reflecting an increase of approximately 2.3%[22] - The total number of issued shares decreased to 1,813,269,608 as of December 31, 2024, after the cancellation of 1,286,000 shares repurchased in 2023 and 1,104,000 shares repurchased in the current year[46] - The company repurchased 1,104,000 shares at a total cash consideration of approximately RMB 3,589,000 during the reporting period[32] Future Plans and Innovations - The company is engaged in the production and sales of graphene EVA foam materials and graphene sterilization chips, indicating ongoing innovation in product development[5] - The company plans to continue its market expansion efforts, particularly in the production of solar energy components and related technologies[5] - The company has upgraded its HJT battery production line to a proprietary HBC solar cell technology, which is expected to improve production efficiency and contribute positively to shareholder value[41] - A joint venture is expected to establish the world's first gigawatt-level HBC battery factory by 2025, expanding market coverage and driving industry upgrades[55] - The company plans to collaborate with traditional awning suppliers to provide flexible components and supply photovoltaic awnings to RV and residential customers by 2025[55] - The company plans to start collaboration with an Indonesian factory in Q2 2025 to address the impact of U.S. tariff policies and competition from Southeast Asian manufacturers on its OEM business[56] Compliance and Risk Management - The audit committee reviewed the financial reporting procedures and risk management systems, ensuring compliance with corporate governance codes[61] - The management monitors foreign exchange risks, with revenues primarily denominated in USD and RMB, while sales costs and operating expenses are mainly in RMB[50] - The company has no significant contingent liabilities as of December 31, 2024[49] - The company has not yet adopted several new or revised international financial reporting standards that are expected to come into effect in the coming years[10] - The company expects that the adoption of new or revised international financial reporting standards will not have a significant impact on the consolidated financial statements in the foreseeable future[9]

Revenue Performance - Total revenue for the six months ended June 30, 2024, was RMB 127.5 million, a decrease of 18.0% from RMB 155.5 million in 2023[6]. - Revenue from Boree products increased significantly by 107.8% to RMB 2.0 million, compared to RMB 0.9 million in the previous year[6]. - Revenue from graphene-based products surged by 182.8% to RMB 2.3 million, up from RMB 0.3 million in 2023[6]. - Revenue from OEM business remained stable at RMB 111.2 million, a slight decrease of 0.1% compared to the previous year[6]. - Revenue from photovoltaic products increased by 71.7% to RMB 12.0 million, compared to RMB 42.5 million in 2023[6]. - The revenue of Golden Solar New Energy Technology Holdings Limited decreased by approximately RMB28.0 million or approximately 18.0% to approximately RMB127.5 million for the six months ended 30 June 2024, compared to RMB155.5 million in 2023[7]. - Revenue from Photovoltaic Products was approximately RMB12.0 million, a significant decrease of 71.7% compared to RMB42.5 million in the previous year[13]. - Revenue from Boree branded products increased by approximately 107.8% to approximately RMB2.0 million due to increased online sales[13]. - Revenue from graphene-based products increased by approximately 182.8% to approximately RMB2.3 million, driven by sales of sterilizing modules for air conditioning systems[13]. - The OEM business revenue slightly decreased by approximately 0.1% to approximately RMB111.2 million for the Period compared to RMB111.3 million in 2023[14]. - The revenue from the Photovoltaic Products business decreased by approximately 71.7% to approximately RMB12.0 million, primarily due to price competition among solar companies[20]. Financial Performance - Gross profit for the period was RMB 13.3 million, down 47.4% from RMB 25.2 million in 2023[6]. - The company reported a loss for the period of RMB 158.2 million, an increase of 25.2% from a loss of RMB 126.4 million in the previous year[6]. - The gross profit decreased by approximately 47.4% to approximately RMB13.3 million, with a gross profit margin dropping to approximately 10.4% from approximately 16.2% in the corresponding period of 2023[7]. - The Group recorded a net loss of approximately RMB158.2 million for the Period, compared to a net loss of approximately RMB126.4 million in the same period of 2023[11]. - Loss before tax for the period was RMB 157,845,000, compared to a loss of RMB 125,280,000 in 2023[56]. - The total comprehensive expenses for the period ending June 30, 2024, were RMB 158,184,000, compared to RMB 126,361,000 for the same period in 2023, reflecting an increase of approximately 25.1%[62]. - The company reported accumulated losses of RMB (1,646,458,000) as of June 30, 2024, compared to RMB (1,306,319,000) as of June 30, 2023, indicating an increase in losses of approximately 26%[62]. - Basic loss per share for the period was RMB 0.087, compared to RMB 0.073 in the same period last year[56]. Equity and Assets - Shareholders' equity decreased by 26.8% to RMB 461.2 million, down from RMB 629.7 million in 2023[6]. - Total assets as of June 30, 2024, were RMB 508,320,000, a decrease from RMB 602,653,000 as of December 31, 2023[58]. - Current assets decreased to RMB 391,230,000 from RMB 522,863,000 at the end of 2023[58]. - Net current assets were RMB 166,384,000, down from RMB 261,521,000 at the end of the previous year[58]. - Total equity as of June 30, 2024, was RMB 461,241,000, a decrease from RMB 540,994,000 at the end of 2023[60]. - The share capital as of June 30, 2024, was RMB 120,862,000, a slight decrease from RMB 120,960,000 as of June 30, 2023[63]. Cash Flow and Liquidity - Net cash outflow from operating activities amounted to approximately RMB26.0 million, compared to RMB28.3 million in 2023[15]. - Cash and bank balances decreased by approximately 43.3% to approximately RMB80.9 million as of June 30, 2024, from RMB142.6 million as of December 31, 2023[15]. - The company experienced a net decrease in cash and cash equivalents of RMB 61,730,000 for the six months ended June 30, 2024, compared to a decrease of RMB 50,639,000 in the same period of 2023, indicating a worsening cash position[65]. Research and Development - Research and development costs were approximately RMB32.8 million, primarily due to the upgrade of existing HJT production lines to the patented HBC solar cell technology[11]. - The Group is continuously developing advanced technologies to maintain product competitiveness amid price competition in the solar industry[9]. - The Group upgraded existing HJT production lines to higher efficiency HBC solar cell technology, which is expected to enhance competitiveness[20]. - The Group invested approximately RMB 92,000,000 in R&D for graphene material applications, indicating a focus on innovation and product development[101]. Corporate Governance and Management - The company is committed to maintaining good corporate governance practices, which are essential for effective management and enhancing shareholder value[54]. - The company complied with the Corporate Governance Code throughout the period[54]. - Changes in the Board included the retirement of Ms. An Na and the appointment of Dr. Zhang Baoping as an independent non-executive Director[54]. - Mr. Leung Tsz Chung stepped down as an executive Director and Chairman, with Mr. Kang Chuang appointed as his successor[54]. Share Options and Equity Incentives - The Company adopted a new share option scheme on June 16, 2023, to motivate and reward its Directors and eligible employees[17]. - As of June 30, 2024, the company had a total of 111,000,000 outstanding share options under the 2011 Share Option Scheme and 154,830,000 under the 2021 Share Option Scheme[31]. - The 2021 Share Option Scheme was terminated on June 16, 2023, and a new scheme, the 2023 Share Option Scheme, was adopted on the same date[31]. - The total outstanding share options as of June 30, 2024, are solely from the previous share option schemes[31]. - The exercise price for share options granted under the 2011 Share Option Scheme is HKD 0.55[34]. - The total number of shares that may be issued upon the exercise of all outstanding options under the 2023 Share Option Scheme is limited to 10% of the shares in issue at the date of approval[122]. Market and Competitive Position - The Group aims to selectively partner with high-end overseas module manufacturers to supply HBC solar cells for module production and sales in overseas markets[23]. - The Group's strategy focuses on creating technological differentiation to compete against homogeneous products facing significant price competition[23]. - The flexible solar modules received UL certification in June 2024, facilitating entry into the US residential market[21]. - The second flexible mass production facility is expected to commence operations in Q3 2024, with the first facility completing orders for Australia in September 2024[22]. Employee and Compensation - The Group had approximately 890 employees as of June 30, 2024, down from 1,090 employees on December 31, 2023, with total staff costs amounting to approximately RMB143.5 million for the period[17]. - Employee benefit expenses for the six months ended June 30, 2024, totaled RMB 143,497,000, up from RMB 113,737,000 in the previous year, indicating a growth of approximately 26%[89].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 127,481,000, a decrease of 18% compared to RMB 155,516,000 for the same period in 2023[2] - Gross profit for the same period was RMB 13,267,000, down 47% from RMB 25,230,000 year-on-year[2] - The company reported a net loss attributable to owners of RMB 158,184,000, compared to a loss of RMB 126,361,000 in the previous year, representing a 25% increase in losses[2] - Basic and diluted loss per share was RMB 0.087, compared to RMB 0.073 for the same period in 2023[2] - The company reported a pre-tax loss of RMB 157,845 thousand for the six months ended June 30, 2024, compared to a pre-tax loss of RMB 125,280 thousand for the same period in 2023[18] - The company recorded a net loss of approximately RMB 158.2 million, compared to a net loss of approximately RMB 126.4 million in the same period last year[39] - The total tax expense for the six months ended June 30, 2024, was RMB 339 million, a decrease from RMB 1,081 million in 2023, representing a reduction of approximately 68.7%[28] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 508,320,000, down from RMB 602,653,000 at the end of 2023[4] - Current assets decreased to RMB 391,230,000 from RMB 522,863,000, indicating a decline of 25%[4] - Cash and bank balances were RMB 80,913,000, a significant decrease from RMB 142,643,000 in the previous year[4] - Non-current liabilities decreased to RMB 47,079,000 from RMB 61,659,000, reflecting a reduction of 24%[6] - The company’s total equity decreased to RMB 461,241,000 from RMB 540,994,000, a decline of 15%[5] - The company’s total assets were RMB 1,646,458 thousand, down from RMB 1,491,110 thousand at the beginning of the period[8] - The total liabilities as of June 30, 2024, were RMB 271,925 thousand, compared to RMB 323,001 thousand as of December 31, 2023[17] Revenue Breakdown - Major customer A contributed RMB 58,873 thousand in revenue for the six months ended June 30, 2024, while customer B contributed RMB 44,087 thousand[20] - The company's revenue from the United States for the six months ended June 30, 2024, was RMB 102,866 thousand, slightly down from RMB 104,134 thousand for the same period in 2023[18] - Revenue from OEM business slightly decreased by about 0.1% to approximately RMB 111.2 million, despite facing macroeconomic challenges[43] - Revenue from photovoltaic products fell approximately 71.7% to about RMB 12 million, mainly due to price competition among solar companies[44] - The company's revenue decreased by approximately RMB 28 million or 18.0% to about RMB 127.5 million for the period, primarily due to a decline in revenue from photovoltaic products[39] Expenses and Costs - The cost of goods sold for the six months ended June 30, 2024, was RMB 114,214 million, down from RMB 130,286 million in 2023, indicating a decrease of about 12.3%[24] - Employee benefits expenses, including salaries and wages, increased to RMB 56,133 million in 2024 from RMB 46,211 million in 2023, reflecting a rise of approximately 21.0%[25] - Sales and distribution expenses increased by approximately 23.4% to about RMB 13.7 million, accounting for about 10.7% of total revenue[45] - General and administrative expenses rose by approximately 31.6% to about RMB 124.3 million, primarily due to increased share-based payments and salaries[46] Research and Development - The company plans to focus on research and development to enhance its product offerings and market position[2] - The company plans to continue investing in research and development for new products, particularly in the graphene and solar energy markets[14] - Research and development costs decreased by approximately RMB 16.6 million to about RMB 32.8 million, focusing on upgrading existing HJT production lines and developing exclusive HBC solar cell technology[47] Market Strategy and Innovations - The company is focused on expanding its market presence in China, particularly in the footwear and renewable energy sectors[9] - The company upgraded its existing HJT production line to a proprietary HBC solar cell technology with higher conversion efficiency and cost advantages[39] - The company achieved product validation for flexible solar modules and solar canopies in collaboration with leading US RV brands and suppliers, with orders expected in the coming months[60] - The flexible solar modules received UL certification in early June 2024, marking a significant step for market entry into the US residential application market[60] - The company plans to start manufacturing HBC solar cells for traditional glass modules in September 2024, aiming to establish a cluster of HBC solar cells and components[60] Shareholder Actions - The company repurchased 1,286,000 shares at a total cash consideration of approximately HKD 4.75 million, with a minimum and maximum repurchase price of HKD 3.56 and HKD 3.90 per share, respectively[38] - The company repurchased 524,000 shares at a total cost of approximately HKD 1,963,000 (around RMB 1,783,000), reflecting confidence in its development prospects[64] - The total issued shares decreased to 1,814,283,608 with paid-up capital of approximately RMB 120,862,000 as of June 30, 2024, following the cancellation of 1,376,000 repurchased shares[49] Compliance and Reporting - The company has not reported any significant impact from the newly adopted international financial reporting standards on its financial performance[11] - The company's financial statements are prepared in accordance with international accounting standards, ensuring compliance and transparency[10] - The company’s direct and ultimate holding companies are registered in the British Virgin Islands, indicating a complex ownership structure[9] Other Information - The group did not engage in any significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the period[50] - There have been no significant events after the review period ending June 30, 2024[66] - The company did not propose any dividends for the periods ended June 30, 2024, and 2023[29]

Revenue Growth - The Group's revenue for 2023 increased by approximately RMB21.1 million or 7.7% to approximately RMB295.4 million, driven by the growth in cast monocrystalline silicon wafers and OEM business[9]. - Revenue from the OEM business rose by approximately 11.7% to approximately RMB209.4 million despite challenging macroeconomic conditions[10]. - The manufacture and sale of Photovoltaic Products saw a revenue increase of approximately 12.9% to approximately RMB79.8 million, primarily due to high efficiency HJT solar modules sold to European customers[11]. - The Group's revenue increased by approximately RMB 21.1 million or about 7.7% to approximately RMB 295.4 million in 2023, driven by growth in the Photovoltaic Products and OEM businesses[20]. - Revenue from manufacturing and selling photovoltaic products increased by approximately 12.9% to around RMB 79.8 million, primarily due to sales of efficient HJT solar modules to European customers[12]. - OEM business revenue increased by approximately 11.7% to approximately RMB209.4 million, despite facing macroeconomic challenges such as inflation and sluggish consumer demand in the US[20]. Profitability and Loss - The gross profit margin for 2023 was 14.5%, compared to 13.0% in 2022, indicating improved profitability[8]. - The net loss margin for the year was (110.5)%, reflecting ongoing challenges in the market[8]. - Gross profit rose by approximately 20.8% to approximately RMB42.9 million, with a gross profit margin increase to approximately 14.5% from 13.0% in 2022[20]. - The Group recorded a net loss of approximately RMB326.4 million, compared to a net loss of approximately RMB167.0 million in 2022, largely due to increased share-based payments and R&D costs[20]. Assets and Financial Health - Non-current assets increased to RMB341.1 million, up from RMB207.3 million in 2022, indicating growth in long-term investments[8]. - Current assets decreased to RMB522.9 million from RMB708.1 million in 2022, suggesting a tightening of liquidity[8]. - The Group's current ratio was 2.0x, down from 2.8x in the previous year, indicating a decrease in short-term financial health[8]. - Shareholders' equity decreased to RMB541.0 million from RMB644.8 million in 2022, reflecting the impact of losses on the equity base[8]. Research and Development - R&D costs increased by approximately RMB31.0 million to approximately RMB83.4 million, driven by preparations for launching HJT solar awnings and developing HBC solar cells[20]. - The Group has applied for several patents covering the structure, production process, and equipment of HBC solar cells and modules, successfully obtaining dozens of authorized patents[16]. - The Group successfully launched high efficiency HBC solar cells and initiated collaborations with large RV retailers for bendable HJT solar awnings targeting the RV market[11]. Employee and Management - As of December 31, 2023, the Group had approximately 1,090 employees, with total staff costs amounting to approximately RMB 293.1 million, up from RMB 218.2 million in 2022[44]. - The Group's total employee count increased to approximately 1,090 as of December 31, 2023, up from 930 in 2022, with total employee costs amounting to RMB 293,067,000, compared to RMB 218,154,000 in 2022[47]. - The company has implemented a 2023 Share Option Scheme to attract high-quality talent and retain outstanding employees[195]. Corporate Governance - The board is responsible for establishing overall strategic development, setting business objectives, and monitoring performance, with daily operations delegated to management[68]. - The Company considers all independent non-executive Directors to be independent, having received annual confirmations of their independence[83]. - The Board is committed to increasing the proportion of female directors when identifying suitable candidates, in line with the diversity policy[112]. - The Company has established an audit committee to oversee financial reporting processes and risk management, in compliance with the CG Code[89]. Environmental, Social, and Governance (ESG) - The ESG Report highlights the Group's commitment to corporate social responsibility while pursuing growth, focusing on product safety, quality, energy saving, and environmental protection[144]. - The Group's ESG performance is reported with specific and measurable quantitative metrics to track and evaluate progress[145]. - The Group invested approximately RMB 163,000 in energy saving, environmental protection, and emission and waste reduction in 2023[155]. - The Group has implemented a "Green Procurement" policy to encourage suppliers to adopt environmentally friendly practices[183]. Environmental Impact - The total greenhouse gas (GHG) emissions from the company included 72.31 tonnes from company car oil consumption and 1,750.67 tonnes from natural gas usage[163]. - The total wastewater generated was 20,106.20 tonnes, with all wastewater treated in compliance with relevant regulations[168]. - The Group aims to reduce waste emissions intensity by 20% by 2027 compared to 2023 levels[178]. - The company utilizes clean natural gas and has installed exhaust gas treatment equipment to control emissions effectively[167].