Financial Performance - Revenue for the year ended December 31, 2023, was RMB 295,348,000, representing an increase of 7.4% compared to RMB 274,277,000 in 2022[2] - Gross profit for the same period was RMB 42,905,000, up from RMB 35,523,000, indicating a gross margin improvement[2] - The company reported a loss before tax of RMB 323,829,000, compared to a loss of RMB 164,922,000 in the previous year, marking a 96.2% increase in losses[2] - Basic and diluted loss per share for the year was RMB 18.400, compared to RMB 9.767 in 2022, indicating a worsening of financial performance[2] - The total loss before tax for the year 2023 was RMB 323,829,000, compared to a loss of RMB 164,922,000 in 2022, reflecting a deterioration in financial performance[15] - The net loss for the year was approximately RMB 326.4 million, an increase from a net loss of approximately RMB 167 million in the same period last year[33] - Employee benefits expenses rose significantly to RMB 293,067,000 in 2023, up from RMB 218,154,000 in 2022, marking an increase of 34.4%[16] - The total financing costs for 2023 amounted to RMB 5,154,000, an increase from RMB 4,414,000 in 2022[15] - The company's leverage ratio increased to 58.7% as of December 31, 2023, compared to 40.8% in 2022[43] Assets and Liabilities - Total assets decreased to RMB 1,125,496,000 from RMB 1,370,895,000, a decline of 18% year-over-year[3] - Cash and bank balances significantly dropped to RMB 142,643,000 from RMB 354,724,000, a decrease of 59.8%[3] - The company's net asset value decreased to RMB 540,994,000 from RMB 644,800,000, reflecting a decline of 16%[3] - Trade receivables from sales of goods reached RMB 155,771,000 in 2023, up from RMB 95,674,000 in 2022, reflecting a growth of 62.8%[23] - The total amount of trade payables decreased to RMB 79,592,000 in 2023 from RMB 94,422,000 in 2022, a decline of 15.7%[25] - The total short-term borrowings increased to RMB 100,200,000 in 2023 from RMB 91,000,000 in 2022, an increase of 10.3%[27] Research and Development - Research and development costs increased significantly to RMB 83,352,000 from RMB 52,370,000, reflecting a 59.1% rise year-over-year[2] - R&D expenses increased by approximately RMB 31 million to about RMB 83.4 million in the current year, compared to RMB 52.4 million in 2022[41] - The company has successfully applied for and obtained dozens of patents related to HBC solar cells and components, including patents in Europe and the United States[50] Product and Market Development - The company is engaged in the production and sales of graphene-based products, indicating a focus on innovation and market expansion in new technologies[5] - The graphene products division generated a profit of RMB 38,803,000, while the photovoltaic products division incurred a loss of RMB 121,245,000, contributing to a total pre-tax loss of RMB 323,829,000 for the group[10] - The revenue from photovoltaic products increased by approximately 12.9% to about RMB 79.8 million, primarily driven by sales of high-efficiency HJT solar modules to European customers[32] - The OEM business revenue grew by approximately 11.7% to about RMB 209.4 million, despite facing macroeconomic challenges in the U.S.[32] - The company has achieved the production of the world's first high-efficiency second-generation hybrid HBC solar cells with a conversion efficiency exceeding 27%[50] - The innovative flexible HBC solar module weighs only one-eighth of traditional glass solar modules and has a rolled-up diameter of less than 3 inches[50] - The total market capacity for flexible solar panels in the RV sector is estimated to exceed $40 billion, based on approximately 20 million RVs and an average installation of 1,000 watts per RV at a cost of $2.2 per watt[50] - The company plans to cover most of the rigid demand in the RV solar market within the next three to five years[50] - The company aims to gradually replace current residential solar systems with its solar awning systems, which are expected to reduce costs by at least 30% compared to existing independent power systems in American households[50] 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 3.60 and HKD 3.88 per share, respectively[30] - The board of directors did not recommend the payment of a final dividend for the fiscal year ending December 31, 2023[54] - The company did not declare any dividends for the years ending December 31, 2023, and December 31, 2022[18] Operational Efficiency - General and administrative expenses increased by approximately 39.3% to about RMB 257.1 million, mainly due to stock-based compensation and hiring more senior management[40] - Sales and distribution expenses rose by approximately 112.0% to about RMB 24.8 million, accounting for approximately 8.4% of total revenue[39] - The company reported a deferred tax expense of RMB (167,000) in 2023, compared to RMB 336,000 in 2022, indicating a change in tax liabilities[17] - The company has no significant contingent liabilities as of December 31, 2023[46] Cash Flow - Net cash outflow from operating activities was approximately RMB 161.9 million, up from RMB 78.7 million in 2022[42] - As of December 31, 2023, cash and bank balances were approximately RMB 142.6 million, a decrease of about RMB 212.1 million from the previous year[42] Corporate Governance - The audit committee, consisting of three independent non-executive directors, reviewed the company's financial reporting procedures and internal control systems for the fiscal year ending December 31, 2023[52] - The group expects no significant impact on its financial statements from the new accounting guidelines related to the cancellation of the offset mechanism for long service payments and severance payments, effective May 1, 2025[8] - The group anticipates that the application of the new accounting guidelines will not have a significant impact on the measurement, recognition, or presentation of any items in the financial statements[8]

Revenue and Profitability - Revenue for the six months ended June 30, 2023, increased by approximately RMB 21.4 million or 16.0% to approximately RMB 155.5 million compared to RMB 134.1 million in 2022[11]. - OEM business revenue rose by approximately 19.9% to approximately RMB 111.3 million, up from RMB 92.8 million in the corresponding period of 2022[12]. - Revenue from Photovoltaic Products increased by approximately 33.8% to approximately RMB 42.5 million, compared to RMB 31.8 million in the same period of 2022[12]. - Gross profit for the period was RMB 25.2 million, a significant increase from RMB 1.5 million in the previous year, resulting in a gross profit margin of 16.2%[10]. - The company reported a loss for the period of RMB 126.4 million, which is a 20.9% increase from the loss of RMB 104.5 million in 2022[10]. - The gross profit margin significantly increased to approximately 16.2% from approximately 1.1% in the same period of 2022, driven by improvements in both OEM and Photovoltaic Products businesses[13]. - The Group recorded a net loss of approximately RMB 126.4 million for the Period, compared to a net loss of approximately RMB 104.5 million in the corresponding period of 2022[14]. - Basic and diluted loss per share for the company was RMB 0.073, compared to RMB 0.061 in the same period of 2022[87]. Assets and Liabilities - Non-current assets increased to RMB 264.5 million from RMB 166.1 million, indicating growth in long-term investments[10]. - Current asset ratio decreased to 68.5% from 80.9%, while current liabilities increased slightly to RMB 193.6 million from RMB 181.9 million[10]. - Shareholders' equity decreased to RMB 629.7 million from RMB 665.6 million, reflecting a decline of 5.4%[10]. - Total assets as of June 30, 2023, amounted to RMB 915,341,000, while total liabilities were RMB 270,541,000[130]. - Total liabilities as of June 30, 2023, were RMB 209,874,000, with segment liabilities for Boree Products at RMB 295,000, Graphene-based Products at RMB 6,928,000, OEM at RMB 33,910,000, and Photovoltaic Products at RMB 25,053,000[126]. Expenses - Research and development expenses increased to approximately RMB 49.4 million, nearly 2.8 times the amount from the same period last year, in preparation for the launch of HJT solar sunshade products[14]. - Selling and distribution expenses rose by approximately 69.7% to approximately RMB 11.1 million, accounting for approximately 7.1% of the Group's revenue for the Period[25]. - General and administrative expenses increased by approximately RMB 25.8 million or 21.1% to approximately RMB 148.1 million, mainly due to increased investment in research and development[26]. - Employee benefit expenses increased to RMB 46,211,000 in 2023 from RMB 41,163,000 in 2022, reflecting a rise of approximately 12.4%[146]. - The total income tax expense for the period was RMB 1,081,000, a decrease from RMB 1,790,000 in 2022, marking a reduction of approximately 39.5%[149]. Market Conditions and Challenges - The company continues to face macroeconomic challenges, including domestic inflation and sluggish consumer demand in the US[12]. - The sales of high-efficiency HJT solar modules to European and other overseas customers were a major driver for the increase in Photovoltaic Products sales[12]. - The Group has launched a production line upgrade plan for HJT solar cells, expected to start production in Q3 2023, enhancing efficiency and compatibility with flexible modules[44]. Share Options and Capital Management - The Company issued a total of 103,700,000 shares during the period, increasing the total shares in issue to 1,815,659,608 as of June 30, 2023[31]. - The net proceeds from the 2022 Placing were approximately RMB 407.3 million, which will strengthen the Company's capital base for business operations[34]. - The Company adopted a new share option scheme on June 16, 2023, to motivate and reward its Directors and eligible employees[32]. - The 2023 Share Option Scheme allows eligible participants to have a personal stake in the Company, which is expected to enhance performance and efficiency[183]. - The total number of share options exercised during the period was 4,250,000, reflecting a strategic move to incentivize key personnel[64]. Corporate Governance and Compliance - The company has complied with the Corporate Governance Code throughout the period[79]. - The audit committee reviewed the unaudited condensed consolidated interim financial statements with no disagreements[85]. - The company did not purchase, redeem, or sell any of its listed securities during the period[85]. Segment Performance - For the six months ended June 30, 2023, the total segment revenue was RMB 1,271,071,000, with Boree Products contributing RMB 961,809,000, Graphene-based Products RMB 111,253,000, OEM RMB 42,493,000, and Photovoltaic Products RMB 155,516,000[125]. - The segment results showed a loss for Boree Products of RMB 500,000, Graphene-based Products loss of RMB 3,141,000, OEM profit of RMB 22,166,000, and Photovoltaic Products loss of RMB 17,536,000, resulting in a total segment profit of RMB 989,000[125]. Cash Flow and Financial Activities - For the six months ended June 30, 2023, the net cash flows from operating activities were a negative RMB 28,281, compared to a positive RMB 863 in the same period of 2022[111]. - The net cash used in investing activities was RMB 67,199, significantly higher than RMB 15,786 in the previous year[111]. - Financing activities generated net cash inflows of RMB 44,841, a decrease from RMB 361,551 in the prior year[111]. Employee and Shareholder Information - The Group had a total of approximately 990 employees as of June 30, 2023, with total staff costs amounting to approximately RMB 113.7 million, a decrease from RMB 123.9 million in 2022[32]. - Major shareholders include Mr. Chiu Hsin-Wang with 251,108,365 shares (13.83%) and Market Dragon Investments Limited with 240,656,365 shares (13.25%) as of June 30, 2023[73].

Group 1 - The company held a mid-year earnings call for 2023, organized by Zhishang Finance and First Shanghai, with a duration of 40 minutes [1] Q&A Session Summary Question: What are the key highlights from the earnings call? - The earnings call provided insights into the company's performance and future strategies, although specific financial data and metrics were not disclosed in the provided content [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，並明確表示概不就本公佈全部或任何部分內容產生或因倚賴該等內容 而引致的任何損失承擔任何責任。 GOLDEN SOLAR 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） 截至二零二三年六月三十日止六個月的 中期業績公佈 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」）謹此公佈本公司及其附 屬公司（統稱為「本集團」）截至二零二三年六月三十日止六個月（「本期間」）的未經審核簡明綜合 中期業績及二零二二年同期的未經審核比較數字以及下文所載的相關解釋附註。 簡明綜合中期業績未經審核，惟已由本公司審核委員會審閱。 – 1 – 簡明綜合損益及其他全面收益表 截至二零二三年六月三十日止六個月 | --- | --- | --- | --- | |---------------------------------------------|-------| ...

Financial Performance - Revenue for the year ended December 31, 2022, was RMB 274.3 million, a decrease of 12.5% from RMB 313.5 million in 2021[12] - Gross profit for the year was RMB 35.5 million, resulting in a gross profit margin of 13.0%, down from 28.2% in the previous year[12] - The company reported a net loss margin of (60.9)%, compared to a profit margin of 2.9% in 2021[12] - The Group's revenue decreased by approximately 12.5% to approximately RMB 274.3 million, and gross profit decreased by 59.9% to approximately RMB 35.5 million in 2022[13] - The Group recorded a net loss of approximately RMB 167.0 million in 2022, compared to a net profit of approximately RMB 9.2 million in the previous year[13] - Revenue from OEM business decreased by approximately RMB74.3 million to RMB187.4 million, reflecting a 28.4% decline from RMB261.7 million in 2021[28] - Revenue from graphene-based products increased by approximately RMB9.7 million to RMB15.4 million, a growth of 172.1% from RMB5.7 million in 2021[27] Assets and Liabilities - Non-current assets increased to RMB 207.3 million, while current assets rose to RMB 708.1 million[12] - Current liabilities were reported at RMB 252.5 million, with a current ratio of 2.8x, indicating strong liquidity[12] - Shareholders' equity increased to RMB 644.8 million, reflecting a significant recovery from a deficit of RMB 44.9 million in 2021[12] Research and Development - The company is focusing on the development of rollable solar modules as part of its new product strategy[4] - The conversion efficiency of Cast-mono HJT solar cells for mass production reached 24.8%, while the tested efficiency for CZ-mono HJT solar cells reached 25.2%[16] - The Group has initiated preliminary cooperation with multiple suppliers to develop advanced Cast-mono N-type silicon wafer products[19] - The Group's increased R&D investment aims to improve products and prepare for mass production after relocating to a new plant[23] - The company focused its R&D and capital investment in 2022 on improving yield rates and quality of N-type cast-mono wafers and developing new flexible and lightweight modules[48] Market Outlook and Strategy - Future outlook includes plans for market expansion and potential mergers and acquisitions to enhance growth[9] - The Group anticipates continued growth and higher contributions from its Photovoltaic Products business in 2023 due to market demand for low-cost and high-efficiency N-type silicon wafers[19] - The international sales team is planning to launch new consumer-end module products in 2023, targeting European markets[16] - The Group will collaborate with a major US recreational vehicle retail company to provide flexible solar modules suitable for various applications[16] Corporate Governance - The management is committed to enhancing corporate governance and sustainability practices in line with market expectations[9] - The Board of Directors held regular meetings throughout the year to formulate overall strategy and monitor financial performance[60] - The Board is responsible for corporate governance duties, including compliance with legal and regulatory requirements[66] - The Company has established three committees: audit committee, remuneration committee, and nomination committee, to oversee specific aspects of its affairs[79] Employee and Workforce Management - As of December 31, 2022, the Group had approximately 930 employees, an increase from 780 employees in 2021, with total staff costs amounting to approximately RMB218.15 million, up from RMB78.35 million in 2021[37] - Employee turnover during the reporting period was 274, compared to 184 in 2021, indicating an increase in turnover by approximately 48.9%[180] - The Group's employee benefits include comprehensive social security, basic salary, pensions, medical insurance, and housing provident fund, aimed at attracting and retaining talent[172] - The Group has implemented a Share Option Scheme in 2021 to attract high-quality talent and retain outstanding employees[172] Environmental and Social Responsibility - The Group aims to balance stakeholder interests while committing to corporate social responsibility, particularly in product safety and environmental protection[130] - The Group invested approximately RMB 923,000 in energy saving, environmental protection, and emission and waste reduction in 2022[142] - The Group's commitment to corporate social responsibility includes ensuring product safety, quality, energy conservation, and employee welfare[132] - The Group actively engages with stakeholders to understand their expectations and concerns regarding corporate social responsibility[134] Risk Management and Internal Control - The internal control system and procedures were reviewed and assessed by the Board and audit committee, confirming their adequacy and effectiveness[118] - The risk management and internal control systems include a well-established corporate structure with clearly defined lines of responsibility and authority[114] - The Group has established energy performance indicators to strictly control energy consumption and enhance energy management[162] Compliance and Legal - The Group adheres to the "Environmental Protection Law of the People's Republic of China" and implements daily inspections of pollution treatment facilities[145] - The Group has not faced any penalties or fines for non-compliance with environmental laws and regulations during the reporting period[146] - The Group strictly adheres to the Labour Law of the People's Republic of China, ensuring reasonable working hours and voluntary overtime agreements[199]

Financial Performance - Revenue for the year ended December 31, 2022, was RMB 274,277,000, a decrease of 12.5% compared to RMB 313,506,000 in 2021[2] - Gross profit for the same period was RMB 35,523,000, down 59.9% from RMB 88,517,000 in the previous year[2] - The company reported a loss before tax of RMB 164,922,000, compared to a profit of RMB 11,531,000 in 2021[2] - The company recorded a net loss of approximately RMB 167 million, compared to a net profit of about RMB 9.2 million in the previous year[35] - Basic loss per share for the year ended December 31, 2022, was RMB 0.097, based on a weighted average of 1,710,160,978 shares[19] - The company’s basic and diluted loss per share for 2022 was RMB 9.767, compared to earnings of RMB 0.579 per share in 2021[2] Assets and Liabilities - Total assets as of December 31, 2022, amounted to RMB 662,841,000, an increase from RMB 308,212,000 in 2021[3] - Net assets increased to RMB 644,800,000 in 2022, compared to RMB 284,836,000 in the previous year[3] - The company’s cash and bank balances were RMB 354,724,000, up from RMB 135,794,000 in 2021[3] - The group’s trade receivables amounted to RMB 95,674,000 for the year ended December 31, 2022, up from RMB 68,215,000 in the previous year[25] - The group’s trade payables totaled RMB 94,422,000 as of December 31, 2022, compared to RMB 88,867,000 in the previous year[27] - Short-term borrowings amounted to RMB 91,000,000 as of December 31, 2022, consistent with the previous year’s figure of RMB 100,441,000[29] Revenue Breakdown - The graphene products division generated revenue of RMB 15,411,000, while the OEM division contributed RMB 187,363,000, and the photovoltaic products division accounted for RMB 70,658,000[8] - Revenue from graphene products increased by approximately RMB 97 million to about RMB 154 million, representing a growth of 172.1%[36] - Revenue from OEM business decreased by approximately RMB 74.3 million to about RMB 187.4 million, a decline of 28.4%[36] - Sales from photovoltaic products reached approximately RMB 706.8 million, a growth of 57.6% compared to RMB 448.4 million in the previous year[40] - The photovoltaic products business recorded revenue of approximately RMB 70.7 million in 2022, representing a growth of about 57.6% compared to 2021[52] Expenses - The company incurred administrative expenses of RMB 240,906,000, significantly higher than RMB 88,530,000 in 2021[2] - Research and development expenses rose significantly to RMB 52,370,000 in 2022, compared to RMB 18,873,000 in 2021, indicating a focus on innovation[17] - General and administrative expenses increased by approximately RMB 15.2 million or 172.1% to about RMB 240.9 million, primarily due to stock option expenses and increased R&D costs[42] Shareholder Activities - The company did not declare any dividends for the years ended December 31, 2022, and 2021[19] - The company has not proposed a final dividend for the year ended December 31, 2022[59] - The company completed a placement of 50,000,000 new shares at a price of HKD 10 per share, raising approximately HKD 497,850,000 in January 2022[32] - The net proceeds from the 2022 placement were approximately RMB 407.29 million, with expected unutilized proceeds to be used by December 31, 2023[51] - The company aims to strengthen its financial position and expand its shareholder base through the share subscription and placement activities[50] Future Plans and Developments - The company plans to continue growing its photovoltaic product business, anticipating higher contributions due to market shifts towards advanced technologies[40] - The company plans to establish a flexible production line in Q2 2023, with product sampling and debugging in mid-2023, and formal production and supply in the second half of 2023[53] - The company is focusing on the development of new flexible and lightweight components, with significant R&D and capital investment in 2022[52] - The company is in deep discussions with a leading European home product retail brand to launch new consumer-end component products in 2023[52] - The company has initiated cooperation with one of the largest RV retail companies in the U.S. to provide new flexible or lightweight components suitable for various application scenarios[52] Financial Management - The total other income and net gains for 2022 amounted to RMB 55,502,000, compared to RMB 32,486,000 in 2021, reflecting improved financial management[15] - The company experienced a significant foreign exchange gain of RMB 42,263,000 in 2022, contributing positively to its financial results[15] - The company is actively monitoring foreign exchange risks, primarily from revenues in USD and costs in RMB[46] Employee Information - As of December 31, 2022, the company had approximately 930 employees, an increase from 780 employees in the previous year, with total employee costs amounting to approximately RMB 218.15 million, up from RMB 78.35 million in 2021[47] - The company has adopted a new share option plan to incentivize directors and eligible employees[47] Audit and Compliance - The audit committee, composed of three independent non-executive directors, reviewed the annual performance for the year ended December 31, 2022[58]

Financial Performance - Revenue for the six months ended June 30, 2022, decreased by approximately RMB 27.7 million or 17.1% to approximately RMB 134.1 million compared to RMB 161.8 million in 2021[15]. - The Group recorded a net loss of approximately RMB 104.5 million, a significant increase from a net loss of approximately RMB 3.8 million in the previous period[16]. - The gross profit margin for the Group decreased to approximately 1.1% during the period, down from 27.4% in the same period of 2021[17]. - Revenue from the OEM business decreased significantly, contributing to the overall decline in revenue[15]. - Revenue from photovoltaic products surged to approximately RMB 31.8 million, nearly 60 times the revenue of RMB 0.5 million in the same period of 2021[22]. - The increase in net loss was primarily due to a reduction in gross profit of approximately RMB 42.8 million and an increase in share-based payment expenses of approximately RMB 74.1 million[17]. - The total comprehensive loss for the six months ended June 30, 2022, was RMB 104,477,000, compared to a loss of RMB 3,839,000 for the same period in 2021[98]. - The loss before tax for the period was RMB 102,687,000, compared to a loss of RMB 2,945,000 in the previous year[89]. Revenue Breakdown - Revenue from graphene-based products increased by 177.7% to RMB 9.2 million compared to RMB 3.3 million in the previous period[13]. - Revenue from the OEM business decreased by approximately RMB 64.5 million to approximately RMB 92.8 million during the period, a decline of 41.0% from RMB 157.3 million in 2021[20]. - Revenue from graphene-based products increased by approximately RMB 5.9 million to approximately RMB 9.2 million, representing a growth of 177.7% compared to RMB 3.3 million in 2021[18]. - Revenue from the PRC market was RMB 34,186,000, a substantial increase from RMB 3,761,000 in the previous year, showcasing strong growth in the domestic market[122]. Expenses and Costs - Selling and distribution expenses increased by 24.4% to approximately RMB 6.5 million, accounting for 4.9% of the Group's revenue[22]. - General and administrative expenses increased by approximately RMB 82.0 million or 203.7% to approximately RMB 122.3 million for the period, primarily due to an increase in share-based payments and research and development costs[23]. - Research and development costs increased by approximately RMB 10.4 million during the period[16]. - The cost of inventories sold was RMB 130,682,000, compared to RMB 117,767,000 in the previous year, indicating a rise in cost pressures[133]. Cash Flow and Liquidity - Net cash inflow from operating activities amounted to approximately RMB 0.9 million, a significant improvement from a net cash outflow of approximately RMB 38.5 million in the previous year[23]. - Cash and bank balances increased approximately 2.6 times to RMB 482.4 million as of June 30, 2022, compared to RMB 135.8 million as of December 31, 2021[23]. - The net increase in cash and cash equivalents for the six months ended June 30, 2022, was RMB 346,628,000, compared to RMB 162,634,000 in 2021, reflecting improved liquidity[99]. Share Capital and Equity - Shareholders' equity increased to RMB 665.6 million, up 154.1% from RMB 262.0 million[13]. - As of June 30, 2022, the total number of shares issued by the company was 1,711,959,608[55]. - The company issued a total of 50,000,000 shares at a placing price of HK$10 per share on January 14, 2022[23]. - The company completed a placing in January 2022, raising net proceeds of approximately HK$497,850,000 after expenses[164]. Employee and Compensation - The Group had approximately 940 employees as of June 30, 2022, with total staff costs amounting to approximately RMB 123.9 million, compared to RMB 38.9 million in the previous year[31]. - The company’s compensation policy is based on individual employee strengths, qualifications, and performance, reviewed regularly by the compensation committee[34]. - The total share-based payment recognized by the group for the period was RMB 77,822,000, compared to RMB 6,030,000 for the year ended December 31, 2021[192]. Investments and Future Plans - The Group expects to move into a completed new plant in the second half of 2022, which is anticipated to improve production progress for photovoltaic products[22]. - The Group plans to invest in iEnergy Power Pty Ltd to enter the household solar power market in Australia after obtaining necessary approvals[49]. - A strategic investment cooperation agreement was signed with the People's Government of Nan'an Municipality for the large-scale mass production of a 20-gigawatt second-generation heterojunction project[50]. - The Group aims to construct an integrated supply chain connecting Cast-mono wafers, solar cells/modules, and the household power generation market by the end of 2022[50]. Corporate Governance - The company did not recommend the payment of any interim dividend for the period, consistent with the previous year where no dividend was paid[78]. - The company has complied with the Corporate Governance Code throughout the period, with specific deviations noted regarding the roles of the Chairman and CEO being held by the same individual[79][80]. - The audit committee, comprising three independent non-executive Directors, has reviewed the unaudited condensed consolidated interim financial statements for the period[86][87]. Segment Information - The Group's operating segments include Boree branded products, Graphene-based products, OEM, and Photovoltaic products, with performance evaluated based on adjusted results before tax[111]. - The Photovoltaic Products segment manufactures and sells Cast-mono wafers and Cast-mono HJT solar cells and modules, contributing to the Group's revenue[111]. - The Group's focus on technology licensing services in the Photovoltaic Products segment indicates a strategic move towards innovation and market expansion[111].

Financial Performance - Revenue for the six months ended June 30, 2022, was RMB 134,099 thousand, a decrease of 17.2% compared to RMB 161,825 thousand for the same period in 2021[2] - Gross profit for the same period was RMB 1,503 thousand, down 96.6% from RMB 44,337 thousand in 2021[2] - The company reported a loss before tax of RMB 102,687 thousand, compared to a loss of RMB 2,945 thousand in the prior year, indicating a substantial increase in losses[2] - Basic and diluted loss per share was RMB 0.061, compared to RMB 0.002 for the same period in 2021[2] - The company reported a pre-tax loss of RMB 102.687 million for the period, with significant contributions from unallocated expenses totaling RMB 116.541 million[13] - The company recorded a net loss of approximately RMB 104.5 million, compared to a net loss of RMB 3.8 million in the same period last year[40] Revenue Breakdown - Total revenue for the period ending June 30, 2022, was RMB 134.099 million, with sales from graphene products contributing RMB 9.196 million and photovoltaic products contributing RMB 31.752 million[13] - Revenue from the United States for the six months ended June 30, 2022, was RMB 92,744 thousand, down from RMB 153,418 thousand in 2021, indicating a decrease of about 39.5%[18] - OEM business revenue fell by approximately RMB 64.5 million to about RMB 92.8 million, compared to RMB 157.3 million in the previous year[42] - Revenue from graphene products increased by approximately RMB 5.9 million to about RMB 9.2 million, driven by the successful design and development of customized air purification devices[42] - Revenue from photovoltaic products surged to approximately RMB 31.8 million, nearly 60 times the revenue of RMB 0.5 million in the same period last year[42] Assets and Liabilities - Non-current assets totaled RMB 166,050 thousand as of June 30, 2022, an increase from RMB 160,877 thousand at the end of 2021[3] - Current assets decreased to RMB 519,918 thousand from RMB 147,335 thousand at the end of 2021, indicating a significant increase in liquidity[3] - Total liabilities increased to RMB 701,824 thousand from RMB 415,809 thousand, reflecting a rise in financial obligations[3] - The total assets as of June 30, 2022, were RMB 867,874 thousand, compared to RMB 576,686 thousand as of December 31, 2021, indicating an increase of approximately 50.5%[19] - The total liabilities as of June 30, 2022, were RMB 202,294 thousand, up from 291,850 thousand as of December 31, 2021, reflecting a decrease of about 30.6%[19] Operational Highlights - The company’s main business segments include the production and sale of slippers, sandals, and casual shoes, as well as graphene-based products and photovoltaic products[12] - The company is focused on expanding its market presence through the development of new technologies, including graphene-based materials for air purification and solar energy applications[12] - The company plans to explore opportunities for applying graphene materials beyond footwear products, indicating future product development[31] - The company plans to move into a newly constructed factory in the second half of 2022, which is expected to enhance production capacity[42] - The company plans to complete the first phase of the new factory in Xuzhou, which is expected to significantly increase production capacity in the second half of the year to meet global demand for silicon wafers[56] Research and Development - Research and development expenses for the six months ended June 30, 2022, amounted to RMB 17,450 thousand, compared to RMB 7,006 thousand in the same period of 2021, showing an increase of approximately 148.9%[25] - The company is actively involved in research and development to enhance its product offerings and improve operational efficiency[12] Corporate Governance and Compliance - The company has maintained good corporate governance practices and complies with the corporate governance code[57] - The company’s financial statements are prepared in accordance with International Financial Reporting Standards, ensuring compliance with global accounting standards[8] Share Capital and Financing - The company completed a placement of new shares, raising RMB 404,186 thousand during the reporting period[6] - The total issued and paid-up share capital increased to 1,711,959,608 shares as of June 30, 2022[37] - The company has secured bank loans of RMB 91 million, with interest rates ranging from 3.90% to 4.44%[35] - The net proceeds from the share subscription and placement amounted to approximately RMB 67,242,000 and RMB 191,280,000 respectively, aimed at strengthening the company's financial position[50] Employee and Operational Costs - Total employee costs for the period amounted to approximately RMB 123,879,000, up from RMB 38,892,000 in the previous year, reflecting an increase in workforce to about 940 employees[49] - General and administrative expenses rose by 203.7% to approximately RMB 122,300,000, primarily due to stock-based compensation and increased R&D costs[44] - Sales and distribution expenses increased by 24.4% to approximately RMB 6,500,000, accounting for 4.9% of total revenue[43] Future Outlook - The company expects OEM business revenue to increase in the second half of the year compared to the first half of 2022[55] - The unutilized net proceeds from various projects are expected to be used by June 30, 2023, and December 31, 2022, for specific purposes[54] - The company does not recommend the distribution of any interim dividend for the period[56]

Financial Performance - The Group's revenue increased by approximately RMB201.6 million or 180.2% to approximately RMB313.5 million in 2021[12] - Gross profit for the Group increased substantially to approximately RMB88.5 million, which is approximately 5 times the gross profit of 2020[12] - The Group turned from a net loss of approximately RMB108.8 million in 2020 to a net profit of approximately RMB9.2 million in 2021[12] - The gross profit for the year rose to approximately RMB88.5 million, which is about five times the gross profit of 2020, with a gross profit margin increasing to approximately 28.2% from 16.1% in 2020[18] - The turnaround from a net loss of approximately RMB108.8 million in 2020 to a net profit of approximately RMB9.2 million in 2021 was primarily due to an increase in gross profit and a decrease in impairment losses[21] - The Group recorded a net profit of approximately RMB 9.2 million, a turnaround from a net loss of approximately RMB 108.8 million in the previous year, primarily due to an increase in gross profit of approximately RMB 70.5 million and a decrease in impairment of intangible assets by approximately RMB 64.8 million[22] Production Capacity and Expansion - The full production capacity of the Cast-mono wafers production base reached approximately 300 million pieces per year[13] - The Group's Cast-mono wafer production capacity is expected to reach approximately 300 million pieces per year[18] - The first production facility for Cast-mono wafers in Xuzhou entered commercial production, providing a new source of income for the Group[19] - The Group plans to further expand its production capacity depending on market demands in 2022[13] - The Group plans to establish a project company to produce Cast-mono HJT solar cells and modules, enhancing its vertical supply chain in the solar energy sector[15] - The Group expects to establish proprietary production of Cast-mono HJT solar cells and modules, forming a complete vertical supply chain[50] Revenue Sources - Revenue from photovoltaic products amounted to approximately RMB 44.8 million, contributing to the Group's new income source mainly in the last two months of the fourth quarter[27] - OEM business revenue increased by approximately RMB 156.0 million to approximately RMB 261.7 million during the year, up from RMB 105.7 million in 2020, as customers shifted orders back to the Group from Southeast Asia and India[25] - The Group anticipates a moderate increase in OEM business revenue as overseas retail markets are expected to recover with the easing of COVID-19 restrictions[18] - The increase in revenue and gross profit was also attributed to the transfer of OEM orders from Southeast Asia and Indian manufacturers back to the Group due to improved domestic conditions in China[20] Expenses and Liabilities - Selling and distribution expenses increased by 33.3% to approximately RMB 10.6 million, accounting for 3.4% of the Group's revenue, primarily due to increased sales during the year[29] - General and administrative expenses rose by approximately RMB 28.8 million or 48.2% to approximately RMB 88.5 million, mainly due to consultancy fees for photovoltaic products, increased wages, and higher research and development costs[30] - The Group reported a net cash outflow from operating activities of approximately RMB63.1 million for the year, compared to RMB2.6 million in 2020[31] - The Group's gearing ratio as of December 31, 2021, was 100.2%, a significant increase from -523.8% in 2020[32] Employee and Management - As of December 31, 2021, the Group had approximately 780 employees, with total staff costs amounting to approximately RMB 78,354,000, an increase from RMB 64,616,000 in 2020[42] - The Group's emolument policies are based on individual employee merit, with total staff costs reflecting a significant increase in employee numbers and remuneration[42] - The Group has obtained OHSAS 18001:2007 certification for Occupational Health and Safety Management, emphasizing its commitment to employee safety[176] - The Group provides comprehensive social security benefits, including basic salary, pensions, medical insurance, and housing provident fund[169] Environmental and Social Responsibility - The Group is committed to green and low-carbon development principles, integrating environmental protection with enterprise development[135] - The Group invested approximately RMB 1,253,000 in energy saving, environmental protection, and emission and waste reduction in 2021[135] - The Group's commitment to environmental protection is integrated into its business development strategy, emphasizing green and low-carbon principles[137] - The Group aims to minimize the environmental impact of its production and operating activities[135] Corporate Governance - The Board comprises 3 executive Directors, 1 non-executive Director, and 3 independent non-executive Directors, ensuring a strong independence element in its composition[75] - The independent non-executive Directors provide independent advice on the Group's business strategy, results, and management, protecting the interests of shareholders[79] - The Company has confirmed the independence of all independent non-executive Directors in accordance with the listing rules[81] - The audit committee's primary duties include reviewing the financial reporting process and monitoring the appointment and independence of auditors[89] Research and Development - The Group has applied for 16 patents related to Cast-mono wafers and Cast-mono HJT solar cells technologies[46] - The Group achieved a major breakthrough in thin silicon wafer mass production technology, enabling the mass production of 100μ ultra-thin silicon wafers for HJT N-type solar cells[48] - The Group transformed from a traditional manufacturer to a renewable energy technology company within 2021, achieving investment, mass production, delivery, and profit in the same year[46]

Revenue Performance - The company reported a total revenue of approximately RMB 161.8 million for the six months ended June 30, 2021, representing an increase of 235.5% compared to RMB 48.2 million in the same period of 2020[26]. - Revenue from OEM business reached RMB 157.3 million, a significant increase of 237.0% from RMB 46.7 million in the previous year[29]. - Revenue from graphene-based products surged to RMB 3.3 million, marking a remarkable increase of 703.9% compared to RMB 412,000 in 2020[29]. - The Group's revenue increased by approximately RMB 113.6 million or 235.5% to approximately RMB 161.8 million during the Period, primarily due to a rise in OEM business revenue by approximately RMB 110.6 million to RMB 157.3 million[30]. - Revenue from Boree Products decreased by 39.8% to approximately RMB 0.7 million during the Period[31]. - Revenue from Graphene-based Products amounted to approximately RMB 3.3 million, with Graphener revenue increasing by 218.9% to approximately RMB 1.3 million[32]. - Revenue for the six months ended June 30, 2021, reached RMB 161,825,000, a significant increase of 235% compared to RMB 48,240,000 in the same period of 2020[180]. - Revenue from the US market was RMB 153,418,000, representing a substantial increase of 273% from RMB 41,106,000 in 2020[172]. Profitability and Loss - The gross profit for the period was RMB 44.3 million, with a gross profit margin of approximately 27.4%, up from 12.5% in the corresponding period of 2020[26]. - The net loss for the period was approximately RMB 3.8 million, a reduction from a net loss of RMB 11.4 million in the same period last year, indicating a 66.4% improvement[27]. - The gross profit increased by approximately RMB 38.3 million, contributing to the reduction in net loss[27]. - The loss attributable to owners of the company for the period was RMB 3,839,000, compared to a loss of RMB 11,412,000 in the same period last year, showing an improvement of 66%[117]. - Basic and diluted loss per share for the period was RMB 0.002, compared to RMB 0.008 in the previous year, reflecting a reduction of 75%[117]. Financial Position - Shareholders' equity increased to RMB 261.9 million, reflecting a substantial growth of 595.1% compared to the previous year[25]. - Current assets increased to RMB 340,369,000 as of June 30, 2021, from RMB 102,799,000 as of December 31, 2020, marking a growth of 231%[121]. - The company had net current assets of RMB 135,782,000, compared to net current liabilities of RMB 132,103,000 as of December 31, 2020, indicating a turnaround[121]. - Total assets less current liabilities amounted to RMB 268,180,000 as of June 30, 2021, compared to a negative balance of RMB 39,262,000 at the end of 2020[121]. - The total equity of the company was RMB 261,965,000, compared to a capital deficiency of RMB 44,889,000 as of December 31, 2020, indicating a significant improvement in financial position[122]. Cash Flow and Financing - The Group experienced a net cash outflow from operating activities of approximately RMB 38.5 million during the Period[38]. - The net increase in cash and cash equivalents for the six months ended June 30, 2021, was RMB 162,634,000, a substantial rise from RMB 6,645,000 in the prior year[140]. - The company’s financing activities generated RMB 276,038,000 in cash for the six months ended June 30, 2021, compared to RMB 3,558,000 in the same period of 2020[140]. - Cash and bank balances increased approximately 260 times to RMB 163.3 million as of June 30, 2021[38]. - The Group's short-term borrowings were approximately RMB 102.9 million as of June 30, 2021, down from RMB 130.1 million at the end of 2020[38]. Expenses and Costs - Selling and distribution expenses increased by 32.4% to approximately RMB 5.2 million, accounting for 3.2% of the Group's revenue[34]. - General and administrative expenses rose by approximately RMB 20.4 million or 102.9% to approximately RMB 40.3 million, mainly due to consultancy fees and increased wages[36]. - Employee benefit expenses, including wages and salaries, totaled RMB 38,892,000, up from RMB 21,884,000, reflecting a 77% increase[183]. - Research and development costs increased by approximately RMB 1.9 million as the company expanded its efforts in new product development[27]. - Research and development costs for the period amounted to RMB 7,006,000, up from RMB 5,104,000 in 2020, indicating a 37% increase[183]. Share Capital and Options - As of June 30, 2021, the company had 1,652,695,608 shares issued and a paid-up capital of approximately RMB 110,019,000, an increase from 1,486,859,608 shares and RMB 99,310,000 as of January 1, 2021[41]. - The company issued 88,836,000 shares during the period in respect of the exercise of share options[190]. - The total number of shares in issue as of June 30, 2021, was 1,652,695,608 shares[103]. - The company adopted a new share option scheme on July 2, 2021, to motivate and reward its directors and eligible employees[47]. - As of June 30, 2021, the total outstanding share options amounted to 313,600,000, with 223,964,000 remaining unexercised[89]. Corporate Governance and Management - The company has complied with the Corporate Governance Code, with some deviations noted[105]. - Mr. Zheng Jingdong performed both roles of Chairman and CEO until February 25, 2021, after which Mr. Leung Tsz Chung was appointed as Chairman and CEO[107]. - Independent non-executive Director Ms. An Na did not attend the annual general meeting on June 29, 2021, due to other business commitments[108]. - The chairperson of the remuneration committee, Ms. An Na, was also unable to attend the annual general meeting on June 29, 2021, due to other business commitments[109]. Business Operations and Strategy - The company is engaged in the manufacture and sale of various products, including graphene-based materials and solar cells, indicating a focus on innovative technologies[142]. - The Group's reportable segments include Boree branded products, Graphene-based products, OEM, and Photovoltaic products[150]. - The Photovoltaic Products segment manufactures and sells Cast-mono wafers and solar cells, indicating the Group's involvement in renewable energy[153]. - The Group plans to achieve commercial mass production of Cast-mono wafers in the second half of 2021[63]. - Future plans include combining the Cast-mono Flexible Module with energy storage batteries for a home solar power storage system[64].