Financial Performance - The total electricity generation for 2023 was 298,718 MWh, a decrease of 25.3% from 399,828 MWh in 2022[19] - Revenue from solar power generation in China decreased by RMB 74.6 million or 23.8% to RMB 238.5 million, primarily due to the completion of share transfers related to solar power station sales[23] - The cost of sales decreased by RMB 48.4 million or 28.7% to RMB 120.3 million, attributed to the reduction in electricity generation from 399,828 MWh in 2022 to 298,718 MWh in 2023[24] - Gross profit fell by RMB 26.2 million or 18.1% to RMB 118.2 million compared to RMB 144.4 million in the previous year[25] - Other income plummeted by RMB 97.3 million or 91.7% to RMB 8.8 million, mainly due to the absence of previously recorded electricity subsidies[26] - Revenue growth for the year 2023 was reported at -23.8%, following a significant decline of -51.8% in 2022[54] - Adjusted EBITDA for 2023 was RMB 177.7 million, with an adjusted EBITDA margin of 74.5%[54] - The pre-tax loss increased by RMB 292.6 million to RMB 466.4 million this year, compared to a pre-tax loss of RMB 173.8 million last year[34] - The annual loss increased by RMB 292.4 million or 163.7% to RMB 471.0 million this year, compared to a loss of RMB 178.6 million last year[36] Asset Management and Sales - The company agreed to sell 100% equity of Pu Xin Cheng Da (BVI) Limited for approximately RMB 664.3 million, equivalent to about HKD 777.5 million, as part of a significant disposal transaction[46] - The company has completed the 100% share transfer of Baoshan Changshan Shunfeng Shande New Energy Co., Ltd. in February 2023 and Pu Xin Cheng Da (BVI) Limited in June 2023[20] - The company has received a total of RMB 1,361.6 million from the sale of assets since 2019, with an expected remaining amount of RMB 13.7 million to be received by August 2024[96] - For the 2020 asset sale, the company has received RMB 495.2 million to date, with an expected remaining amount of RMB 0.5 million by December 2024[97] - From the first asset sale in 2021, the company has received RMB 203.9 million, with an expected remaining amount of RMB 23.2 million by December 2024[99] - The company has received RMB 371.9 million from forced asset sales, with an expected remaining amount of RMB 54.1 million by December 2024[101] Financial Position and Liquidity - The current ratio decreased to 0.53 from 0.63 last year, indicating a decline in liquidity[39] - The net debt-to-equity ratio improved from -326.1% to -161.0% this year, reflecting a reduction in net debt[40] - The company is taking measures to improve its liquidity and financial position, as indicated in the financial statements[95] - The company will continue to monitor cash flow and maintain sufficient cash and credit financing levels to manage liquidity risk[157] Governance and Compliance - The company has adopted a standard code of conduct for securities trading, confirming compliance by all directors for the current year[70] - The board believes that combining the roles of chairman and CEO is appropriate under current circumstances to enhance operational effectiveness[71] - The company has mechanisms in place to ensure the board receives independent views and opinions, contributing to decision-making processes[72] - The company’s governance practices are reviewed annually to ensure compliance and effectiveness[72] - The company has established a corporate risk management framework to effectively manage various risks, including strategic, operational, financial, reporting, and compliance risks[117] - The internal audit function has been outsourced to a third-party professional internal control consultant to ensure the independence of internal control reviews[116] - The audit committee held five meetings during the year to review the financial statements and ensure compliance with applicable policies and standards[85] - The company has implemented a clear internal control policy and procedures, defining responsibilities, authorizations, and accountability across departments[121] Employee and Board Composition - As of December 31, 2023, the group had 71 employees, with compensation aligned to employee responsibilities and performance[48] - The company had a total of 71 employees as of December 31, 2023, with male employees constituting 56% and female employees 44%[82] - The board of directors includes experienced individuals with over 26 years of management experience, enhancing the company's governance and strategic direction[137][141] - The company has a diverse board with members holding various qualifications and experiences, which supports its strategic initiatives and market expansion efforts[137][141] Shareholder Engagement - The board of directors emphasizes the importance of maintaining clear and timely communication with shareholders and investors[127] - The company has established multiple communication channels with shareholders, reviewing their effectiveness annually, indicating a commitment to shareholder engagement[133] - The company is subject to regulations that require shareholder meetings to be held within two months of a request, ensuring timely communication and decision-making[130] - The company has a structured process for shareholders to propose resolutions at general meetings, although no provisions allow for new resolutions to be introduced directly at meetings[131] Environmental and Social Responsibility - The company aims to maintain high standards of corporate social governance and encourages employee participation in volunteer activities[163] - The company plans to report its environmental, social, and governance practices in an independent report scheduled for April 26, 2024[163] - The company is actively exploring various clean energy sources in addition to its solar power business[148] Legal and Regulatory Matters - The company is currently seeking legal advice regarding a lawsuit related to losses incurred by Xinjiang Pu Xin Cheng Da from September 30, 2020, to the completion date[50] - The company has reported no significant violations of relevant laws and regulations during the year[158] - The auditor, Crowe Horwath, will retire but is eligible and has accepted reappointment[200]

Financial Performance - Revenue for the year ended December 31, 2023, was RMB 238,481,000, a decrease of 23.8% compared to RMB 313,143,000 in 2022[4] - Gross profit for the same period was RMB 118,185,000, down 18.2% from RMB 144,418,000 in the previous year[4] - The company reported a net loss of RMB 471,040,000, representing an increase of 163.7% from a loss of RMB 178,627,000 in 2022[4] - Adjusted EBITDA was RMB 177,678,000, a decrease of 40.8% compared to RMB 300,036,000 in 2022[4] - Basic loss per share increased to RMB (8.84) from RMB (3.48), marking a rise of 154.0%[4] - Total revenue from electricity sales decreased to RMB 238,481,000 in 2023, down 23.9% from RMB 313,143,000 in 2022[26] - The segment profit for 2023 was RMB 72,412,000, significantly lower than RMB 298,172,000 in 2022, indicating a decrease of around 75.7%[32] - The company reported a pre-tax loss of RMB 466,414,000 in 2023, compared to a loss of RMB 173,816,000 in 2022, representing an increase in losses of approximately 168.5%[32] - The company recognized a loss of RMB 60,227,000 due to impairment of intangible assets in 2023, with no such loss reported in 2022[39] - The company incurred a foreign exchange loss of RMB 98,103,000 in 2023, compared to a loss of RMB 229,417,000 in 2022, indicating an improvement of approximately 57.2%[39] - The company’s income tax expense for the year 2023 was RMB 4,602,000, a decrease from RMB 5,309,000 in 2022, reflecting a reduction of approximately 13.3%[10] - The basic and diluted loss per share for 2023 was RMB (0.088) based on a weighted average of 5,082,375,490 shares, compared to RMB (0.035) for 2022 with 4,991,690,558 shares, indicating an increase in loss per share of approximately 151.4%[49] - Net other gains and losses recorded a loss of RMB 165.8 million, compared to a net gain of RMB 64.8 million in the previous year, mainly due to the lack of financial guarantee settlement gains this year[87] - Loss before tax increased by RMB 292.6 million to RMB 466.4 million[92] - Net loss for the year increased by RMB 292.4 million or 163.7% to RMB 471.0 million[94] Asset and Liability Management - Total liabilities decreased from RMB 5,383,119,000 in 2022 to RMB 3,787,251,000 in 2023, reflecting successful debt restructuring efforts[12] - Current assets decreased from RMB 2,730,572,000 in 2022 to RMB 2,016,669,000 in 2023, primarily due to the classification of assets held for sale[12] - The company's net current liabilities as of December 31, 2023, were RMB 1,770,582,000, an improvement from RMB 2,024,843,000 in 2022[17] - The total debt, including bank loans and bonds, amounted to RMB 1,964,083,000, with overdue bank loans and bonds totaling approximately RMB 868,962,000 and RMB 585,372,000, respectively[17] - Cash and cash equivalents were only about RMB 97,446,000 as of December 31, 2023, raising significant concerns about the company's ability to continue as a going concern[22] - The company plans to complete the sale of certain subsidiaries and negotiate with creditors for refinancing or extending maturity dates to improve liquidity[22] - The company’s total current liabilities amounted to RMB 924,637,000, a slight increase from RMB 916,470,000 in the previous year[15] - The company’s total liabilities related to interest payable were RMB 735,816,000, slightly increasing from RMB 713,862,000 in the previous year[15] - The company’s total liabilities related to assets classified as held for sale amounted to RMB 21,879,000 as of December 31, 2022[57] Operational Changes and Future Plans - The company completed the sale of one solar power station and is in discussions for potential sales of additional solar assets[5] - Future plans include expediting the subsidy audit results for solar power stations to improve cash flow and advance asset sales[6] - The company aims to adjust its asset allocation and investment direction to align with the ongoing green low-carbon market trends[6] - The company completed the sale of target equity in June 2023, with a preliminary consideration of approximately RMB 725,714,000 (equivalent to about HKD 812,402,000)[61] - The company agreed to sell 100% equity of Pu Xin Cheng Da (BVI) Limited for approximately RMB 664.3 million, equivalent to about HKD 777.5 million, which constitutes a very significant disposal under listing rules[104] Compliance and Governance - The company has complied with all applicable corporate governance codes as per listing rules[109] - The independent auditor's report indicated an inability to express an opinion due to significant uncertainties regarding the company's ability to continue as a going concern[115] - The company is involved in ongoing litigation regarding bondholders' claims, with total bond principal and accrued interest of RMB 329.91 million and RMB 120.01 million, respectively[118] - The company is facing significant uncertainties that may impact its ability to continue operating on a going concern basis[122] - The board is taking measures to improve the group's liquidity and financial position, but the success of these measures is uncertain[122] Employee and Dividend Information - The company has 71 employees, with compensation aligned with employee responsibilities and performance[105] - The board decided not to declare a final dividend for the year[106] - The company did not recommend the payment of any dividends for the years ended December 31, 2023, and 2022[48] Miscellaneous - The company continues to assess the impact of new and revised international financial reporting standards but has not identified significant changes to its accounting policies[24] - The company did not receive or account for any contingent electricity subsidies for the year ending December 31, 2023[38] - Trade receivables decreased significantly to RMB 29,021,000 in 2023 from RMB 63,135,000 in 2022, representing a decline of about 54.0%[52] - The total amount of trade receivables and accrued electricity subsidies was RMB 760,002,000 in 2023, down from RMB 893,329,000 in 2022, a decrease of approximately 15.0%[52] - The company’s accrued electricity subsidy income was RMB 736,805,000 in 2023, compared to RMB 835,322,000 in 2022, reflecting a decrease of approximately 11.8%[52] - The company’s trade receivables aged over 180 days amounted to RMB 670,324,000 in 2023, a decrease from RMB 792,715,000 in 2022, indicating a reduction of about 15.4%[55] - The company has maintained a public float of no less than 25% of its issued shares during the year[123] - The audited annual results announcement is available on the Hong Kong Stock Exchange website and the company's website[124] - The company has not purchased, sold, or redeemed any of its listed securities during the year[122]

Financial Performance - The company recorded a net loss of RMB 308.1 million for the period, an increase of RMB 112.1 million compared to a loss of RMB 196.0 million in the same period of 2022[29]. - Revenue from solar power generation in China decreased by RMB 33.3 million or 19.5% to RMB 137.4 million, down from RMB 170.7 million in the same period of 2022[15]. - Gross profit decreased by RMB 37.7 million or 34.0% to RMB 73.1 million, down from RMB 110.8 million in the same period of 2022[19]. - The company reported a loss before tax of RMB 306,491,000 for the six months ended June 30, 2023, compared to a loss of RMB 193,875,000 in 2022, representing a 58.1% increase in losses[84]. - The group reported a loss of RMB 308,115,000 for the six months ended June 30, 2023, compared to a loss of RMB 195,974,000 for the same period in 2022[74]. - Basic loss per share for the six months ended June 30, 2023, was RMB (6.02), compared to RMB (3.89) in 2022, reflecting a worsening financial position[140]. Revenue and Income - Total revenue for the six months ended June 30, 2023, was RMB 137,351,000, a decrease of 19.5% from RMB 170,684,000 in the same period of 2022[117]. - Electricity sales revenue was RMB 36,822,000, down 22.4% from RMB 47,482,000 in the previous year[117]. - Electricity subsidies amounted to RMB 100,529,000, a decline of 18.4% compared to RMB 123,202,000 in 2022[117]. - Other income fell by RMB 3.5 million or 38.9% to RMB 5.5 million, primarily due to a decrease in interest income from electricity subsidies[20]. - Total other income for the six months ended June 30, 2023, was RMB 5,470,000, a decrease of 39.4% from RMB 8,989,000 in 2022[129]. Assets and Liabilities - Total assets as of June 30, 2023, were RMB 3,367,719,000, down from RMB 5,058,798,000 as of December 31, 2022[123]. - Total liabilities decreased to RMB 4,674,517,000 as of June 30, 2023, from RMB 6,057,492,000 at the end of 2022[123]. - The company’s non-current assets decreased to RMB 1,352,603,000 as of June 30, 2023, from RMB 1,678,643,000 at the end of 2022[89]. - The total amount of bank loans and interest as of June 30, 2023, was RMB 12,219,000 and RMB 2,425,000 respectively, down from RMB 21,219,000 and RMB 2,036,000 as of December 31, 2022[102]. - The company has ongoing litigation related to bond repayment, with a court ruling requiring repayment of RMB 142 million in principal and approximately RMB 55.2 million in interest[77]. Cash Flow and Liquidity - Cash and cash equivalents as of June 30, 2023, were approximately RMB 142,525,000, significantly down from RMB 532,618,000 at the end of 2022[89]. - The company reported a net cash outflow from operating activities of RMB (29,163,000) for the six months ended June 30, 2023, compared to a net inflow of RMB 78,240,000 for the same period in 2022[96]. - The current ratio as of June 30, 2023, was 0.49, down from 0.63 as of December 31, 2022, reflecting a negative net cash position of RMB 3,431.1 million compared to RMB 3,911.5 million previously[32]. - The company maintained cash and cash equivalents of approximately RMB 142,525,000 as of June 30, 2023, raising significant doubts about its ability to continue as a going concern[59]. - The company is taking measures to improve its liquidity and financial position, which are subject to various uncertainties[59]. Debt and Financing - The total bank and other borrowings, convertible bonds, and bonds payable amount to RMB 2,350,478,000, due within one year or on demand[74]. - The overdue bank borrowings and bonds payable as of June 30, 2023, were approximately RMB 734,563,000 and RMB 585,372,000, respectively[53]. - The company has issued three freezing orders related to bond payables and bank loans, with a total principal amount of RMB 329,909,000 as of June 30, 2023[99]. - The total amount of convertible bonds increased from RMB 605,629,000 in December 2022 to RMB 621,862,000 in June 2023, an increase of approximately 2.7%[168]. - The company has pledged 100% equity in its subsidiary, Shunfeng Photovoltaic Holdings Limited, along with assets from 17 solar power generation subsidiaries to secure bank and other borrowings[165]. Operational Highlights - The total electricity generation from solar power stations owned by the company in China was approximately 182,364 MWh, a decrease of 16.1% from 217,252 MWh in the same period of 2022[11]. - The company achieved a total installed capacity of approximately 256 MW for grid-connected power generation in China[12]. - The company is focusing on solar energy business development and management in China, considering refinancing and potential further sales of remaining solar power stations to enhance financial stability[46]. - The company has 76 employees as of June 30, 2023, with compensation aligned to employee responsibilities and performance[43]. - The company did not declare any dividends for the six months ended June 30, 2023, consistent with the previous year[138]. Customer and Revenue Concentration - The five largest customers accounted for approximately 59.2% of total revenue, with the largest customer contributing about 14.6%[13]. - Major customers contributing over 10% of total revenue included Company A with RMB 18,499,000 and Company C with RMB 19,352,000[128]. - Receivables from related parties totaled RMB 919,191,000, down from RMB 1,000,614,000, a decrease of 8.1%[154]. - The company expects to settle outstanding balances with related parties within the next twelve months[150]. - The company has confidence in the timely registration of its solar power stations for electricity subsidies, which are expected to be fully recoverable after government fund allocation[149].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 01165 截至 年 月 日止六個月的中期業績公告 2023 6 30 董事會欣然公佈本集團截至2023年6月30日止六個月的未經審核中期業績，連同2022年同 期的比較數字。 該等未經審核中期簡明綜合財務報表已由本公司核數師中匯安達會計師事務所有限公司 及審核委員會審閱及於2023年8月30日獲董事會批准。 業績摘要 截至2023年 截至2022年 6月30日 6月30日 變動 止六個月 止六個月 百分比 人民幣千元 人民幣千元 ...

Financial Performance - Total electricity generation for 2022 was 399,828 MWh, a decrease of 53.9% from 867,275 MWh in 2021[20] - Revenue from solar power generation in China decreased by RMB 337.1 million or 51.8% to RMB 313.1 million, primarily due to the completion of asset sales[24] - Sales costs decreased by RMB 184.7 million or 52.3% to RMB 168.7 million, attributed to a reduction in electricity generation from 867,275 MWh to 399,828 MWh[25] - Gross profit decreased by RMB 152.4 million or 51.3% from RMB 296.8 million in the year ended December 31, 2021, to RMB 144.4 million in the current year[28] - Other income increased by RMB 69.2 million or 187.5% from RMB 36.9 million in the year ended December 31, 2021, to RMB 106.1 million in the current year, primarily due to a rise in received electricity subsidies[29] - Net other gains recorded RMB 64.8 million in the current year, compared to a net loss of RMB 413.4 million in the year ended December 31, 2021, mainly due to a significant reduction in losses from the sale of subsidiaries[30] - Administrative expenses decreased by RMB 19.6 million or 18.2% from RMB 107.9 million in the year ended December 31, 2021, to RMB 88.3 million in the current year[32] - Financial expenses decreased by RMB 162.1 million or 27.3% from RMB 592.9 million in the year ended December 31, 2021, to RMB 430.8 million in the current year, mainly due to a reduction in interest on bank and other borrowings[34] - Loss before tax decreased by RMB 638.4 million to RMB 173.8 million in the current year from a loss of RMB 812.2 million in the year ended December 31, 2021[35] - Loss from continuing operations decreased by RMB 639.4 million or 78.2% from RMB 818.0 million in the year ended December 31, 2021, to RMB 178.6 million in the current year[37] - Revenue growth decreased significantly, with a decline of 51.8% in 2022 compared to previous years[62] - Adjusted EBITDA for 2022 was RMB 300,036 thousand, with an adjusted EBITDA margin of 95.8%[62] - Total debt increased to RMB 3,789,336 thousand in 2022, resulting in a debt ratio of 144.2%[62] - The company reported a net loss per share of RMB 3.48 in 2022, an improvement from previous losses[62] - Total assets decreased to RMB 5,058,798 thousand in 2022, while total liabilities were RMB 6,057,492 thousand[62] - The interest coverage ratio improved to 1.0 in 2022, indicating better ability to meet interest obligations[62] - Trade receivables turnover days increased to 990.2 days in 2022, reflecting longer collection periods[62] - The company maintained a high adjusted EBITDA ratio of 95.8% in 2022, indicating operational efficiency despite revenue decline[62] Corporate Governance - The company is focused on improving corporate governance and transparency to enhance overall performance[73] - The board of directors held a total of 5 meetings during the year, with all independent non-executive directors attending all meetings[88] - The company has three independent non-executive directors, with one having over nine years of service, and all confirmed their independence under listing rules[84] - The company aims to appoint at least one director of a different gender by December 31, 2024, to enhance gender diversity on the board[90] - The board has established an audit committee, a remuneration committee, and a nomination committee, each with defined roles and responsibilities[91] - All directors received training on the roles and responsibilities of listed company directors, ensuring compliance with corporate governance codes[85] - The company has mechanisms in place to ensure independent viewpoints are provided to the board, enhancing decision-making processes[81] - Independent non-executive directors are required to dedicate sufficient time to fulfill their duties, with their attendance and participation reviewed annually[84] - The company has implemented appropriate recruitment practices to consider diversity in hiring, including gender, age, and cultural background[90] - The board believes that the continued service of independent non-executive directors enhances stability and provides valuable insights to the company[84] Risk Management - The company has established a two-part enterprise risk management framework to assess and evaluate business strategies and risk tolerance levels[118] - The company has established an enterprise risk management framework to effectively manage various risks, including strategic, operational, financial, reporting, and compliance risks[125] - The internal audit function has been outsourced to a third-party professional internal control consultant to ensure the independence of internal control reviews[122] - The internal control consultant completed the review of the internal control system for the fiscal year ending December 31, 2022, covering transactions from January 1, 2022, to December 31, 2022[132] - The board of directors has reviewed the risk management and internal control systems and found them to be effective as of December 31, 2022[134] - The company has implemented a whistleblowing mechanism to encourage employees to report misconduct or fraud incidents[130] - Identified risks are recorded in a risk register, and the company regularly assesses the potential impact and likelihood of each key risk[131] - The company is committed to continuously enhancing its enterprise risk management framework to align with industry best practices[134] Environmental and Social Responsibility - The company is focused on providing clean energy and low-carbon energy-saving solutions as its main business[160] - The company’s solar power plants generated approximately 399,828 MWh of electricity in 2022, saving 120,548 tons of coal compared to traditional coal-fired power plants, and reducing emissions of dust, CO2, and SO2 by 9 tons, 331,058 tons, and 40 tons respectively[174] - The company donated RMB 50,000 to support rural revitalization projects in Renyi Village, Xuanhan County, aimed at improving the quality of life for villagers[184] - The company will continue to review its environmental practices to ensure continuous improvement[175] Shareholder Information - The company has no distributable reserves as of December 31, 2022[180] - The board has decided not to declare a final dividend for the year[178] - The company has adopted a dividend policy that allows the board to propose and/or declare dividends based on financial performance and various factors, including liquidity and capital requirements[145] - The company has reviewed its communication channels with shareholders annually and is satisfied with the implementation and effectiveness of these channels[144] - Major shareholder Peace Link Services Limited owns 2,426,263,467 shares, accounting for approximately 47.74% of the company's issued share capital[195] - Asia Pacific Resources Development Investment Limited holds 2,501,820,658 shares, representing approximately 49.23% of the company's issued share capital[195] Debt and Financial Position - The company has successfully negotiated debt restructuring with major financial institutions, significantly improving cash flow and reducing total debt[10] - The company is taking measures to improve its liquidity and financial position as outlined in the financial statements[103] - The company is in ongoing discussions with banks and financial institutions regarding alternative refinancing and/or extending the maturity dates of related debts[106] - The company faced unexpected circumstances that hindered debt repayment progress, including the termination of the first proposed sale in 2022 due to unmet conditions[109] - The company anticipates that if the proposed plans and measures are successfully implemented, uncertainties related to going concern may be removed from the auditor's report for the year ending December 31, 2023[110] - The audit committee has reviewed and agreed on the measures to address uncertainties related to going concern, ensuring a balanced and comprehensive assessment of the company's performance and outlook[113]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並表明不會就因本公告全部或任何部分內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 01165 截至 年 月 日止年度經審核全年業績公告 2022 12 31 董事會欣然公佈本集團本年度的經審核綜合年度業績連同截至2021年12月31日止年度的 比較數字如下： 業績摘要 截至2022年 截至2021年 變動 12月31日止年度 12月31日止年度 百分比 人民幣千元 人民幣千元 （經重列） 持續經營業務 收入 – 太陽能發電 313,143 650,186 (51.8%) ...

Financial Performance - The total electricity generation from solar power stations owned by the company in China was approximately 217,252 MWh, a decrease of 53.7% from 469,527 MWh in the same period of 2021[12][13]. - Revenue from solar power generation in China decreased by RMB 193.8 million or 53.2% to RMB 170.7 million, primarily due to the completion of share transfers related to the sale of target companies[16]. - The cost of sales decreased by RMB 124.6 million or 67.5% to RMB 59.9 million, attributed to the reduction in electricity generation[19]. - Gross profit decreased by RMB 69.2 million or 38.4% to RMB 110.8 million compared to the same period in 2021[20]. - Other income decreased by RMB 5.3 million or 37.1% to RMB 9.0 million, mainly due to a reduction in accrued interest income from electricity subsidies[21]. - The company recorded a net loss of RMB 118.4 million in other gains and losses, compared to a net gain of RMB 9.3 million in the same period of 2021[22]. - Loss before income tax increased from RMB 118.9 million in the same period of 2021 to RMB 193.9 million, an increase of RMB 75.0 million[27]. - Income tax expense rose by RMB 1.6 million or 320.0% from RMB 0.5 million in the same period of 2021 to RMB 2.1 million[28]. - Loss from continuing operations increased from RMB 119.4 million in the same period of 2021 to RMB 196.0 million, an increase of RMB 76.6 million[29]. - The company reported a net loss of RMB 195,974,000 for the six months ended June 30, 2022, compared to a loss of RMB 38,921,000 in the same period of 2021[121]. - The basic loss per share for the period was RMB 3.89, compared to RMB 1.42 in the same period last year, indicating a worsening financial performance[90]. - The company reported a pre-tax loss of RMB 193,875 thousand for the six months ended June 30, 2022, compared to a loss of RMB 118,946 thousand in the same period of 2021[152]. Expenses and Liabilities - Administrative and general expenses increased by RMB 5.5 million or 14.9% to RMB 42.5 million[23]. - Financial expenses decreased by RMB 70.8 million or 24.4% to RMB 218.8 million, mainly due to a reduction in interest on bank and other borrowings[26]. - The company’s current liabilities as of June 30, 2022, amounted to RMB 1,039,952,000, indicating significant liquidity concerns[81]. - The company reported a net current liability of RMB (1,039,952) thousand, compared to RMB (979,616) thousand at the end of 2021, indicating a worsening of approximately 6.1%[95]. - The company’s total liabilities, including bank loans and bonds, amounted to RMB 2,215,812,000, with a significant portion due within one year[81]. - The company had overdue bank and other borrowings and bonds payable of approximately RMB 1,050,994,000 and RMB 585,372,000, respectively[121]. - The company is facing arbitration claims from bondholders for immediate repayment of outstanding principal and accrued interest, which may impact its financial stability[81]. Revenue and Sales - The company’s major customers accounted for approximately 61.2% of total revenue, with the largest customer contributing about 17.4%[14]. - For the six months ended June 30, 2022, the company reported a revenue of RMB 170,684,000, a decrease of 53% compared to RMB 364,493,000 for the same period in 2021[87]. - The revenue from electricity sales and subsidies was RMB 47,482 thousand for the six months ended June 30, 2022, compared to RMB 123,202 thousand for the same period in 2021, indicating a decrease of about 61%[145]. - External sales revenue from electricity sales was RMB 47,482 thousand, down 55.7% from RMB 106,808 thousand in the previous year[156]. - Electricity subsidies accounted for approximately 72.2% of total revenue, totaling RMB 123,202 thousand, compared to RMB 257,685 thousand in the prior year[156]. Assets and Equity - As of June 30, 2022, total assets decreased to RMB 3,709,593 thousand from RMB 5,195,512 thousand as of December 31, 2021, representing a decline of approximately 28.5%[92]. - Non-current assets amounted to RMB 1,486,432 thousand, down from RMB 1,557,026 thousand, indicating a decrease of about 4.5%[92]. - The total equity attributable to owners of the company was RMB (1,168,000) thousand as of June 30, 2022, compared to RMB (974,319) thousand at the end of 2021, representing an increase of about 19.9%[95]. - The company’s cash and cash equivalents increased significantly to RMB 487,717 thousand from RMB 55,676 thousand, marking a substantial rise of approximately 774.5%[92]. - The company’s trade and other receivables decreased slightly to RMB 1,023,550 thousand from RMB 1,036,131 thousand, a decline of about 1.2%[92]. Operational Changes and Future Plans - The company completed the transfer of shares for three of the seven target companies in the first major sale agreement, totaling RMB 537.6 million[41]. - The second major sale agreement was approved by shareholders on January 13, 2022, involving the sale of 100% equity of two target companies for RMB 414.7 million[43]. - The company agreed to sell 100% equity of several subsidiaries for a total consideration of RMB 889.6 million, but the agreement was terminated due to unmet conditions[46]. - The group plans to focus on solar energy business development and management in China after completing several sales transactions[52]. - The company continues to implement plans to improve its liquidity and financial position, including collecting remaining sale proceeds from subsidiaries[122]. Shareholder Information - As of June 30, 2022, Mr. Wang Yu holds 27,345,588 shares, representing approximately 0.55% of the total issued share capital[64]. - Mr. Zhang Fubo owns 9,918,000 shares, which accounts for about 0.20% of the total issued share capital[64]. - Peace Link Services Limited holds 2,599,335,467 shares, representing 52.17% of the total issued share capital[68]. - Asia Pacific Resources Development Investment Limited has a beneficial interest in 2,674,892,658 shares, equating to 53.69% of the total issued share capital[68]. - Mr. Zheng Jianming has a beneficial interest in 2,681,844,658 shares, which is approximately 53.83% of the total issued share capital[68]. Impairment and Credit Losses - The company recognized a net impairment loss provision of RMB 64,277,000 for expected credit losses for the six months ended June 30, 2022, significantly higher than RMB 2,559,000 for the same period in 2021[167]. - The impairment loss recognized for completed solar power plants was RMB 49,802,000, compared to RMB 17,672,000 for the same period in 2021[185]. - The impairment loss on assets classified as held for sale was RMB (26,959) thousand, while the impairment reversal for solar power stations was RMB 49,802 thousand[152].

Financial Performance - The total electricity generation from solar power plants owned by the company in China for the year was approximately 867,275 MWh[27]. - Revenue from continuing operations in solar power generation in China fell by RMB 254.2 million or 28.1% to RMB 650.2 million in 2021, primarily due to the absence of gains from the sale of target companies recognized in 2020[38]. - The gross profit from continuing operations decreased by RMB 151.1 million or 33.7% to RMB 296.8 million in 2021[41]. - Other income from continuing operations decreased by RMB 8.3 million or 18.4% to RMB 36.9 million in 2021, mainly due to a reduction in interest income from electricity subsidies[42]. - The loss from continuing operations increased by RMB 268.6 million or 44.5% to RMB 872.5 million in 2021[56]. - The financial expenses for continuing operations decreased by RMB 184.2 million or 23.7% to RMB 592.9 million in 2021, primarily due to a reduction in interest on bank and other borrowings[50]. - The company reported a loss of RMB 745,613,000 for the year ended December 31, 2021, with total equity attributable to owners of the company recording a deficit of RMB 974,319,000[135]. - Current liabilities exceeded current assets by RMB 979,616,000 as of December 31, 2021, a decrease of RMB 2,059,444,000 compared to RMB 3,039,060,000 on December 31, 2020[135]. - The company faced significant challenges in obtaining additional financing due to its net current liabilities and capital deficit situation[135]. - The auditor issued a disclaimer of opinion on the consolidated financial statements for the year ended December 31, 2021, due to uncertainties regarding the company's ability to continue as a going concern[135]. Asset Sales and Transactions - The company sold 100% equity of Jingneng Photovoltaic (Jiangxi) Co., Ltd. for RMB 670 million, which was approved by shareholders on July 13, 2021[23]. - The company completed the sale of 7 solar power plants in China to China Power Investment Xinjiang Energy Chemical Group for an undisclosed amount, with the agreement approved on December 13, 2021[14]. - The company completed the sale of its LED business segment, which is now classified as discontinued operations[23]. - The company completed the sale of 11 target companies for a total consideration of RMB 641.42 million in 2019[70]. - The sale of six target companies was completed for a total consideration of RMB 181.14 million in 2020[75]. - The company entered into a conditional sale agreement for the 100% equity of Jinko Solar (Jiangxi) Co., Ltd. for RMB 670 million[77]. - The company completed the transfer of shares for three target companies from the first sale agreement, with the total consideration amounting to RMB 537.6 million[82]. - The second sale agreement involved the sale of 100% equity in two target companies for a total consideration of RMB 414.7 million[83]. - The company announced a third sale agreement involving the sale of 100% equity in a target company for a total consideration of RMB 14.4 million[88]. - The company is set to sell 100% equity in four target companies for a total consideration of RMB 889.6 million under the 2022 sale agreement[94]. Corporate Governance - The company has been focusing on improving its corporate governance practices to enhance overall performance and accountability[106]. - The board of directors is responsible for overseeing the company's strategic development and financial performance[109]. - The company has adopted a standard code of conduct for securities trading by its directors, ensuring compliance with necessary standards[110]. - The board consists of four executive directors and three independent non-executive directors, ensuring a balance of power and authority[114]. - All independent non-executive directors have extensive academic, professional, and industry expertise, providing independent opinions on the group's business strategy and performance[115]. - The board held a total of 7 meetings during the year, with all executive directors attending all meetings[120]. - Independent non-executive directors serve a term of three years, with two directors having served for over nine years, yet still considered independent[117]. - The company provides training for all directors to ensure they understand their responsibilities and comply with corporate governance codes[119]. - The board has established committees including the Audit Committee, Remuneration Committee, and Nomination Committee, with defined roles and responsibilities[124]. - Directors are required to be re-elected at least every three years during the annual general meeting[123]. Risk Management - The company has established a two-part enterprise risk management framework, consisting of a risk management structure and risk management procedures[153]. - The management is responsible for identifying and continuously monitoring strategic, operational, financial, reporting, and compliance risks[157]. - The internal audit function is outsourced to a third-party professional internal control consultant to ensure independence in the review of risk management procedures[158]. - The company has implemented a clear internal control policy and procedures to delineate responsibilities and accountability across departments[162]. - The board has reviewed the risk management and internal control procedures, considering resources, staff qualifications, experience, and training adequacy[164]. - Management has identified significant risk factors and regularly monitors changes, with a risk register in place to assess potential impacts and likelihood[165]. - An independent review of the internal audit function was completed, covering transactions from January 1, 2021, to December 31, 2021, with recommendations to be followed up by management[166]. - The audit committee and board have not identified any deficiencies in the risk management and internal control systems[167]. - The internal control system was deemed effective as of December 31, 2021, with ongoing enhancements planned to align with industry best practices[168]. Employee and Management - The company has 1,101 employees as of December 31, 2021, including 1,008 from discontinued operations[90]. - The company’s executive director, Mr. Wang Yu, has over 24 years of management experience in various financial and investment roles[181]. Future Outlook - The company aims to become a leading global provider of low-carbon energy solutions by optimizing its asset and liability structure[14]. - The company is actively seeking various clean energy resources to establish a solid foundation for its growth as a leading low-carbon energy solutions provider[24]. - The company expects that if proposed measures are successfully implemented, the uncertainty regarding going concern may be removed in the auditor's report for the year ending December 31, 2022[142]. - The company is currently negotiating with creditors regarding a potential one-time early repayment and a proposal to waive part of the outstanding principal and all accrued interest[145].

Financial Performance - Revenue from continuing operations in solar power generation in China decreased by RMB 215.8 million or 37.2% to RMB 364.5 million, primarily due to the absence of income from previously sold companies[23]. - The company recorded a net profit of RMB 9.3 million from other gains, a significant improvement from a net loss of RMB 313.1 million in the same period of 2020[29]. - The gross profit from continuing operations decreased by RMB 135.8 million or 43.0% to RMB 180.0 million, down from RMB 315.8 million in the same period of 2020[26]. - Loss before tax decreased to RMB 118.9 million from RMB 522.3 million in the same period of 2020, a reduction of RMB 403.4 million[34]. - Loss from continuing operations decreased to RMB 119.4 million from RMB 524.6 million in the same period of 2020, a reduction of RMB 405.2 million[38]. - The company reported a net loss of RMB 38,921,000 for the six months ended June 30, 2021, with total equity attributable to owners of the company recording a deficit of RMB 1,592,174,000[72]. - The company reported a basic loss per share of RMB 1.42 for the period, an improvement from RMB 9.86 in the same period last year[123]. - The company reported a net loss of RMB 491,559,000 for the period, which is a slight improvement from the previous year's loss of RMB 491,401,000[142]. - The total comprehensive income amounted to a loss of RMB 468,280,000, compared to a loss of RMB 491,401,000 in the same period of 2020, reflecting a decrease of approximately 4.7%[142]. Revenue and Sales - The total electricity generation from solar power stations owned by the company in China was approximately 469,527 MWh, a decrease of 37.0% compared to 745,017 MWh in the same period of 2020[15]. - The sales revenue from the discontinued LED products segment increased by RMB 91.8 million or 41.4% to RMB 313.6 million compared to RMB 221.8 million in the same period of 2020[24]. - The company’s revenue from sales to Chinese customers accounted for 100% of total revenue from continuing operations during the period[17]. - Revenue for the six months ended June 30, 2021, was RMB 364,493 thousand, a decrease of 37.2% compared to RMB 580,253 thousand for the same period in 2020[121]. - Revenue from electricity subsidies received from the State Grid Corporation of China amounted to RMB 257,685,000 for the six months ended June 30, 2021, compared to RMB 420,875,000 for the same period in 2020[197]. Operational Metrics - The total installed capacity of solar power generation in China was approximately 763 MW as of June 30, 2021[15]. - The company’s five largest customers accounted for approximately 65.4% of total revenue from continuing operations, down from 68.3% in the same period of 2020[16]. - The company completed the transfer of shares for 11 target companies during the reporting period, with a total consideration of RMB 181,139,954.86 for the 2020 sale agreements[52]. - The company has entered into seven sale agreements with a total consideration of RMB 537.6 million for the potential sale of 100% equity in seven target companies[59]. Financial Position and Liabilities - As of June 30, 2021, the current ratio was 0.62, up from 0.56 on December 31, 2020, indicating a negative net cash position of RMB 6,467.7 million[41]. - The debt-to-equity ratio increased from 7,658.8% on December 31, 2020, to 14,630.3% on June 30, 2021[42]. - The company’s bank and other borrowings amounted to RMB 3,210,943,000, with RMB 2,969,405,000 due for immediate repayment[72]. - The group’s current liabilities exceeded its current assets by RMB 2,673,924,000 as of June 30, 2021[72]. - The company has overdue loans totaling RMB 2,069,577,000 as of June 30, 2021, with RMB 771,342,000 expected to be settled through the sale of solar power plants[167]. Going Concern and Financial Stability - The effectiveness of the going concern basis for the financial statements depends on the financial support from the controlling shareholder and the outcomes of various plans and measures[76]. - The company faces significant uncertainties that may cast doubt on its ability to continue as a going concern[75]. - The ability to continue as a going concern depends on successfully generating sufficient investment, financing, and operating cash flows from the planned sales of target companies and solar power stations[178]. - If the company fails to achieve the outlined plans, it may not be able to continue as a going concern and will need to adjust asset values accordingly[113]. Strategic Plans and Future Outlook - The company is actively considering fundraising through refinancing and/or further sales of solar power stations to enhance financial stability and support long-term strategic development[64]. - The company is pursuing the collection of remaining proceeds from the sale of 11 target companies and 6 target companies to meet immediate financing needs[75]. - The company is negotiating with banks and financial institutions for alternative refinancing and/or deferral of loan maturities due to breaches of certain loan covenants[78]. - The company is exploring potential buyers for other solar power stations to generate additional proceeds[178]. Shareholder Information - Major shareholders include Peace Link Services Limited with 2,599,335,467 shares (52.17%) and Zheng Jianming with 2,681,844,658 shares (53.83%)[93]. - The total issued share capital is approximately 4,979,000,000 shares, with major shareholders holding significant stakes[93]. - The company has maintained a public float of at least 25% of its issued shares as required by listing rules[86]. Accounting and Reporting Standards - The financial statements are prepared in accordance with International Accounting Standards[105]. - The company has applied new international financial reporting standards, but these changes did not have a significant impact on its financial position or performance during the reporting period[181]. - The company has not provided a conclusion on the interim financial statements due to uncertainties affecting going concern[106].

Financial Performance - Total revenue decreased by RMB 264.8 million or 15.3% to RMB 1,466.3 million from RMB 1,731.1 million in the previous year[33]. - Solar power generation revenue fell by RMB 464.0 million or 33.9% to RMB 904.4 million, with generation volume decreasing by 35.9% to 1,182,567 MWh from 1,843,762 MWh[35]. - LED products sales revenue increased by RMB 199.2 million or 54.9% to RMB 561.9 million from RMB 362.7 million in the previous year[36]. - Gross profit decreased by RMB 38.7 million or 5.3% to RMB 688.1 million from RMB 726.8 million[38]. - Other income decreased by RMB 22.4 million or 19.1% to RMB 95.0 million, primarily due to reduced government subsidies[41]. - R&D expenses increased by RMB 12.0 million or 20.0% to RMB 72.0 million, driven by increased investment in LED products[45]. - Financial expenses decreased by RMB 381.2 million or 32.8% to RMB 781.8 million, mainly due to lower interest on convertible bonds and bank loans[47]. - Pre-tax loss decreased by RMB 1,512.5 million to RMB 488.5 million from RMB 2,001.0 million in the previous year[50]. - The total loss for the year decreased by RMB 1,383.3 million or 73.4% to RMB 501.6 million from RMB 1,884.9 million[52]. - The adjusted EBITDA for the year was RMB 457,294,000, with an adjusted EBITDA margin of 32.9%[106]. - The company reported a revenue growth of 33.9% for the year, with a gross profit margin of 27.3%[106]. - The total debt as of the reporting date is RMB 14,863,270,000, with a debt ratio of 69.6%[106]. - The group reported a loss of RMB 501,622,000 for the year ended December 31, 2020, with equity attributable to owners amounting to a loss of RMB 1,474,385,000[149]. Operational Changes - The company completed the sale of 11 solar power stations to China National Nuclear Corporation Shandong Energy Co., Ltd., and 6 solar power stations to Zhejiang Chint New Energy Development Co., Ltd., optimizing its asset and liability structure[12]. - The company has retained two divisions: solar power generation in China and the manufacturing and sales of LED products, following the sale of Jiangsu Shunfeng Photovoltaic Technology Co., Ltd.[23]. - The company is in the process of a potential sale of 100% equity in a subsidiary for a total consideration of RMB 670 million, which is subject to shareholder approval[71]. - The company is considering further sales of solar power stations in China under similar terms to the previous sales, with potential buyers already engaged[87]. - The company has successfully negotiated debt restructuring with major financial institutions, improving its cash flow situation[11]. - The company has made total repayments of RMB 187,100,000 on the 2015 corporate bonds as of December 31, 2020[97]. - The company plans to seek further extensions for the repayment of the 2016 corporate bonds, with an outstanding principal of RMB 255,463,000 as of the report date[101][102]. Environmental Impact - The total electricity generation from solar power stations owned by the company in China for the year was approximately 1,182,567 MWh, a decrease from 1,865,390 MWh in 2019[18]. - The company reduced emissions significantly, with over 990,991 tons of CO2, 45 tons of smoke, 221 tons of sulfur dioxide, and 231 tons of nitrogen oxides eliminated[2]. - The company is committed to exploring various clean energy resources to solidify its foundation as a global leader in low-carbon energy solutions[24]. - The company aims to deliver substantial returns to shareholders by leveraging advancements in energy storage and hydrogen technologies[16]. - The company anticipates continued cost reductions in solar power generation, with many markets approaching grid parity[16]. - The company is focused on becoming a leading provider of low-carbon energy solutions, with ongoing adjustments to its asset allocation and investment direction[16]. Corporate Governance - The company has maintained good corporate governance practices, which are essential for enhancing overall performance and transparency[117]. - The board of directors consists of seven members, including four executive directors and three independent non-executive directors, ensuring a balance of power and independence[122]. - The company has adopted a standard code of conduct for securities trading, confirming compliance by all directors for the reporting year[123]. - The chairman and CEO roles are currently held by the same individual, which the board believes is appropriate given the streamlined operations following past divestitures[124]. - Independent non-executive directors play a crucial role in providing independent judgment and oversight of the company's performance[127]. - The company is committed to reviewing its corporate governance policies and compliance with listing rules regularly[120]. - The board is responsible for the overall management of the company, including strategy development and monitoring financial performance[122]. - The company has established a clear framework for the appointment and re-election of directors, ensuring compliance with governance standards[137]. - The audit committee monitored the integrity of the company's financial reports and compliance with applicable standards[139]. - The remuneration committee's recommendations align with corporate governance codes regarding executive compensation[143]. Risk Management - The company has established a two-part enterprise risk management framework consisting of a risk management structure and risk management procedures[154]. - The audit committee is responsible for monitoring the overall risk management procedures and reviewing the risk register of the group[156]. - The management is tasked with identifying and continuously monitoring strategic, operational, financial, reporting, and compliance risks[159]. - The company has outsourced its internal audit function to a third-party professional internal control consultant to ensure the independence of internal control reviews[160]. - The risk management framework defines the processes for identifying, assessing, responding to, and monitoring risks and their changes[161]. - The company has established a clear internal control policy and procedures, defining responsibilities, authority, and accountability across departments[167]. - The management has identified significant risk factors and maintains a risk register to regularly assess the potential impact and likelihood of key risks[168]. - An independent review of the internal control system was completed for the fiscal year ending December 31, 2020, covering both corporate and operational levels[169]. - The audit committee has received risk management and internal control reports for annual review, confirming the effectiveness of the systems in place[171]. Employee and Stakeholder Engagement - As of December 31, 2020, the group had 1,045 employees, with compensation aligned to employee responsibilities and performance[75]. - The company emphasizes high transparency and timely communication with shareholders through annual reports and announcements[175]. - The board of directors is committed to maintaining regular communication with institutional investors and analysts regarding the company's strategies and operations[175]. - The company has mechanisms in place to encourage employees to report misconduct or fraud incidents[167]. - All directors received training on corporate governance and regulatory obligations to enhance their knowledge and skills[130].