Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected total return above the relevant industry over the next 12 months [4]. Core Views - The report highlights that the significant drop in polysilicon prices has led to attractive valuations at the cycle bottom, with expectations that prices have likely bottomed out and may rebound in the third quarter [2][3]. - The company's first-quarter performance showed a revenue of 5.6 billion RMB and a net profit of 359 million RMB, with a gross margin of 23.4% [2]. - The report suggests that the company remains competitive in the long term as a leading polysilicon producer, despite current performance pressures [3]. Financial Summary - Revenue projections for the company are as follows: 2024E: 25.48 billion RMB, 2025E: 27.88 billion RMB, 2026E: 30.87 billion RMB, reflecting a decline in 2023 and 2024, followed by growth in subsequent years [4][8]. - Net profit estimates are significantly reduced to 347 million RMB for 2024E, with a recovery expected in 2025E and 2026E [4][8]. - The report indicates a substantial decrease in production costs, with the cost per ton of polysilicon dropping to 46,000 RMB, which is competitive with peers [2][3]. Market Performance - The company's stock closed at HKD 9.20, with a target price adjusted to HKD 12.04, indicating a potential upside of 30.9% [1][3]. - The stock has experienced a year-to-date decline of 15.90%, with a 52-week high of HKD 18.62 and a low of HKD 8.17 [6].

Financial Performance - For the three months ended March 31, 2024, the company achieved a revenue of RMB 5,601.11 million[1] - The operating cost for the same period was RMB 4,290.09 million[1] - The net profit attributable to shareholders for the three months was RMB 359.13 million[1] Assets and Financial Status - As of March 31, 2024, the total assets of the group amounted to RMB 87,652.27 million[1] - The financial data presented is unaudited and should not be considered as an indication of the group's financial performance[1]

IPO and Share Issuance - The company plans to issue up to 300,000,000 A shares, with the proposed A-share IPO to be listed on the Shanghai Stock Exchange[5] - The company's H-shares are listed on the Hong Kong Stock Exchange under the stock code 1799[4] - The company's H shares were included in the Hang Seng Composite Index and became eligible for the Stock Connect program, effective from March 13, 2023[13] - The company implemented a strategic placement plan for A-share issuance, allowing senior management and core employees to subscribe for up to 30 million A-shares[121] - The company's issued share capital as of December 31, 2023, consists of 1,053,829,244 domestic shares (73.69%) and 376,170,756 H-shares (26.31%), totaling 1,430,000,000 shares[78] - The company plans to issue A-shares to raise funds for the construction of a 200,000-ton polysilicon project in Zhundong, with a total investment expected to be RMB 17.6 billion[70] Production and Capacity Expansion - The company's Inner Mongolia project aims to produce 100,000 tons of high-purity polysilicon annually, while the Zhundong project targets 200,000 tons of high-end electronic-grade polysilicon annually[5] - The company's polysilicon production capacity increased to 300,000 tons/year with the completion of the first phase of the 100,000-ton project in Zhundong[18] - The company's polysilicon production capacity reached 300,000 tons, with sales of 202,900 tons in 2023, a year-on-year increase of 90.16%[25] - The company is investing in the construction of a 200,000-ton polysilicon project in Zhundong, with no other major investment plans announced[55] - The company plans to achieve a polysilicon production volume of 280,000–300,000 tons in 2024, with wind and photovoltaic power station construction scale of 2–3GW[57] - Polysilicon production capacity increased to 300,000 tons/year with the completion of the first phase of the 100,000-ton project in August 2023[32] - Polysilicon production volume reached 191,300 tons, an increase of 52.01% year-over-year[32] - Polysilicon sales volume reached 202,900 tons, an increase of 90.16% year-over-year[32] Financial Performance - The company achieved operating revenue of RMB 30,751.80 million, with a total profit of RMB 6,104.68 million and a net profit attributable to shareholders of RMB 4,345.03 million[22] - The polysilicon business generated revenue of RMB 19,518.13 million, accounting for 63.47% of total operating revenue, a decrease of 23.95% compared to the previous year[23] - The wind and photovoltaic power station construction business contributed RMB 6,268.05 million, representing 20.38% of total operating revenue, a decrease of 18.47% year-over-year[23] - The wind and photovoltaic power station operation business saw revenue of RMB 2,213.00 million, accounting for 7.20% of total operating revenue, an increase of 66.57% compared to the previous year[23] - The company's total assets reached RMB 85,929.46 million, with total liabilities of RMB 44,697.60 million and total equity of RMB 41,231.86 million[24] - The company's total revenue for 2023 was RMB 30,751.80 million, a decrease of 16.51% compared to the previous year[24] - The company's net profit for 2023 was RMB 5,117.52 million, a decrease of 64.26% compared to the previous year[24] - The company's basic earnings per share for 2023 were RMB 3.04, a decrease of 67.35% compared to the previous year[24] - Revenue for the period was RMB 30,751.80 million, a decrease of 16.51% year-over-year[31] - Net profit was RMB 5,117.52 million, a decrease of 64.26% year-over-year[31] - Net profit attributable to shareholders was RMB 4,345.03 million, a decrease of 67.37% year-over-year[31] - Polysilicon segment revenue was RMB 19,518.13 million, a decrease of 23.95% year-over-year[33] - Polysilicon segment gross profit was RMB 7,006.24 million, a decrease of 61.22% year-over-year[33] - Wind and solar power station construction segment revenue was RMB 6,268.05 million, a decrease of 18.47% year-over-year[34] - Wind and solar power station operation segment revenue was RMB 2,213.00 million, an increase of 66.57% year-over-year[34] - Revenue for 2023 decreased by 16.51% to RMB 30,751.80 million, primarily due to a significant drop in polysilicon prices[40] - Polysilicon segment revenue decreased by 23.95% to RMB 19,518.13 million, with average selling prices dropping approximately 60% despite a 90% increase in sales volume[41] - Wind and photovoltaic power station construction segment revenue decreased by 18.47% to RMB 6,268.05 million due to intensified market competition and reduced per-watt revenue[41] - Wind and photovoltaic power station operation segment revenue increased by 66.57% to RMB 2,213.00 million, driven by increased project scale and electricity generation[41] - Total costs increased by 24.29% to RMB 20,465.31 million, mainly due to higher polysilicon production and sales volume[42] - Polysilicon segment costs increased by 64.69% to RMB 12,511.89 million, reflecting a 90.16% increase in sales volume[42] - Gross profit decreased by 49.49% to RMB 10,286.48 million, with a comprehensive gross margin of 33.45%, down 21.84 percentage points[44] - Sales expenses increased by 11.93% to RMB 736.12 million due to expanded market development efforts[45] - Administrative expenses increased by 8.96% to RMB 987.72 million, driven by higher polysilicon production capacity[45] - Financial expenses decreased by RMB 93.34 million (13.29%) to RMB 608.80 million in 2023, primarily due to increased deposits and lower borrowing interest rates[46] - Investment income decreased by RMB 49.34 million to RMB -6.75 million in 2023, mainly due to losses from the disposal of long-term equity investments[46] - Income tax expenses decreased by RMB 1,508.11 million (60.44%) to RMB 987.15 million in 2023, driven by a significant drop in polysilicon sales prices[46] - Net profit attributable to shareholders decreased by RMB 8,969.79 million (67.37%) to RMB 4,345.03 million in 2023, due to the sharp decline in polysilicon sales prices[46] - Net cash flow from operating activities increased by RMB 1,639.26 million (12.87%) to RMB 14,371.49 million in 2023, driven by optimized procurement and reduced tax payments[47] - Net cash outflow from investing activities decreased by RMB 7,086.52 million (49.78%) to RMB 7,148.27 million in 2023, as capital expenditures for polysilicon capacity expansion were lower[48] - Net cash flow from financing activities decreased by RMB 479.54 million (28.02%) to RMB 1,231.90 million in 2023, due to increased debt repayments[49] - Cash and cash equivalents balance increased to RMB 11,867.23 million as of December 31, 2023, compared to RMB 3,409.76 million in 2022[50] - Capital expenditure for fixed assets, intangible assets, and other long-term assets totaled RMB 8,111.34 million in 2023[51] - Current assets increased to RMB 31,520.39 million as of December 31, 2023, with cash and cash equivalents accounting for RMB 13,501.47 million[51] - The company's distributable profit to shareholders as of December 31, 2023, is RMB 24,546,471,052.21[79] - Revenue for 2023 reached 30.75 billion yuan, with product sales accounting for 70.28% and engineering construction revenue accounting for 20.38% of total revenue[199] R&D and Innovation - The company's R&D projects won 2 first prizes and 1 second prize in the Xinjiang Uygur Autonomous Region Patent Awards[12] - Two R&D projects were awarded third-class achievements in the 2022 Power Construction Quality Management Activities by the China Electric Power Construction Enterprise Association[14] - Three R&D projects won first prizes in the Xinjiang Science and Technology Progress Awards[15] - The company is focusing on cost reduction and quality improvement in polysilicon production, aiming to increase the proportion of N-type materials[59] - The company is enhancing technological innovation in polysilicon production, including optimizing cold hydrogenation systems and improving energy efficiency[61] - The company is developing new technologies for power station construction and operation, including high-power string inverters and low-cost energy storage systems[62] - The company is implementing a digital transformation in safety management, aiming for 100% completion of the safety system digitalization[58] - The company is strengthening its technological innovation system and R&D capabilities to mitigate risks associated with potential disruptions in polysilicon production technology[66] Corporate Governance and Leadership - The company's registered office and headquarters are located in Ganquanbao Economic and Technological Development Zone, Urumqi, Xinjiang, China[4] - The company's website is www.xinteenergy.com, and investor relations can be contacted via phone at 86 991-3665888 or email at ir@xinteenergy.com[4] - Zhang Jianxin, aged 51, serves as Chairman and Executive Director, and General Manager of Xinjiang New Energy, holding a Ph.D. in Economic Management and a senior economist title[71] - Yin Bo, aged 45, is the Executive Director and General Manager, with a Ph.D. in Chemical Engineering and a senior engineer title[71] - Xia Jinjing, aged 43, is the Executive Director and Chief Engineer, holding a master's degree in Chemical Engineering and a senior engineer title[71] - Zhang Xin, aged 62, is a Non-Executive Director, with a college degree in Electrical Engineering and a senior mechanical and electronic engineer title[71] - Huang Hanjie, aged 45, is a Non-Executive Director, holding a master's degree and a senior accountant title[71] - Guo Junxiang, aged 53, is a Non-Executive Director, with a bachelor's degree in Industrial Economics and a senior economist title[71] - Cui Xiang, aged 63, is an Independent Non-Executive Director, holding a Ph.D. and a professor title[72] - Chen Weiping, aged 67, is an Independent Non-Executive Director, with a bachelor's degree and a professor-level senior engineer title[72] - Tan Guoming, aged 61, is an Independent Non-Executive Director, a certified public accountant in Hong Kong and the UK[72] - Chen Qijun, aged 53, is the Chairman of the Supervisory Board, with a college degree in Economic Management and senior titles in risk management and credit management[73] - The company's audited financial performance for the reporting period is detailed in the consolidated income statement on pages 110 to 112, with the financial position as of December 31, 2023, outlined in the consolidated balance sheet on pages 103 to 106[77] - The company's board of directors confirmed the effectiveness of the internal control system as of December 31, 2023, with no significant internal control deficiencies identified[181] - The company held 5 shareholder meetings during the reporting period, with all directors, supervisors, and senior management in attendance[183] - Shareholders holding 10% or more of the company's shares have the right to request the board to convene an extraordinary general meeting[184] - The company has implemented a comprehensive risk management and internal control system to ensure compliance and operational stability[179] - All directors and supervisors strictly adhered to the "Standard Code" for securities trading during the reporting period[178] - The company's internal control review focused on key risk areas such as financial management, asset management, and supplier management[180] - Shareholders holding 3% or more of the company's shares can propose temporary agenda items for shareholder meetings 10 days in advance[185] - The company's Board of Directors consists of 9 members, including 3 executive directors, 3 non-executive directors, and 3 independent non-executive directors[149] - The Board of Directors held 18 meetings during the reporting period and submitted 56 proposals to the shareholders' meeting[151] - All directors attended all 18 meetings in 2023, with no proxy attendance[152] - The board is responsible for major decisions including business plans, investment proposals, profit distribution, and capital adjustments[153] - The board has authority over external investments, asset acquisitions/disposals, and senior management appointments[154] - The company maintains separate roles for Chairman (Zhang Jianxin) and CEO (Yin Bo) to ensure independence and accountability[156] - Directors are elected for a maximum 3-year term and can be re-elected, with new appointments following a nomination committee process[157] - All directors completed at least 60 hours of professional development training in 2023, with most exceeding 80 hours[160][161] - Training topics covered corporate governance, strategic planning, new energy industry research, and anti-corruption measures[160][161] - The board oversees corporate governance policies, director training programs, and compliance with regulatory requirements[162] - The Audit Committee held 11 meetings during the reporting period, reviewing the Group's 2022 annual financial report, 2022 annual report, asset impairment provisions, and major financial information for the first and third quarters of 2023[165] - The Audit Committee reviewed and approved the strategic placement of senior management and core employees in the company's A-share issuance[165] - The Audit Committee assessed the expected upper limits of non-exempt continuing connected transactions with TBEA and TBEA Group for 2024-2026[165] - The Remuneration and Assessment Committee held 1 meeting during the reporting period, approving the 2023 director and supervisor allowance plan and the 2023 senior management compensation standards[168] - The Remuneration and Assessment Committee is responsible for formulating and reviewing the company's director and manager compensation policies and schemes[167] - The Nomination Committee is responsible for selecting and recommending candidates for the company's directors and managers, as well as setting selection criteria and procedures[168] - The Nomination Committee reviews the board's size, composition, and structure at least once a year, considering factors such as age, culture, expertise, skills, and diversity[168] - The Nomination Committee evaluates the independence of independent non-executive directors, especially if they hold positions in seven or more listed companies[168] - The Audit Committee ensures appropriate arrangements for employees to raise concerns about financial reporting, internal controls, or other potential misconduct[165] - The Audit Committee reviews the company's risk and compliance monitoring department's staffing, qualifications, experience, training, and budget[165] - The company held 1 meeting of the Nomination Committee during the reporting period to review the structure, size, and composition of the Board of Directors, as well as the independence of independent non-executive directors[170] - The Board of Directors consists of 9 members with diverse backgrounds, including 4 executive directors, 3 non-executive directors, and 2 independent non-executive directors, meeting the requirements of the Board Diversity Policy[171][172][173] - The Strategic Committee, composed of 5 directors, is responsible for researching and proposing recommendations on the company's long-term development strategy and major investment decisions[174] - All independent non-executive directors have confirmed their independence in accordance with Listing Rule 3.13, with no business dealings or significant financial interests with the company or its subsidiaries[176] - The Nomination Committee reviewed and approved the Board's structure, size, and composition, as well as the independence of independent non-executive directors during the reporting period[170] - The company's Board Diversity Policy considers factors such as gender, age, culture, perspective, educational background, and work experience when evaluating Board composition[171] - The Strategic Committee is chaired by Mr. Zhang Jianxin, the Executive Director and Chairman of the Board[174] - The company will disclose the Board composition in the Corporate Governance Report annually and monitor the implementation of the Board Diversity Policy[173] - The Nomination Committee will review the Board Diversity Policy annually and propose any necessary amendments to the Board for approval[173] - The company has established a Nomination Policy to ensure Board members possess the necessary skills, experience, and diverse perspectives for the company's business[170] - The company's internal control system covers 97.09% of the total assets and 96.17% of the total revenue in the consolidated financial statements[180] - The company paid RMB 3.3 million for the 2023 annual audit fee to ShineWing and RMB 12.59 million for the audit fee related to the proposed A-share issuance[182] - The company has made appropriate insurance arrangements for potential legal actions and liabilities faced by directors[177] - The company's employee development and training programs are detailed in its 2023 ESG report[87] - The company has established a comprehensive employee incentive system, including salary incentives, work incentives, growth incentives, and equity incentives[192] - The company has implemented internal control measures for handling and disclosing insider information, ensuring timely reporting to the board of directors[195] - The company's investor communication channels include its website, phone, fax, and email, with timely responses to shareholder inquiries[186] - The company's compensation policy includes both position-based and performance-based pay, with performance results influencing salary adjustments, promotions, and training opportunities[194] - The company adheres to the Corporate Governance Code and continuously reviews and enhances its governance practices to ensure compliance[187] - The company has a total of 8,586 employees as of December 31, 2023, with 59.55% being production staff, 13.24% R&D technicians, and 14.83% management personnel[191] - Female employees account for 18.59% of the workforce, with 1 out of 8 senior executives being female[191] - The company

证券研究报告 | 2024年04月10日 新特能源（01799.HK） 增持 硅料降本持续推进，电站运营建设提速 核心观点 公司研究·财报点评 2023年公司实现归母净利润43.5亿元，同比下滑68%。2023年公司实现营 电力设备·光伏设备 业收入307.5亿元，同比下滑18%，归母净利润43.5亿元，同比下滑68%。 证券分析师：王蔚祺 证券分析师：陈抒扬 对应23Q4实现归母净利润-7.4亿元，同比下滑120%，环比下滑347%。2023 010-88005313 0755-81982965 wangweiqi2@guosen.com.cnchenshuyang@guosen.com.cn 年公司计提资产减值15.3亿元，其中多晶硅板块计提12.9亿元，主要为多 S0980520080003 S0980523010001 晶硅产线的设备固定资产减值及硅料存货跌价减值。 基础数据 光伏产业链价格下行，多晶硅及电站建设业务收入下滑。分业务来看，多晶 投资评级 增持(维持) 硅业务收入195亿元，同比下滑24%，毛利率36%，同比下滑35pcts；电站 合理估值 收盘价 10.04港元 建设业务收入63亿元， ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to HKD 12.80, indicating a potential upside of 24.0% from the current price of HKD 10.32 [1][2][8]. Core Insights - The company's performance slightly exceeded expectations after excluding impairment impacts, with a net profit of RMB 4.35 billion for the last year, down 67% year-on-year, aligning with the earnings forecast [1][2]. - The production cost of polysilicon has significantly decreased, reaching RMB 54,000 per ton in Q4, with expectations for further reductions as production ramps up [1][2]. - Demand for polysilicon is expected to exceed forecasts, potentially stabilizing prices at a higher bottom level, with an anticipated average selling price of around RMB 60,000 per ton from 2024 to 2026 [2][9]. Financial Performance Summary - The company reported a revenue of RMB 30.75 billion in 2023, a decline of 18.1% year-on-year, with a projected revenue of RMB 27.68 billion for 2024 [4][9]. - The net profit for 2023 is expected to be RMB 4.35 billion, a significant drop of 67.6% compared to the previous year, with forecasts of RMB 1.88 billion, RMB 2.25 billion, and RMB 2.79 billion for 2024, 2025, and 2026 respectively [4][9]. - The company plans to increase its polysilicon production capacity to 280,000 to 300,000 tons in 2024, with no new capacity additions planned for the near term [1][2]. Production and Sales Metrics - The company achieved a polysilicon production and sales volume of 191,000 tons and 203,000 tons respectively in the previous year, marking a year-on-year increase of 52% and 90% [1][2]. - The company aims to enhance the proportion of N-type materials in its production to 85% this year, up from 65-70% currently, which is expected to improve its competitive edge [1][2]. Market Outlook - The report anticipates a global solar installation growth rate of nearly 30% this year, significantly higher than the previous estimate of 20%, driven by strong demand [2][9]. - The company is expected to resume dividend payments following the completion of its A-share IPO, which is currently underway [1][2].

Financial Performance - For the year ended December 31, 2023, the group's operating revenue was RMB 30,751.80 million, a decrease of 16.51% compared to the same period last year[2]. - The total profit for the year ended December 31, 2023, was RMB 6,104.68 million, down 63.70% year-on-year[2]. - The net profit attributable to shareholders for the year ended December 31, 2023, was RMB 4,345.03 million, a decline of 67.37% compared to the previous year[2]. - Basic earnings per share for the year ended December 31, 2023, were RMB 3.04, down from RMB 6.27 in the previous year[2]. - The board of directors recommended not to declare a final dividend for the year ended December 31, 2023[2]. - Total revenue for 2023 was approximately ¥30.75 billion, a decrease of 16.5% compared to ¥36.83 billion in 2022[9]. - Net profit for 2023 was approximately ¥5.12 billion, down 64.3% from ¥14.32 billion in 2022[10]. - The company's gross profit for the year was RMB 10,286.48 million, a decrease of RMB 10,078.65 million or 49.49% from RMB 20,365.13 million, with a gross margin of 33.45%, down 21.84 percentage points year-on-year[65]. Assets and Liabilities - As of December 31, 2023, total current assets amounted to RMB 31,520.39 million, an increase from RMB 27,368.75 million in the previous year[4]. - Total non-current assets as of December 31, 2023, were RMB 54,409.06 million, compared to RMB 51,785.84 million in the previous year[5]. - Total assets as of December 31, 2023, reached RMB 85,929.46 million, up from RMB 79,154.59 million in the previous year[5]. - Total liabilities as of December 31, 2023, were RMB 44,697.60 million, compared to RMB 43,117.35 million in the previous year[7]. - The company reported a significant decrease in cash and cash equivalents, which were RMB 13,501.47 million, compared to RMB 5,195.45 million in the previous year[4]. - The total accounts payable at year-end was RMB 9,869,801,942.81, down from RMB 10,399,018,417.81 at the beginning of the year, representing a decrease of about 5.1%[43]. - The total borrowings at year-end reached RMB 22,187,235,184.64, an increase of 4.0% compared to RMB 21,335,680,031.62 at the beginning of the year[39]. Operational Highlights - The company reported a total operating revenue of approximately ¥30.75 billion for the year 2023, with significant contributions from polysilicon, wind energy, and photovoltaic power station construction and operation segments[22]. - The company's polysilicon production reached 191,300 tons, an increase of 52.01% year-on-year, while sales volume increased by 90.16% to 202,900 tons[54]. - The wind and photovoltaic power station operation segment achieved revenue of RMB 2,213.00 million, an increase of RMB 884.40 million or 66.57% year-on-year, due to an increase in project scale and corresponding power generation[63]. - The company completed and confirmed the installation of 2.19GW of photovoltaic and wind power projects, generating revenue of RMB 6,268.05 million, a decrease of 18.47% year-on-year, and a gross profit of RMB 1,206.09 million, down 19.96%[56]. Market and Competitive Landscape - The company recognizes the risk of intensified market competition as more players enter the renewable energy sector and plans to optimize its business structure to maintain its industry position[98]. - The company plans to enhance its operational capabilities and promote high-quality development through continuous cost reduction and quality improvement measures in the polysilicon production sector[89]. - The company aims to accelerate the development and construction of wind and solar resources, focusing on large-scale traditional resource development in the Shage desert area and exploring new business models such as energy storage and hydrogen production[90]. Research and Development - The company obtained 80 authorized patents in 2023, bringing the total to 820 domestic patents and 7 international patents by the end of the year[59]. - The company plans to increase R&D investment in new technologies and business models, particularly in areas like large-capacity inverters and energy storage systems, to enhance operational efficiency and market competitiveness[92]. Corporate Governance and Compliance - The company has adopted high standards of corporate governance to protect shareholder rights and enhance corporate value[107]. - The company continues to engage in self-inspection regarding renewable energy subsidies, ensuring compliance with regulatory requirements[18]. - The company has implemented measures to mitigate credit risk by reviewing customer credit limits and monitoring overdue receivables[81].

Financial Performance - For the nine months ended September 30, 2023, the group achieved a revenue of RMB 23,225.94 million[1] - The operating costs for the same period were RMB 14,041.13 million[1] - The net profit attributable to shareholders for the nine months was RMB 5,078.80 million[1] Assets - As of September 30, 2023, the total assets of the group amounted to RMB 89,127.14 million[1]

Financial Performance - Xinte Energy reported a revenue of RMB 1.5 billion for the first half of 2023, representing a year-on-year increase of 25%[1]. - The company achieved a net profit of RMB 300 million, up 15% compared to the same period last year[1]. - In the first half of 2023, the company's operating revenue reached RMB 17,586.90 million, an increase of 19.51% year-on-year[52]. - The net profit for the same period was RMB 5,396.36 million, with a decrease of 10.51% compared to the previous year[52]. - The net profit attributable to shareholders was RMB 4,758.97 million, down 15.28% year-on-year[52]. - The company achieved a total revenue of RMB 17,402.25 million for the first half of 2023, an increase of RMB 2,868.87 million or 19.74% compared to the same period last year[64]. - The wind and solar power construction segment reported revenue of RMB 2,734.43 million, reflecting an 11.22% increase year-on-year due to expanded market development efforts[64]. - The wind and solar power operation segment's revenue decreased by 6.15% to RMB 1,138.74 million, impacted by risks related to electricity price subsidies and the transfer of three operational projects totaling 180MW[64]. - The company reported a total profit of RMB 6.44 billion, down 9.2% from RMB 7.09 billion year-over-year[138]. - The total comprehensive income for the first half of 2023 was RMB 5.40 billion, down from RMB 6.03 billion in the same period of 2022[138]. Production and Capacity - Total installed capacity reached 5 GW, with a 20% increase in solar power generation compared to the previous year[1]. - The company's polysilicon production increased significantly to 76,100 tons, a growth of 64.72% year-on-year, while sales volume reached 86,100 tons, up 80.50%[55]. - The company is expected to achieve production capacity for the first phase of its 200,000-ton polysilicon project by the end of 2023, further enhancing production and quality[55]. - The company aims to increase the proportion of N-type materials in its production, achieving a sixfold increase in N-type material output compared to the same period last year[55]. - The company's polysilicon segment generated operating revenue of RMB 12,618.45 million, an increase of 21.79% year-on-year, despite a decline in gross profit margin[55]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2025[1]. - A strategic partnership with a leading technology firm was announced to enhance product offerings and market reach[1]. - The company is exploring potential acquisitions to bolster its renewable energy portfolio, with a focus on companies in the battery storage sector[1]. - The company aims to stabilize and maximize its production capacity of 300,000 tons of polysilicon by enhancing production process control and optimizing management practices[85]. - The company plans to reduce production costs through improved resource recovery and energy management, targeting a decrease in energy consumption and material costs[85]. Research and Development - Xinte Energy is investing RMB 200 million in R&D for new photovoltaic technologies, aiming to enhance efficiency by 15%[1]. - Research and development expenses for the six months ended June 30, 2023, were RMB 93.70 million, a decrease of RMB 31.60 million or 25.22% year-on-year[68]. - The company is focusing on new business models and technologies, including flexible photovoltaic support designs and high-power inverters to enhance market competitiveness[60]. - The company acknowledges the risk of technological disruption in the photovoltaic industry and will enhance its R&D capabilities to maintain its competitive edge[93]. Financial Position and Assets - The group's cash and cash equivalents at the end of June 30, 2023, amounted to RMB 10,667.96 million, compared to RMB 3,409.76 million at the end of December 31, 2022[73]. - The capital debt ratio as of June 30, 2023, was 23.25%, a significant decrease from 45.51% at the end of December 31, 2022[73]. - The group's total assets increased to RMB 84,325,124,334.61 from RMB 79,154,586,907.44, representing a growth of approximately 6.8%[131]. - Total current assets increased to RMB 7,918,336,986.23 as of June 30, 2023, up from RMB 5,419,052,030.06 on December 31, 2022, representing a growth of 46.2%[132]. - The company's retained earnings rose to RMB 24,960,405,271.50, up from RMB 20,201,436,523.42, indicating an increase of about 23.5%[131]. Compliance and Governance - The company has maintained compliance with the corporate governance code and has adopted the standard code for securities transactions by directors and supervisors, confirming no violations during the reporting period[99]. - The company has established an audit committee consisting of three independent non-executive directors and two non-executive directors to oversee financial reporting and internal controls[103]. - The company emphasizes the importance of board diversity in achieving strategic goals and sustainable development[101]. - The company has committed to enhancing its compliance system in response to international trade disputes and political factors affecting the photovoltaic industry[97]. Employee and Talent Management - The company has established partnerships with universities to enhance talent development and has implemented a comprehensive talent retention mechanism[62]. - The employee stock ownership plan was approved on May 5, 2022, granting 29.94 million shares to 500 participants, including directors and key personnel[110]. - The employee stock ownership plan aims to enhance governance, attract talent, and align the interests of shareholders and employees[111]. - The company emphasizes employee training and has established a comprehensive training course system covering all employees[126]. Risks and Challenges - The company acknowledges the risk of policy changes affecting the renewable energy sector and will closely monitor new policies to mitigate potential impacts[91]. - The company anticipates a downward trend in polysilicon prices due to increased supply and will leverage its production bases to enhance competitiveness and profitability[92]. - The company is aware of intensified market competition in the renewable energy sector and will optimize its business structure to strengthen its market position[94].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 XINTE ENERGY CO., LTD. 新特能源股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1799） 截至2023年6月30日止六個月之中期業績公告之 補充公告 茲提述新特能源股份有限公司（「本公司」）日期為2023年8月15日內容有關本公 司截至2023年6月30日止六個月之中期業績之公告（「中期業績公告」）。除非文 義另有規定，否則本公告所用詞彙與中期業績公告所界定者具有相同涵義。 本公司旨在就過往年度調整提供補充資料且本公告應與中期業績公告一併閱讀。 有關過往年度調整的資料 1. 2022年電價補貼核查的背景 於2022年3月及9月，中國國家發展和改革委員會（「國家發改委」）、國家財 政部、國家能源局（下文統稱「主管當局」）聯合印發《關於開展可再生能源 發電補貼自查工作的通知》（「第一份補貼核查通知」）及《關於明確可再生 能源發電補貼核查認定有關政策解釋的通知》（ ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 XINTE ENERGY CO., LTD. 新特能源股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1799） 截 至2023年6月30日止六個月之中期業績公告 | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------| | | | | | 財務摘要 | | ‧ | 截至 2023 年 6 月 30 日止六個月，本集團營業收入為人民幣 17,586.90 百萬元， 較上年同期增長 19.51% 。 | | ‧ | 截至 2023 年 6 月 30 日止六個月，本集團利潤總額為人民幣 6,442.25 百萬元， 較上年同期下降 9.18% 。 | | ‧ | ...