Table_BaseInfo 2024 年 3 月 20 日 公司动态分析 协鑫科技（3800.HK） 证券研究报告 品质+成本，颗粒硅独具竞争优势 公用事业 投资评级： 未有 事件：协鑫科技公布 2023 年业绩，基本符合市场预期。行业处于不利周期，收入 利润出现倒退。2024年由于多晶硅料环节仍有供过于求，预期价格仍维持低位。颗 目标价格： 未有 粒硅低电耗低成本在竞争优势更明显，同时颗粒硅品质快速提升中，满足N型料需 求。颗粒硅产能快速扩张中，预期2024年底国内颗粒硅产能达50万吨。钙钛矿、 现价 (2024-3-19)： 1.45港元 CCz等新技术取得突破。彭博一致预期，公司2024年盈利46.6亿人民币，目前股 价对应2024年PE7.6倍，我们认为估值具备上行空间。 报告摘要 总市值(百万港元) 39,061.45 流通市值(百万港元) 39,061.45 业绩表现受制于行业周期。协鑫科技业绩表现基本符合市场预期，2023年收入同比 总股本(百万股) 26,938.93 减少 6%至 337 亿元 RMB，净利润同比减少 85%至 25 亿元 RMB。业绩倒退一方 流通股本(百万股) 26,9 ...

交银国际研究 公司更新 新能源 收盘价 目标价 潜在涨幅 2024年3月18日 港元1.38 港元1.67↑ +21.0% 协鑫科技 (3800 HK) 颗粒硅品质持续提升，成本优势领先行业，维持买入  出售棒状硅资产亏损影响业绩：公司去年实现归母净利25.1 亿元人民币 个股评级 （下同），略高于业绩预告中值24.5亿元，其中下半年亏损30.1亿元，剔 买入 除出售棒状硅资产戈恩斯股权确认亏损39亿元的影响后，下半年净利约 9亿元，环比下降84%，主要是由于多晶硅及硅片价格大跌。公司去年多 晶硅产量、出货量23.2、22.6万吨，低于我们预期4%/3%，主要是由于电 1年股价表现 力、洁净材料供应不足导致爬产慢于预期。去年多晶硅销售均价8.4万元/ 吨，其中下半年5.35万元（98%为颗粒硅），高于我们预期1%，环比下 3800 HK 恒生指数 10% 跌57%。下半年光伏材料收入127亿元，环比下降39%，毛利率22.6%， 0% 高于我们预期1个百分点，环比下降19.3个百分点。 -10% -20%  颗粒硅品质、产能持续提升：公司颗粒硅品质进一步提高，可对标N型致 -30% 密料的产品比例由2 季 ...

Financial Performance - Revenue for the year ended December 31, 2023, was RMB 33,700.5 million, a decrease of 6.2% compared to RMB 35,930.5 million in 2022[3]. - Gross profit decreased by 33.2% to RMB 11,692.2 million from RMB 17,495.5 million in the previous year[3]. - Profit attributable to owners of the company for the year was RMB 2,510.1 million, down 84.7% from RMB 16,393.7 million in 2022[3]. - Basic earnings per share decreased by 84.6% to RMB 0.0947 from RMB 0.6134 in the previous year[7]. - Total comprehensive income for the year was RMB 2,286.6 million, significantly lower than RMB 15,684.2 million in 2022[6]. - The company reported a net profit of RMB 3,327,104 thousand for the fiscal year ending December 31, 2023[38]. - The net profit for the year ended December 31, 2023, was RMB 3,327 million, down 80.8% from RMB 16,423 million in 2022[137]. - The attributable profit from continuing operations for the year ended December 31, 2023, was approximately RMB 2,510 million, down from approximately RMB 16,394 million in 2022[134]. Assets and Liabilities - Non-current assets increased to RMB 48,076.9 million from RMB 47,993.6 million in 2022[9]. - Trade receivables and other receivables decreased to RMB 17,901.3 million from RMB 23,621.4 million in the previous year[9]. - Inventory increased to RMB 2,884.2 million from RMB 2,587.3 million in 2022[9]. - Current liabilities decreased from RMB 34,318,470 thousand in 2022 to RMB 22,138,926 thousand in 2023, a reduction of approximately 35.5%[11]. - Net current assets increased significantly from RMB 3,252,426 thousand in 2022 to RMB 12,552,354 thousand in 2023, representing an increase of about 285.5%[11]. - Total assets less current liabilities rose from RMB 51,245,998 thousand in 2022 to RMB 60,629,246 thousand in 2023, an increase of approximately 18.3%[11]. - Non-current liabilities increased from RMB 5,691,087 thousand in 2022 to RMB 12,311,537 thousand in 2023, marking a growth of about 116.7%[11]. - Total equity increased from RMB 45,554,911 thousand in 2022 to RMB 48,317,709 thousand in 2023, reflecting a growth of approximately 6.1%[11]. - The company's total liabilities decreased to RMB 17,901,265,000 in 2023 from RMB 23,621,398,000 in 2022, reflecting a reduction of approximately 24.4%[69]. Operational Highlights - The company plans to focus on enhancing operational efficiency and exploring new market opportunities in the upcoming year[4]. - The company plans to shift production capacity from high-cost silicon rod production to higher-margin granular silicon to maximize profits[51]. - GCL Technology's granular silicon production has reduced electricity consumption to 13.8 kWh per kilogram, significantly lower than the previous 55 kWh per kilogram[85]. - In 2023, GCL Technology's production capacity reached 420,000 tons, resulting in an annual electricity savings of 18.6 billion kWh and a reduction of approximately 10.59 million tons of CO2 emissions[85]. - The company aims to increase granular silicon production capacity to 500,000 tons by the end of 2024, while also expanding silane production capacity from 500,000 tons to 600,000 tons[86]. Research and Development - Research and development costs for 2023 were RMB 1,872,796 thousand, up from RMB 1,685,721 thousand in 2022, indicating an increase of about 11.1%[51]. - R&D expenses for 2023 amounted to 1.873 billion yuan, reflecting an 11.10% year-on-year increase, with 219 new patent applications filed[91]. Market and Revenue Breakdown - For the fiscal year ending December 31, 2023, total revenue from continuing operations was RMB 33,700,479 thousand, with photovoltaic materials contributing RMB 33,486,492 thousand and photovoltaic power station operations contributing RMB 213,987 thousand[38]. - Revenue from external customers for photovoltaic materials included RMB 11,637,962 thousand from silicon wafer sales and RMB 17,435,147 thousand from polysilicon sales[44]. - Revenue from the Chinese market decreased to RMB 33,012,014 thousand in 2023 from RMB 35,258,305 thousand in 2022, representing a decline of approximately 6.4%[46]. Financial Ratios and Metrics - The current ratio improved to 1.57 in 2023 from 1.09 in 2022, while the quick ratio increased to 1.44 from 1.02[158]. - The net debt to equity ratio increased to 15.9% in 2023 from 7.6% in 2022, indicating a higher leverage position[158]. Governance and Compliance - The company has established a comprehensive ESG governance structure, achieving an MSCI ESG rating upgrade to B and a DJSI CSA rating improvement to the top 35% of the industry[97][98]. - The company is closely monitoring government policies that could impact the photovoltaic energy industry, emphasizing compliance to mitigate risks[159]. Shareholder Returns - The company did not recommend any dividend for the year ending December 31, 2023, compared to a total dividend of RMB 3,386,636,000 in 2022[63]. - The board did not recommend any final dividend for the year ended December 31, 2023, compared to a dividend of 6.0 HK cents for 2022[177]. - The company plans to return no less than 60% of the net profit attributable to shareholders from 2023 to 2025, alongside a minimum of RMB 2.5 billion in repurchases or dividends[101].

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之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部份內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 GCL Technology Holdings Limited 協 鑫 科 技 控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股票代號：3800） 有 關 本 公 司 截 至 2022 年 12 月 31 日 止 年 度 的 年 報 及 本 公 司 截 至2023 年 6 月 30 日 止 六 個 月 的 中 期 報 告 的 補 充 公 告 茲提述(i) 協鑫科技控股有限公司（「本公司」）截至2022年12月31日止年度的年報 （「2022年年報」）及(ii)截至2023年6月30日止六個月的中期報告（「2023年中期報 告」）。除另有界定外，本公告所用詞彙與2022年年報及2023年中期報告所界定者具有 相同涵義。 有關2022年年報及2023年中期報告配售所得款項用途的補充資料 誠如2022年年報所披露，本公司已於2021年完成(i) 2021年1月配售；及(ii) 2021年 12月配 ...

Revenue and Profit Performance - Revenue from polysilicon sales increased by 61.5% to RMB 11,118,475 thousand in 2023 compared to RMB 6,883,331 thousand in 2022[29] - Total revenue from continuing operations grew by 41.8% to RMB 20,945,903 thousand in 2023 from RMB 14,775,074 thousand in 2022[29] - Net profit attributable to owners of the company decreased by 21.9% to RMB 5,518,278 thousand in 2023 from RMB 7,062,019 thousand in 2022[29] - Revenue from continuing operations for the first half of 2023 was approximately RMB 20,946 million, an increase of 41.8% compared to the same period in 2022[38] - Gross profit for the first half of 2023 was approximately RMB 8,778 million, an increase of 23.9% compared to the same period in 2022[38] - Revenue from continuing operations increased by 41.8% to RMB 20,946 million in H1 2023 compared to RMB 14,775 million in H1 2022, driven by the release of granular silicon capacity at Leshan and Baotou bases[55][66] - Gross profit from continuing operations rose by 23.9% to RMB 8,778 million in H1 2023, with the overall gross margin decreasing to 41.9% from 47.9% in H1 2022[55][67] - Profit attributable to owners of the company from continuing operations was RMB 5,518 million in the first half of 2023, down from RMB 7,062 million in the same period of 2022[76] - Revenue from continuing operations for the six months ended June 30, 2023, was RMB 20,945,903 thousand, a significant increase from RMB 14,775,074 thousand in the same period in 2022[106] - Gross profit for the six months ended June 30, 2023, was RMB 8,777,934 thousand, compared to RMB 7,083,318 thousand in the same period in 2022[106] - Profit before tax for the six months ended June 30, 2023, was RMB 7,420,270 thousand, slightly lower than RMB 8,059,425 thousand in the same period in 2022[106] - Net profit attributable to owners of the company for the six months ended June 30, 2023, was RMB 5,518,278 thousand, compared to RMB 7,062,019 thousand in the same period in 2022[107] - Basic earnings per share for continuing and discontinued operations for the six months ended June 30, 2023, was RMB 20.79, down from RMB 25.80 in the same period in 2022[107] - The company's total profit for the period was RMB 6,245.14 million[129] - In the same period last year, the photovoltaic materials business generated revenue of RMB 14,679.04 million and a segment profit of RMB 7,134.84 million[130] - The company's total profit for the same period last year was RMB 6,688.46 million[130] Assets and Liabilities - Total assets increased by 13.9% to RMB 97,442,126 thousand as of June 30, 2023, compared to RMB 85,564,468 thousand as of December 31, 2022[32] - Bank balances and cash, including pledged and restricted bank deposits, rose by 22.5% to RMB 12,772,647 thousand as of June 30, 2023, from RMB 10,430,194 thousand as of December 31, 2022[32] - Debt increased by 32.7% to RMB 18,134,919 thousand as of June 30, 2023, compared to RMB 13,670,889 thousand as of December 31, 2022[32] - Total assets of the company amounted to RMB 97.4 billion as of June 30, 2023, with pledged and restricted bank deposits and cash totaling RMB 12.8 billion[83] - Total debt increased to RMB 18,135 million as of June 30, 2023, compared to RMB 13,670 million at the end of 2022[84] - Total bank and other borrowings increased to RMB 17,525 million as of June 30, 2023, up from RMB 13,225 million as of December 31, 2022, with secured borrowings rising to RMB 15,104 million from RMB 8,605 million[85] - The current ratio improved to 1.25 as of June 30, 2023, compared to 1.09 as of December 31, 2022, and the quick ratio increased to 1.17 from 1.02 over the same period[86] - Net debt to equity ratio rose to 11.5% as of June 30, 2023, up from 7.6% as of December 31, 2022[86] - Assets pledged or restricted as collateral amounted to RMB 17 billion for property, plant, and equipment, RMB 5 billion for right-of-use assets, and RMB 4 billion for investment properties as of June 30, 2023[93] - Capital commitments for property, plant, and equipment acquisitions totaled RMB 5,735 million as of June 30, 2023, down from RMB 10,225 million as of December 31, 2022[94] - The company provided guarantees of RMB 71 million for certain bank and other borrowings as of June 30, 2023, and RMB 2,500 million for bank and other financing of its associate, Xinjiang Gones[95] - Total non-current assets increased to RMB 53,039,116 thousand as of June 30, 2023, up from RMB 47,993,572 thousand as of December 31, 2022[108] - Total current assets rose to RMB 44,403,010 thousand as of June 30, 2023, compared to RMB 37,570,896 thousand as of December 31, 2022[108] - Total current liabilities increased to RMB 35,439,175 thousand as of June 30, 2023, up from RMB 34,318,470 thousand as of December 31, 2022[110] - Net current assets grew to RMB 8,963,835 thousand as of June 30, 2023, compared to RMB 3,252,426 thousand as of December 31, 2022[110] - Total assets minus current liabilities increased to RMB 62,002,951 thousand as of June 30, 2023, up from RMB 51,245,998 thousand as of December 31, 2022[110] - Total non-current liabilities rose to RMB 9,839,057 thousand as of June 30, 2023, compared to RMB 5,691,087 thousand as of December 31, 2022[110] - Net asset value increased to RMB 52,163,894 thousand as of June 30, 2023, up from RMB 45,554,911 thousand as of December 31, 2022[110] - Equity attributable to owners of the company grew to RMB 46,534,023 thousand as of June 30, 2023, compared to RMB 42,682,274 thousand as of December 31, 2022[111] - Non-controlling interests increased to RMB 5,629,871 thousand as of June 30, 2023, up from RMB 2,872,637 thousand as of December 31, 2022[111] - The company's total consolidated assets grew to RMB 97,442,126 thousand, compared to RMB 85,564,468 thousand at the end of 2022[132] - The company's total liabilities increased to RMB 45,278,232 thousand, compared to RMB 40,009,557 thousand at the end of 2022[132] Polysilicon and Granular Silicon Production - Global polysilicon production exceeded 600,000 tons in the first half of 2023, a year-on-year increase of over 65%[37] - The company produced approximately 111,054 metric tons of polysilicon and 25,376 MW of silicon wafers in the first half of 2023, representing year-on-year growth of 177.1% and 5.0%, respectively[38] - The company's granular silicon market share surged to 15%, with total operational and under-construction granular silicon capacity reaching 400,000 metric tons[38] - The Hohhot Xinhuan granular silicon project is expected to set a global record with a construction cycle of approximately 10 months for a 100,000 metric ton polysilicon project[39] - The company's granular silicon effective capacity in Xuzhou, Leshan, and Baotou bases reached 280,000 metric tons, with market share increasing from 10.3% at the end of last year to over 15%[39] - Granular silicon shipments to the top three customers in the first half of 2023 were 23,000 metric tons, 14,500 metric tons, and 7,900 metric tons, accounting for 63.1% of total granular silicon shipments[44] - The company's granular silicon products are used by over 90% of monocrystalline customers, with 100% coverage of leading enterprises[44] - The company's granular silicon technology has been included in the "14th Five-Year Plan" for energy sector technological innovation by the Ministry of Science and Technology and the National Energy Administration[45] - The company's granular silicon technology has driven a 90% reduction in costs across the entire industry chain, transitioning the Chinese photovoltaic industry from a high-price era to a parity era[45] - The production cost of granular silicon at the Leshan GCL project reached approximately 35.68 RMB/kg in July 2023, significantly leading the industry[46] - Granular silicon production has contributed to a 28% reduction in carbon emissions across the photovoltaic industry chain, with a carbon reduction value exceeding 5 billion RMB[46] - Granular silicon production surged by 634.3% to 82,359 metric tons in H1 2023 compared to H1 2022, contributing to a total polysilicon production increase of 177.1% to 111,054 metric tons[58] - Polysilicon sales volume grew by 150.9% to 101,095 metric tons in H1 2023, while silicon wafer sales increased by 7.5% to 25,701 MW[60] - The average external selling price of polysilicon in H1 2023 was RMB 124.1 per kg (USD 17.9), reflecting market price fluctuations[60] - Granular silicon manufacturing costs decreased by 41% from the end of 2022 to June 2023, maintaining a leading position in the industry[62] - The top three customers accounted for 63.1% of the company's granular silicon shipments in H1 2023, with volumes of 22,958 metric tons, 14,473 metric tons, and 7,945 metric tons respectively[62] - The company's granular silicon effective capacity reached 280,000 metric tons as of the report date, with a total polysilicon annual capacity of 240,000 metric tons as of June 30, 2023[58][60] Photovoltaic Installations and Market Share - Domestic photovoltaic installations in the first seven months of 2023 reached 97.16 GW, a year-on-year increase of 157.51%[37] - Cumulative domestic photovoltaic installations reached approximately 489.41 GW, accounting for 17.88% of the total installed power generation capacity in China[37] - The company aims to maintain its position as a global leader in low-carbon silicon-based materials, focusing on innovation and sustainable development[36] - The photovoltaic materials business contributed RMB 20,836 million in external revenue in H1 2023, a 41.9% increase from RMB 14,679 million in H1 2022[61] - Overseas and domestic photovoltaic power station sales reached 13,017 MWh and 96,718 MWh respectively in H1 2023, with revenue increasing to RMB 110 million from RMB 96 million in H1 2022[65] - The company's photovoltaic materials business generated revenue of RMB 20,836.31 million, accounting for the majority of the total revenue of RMB 20,945.90 million[129] - The photovoltaic materials business achieved a segment profit of RMB 6,230.19 million, contributing significantly to the total segment profit of RMB 6,256.76 million[129] - The photovoltaic power station business generated revenue of RMB 109.59 million, a small portion of the total revenue[129] - The photovoltaic power station business achieved a segment profit of RMB 26.57 million[129] - In the same period last year, the photovoltaic materials business generated revenue of RMB 14,679.04 million and a segment profit of RMB 7,134.84 million[130] - The photovoltaic power station business generated revenue of RMB 96.04 million and a segment profit of RMB 43.09 million in the same period last year[130] - Total revenue for the photovoltaic materials business reached RMB 20,836,310 thousand, with sales of silicon wafers contributing RMB 7,201,320 thousand and polysilicon sales contributing RMB 11,118,475 thousand[135] - The photovoltaic power station business generated revenue of RMB 109,593 thousand, primarily from electricity sales[135] - Revenue from the Chinese market accounted for RMB 20,418,728 thousand in the photovoltaic materials business and RMB 90,199 thousand in the photovoltaic power station business[135] - Revenue recognized at a point in time amounted to RMB 19,927,649 thousand for the photovoltaic materials business and RMB 109,593 thousand for the photovoltaic power station business[135] Research and Development - The company added 88 new patent applications and 54 new patent authorizations in the first half of 2023, including 13 invention patents[46] - The CCZ technology achieved a single crystal pulling furnace output exceeding 185 kg/day, with a 200MW pilot production capacity[47] - The company's 1m×2m perovskite solar module achieved a photoelectric conversion efficiency of over 16%, with plans to exceed 18% within the year and establish a GW-level production line[48] - R&D expenses rose to RMB 901,984 thousand in H1 2023, compared to RMB 688,808 thousand in H1 2022[141] Digital Transformation and ESG - The company is advancing digital transformation, aiming for a comprehensive management system upgrade within 3-5 years[49] - The digital transformation project covers two major business segments: polysilicon and crystal pulling/slicing, involving seven core business processes[50] - The company is enhancing its ESG data governance capabilities through digital management systems for real-time monitoring and tracking[52] Shareholder and Stock Incentives - The company has granted approximately 295 million shares under its stock incentive plan, with an additional 241 million shares pending[50] - The company repurchased and canceled 84.5 million shares as of June 30, 2023, to protect shareholder value[50] - The company granted 4,296,000 reward shares at HKD 0.86 per share under its share reward plan on July 21, 2023, representing approximately 0.02% of the total issued shares[98] - The company repurchased 84,500,000 ordinary shares from the open market during the six months ended June 30, 2023, at a total cost of approximately RMB 118,830,000, which were recognized as treasury shares and subsequently canceled[193] - The number of unexercised share options under the company's share option plan decreased to 23,976,559 as of June 30, 2023, from 24,631,144 as of January 1, 2023[197] - The total number of unexercised share options as of June 30, 2022, was 55,126,458, with 5,060,638 options exercised during the period[198] Financial Risks and Policies - The company faces significant policy risks due to potential changes in government policies affecting the photovoltaic energy industry, including tax incentives and green certificate issuance[87] - Credit risk is mitigated as major customers for polysilicon and wafer products are listed entities with good repayment records, and most electricity sales revenue comes from State Grid Corporation of China[88] - The company is exposed to interest rate risk due to its reliance on external financing for new photovoltaic energy projects and equipment investments[89] Cash Flow and Financing - Operating cash flow increased to RMB 3,022,820 thousand in 2023 from RMB 2,747,122 thousand in 2022, reflecting a growth of 10%[119] - Investment cash outflow increased to RMB 5,936,290 thousand in 2023 from RMB 3,975,026 thousand in 2022, primarily due to higher payments for property, plant, and equipment[119] - Financing cash inflow significantly increased to RMB 4,168,420 thousand in 2023 from RMB 64,213 thousand in 2022, driven by new bank and other borrowings of RMB 12,536,940 thousand[120] - Net increase in cash and cash equivalents was RMB 1,254,950 thousand in 2023, compared to a net decrease of RMB 1,163,691 thousand in 2022[120] - Cash and cash equivalents at the end of June 2023 stood at RMB 7,906,730 thousand, up from RMB 5,649,419 thousand at the end of June 2022[120] - The company repaid a short-term loan of RMB 1.6 billion in full during the six months ended June 30, 2023, and subsequently issued a new short-term loan of the same amount at an annual interest rate of 5.88%, due for repayment on December 29, 2023[167] - Financing costs surged by 131.2% to RMB 215 million in the first half of 2023, mainly due to increased interest-bearing debt[73] - Total borrowing costs increased to RMB 250,008 thousand in H1 2023, up from RMB 92,564 thousand in H1 2022, with capitalized interest of RMB 34,725 thousand[140] Investments and Acquisitions - The company made significant equity acquisitions and partial disposals of subsidiary interests during the reporting period[122] - The company invested RMB 310 million to acquire a 49.84% equity interest in Xuz

[0 -> 21] 欢迎各位投资者来到2023中期报路演上市公司路演现场本次路演由智通财经与第一上海联合主办路演即将开始请各位投资者将手机调至静音接下来有请携心科技公司进行路演及投资者交流大家掌声欢迎 [23 -> 42] 各位投資朋友們大家好我是諧星科技的投資者關係部的總監我是朱俊傑今天很高興到深圳這邊來為大家做一個presentation關於我們公司我們這個是中期業績發佈之後的一個最新的PPT [42 -> 61] 对 先讲一下我们的中期的业绩吧我们今年上半年的整个收入是在209亿人民币左右同比上升42%期内的毛利润是在88亿元人民币左右同比上升了23.9% [61 -> 76] 其内的毛利率是41.9%同比下降了6个百分点主要是因为二季度的时候多金龟的价格下滑的比较厉害所以导致于上半年的毛利率 [76 -> 92] 今年上半年的整個股東淨利潤稅後的股東淨利潤是在55億元人民幣左右同比下降21.9%但是其實今年上半年這個利潤下滑了 [92 -> 113] 兩個比較重要的原因是第一個就是今年上半年我們的這個這個這個R&D就是這個研發費用相較去年同期是上升了兩個億2.15億人民幣了然後另外今年上半年我們還有一 ...

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。 GCL Technology Holdings Limited 協 鑫 科 技 控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：3800） 截至 年 月 日止六個月之中期業績公告 2023 6 30 財務摘要 截至6月30日止期間 2023年 2022年 變動百分比 人民幣百萬元 人民幣百萬元 （經重列） （未經審核） （未經審核） 持續經營業務 收入 20,945.9 14,775.1 41.8% 毛利 8,777.9 7,083.3 23.9% 本公司擁有人應佔期內利潤 5,518.3 7,062.0 (21.9%) ...

Financial Performance - Revenue from continuing operations increased by 113.0% to RMB 35,930.5 million in 2022 compared to RMB 16,868.4 million in 2021[8] - Net profit attributable to owners of the company from continuing and discontinued operations surged by 215.3% to RMB 16,030.3 million in 2022 from RMB 5,083.9 million in 2021[8] - Adjusted EBITDA from continuing operations rose by 176.3% to RMB 21,057 million in 2022 compared to RMB 7,622 million in 2021[8] - Basic earnings per share from continuing operations increased by 187.7% to RMB 61.34 in 2022 from RMB 21.32 in 2021[8] - Revenue from continuing operations in 2022 reached RMB 35,930 million, a 113.0% increase compared to RMB 16,868 million in 2021[55] - Gross profit from continuing operations in 2022 was RMB 17,496 million, up 213.9% from RMB 5,574 million in 2021[55] - Net profit attributable to owners of the company from continuing operations in 2022 was RMB 16,394 million, compared to RMB 5,241 million in 2021[55] - Revenue for 2022 was approximately RMB 35.93 billion, a 113% increase from RMB 16.868 billion in 2021, primarily due to higher photovoltaic product sales prices[70] - Profit attributable to owners of the company from continuing operations reached RMB 16,394 million in 2022, a significant increase from RMB 5,241 million in 2021[79] - Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for continuing operations was RMB 21,057 million in 2022, compared to RMB 7,622 million in 2021[82] Production and Capacity - Polysilicon sales revenue grew by 196.1% to RMB 17,661.3 million in 2022 from RMB 5,964.9 million in 2021[8] - GCL Technology's FBR granular silicon production capacity reached 30,000 tons in March 2022, marking a significant milestone in the company's production capabilities[14] - A new 30,000-ton FBR granular silicon production project in Xuzhou was completed in just 8 months, bringing total FBR granular silicon capacity to 60,000 tons[19] - The company's 100,000-ton granular silicon project in Leshan officially commenced operations, adding significant capacity to China's silicon energy industry[21] - The company's FBR granular silicon production capacity reached 100,000 tons, accounting for 10.3% of China's polysilicon supply[25] - The company's 10,000-ton electronic-grade polysilicon and 100,000-ton granular silicon project in Hohhot, Inner Mongolia, officially started construction[22] - The company's 100,000-ton granular silicon project in Wuhai, Inner Mongolia, officially commenced construction[24] - The company's 5GW granular silicon N-type monocrystalline demonstration project in Ningxia successfully completed its first furnace run[27] - The company's 10,000-ton granular silicon project in Inner Mongolia successfully completed its first production line commissioning[26] - Total polysilicon production in 2022 was 104,723 metric tons, a 120% increase from 47,610 metric tons in 2021[59] - Granular polysilicon production in 2022 was 45,599 metric tons, a 537.3% increase from the previous year[59] - Polysilicon effective capacity reached 225,000 metric tons by the end of 2022, with granular polysilicon capacity at 180,000 metric tons[58] - Silicon wafer production in 2022 was 46,661 MW, a 22.4% increase year-over-year[60] - Polysilicon sales volume in 2022 was 93,908 metric tons, a 96.4% increase from 47,804 metric tons in 2021[62] - Silicon wafer sales volume in 2022 was 46,312 MW, a 21.7% increase from 38,049 MW in 2021[62] - The effective capacity of granular silicon increased from 30,000 tons at the beginning of 2022 to 140,000 tons by the end of the year, accounting for 22.7% of the industry's total effective capacity increase[63] - The company's granular silicon production capacity in Leshan reached 40,000 tons, with the second 20,000-ton module achieving full production[25] - The company's granular silicon, large-scale perovskite, electronic-grade polysilicon, semiconductor wafers, and cathode materials were showcased at the China International Import Expo[26] - GCL Technology completed a RMB 500 million B+ round of financing for its 100MW large-size perovskite module production line[28] - GCL Technology's Inner Mongolia Xinyuan Silicon Materials Co., Ltd. successfully put into production the first 20,000-ton granular silicon module, with a total capacity of 100,000 tons and supporting 150,000 tons of nano-silicon capacity[29] - GCL Technology produced 104,723 metric tons of polysilicon and 46.66GW of monocrystalline silicon wafers in 2022, representing YoY growth of 120% and 22.4% respectively[33] Financial Position - Total assets increased by 33.5% to RMB 85,564.5 million in 2022 from RMB 64,097.9 million in 2021[8] - Equity attributable to owners of the company grew by 47.0% to RMB 42,682.3 million in 2022 from RMB 29,026.0 million in 2021[8] - Net debt to equity ratio improved to 7.6% in 2022 from 10.4% in 2021, a decrease of 26.9%[8] - Total liabilities decreased to RMB 40,009.6 million in 2022 from RMB 85,661.3 million in 2018, showing a significant reduction over five years[6] - The company's cash and cash equivalents, including restricted deposits, increased by 4.8% to RMB 10,430.2 million in 2022 from RMB 9,955.4 million in 2021[8] - Total assets of the group amounted to approximately RMB 85.6 billion as of December 31, 2022, with restricted and unrestricted cash and bank balances totaling approximately RMB 10.4 billion[90] - Total debt increased from RMB 12.98 billion as of December 31, 2021, to RMB 13.67 billion as of December 31, 2022, with net debt standing at RMB 3.24 billion[94] - The group's current ratio decreased from 1.23 as of December 31, 2021, to 1.09 as of December 31, 2022, while the quick ratio decreased from 1.19 to 1.02 over the same period[97] - The net debt to equity ratio improved from 10.4% as of December 31, 2021, to 7.6% as of December 31, 2022[97] - The company's quick ratio is calculated as (year-end current assets - year-end inventory) / year-end current liabilities[98] - The company's net debt to equity ratio is calculated as (year-end total debt - year-end bank balances and cash, including pledged and restricted bank and other deposits) / year-end equity attributable to owners of the company[98] - The company has pledged assets worth RMB 32 billion for property, plant, and equipment, RMB 5 billion for right-of-use assets, RMB 4 billion for investment properties, RMB 82 billion for trade receivables and contract assets, and RMB 38 billion for pledged and restricted bank and other deposits as of December 31, 2022[105] - The company has capital commitments of approximately RMB 10,225 million for the acquisition of property, plant, and equipment and RMB 226 million for equity injections into investments as of December 31, 2022[106] - The company provided guarantees of approximately RMB 71 million for certain bank and other borrowings as of December 31, 2022[107] - The company completed a share placement of 2,275,000,000 new shares of GCL New Energy at HKD 0.138 per share, reducing its stake in GCL New Energy from 49.24% to 44.44%[109] - The company repurchased 31,625,000 ordinary shares at a total cost of approximately RMB 57,971,000 during the year ended December 31, 2022, which were subsequently canceled in January 2023[110] - The company's distributable reserves as of December 31, 2022, were approximately RMB 40,282 million, compared to RMB 27,549 million in 2021[190] Market and Industry Trends - Global new PV installations in 2022 reached 255GW, a 40% YoY increase, with China contributing 87.4GW, accounting for 39% of new power installations[30] - The EU's Carbon Border Adjustment Mechanism (CBAM) will impose carbon tariffs on six sectors, including electricity, starting in 2026, driving the need for green manufacturing[31] - The U.S. Inflation Reduction Act (IRA) provides tax credits and subsidies to stimulate domestic PV manufacturing and demand, aiming to rebuild the U.S. PV supply chain[32] - India's Production Linked Incentive (PLI) scheme aims to develop 65GW of domestic PV capacity through fiscal incentives[32] Research and Development - The company's R&D investment in 2022 was 1.686 billion yuan, a year-on-year increase of 61.99%, accounting for 4.69% of annual revenue[36] - In 2022, the company filed 139 new patent applications, including 41 invention patents, and obtained 108 patent authorizations, including 3 invention patents[36] - The company's FBR granular silicon technology won the first prize of China Nonferrous Metals Industry Science and Technology Award in December 2022[37] - The company's 5GW granular silicon N-type monocrystalline demonstration project in Ningxia was successfully put into production on November 25, 2022[37] - The company's CCZ technology has achieved a single crystal furnace output of 185kg/day and a pilot production capacity of 200MW[39] - The company's perovskite solar cell components have achieved a photoelectric conversion efficiency of 16%, with a target to exceed 18% by the end of 2023[40] - The company's perovskite components obtained the 3C certification from China Quality Certification Center (CQC) on January 18, 2023[40] - The company's granular silicon project in Xuzhou utilizes advanced Industry 4.0 technologies such as AR eagle-eye systems and thermal imaging inspection systems[41] - The company's subsidiaries have been recognized as provincial-level "smart demonstration factories" and "industrial internet benchmark factories"[41] - The company has achieved industry-leading levels in key metrics for granular silicon production, with a comprehensive power consumption of 13.8 kWh/kg-Si, steam consumption of 15.3 kg/kg-Si, and a per capita output of 133 tons/(person·year)[42] - In 2022, the company's granular silicon production of 45,599 metric tons saved 2.1 billion kWh of electricity and reduced carbon emissions by 1.18 million tons for the industry[42] - The company's large-size PERC modules produced with granular silicon have obtained carbon footprint certification from a French institution, with a carbon footprint of 400-450 kg CO2/kW, reducing carbon emissions by 10%-20% compared to similar modules without granular silicon[44] Corporate Governance and Leadership - The company's board of directors consists of 9 members, including 6 executive directors and 3 independent non-executive directors, with diverse backgrounds and expertise[129] - In 2022, the board held 4 regular meetings and 32 ad hoc meetings, with all directors receiving at least 14 days' notice for regular meetings[132] - The company has established a board independence evaluation mechanism to ensure high independence and effectiveness, with annual reviews conducted[133] - Independent non-executive directors have a specific term of 3 years, and all directors must retire and be eligible for re-election at least every 3 years[134] - The company has adopted a nomination policy for board vacancies, considering factors such as age, cultural background, gender, qualifications, and experience[136] - The company has insured its directors and senior officers against legal liabilities, with annual renewals[130] - The board is responsible for setting strategic direction, approving major capital investments, and overseeing the company's financial performance and risk management systems[131] - In 2022, the company organized internal director training on corporate governance and reviewed major investment and divestment proposals[128] - The company has procedures in place for directors to seek independent professional advice at the company's expense when necessary[132] - The company has a nomination committee to consider and recommend candidates for board vacancies based on a set of criteria[136] - The Board of Directors held a total of 36 board meetings, 1 annual general meeting, and 3 extraordinary general meetings in 2022[137] - The Chairman, Zhu Gongshan, attended 21 out of 36 board meetings and all 4 general meetings[137] - The Vice Chairman, Zhu Yufeng, attended 29 out of 36 board meetings and all 4 general meetings[137] - The Vice Chairman and Co-CEO, Zhu Zhanjun, attended 33 out of 36 board meetings and all 4 general meetings[137] - The Co-CEO, Lan Tianshi, attended 29 out of 31 board meetings and all 4 general meetings[137] - The Audit Committee held 12 meetings in 2022, with Chairman Ye Diqian attending all 12 meetings[145] - The Audit Committee members, He Zhongtai and Shen Wenzhong, attended 10 and 12 out of 12 meetings respectively[145] - The company provided internal director training and updates on applicable rules, regulations, and laws to directors and senior management throughout the year[139] - The Chairman and Co-CEOs are responsible for the company's daily operations, strategic planning, financial management, and brand development[140] - The Audit Committee oversees the integrity of financial statements, risk management, internal control systems, and the independence and performance of external auditors[144] - The total fees paid to Grant Thornton (Hong Kong) CPA Limited for the year ended December 31, 2022, were RMB 10.15 million for annual audit services and RMB 3.3 million for non-audit services, including RMB 2 million for interim review and RMB 1.3 million for other services[147] - The company has established a comprehensive risk management and internal control system, which is reviewed at least semi-annually by the Audit Committee to ensure its effectiveness[149][152] - The internal audit department conducts risk assessments every six months, with senior management from major business units submitting comprehensive risk assessment questionnaires for analysis and reporting to the Board[151] - The company has implemented a unified risk framework and risk library, regularly conducting risk self-assessments and monitoring activities, particularly in response to recent policy changes in China's photovoltaic industry[153] - The Audit Committee reviewed and approved the scope of the audit for the year ended December 31, 2022, ensuring the independence of external auditors and the adequacy of internal controls[146][147] - The company appointed an independent external consultant to assist the Audit Committee and the Board in reviewing the effectiveness of the risk management and internal control systems for the year[153] - The internal audit function is supported by sufficient resources, with regular communication between the Audit Committee, management, and the Board to ensure continuous oversight of risk management and internal controls[151][152] - The company has established a risk-oriented internal audit process, executing approved audit plans and reporting significant findings to management and the Audit Committee[153] - The Audit Committee ensures coordination between internal and external auditors, maintaining the independence and effectiveness of the audit function[152] - The company has implemented quantitative risk management practices to optimize risk measurement indicators and support risk assessment and monitoring processes[153] - The company maintains a sufficient and effective risk management and internal control system for the year[154] - The Remuneration Committee held five meetings in 2022, with all members attending all meetings[158] - The Nomination Committee held three meetings in 2022, with all members attending all meetings[159] - The company has adopted a Nomination Policy and Board Diversity Policy, effective since January 1, 2019[160] - The company considers increasing board diversity as a key element for achieving strategic goals and sustainable development[163] - The board aims for gender balance, with at least one female director, and will disclose board composition annually in the corporate governance report[163] - The company's total workforce consists of 78.41% male and 21.59% female employees[165] - The board aims to retain at least one female member and seeks to increase the proportion of female members in senior management[165] - The board currently has one female member out of nine, reflecting diversity in gender, culture, professional background, and skills[164] - The Strategy and Investment Committee reviewed the company's long-term strategic development plan and investment proposals during the year[166] - The Corporate Governance Committee held six meetings in 2022, with all members attending all meetings[168] - The Environmental, Social, and Governance (ESG) Committee held one meeting in 2022, with all members attending[171] - The ESG Committee is responsible for reviewing and recommending the company's ESG policies, strategies, and goals[170] - The company promotes gender diversity at all employee levels, including senior management, and sets measurable goals to achieve a balanced gender composition[164] - The Nomination Committee monitors the implementation of the diversity policy, including annual reviews of the board's composition[165] - The company provides equal opportunities for employment, training, and career development to all eligible employees[165] - The company has adopted a dividend policy that considers factors such as financial performance, shareholder interests, business conditions, capital needs, and liquidity before declaring dividends[173] - The company's board of directors confirmed compliance with the standard code for securities transactions by all directors during the year ended December 31, 2022[174] - The company maintains communication with shareholders through timely announcements, financial reports, and annual general meetings, with the latest held on May 31, 2022[175] - Shareholders holding at least one-tenth of the company's paid-up share capital can request a special general meeting, which must be held within two months of the request[176] - The company's main business in 2022 was the

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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。 GCL Technology Holdings Limited 協 鑫 科 技 控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：3800） 截至2022年12月31日止年度 經審核全年業績公告 財務摘要 截至12月31日止年度 2022年 2021年 變動百分比 人民幣百萬元 人民幣百萬元 （經重列） 持續經營業務 收入 35,930.5 16,868.4 113.0% 毛利 17,495.5 5,573.9 213.9% 本公司擁有人應佔年內利潤 16,393.7 5,241.1 212.8% 每股基本盈利 人民幣61.34分 人民幣21.32分 187.7% 每股攤薄盈利 人民幣61.21分 人民幣21.29分 187.5% ...