Financial Performance - The company's operating revenue for the first half of 2022 reached RMB 7,304.49 million, a significant increase from RMB 4,028.02 million in the same period of 2021, representing an increase of approximately 81.5%[4] - The net profit for the first half of 2022 was RMB 1,002.75 million, compared to RMB 1,261.03 million in the first half of 2021, indicating a decrease of about 20.5%[4] - The average selling price of photovoltaic glass decreased, but the sales volume increased due to the release of new production capacity, resulting in a 94.54% increase in photovoltaic glass sales revenue to RMB 6,468.1 million from RMB 3,324.9 million year-on-year[36] - The company's net profit attributable to shareholders was RMB 1,002.7 million, a decrease of 20.48% from RMB 1,261.0 million in the same period of 2021[34] - The group's gross profit for the same period was RMB 1,654.0 million, a decrease of 7.22% from RMB 1,782.8 million year-on-year, with a gross margin of 22.64%, down 21.62 percentage points from 44.26%[38] Assets and Liabilities - Non-current assets increased to RMB 16,628.52 million as of June 30, 2022, compared to RMB 11,184.61 million at the end of 2021, reflecting a growth of approximately 48.7%[4] - Current assets also rose to RMB 12,129.91 million, up from RMB 8,898.30 million at the end of 2021, marking an increase of about 36.5%[4] - Total assets as of June 30, 2022, were RMB 28,758.4 million, an increase of RMB 8,675.5 million or 43.20% from RMB 20,082.9 million at the end of 2021[47] - Total liabilities amounted to RMB 15,558,211,038.14, up from RMB 8,272,748,027.71, which is an increase of approximately 88.5%[88] - The debt-to-asset ratio increased to 54.10% as of June 30, 2022, up 12.91 percentage points from 41.19% at the end of 2021[49] Capital Expenditures and Investments - The group incurred capital expenditures of approximately RMB 4,992.7 million for the six months ended June 30, 2022, compared to RMB 1,899.0 million in the same period last year[50] - The company has secured mining rights for quartz sand resources in Fengyang County, Anhui Province, for RMB 3.38 billion, aimed at reducing material cost volatility[8] - The company acquired 100% equity of Anhui Dahua Dongfang Mining Co., Ltd. and Anhui Sanli Mining Co., Ltd. for a total of RMB 3,343,947,600[9] Market Expansion and Production Capacity - The company is actively pursuing market expansion in countries such as Vietnam, Singapore, South Korea, India, Germany, Turkey, Mexico, and the United States[5] - The company is expanding its production capacity with a new project in Jiaxing, which includes two photovoltaic glass production lines with a daily melting capacity of 1,200 tons, expected to contribute to future revenue growth[6] - The company plans to expand its photovoltaic glass production capacity, currently totaling 15,800 tons per day, with ongoing construction of Phase III and IV projects at the Anhui production base[33] Research and Development - Research and development expenses increased by 27.55% to RMB 255.1 million from RMB 200.0 million year-on-year, driven by an increase in R&D projects[43] - The company is focusing on the development of new products and technologies to meet the increasing demand for large-sized and thin glass in the photovoltaic industry[6] Financing Activities - The company plans to issue A-share convertible bonds with a total amount not exceeding RMB 4 billion, which has been approved by the China Securities Regulatory Commission[10] - The actual net amount raised from the A-share convertible bond issuance was RMB 3,976,921,200.33 after deducting issuance costs[10] - The company’s board approved a plan for a non-public offering of A-shares, which is pending approval from the China Securities Regulatory Commission[11] Corporate Governance - The company has complied with the corporate governance code from January 1, 2022, to June 30, 2022, except for the provision A.2.1, which requires the roles of Chairman and CEO to be separate[55] - The company’s governance structure is designed to align with the overall interests of the company and its shareholders[55] Taxation and Dividend Policies - The company has established a plan to ensure compliance with tax regulations regarding dividend income for individual shareholders[77] - The company plans to distribute an interim dividend of RMB 0.23 per share, subject to approval at the upcoming extraordinary general meeting[84] Financial Instruments and Accounting Policies - The company recognizes a financial asset or liability when it becomes a party to the contractual provisions of the financial instrument[136] - Financial assets and liabilities are initially measured at fair value, with transaction costs directly expensed for those measured at fair value through profit or loss[136] - The company adheres to the requirements of enterprise accounting standards, ensuring that the financial statements reflect a true and complete view of the financial position as of June 30, 2022[126] Future Outlook - The global push for carbon neutrality is expected to stimulate further growth in the photovoltaic industry, indicating a sustained rapid development trend in the coming years[31] - Future guidance indicates a positive outlook for revenue growth driven by market expansion strategies[112]

Financial Performance - The company's operating revenue for the first quarter reached RMB 3,508,900,799.31, representing a year-on-year increase of 70.61%[3] - Net profit attributable to shareholders of the listed company was RMB 436,710,292.28, showing a decline of 47.88% compared to the same period last year[3] - Operating profit for Q1 2022 was RMB 495,354,805.21, down 48.7% from RMB 960,453,997.20 in Q1 2021[19] - Net profit for Q1 2022 decreased to RMB 436,710,292.28, a decline of 48.1% from RMB 837,817,793.99 in Q1 2021[20] - The company reported a basic earnings per share of ¥0.20 for Q1 2022, down from ¥0.40 in Q1 2021[20] - The weighted average return on net assets was 3.63%, a decrease of 5.22 percentage points compared to the previous year[3] - The company reported a significant increase in prepayments, which decreased to RMB 255,542,128.29 from RMB 692,261,958.13, a decline of about 63.1%[17] - Total comprehensive income for Q1 2022 was approximately ¥425.44 million, down from ¥840.01 million in Q1 2021, reflecting a significant decline[43] Cash Flow and Liquidity - The net cash flow from operating activities amounted to RMB 561,180,640.32, reflecting a significant increase of 303.98% year-on-year[3] - The company reported a net cash outflow from investing activities of RMB -3,739,517,256.32, worsening from RMB -1,801,485,368.61 in the same period last year[22] - Cash inflow from operating activities in Q1 2022 was approximately ¥1.56 billion, an increase of 34% from ¥1.16 billion in Q1 2021[45] - The net cash flow from financing activities for Q1 2022 was approximately ¥2.56 billion, an increase of 22% compared to ¥2.09 billion in Q1 2021[46] - The company's cash and cash equivalents decreased to RMB 2,233,526,819.08 from RMB 2,842,677,267.48, reflecting a decline of about 21.4%[17] - Cash and cash equivalents at the end of Q1 2022 were approximately ¥1.48 billion, down from ¥1.57 billion at the end of Q1 2021[46] Assets and Liabilities - Total assets at the end of the reporting period were RMB 23,398,430,901.13, up 16.51% from the end of the previous year[4] - Total liabilities increased to ¥11,151,304,570.10 as of March 31, 2022, up 34.4% from ¥8,272,748,027.71 at the end of 2021[18] - Current liabilities totaled ¥7,610,536,966.32, an increase of 23.5% from ¥6,164,462,497.43 at the end of 2021[18] - Long-term borrowings rose to ¥3,197,800,000.00, a 62.5% increase from ¥1,967,748,428.04 at the end of 2021[18] - The company's total equity attributable to shareholders was RMB 12,247,126,331.03, an increase of 3.70% from the previous year[4] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 41,445[6] - The top ten shareholders held a total of 1,392,108,880 shares, representing 66.18% of the total shareholding[30] - The company plans to issue up to 76,000,000 new H-shares, which would represent approximately 3.5% of the total issued share capital as of the board meeting date[12] Investments and Acquisitions - The company completed the acquisition of 100% equity in Anhui Dahua Dongfang Mining Co., Ltd. and Anhui Sanli Mining Co., Ltd. for a total consideration of RMB 3,343,947,600[14] - The company plans to issue A-share convertible bonds with a total amount not exceeding RMB 4,000 million, which has been approved by the relevant authorities[15] Operational Metrics - The company experienced a 196.64% increase in operating costs, primarily due to rising raw material and energy costs[5] - The company’s accounts receivable increased by 99.16%, driven by a substantial growth in operating revenue[5] - Inventory levels decreased to RMB 1,362,728,365.85 from RMB 2,276,469,528.29, indicating a reduction of about 40.2%[17] - Research and development expenses for Q1 2022 were ¥100,731,583.77, up 8.5% from ¥92,827,454.78 in Q1 2021[19] - Trading financial assets decreased by 100.00% due to the redemption of funds raised for financial management[28]

Financial Performance - For the fiscal year ending December 31, 2021, the group's revenue reached approximately RMB 8,713.23 million, a 39.18% increase from RMB 6,260.42 million in the previous fiscal year[9]. - The net profit attributable to shareholders for the fiscal year was RMB 2,119.92 million, reflecting a growth of 30.15% compared to RMB 1,628.78 million in the previous year[9]. - The company's revenue for the fiscal year ended December 31, 2021, was approximately RMB 8,713.23 million, representing a 39.18% increase compared to RMB 6,260.42 million for the fiscal year ended December 31, 2020[16]. - Net profit attributable to shareholders for the fiscal year ended December 31, 2021, was RMB 2,119.92 million, an increase of 30.15% from RMB 1,628.78 million in the previous fiscal year[16]. - The revenue from photovoltaic glass in 2021 was RMB 7,121.64 million, representing a 36.28% increase from RMB 5,225.67 million in 2020[41]. - The gross profit for 2021 was RMB 3,092.84 million, a 16.29% increase from RMB 2,659.55 million in 2020, while the gross margin decreased to 35.50% from 42.48%[44]. - The company's operating costs for 2021 were RMB 5,620.39 million, an increase of 56.08% from RMB 3,600.86 million in 2020[43]. - EBITDA for the year ended December 31, 2021, rose to RMB 3,016.62 million, an increase of RMB 655.72 million or 27.8% from RMB 2,360.90 million for the year ended December 31, 2020[54]. - The total comprehensive income for the year was RMB 2,133,513,947.02, up from RMB 1,596,509,268.65, marking a growth of 33.5%[188]. Market and Industry Trends - In 2021, China's photovoltaic industry saw a robust development, with newly installed capacity reaching 54.88 GW, a year-on-year increase of 13.9%[10]. - By the end of 2021, China's cumulative photovoltaic installed capacity was 306 GW, representing a year-on-year growth of 20.9%[10]. - The global photovoltaic market experienced strong demand, with newly installed capacity worldwide reaching approximately 170 GW in 2021, a 30.7% increase year-on-year[11]. - China's photovoltaic product exports totaled approximately USD 28.43 billion in 2021, marking a year-on-year increase of 43.9%[11]. - The domestic distributed photovoltaic installation accounted for about 53.4% of the new installed capacity in China in 2021[10]. Strategic Development and Expansion - The company is positioned to benefit from the ongoing expansion in the photovoltaic sector, aligning with national goals for carbon neutrality by 2060[10]. - The company plans to leverage the growth in the photovoltaic market to enhance its production capacity and market presence[9]. - The strategic development committee is focused on expanding the company's footprint in both domestic and international markets[5]. - The company is expanding its photovoltaic glass production capacity with ongoing construction of Phase III and IV projects at its Anhui production base and plans to build four new furnaces with a daily melting capacity of 1,200 tons in Nantong, Jiangsu Province[17]. - The company is actively pursuing market expansion strategies, targeting Southeast Asia and Europe for new sales opportunities, with an estimated investment of 100 million RMB in marketing efforts[67]. Financial Position and Assets - Total assets as of December 31, 2021, were RMB 20,082.92 million, compared to RMB 12,265.80 million in 2020, reflecting a significant growth in asset base[15]. - Total liabilities as of December 31, 2021, were RMB 8,272.75 million, up from RMB 5,031.06 million in 2020, indicating increased leverage[15]. - The company's non-current assets reached RMB 11,184.62 million as of December 31, 2021, compared to RMB 6,696.52 million in the previous year, showing a strong investment in long-term assets[15]. - The debt-to-asset ratio as of December 31, 2021, was 41.19%, a slight increase from 41.02% as of December 31, 2020[55]. - The company's total equity at the end of the year reached RMB 11,810,169,072.79, reflecting an increase from RMB 7,234,742,639.85 at the beginning of the year[196]. Shareholder and Governance Matters - The board of directors did not recommend the payment of a final dividend for the fiscal year ending December 31, 2021, considering the company's funding needs[61]. - The company has implemented an A-share stock option incentive plan adopted on November 18, 2021, details of which can be found in the annual report under "Management Discussion and Analysis"[59]. - The company has established various board committees, including the audit committee, remuneration committee, nomination committee, strategic development committee, and risk management committee, to ensure effective governance[92]. - The independent non-executive directors confirmed that the continuing related transactions were conducted in the ordinary and usual course of business and on normal commercial terms[158]. - The company has established a sound internal control system to effectively manage operational risks[169]. Research and Development - Research and development expenses increased by 43.45% to RMB 4,084.2 million for the year ended December 31, 2021, compared to RMB 2,847.2 million for the year ended December 31, 2020[48]. - The company has been actively involved in the development of new technologies and products within the glass sector[70]. - The company is focused on expanding its photovoltaic materials segment, with a vice president appointed for its subsidiary in Anhui since January 2022[74]. Employee Relations and Compensation - As of December 31, 2021, the total number of employees in the group was 5,679, with total employee compensation reaching RMB 488.68 million, accounting for 5.61% of total revenue[59]. - The company provides mandatory social security benefits for employees in China, including pension, work injury insurance, maternity insurance, medical insurance, unemployment insurance, and housing provident fund[59]. - The company has established good employee relations and provides training programs, including mandatory internal training for new employees[59]. Cash Flow and Investment Activities - Operating cash inflow for the year reached RMB 6,970,990,241.59, a significant increase of 56.5% compared to RMB 4,454,047,812.27 in the previous year[192]. - Cash inflow from investment activities totaled RMB 2,365,167,030.99, compared to RMB 163,179,966.90 in the previous year[192]. - The company raised RMB 2,509,960,996.79 from new investments, a substantial increase compared to RMB 28,658,000.00 in the previous year[194]. Environmental and Compliance Matters - The company has obtained ISO 14001:2004 environmental management system certification for its photovoltaic glass production process, demonstrating its commitment to environmental protection[122]. - The company must comply with multiple Chinese environmental laws and regulations, which may impact production capacity and increase operational costs if there are adverse changes[120]. - The company has installed environmental protection and energy-saving equipment to minimize the impact of production activities on the environment[122].

FGC 福萊特玻璃集團股份有限公司 Flat Glass Group Co., Ltd. (於中華人民共和國註冊成立的股份有限公司) 股份代號：6865 年度報告2019 目錄 公司資料2 主席報告4 五年財務概要6 管理層討論與分析7 董事、監事及高級管理層簡歷 18 企業管治報告 26 董事會報告 44 監事會報告 53 獨立核數師報告 55 合併資產負債表 59 母公司資產負債表 61 合併利潤表 63 母公司利潤表 64 合併現金流量表 65 母公司現金流量表 66 合併股東權益變動表 67 母公司股東權益變動表 69 財務報表附註 71 補充資料 249 公司資料 獨立非執行董事 監事 董事 執行董事 阮洪良先生（董事會主席） 姜瑾華女士 魏葉忠先生 沈其甫先生 崔曉鐘先生 華富蘭女士 吳其鴻先生 鄭文榮先生（監事會主席） 沈福泉先生 祝全明先生 張紅明女士（辭任生效於二零一九年九月二十三日） 孟利忠先生（辭任生效於二零一九年九月二十三日） 鈕麗萍女士（委任於二零一九年九月二十三日） 張惠珍女士（委任於二零一九年九月二十三日） 審核委員會 崔曉鐘先生（主席） 華富蘭女士 吳其鴻先生 薪酬委員會 崔曉 ...