上海证券交易所 纪律处分决定书 〔2023〕95 号 关于对义乌奇光股权投资合伙企业（有限合伙） 予以通报批评的决定 当事人： 义乌奇光股权投资合伙企业（有限合伙），上海爱旭新能源 股份有限公司股东。 -1- ──────────────────────── 一、相关主体违规情况 经查明，截至 2022 年 8 月 29 日，上海爱旭新能源股份有限 公司（以下简称爱旭股份或公司）股东义乌奇光股权投资合伙企 业（有限合伙）（以下简称义乌奇光）持有公司股份 199,777,477 股，占公司总股本的 17.54%。2022 年 8 月 30 日至 2023 年 6 月 1 日，义乌奇光经主动减持和被动稀释，累计变动股份占公司总 股本的 6.47%。其中，2022 年 8 月 30 日至 2023 年 1 月 9 日，义 乌奇光通过大宗交易、集中竞价方式减持股份 25,486,798 股，占 总股本的 2.24%。2022 年 12 月 2 日至 2023 年 1 月 9 日，因公司 股权激励授予限制性股票及非公开发行股票，导致义乌奇光被动 稀释 1.92%。2023 年 1 月 10 日至 2023 年 2 月 ...

证券代码：600732 证券简称：爱旭股份 编号：临 2023－059 上海爱旭新能源股份有限公司 关于举办 2022 年度业绩说明会暨参加 2023 年度上海辖区上市 公司年报集体业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2023 年 5 月 10 日(星期三)下午 15:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络在线文字互动 问题预征集：投资者可于 2023 年 4 月 28 日(星期五)至 5 月 8 日(星期一)15:00 前通过公司邮箱 IR@aikosolar.com 进行提问。公司将在说明会上对投资者普遍关注 的问题进行回答。 上海爱旭新能源股份有限公司（以下简称"公司"）已于 2023 年 3 月 14 日发 布了 2022 年年度报告，为便于广大投资者更全面深入地了解公司 2022 年年度的经 营 ...

上海爱旭新能源股份有限公司（600732） 2023 年第一季度报告 单位：元 币种：人民币 证券代码：600732 证券简称：爱旭股份 上海爱旭新能源股份有限公司 2023 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 本报告期比上年同期增减变动 | --- | --- | --- | --- | |-----------------------------------------------|-------------------|-------------------|---------------------------------------| ...

Financial Performance - The net profit attributable to shareholders for 2022 was CNY 2,328,201,322.76, with a distributable profit of CNY 731,849,549.79 as of December 31, 2022[3]. - The company's operating revenue for 2022 was CNY 35,074,957,100.06, representing a 126.72% increase compared to CNY 15,470,502,691.05 in 2021[19]. - The net profit attributable to shareholders for 2022 was CNY 2,328,201,322.76, a significant recovery from a loss of CNY 125,555,058.98 in 2021[19]. - The net cash flow from operating activities reached CNY 5,229,136,738.92, up 1,039.86% from CNY 458,753,757.07 in the previous year[19]. - The total assets at the end of 2022 were CNY 24,689,731,512.57, a 37.93% increase from CNY 17,900,242,752.00 at the end of 2021[19]. - Basic earnings per share for 2022 were CNY 1.34, compared to a loss of CNY 0.06 in 2021[20]. - The weighted average return on equity for 2022 was 37.25%, an increase of 39.58 percentage points from -2.33% in 2021[20]. - The company reported a revenue increase of 30% year-over-year, reaching RMB 10 billion in 2022[13]. - The company achieved a production capacity of 6.5 GW for its new generation all-back contact solar cells in Q4 2022[11]. - The company sold 34.42 GW of solar cells in 2022, representing a year-on-year growth of 82.65%[28]. Profit Distribution - The proposed profit distribution plan includes a cash dividend of CNY 5.50 per 10 shares (tax included) and a capital reserve transfer of 4 shares for every 10 shares held[3]. - The total amount of dividends distributed in the reporting period is 716,163,818.15 RMB, which is consistent with the company's commitment to shareholder returns[141]. - The company has maintained its profit distribution policy without adjustments during the reporting period, ensuring transparency and stability in shareholder returns[139]. - The company emphasizes the protection of minority shareholders' interests in its profit distribution policy, which is clearly defined in its articles of association[137]. Research and Development - The company is investing in R&D for next-generation solar technologies, with a budget allocation of RMB 500 million for 2023[12]. - R&D expenses for the company were approximately CNY 1.378 billion, a year-on-year increase of 112.18%, with 303 patents applied for during the reporting period[32]. - The company is focusing on the development of high-efficiency solar cells, including PERC and HJT technologies, aiming for a conversion efficiency of over 23%[11]. - The company aims to achieve an average production efficiency of 27% for ABC batteries and a power output of over 470W for 2 square meter modules by the end of 2023[94]. Market Expansion and Strategy - The company plans to expand its market presence by entering new regions, targeting a 15% increase in market share by 2025[12]. - The company is exploring potential mergers and acquisitions to strengthen its competitive position in the solar energy market[12]. - The company plans to enter the European market in 2024, with an initial investment of 150 million to establish a local manufacturing facility[113]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share in the region by 2025[113]. Environmental Commitment - The company aims to achieve carbon neutrality by 2060, aligning with national "dual carbon" targets[12]. - The company has established a wastewater treatment station with a designed daily processing capacity of 13,000 tons, ensuring that treated wastewater meets discharge standards before entering the municipal sewage treatment plant[154]. - The company has implemented a three-stage treatment process for domestic wastewater, which includes grease and residue separation before entering the municipal sewage system[152]. - The company has been classified as a key pollutant monitoring unit, ensuring that all pollutants are treated and discharged in compliance with environmental standards[156]. Governance and Compliance - The board of directors confirmed that all members attended the meeting and provided a standard unqualified audit report[2]. - The financial report has been verified for authenticity and completeness by the responsible financial officers[2]. - The company has maintained effective financial reporting internal controls as of December 31, 2022, as confirmed by a standard unqualified audit report[104]. - The company plans to continue improving governance levels and internal supervision mechanisms in accordance with relevant laws and regulations[106]. Risk Management - The company has outlined various risks and corresponding mitigation strategies in the management discussion section[5]. - The company emphasizes the importance of understanding the difference between plans, forecasts, and commitments, urging investors to be aware of investment risks[4]. - The company faces risks related to increased competition in the photovoltaic industry and potential supply chain instability due to raw material price fluctuations[99][100]. Employee and Management Structure - The company employed a total of 9,137 staff, with 6,161 in production, 2,145 in technical roles, and 133 in sales[133]. - The company has established a comprehensive employee welfare system, actively contributing to social insurance and housing funds for all employees[134]. - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to 11.71 million yuan (pre-tax)[120]. - The company has implemented a "gain sharing" compensation incentive system starting in 2022, linking employee compensation to company performance and long-term strategy[134]. Financial Transactions and Investments - The company plans to raise 1.65 billion RMB through a non-public issuance of 162,241,887 A shares to fund a new 6.5GW battery production project in Zhuhai[195]. - The total amount of guarantees provided by the company and its subsidiaries reached 14.196 billion RMB, which accounts for 156.71% of the company's net assets[197]. - The company provided guarantees totaling 3.225 billion RMB for entities with a debt-to-asset ratio exceeding 70%[199]. - The company signed contracts for distributed photovoltaic power generation system projects with a total amount of RMB 6,463.67 million[188].

Financial Performance - The company's operating revenue for Q3 2022 reached ¥9,843,103,219, representing a year-on-year increase of 127.31%[2] - Net profit attributable to shareholders for the same period was ¥794,144,579.96, with a significant increase due to expanded sales and improved efficiency[6] - The net cash flow from operating activities for the year-to-date period was ¥3,201,553,000.62, reflecting a 2,542.31% increase compared to the previous year[6] - Total operating revenue for the first three quarters of 2022 reached CNY 25.83 billion, a significant increase from CNY 11.20 billion in the same period of 2021, representing a growth of approximately 130.5%[18] - The net profit for the first three quarters of 2022 was CNY 1.50 billion, a turnaround from a loss of CNY 98.28 million in the same period of 2021[18] - The company reported a total comprehensive income of CNY 1,390,582,779.40 for the first three quarters of 2022, compared to a loss of CNY 45,763,597.34 in the same period of 2021[19] - The company's basic earnings per share for the third quarter of 2022 was CNY 0.72, a recovery from a loss of CNY 0.02 per share in the same quarter of 2021[19] Assets and Liabilities - Total assets at the end of Q3 2022 amounted to ¥23,010,019,061.30, up 28.55% from the end of the previous year[3] - The total liabilities as of September 30, 2022, were CNY 16.03 billion, up from CNY 12.32 billion at the end of 2021, indicating an increase of approximately 30.0%[17] - Cash and cash equivalents as of September 30, 2022, amounted to CNY 3.80 billion, up from CNY 2.71 billion at the end of 2021, reflecting a growth of approximately 40.3%[16] - Total assets increased to CNY 23.01 billion as of September 30, 2022, compared to CNY 17.90 billion at the end of 2021, marking a growth of about 28.5%[17] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 58,340, with the largest shareholder, Chen Gang, holding 20.57% of shares[8] - The company completed the repurchase and cancellation of 897,542,876 shares, reducing the total share capital from 2,036,329,187 to 1,138,786,311 shares[11] - As of September 30, 2022, the total share capital was 1,138,786,311 shares, with 842,951,181 shares being freely tradable and 295,835,130 shares subject to restrictions[11] - Chen Gang's shareholding ratio decreased from 23.80% to 21.60% after the termination of the concerted action agreement with Tianjin Tianchuang Haihe Advanced Equipment Manufacturing Industry Fund[13] - The top ten shareholders include Yiwu Qiguang Equity Investment Partnership and Shanghai Xindapu Hong Investment Partnership, holding 17.15% and 8.64% of shares respectively[8] Operational Efficiency - The weighted average return on equity for Q3 2022 was 13.07%, an increase of 13.50 percentage points year-on-year[2] - The significant increase in net profit and revenue is attributed to higher sales prices and improved production capacity utilization[6] - The company plans to continue expanding its sales scale and improving production efficiency to sustain growth in the upcoming quarters[5] Research and Development - Research and development expenses for the first three quarters of 2022 were CNY 925.06 million, more than double the CNY 413.65 million spent in the same period of 2021, representing an increase of about 123.8%[18] Cash Flow and Investments - Operating cash flow for the first nine months of 2022 was CNY 3,201,553,000.62, compared to CNY 121,164,770.71 in the first nine months of 2021, indicating a substantial increase[20] - The company incurred a net cash outflow from investing activities of CNY 2,983,485,577.55 in the first three quarters of 2022, compared to a net outflow of CNY 873,648,059.81 in the same period of 2021[21] - The financing activities generated a net cash inflow of CNY 613,327,847.83 in the first three quarters of 2022, compared to CNY 219,630,647.69 in the same period of 2021[21] Government Support - Government subsidies recognized in the current period amounted to ¥127,251,498.04, contributing positively to the financial results[4] Stock Options and Incentives - The company plans to implement a 2022 restricted stock and stock option incentive plan, granting 1,191,385 shares and 4,159,295 stock options to 457 incentive recipients[13] - The company has canceled a total of 16.482 million stock options due to personal reasons and unmet performance targets[12] Contract Liabilities - The company reported a significant increase in contract liabilities to CNY 1.95 billion as of September 30, 2022, compared to CNY 328.38 million at the end of 2021, representing a growth of approximately 493.5%[17]

Financial Performance - The company reported a significant increase in revenue, achieving a total of RMB 1.5 billion for the first half of 2022, representing a year-on-year growth of 35%[13]. - The company achieved operating revenue of RMB 15.99 billion in the first half of 2022, a year-on-year increase of 132.76%[19]. - The net profit attributable to shareholders was RMB 595.99 million, compared to a loss of RMB 23.76 million in the same period last year[19]. - The gross margin for the first half of 2022 was reported at 22%, a slight decrease from 24% in the previous year due to rising raw material costs[13]. - The company reported a net profit distribution to owners of CNY 142,543,043.09 during the first half of 2022[136]. - The total operating revenue for the first half of 2022 reached CNY 15,985,395,319.90, a significant increase from CNY 6,867,750,319.03 in the same period of 2021, representing a growth of approximately 133.5%[117]. - The net profit for the first half of 2022 was CNY 596,369,347.62, a turnaround from a net loss of CNY 23,712,080.53 in the same period of the previous year[118]. Operational Capacity and Production - The total installed capacity of photovoltaic systems reached 3.5 GW, with a year-on-year increase of 25%[12]. - The company plans to expand its production capacity to 10 GW by the end of 2023, aiming for a 50% increase in output[12]. - The average utilization rate of the company's production capacity was approximately 92% in the first half of 2022, an increase of 14 percentage points compared to the same period last year[36]. - The company completed capacity upgrades at its Yiwu and Tianjin bases, with 95% of its capacity now able to produce large-size batteries, improving competitiveness[40]. - The company’s PERC battery shipment volume reached 16.5GW, a year-on-year increase of 94%, with large-sized batteries accounting for over 80% of total shipments[35]. Research and Development - The company is investing in R&D for HJT and TOPCon technologies, which are projected to improve conversion efficiency by up to 25%[12]. - R&D investment for the company was 560 million CNY in the first half of 2022, a year-on-year increase of 116.26%, representing 3.50% of sales revenue[38]. - The company is focusing on the development of the new generation N-type ABC battery technology and integrated solutions for end customers[23]. - Research and development expenses increased to CNY 560,171,462.61, up from CNY 259,030,724.43 in the first half of 2021, reflecting a growth of approximately 116.5%[117]. Market Expansion and Strategic Initiatives - The company is exploring strategic partnerships for market expansion in Southeast Asia, aiming for a 30% market share by 2025[12]. - A merger with a local technology firm is under consideration to enhance technological capabilities and market reach[12]. - The company is considering strategic acquisitions to enhance its product offerings and market reach, with potential targets identified[81]. - The company plans to raise RMB 1.65 billion through a non-public offering of 162,241,887 A shares to fund the construction of a 6.5GW new generation battery capacity project[96]. Environmental Responsibility - The company has set a target to achieve carbon neutrality by 2060, aligning with national "dual carbon" goals[12]. - The company is committed to reducing carbon emissions and has installed distributed photovoltaic power stations on some factory rooftops, with plans for further expansion[75]. - The company’s environmental monitoring plan includes regular testing for various pollutants in soil, including cadmium and total mercury[61]. - The company has implemented a "rainwater and sewage diversion" system to manage wastewater effectively[67]. Governance and Compliance - The board of directors confirmed that there are no significant risks affecting the company's future development strategy or ongoing operations[5]. - All board members attended the board meeting, ensuring accountability for the report's content[2]. - The company has committed to ensuring that the assets involved in the major asset restructuring are legally owned and free from disputes, with a commitment period starting from January 7, 2019, and lasting indefinitely[76]. - The company has a good integrity status, with no significant debts or court judgments outstanding as of the reporting date[88]. Financial Position and Assets - The company's total assets increased by 9.86% to RMB 19.67 billion compared to the end of the previous year[19]. - The total liabilities amounted to CNY 851,305,694.24, significantly higher than CNY 161,717,776.05 in the same period last year, indicating a growth of approximately 426.5%[116]. - The total equity attributable to shareholders reached ¥5,680,992,415.41, up from ¥5,081,693,027.33, reflecting a growth of approximately 11.8%[113]. - The company’s total assets at the end of the reporting period are CNY 6,181,680,631.05, showing a significant asset base[128]. Shareholder Information - The largest shareholder, Chen Gang, holds 32.20% of the shares, totaling 655,755,511 shares, with 92 million shares pledged[103]. - The company has a total of 11 subsidiaries, including 100% ownership of Guangdong Aikex Technology Co., Ltd. and 51% ownership of Yiwu Xugao Solar Technology Co., Ltd.[146]. - The shareholders have agreed to a lock-up period of 36 months for shares obtained from the restructuring, with specific conditions regarding performance compensation obligations[79]. Risk Management - The company plans to actively respond to operational risks encountered in its business development[5]. - The company is facing cost pressures due to rising raw material prices, particularly silicon materials, which may adversely affect its operating performance[55]. - The company is actively monitoring global economic and trade conditions, which may impact its export costs and overseas orders for solar products[56].

Financial Performance - The company's operating revenue for Q1 2022 reached ¥7,826,910,882.74, representing a year-on-year increase of 160.25%[3] - Net profit attributable to shareholders was ¥227,227,285.77, reflecting a growth of 125.81% compared to the same period last year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥185,160,463.48, an increase of 263.82% year-on-year[3] - Basic earnings per share were ¥0.11, up 120.00% from the previous year[3] - The weighted average return on equity increased by 2.50 percentage points to 4.37%[3] - Total operating revenue for Q1 2022 reached ¥7,826,910,882.74, a significant increase of 160.5% compared to ¥3,007,444,243.55 in Q1 2021[14] - Net profit for Q1 2022 was ¥227,561,899.30, compared to ¥100,651,299.47 in Q1 2021, representing a growth of 125.3%[15] - The company reported a total comprehensive income of ¥227,561,899.30 for Q1 2022, compared to ¥100,651,299.47 in Q1 2021, reflecting a growth of 125.3%[16] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥18,243,238,564.99, a 1.92% increase from the end of the previous year[3] - The company's total liabilities amounted to RMB 7,619,339,316.99, compared to RMB 7,421,819,314.92 in the previous year, reflecting an increase of approximately 2.7%[11] - The company's total liabilities as of March 31, 2022, were ¥12,433,680,412.04, compared to ¥12,318,236,255.39 at the end of 2021, indicating a slight increase of 0.9%[13] - Shareholders' equity attributable to the parent company was ¥5,308,910,070.14, up 4.47% from the previous year[3] - The total equity attributable to shareholders reached ¥5,308,910,070.14 as of March 31, 2022, up from ¥5,081,693,027.33 at the end of 2021, reflecting a growth of 4.5%[13] Cash Flow - The net cash flow from operating activities was ¥327,283,299.67, indicating a positive turnaround from negative[5] - In Q1 2022, the company reported operating cash inflows of approximately ¥5.72 billion, a significant increase of 263.5% compared to ¥1.57 billion in Q1 2021[18] - The net cash flow from operating activities for Q1 2022 was ¥327.28 million, a turnaround from a negative cash flow of ¥871.69 million in the same period last year[19] - Cash outflows for purchasing goods and services in Q1 2022 amounted to ¥5.01 billion, up from ¥2.07 billion in Q1 2021, indicating a 142.4% increase[18] - The company experienced a net cash outflow from investing activities of ¥403.67 million in Q1 2022, compared to a net outflow of ¥316.59 million in Q1 2021[19] - Cash inflows from financing activities totaled approximately ¥749.70 million in Q1 2022, down from ¥950.29 million in Q1 2021, reflecting a decrease of 21.1%[19] - The net cash flow from financing activities was ¥32.15 million in Q1 2022, a significant decline from ¥722.00 million in the same quarter of the previous year[19] - The company's cash and cash equivalents at the end of Q1 2022 stood at ¥574.84 million, an increase from ¥466.30 million at the end of Q1 2021[19] Government Subsidies - The company received government subsidies amounting to ¥42,564,182.52, which are closely related to its normal business operations[4] - The company received a government subsidy of RMB 20,000 million, with RMB 12,821,553.17 recognized as other income and RMB 187,178,446.83 recorded as deferred income[9] Inventory and Receivables - Inventory levels dropped significantly to RMB 1,514,398,499.33 from RMB 2,187,576,297.35, indicating a decrease of approximately 30.7%[11] - Accounts receivable fell to RMB 116,762,577.52 from RMB 221,259,461.30, showing a decrease of about 47.3%[10] Research and Development - Research and development expenses increased to ¥226,695,665.65 in Q1 2022, up from ¥121,759,034.70 in Q1 2021, marking an increase of 86.1%[15]

Financial Performance - The company reported a consolidated net profit attributable to shareholders of -125.55 million yuan for the year 2021[2]. - As of the end of 2021, the company's undistributed profits amounted to -8.71 million yuan[2]. - The board of directors proposed no cash dividends, no bonus shares, and no capital reserve conversion to share capital for the 2021 fiscal year due to the negative net profit[2]. - The company reported a strong financial performance in 2021, with a notable increase in revenue driven by the growing demand for solar energy solutions[12]. - The company's operating revenue for 2021 was CNY 15,470,502,691.05, representing a 60.09% increase compared to CNY 9,663,743,812.91 in 2020[19]. - The net profit attributable to shareholders of the listed company was a loss of CNY 125,555,058.98 in 2021, a decrease of 115.59% from a profit of CNY 805,457,574.43 in 2020[19]. - The net cash flow from operating activities increased by 69.34% to CNY 458,753,757.07 in 2021, compared to CNY 270,906,614.43 in 2020[19]. - The total assets at the end of 2021 were CNY 17,900,242,752.00, a 40.93% increase from CNY 12,701,957,035.14 at the end of 2020[19]. - The basic earnings per share for 2021 was -CNY 0.06, down 114.29% from CNY 0.42 in 2020[20]. - The weighted average return on net assets was -2.33% in 2021, a decrease of 26.74 percentage points from 24.41% in 2020[21]. Production and Capacity - The company reported a significant increase in production capacity, with the introduction of 182mm and 210mm large-size solar cells, which have an area increase of 35.34% and 80.47% respectively compared to the conventional M2 cells[11]. - The company plans to achieve mass production of the newly developed ABC (All Back Contact) solar cells by 2022, which are expected to offer high efficiency and reliability[11]. - The company is focusing on the development of advanced technologies such as HJT (Hetero Junction Technology) and TOPCon (Tunnel Oxide Passivating Contacts) to enhance solar cell efficiency[11]. - The production capacity of high-efficiency PERC solar cells reached 36 GW in 2021, a 63% increase from 22 GW in 2020[37]. - The company plans to increase its total battery production capacity to 45 GW by the end of 2022, with over 95% of this capacity capable of producing batteries larger than 182 mm[45]. - The company has initiated the construction of a 6.5 GW ABC battery production project in Zhuhai, expected to be completed and operational by Q3 2022[36]. - The average production efficiency of the company's battery production lines reached approximately 3.5 MW/year/person, which is 12.90% higher than the industry average of 3.1 MW/year/person[46]. Research and Development - The company has established a robust R&D framework to support the innovation of PERC (Passivated Emitter and Rear Contact) technology, which is crucial for improving solar cell performance[10]. - Research and development expenses increased to approximately 650 million yuan, a year-on-year growth of 70.93%, with 1,415 R&D personnel, accounting for 21% of the total workforce[34]. - The company achieved a significant breakthrough in N-type battery technology, with R&D investment increasing by approximately 70% compared to 2020[42]. - The company is committed to enhancing its R&D investment in ABC technology to build a patent barrier and protect its technological achievements[89]. - The company is focused on developing a complete R&D system from battery research to system solutions, promoting technological progress in the photovoltaic industry[85]. Market and Strategic Initiatives - The company is actively exploring market expansion opportunities both domestically and internationally to enhance its market presence[10]. - The company aims to align its strategies with China's dual carbon goals, targeting peak carbon emissions by 2030 and carbon neutrality by 2060[10]. - The company is focusing on N-type battery technology, which is expected to create a new competitive landscape in the photovoltaic industry[80]. - The company plans to invest approximately CNY 175.08 billion in key projects, with a cumulative investment of about CNY 85.90 billion as of the report date, including CNY 24.95 billion in 2021[75]. - The company is exploring partnerships with international firms to expand its global footprint, targeting new markets in Europe and North America[107]. Governance and Compliance - The company has established a governance structure that meets the requirements of the Company Law and relevant regulations, enhancing its governance level and internal supervision mechanisms[99]. - The internal control system was audited by Rongcheng Accounting Firm, which issued a standard unqualified opinion, confirming effective financial reporting internal controls as of December 31, 2021[98]. - The company held 6 shareholder meetings, 11 board meetings, and 11 supervisory meetings during the reporting period, passing a total of 60 resolutions, including the 2020 annual report and the 2021 investment plan[97]. - The company is committed to ensuring the accuracy of financial information and maintaining transparency in its operations[113]. - The company has not reported any significant deficiencies in internal control during the reporting period[131]. Environmental and Social Responsibility - The company is committed to reducing the cost of solar power generation through continuous technological innovation, aiming to make solar energy the most widely used economic energy source[147]. - The company has implemented a comprehensive environmental self-monitoring plan, including third-party testing for wastewater and air emissions[143]. - The company has established emergency response plans for environmental pollution incidents, which have been filed with local environmental authorities[142]. - The company maintained zero major safety incidents throughout the year, adhering strictly to national environmental protection and emission standards[149]. - The company actively supported employees during the pandemic, ensuring no confirmed or suspected cases occurred within its workforce[148]. Shareholder and Financial Commitments - The company committed to achieving net profits of no less than 475 million, 538 million, and 930 million yuan for the years 2019, 2020, and 2021 respectively, totaling 1.943 billion yuan[152]. - The company expressed regret over the failure to meet the 2021 profit commitment and plans to enforce the performance commitment agreement[164]. - The company has committed to a share lock-up period of 36 months from the date of listing, with performance compensation obligations to be fulfilled before any transfer of shares[156]. - The company will provide compensation for any losses incurred by the listed company and its subsidiaries due to violations of the commitments made[155]. - The company has outlined specific conditions for unlocking shares based on performance commitments, with a two-phase unlocking process[157].

Financial Performance - The company achieved operating revenue of RMB 4.33 billion in Q3 2021, representing a year-on-year increase of 69.05% and a quarter-on-quarter increase of 12.17%[4]. - The net profit attributable to shareholders was a loss of RMB 22.07 million, a decline of 109.29% year-on-year, but an improvement of 82.26% compared to the previous quarter[4][7]. - Total operating revenue for the first three quarters of 2021 reached ¥11,197,948,077.79, a significant increase of 79.5% compared to ¥6,256,109,013.84 in the same period of 2020[19]. - The net profit for the first three quarters of 2021 was a loss of ¥45,763,597.34, compared to a profit of ¥373,878,817.91 in the same period of 2020[20]. - The company reported a gross profit margin of approximately -2.2% for the first three quarters of 2021, compared to 28.5% in the same period of 2020[19]. - The company's financial expenses increased to ¥200,359,379.32 in the first three quarters of 2021, up from ¥116,620,574.39 in 2020, marking a 71.7% rise[19]. Assets and Liabilities - The company reported a total asset value of RMB 16.92 billion, an increase of 33.23% compared to the end of the previous year[5]. - The total assets as of September 30, 2021, were ¥16,922,319,065.23, compared to ¥12,701,957,035.14 at the end of 2020, indicating a growth of 33.5%[17]. - The total liabilities as of September 30, 2021, were ¥11,077,513,351.25, compared to ¥6,868,123,171.31 at the end of 2020, representing a 61.1% increase[17]. - Total liabilities increased from 6,868,123,171.31 to 6,915,248,334.70, an increase of 47,125,163.39[26]. - The current liabilities totaled 4,820,600,605.96, up from 4,812,775,935.63, indicating an increase of 7,824,670.33[26]. - Non-current liabilities increased from 2,055,347,235.68 to 2,094,647,728.74, an increase of 39,300,493.06[26]. Cash Flow - The company’s cash flow from operating activities showed a positive trend, primarily due to increased cash receipts from sales exceeding cash payments for purchases[8]. - The net cash flow from operating activities for the first three quarters of 2021 was ¥121,164,770.71, compared to a negative cash flow of ¥70,145,070.56 in the same period of 2020, indicating a significant improvement[21]. - Total cash inflow from operating activities reached ¥7,992,064,973.06, up from ¥4,290,224,581.47 in the previous year, reflecting a year-over-year increase of approximately 86.5%[21]. - Cash outflow from investing activities was ¥884,845,675.71, a decrease from ¥1,431,734,678.94 in the same period of 2020, showing a reduction of about 38.3%[22]. - The net cash flow from financing activities was ¥219,630,647.69, down from ¥2,825,421,780.64 in the previous year, indicating a decline of approximately 92.2%[22]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 46,710[9]. - The company plans to increase its shareholding by at least RMB 50 million, with a cumulative increase of 6,064,522 shares, representing 0.30% of the total share capital[13]. - The total equity attributable to shareholders of the parent company decreased to ¥5,154,182,111.82 from ¥5,343,271,846.50 in 2020, a decline of 3.5%[17]. Operational Highlights - The proportion of large-size battery shipments increased from approximately 50% in Q2 to over 60% in Q3, indicating an optimization in production capacity[7]. - The company received government subsidies amounting to RMB 63.09 million during the quarter, contributing positively to the financial results[6]. - The company plans to continue optimizing its supply chain management to enhance silicon wafer supply capabilities[7]. Investment and Expenses - Research and development expenses for the first three quarters of 2021 amounted to ¥413,651,661.47, an increase of 69.2% from ¥244,208,859.38 in 2020[19]. - The company reported a significant increase in prepayments to RMB 1.99 billion, up from RMB 462.29 million, reflecting a growth of approximately 330.5%[15]. - The company has signed procurement contracts worth approximately RMB 711 million with related parties, with an expected additional transaction amount of RMB 1.6 billion in the last quarter of 2021[13]. - The company's long-term equity investments reached RMB 4.70 million, indicating a new investment strategy[16]. - The company's fixed assets increased to RMB 7.81 billion from RMB 6.40 billion, showing a growth of approximately 21.9%[16].

Financial Performance - The company's revenue for the first half of 2021 reached ¥6,867,750,319.03, an increase of 85.88% compared to the same period last year[22]. - The net profit attributable to shareholders was a loss of ¥23,758,067.67, representing a decrease of 117.38% year-on-year[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of ¥126,078,442.32, a decline of 323.94% compared to the previous year[22]. - The net cash flow from operating activities was ¥306,455,994.24, down 44.11% from the same period last year[22]. - The total assets at the end of the reporting period were ¥15,171,213,283.17, an increase of 19.44% compared to the end of the previous year[22]. - The net assets attributable to shareholders decreased by 3.11% to ¥5,176,970,735.74 compared to the end of the previous year[22]. - The company reported a basic earnings per share of -0.01 RMB, a decrease of 114.29% compared to the same period last year when it was 0.07 RMB[23]. - The diluted earnings per share also stood at -0.01 RMB, reflecting the same percentage decrease of 114.29% year-over-year[23]. - The weighted average return on equity decreased by 6.83 percentage points to -0.45% from 6.38% in the previous year[23]. - The company recorded non-recurring gains and losses totaling 102,320,374.65 RMB, primarily from government subsidies of 113,225,051.47 RMB[23]. Operational Strategy - The report outlines the company's strategic focus on future business development and financial status[5]. - The company is committed to actively addressing operational risks encountered during business development[7]. - The company operates under the dual carbon strategy, aiming for peak carbon emissions by 2030 and carbon neutrality by 2060[11]. - The company aims to reduce the cost of solar power generation in developed regions of Eastern China to below 0.1 RMB/kWh by 2030 through technological iterations[26]. - The company plans to respond to national "dual carbon" strategies, contributing to carbon peak and neutrality goals[26]. - The company is a major supplier of solar cells, focusing on the research, production, and sales of high-efficiency solar cells[26]. - The photovoltaic industry is expected to see rapid growth, with China's new photovoltaic installed capacity projected to reach 55-65 GW in 2021[30]. Research and Development - The company invested 259.03 million yuan in R&D in the first half of 2021, a year-on-year increase of 85.16%, and has applied for nearly 1,100 patents, with 626 granted[42]. - The company has established research centers in Yiwu, Zhejiang, and Freiburg, Germany, focusing on process technology, equipment technology, and intelligent manufacturing technology, supported by an international R&D team with expertise from renowned institutions and companies[32]. - The average conversion efficiency of the new N-type ABC battery is expected to reach 25.5%, significantly enhancing the company's competitive position in the future battery market[34]. - The company has successfully reduced the thickness of silicon wafers used in large-size batteries from 180μm to 165-170μm, contributing to lower production costs[41]. - The company continues to enhance its manufacturing capabilities through advanced intelligent management systems, improving product quality and reducing production costs[35]. Market Position and Competition - The company ranks second globally in battery shipments, according to PV InfoLink statistics, reflecting its strong market position[34]. - The company has established close supply partnerships with leading solar module manufacturers globally, emphasizing continuous technological innovation[26]. - The company has identified risks related to market competition, price fluctuations, and technological iterations, and is implementing strategies to mitigate these risks[61][62][63]. Environmental Compliance - The company is subject to strict environmental discharge standards, including GB30484-2013 for wastewater and GB16297-1996 for air emissions[75]. - The company has established comprehensive pollution control facilities, ensuring that all pollutants are treated and discharged in compliance with standards[78]. - The wastewater treatment station in Tianjin has a designed daily processing capacity of 13,000 tons, effectively treating wastewater before discharge[81]. - The company has conducted soil and groundwater monitoring to prevent contamination during production processes[80]. - The company has been listed as a key pollutant monitoring unit in multiple regions, indicating a commitment to environmental responsibility[78]. Shareholder and Capital Management - The company did not distribute profits for the first half of 2021, nor did it increase capital reserves to share capital[4]. - The company plans to raise 3.5 billion RMB through a private placement to invest in 8.5GW of N-type high-efficiency solar cell production capacity, with an expected average conversion efficiency of 25.5%[44]. - The total amount of guarantees provided by the company, including those to subsidiaries, is RMB 5.303 billion, which accounts for 99.25% of the company's net assets[113]. - The company has committed to protecting the interests of minority shareholders in all transactions[100]. - The company has committed to not pledging shares obtained from the transaction until all performance compensation obligations are fulfilled[94]. Financial Commitments and Performance - The company committed to achieving net profits of no less than 475 million, 668 million, and 800 million yuan for the years 2019, 2020, and 2021 respectively, with the total net profit commitment remaining at 1,943 million yuan[93]. - The company faced significant losses in the first half of 2021 due to a sharp increase in silicon material prices, leading to a substantial decline in gross margin[110]. - There is a risk that the 2021 performance commitment may not be met due to a gap between the actual net profit and the committed amount[110]. - The company has reported that all performance compensation obligations have been fulfilled in a timely manner[96]. Corporate Governance - The company guarantees the authenticity, accuracy, and completeness of the semi-annual report, with all directors present at the board meeting[8]. - The company will strictly adhere to laws and regulations regarding related party transactions, ensuring fair pricing and compliance with disclosure requirements[100]. - The company has committed to not interfering with its operational management and to fulfill measures to compensate for any dilution of immediate returns[101]. - The company has outlined measures to ensure that executive compensation is linked to the execution of return compensation measures[101].