证券代码：600876 证券简称：凯盛新能 公告编号：临 2024-016 号 凯盛新能源股份有限公司 关于召开 2023 年年度股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2023 年年度股东大会 召开的日期时间：2024 年 6 月 25 日 9 点 00 分 召开地点：河南省洛阳市西工区唐宫中路九号本公司三楼会议室 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年6月25日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：凯盛新能源股份有限公司（以下简称"本公司"）董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 二、 会议审议事项 本次股东大会审议议案及投票股东类型 | 序号 | 议案名称 | | | 投票股东类型 | | | | ...

14.18 股价相对走势 -40% -23% -7% 10% 2023/5 2023/9 2024/1 2024/5 凯盛新能 沪深300 联系人：朱思敏 邮箱：zhusm@glsc.com.cn 公司发布 2024 年一季报，2024Q1 收入为 14.4 亿元，yoy+1%；归母净利润 为-0.1 亿元，同环比均转亏；扣非归母净利润为-0.1 亿元，同环比均转亏。 重视公司转型新能源材料平台前景 我们预计公司 2024-2026 年营业收入分别为 87/115/145 亿元，yoy 分别为 32%/32%/27%，归母净利润分别为 5/6/7 亿元，yoy 分别为 29%/27%/16%， EPS 分别为 0.79/1.00/1.15 元/股，3 年 CAGR 为 21%。近年公司处于战略 转型期，逐步剥离信息显示玻璃和建筑玻璃业务，2024Q1 公司业绩阶段性 承压。公司聚焦光伏玻璃主业，随着在建产能逐步落地，规模优势有望逐 步显现，公司业绩或将开启成长新周期，参照可比公司估值，我们给予公 司 2024 年 18 倍 PE，目标价 14.18 元，给予为"买入"评级。 | --- | |-------| ...

Financial Performance - The company's operating revenue for Q1 2024 was RMB 1,437,775,429.95, representing a year-on-year increase of 0.80% compared to RMB 1,426,425,959.62 in the same period last year[2] - The net profit attributable to shareholders was a loss of RMB 6,353,117.41, a decline of 151.04% from a profit of RMB 12,446,203.87 in the previous year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of RMB 9,261,251.99, compared to a profit of RMB 2,899,850.66 in the same period last year, marking a decrease of 419.37%[2] - Total revenue for Q1 2024 was approximately CNY 1.44 billion, a slight increase of 0.9% compared to CNY 1.43 billion in Q1 2023[19] - Net profit for Q1 2024 was CNY 1.21 million, a significant decrease of 94.5% compared to CNY 21.79 million in Q1 2023[20] - The company's basic earnings per share for Q1 2024 was -CNY 0.0098, compared to CNY 0.0193 in Q1 2023[20] Assets and Liabilities - The total assets at the end of the reporting period were RMB 12,364,578,491.85, a decrease of 0.51% from RMB 12,427,698,664.06 at the end of the previous year[2] - The total liabilities decreased slightly to RMB 7,310,122,681.99 from RMB 7,374,452,289.77, a reduction of about 0.87%[16] - The company's short-term borrowings increased to RMB 917,962,482.38 from RMB 760,656,246.99, marking an increase of approximately 20.66%[15] - Non-current assets totaled RMB 8,136,591,308.50, a slight increase from RMB 8,113,333,811.14, reflecting a growth of about 0.29%[14] - The company's total equity increased slightly to approximately CNY 5.05 billion as of March 31, 2024, compared to CNY 5.05 billion as of December 31, 2023[17] Cash Flow - The cash flow from operating activities showed a net outflow of RMB 74,387,649.98, compared to a net outflow of RMB 204,756,028.87 in the previous year[5] - The company reported a net cash flow from operating activities of approximately -CNY 74.39 million in Q1 2024, an improvement from -CNY 204.76 million in Q1 2023[22] - Cash inflow from financing activities in Q1 2024 was approximately CNY 218.47 million, a decrease from CNY 765.41 million in Q1 2023[23] - The cash flow from financing activities decreased by 71.46% to RMB 218,465,452.70 from RMB 765,414,897.09, reflecting tighter control over financing needs[5] Inventory and Receivables - The company reported a significant decrease in accounts receivable, which dropped by 100% to RMB 0.00 from RMB 187,071,244.67[5] - Accounts receivable rose to RMB 1,371,495,421.79, up from RMB 1,290,872,150.78, indicating an increase of approximately 6.27%[13] - The company's inventory increased to RMB 813,781,497.71 from RMB 686,887,235.96, representing a rise of approximately 18.46%[13] Construction and Development - The construction in progress increased by 55.95% to RMB 2,764,436,946.12 from RMB 1,772,629,520.09, attributed to the completion of production line upgrades[5] - The company reported a significant increase in construction in progress, rising to RMB 2,764,436,946.12 from RMB 1,772,629,520.09, which is an increase of approximately 55.91%[14] Government Support and Expenses - The company received government subsidies amounting to RMB 3,253,243.41, which positively impacted its financial performance[3] - Research and development expenses for Q1 2024 were approximately CNY 54.51 million, down 6.3% from CNY 58.20 million in Q1 2023[19] Cash and Equivalents - The company's cash and cash equivalents increased to RMB 282,195,265.62 from RMB 273,462,436.65, representing a growth of about 3.67%[13] - Cash and cash equivalents increased by 34,171,418.77 in Q1 2024, compared to a decrease of 299,747,276.63 in Q1 2023[24] - The ending balance of cash and cash equivalents for Q1 2024 is 263,328,163.42, down from 785,295,092.74 in Q1 2023[24] - The impact of exchange rate changes on cash and cash equivalents was 729,400.08 in Q1 2024, compared to 180,364.62 in Q1 2023[24]

Financial Performance - The company's operating revenue for Q1 2024 was CNY 1,437,775,429.95, representing a slight increase of 0.80% compared to CNY 1,426,425,959.62 in the same period last year[4] - The net profit attributable to shareholders of the listed company was a loss of CNY 6,353,117.41, a decrease of 151.04% from a profit of CNY 12,446,203.87 in the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of CNY 9,261,251.99, a decline of 419.37% compared to CNY 2,899,850.66 in the same period last year[4] - The basic and diluted earnings per share were both -0.0098 yuan, down 150.78% from 0.0193 yuan in the previous year[21] - Operating profit for Q1 2024 decreased significantly to approximately ¥4.86 million, down from ¥27.70 million in Q1 2023, reflecting a decline of 82.5%[32] - The company reported a net increase in cash and cash equivalents of approximately ¥34.17 million for Q1 2024, compared to an increase of ¥299.75 million in Q1 2023, a decline of 88.6%[35] - In Q1 2024, the company reported a net profit of ¥1,209,435.57, a significant decrease from ¥21,789,786.50 in Q1 2023, reflecting a decline of approximately 94.45%[45] - The total comprehensive income for Q1 2024 was ¥1,209,435.57, compared to ¥21,789,786.50 in Q1 2023, indicating a decrease of about 94.45%[45] - The basic earnings per share for Q1 2024 was -¥0.0098, down from ¥0.0193 in Q1 2023, representing a decline of approximately 103.94%[45] Cash Flow - The net cash flow from operating activities was -CNY 74,387,649.98, an improvement from -CNY 204,756,028.87 in the same period last year[21] - Cash inflows from operating activities in Q1 2024 totaled ¥1,259,920,736.97, an increase from ¥1,037,747,647.19 in Q1 2023, marking a growth of about 21.31%[48] - Cash outflows from operating activities in Q1 2024 were ¥1,334,308,386.95, compared to ¥1,242,503,676.06 in Q1 2023, reflecting an increase of approximately 7.38%[48] - The net cash flow from operating activities in Q1 2024 was -¥74,387,649.98, an improvement from -¥204,756,028.87 in Q1 2023[48] - The company recorded cash inflows from investment activities of ¥3,982,508.50 in Q1 2024, with cash outflows for fixed asset purchases amounting to ¥114,618,292.53[48] Assets and Liabilities - Total assets at the end of the reporting period were CNY 12,364,578,491.85, a decrease of 0.51% from CNY 12,427,698,664.06 at the end of the previous year[21] - The equity attributable to shareholders of the listed company was CNY 4,620,798,349.14, down 0.14% from CNY 4,627,151,466.55 at the end of the previous year[21] - The total assets amounted to 12,364,578,491.85, slightly down from 12,427,698,664.06[29] - Total liabilities as of Q1 2024 were approximately ¥7.31 billion, a slight decrease from ¥7.37 billion in Q1 2023, reflecting a reduction of 0.9%[41] - The total equity attributable to shareholders as of Q1 2024 was approximately ¥4.62 billion, down from ¥4.63 billion in Q1 2023, indicating a decrease of 0.07%[41] Government Support and R&D - The company received government subsidies amounting to CNY 3,253,243.41, which are closely related to its normal business operations[21] - The company is focusing on capitalizing on R&D investments, with development expenditures increasing by 37.46% to CNY 20,474,752.79 compared to the previous year[23] - Research and development expenses for Q1 2024 were not specified, but in Q1 2023, they amounted to approximately ¥54.51 million, down from ¥58.20 million, indicating a decrease of 6.5%[32] Shareholder Information - The total number of common shareholders at the end of the reporting period was 34,080[24] - HKSCC NOMINEES LIMITED holds 249,168,789 shares, representing 38.59% of total shares[25] Operational Challenges - The company reported a significant decline in gross margin due to falling prices of photovoltaic glass, impacting profitability[23] - The net cash flow from investing activities decreased to -110,635,784.03 from -261,091,956.21, indicating a reduction in project construction payments year-on-year[24] - The net cash flow from financing activities was 218,465,452.70, down 71.46% from 765,414,897.09, reflecting controlled financing scale based on operational and construction needs[24]

Financial Performance - The net profit attributable to shareholders for the year 2023 is RMB 394.72 million, with an undistributed profit at the beginning of the year of RMB -245.43 million, resulting in an undistributed profit at the end of 2023 of RMB 149.29 million[3]. - The company achieved a net profit of RMB 70.90 million in 2023, with an undistributed profit at the beginning of the year of RMB -727.57 million, leading to an undistributed profit at the end of 2023 of RMB -656.67 million[3]. - The company’s operating revenue for 2023 reached ¥6,595,249,704.60, representing a year-on-year increase of 31.12% compared to ¥5,030,111,246.27 in 2022[14]. - Net profit attributable to shareholders of the listed company was ¥394,720,559.20, a decrease of 3.50% from ¥409,038,651.70 in the previous year[14]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 88.38% to ¥191,660,805.24 from ¥101,741,061.75 in 2022[14]. - The total assets of the company at the end of 2023 were ¥12,427,698,664.06, up 17.62% from ¥10,565,902,910.42 at the end of 2022[15]. - The net assets attributable to shareholders of the listed company increased by 9.33% to ¥4,627,151,466.55 from ¥4,232,430,907.35 in 2022[15]. - The basic earnings per share for 2023 was ¥0.61, a decrease of 3.17% compared to ¥0.63 in 2022[16]. - The cash flow from operating activities for 2023 was ¥143,506,267.94, a significant recovery from a negative cash flow of ¥398,045,232.39 in 2022[14]. - The company reported a total profit of RMB 501,373,624.88 for 2023, which is an increase of 6.4% from RMB 470,266,646.75 in 2022[64]. Dividend and Profit Distribution - The board of directors does not recommend the distribution of dividends for the year ending December 31, 2023[3]. - The company plans not to conduct profit distribution or capital reserve transfer to increase share capital for the year 2023[3]. - During the reporting period, there were no profit distribution or capital reserve transfer plans[125]. Risk Management - There are no significant risks that could materially affect the company's production and operations during the reporting period[3]. - The company has detailed the potential risks and countermeasures in the "Management Discussion and Analysis" section of the report[3]. - The company anticipates that the new photovoltaic glass demand will continue to grow steadily due to the increasing installation capacity and the rising penetration rate of double-glass modules[71]. - The company plans to respond to industry risks by enhancing cost control and product innovation, as well as optimizing production line layout[74]. - The company is expected to see new engineering project risks related to funding, construction progress, and market operation during the initial production phase[74]. Research and Development - Research and development investment totaled RMB 262 million, accounting for 3.97% of operating income[22]. - The company launched 72 technical innovation projects and applied for 89 new patents during the year[22]. - Research and development expenses rose to CNY 251,522,948.01, a significant increase of 44.73% year-on-year, indicating continued investment in R&D[28]. - Total R&D investment accounted for 3.97% of operating revenue, with capitalized R&D expenses making up 10.09% of total R&D investment[45]. - The number of R&D personnel was 605, representing 15.92% of the total workforce[47]. Environmental Responsibility - The company invested approximately 52.5 million RMB in environmental protection during the reporting period[140]. - The company has established a mechanism for environmental protection and is listed as a key pollutant discharge unit by local environmental authorities[140]. - The company adheres to specific pollutant discharge standards, including particulate matter ≤50 mg/m³ for existing projects and ≤30 mg/m³ for new projects[143]. - The company’s wastewater discharge standards include a COD limit of ≤500 mg/L and a pH range of 6 to 9[143]. - The company has implemented a comprehensive pollution control strategy, including dry desulfurization and integrated dust removal systems[147]. - The company is committed to green development, focusing on low consumption, high efficiency, and reduced emissions in its growth strategy[162]. Corporate Governance - The board of directors consists of 11 members, including 4 executive directors, 3 non-executive directors, and 4 independent non-executive directors[80]. - The company has established a robust internal control system to ensure compliance with laws and regulations, asset security, and the accuracy of financial reporting[85]. - The company has adopted and strictly adhered to the Corporate Governance Code, enhancing its governance structure and practices[79]. - The company emphasizes the protection of minority shareholders' rights through active communication and timely responses to investor inquiries[84]. - The company has implemented a registration system for insider information to prevent insider trading effectively[82]. Financial Audit and Compliance - The audit report issued by the accounting firm is a standard unqualified opinion[3]. - The company has engaged an external auditor to assess the effectiveness of its internal control over financial reporting[86]. - The internal control audit report issued a standard unqualified opinion[129]. - The company has confirmed compliance with disclosure regulations regarding related transactions as per the listing rules[195]. Employee and Management Structure - The company has a total of 3,801 employees, with 405 holding a bachelor's degree or higher[122]. - The company has established a two-tier training system to enhance employee skills and business capabilities, combining internal and external training methods[124]. - The company has a robust management team with extensive experience in finance, engineering, and project management, which is crucial for strategic decision-making[92]. Related Party Transactions - The company has established a framework agreement for continuous related transactions, with a maximum expected transaction amount of 70,000 million RMB for deposit services from China National Building Material Finance Company, with actual transactions of 37,639 million RMB[198]. - The auditor confirmed that all related party transactions were approved by the board and complied with the group's pricing policy[200]. - All ongoing related party transactions did not exceed the previously disclosed annual limits[200].

证券简称:凯盛新能 证券代码:600876 编号:临 2024-009 号 | | 人社局稳岗补 | 221,780 | 2023年12月 | 宜兴市援企稳岗促进就业 | | --- | --- | --- | --- | --- | | | 贴 | | 20 日 | 政策 | | | 无锡市 2023 年 | | 2024 年 2 月 | 2023 年度无锡市商务发展 | | | 度外贸稳增长 | 98,700 | | 资金第二批项目申报工作 | | | | | 4 日 | | | | 资金（第二批） | | | 的通知 | | | 规模企业培育 | | 2024 年 2 月 | 宜兴环保科技工业园管委 | | | 奖 | 100,000 | 8 日 | 会规模企业培育资金补助 | | | | | 2024 年 2 月 | | | | 税收规模奖 | 100,000 | 8 日 | 中宜环科党字〔2024〕2 号 | | | 2022 年现代产 | | | | | | 业高质量（支持 | 444,500 | 2024 年 2 月 | 宜财工贸〔2024〕9 号 | | | 数字经济发展） | | 9 日 | ...

[Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -49.90% -39.90% -29.90% -19.90% -9.90% 0.10% 2023/4 2023/7 2023/10 2024/1 凯盛新能 海通综指 | --- | |----------------------------| | | | 分析师 : 冯晨阳 | | Tel:(021)23183846 | | Email:fcy10886@haitong.com | | 证书 :S0850516060004 | | 分析师 : 徐柏乔 | | Tel:(021)23219171 | | Email:xbq6583@haitong.com | | 证书 :S0850513090008 | | 联系人 : 罗青 | | Tel:(021)23185966 | | Email:lq15535@haitong.com | 销量提升带动业绩增长，产能持续扩张 事件：近日公司公布 2023 年报，公司 2023 年收入 66 亿元、同比+31.1%；归 母净利润 3.9 亿元、同比-3.5%；扣 ...

证券研究报告 ＃industryId＃ | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Environmental Management - During the reporting period, six subsidiaries were listed as key pollutant discharge units by local environmental protection departments [12]. - The company achieved a reduction of 52,898.50 tons in carbon emissions through the use of clean energy and improved clean energy application capabilities [24]. - The company has installed online monitoring facilities for pollutants, including SO2, NOx, and particulate matter [21]. - The company has not faced any administrative penalties due to environmental issues during the reporting period [22]. - The company has not faced any significant environmental incidents during the reporting period, demonstrating effective environmental management practices [29]. - The company has implemented various ecological and environmental protection measures, including the revision of multiple management systems related to energy conservation and ecological protection [30]. - The company organized 6 emergency drills for environmental incidents across its subsidiaries, ensuring preparedness for potential environmental risks [29]. - The environmental impact assessment for the solar cell packaging materials project was approved on March 13, 2023 [17]. - The company has successfully completed greenhouse gas emission verification work across all subsidiaries, enhancing its environmental compliance [33]. Corporate Governance - The company has complied with all corporate governance codes as per the listing rules of the stock exchange [4]. - The company reported that all directors adhered to the securities trading standards set by the stock exchange during the reporting period [4]. - The company has not proposed any cash dividend policy for the reporting period [3]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period [50]. - The company has maintained compliance with regulatory requirements and received a standard unqualified audit report for its financial statements [99]. - The company has appointed Crowe Horwath as the auditing firm for the 2023 fiscal year, following approval at the 2022 annual shareholders' meeting [39]. Financial Performance - The company's operating revenue for 2023 reached RMB 6,595,249,704.60, representing a year-on-year increase of 31.12% compared to RMB 5,030,111,246.27 in 2022 [90]. - The net profit attributable to shareholders of the listed company for 2023 was RMB 394,720,559.20, a decrease of 3.50% from RMB 409,038,651.70 in the previous year [90]. - The total assets increased by 17.62% to RMB 12,427,698,664.06 from RMB 10,565,902,910.42 year-on-year [108]. - The company's net profit attributable to shareholders, excluding non-recurring gains and losses, was RMB 191,660,805.24, an increase of 88.38% compared to RMB 101,741,061.75 in the previous year [108]. - The total revenue for 2023 was CNY 6,595,249,704.60, representing a growth from CNY 5,030,111,246.27 in 2022 [173]. - The net profit for 2023 was CNY 464,817,473.15, slightly up from CNY 459,169,690.37 in the previous year [173]. - The company reported a significant increase of 87.50% in basic earnings per share after excluding non-recurring gains and losses, rising to CNY 0.30 from CNY 0.16 in 2022 [128]. - Basic earnings per share for 2023 decreased by 3.17% to CNY 0.61 compared to CNY 0.63 in 2022 [128]. Research and Development - Research and development expenses totaled RMB 251,522,948.01, up 44.73% from RMB 173,792,882.39 in the previous year, accounting for 3.97% of operating revenue [116]. - Research and development personnel accounted for 15.92% of the total workforce, with 605 R&D staff members [146]. - Research and development expenses increased by 44.73% to CNY 251,522,948.01, reflecting ongoing investment in R&D and increased consumption of experimental materials [157]. - The total R&D investment accounted for 3.97% of the operating revenue, with capitalized R&D investment making up 10.09% of the total [159]. Production and Capacity - The production capacity of photovoltaic glass reached 5,270 tons/day, a year-on-year growth of approximately 13% [113]. - The annual output of deep-processed products was 339 million square meters, with sales of 364 million square meters, reflecting year-on-year increases of 91.02% and 69.50%, respectively [113]. - The company has established seven intelligent photovoltaic glass production bases across East, Central, North, and Southwest China, with a production capacity of 5,270 tons/day as of the end of 2023 [134]. - The annual output of deep-processed glass and backplane production lines reached approximately 339 million square meters [134]. Strategic Partnerships and Market Expansion - The company plans to continue its strategic partnerships and expand its market presence through various agreements with related parties [55]. - The company signed a strategic cooperation agreement for photovoltaic glass with Yixing New Energy, expecting sales of 200 million square meters during the contract period, with a total value of approximately RMB 9.53 billion [141]. - The long-term procurement contract with Trina Solar is expected to supply 30GW of photovoltaic glass, with a contract value of approximately RMB 15.27 billion [141]. - The company is focusing on expanding its market presence and developing new technologies in the renewable energy sector [90]. Financial Position and Liabilities - The company's debt-to-asset ratio increased to 59.34%, up 3.01 percentage points from the end of 2022 [121]. - The company reduced short-term borrowings by 30.72% to CNY 760,656,246.99, indicating a focus on debt repayment [161]. - As of December 31, 2023, the company's current liabilities amounted to RMB 4,154,613,359.37, a slight increase of 0.18% compared to RMB 4,147,163,623.26 in 2022 [180]. - Non-current liabilities rose significantly by 78.37% to RMB 3,219,838,930.40 from RMB 1,805,097,022.44 in 2022 [180]. - Shareholders' equity attributable to the parent company increased by 9.33% to RMB 4,627,151,466.55 from RMB 4,232,430,907.35 in 2022 [180]. Investment Activities - The company completed an investment of RMB 68,984.22 million in the Yixing New Energy Solar Equipment Project, with a cumulative investment of RMB 87,381.57 million by the end of the reporting period [185]. - The Luoyang New Energy Solar Project's first phase saw an actual investment of RMB 58,699.02 million, with a cumulative total of RMB 59,737.72 million [185]. - The net cash outflow from investment activities was RMB 1,758,270,241.73, an increase of RMB 1,096,451,661.81 compared to the previous year [146]. Cash Flow and Liquidity - The company reported a net cash flow from operating activities of RMB 248,166,693.05 in Q4 2023, following a negative cash flow in the first two quarters [94]. - The net cash flow from operating activities improved significantly to CNY 143,506,267.94, an increase of CNY 541,551,500.33 compared to the same period last year [159]. - The financing activities generated a net cash inflow of CNY 1,356,122,114.77, an increase of CNY 773,594,233.85 compared to the previous year [160]. - The company’s cash and cash equivalents amounted to RMB 229,156,744.65, with 99.52% in RMB [149]. - The company’s cash and cash equivalents stood at RMB 44,305,692.00, reflecting its liquidity position [181].

Financial Performance - Operating revenue for the current period reached RMB 6,595,249,704.60, a 31.1% increase from RMB 5,030,111,246.27 in the previous period[9] - Net profit attributable to shareholders for the current period was RMB 394,720,559.20, a decrease of 3.9% compared to RMB 409,038,651.70 in the previous period[10] - Total profit for the current period was RMB 501,373,624.88, compared to RMB 470,266,646.75 in the previous period, reflecting a growth of 6.4%[9] - Basic earnings per share for the current period were 0.61, down from 0.63 in the previous period[10] - The company reported a net loss of RMB 149.29 million for the year, an improvement from a loss of RMB 245.43 million in the previous year[4] Assets and Liabilities - As of December 31, 2023, total assets amounted to RMB 12.43 billion, an increase from RMB 10.57 billion in 2022, reflecting a growth of approximately 17.7%[3] - Total liabilities increased to RMB 7.37 billion from RMB 5.95 billion, marking an increase of around 24.1%[4] - Current assets totaled RMB 4.31 billion, up from RMB 4.07 billion in the previous year, indicating a growth of about 6%[2] - The company's short-term borrowings decreased to RMB 760.66 million from RMB 1.10 billion, a reduction of approximately 30.8%[4] - The total equity attributable to shareholders rose to RMB 4.63 billion from RMB 4.23 billion, reflecting an increase of about 9.4%[4] Cash Flow - The company reported a net cash flow from operating activities of RMB 143,506,267.94, compared to a negative cash flow of RMB -398,045,232.39 in the previous period[14] - Cash inflow from operating activities totaled RMB 786,949,764.03, significantly higher than RMB 393,052,290.95 in the previous period[19] - Cash and cash equivalents decreased to RMB 273.46 million from RMB 689.02 million, a decline of approximately 60.3%[2] - The net increase in cash and cash equivalents was negative at RMB -250,946,887.58, compared to a positive increase of RMB 27,939,044.36 in the previous period[20] - Cash inflow from investment activities was RMB 291,823,603.05, down from RMB 820,149,869.57 in the previous period[19] Investments and Expenditures - The company has invested RMB 1.77 billion in construction projects, up from RMB 1.16 billion, indicating a growth of about 52.4%[3] - The company received production operation subsidies of CNY 189,765,712.13, which is an increase from CNY 150,578,933.70 in the previous period[51] - The company reported a significant increase in capital contributions from shareholders, amounting to -11,417,030.17 RMB[23] - The company’s construction in progress increased by 52.99% to RMB 1,772,629,520.09, reflecting higher investment in project development[92] - The company has initiated the commissioning of the photovoltaic battery packaging materials project in Yixing, marking a significant step in its production capabilities[73] Research and Development - Research and development expenses increased to RMB 251,522,948.01, up 44.7% from RMB 173,792,882.39 in the previous period[9] - The company launched 72 technical innovation projects and applied for 89 new patents in 2023, including 48 invention patents[75] - The number of R&D personnel was 605, representing 15.92% of the total workforce[89] - Research and development expenses totaled CNY 261,810,837.93, accounting for 3.97% of operating revenue[89] - The company is committed to enhancing its operational efficiency and exploring potential mergers and acquisitions to drive growth[47] Market and Industry - The company is engaged in the manufacturing and sales of new energy materials, including photovoltaic equipment and components, indicating a focus on renewable energy sectors[28] - The global photovoltaic installed capacity reached 444 GW in 2023, with a growth rate of 76%[104] - The global photovoltaic glass market size was approximately $8.6 billion in 2022, expected to grow to $53.2 billion by 2030, with a CAGR of 25.6%[105] - The domestic installed capacity of photovoltaic systems increased by 216.88 GW in 2023, a year-on-year increase of 148.12%[76] - China's photovoltaic industry is projected to add 190 to 220 GW of new installations in 2024[104] Corporate Governance - The company has adhered to corporate governance standards and regularly reviews its compliance with applicable rules[107] - The company’s independent auditor has agreed with the financial data for the fiscal year ending December 31, 2023[113] - The company will issue its annual report for 2023 at an appropriate time and publish it on the stock exchange website[113] - The company reported a total of RMB 2,654.39 million in related party transactions for the fiscal year 2023, well below the approved annual limit of RMB 9,028 million[111] - The company has experienced changes in its board composition, with several resignations and appointments in 2023[43][44] Future Outlook - The company plans to expand its market presence and invest in new technologies to drive future growth[1] - The company aims to enhance core competitiveness and achieve coordinated growth in total profit, net profit, and net profit attributable to shareholders in 2024[106] - The company plans to optimize and enhance innovation-driven strategies to improve operational management quality in 2024[106] - The company is focused on optimizing and upgrading its core business towards new energy materials, officially changing its name to "Kaisong New Energy Co., Ltd." on February 16, 2023[73] - The company plans to expand its market presence and invest in new product development as part of its future strategy[47]