Financial Performance - The company's operating revenue for 2021 was CNY 3,876,723,009.56, an increase of 11.68% compared to CNY 3,471,428,437.98 in 2020[17]. - The net profit attributable to shareholders was a loss of CNY 590,275,892.41, improving by 42.18% from a loss of CNY 1,020,892,685.09 in the previous year[17]. - The net cash flow from operating activities decreased by 52.94% to CNY 257,751,864.22 from CNY 547,736,979.29 in 2020[17]. - The total assets at the end of 2021 were CNY 26,152,927,015.00, a slight decrease of 0.18% from CNY 26,201,168,826.73 at the end of 2020[17]. - The net assets attributable to shareholders decreased by 4.83% to CNY 11,585,277,202.14 from CNY 12,173,091,627.70 in 2020[17]. - The basic earnings per share for 2021 was -CNY 0.3970, an improvement of 42.18% from -CNY 0.6866 in 2020[17]. - The company reported a quarterly revenue of CNY 1,060,801,430.20 in Q4 2021, with a net profit loss of CNY 411,002,715.00 for the same quarter[22]. - The company achieved total revenue of ¥3.877 billion, representing a year-on-year increase of 11.68%, while the net profit attributable to shareholders was -¥590 million, a reduction in losses compared to the previous year[46]. Revenue Sources - The company’s revenue from power sales and ecological environmental protection contributed significantly to the operating income[18]. - New energy revenue accounted for ¥2.27 billion, which is 58.67% of total revenue, showing a significant growth of 68.53% from ¥1.35 billion in 2020[56]. - The ecological and environmental protection revenue saw a drastic decline of 62.57%, dropping to approximately ¥183.74 million from ¥490.93 million in 2020[56]. Operational Developments - The company has a self-owned photovoltaic power station with a grid-connected installed capacity of approximately 1GW and over 2GW in self-operation and agency operation projects[35]. - The company has established a smart operation and maintenance management platform for photovoltaic power stations, enhancing data collection and intelligent fault diagnosis[36]. - The company is piloting a "tea garden complex" project under the "agriculture-photovoltaic complementary" model, aiming to create a well-known brand in tea oil[37]. - The company has developed a high-end photovoltaic module manufacturing enterprise with an annual production capacity of 1 GW, which has become a significant part of its photovoltaic business[50]. Government Support and Subsidies - In 2021, the company received government subsidies amounting to ¥14,744,653.08, reflecting a significant increase compared to previous years[28]. - The company received approximately ¥1.5 billion in renewable energy subsidies during the year, with outstanding subsidy receivables totaling ¥1.5 billion at the end of the reporting period[46]. Debt and Financial Management - The company has actively engaged in debt resolution, achieving loan extension agreements totaling ¥4.241 billion during the reporting period, with total interest-bearing liabilities amounting to ¥9.138 billion at the end of the reporting period[51]. - The company is committed to resolving debt risks by negotiating with creditors for debt restructuring and maintaining the stability of existing loans[105]. - The company will enhance cost management and financial control to optimize operational efficiency and reduce expenses[106]. Research and Development - R&D expenses rose significantly by 40.55% to ¥36,553,365.45, reflecting increased investment in research and development[69]. - The company is currently developing a 200MW high-efficiency solar module aimed at increasing power output from 450W to 550W, which is expected to lower production costs[70]. - The company is enhancing its core technology capabilities through research on the application of refined tea oil in cosmetics[72]. Corporate Governance - The company has established a comprehensive internal control management system aligned with its development strategy, evaluating the effectiveness of internal controls as of December 31, 2021[161]. - The company has a well-established corporate governance structure, ensuring no significant discrepancies with regulatory requirements[120]. - The company maintains independence in personnel, assets, finance, organization, and business from its controlling shareholders[121]. Market Expansion and Strategy - The company is focused on expanding its market presence through acquisitions and strategic partnerships in the renewable energy sector[62]. - The company plans to actively pursue large-scale renewable energy projects in regions with strong resource conditions, such as Inner Mongolia, Qinghai, Gansu, and Shaanxi, to achieve scalable growth[102]. - The company aims to enhance its integrated zero-carbon solution capabilities by focusing on "smart energy + environmental governance" and strengthening technology research and development[101]. Social Responsibility and Community Engagement - The company contributed approximately 140,000 yuan in poverty alleviation donations to the Jinzhai area from 2018 to 2021[177]. - The company donated over 2,500 essential food items valued at approximately 100,000 RMB to support flood relief efforts in Xinxiang, Henan Province[178]. - The company established the Anhui Dongxu Kangtu Solar Technology Co., which has created over 100 re-employment positions and supported the local photovoltaic industry[180]. Leadership Changes - The company experienced a management turnover, with multiple executives resigning, including the General Manager and Chairman, Wang Fumin, on May 27, 2021[128]. - Zhao Yanjun was elected as the new Chairman and General Manager on May 27, 2021, indicating a shift in leadership[129]. - The company has appointed several new directors and executives as part of its restructuring efforts, including Ding Feng as Vice General Manager[130]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 25% based on new product launches and market expansion strategies[137]. - The company aims to enhance its market presence through new product development and technology advancements in the renewable energy sector[132].

Financial Performance - The company's revenue for Q3 2021 was ¥1,103,232,244.42, a decrease of 6.30% compared to the same period last year[2] - The net profit attributable to shareholders was ¥17,398,447.10, down 78.71% year-on-year, while the net profit excluding non-recurring items was ¥25,301,236.63, an increase of 150.64%[2] - Total operating revenue for Q3 2021 was CNY 2,815,921,579.36, an increase of 12.4% compared to CNY 2,504,387,545.62 in the same period last year[17] - Net loss for Q3 2021 was CNY -184,580,770.14, compared to a net loss of CNY -201,878,345.08 in Q3 2020, showing an improvement of 8.5%[18] - The company's basic earnings per share were ¥0.012, down 78.18% year-on-year[2] - The basic and diluted earnings per share for Q3 2021 were both CNY -0.121, compared to CNY -0.13 in Q3 2020[19] Assets and Liabilities - The total assets at the end of the reporting period were ¥26,556,839,171.10, reflecting a 1.36% increase from the end of the previous year[2] - The company's total assets increased to CNY 26,556,839,171.10, up from CNY 26,201,168,826.73 at the end of the previous quarter[15] - Total liabilities rose to CNY 14,557,182,375.43, compared to CNY 14,005,941,901.27 in the previous quarter, reflecting an increase of 3.9%[15] - Total liabilities amounted to CNY 14,005,941,901.27, with current liabilities at CNY 9,772,313,452.43 and non-current liabilities at CNY 4,233,628,448.84[27] - The company’s total equity decreased to CNY 11,999,656,795.67 from CNY 12,195,226,925.46, indicating a decline in shareholder value[15] Cash Flow - The cash flow from operating activities for the year-to-date was ¥298,476,157.37, a decrease of 37.34% compared to the previous year[2] - The net cash flow from operating activities for the current period is ¥298,476,157.37, a decrease of 37.3% compared to ¥476,318,237.32 in the previous period[22] - Total cash inflow from operating activities is ¥2,991,442,121.73, down 8.5% from ¥3,269,873,643.05 in the previous period[22] - Cash outflow from operating activities is ¥2,692,965,964.36, a decrease of 3.6% compared to ¥2,793,555,405.73 in the previous period[22] - The net cash flow from investing activities is -¥501,257,801.19, an improvement from -¥1,296,600,440.40 in the previous period[23] - Cash inflow from financing activities is ¥741,502,148.41, down 40.7% from ¥1,251,785,121.42 in the previous period[23] - The net cash flow from financing activities is ¥256,977,553.45, a decrease of 62.8% compared to ¥691,205,043.61 in the previous period[23] - The ending balance of cash and cash equivalents is ¥354,075,964.36, down from ¥528,610,120.95 in the previous period[23] Shareholder Information - Total number of common shareholders at the end of the reporting period is 80,607[9] - The largest shareholder, Dongxu Group Co., Ltd., holds 39.04% of shares, totaling 580,419,914 shares, with 423,673,200 shares pledged[9] - The total number of shares held by the top ten unrestricted shareholders is 156,746,714 shares[10] Research and Development - Research and development expenses increased by 114.63% to ¥22,078,111.43 compared to the same period last year[7] - Research and development expenses increased significantly to CNY 22,078,111.43, compared to CNY 10,286,626.01 in the same period last year, indicating a focus on innovation[18] Investment and Other Activities - The company reported a significant decrease in investment income, with a loss of ¥2,875,909.43 compared to a gain of ¥19,281,728.53 in the previous year[7] - The company has ongoing investments in new technologies and market expansion strategies, although specific figures were not disclosed in the provided content[12] - The company received ¥131,620,254.50 from the disposal of subsidiaries and other business units, significantly up from ¥32,495,113.12 in the previous period[22] - The company paid ¥464,027,564.14 for the purchase of fixed assets, intangible assets, and other long-term assets, an increase from ¥291,673,615.60 in the previous period[22] Current Assets - As of September 30, 2021, total current assets amount to ¥13,045,693,043.17, an increase from ¥12,873,883,556.25 at the end of 2020[13] - Accounts receivable increased to ¥3,277,278,430.79 from ¥2,903,702,603.31 year-over-year[13] - Inventory as of September 30, 2021, is ¥103,650,955.22, up from ¥96,439,466.66 at the end of 2020[13] - The company has a long-term equity investment of ¥10,051,797.55, an increase from ¥9,538,649.27[13] - The company reported a decrease in notes receivable to ¥44,496,423.01 from ¥68,425,836.95[13] Non-Current Assets - Total non-current assets include fixed assets valued at ¥5,207,387,500.92, slightly down from ¥5,279,901,076.95[13] - The company’s total non-current assets amounted to CNY 13,511,146,127.93, a slight increase from CNY 13,327,285,270.48[15] Compliance and Audit - The company has not undergone an audit for the third quarter report[28] - The report indicates that the new leasing standards were not applicable for the company[28]

Financial Performance - The company's operating revenue for the first half of 2021 was approximately ¥1.71 billion, representing a year-on-year increase of 29.07% compared to ¥1.33 billion in the same period last year[17]. - The net profit attributable to shareholders of the listed company was approximately -¥196.67 million, an improvement of 29.99% from -¥280.92 million in the previous year[17]. - The net cash flow from operating activities was approximately ¥245.27 million, a decrease of 17.38% compared to ¥296.84 million in the same period last year[17]. - The company achieved operating revenue of CNY 1.71 billion, a year-on-year increase of 29%[33]. - The net profit attributable to shareholders was a loss of CNY 197 million, with the loss narrowing by 30% compared to the previous year[33]. - The company reported a net loss of CNY 404,268,151.46 for the first half of 2021, widening from a loss of CNY 207,596,526.95 in the same period of 2020[153]. - The net cash flow from operating activities for the first half of 2021 was ¥8,980,370.24, a significant improvement compared to a net outflow of ¥294,156,559.74 in the same period of 2020[172]. - The total comprehensive income for the first half of 2021 was -108,361,177.74 CNY, compared to -94,090,308.64 CNY in the previous year, reflecting ongoing financial challenges[165]. Assets and Liabilities - The company reported a total asset value of approximately ¥26.40 billion, which is a slight increase of 0.77% from ¥26.20 billion at the end of the previous year[17]. - The company's cash and cash equivalents at the end of the reporting period were ¥3,438,098,369.79, representing 13.02% of total assets[52]. - The total assets of the company were ¥10,407,482,731.16, with significant liabilities including short-term loans of ¥1,620,695,719.13[52]. - Total liabilities as of June 30, 2021, were CNY 14,419,360,088.45, compared to CNY 14,005,941,901.27 at the end of 2020, marking an increase of about 2.95%[152]. - The company’s total equity decreased to CNY 11,984,090,127.23 from CNY 12,195,226,925.46, indicating a decline of approximately 1.74%[153]. - The company reported a significant increase in contract liabilities to CNY 349,228,269.17 from CNY 224,776,710.71, reflecting a growth of about 55.41%[152]. Revenue Streams - New energy revenue amounted to ¥881,068,565.59, accounting for 51.44% of total revenue, with a year-on-year growth of 31.66%[48]. - Supply chain revenue increased by 51.45% to ¥675,319,489.37, representing 39.43% of total revenue[47]. - Revenue from the North China region grew by 34.62% to ¥746,333,657.24, making up 43.57% of total revenue[49]. - The company reported a significant decrease in ecological and environmental protection revenue, which fell by 39.74% to ¥99,265,759.93[47]. Investments and Projects - The company has a self-owned photovoltaic power station with a grid-connected installed capacity of about 1GW, ranking among the top private photovoltaic enterprises[26]. - The company received a total of CNY 183 million in project subsidy funds, with CNY 37 million already received in new energy subsidies[34]. - The company has invested 354.797 million yuan in the Jinzhai Phase I 100MW photovoltaic project, achieving a funding completion rate of 43.04%[60]. - The company has a total of 87,342.5 million yuan invested in the construction of a 5000-ton tea oil industrial park, with a completion rate of 42.12%[60]. - The company completed a non-public offering of 867,579,908 shares at a price of 10.95 RMB per share, raising approximately 9.5 billion RMB for investment in 17 photovoltaic power station projects[187]. Research and Development - Research and development investment increased by 115.83% to CNY 15.67 million compared to the previous year[45]. - Research and development expenses rose significantly to CNY 14,468,027.87, compared to CNY 5,783,213.74 in the previous year, reflecting a focus on innovation[158]. - The company has obtained a total of 45 patents in the ecological and environmental protection field[32]. Corporate Governance and Risks - The company is actively restructuring its engineering business to improve cash flow and reduce risks[36]. - The company faces policy risks due to potential new regulations affecting the photovoltaic industry, which could introduce uncertainties in operations[71]. - The company is implementing measures to optimize costs and improve efficiency in response to funding risks, including debt restructuring and enhancing communication with financial institutions[74]. - The company is addressing talent retention risks by focusing on corporate culture and establishing mechanisms to attract and retain high-level talent[75]. Social Responsibility - The company is actively engaged in social responsibility initiatives, including "photovoltaic poverty alleviation" projects that contribute to local economic development[85]. - The company’s Dabeishan Tea Oil Industrial Park project has created over 350 job opportunities and supports local farmers through various assistance measures[86]. - The company donated over 2,500 essential food supplies valued at approximately 100,000 RMB to support disaster relief efforts in Henan Province[88]. Legal and Compliance - The company has no major litigation or arbitration matters during the reporting period[105]. - The company is taking measures to negotiate settlements for various lawsuits to mitigate debt pressure[100]. - The company has recognized penalty interest of 6,682.4 million according to the financing lease contract with Minsheng Financial Leasing, with no expected liabilities to be accrued[106]. Shareholder Information - The total number of shares was 1,486,873,870, with 28.69% being limited shares and 71.31% being unrestricted shares[132]. - The largest shareholder, Dongxu Group Co., Ltd., held 39.04% of the shares, amounting to 580,419,914 shares, with 576,673,200 shares pledged[137]. - The company did not engage in any related party transactions during the reporting period[112].

Financial Performance - The company's operating revenue for 2020 was ¥3,471,428,437.98, a decrease of 48.99% compared to ¥6,805,761,615.72 in 2019[15] - The net profit attributable to shareholders was -¥1,020,892,685.09, representing a decline of 6.66% from -¥957,109,228.27 in the previous year[15] - The net cash flow from operating activities was ¥547,736,979.29, down 5.62% from ¥580,380,937.26 in 2019[15] - Total assets at the end of 2020 were ¥26,201,168,826.73, a decrease of 15.45% from ¥30,987,232,190.53 at the end of 2019[15] - The net assets attributable to shareholders decreased by 9.24% to ¥12,173,091,627.70 from ¥13,411,944,757.84 in 2019[15] - The basic earnings per share for 2020 was -¥0.6866, a decline of 6.67% compared to -¥0.6437 in 2019[15] - The company reported a significant loss in the fourth quarter with a net profit of -¥821,694,780.63[20] - In 2020, the company achieved operating revenue of CNY 3.47 billion, a year-on-year decrease of 48.99%, and a net profit attributable to shareholders of CNY -1.02 billion, down 6.66% year-on-year[34] Revenue Breakdown - The revenue from the new energy business was the primary contributor to the total operating revenue, with a significant portion attributed to ecological and environmental protection[16] - The company’s new energy revenue was CNY 1.35 billion, accounting for 38.88% of total revenue, reflecting a 62.86% decrease year-on-year[41] - The company’s ecological and environmental protection revenue was CNY 490.93 million, representing 14.14% of total revenue, down 51.19% year-on-year[41] - Supply chain revenue totaled ¥1,542,332,208.95, showing a slight decrease of 0.23% year-on-year, with a gross margin of 31.51%, down 1.04% year-on-year[44] Operational Efficiency - The average utilization hours of power plants decreased by 2.81% to 1,281 hours due to a slight decline in solar resources and increased power restrictions in certain regions[38] - The company’s operational efficiency improved through organizational restructuring and management reforms, enhancing team cohesion and productivity[37] - The company plans to enhance its competitiveness in the renewable energy sector through ongoing R&D projects, which are expected to positively impact its development[57] Investment and Projects - The company has a total installed capacity of over 1GW for its self-owned photovoltaic power stations, placing it in the leading tier of the industry[26] - The company signed a framework agreement with Beijing Jinen New Energy Technology Co., aiming for a cooperation target of 2-3 GW in new energy projects, with the first project being a 70 MW photovoltaic power generation project[35] - The company reported a total project capacity of 195,235.37 MW, with specific projects like the 100MW project in Chifeng and the 30MW project in Wangqing contributing significantly to this total[89] - The company has ongoing projects in the photovoltaic sector, indicating a strategic focus on renewable energy expansion[73] Cost Management - The company plans to strengthen cost management and collection efforts, optimizing operational efficiency to reduce expenses[100] - The cost of sales for new energy was ¥908,594,427.07, representing 30.12% of total operating costs, down 69.41% from the previous year[48] - The total operating costs for ecological environmental revenue were ¥486,036,738.35, accounting for 16.11% of total costs, down 48.23% year-on-year[48] Debt and Financing - The company reduced interest-bearing liabilities to CNY 9.12 billion, a decrease of 16.39% compared to the previous year, and reached loan extension agreements totaling CNY 2.38 billion[35] - The net cash flow from financing activities turned positive at CNY 60.22 million, a significant improvement from a negative CNY 2.67 billion in 2019[59] - The company has a large existing debt financing scale, leading to high financial costs that negatively affect overall profitability[103] Corporate Governance - The company has committed to maintaining the independence of its assets and personnel to protect shareholder interests[116] - The board of directors and senior management pledged to maintain transparency and accuracy in financial reporting, ensuring timely disclosure of significant information to investors[118] - The company plans to implement a stock incentive plan linked to performance measures, ensuring alignment with shareholder interests[118] Social Responsibility - The company actively participates in poverty alleviation through initiatives like "photovoltaic poverty alleviation," helping numerous counties and individuals achieve poverty reduction[156] - The company donated 2.5 tons of cooking oil and 3,000 bottles of medical alcohol to support pandemic prevention efforts in Jinzhai County[158] - The company contributed CNY 3,728.5 million towards various poverty alleviation projects during the reporting period[160] Future Outlook - The company aims to enhance its operational stability by leveraging its existing photovoltaic power station assets and expects improved operating conditions in 2021 due to sufficient project orders[98] - The company has set a revenue guidance of 1.8 billion RMB for the next fiscal year, projecting a growth rate of 20%[198] - The management team emphasized a focus on sustainability and reducing carbon emissions by 30% over the next five years[198]

Financial Performance - The company's operating revenue for 2020 was ¥3,471,428,437.98, a decrease of 48.99% compared to ¥6,805,761,615.72 in 2019[15] - The net profit attributable to shareholders for 2020 was -¥1,020,892,685.09, representing a decline of 6.66% from -¥957,109,228.27 in 2019[15] - The net cash flow from operating activities was ¥547,736,979.29, down 5.62% from ¥580,380,937.26 in the previous year[15] - Total assets at the end of 2020 amounted to ¥26,201,168,826.73, a decrease of 15.45% from ¥30,987,232,190.53 at the end of 2019[15] - The company's net assets attributable to shareholders decreased by 9.24% to ¥12,173,091,627.70 from ¥13,411,944,757.84 in 2019[15] - The basic earnings per share for 2020 was -¥0.6866, a decline of 6.67% compared to -¥0.6437 in 2019[15] - The overall financial performance indicates a challenging year with substantial declines in revenue across multiple segments, necessitating strategic adjustments moving forward[44] Revenue Breakdown - The company’s supply chain revenue accounted for 44.43% of total operating revenue, amounting to 1.54 billion yuan, with a year-on-year decrease of 18.12%[41] - The company's revenue from new energy reached ¥1,349,642,742.20, a decrease of 62.86% year-over-year, with a gross margin of 33.16%, which is an increase of 14.91% compared to the previous year[43] - Ecological environmental revenue was ¥490,925,518.36, down 51.19% year-over-year, with a gross margin of 1.00%, a decrease of 5.65% compared to the previous year[44] - Supply chain revenue totaled ¥1,542,332,208.95, a slight decrease of 0.23% year-over-year, with a gross margin of 31.51%, down 1.04% from the previous year[44] Project and Investment Activities - The company signed a framework agreement with Beijing Jinen New Energy Technology Co., aiming for a cooperation target of 2-3 GW in new energy projects[35] - The company completed several acquisitions, including a 100% stake in Wuan City Putai New Energy Technology Co., Ltd. on April 30, 2020, and a 100% stake in Sanmenxia Yingli New Energy Technology Co., Ltd. on June 30, 2020[49] - The company has invested 527.283 million yuan in the Linzhou East Yaozhen Stone photovoltaic project, with a cumulative actual investment of 168.140 million yuan, achieving 67.53% of the planned progress[73] - The company has a total of 12 projects under commitment, with varying degrees of completion, including the Longquan 30MW project at 92.03% completion[84] Debt and Financial Management - The company’s debt risk management efforts resulted in a reduction of interest-bearing liabilities to 9.12 billion yuan, a decrease of 16.39% year-on-year[35] - The company reported a net loss of approximately CNY 1.02 billion for 2020, resulting in no cash dividends or stock bonuses for the year[113] - The company has a large existing debt financing scale, leading to high financial costs that negatively affect overall profitability[105] - The company plans to implement cost control measures and accelerate the recovery of various debts to alleviate financial pressure[105] Corporate Governance and Compliance - The company committed to maintaining compliance with legal regulations and protecting the rights of minority shareholders in its operations[117] - The company’s board of directors and senior management pledged to adhere to relevant laws and regulations, ensuring the protection of shareholders' rights[119] - The company has established a commitment to not engage in unrelated investment or consumption activities using company assets[118] - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period, ensuring financial integrity[122] Talent and Human Resources - The company emphasizes talent development and has improved its human resource management, fostering a collaborative and competitive work environment[32] - The company is focusing on talent retention strategies to mitigate the risk of talent loss due to increased competition in the renewable energy sector[106] - The company aims to enhance its corporate culture and improve talent recruitment and incentive mechanisms to attract and retain high-level talent[106] Environmental and Social Responsibility - The company has engaged in poverty alleviation projects, contributing 3,728,500 in funding for various initiatives[161] - The company has established a photovoltaic poverty alleviation project in Jilin, integrating agricultural and solar energy to create job opportunities and boost local economies[158] - The Dabeishan Tea Oil Industrial Park project is expected to provide over 350 jobs and support nearly 200 local farmers through various assistance measures[159] Future Outlook and Strategy - The company plans to enhance its competitiveness in the renewable energy and environmental protection sectors through ongoing R&D projects[57] - The company is focusing on cost management and enhancing collection efforts to optimize operational efficiency[103] - The company anticipates a favorable financing environment for renewable energy and environmental protection enterprises due to national policies[100] - The company is considering strategic acquisitions to enhance its market position, with a budget of 500 million yuan allocated for potential mergers[197]

Financial Performance - The company's operating revenue for Q1 2021 was ¥584,504,377.24, representing a 4.55% increase compared to ¥559,073,338.24 in the same period last year[7]. - The net profit attributable to shareholders was -¥82,463,112.91, a decrease of 53.87% from -¥53,592,586.18 year-on-year[7]. - The basic and diluted earnings per share were both -¥0.0555, reflecting a 54.06% decline from -¥0.036 in the same quarter last year[7]. - The company reported a net loss of CNY 290,059,639.86 for the first quarter, worsening from a loss of CNY 207,596,526.95 in the previous period[29]. - The company reported a total comprehensive loss of CNY 83,555,662.39 for Q1 2021, compared to a loss of CNY 52,263,883.80 in Q1 2020, marking an increase of 59.9%[37]. - The operating profit for Q1 2021 was a loss of CNY 70,634,068.39, compared to a loss of CNY 44,918,095.46 in Q1 2020, indicating an increase in losses of 57.2%[36]. Cash Flow - The net cash flow from operating activities improved significantly to ¥21,118,568.62, compared to a negative cash flow of -¥431,297,180.63 in the previous year, marking a 104.90% increase[7]. - The net cash flow from operating activities for the current period is ¥21,118,568.62, a significant improvement compared to the previous period's negative cash flow of -¥431,297,180.63[44]. - Cash outflow from operating activities decreased to ¥545,449,000.19 from ¥1,088,459,798.16, indicating a reduction of about 50%[44]. - The net cash flow from investing activities improved to ¥36,695,225.03 from -¥27,427,299.53, marking a turnaround in investment cash flow[44]. - Cash inflow from investment activities increased to ¥66,054,986.74 from ¥48,069,642.67, representing a growth of approximately 37.4%[44]. - Cash outflow from investment activities decreased to ¥29,359,761.71 from ¥75,496,942.20, a reduction of about 61%[44]. - The net cash flow from financing activities was -¥40,473,126.78, an improvement from -¥56,610,704.08 in the previous period[45]. Assets and Liabilities - Total assets at the end of the reporting period were ¥26,180,814,042.38, a slight decrease of 0.08% from ¥26,201,168,826.73 at the end of the previous year[7]. - Total liabilities reached CNY 14,081,077,839.97, compared to CNY 14,005,941,901.27 in the prior period[28]. - The company’s total equity was CNY 12,099,736,202.41, a decrease from CNY 12,195,226,925.46[29]. - Long-term borrowings decreased by 48.91% to ¥1,279,544,962 from ¥2,504,442,228, primarily due to a reduction in long-term debt[14]. - Current liabilities totaled CNY 11,128,845,357.82, up from CNY 9,772,313,452.43[28]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 81,274[10]. - The largest shareholder, Dongxu Group Co., Ltd., held 39.04% of the shares, with 576,673,200 shares pledged and 580,419,914 shares frozen[10]. - The company did not engage in any repurchase transactions among the top 10 shareholders during the reporting period[11]. Operational Metrics - Accounts receivable decreased by 57.34% to ¥29,190,796 from ¥68,425,836 due to reduced settlement using notes[14]. - Financing receivables dropped by 54.85% to ¥6,621,382 from ¥14,664,194, primarily due to decreased use of bank acceptance bills[14]. - Intangible assets decreased by 30.27% to ¥105,576,652 from ¥151,397,713, mainly due to the impact of divesting the subsidiary Huarong Metal[14]. - Research and development expenses increased by 65.77% to ¥5,475,898 from ¥3,303,235, reflecting higher capitalized R&D investments[14]. - The total operating costs for Q1 2021 were CNY 657,144,830.78, an increase from CNY 637,908,587.78 in Q1 2020, representing a growth of approximately 2.4%[35]. - The financial expenses for Q1 2021 were CNY 122,510,247.44, down from CNY 138,434,258.58 in Q1 2020, a decrease of 11.5%[35]. Other Income and Expenses - The company reported non-operating income and expenses totaling -¥11,378,173.93, primarily due to loan default penalties and other expenses[8]. - Other income decreased by 80.73% to ¥3,051,163 from ¥15,833,055, mainly due to a reduction in government subsidies received[14]. - The company recorded an investment loss of CNY 932,429.66 in Q1 2021, contrasting with an investment gain of CNY 15,504,967.98 in Q1 2020[35]. - The tax expenses for Q1 2021 were CNY -782,114.28, compared to CNY 4,181,673.59 in Q1 2020, indicating a significant change in tax position[36]. - Other comprehensive income after tax for Q1 2021 was a loss of CNY 317,033.31, compared to a loss of CNY 428,154.73 in Q1 2020, showing an improvement of 26.0%[36].

Financial Performance - Operating revenue for the reporting period was CNY 1,177,464,075.41, an increase of 1.84% year-on-year, while revenue for the year-to-date period decreased by 60.80% to CNY 2,504,387,545.62[7] - Net profit attributable to shareholders for the reporting period was CNY 81,723,452.79, a significant increase of 529.24% year-on-year, but the year-to-date net profit was a loss of CNY 199,197,904.46, down 370.39%[7] - Basic earnings per share for the reporting period were CNY 0.055, up 523.08% year-on-year, while the year-to-date basic earnings per share were CNY -0.134, down 368.00%[7] - Total operating revenue for the period was ¥2,504,387,545.62, a decrease of 60.80% compared to ¥6,388,916,198.60 in the same period last year, primarily due to declines in engineering, property, and supply chain revenues[15] - The net profit for the quarter was CNY 80,580,500.51, a significant recovery from a net loss of CNY 18,834,317.46 in the same period last year[40] - Net profit for the period was -¥201,878,345.08, compared to a profit of ¥73,377,135.27 in the previous period, indicating a significant decline in profitability[47] Cash Flow - The net cash flow from operating activities for the reporting period was CNY 179,475,671.03, an increase of 145.06% year-on-year, while the year-to-date cash flow decreased by 67.17% to CNY 476,318,237.32[7] - The company reported a net cash flow from operating activities of ¥476,318,237.32, down 67.17% from ¥1,450,979,176.93 in the previous year[16] - Cash flow from operating activities generated a net amount of ¥476,318,237.32, down from ¥1,450,979,176.93 in the previous period[55] - The net cash flow from operating activities was -198,334,643.61 CNY, a significant decrease compared to 665,820,929.90 CNY in the previous period[57] Assets and Liabilities - Total assets at the end of the reporting period were CNY 30,311,285,106.19, a decrease of 2.18% compared to the end of the previous year[7] - Total current assets decreased to CNY 15.33 billion from CNY 17.08 billion as of December 31, 2019, representing a decline of approximately 10.3%[30] - The company's cash and cash equivalents decreased to CNY 3.65 billion from CNY 4.72 billion, a reduction of about 22.5%[30] - Total non-current assets increased to CNY 14.98 billion from CNY 13.90 billion, marking an increase of about 7.8%[31] - The company's total liabilities decreased to CNY 16.99 billion from CNY 17.47 billion, reflecting a decline of about 2.7%[32] - The total equity attributable to shareholders decreased to CNY 13.21 billion from CNY 13.41 billion, a decrease of approximately 1.5%[33] Shareholder Information - The total number of shareholders at the end of the reporting period was 74,796, with the largest shareholder, Dongxu Group Co., Ltd., holding 39.04% of the shares[11] - The company did not engage in any repurchase transactions during the reporting period[12] Government Support and Non-Operating Income - The company received government subsidies amounting to CNY 29,857,534.75 related to its energy and environmental protection business[8] - The company reported a non-operating income of CNY 121,931,239.90 after accounting for various non-recurring gains and losses[9] Inventory and Contract Assets - Inventory decreased by 91.79% to ¥203,811,313.52 from ¥2,482,258,945.56, attributed to adjustments in reporting under new revenue standards[15] - Contract assets rose to ¥1,977,940,220.78, reflecting a 100% increase due to adjustments in reporting under new revenue standards[15] Research and Development - Research and development expenses decreased by 53.31% to ¥10,286,626.01 from ¥22,030,157.56, indicating a reduction in capitalized R&D investments[15] Financial Challenges - The company recorded a significant increase in credit impairment losses, which rose to CNY 153,474,370.19 from CNY 3,829,477.64[39] - The company incurred a credit impairment loss of ¥23,914,598.74, compared to a gain of -¥30,582,921.22 in the previous period[47] Future Outlook - The company plans to continue focusing on market expansion and new product development to drive future growth[40]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥1,326,923,470.21, a decrease of 74.64% compared to ¥5,232,670,823.45 in the same period last year[15]. - The net profit attributable to shareholders was a loss of ¥280,921,357.25, representing a decline of 403.02% from a profit of ¥92,708,552.72 in the previous year[15]. - The net cash flow from operating activities was ¥296,842,566.29, down 83.95% from ¥1,849,274,935.12 in the same period last year[15]. - The company reported a basic earnings per share of -¥0.189, a decrease of 404.84% compared to ¥0.062 in the previous year[15]. - The operating cost decreased by 77.18% to ¥1,074,559,844.73 from ¥4,709,100,376.85, primarily due to the reduction in revenue[40]. - The company achieved operating revenue of 1.327 billion yuan and a net profit attributable to shareholders of -281 million yuan during the reporting period[37]. - The company reported a significant decline in supply chain revenue, which dropped by 99.98% to ¥334,452.04 from ¥1,863,344,559.45[42]. - New energy revenue accounted for 50.43% of total operating revenue, totaling ¥669,175,680.45, down 66.97% from ¥2,026,065,954.95[42]. - The gross profit margin for new energy revenue was 39.91%, a decrease of 22.17% compared to the previous year[45]. - The company reported a significant increase in cash flow from financing activities, reaching ¥312,205,957.96, compared to a negative cash flow of ¥562,921,511.90 in the previous year[40]. Assets and Liabilities - Total assets at the end of the reporting period were ¥30,276,780,245.82, a decrease of 2.29% from ¥30,987,232,190.53 at the end of the previous year[15]. - The company’s total assets reached 30.277 billion yuan, with net assets attributable to shareholders amounting to 13.130 billion yuan at the end of the reporting period[37]. - Total assets at the end of the reporting period were ¥30,305,000,000, with cash and cash equivalents decreasing to ¥4,236,863,200.20, representing 13.99% of total assets[50]. - The company's total liabilities were CNY 17,039,414,294.71, down from CNY 17,466,675,343.94 at the end of 2019, indicating a reduction in financial obligations[138]. - Current assets totaled CNY 15,992,795,979.31, a decrease from CNY 17,082,763,434.79 at the end of 2019, reflecting a decline in liquidity[136]. - The company's inventory significantly decreased to CNY 206,666,144.32 from CNY 2,482,258,945.56, indicating a reduction of approximately 91.7%[135]. - The total equity attributable to shareholders decreased to CNY 13,130,239,445.52 from CNY 13,411,944,757.84, reflecting a decline of about 2.1%[138]. Investment and Projects - The company has a total installed capacity of over 1GW from 54 self-owned photovoltaic power stations, positioning it in the leading tier of the industry[24]. - The company has adjusted its business and asset structure by divesting some low-profit and high-risk projects to focus on its core renewable energy and ecological environmental business[37]. - The company has ongoing projects in the photovoltaic industry, with the Jinzhai Phase I 100MW project achieving a completion rate of 46.17% and the Linzhou Dongyao Town project at 67.41%[55]. - The total investment amount for the reporting period reached ¥884,145,924.95, representing a significant increase of 927.87% compared to the previous year[53]. - The company is actively applying for eligible projects for renewable energy subsidies, which are expected to improve in the future[36]. Environmental and Social Responsibility - The company is actively engaged in ecological environmental governance, water environment restoration, and soil and mining remediation, providing comprehensive solutions for local governments[24]. - The company actively promotes photovoltaic poverty alleviation and agricultural poverty alleviation models[103]. - The company has established a total of 200MW of photovoltaic poverty alleviation projects, with the Wangqing project being the largest single poverty alleviation project in Jilin province, generating an annual power output of 270 million kWh[104]. - The Wangqing photovoltaic project has provided poverty alleviation funds of 30 million yuan annually, benefiting 1,000 impoverished households, with an average annual income increase of 3,000 yuan per household[104]. - The company has created 115 job opportunities through the Dabeishan Tea Oil Industrial Park, addressing unemployment issues in the region[107]. Corporate Governance and Shareholder Information - The total number of common shareholders at the end of the reporting period is 70,103[117]. - Dongxu Group Co., Ltd. holds 39.04% of shares, totaling 580,419,914 shares, with 156,746,714 shares pledged and frozen[117]. - The company has not undergone any changes in controlling shareholders or actual controllers during the reporting period[120]. - The company has not disclosed any related party transactions among the top shareholders[119]. Financial Management and Risks - The company is facing risks related to industry policies, particularly due to the reduction of subsidies for photovoltaic power generation, which may impact market demand[71]. - To mitigate liquidity risks, the company plans to enhance communication with financial institutions and control costs to maintain a reasonable cash reserve[73]. - The company reported a significant reliance on bank loans for project funding, which poses potential risks due to slow repayment[71]. - The company aims to improve efficiency and reduce costs through continuous process improvements and optimization strategies[72]. Audit and Compliance - The semi-annual financial report was not audited, which may affect the reliability of the financial data presented[133]. - The company had a non-standard audit opinion for the 2019 financial report, highlighting liquidity issues with deposits at Dongxu Group Financial Co., Ltd., amounting to 2.872 billion yuan[81]. - There were no major litigation or arbitration matters during the reporting period[83]. - The company did not have any penalties or rectification situations during the reporting period[84].

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1337.17 million RMB for the year 2019, marking a growth of 25% compared to the previous year[12]. - The company's operating revenue for 2019 was ¥6,805,761,615.72, a decrease of 21.56% compared to ¥8,676,289,465.14 in 2018[19]. - The net profit attributable to shareholders was -¥957,109,228.27, representing a decline of 185.63% from ¥1,117,732,285.03 in the previous year[19]. - The company reported a basic earnings per share of -¥0.6437, a decrease of 177.72% from ¥0.8282 in 2018[19]. - The company achieved operating revenue of 6.81 billion yuan in 2019, a year-on-year decrease of 21.56%[51]. - The net profit attributable to shareholders was -957 million yuan, a decline of 185.63% compared to the previous year[51]. - The company's total revenue for the new energy segment was ¥3,633,621,814.28, representing a year-over-year decrease of 27.96%[61]. - The ecological environmental revenue was ¥1,005,722,474.66, showing a significant decline of 67.73% compared to the previous year[62]. - The supply chain revenue surged to ¥1,883,727,688.20, marking an impressive increase of 734.43% year-over-year[62]. - The gross profit margin for the new energy segment improved by 3.41% to 18.25% despite a decrease in revenue[61]. Investment and Growth Strategy - The company plans to focus on expanding its photovoltaic power station investments and operations, which are expected to contribute significantly to future revenue growth[18]. - The company aims to become a leading comprehensive service provider in the environmental and renewable energy sectors, focusing on "smart energy + environmental governance"[29]. - The company is actively pursuing international engineering contracting opportunities, which may enhance its market presence and revenue streams[18]. - The company is focusing on integrating its ecological and environmental protection services with new energy solutions to create a comprehensive service model[55]. - The company is actively exploring overseas markets, with a 200 MW photovoltaic project in Sihanoukville, Cambodia, as a key initiative[52]. - The company has established several new subsidiaries, including Jinzhou Xulan Electric Power New Energy Co., Ltd. with a registered capital of ¥80 million[68]. - The company plans to strengthen its capabilities in new energy project development and system integration, focusing on high-quality photovoltaic and wind power projects during the 2019-2021 transition period[121]. Research and Development - The company has emphasized its commitment to research and development in renewable energy technologies, particularly in photovoltaic technology and equipment[18]. - The company has obtained 45 patents in the ecological and environmental protection field, showcasing its innovation capabilities[37]. - Research and development expenses decreased by 31.00% to ¥35,414,974.27, primarily due to reduced investment in R&D[76]. - The number of R&D personnel decreased by 43.32% from 217 to 123, indicating a significant reduction in R&D capacity[78]. - R&D investment decreased by 31.48% to ¥40,756,211.06, with R&D expenses capitalized increasing by 33.32% to ¥6,894,394.88[79]. Operational Efficiency - The company reported a significant increase in cash flow from operating activities, indicating improved operational efficiency despite the overall decline in net profit[19]. - Operating cash inflow increased by 33.54% to ¥8,801,975,585.37, attributed to improved management of accounts receivable[80]. - The company’s net cash flow from operating activities improved to ¥580,380,937.26, a significant increase of 115.14% compared to -¥3,833,258,263.74 in 2018[19]. - The company’s fixed assets increased due to the completion of new energy power station construction[43]. - The company is actively adjusting its production and operation plans in response to financing challenges and policy directions[35]. Corporate Governance and Management - The company has not experienced any changes in its controlling shareholder during the reporting period, ensuring stability in management and strategic direction[18]. - The controlling shareholder, Dongxu Group, and the actual controller, Li Zhaoting, promised not to interfere in the company's management activities and not to infringe on the company's interests[148]. - The company committed to strictly adhere to the Company Law and relevant regulations, ensuring accurate and timely disclosure of significant information to investors[147]. - The company aims to protect the legitimate rights and interests of minority shareholders through strict governance practices[148]. - The company has established a commitment to clarify any misleading public information that may affect stock prices[147]. Challenges and Risks - The company faces policy risks due to reliance on government subsidies for solar power, which may change and affect market demand[130]. - Financing risks are present due to the need for substantial funding in the renewable energy sector, compounded by market fluctuations[131]. - The company is actively managing its portfolio of subsidiaries to optimize its operational efficiency and financial performance[72]. - The company has undergone changes in its consolidation scope, with several subsidiaries being sold or deregistered during the reporting period[71]. Social Responsibility and Community Engagement - The Wangqing project has achieved an annual power generation of 160 million kWh, providing 15 million yuan in poverty alleviation funds and helping 5,000 registered impoverished households to escape poverty, with an average annual income increase of 3,000 yuan per household[194]. - The company has implemented a "leading enterprise + base + cooperative + farmer" model to enhance the benefits-sharing mechanism in poverty alleviation[197]. - The company donated 2.5 tons of cooking oil and 3,000 bottles of medical alcohol to support epidemic prevention efforts in Jinzhai County[198]. - The Dabeishan Tea Oil Industrial Park covers an area of 300 acres, with an annual production capacity of 5,000 tons, and has created 60 jobs, generating an income increase of 4 million yuan for local farmers[197]. - The company has invested a total of 18.06 million yuan in various poverty alleviation initiatives[199].

Business Focus and Strategy - The company reported a significant change in its main business scope, focusing on renewable energy and environmental technology, including photovoltaic power station investment and management[18]. - The company has undergone multiple changes in its business scope, with the latest update in March 2019 emphasizing environmental services and renewable energy technologies[20]. - The company aims to become a leading comprehensive service provider in the green energy sector, focusing on "smart energy + environmental governance"[33]. - The company is actively expanding into overseas markets, with a 200 MW photovoltaic project in Sihanoukville, Cambodia, as part of its international strategy[48]. - The company is focusing on high-quality traditional projects and adjusting its business strategy to enhance profitability and reduce risks[49]. Financial Performance - The company's operating revenue for 2019 was ¥6,805,761,615.72, a decrease of 21.56% compared to ¥8,676,289,465.14 in 2018[23]. - The net profit attributable to shareholders was -¥957,109,228.27, representing a decline of 185.63% from ¥1,117,732,285.03 in the previous year[23]. - The total revenue from equity transfers amounted to approximately 100.76 million, with significant contributions from various subsidiaries[64]. - The company reported a net cash decrease of ¥6,783,706,421.03, a 168.66% increase in cash outflow compared to the previous year[76]. - The company reported a total revenue of 100,758,534.64 CNY from various subsidiary equity transfers in 2019[162]. Research and Development - The company has a strong commitment to research and development in photovoltaic technology, which is a key area of its business strategy[19]. - Research and development expenses decreased by 31.00% to ¥35,414,974.27, primarily due to reduced investment in R&D[71]. - The total R&D investment amounted to ¥40,756,211.06, which is 0.60% of operating revenue, down from 0.69% in the previous year[73]. Asset Management and Investments - The company’s total assets at the end of 2019 were ¥30,987,232,190.53, down 9.98% from ¥34,423,044,803.15 at the end of 2018[23]. - The company’s fixed assets increased due to the conversion of new energy power station construction projects into fixed assets[41]. - The company has ongoing significant non-equity investments, indicating active capital deployment strategies[86]. - The company has established a structured entity for investment management, which is included in its consolidated financial statements[115]. Dividends and Shareholder Returns - The company plans to not distribute cash dividends or bonus shares, indicating a focus on reinvestment for growth[5]. - The company plans to distribute a cash dividend of 0.75 yuan per 10 shares based on a total share capital of 1,486,873,870 shares for the 2018 fiscal year, totaling approximately 111.52 million yuan[129]. - In 2019, the company reported a net loss of approximately 957.11 million yuan, resulting in no cash dividend distribution for the year[134]. Environmental and Social Responsibility - The company actively participates in social responsibility initiatives, particularly in poverty alleviation through photovoltaic projects[192]. - The Wangqing project has completed a total capacity of 130MW, generating 160 million kWh annually, providing CNY 15 million in poverty alleviation funds, and helping 5,000 registered impoverished households to escape poverty[194]. - The company has initiated a model combining agricultural and photovoltaic development, enhancing local employment and economic growth[195]. Corporate Governance and Compliance - The company has engaged in 768 communication activities during the reporting period, indicating active investor relations efforts[126]. - The company has made a long-term commitment to comply with relevant laws and regulations regarding capital market operations[140]. - The company has committed to ensuring the independence of its operations and financial activities[139]. Changes in Subsidiaries and Equity Transfers - The company has divested from multiple subsidiaries, including Shenzhen Hongji Container Transport Co., Ltd. and Ningxia Xuwei New Energy Technology Co., Ltd.[65]. - The company has lost control over multiple subsidiaries, with a total of 0.00% remaining equity in several entities[163]. - The company disposed of several subsidiaries, generating investment income of 20.48 million CNY from Shenzhen Baopeng Logistics Co., Ltd. and 58.45 million CNY from Shenzhen Hongji Logistics Co., Ltd.[114]. Challenges and Risks - The company faces risks related to policy changes in the photovoltaic industry, which may impact market demand and project funding sources[124]. - The company has faced delays in project implementation due to changes in project conditions and adjustments in photovoltaic industry policies[101]. - The company has reported that the Chaling 80MW and Loudi 20MW projects were not initiated due to increased construction costs and difficulties, leading to a strategic shift in project funding[107].