Financial Performance - The company's operating revenue for 2022 was ¥3,036,207,794.72, a decrease of 21.68% compared to ¥3,876,723,009.56 in 2021[20] - The net profit attributable to shareholders was a loss of ¥309,274,315.22, an improvement of 47.61% from a loss of ¥590,275,892.41 in the previous year[20] - The net cash flow from operating activities increased by 241.85% to ¥881,120,271.07, compared to ¥257,751,864.22 in 2021[20] - The basic and diluted earnings per share were both -¥0.2080, showing a 47.61% improvement from -¥0.3970 in 2021[20] - Total assets at the end of 2022 were ¥25,473,554,500.66, a decrease of 2.60% from ¥26,152,927,015.00 at the end of 2021[20] - The net assets attributable to shareholders decreased by 2.77% to ¥11,264,291,285.68 from ¥11,585,277,202.14 in 2021[20] - The company reported a total investment of 262.12 million during the reporting period, a decrease of 28.47% compared to 366.44 million in the previous year[84] - The company reported a net profit of -181,861,399.20 CNY for the year 2022, with a total distributable profit of -732,125,148.06 CNY at year-end[155] - The consolidated net profit attributable to the parent company for 2022 was -309,274,315.22 CNY, resulting in a total distributable profit of -1,107,146,734.58 CNY[155] Revenue Breakdown - Revenue from the renewable energy sector was approximately ¥1.99 billion, accounting for 65.64% of total revenue, down 12.38% from ¥2.27 billion in 2021[58] - The ecological environmental revenue increased by 65.19% to approximately ¥303.52 million, up from ¥183.74 million in 2021, representing 10.00% of total revenue[58] - Supply chain revenue saw a significant decline of 50.03%, dropping to approximately ¥636.99 million from ¥1.27 billion in 2021, accounting for 20.98% of total revenue[58] Cash Flow and Investments - The company received approximately 600 million yuan in new energy subsidies during the reporting period, contributing to its revenue stability[51] - Cash and cash equivalents net increase rose by 200.86% to ¥299,176,194.88 in 2022 from ¥99,438,994.36 in 2021[76] - Investment cash inflow decreased by 66.83% to ¥50,666,635.89 in 2022 from ¥152,751,798.78 in 2021[75] - The net cash flow from financing activities turned negative, decreasing by 763.24% to -¥371,022,232.24 in 2022 from ¥55,941,170.09 in 2021[76] Operational Efficiency - The company reported a significant increase in cash flow from operating activities, indicating improved operational efficiency[20] - The company has established a remote intelligent operation and maintenance platform for photovoltaic power stations, enhancing operational efficiency and reducing maintenance costs[46] - The company is focusing on enhancing its management and team efficiency through organizational changes and employee engagement initiatives[55] - The company is developing a large-scale photovoltaic power station automatic operation and maintenance system to enhance component safety and reduce losses[72] Market and Industry Insights - The solar power industry in China saw a record new installed capacity of 87.41 GW in 2022, representing a year-on-year growth of 59.3%[33] - The company anticipates that the solar power market will continue to grow, with predictions of new installed capacity reaching 95-120 GW in China in 2023[34] - The company holds approximately 1 GW of self-owned solar power station capacity and nearly 2 GW of self-operated and entrusted operation projects[38] Research and Development - The company has invested 100 million RMB in R&D for new energy technologies, aiming to innovate and improve efficiency[128] - Ongoing R&D projects include a smart distribution network control system and a family energy management system, focusing on efficiency and cost reduction[71] - The company completed the acceptance of the 200MW high-efficiency photovoltaic module project, aiming to increase power generation efficiency from 450W to 550W, a 22% improvement[71] Governance and Compliance - The company emphasizes transparency in information disclosure, providing timely and accurate information to all shareholders to protect their rights[118] - The supervisory board operates independently, fulfilling its duties to oversee major company matters and ensuring compliance with laws and regulations[117] - The company maintains independence in operations, assets, finance, and business from its controlling shareholders, ensuring no interference in decision-making[121] Employee and Management - The total number of employees at the end of the reporting period was 442, with 240 in production, 53 in sales, and 21 in technical roles[149] - The company has implemented a comprehensive employee training program to enhance overall staff quality[152] - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to 604.9 million RMB[141] Environmental and Social Responsibility - The company generated 1.15 billion kWh of electricity from its photovoltaic power stations, equivalent to saving 374,000 tons of standard coal, reducing carbon dioxide emissions by 1.137 million tons, sulfur dioxide by 34,200 tons, and nitrogen oxides by 17,100 tons[166] - The company has established 4 poverty alleviation power stations with a total installed capacity of 290 kW, benefiting tens of thousands of registered impoverished households[177] - The company has been actively involved in over 100 government-commissioned projects related to poverty alleviation and rural development[136]

Main Financial Data [Key Accounting Data and Financial Indicators](index=2&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In Q3 2022, the company's operating revenue decreased by 8.33% year-on-year, and net profit attributable to shareholders significantly dropped by 57.59% Key Financial Indicators for Q3 2022 and Year-to-Date | Indicator | Current Period (Q3) | YoY Change (Current Period) | Year-to-Date (YTD) | YoY Change (Year-to-Date) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 1,011,308,292.13 | -8.33% | 2,735,953,368.16 | -2.84% | | Net Profit Attributable to Shareholders (Yuan) | 7,378,557.51 | -57.59% | -167,540,115.94 | 6.54% | | Net Cash Flow from Operating Activities (Yuan) | — | — | 363,890,905.34 | 21.92% | | Basic Earnings Per Share (Yuan/share) | 0.005 | -58.33% | -0.1127 | 6.55% | | Total Assets (Yuan) | 26,580,790,211.07 | 1.64% (vs. prior year-end) | 26,580,790,211.07 | 1.64% (vs. prior year-end) | | Shareholders' Equity Attributable to Parent Company (Yuan) | 11,418,178,277.17 | -1.44% (vs. prior year-end) | 11,418,178,277.17 | -1.44% (vs. prior year-end) | [Non-recurring Gains and Losses](index=2&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, non-recurring gains and losses primarily stemmed from the disposal of non-current assets, specifically a 13.45 million Yuan gain from selling old factory buildings Details of Non-recurring Gains and Losses (Year-to-Date) | Item | Year-to-Date Amount (Yuan) | Description | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 13,453,402.34 | Mainly due to the disposal of old factory buildings by a subsidiary in the current period | | Government Grants Recognized in Current P&L | 8,244,030.92 | - | | Other Non-operating Income and Expenses | -22,827,778.93 | - | | **Total** | **-3,170,140.94** | -- | [Analysis of Major Financial Indicator Changes](index=3&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E5%8F%91%E7%94%9F%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%8E%9F%E5%9B%A0) Several financial indicators showed significant changes, with other payables and long-term borrowings increasing, while credit impairment losses decreased and asset impairment losses increased - **Other Payables**: Increased by **107.12%** compared to the end of the previous year, primarily due to increased overdue interest[9](index=9&type=chunk) - **Long-term Borrowings**: Increased by **49.46%** compared to the end of the previous year, mainly due to loan extensions[9](index=9&type=chunk) - **Credit Impairment Losses**: Decreased by **82.53%** year-on-year from the beginning of the year to the end of the reporting period, primarily due to the reversal of bad debts from debt offsetting in the current period[9](index=9&type=chunk) - **Asset Impairment Losses**: Increased by **201.80%** year-on-year from the beginning of the year to the end of the reporting period, mainly due to increased impairment provisions for contract assets in the current period[9](index=9&type=chunk) - **Income Tax Expense**: Increased by **100.21%** year-on-year from the beginning of the year to the end of the reporting period, primarily due to the gradual expiration of income tax preferential policies for power station companies in the current period[9](index=9&type=chunk) Shareholder Information [Common Shareholder Holdings](index=3&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%92%8C%E8%A1%A8%E5%86%B3%E6%9D%83%E6%81%A2%E5%A4%8D%E7%9A%84%E4%BC%98%E5%85%88%E8%82%A1%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) As of the end of the reporting period, the total number of common shareholders was 104,515, with the largest shareholder, Dongxu Group Co., Ltd., holding 39.04% of shares, most of which are pledged and frozen - As of the end of the reporting period, the total number of common shareholders was **104,515**[11](index=11&type=chunk) Top Three Shareholders' Holdings | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | Pledged/Frozen Status | | :--- | :--- | :--- | :--- | :--- | | Dongxu Group Co., Ltd. | Domestic Non-state-owned Legal Person | 39.04% | 580,419,914 | Pledged 576,673,200 shares, Frozen 580,419,914 shares | | Qianhai Open Source Fund - SPD Bank - Guomin Trust - Guomin Trust · Zhengtong No. 7 Single Fund Trust | Other | 2.89% | 42,971,601 | None | | Xu Kaidong | Domestic Natural Person | 0.82% | 12,210,400 | None | Quarterly Financial Statements [Consolidated Balance Sheet](index=4&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of September 30, 2022, total assets were 26.58 billion Yuan, total liabilities were 15.17 billion Yuan, and equity attributable to parent company shareholders was 11.42 billion Yuan Key Items from Consolidated Balance Sheet | Item | September 30, 2022 (Yuan) | January 1, 2022 (Yuan) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 26,580,790,211.07 | 26,152,927,015.00 | 1.64% | | Total Liabilities | 15,165,984,563.76 | 14,570,905,645.14 | 4.08% | | Total Equity Attributable to Parent Company Shareholders | 11,418,178,277.17 | 11,585,277,202.14 | -1.44% | [Consolidated Income Statement (Year-to-Date)](index=6&type=section&id=2%E3%80%81%E5%90%88%E5%B9%B6%E5%B9%B4%E5%88%9D%E5%88%B0%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%88%A9%E6%B6%A6%E8%A1%A8) In the first three quarters of 2022, total operating revenue decreased by 2.84%, while operating loss and net loss attributable to parent company shareholders both narrowed Key Items from Consolidated Income Statement (Year-to-Date) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | I. Total Operating Revenue | 2,735,953,368.16 | 2,815,921,579.36 | -2.84% | | II. Total Operating Costs | 2,826,217,938.28 | 2,905,541,385.89 | -2.73% | | III. Operating Profit | -127,264,848.99 | -162,744,190.48 | 21.80% | | V. Net Profit | -167,688,830.70 | -184,580,770.14 | 9.15% | | Net Profit Attributable to Parent Company Shareholders | -167,540,115.94 | -179,273,177.41 | 6.54% | [Consolidated Cash Flow Statement (Year-to-Date)](index=8&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%B9%B4%E5%88%9D%E5%88%B0%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In the first three quarters of 2022, net cash flow from operating activities increased by 21.92%, while investing and financing activities resulted in net outflows Key Items from Consolidated Cash Flow Statement (Year-to-Date) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 363,890,905.34 | 298,476,157.37 | | Net Cash Flow from Investing Activities | -176,320,822.92 | -501,257,801.19 | | Net Cash Flow from Financing Activities | -192,238,784.29 | 256,977,553.45 | | Net Increase in Cash and Cash Equivalents | -4,098,438.24 | 54,020,702.81 | | Cash and Cash Equivalents at Period-End | 395,395,817.67 | 354,075,964.36 |

Financial Performance - The company's operating revenue for the first half of 2022 was approximately ¥1.72 billion, representing a 0.70% increase compared to the same period last year[20]. - The net loss attributable to shareholders was approximately ¥174.92 million, an improvement of 11.06% from a net loss of ¥196.67 million in the previous year[20]. - The company reported a decrease in net profit after deducting non-recurring gains and losses, amounting to approximately -¥168.83 million, which is a 15.01% improvement from the previous year's loss[20]. - The company's total revenue for the reporting period was ¥1,724,645,076.03, representing a year-on-year increase of 0.70% compared to ¥1,712,689,334.94 in the same period last year[40]. - The net profit attributable to shareholders was -175 million yuan, with a reduced loss margin compared to the previous year[30]. - The company reported a significant reduction in accounts receivable financing, decreasing from 10,927,990.00 to 2,017,754.75, a decline of approximately 81.55%[51]. - The company reported a total comprehensive income for the first half of 2022 was a loss of CNY 174,858,618.52, compared to a loss of CNY 199,201,857.29 in the same period of 2021, reflecting a decrease in comprehensive losses of about 12.2%[152]. Cash Flow and Financial Position - The net cash flow from operating activities decreased by 9.61% to approximately ¥221.70 million compared to ¥245.27 million in the same period last year[20]. - The company reported a net cash outflow from financing activities of ¥124,189,569.17, a decrease of 226.36% compared to the previous year, primarily due to loan repayments[40]. - The total cash and cash equivalents decreased by 181.78% to a net outflow of ¥30,282,235.19 compared to an inflow of ¥37,030,819.35 in the same period last year[40]. - The company’s accounts receivable increased to ¥3,883,173,648.54, representing 14.75% of total assets, up from 12.45% the previous year[49]. - The company’s long-term borrowings increased significantly to ¥2,650,247,907.72, accounting for 10.07% of total assets, due to reclassification of long-term debt to current liabilities[49]. - The company reported a total of 16,987.78 million CNY related to a rental default case, which has been concluded in the first instance[102]. Operational Efficiency and Investments - The company achieved operating revenue of 1.725 billion yuan, a year-on-year increase of 0.7%[30]. - The company has a self-owned photovoltaic power station with a grid-connected installed capacity of about 1GW and has established an intelligent operation and maintenance management platform for photovoltaic power stations[28]. - The company has implemented a smart energy management platform for photovoltaic power stations, enhancing operational safety and efficiency[35]. - The company plans to provide comprehensive solutions and technical services in the fields of smart energy operation and ecological environment governance[28]. - The company reported a total investment during the reporting period was 141,017,925.20, which represents a decrease of 47.29% compared to the previous year's investment of 267,539,724.23[54]. - The company is focusing on developing high-end edible oils and daily care products to expand its product line in the tea oil sector[32]. Strategic Initiatives and Future Outlook - The company is focusing on the "carbon peak and carbon neutrality" goals and is developing ecological agriculture projects, including a "tea garden complex" project based on the Dabie Mountain oil tea industry[28]. - The company plans to continue debt risk mitigation efforts, including communication with financial institutions for debt restructuring[72]. - The company is actively expanding its market presence by collaborating with state-owned enterprises in renewable energy development[73]. - The company aims to enhance its operational efficiency by reducing costs and optimizing management measures[99]. - The company plans to expand its main business in renewable energy and ecological environmental protection, leveraging national policies to boost revenue[99]. - The company is focused on developing new technologies and products to strengthen its market presence and drive future growth[104]. Legal and Compliance Matters - The company is currently involved in multiple legal cases, with a total of approximately 4.3 million yuan in potential liabilities under negotiation, but expects no penalties to arise from these disputes[104]. - The company confirmed that it does not need to provision for expected liabilities related to ongoing legal disputes, which is a positive indicator for financial health[104]. - The company has not faced any environmental penalties during the reporting period and maintains compliance with environmental standards[82]. - The company has no significant related party transactions during the reporting period[108]. - The company has not reported any violations in the procedures for providing guarantees[122]. Shareholder and Equity Information - The total number of shares before the change was 1,486,873,870, with no new shares issued or changes in shareholding structure[128]. - The largest shareholder, Dongxu Group Co., Ltd., held 39.04% of the shares, with a total of 576,673,200 shares[130]. - The company did not report any share repurchase progress during the reporting period[129]. - The total equity attributable to shareholders was CNY 11,410,965,418.78 as of June 30, 2022, down from CNY 11,585,277,202.14 at the beginning of the year, a decrease of approximately 1.5%[148]. - The company has a guarantee amount of CNY 80,000 million for Dongxu New Energy Investment Co., Ltd.[122]. Environmental and Social Responsibility - The company reported a total electricity generation of 573 million kWh in the first half of 2022, saving 191,900 tons of standard coal and reducing CO2 emissions by 499,816 tons[82]. - Dongxu Lantian holds 4 poverty alleviation power stations with a total on-grid electricity of 420 million kWh, benefiting tens of thousands of impoverished households[84]. - The Dabieshan Tea Oil Industrial Park project creates hundreds of job opportunities for local farmers and supports income growth through land transfer and financial assistance[86]. - Dongxu Kangtu Solar Technology Co., established in 2016, has created over 100 reemployment positions and has become a model for photovoltaic poverty alleviation projects[87].

Financial Performance - The company's revenue for Q1 2022 was ¥678,980,331.23, representing a 16.16% increase compared to ¥584,504,337.24 in the same period last year[2] - The net profit attributable to shareholders was -¥57,651,321.05, an improvement of 30.09% from -¥82,463,112.91 year-on-year[2] - Total operating revenue for Q1 2022 was ¥678,980,331.23, an increase of 16.14% compared to ¥584,504,377.24 in Q1 2021[16] - Net loss for Q1 2022 was ¥57,807,583.88, a reduction in loss of 30.66% compared to a net loss of ¥83,238,629.08 in Q1 2021[17] - The company reported a total comprehensive loss of ¥54,991,399.66 for Q1 2022, compared to a loss of ¥83,555,662.39 in Q1 2021[17] - Basic and diluted earnings per share for Q1 2022 were both -¥0.0388, an improvement from -¥0.0555 in Q1 2021[18] Cash Flow and Liquidity - The net cash flow from operating activities was -¥27,911,279.24, a significant decline of 232.16% compared to ¥21,118,568.62 in the previous year[2] - The company did not have any cash inflows from investment activities during the reporting period, marking a 100% decrease from ¥66,054,986.74 in the previous year[7] - Operating cash flow for Q1 2022 was negative at ¥27,911,279.24, compared to positive cash flow of ¥21,118,568.62 in Q1 2021[19] - Cash and cash equivalents at the end of Q1 2022 were ¥283,854,494.60, down from ¥317,399,125.28 at the end of Q1 2021[21] - The company’s total assets decreased, impacting its liquidity position, as reflected in the cash flow statements[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥25,998,155,575.98, a decrease of 0.59% from ¥26,152,927,015.00 at the end of the previous year[2] - The company's current assets totaled CNY 12,725,878,853.02, slightly down from CNY 12,802,492,309.99 at the start of the year[14] - Total liabilities decreased to CNY 14,471,125,605.78 from CNY 14,570,905,645.14, a reduction of approximately 0.7%[15] - The company's short-term borrowings were CNY 1,560,551,197.04, down from CNY 1,644,157,817.76[15] - The total equity attributable to shareholders decreased to CNY 11,530,444,487.40 from CNY 11,585,277,202.14, a decline of about 0.5%[15] Research and Development - Research and development expenses increased by 38.41% to ¥7,579,105.20 from ¥5,475,898.45 in the same period last year[7] - Research and development expenses increased to ¥7,579,105.20 in Q1 2022, up 38.38% from ¥5,475,898.45 in Q1 2021[16] Shareholder Information - The company had a total of 73,162 common shareholders at the end of the reporting period[10] - The largest shareholder, Dongxu Group Co., Ltd., held 39.04% of the shares, amounting to 580,419,914 shares, with 423,673,200 shares pledged[10] Financial Expenses - The company incurred financial expenses of ¥151,225,107.91 in Q1 2022, an increase of 23.39% from ¥122,510,247.44 in Q1 2021[16]

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].

Group 1: Event Details - The company will participate in the "2021 Shenzhen Listed Companies Investor Online Reception Day" event [2] - The event aims to enhance interaction and communication with investors [2] - It will be held online on November 30, 2021, from 14:00 to 17:00 [2] Group 2: Participation Information - Investors can join the event via the "Panjing Roadshow" website or the WeChat public account "Panjing Finance" [2] - Company representatives, including the Secretary of the Board and the Financial Director, will communicate with investors through online text [2] - The company encourages widespread participation from investors [2]

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]