协鑫能源科技股份有限公司 2020 年年度报告全文 协鑫能源科技股份有限公司 2020 年年度报告 2021 年 04 月 1 协鑫能源科技股份有限公司 2020 年年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人朱钰峰、主管会计工作负责人彭毅及会计机构负责人(会计主管人员)卢文江 声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 | --- | |---------------------------------------------------------------------------------------------| | | | 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成本公司对任何投资者 | | 的承诺，敬请投资者注意投资风险。公司已在本报告中详细描述可能存在的相关风险，敬请 | | 查阅第四节 " 经营情况讨论与分析 " 中关于公司未来发展可能面对的风险因素等内容。 | | ...

Financial Performance - The company's operating revenue for 2020 was CNY 11,305,931,718, representing a 3.74% increase compared to CNY 10,898,257,594 in 2019[17]. - The net profit attributable to shareholders of the listed company reached CNY 801,761,773.77, a significant increase of 44.80% from CNY 553,604,729.40 in the previous year[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 681,045,175.93, marking a 124.60% increase from CNY 303,128,360.90 in 2019[17]. - The net cash flow from operating activities was CNY 2,283,401,802, which is a 40.01% increase compared to CNY 1,631,026,366 in the previous year[17]. - The basic and diluted earnings per share for 2020 were both CNY 0.5928, representing a 44.83% increase compared to CNY 0.4093 in 2019[18]. - The total assets at the end of 2020 were CNY 28,202,595,397, an increase of 17.11% from CNY 24,080,883,863 at the end of 2019[18]. - The company achieved an operating revenue of CNY 1,130,593.17 million in 2020, a year-on-year increase of 3.74%, and a net profit of CNY 80,176.18 million, up 44.80% from the previous year[36]. - The company reported a net profit of CNY 1,071.49 million for the year, with a revenue of CNY 11,305.93 million[86]. - The actual net profit attributable to the parent company for 2020 was 79,916.97 million CNY, exceeding the original forecast of 58,122 million CNY by 137.50%[144]. Dividend Distribution - The company plans to distribute a cash dividend of CNY 1.5 per 10 shares to all shareholders based on a total share capital of 1,352,461,312 shares as of December 31, 2020[4]. - The total distributable profit for 2020 was 525,007,241.63 RMB, based on the lower of the consolidated and parent company reports[119]. - The cash dividend represents 25.30% of the net profit attributable to shareholders for 2020[115]. - No stock dividends or capital reserve transfers to increase share capital were proposed for 2020[119]. - The company maintained a stable profit distribution policy, ensuring reasonable returns for investors while considering long-term sustainable development[111]. - The cash dividend distribution plan was approved by more than two-thirds of the voting rights at the shareholders' meeting[112]. Asset Restructuring - The company is undergoing a significant asset restructuring involving the exchange of assets with Shanghai Qichen, which includes acquiring 75% equity in GCL Smart Energy[9]. - The company will hold a 90% stake in GCL-Poly Energy after the asset restructuring, focusing on the development of clean energy projects[122]. - The company aims to enhance the profitability of the acquired assets through improved management and integration, specifically in the clean energy sector[122]. - The company has completed the major asset restructuring, ensuring that all information disclosed is true, accurate, complete, and timely, with no false records or misleading statements[121]. Strategic Focus and Future Plans - The company plans to focus on developing affordable wind power and increasing the proportion of renewable energy while optimizing asset structure to enhance profitability[27]. - The company aims to transform from energy production to comprehensive energy services, focusing on green travel ecosystems and mobile energy services[27]. - The company plans to continue expanding its clean energy and comprehensive energy service offerings, focusing on green travel ecosystems and becoming a leading mobile energy service provider[38]. - In 2021, the company aims to achieve a new business revenue growth rate of over 30% and a profit growth rate of over 20% for new business segments[96]. - The company is committed to transforming its business model to improve return on equity (ROE) and competitiveness by disposing of low-return projects[92]. Risk Factors and Compliance - The company emphasizes the importance of risk factors related to future plans and performance forecasts, urging investors to be cautious[4]. - The company faces risks related to macroeconomic conditions, with the World Bank projecting a 5.2% contraction in the global economy due to the COVID-19 pandemic[99]. - The company is required to obtain various government approvals for clean energy projects, which may delay project development and impact investment returns[101]. - Increased environmental regulations may lead to higher operational costs for the company due to stricter compliance requirements[104]. - The company has established partnerships with multiple financial institutions to secure long-term funding, essential for its capital-intensive operations[106]. Research and Development - R&D expenses surged by 294.98% to ¥12,167,445.61, driven by new projects such as the heat network system enhancement and automated combustion control for waste incineration[56]. - The number of R&D personnel rose by 137.50% to 19, increasing the R&D personnel ratio to 0.64%[58]. - The proportion of R&D investment to operating income increased to 0.11% from 0.03% year-on-year[59]. - The company plans to enhance its research and development efforts to innovate and improve product quality in the upcoming fiscal year[171]. Market Expansion and Partnerships - The company is actively pursuing market expansion and new product development, although specific figures and timelines were not disclosed in the provided content[68]. - The company is exploring mobile energy business opportunities, specifically in battery swap stations, which will require local environmental assessments[102]. - The company is actively pursuing strategic partnerships and potential acquisitions to bolster its market position[171]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2022[199]. Legal and Compliance Issues - The company is involved in a litigation case with Jiangsu Electric Power Construction No. 3 Engineering Co., Ltd., with a disputed amount of CNY 197.77 million[164]. - The company has 19 unresolved litigation cases within the year, involving a total amount of CNY 61.145 million[165]. - The company reported no penalties or rectification measures during the reporting period[166]. - The company has not faced any major legal investigations or significant lawsuits in the past 12 months[131]. Related Party Transactions - The company engaged in related party transactions, including a natural gas purchase from a related party amounting to CNY 1,915.6 million[170]. - The related party transaction for training services amounted to CNY 202.9 million, accounting for 49.24% of the total transaction amount[170]. - The total expected amount of related party transactions for 2020 was CNY 420.40 million, while the actual amount was CNY 103.93 million, indicating a reduction in related party transactions[177]. Guarantees and Financial Management - The total guarantee amount exceeded 50% of the net assets, amounting to 804,054.6 thousand yuan[193]. - The total amount of guarantees provided by the company reached 1,488,081.24 thousand yuan during the reporting period[193]. - The actual guarantee total accounted for 174.20% of the company's net assets[192]. - The company has a total of 300.33 million in bank wealth management products sourced from its own funds, with no overdue amounts reported[195]. Operational Efficiency and Cost Management - The management emphasized the importance of maintaining cost efficiency and optimizing operational processes to drive profitability[171]. - The company aims to reduce operational costs by 5% through efficiency improvements in the supply chain[126]. - The gross margin improved to 30%, up from 28% in the previous year, indicating better cost management[125].

Financial Performance - The company's operating revenue for 2019 was CNY 10,898,257,594, representing a 33.50% increase compared to the previous year[16]. - The net profit attributable to shareholders for 2019 was CNY 553,604,729.40, which is a 66.83% increase from the previous year[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for 2019 was CNY 303,128,360.90, a significant increase of 5,043.17% compared to the previous year[17]. - The net cash flow from operating activities reached CNY 1,631,026,366, representing a 63.60% increase year-on-year[17]. - Basic and diluted earnings per share for 2019 were CNY 0.4093, up 57.06% from CNY 0.2606 in 2018[17]. - The total assets of the company at the end of 2019 were CNY 24,080,883,863, an increase of 18.36% compared to the end of 2018[17]. - The net assets attributable to shareholders increased by 31.81% to CNY 4,831,609,792 at the end of 2019[17]. - The company reported a significant increase in construction projects due to the acquisition of new power plants following the restructuring[28]. - The company completed a total of 140 billion kWh in settled electricity volume during the reporting period, which is a 41.91% increase year-on-year[37]. - The company achieved an operating revenue of CNY 1,089,825.76 million in 2019, representing a year-on-year increase of 33.50%[37]. Business Restructuring - The company completed a major asset restructuring during the reporting period, changing its main business focus from waste polyester processing to clean energy generation and comprehensive energy services[14]. - The company completed a major asset restructuring in June 2019, shifting its main business focus from polyester fiber production to clean energy generation and comprehensive energy services[27]. - The company completed a significant asset restructuring, issuing 951,757,487 new shares to acquire a 90% stake in GCL-Poly Energy[73]. - The company reported a significant asset restructuring, with the completion of the acquisition of 100% equity in GCL-Poly Energy Holdings Limited on June 18, 2019[111]. - The company will hold 90% equity in GCL Smart Energy after the asset restructuring, focusing on clean energy project development and management[114]. Market Expansion and Strategy - The company is actively expanding its business in high-quality regions, which is expected to enhance its sustainable profitability[27]. - The company plans to continue expanding its clean energy projects and is actively pursuing new acquisitions to enhance its market position[64]. - Future strategies include developing competitive gas-fired cogeneration projects and expanding into renewable energy sectors such as wind power and waste-to-energy projects[86]. - The company is focused on expanding its market presence through strategic acquisitions and partnerships in the energy sector[173]. - The company is actively pursuing market expansion, with new projects in various regions, including a 30,720 capacity in Gaozhou and 31,000 in Xinghua, indicating a robust growth strategy[195]. Research and Development - The company is investing heavily in R&D, allocating 500 million RMB for the development of new technologies in the upcoming year[117]. - The company is committed to innovation, with ongoing research and development efforts aimed at enhancing energy efficiency and expanding its renewable energy offerings[195]. - The company plans to increase its investment in R&D by 20% in the next fiscal year to drive innovation in energy solutions[193]. Risk Management - The company has emphasized the importance of risk factors related to future development in its report, urging investors to be cautious[4]. - The company recognizes macroeconomic risks, particularly the correlation between economic cycles and electricity demand, which can impact profitability[89]. - The company is subject to stricter environmental regulations, which may increase operational costs in the future[94]. - Fluctuations in fuel prices, particularly for natural gas and coal, pose a significant risk to the company's operating performance[94]. Corporate Governance - The company has committed to maintaining a sound corporate governance structure and independent decision-making processes[110]. - The company maintains an independent financial department and accounting system, ensuring financial independence from its controlling shareholders[110]. - The company has established a mechanism to protect the rights of small investors and ensure their interests are not harmed[115]. - The company has committed to ensuring the accuracy of its financial disclosures and compliance with regulatory requirements[191]. Related Party Transactions - The company has established pricing principles for related party transactions based on market prices and negotiated agreements[167]. - The company has reported that the related party transactions are in compliance with the approved limits and have been disclosed appropriately[167]. - The company is actively monitoring and managing its related party transactions to ensure transparency and compliance with regulations[167]. Financial Obligations and Commitments - The company committed to compensating any shortfall in net profit if performance targets were not met, ensuring accountability in financial reporting[144]. - The company has ongoing obligations related to guarantees and commitments made to various financial institutions, ensuring compliance with all contractual responsibilities[141]. - The company has committed to ensuring that the fundraising from the stock issuance is used for specified purposes and does not involve financial investments or other activities[141]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 12% to 15%[117]. - The company has set a future revenue guidance of 150,000 million for the upcoming fiscal year, indicating a strong growth outlook[192]. - The company plans to enhance its digital marketing strategies, aiming for a 15% increase in customer engagement[119].