Financial Performance - The company reported a net profit of negative value for the fiscal year 2013, marking three consecutive years of losses from 2011 to 2013[14]. - The company reported a total revenue of CNY 551.93 million in 2013, a decrease of 66.30% compared to CNY 1.64 billion in 2012[28]. - The net profit attributable to shareholders was CNY -14.52 billion, an improvement of 12.97% from CNY -16.68 billion in the previous year[28]. - The total assets decreased to CNY 6.27 billion, down 19.94% from CNY 7.58 billion in 2012[28]. - The company reported a significant loss for the year 2013, with an unamortized loss of 2,923.08 million yuan as of December 31, 2013, and negative operating capital and equity attributable to the parent company[97]. - The company reported a net loss of CNY 376.96 million for the year, indicating ongoing financial challenges[84]. - The company’s overall performance in 2013 showed significant improvement compared to the losses experienced in 2011 and 2012[89]. Liquidity Issues - The company faced significant liquidity issues, with CNY 14.75 billion in bank loans, of which CNY 13.25 billion were overdue[37]. - The company is at risk of being suspended from trading due to the negative net profit and potential bankruptcy restructuring[15]. - The company has overdue borrowings amounting to 1,379.52 million yuan and is unable to pay interest on bonds or settle supplier payments, indicating severe liquidity issues[97]. - The company is actively seeking external resources to address its financial obligations and improve liquidity[17]. - The company is negotiating the sale of its Greek solar power station, facing challenges due to its liquidity crisis impacting the sale price[42]. Legal and Regulatory Challenges - The company was involved in 118 litigation cases, with a total amount in dispute of approximately CNY 2.38 billion[38]. - The company is facing a bankruptcy reorganization application due to its inability to repay debts, which could lead to a court-appointed administrator overseeing its restructuring[95]. - The audit report issued by Da Xin Accounting Firm indicated a lack of sufficient evidence to support the company's financial statements, leading to a disclaimer of opinion[106]. - The company is under investigation by the China Securities Regulatory Commission for alleged disclosure violations[188]. - The company has received multiple court judgments requiring immediate repayment of outstanding debts, indicating potential liquidity issues[141]. Operational Challenges - The company’s production lines have been halted due to customer cancellations of planned orders, impacting operational capacity[38]. - The company has not reported any changes in its main business operations since its listing[24]. - The company has not disclosed any new product developments or market expansion strategies in the report[19]. - The company is facing significant transformation and upgrade pressures due to external trade uncertainties and market supply-demand challenges[89]. - The company is actively seeking to sell overseas power stations and expedite the collection of accounts receivable to improve liquidity[111]. Debt Management - The company has a total of ¥228.66 million in raised funds, with ¥191.96 million already utilized, representing 16.38% of the total raised funds being repurposed[68]. - The company has outstanding loan principal of 75 million yuan with accrued interest of 98.046666 million yuan[132]. - The company has received a court ruling requiring the payment of 153.592696 million yuan, including overdue interest[135]. - The company is required to repay a principal amount of 8,000 million yuan plus interest of 76.114479 million yuan calculated until February 20, 2013[141]. - The company has a total payment obligation of 31.0712 million RMB, which is to be paid in two installments by August 28, 2013[152]. Strategic Initiatives - The company is pursuing strategies to accelerate accounts receivable collection and divest non-core assets to improve liquidity[40]. - The company plans to strengthen collection efforts on accounts receivable and adopt a more conservative credit policy to improve cash flow[39]. - The company is focusing on market expansion and strategic partnerships to improve its financial health[188]. - The company has committed to several investment projects, including a new production line for 100MW of multicrystalline solar cells, with a total investment of ¥65.09 million[73]. - The company is pushing for the industrialization of the heterojunction solar cell (HIT) technology, which has received support from the Ministry of Industry and Information Technology and the Ministry of Science and Technology[94]. Related Party Transactions - The company had accounts receivable from related parties amounting to RMB 904.49 million and accounts payable of RMB 1,677 million at the end of the reporting period[198]. - The company engaged in related party transactions totaling RMB 346.61 million, which accounted for 1.03% of similar transactions[195]. - The company’s related party transactions were conducted under normal commercial terms and did not adversely affect its financial results[195]. - The company’s total liabilities included significant amounts owed to related parties, indicating a reliance on these relationships for operational funding[198]. Asset Management - The company sold its subsidiary DEFKALION Lanodula Ltd, generating a revenue of 16.31 million CNY from the sale[88]. - The company sold its 60% stake in Qinghai Jinguo New Energy Technology Co., Ltd. for RMB 20,550,000, which is below the book value and will directly impact the company's profit by RMB 46,431,376[192]. - The company has reported fixed assets with a net value of RMB 586,667,459.66, after accounting for accumulated depreciation[199]. - The company’s investment in Qinghai Jinguo New Energy was no longer consolidated in the financial statements after the sale of the stake[193]. - The company has made efforts to enhance its component sales volume in the domestic photovoltaic market[191].

Financial Performance - Revenue for Q1 2014 was CNY 133.34 million, an increase of 41.54% compared to CNY 94.21 million in the same period last year[8]. - Net profit attributable to shareholders was a loss of CNY 107.30 million, improving by 59.14% from a loss of CNY 262.62 million year-over-year[8]. - Operating income increased by 42% year-over-year, primarily due to increased sales[18]. - Other income from operating activities increased by 1089% year-over-year, driven by government subsidies from completed overseas power plants[18]. - The company expects a net loss of between CNY 200 million and CNY 250 million for the first half of 2014, compared to a net profit of CNY -415.14 million in the same period of 2013[31]. Cash Flow and Assets - Net cash flow from operating activities was CNY 25.18 million, a significant increase of 136.21% compared to a negative cash flow of CNY 69.54 million in the previous year[8]. - Total assets at the end of the reporting period were CNY 6.22 billion, a decrease of 0.86% from CNY 6.27 billion at the end of the previous year[8]. - The company's net assets attributable to shareholders were CNY -439.50 million, a decline of 32.46% from CNY -331.80 million at the end of the previous year[8]. Financial Obligations and Credit Rating - The company continues to face liquidity difficulties, with overdue bank loans and frozen accounts impacting operations[16]. - The company's credit rating was downgraded to CCC for both the issuer and the "11 Chaori Bond" due to significant revenue decline and continued losses[21]. - The second interest payment of the "11 Chaori Bond" was not fully paid on the due date of March 7, 2014, with only 4 million RMB paid[22]. - The company is facing bankruptcy reorganization proceedings initiated by a creditor due to inability to repay debts[23]. Shareholder and Investment Activities - The controlling shareholder, Mr. Ni Kailu, has pledged 315,117,931 shares, accounting for 37.35% of the total share capital of 843,520,000 shares[19]. - The company issued a 1 billion RMB bond ("11 Chaori Bond") with a fixed interest rate of 8.98% on March 9, 2012, which has a maturity of 5 years[19]. - The company has not engaged in high-risk securities investments in the past twelve months and has committed to not engage in such investments for the next twelve months[30]. - The company plans to permanently supplement its liquidity with funds raised from the "50MW monocrystalline silicon solar cell project" and the "100MW crystalline silicon solar module project" without engaging in high-risk investments[30]. Legal and Operational Issues - The company has not received any payment for the transfer of equity in nine power station projects in Southern Italy, valued at EUR 24.94 million[16]. - The company has been involved in a legal dispute regarding the sale of 60% of its shares in Qinghai Jinguo Xing New Energy Technology Co., with a transaction price of 20,550,000 RMB[26].