晶科科技(601778) - 2020 Q4 - 年度财报

Financial Performance - In 2020, the company achieved a total revenue of RMB 3,587,511,363.92, representing a decrease of 32.88% compared to RMB 5,344,853,796.36 in 2019[25] - The net profit attributable to shareholders of the listed company for 2020 was RMB 475,805,190.12, down 34.20% from RMB 723,067,461.69 in 2019[25] - The net profit attributable to shareholders was CNY 415,323,235.04, a decrease of 48.00% compared to the previous year[28] - The company achieved operating revenue of 3.588 billion RMB in 2020, a year-on-year decrease of 32.88%, with net profit attributable to the parent company at 476 million RMB, down 34.20%[53] - The company reported a net profit of RMB 62.01 billion, reflecting a growth of 23.6% year-over-year[98] Profit Distribution and Dividends - The company plans to postpone profit distribution for the 2020 fiscal year due to ongoing efforts to issue convertible bonds[7] - The company did not propose a cash dividend for the 2020 fiscal year due to ongoing plans for issuing convertible bonds, prioritizing shareholder interests and company development[128] - The company reported a net profit attributable to ordinary shareholders of approximately ¥475.81 million for the 2020 fiscal year, with a dividend payout ratio of 0%[129] Assets and Liabilities - As of the end of 2020, the company's distributable profits amounted to RMB 267,941,136.66[7] - The total assets at the end of 2020 were CNY 29,306,833,414.46, a decrease of 1.32% from CNY 29,698,573,331.63 in 2019[28] - The company’s asset-liability ratio was 62% at the end of 2020, a decrease of 10 percentage points compared to the end of 2019[62] - The total amount of guarantees at the end of the reporting period (excluding subsidiaries) was RMB 275.25 million, representing 137.49% of the company's net assets[199] - The company has a total guarantee amount of RMB 1.52 billion, which exceeds 50% of its net assets[199] Cash Flow - The net cash flow from operating activities increased by 122.50% to CNY 2,703,732,783.83 from CNY 1,215,142,825.19 in 2019[28] - The net cash flow from operating activities for 2020 was CNY 2.704 billion, an increase of 122.50% compared to the previous year, primarily due to a reduction in EPC procurement and lower VAT payments[83] - The net cash flow from investing activities for 2020 was CNY -1.861 billion, reflecting significant investments in photovoltaic power station construction and large expenditures on fixed and long-term assets[83] - The net cash flow from financing activities for 2020 was CNY 0.223 billion, a decrease of 53.54% year-on-year, mainly due to ongoing repayments of maturing debts[83] Operational Highlights - JinkoSolar completed domestic project development of approximately 2.25GW and overseas project development of approximately 2.50GW in 2020[37] - The company held a total installed capacity of approximately 3.08GW across 337 solar power plants by the end of 2020, generating a total power output of 3.4 billion kWh[37] - The company has approximately 1.85GW of domestic solar power plants under construction and about 2.90GW overseas, including equity projects[48] - The company completed a domestic project development scale of approximately 2.25 GW in 2020, representing a year-on-year increase of 43%[57] - The company’s operation and maintenance (O&M) business revenue increased by approximately 277% year-on-year, with over 350 O&M stations and a total scale of nearly 5 GW by the end of 2020[57] Market and Industry Trends - The global photovoltaic market is expected to accelerate, with China's new installed capacity projected to reach 55-65GW in 2021, and an average annual new installed capacity of 70-90GW during the 14th Five-Year Plan[111] - The cost of photovoltaic power generation is anticipated to decline further, driven by technology innovation and the maturity of energy storage technology, making photovoltaic power increasingly competitive[112] - Distributed photovoltaic systems are expected to see significant growth opportunities, with their market share increasing from 14% to 32% during the 13th Five-Year Plan[117] Strategic Partnerships and Collaborations - The company signed strategic cooperation agreements with major energy companies, including BP and Air Products, focusing on renewable energy projects[63] - The company has established strategic cooperation with several state-owned commercial banks, with a total new bank credit limit of nearly 4 billion RMB during the reporting period[59] - The company is committed to collaborating with domestic and international partners to enhance project development and operational maintenance capabilities[122] Compliance and Governance - The company has committed to timely and accurate information disclosure regarding any shareholding reductions[143] - The company will ensure that any loans or financial activities comply with relevant laws and regulations to avoid penalties[149] - The company has established a plan to ensure compliance with relevant laws and regulations regarding share transfers and reductions[140] Shareholder Commitments - Jinko Group committed not to transfer or entrust the management of its shares for 36 months from the date of the company's stock listing, with an automatic extension of 6 months if the stock price falls below the issue price for 20 consecutive trading days within the first 6 months[135] - The company has committed to fulfilling its obligations under the stock price stabilization plan approved by the shareholders' meeting[148] - The actual controller of the company has pledged to bear all economic responsibilities for any penalties or liabilities incurred due to non-compliance with laws and regulations[149] Project Development and Future Plans - The company aims to enhance its project resource reserves and develop distributed photovoltaic power stations, focusing on stable investment returns for shareholders[119] - In 2021, the company plans to prioritize project development, improve project conversion rates, and expand its distributed business and operation maintenance services[122] - The company will continue to optimize its asset structure, increasing the proportion of grid-parity projects and enhancing the revenue quality of its self-owned power stations[122]