Financial Performance - The company recorded revenue of approximately HKD 190.9 million for the year ended March 31, 2021, a decrease of about 33% compared to HKD 284.9 million for the same period in 2020[10]. - The company reported a loss attributable to owners of approximately HKD 8.6 million for the year, compared to a profit of HKD 6.3 million for the previous year[10]. - The company recorded revenue of approximately HKD 190,854,000 for the fiscal year ending March 31, 2021, a decrease of about 33% compared to HKD 284,887,000 for the same period in 2020[32]. - Contract costs and sales costs amounted to approximately HKD 174,428,000, down from HKD 245,191,000 in 2020, primarily due to expenses related to renewable energy business[33]. - Administrative and other operating expenses decreased by approximately 23% to about HKD 27,558,000 from HKD 35,912,000 in the previous year[34]. - Employee costs decreased by approximately 34% to about HKD 8,930,000 from HKD 13,611,000 in 2020[35]. - The company reported a net loss attributable to shareholders of approximately HKD 8,630,000 for the fiscal year ending March 31, 2021, compared to a profit of HKD 6,329,000 in the previous year[38]. - Cash and cash equivalents were approximately HKD 24,428,000, a decrease of about 79% from HKD 118,214,000 in 2020[41]. - The company's capital debt ratio was approximately 14%, down from 25% in the previous year[43]. - The group's available distributable reserves as of March 31, 2021, amounted to approximately HKD 68,940,000[87]. - The equity shareholders' loss (before dividends) was approximately HKD 8,630,000, which has been transferred to reserves[85]. Business Operations - The total installed capacity of contracts signed during the reporting period was 699.43 MW[10]. - The renewable energy business generated total revenue of approximately HKD 190.85 million, primarily from providing one-stop value-added solutions for photovoltaic power stations and selling patented photovoltaic tracking fixed bracket systems[15]. - The company has three wholly-owned subsidiaries and one non-wholly-owned subsidiary under its renewable energy business[15]. - Signed new contracts including a 359.125KW photovoltaic poverty alleviation project and a 40MW photovoltaic grid-connected project with various partners in April 2020[16]. - In June 2020, signed contracts for a 30MW fixed bracket procurement and a rooftop photovoltaic project, enhancing the company's project portfolio[19]. - By December 2020, secured contracts for a 50MW photovoltaic power station renovation and a 42MW floating bracket system, indicating strong market demand[25]. - The company aims to innovate in the solar energy sector, focusing on developing floating photovoltaic supports and a full range of tracking control systems[1]. - The company is committed to becoming a globally influential enterprise in the solar energy field, aligning with carbon peak and carbon neutrality goals by 2030 and 2060 respectively[1]. - The company primarily engaged in renewable energy business in the People's Republic of China during the year[74]. Product Development and Innovation - The company aims to enhance product performance, reduce electricity costs, and promote grid parity as part of its development direction[10]. - The company is focusing on improving product performance and reducing electricity costs to promote grid parity in the photovoltaic industry[25]. - Developed a multi-point linkage bracket system with upgraded torque transmission technology to enhance safety and stability in complex environments[26]. - Introduced a high land utilization "V-shaped" bracket system, optimizing design based on geographical and climatic factors[28]. - Launched a floating substation installation platform with dual buoyancy protection, addressing the need for water surface power stations[28]. - The company aims to maintain market competitiveness through continuous technological improvements and innovative product designs[26]. - Emphasizing the importance of safety and stability in product development to meet industry demands[28]. - Committed to the healthy development of the photovoltaic industry amidst rapid growth and resource constraints[25]. Corporate Governance - The company has maintained its external auditor, Guo Wei Accounting Firm, since 2014, with a resolution for reappointment to be presented at the upcoming annual general meeting[135]. - The company has complied with all applicable corporate governance code provisions under GEM Listing Rules Appendix 15 for the year ended March 31, 2021, except for a deviation regarding the separation of roles between the Chairman and CEO[138]. - The roles of Chairman and CEO are currently held by the same individual, Mr. Wu Jianong, who has extensive experience in the renewable energy sector, which the board believes provides strong and consistent leadership[139]. - The board consists of experienced individuals, including three independent non-executive directors, and will continue to review the effectiveness of the corporate governance structure[139]. - The company has adopted the trading standards for directors' securities transactions as per GEM Listing Rules, confirming compliance for the year ended March 31, 2021[145]. - The board is responsible for overseeing the company's business and ensuring its management aligns with the best interests of shareholders and stakeholders[148]. - The board of directors held a total of 5 meetings during the year ended March 31, 2021, with attendance details provided[152]. - The Audit Committee reviewed the group's financial performance for the year ended March 31, 2021, including the annual results and quarterly performances[156]. - The Remuneration Committee held 1 meeting during the year and reviewed the remuneration policies for directors and senior management[162]. - The Nomination Committee conducted 1 meeting to assess the board's structure and diversity policies[164]. - The company has adopted a board diversity policy, focusing on various criteria including gender, age, and professional experience[166]. - The Audit Committee consists of three independent non-executive directors, ensuring oversight of financial reporting and internal controls[156]. - The Remuneration Committee's recommendations for director remuneration are based on market levels and the group's performance[161]. - The Compliance Committee is responsible for maintaining the group's compliance systems and conducting training activities[168]. - The board's composition is considered to have diverse characteristics, aligning with the company's business model[167]. - The company has established measurable targets to promote board diversity and regularly reviews progress towards these goals[166]. Risk Management - The board is responsible for overseeing the risk management and internal control systems, which are designed to manage risks rather than eliminate them[182]. - The company has established a corporate risk management framework, with the board ensuring the adequacy and effectiveness of the risk management system[184]. - The risk register is maintained to document all identified significant risks, allowing the board and management to understand and manage these risks effectively[188]. - The company is committed to continuous professional development for all directors, ensuring they are well-informed and capable of contributing to the board[175]. - The board has reviewed the necessity of establishing an internal audit function and believes that appointing external independent professionals is more cost-effective given the company's scale[187]. - The company has implemented risk management policies to enhance the efficiency of its risk management and internal control systems[183]. - The audit committee regularly reports to the board on the effectiveness of the risk management and internal audit functions[184]. - The company aims to strengthen its internal control systems and improve workflows to minimize significant business risks[182]. - The board will continue to review and improve the risk management and internal control systems in light of regulatory requirements and business developments[188]. - The company has established an internal procedure and regulatory measures for handling and disclosing inside information to ensure accurate and timely public disclosure[190]. - A corporate risk management framework has been established, with the board responsible for overall internal control and management responsible for implementing the internal control system[191]. - The company employs a "three lines of defense" governance structure for risk management, including operational management, financial oversight, and independent internal audit[192]. - The risk management framework will be evaluated at least annually to ensure its effectiveness and to update risk records accordingly[192]. - The company will continue to engage external professionals annually to review its internal control and risk management systems[197]. Shareholder Relations - The company has adopted a shareholder communication policy to enhance communication with shareholders and investors[199]. - Shareholders holding at least 10% of the paid-up capital can request a special general meeting within two months of the request[198]. - The company has a dedicated website for effective communication with shareholders and the public[199]. - The internal control mechanism includes information flow and reporting procedures, confidentiality arrangements, and employee training[197].
同景新能源(08326) - 2021 - 年度财报