明冠新材(688560) - 2023 Q4 - 年度财报(更正)

Section I Definitions I. Definitions This chapter provides detailed explanations of company names, subsidiaries, reporting period, laws, regulations, and professional terms related to the photovoltaic and lithium battery industries, ensuring clarity and accuracy of the report content - The reporting period is defined as January 1, 2023, to December 31, 2023[9] - The company's main products include solar cell backsheets, solar encapsulant films, and aluminum-plastic films, with definitions provided for professional terms such as BO, KPK/KPM/K series, and TPT/TPM structures[9][10] Section II Company Profile and Key Financial Indicators I. Company Basic Information This section provides basic information about Mingguan New Materials Co., Ltd., including its name, registered address, legal representative, contact details, stock ticker, and code, offering investors a general overview of the company - The company's Chinese name is Mingguan New Materials Co., Ltd., abbreviated as Mingguan New Materials[11] - The company's legal representative is Yan Hongjia, with its registered address at No. 32 Jingfa Avenue, Yichun Economic and Technological Development Zone, Yichun City, Jiangxi Province[11] - The company's stock is A-shares, listed on the STAR Market of the Shanghai Stock Exchange, with stock code 688560[16] VI. Key Accounting Data and Financial Indicators for the Past Three Years In 2023, the company's operating revenue decreased by 19.82% year-on-year, and net profit attributable to shareholders significantly dropped by 122.76% to a loss of CNY 23.88 million, primarily due to reduced demand for PV backsheets, lower product prices, increased losses in aluminum-plastic film business, and inventory impairment losses; however, net cash flow from operating activities increased by 155.95% year-on-year, driven by lower raw material prices and optimized inventory management Key Accounting Data for the Past Three Years | Indicator | 2023 (CNY) | 2022 (CNY) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,396,281,787.16 | 1,741,534,018.57 | -19.82 | | Net Profit Attributable to Shareholders of Listed Company | -23,875,433.21 | 104,898,278.52 | -122.76 | | Net Cash Flow from Operating Activities | 212,401,993.61 | 82,984,174.48 | 155.95 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 2,866,939,606.98 | 3,136,833,159.44 | -8.60 | | Total Assets (Period-end) | 3,406,609,846.37 | 3,749,275,141.50 | -9.14 | Key Financial Indicators for the Past Three Years | Indicator | 2023 | 2022 | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | -0.12 | 0.63 | -119.05 | | Basic Earnings Per Share Excluding Non-recurring Gains and Losses (CNY/share) | -0.18 | 0.57 | -131.58 | | Weighted Average Return on Net Assets (%) | -0.80 | 6.63 | Decreased by 7.43 percentage points | | R&D Expenditure as a Percentage of Operating Revenue (%) | 3.94 | 3.92 | Increased by 0.02 percentage points | - The significant decline in net profit was primarily due to the decrease in single-glass module share in the global PV market, leading to reduced demand and gross margin for solar cell backsheets; intensified competition in solar cell encapsulant film business resulting in losses; insufficient demand for aluminum-plastic film, leading to lower sales volume and prices, and increased losses; and the provision for inventory impairment losses[21] - Net cash flow from operating activities increased by 155.95%, mainly due to lower raw material prices, the company's strengthened inventory management reducing procurement expenditures, and a decrease in accounts receivable at period-end due to lower operating revenue in the fourth quarter[22] VIII. 2023 Quarterly Key Financial Data The company's 2023 quarterly financial data shows a significant decline in operating revenue in the fourth quarter, with net profit attributable to shareholders and net profit excluding non-recurring gains and losses turning into losses in the third and fourth quarters, particularly the largest loss in Q4, reflecting intensified market competition and increased operational pressure in the second half of the year 2023 Quarterly Key Financial Data | Item | Q1 (Jan-Mar) (CNY) | Q2 (Apr-Jun) (CNY) | Q3 (Jul-Sep) (CNY) | Q4 (Oct-Dec) (CNY) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 401,127,650.03 | 434,693,155.18 | 330,054,207.92 | 230,406,774.03 | | Net Profit Attributable to Shareholders of Listed Company | 19,427,040.61 | 27,304,735.86 | -7,499,326.79 | -63,107,882.89 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses | 17,839,505.82 | 30,796,102.26 | -9,129,631.85 | -75,370,278.31 | | Net Cash Flow from Operating Activities | -74,476,251.63 | 31,082,782.88 | 172,775,937.60 | 83,019,524.76 | IX. Non-recurring Gains and Losses Items and Amounts In 2023, the company's total non-recurring gains and losses amounted to CNY 11.99 million, primarily from disposal gains on non-current assets, government grants, and wealth management interest income, partially offset by share-based payment expenses and non-operating expenses, representing an increase compared to 2022 Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | 2023 Amount (CNY) | 2022 Amount (CNY) | 2021 Amount (CNY) | | :--- | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 9,576,652.20 | -2,087,177.74 | -4,529,792.30 | | Government Grants Included in Current Profit/Loss | 7,879,005.72 | 18,231,417.18 | 25,987,224.16 | | Gains/Losses from Changes in Fair Value and Disposal of Financial Assets and Liabilities | 5,740,000.00 | 0 | 5,370,713.94 | | Share-based Payment Expenses Recognized Once Due to Cancellation or Modification of Equity Incentive Plan | -5,897,166.69 | 0 | 0 | | Total | 11,988,868.87 | 9,054,159.66 | 28,744,364.95 | X. Items Measured at Fair Value At the end of 2023, the company's total items measured at fair value amounted to CNY 102.93 million, a decrease from the beginning of the period, primarily comprising accounts receivable financing and other equity instrument investments, with CNY 21 million in new other equity instrument investments during the period Items Measured at Fair Value | Item Name | Beginning Balance (CNY) | Ending Balance (CNY) | Current Period Change (CNY) | Impact on Current Period Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | 114,085,809.82 | 81,932,563.83 | -32,153,245.99 | -1,552,512.94 | | Other Equity Instrument Investments | 0 | 21,000,000.00 | 21,000,000.00 | 0 | | Total | 114,085,809.82 | 102,932,563.83 | -11,153,245.99 | -1,552,512.94 | Section III Management Discussion and Analysis I. Discussion and Analysis of Operations In 2023, the company actively responded to intensified competition and N-type battery transition in the PV industry by adjusting product and customer structures, scaling up N-type encapsulant material production and sales, and advancing capacity expansion; despite declining product prices impacting revenue growth, the company maintained operational efficiency through cost reduction and efficiency improvement measures - The company focuses on the R&D and sales of N-type solar cell encapsulant materials, providing comprehensive solutions for TOPCon, HJT, IBC, and other N-type battery encapsulant materials[28] 2023 Production, Sales Volume, and Price Changes of Main Products | Product | Sales Volume (million sq.m) | Year-on-year Change in Sales Volume (%) | Year-on-year Decrease in Sales Price (%) | | :--- | :--- | :--- | :--- | | Solar Cell Backsheet | 95.76 | -7.6 | 25-28 | | PV Module Encapsulant Film | 63.93 | 174 | 25-28 | | Lithium Battery Aluminum-Plastic Film | 4.61 | -36 | 17.7 | - The company has expanded its comprehensive PV module encapsulation solutions to include 'solar cell backsheet + solar cell encapsulant film' and 'solar cell backsheet + solar cell encapsulant film + smart grid film' to mitigate risks from reduced backsheet demand due to increased bifacial module adoption[29] - The company has established an annual production capacity of 120 million square meters of encapsulant film at its Yichun base and 100 million square meters at its Vietnam base, reaching a total designed capacity of 220 million square meters, and is advancing a 100 million square meter annual BO backsheet expansion project[29][31] - In 2023, BO-type backsheet shipments accounted for 76% of total backsheet shipments, and encapsulant film revenue increased to 42% of total module encapsulant material revenue[29] - The company actively develops top twenty global quality customers, maintains core clients like JA Solar and LONGi Green Energy, expands new clients such as Trina Solar and Canadian Solar, and is expanding encapsulant film capacity at its overseas Vietnam production base[30] - The lithium battery aluminum-plastic film business maintains existing clients like Ganfeng Lithium and Farasis Energy, while actively developing new clients such as ATL and Coslight, achieving sales of 4.61 million square meters and revenue of CNY 58.07 million in 2023[30] - The company addresses intensified industry competition and achieves cost reduction and efficiency improvement through measures such as adjusting product pricing strategies, strengthening on-site production management to improve yield, optimizing inventory management, and accelerating the recovery of overdue payments[30] II. Description of Main Business, Operating Model, Industry Conditions, and R&D During the Reporting Period The company aims to be a comprehensive provider of new energy battery encapsulation solutions, with main products including solar cell backsheets, encapsulant films, and aluminum-plastic films; it operates on a build-to-order direct sales model and has achieved multiple technological breakthroughs and patent results in N-type high-efficiency PV module encapsulation materials and lithium battery aluminum-plastic films through continuous R&D investment, solidifying its industry position (I) Main Business, Products, or Services With a vision to be a leader in new energy battery encapsulation technology, the company's main business covers R&D, production, and sales of PV module encapsulation materials (solar cell backsheets, encapsulant films), lithium battery soft-pack encapsulation materials (aluminum-plastic films), and special protective films, among other composite film materials - The company's vision is to 'become a leader in new energy battery encapsulation technology,' committed to providing comprehensive new energy battery encapsulation solutions[32] - Main products include solar cell backsheets, solar encapsulant films, aluminum-plastic films, special protective films, and other composite film materials[32] (II) Main Operating Model The company adopts a build-to-order production model, with a centralized procurement department for raw materials, and a direct sales model targeting global large-scale PV module and lithium battery manufacturers, focusing on customer development, maintenance, and after-sales service - Procurement model: A centralized procurement department handles purchasing, conducting inquiries and comparisons based on the 'Material Requirements Plan,' with strict acceptance by the quality department[33] - Production model: Build-to-order, with inventory prepared for general specifications and production based on orders for non-general specifications, involving order reception, review, plan implementation, quality control, and shipping[33] - Sales model: Direct sales, with the marketing center responsible for market promotion, customer development and maintenance, product sales management, and customer relationship management, primarily serving large global PV module and lithium battery enterprises[33][34] (III) Industry Conditions Driven by 'dual carbon' policies and global energy transition, the PV industry continues rapid growth, with China leading in new installed capacity and N-type technology becoming a focal point; the company maintains a leading position in PV module encapsulation materials and continuously invests in R&D to adapt to market changes and technological upgrades - In 2023, China's new PV installed capacity increased by 148.1% year-on-year, with crystalline silicon module output exceeding 499 GW, a 69% year-on-year increase; N-type technology is rapidly emerging, with TOPCon cell capacity reaching 560 GW, and N-type cell penetration is expected to continue increasing in 2024[35][36] - The company's PV module encapsulation materials, such as solar cell backsheets and encapsulant films, maintain high-quality development in the PV industry, committed to providing comprehensive N-type solar cell encapsulation solutions[37] - The company's BO-type backsheets and special backsheets achieved production and sales of 95.76 million square meters, with existing capacity and production/sales scale ranking in the industry's first tier; encapsulant film production and sales reached 63.93 million square meters, with sales volume increasing by 174% year-on-year[37] - The company has developed six core technology systems for composite film materials with independent intellectual property rights and participated in drafting multiple national and industry standards[38] - In 2023, total R&D expenditure was CNY 55.05 million, accounting for 3.94% of operating revenue; the company has 73 R&D personnel, approximately 10.24% of its total employees[38][55] - During the reporting period, guided by R&D for next-generation high-efficiency N-type module encapsulation materials, BC cells, and HJT cells, the company successfully developed new products such as transparent grid backsheets for bifacial solar cell modules, high-water-barrier backsheets for new TOPCon cell PV modules, interconnecting carrier films for HJT solar cells, HJT encapsulant films, and 3C battery aluminum-plastic film specific CPP[38][39] - In 2023, the company filed 23 new patent applications, obtained 10 new authorized patents, accumulating a total of 129 authorized patents, including 39 authorized invention patents[40][42] (IV) Core Technologies and R&D Progress Through continuous R&D investment, the company has established six core technology systems for composite film materials, including functional polymer film development and special adhesive formulation, achieving multiple innovations and patents in N-type PV module encapsulation materials and lithium battery aluminum-plastic films; in 2023, R&D investment totaled CNY 55.05 million, with 73 R&D personnel, and several ongoing projects made significant progress - The company's core technology systems include functional polymer film development technology, special adhesive development technology, material interface treatment technology, material optical design technology, precision coating and compounding technology, and functional material dispersion technology[41][57][58][59] - Total R&D expenditure in 2023 was CNY 55.05 million, accounting for 3.94% of operating revenue, a 19.44% decrease from the previous year[43] - The company has 73 R&D personnel, accounting for 10.24% of its total workforce, with 45 holding master's degrees or higher[55][56] 2023 R&D Project Status | No. | Project Name | Estimated Total Investment Scale (CNY) | Amount Invested in Current Period (CNY) | Cumulative Investment Amount (CNY) | Progress or Phased Achievements | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | R&D of CPP for 3C Battery Aluminum-Plastic Film | 2,000,000.00 | 870,027.59 | 1,813,886.59 | Completed medium-batch trial production and stable mass application at client-side | | 3 | R&D of a Fast Heat-Seal Thermal Process Aluminum-Plastic Film Product | 8,000,000.00 | 1,363,661.48 | 2,601,576.66 | Small-batch trial production and samples sent to clients for testing | | 11 | Development of Transparent Grid Backsheet for Bifacial Solar Cell Modules | 5,500,000.00 | 3,352,340.89 | 5,706,771.54 | Successfully conducted trial mass production, shipped small batches to clients, and client verification passed | | 13 | R&D of High-Water-Barrier Backsheet for New TOPCon Cell PV Modules | 3,000,000.00 | 1,489,645.06 | 1,489,645.06 | Large-batch trial production | III. Analysis of Core Competencies During the Reporting Period The company's core competitiveness lies in its six proprietary core technology systems for composite film materials, encompassing functional polymer film development, special adhesive formulation, material interface treatment, material optical design, precision coating and compounding, and functional material dispersion technologies, which are crucial for the industrialization of solar cell backsheets and lithium battery aluminum-plastic films, and are recognized through participation in national and industry standard setting - The company has developed six core technology systems, including functional polymer film development technology, special adhesive development technology, material interface treatment technology, material optical design technology, precision coating and compounding technology, and functional material dispersion technology[57][58][59] - The company participated as a primary drafting unit in the national standard 'GB/T31034-2014 Insulating Backsheets for Crystalline Silicon Solar Cell Modules' and as a deputy leader unit in drafting the group standard 'T/CIAPS0005-2018 Aluminum-Plastic Composite Film for Lithium-ion Batteries'[58] - The company has achieved multiple pioneering records in the solar cell backsheet field, including the first 1500V backsheet, the first BO backsheet, and the first black high-reflectivity backsheet[38] IV. Risk Factors The company faces multiple risks, including declining performance or losses, insufficient core competitiveness, fluctuating operating costs, intensified industry competition, accounts receivable recovery risks, changes in PV and new energy vehicle industry policies, and uncertainties in international trade - Risk of significant performance decline or losses: PV industry capacity expansion and intensified competition lead to decreased gross margins for backsheets; insufficient demand for aluminum-plastic film results in lower sales volume and prices; and provision for inventory impairment losses[59] - Core competitiveness risk: Failure to timely iterate technology to meet the diversified demand for encapsulation materials for N-type modules and soft-pack batteries may impact market share and profitability[60] - Operating risks: Direct materials constitute a significant portion of operating costs (approximately 85%), and fluctuations in raw material prices may affect profitability; intensified industry competition may lead to lower product sales prices and gross margins[61][62] - Financial risks: A large proportion of accounts receivable balance means that if customer creditworthiness is poor or cooperation is not smooth, accounts receivable may not be recovered on time, impacting operating cash flow[63] - Industry risks: Adjustments in PV industry policies and changes in new energy vehicle battery encapsulation technology routes may lead to decreased product demand, affecting profitability[64] - Macroeconomic environment risks: Changes in international trade conditions may adversely affect the overseas sales of China's PV module products, thereby impacting the company's product sales[65] V. Key Operating Performance During the Reporting Period In 2023, the company's operating revenue decreased by 19.82% year-on-year, with net profit attributable to shareholders at a loss of CNY 23.88 million; while PV industry revenue declined by 5.28% and lithium battery industry revenue by 80.28%, solar cell encapsulant film revenue grew by 97.41%, and the company adjusted its consolidation scope through subsidiary disposals, new establishments, and mergers 2023 Key Operating Performance | Indicator | Amount (CNY million) | Year-on-year Change (%) | | :--- | :--- | :--- | | Operating Revenue | 1,396.28 | -19.82 | | Main Business Revenue | 1,354.26 | -18.54 | | Net Profit Attributable to Shareholders of Listed Company | -23.88 | -122.76 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses | -35.86 | -137.42 | Changes in Key Income Statement and Cash Flow Statement Items | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,396,281,787.16 | 1,741,534,018.57 | -19.82 | | Operating Cost | 1,305,692,544.81 | 1,408,325,210.10 | -7.29 | | Financial Expenses | -50,014,417.70 | -9,697,915.23 | N/A | | Net Cash Flow from Operating Activities | 212,401,993.61 | 82,984,174.48 | 155.95 | | Net Cash Flow from Investing Activities | -72,350,194.24 | -286,251,711.44 | N/A | | Net Cash Flow from Financing Activities | -265,604,548.94 | 1,646,090,171.45 | -116.14 | - Financial expenses were mainly due to increased interest income and exchange rate gains/losses; the increase in net cash flow from operating activities was primarily due to lower raw material prices, optimized inventory management, and reduced accounts receivable; changes in net cash flow from investing activities were mainly due to decreased fixed asset investments and disposal of a controlled company; changes in net cash flow from financing activities were primarily due to non-public issuance of shares in 2022 and increased share repurchases in 2023[68] Main Business by Industry, Product, and Region | Category | Item | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin (%) | Year-on-year Change in Operating Revenue (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | PV Industry | 1,296,314,246.48 | 1,191,367,164.73 | 8.10 | -5.58 | | | Lithium Battery Industry | 57,944,422.44 | 72,557,039.20 | -25.22 | -407.11 | | By Product | Solar Cell Backsheet | 750,966,090.63 | 658,967,348.04 | 12.25 | -31.27 | | | Solar Cell Encapsulant Film | 544,316,978.37 | 531,486,655.62 | 2.36 | 97.41 | | | Aluminum-Plastic Film | 57,944,422.44 | 72,557,039.20 | -25.22 | -46.73 | | By Region | Domestic | 871,401,844.65 | 849,577,264.27 | 2.50 | -39.84 | | | Overseas | 482,856,824.27 | 414,346,939.66 | 14.19 | 125.64 | - Solar cell encapsulant film revenue increased by 97.41% year-on-year, mainly due to increased capacity from fundraising projects and customer expansion; overseas operating revenue increased by 125.78% year-on-year, primarily due to increased overseas encapsulant film orders[71] 2023 Production and Sales Volume of Main Products | Main Product | Unit | Production Volume | Sales Volume