协鑫科技(03800) - 2024 - 中期业绩

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 8,862.9 million, a decrease of 57.7% compared to RMB 20,945.9 million in the same period of 2023[3] - Gross loss for the period was RMB (552.6) million, compared to a gross profit of RMB 8,777.9 million in the previous year, representing a decline of 106.3%[3] - Loss attributable to owners of the company was RMB (1,479.6) million, a significant drop of 126.8% from RMB 5,518.3 million profit in the prior year[3] - Basic and diluted loss per share was RMB (5.60) cents, compared to earnings of RMB 20.79 cents per share in the same period last year[3] - The company reported a net loss of RMB (2,021.4) million for the period, compared to a profit of RMB 6,245.1 million in the same period last year[6] - Other comprehensive loss for the period totaled RMB (37.6) million, compared to a gain of RMB 120.1 million in the previous year[6] - For the six months ended June 30, 2024, total revenue from external customers was RMB 8,862,876 thousand, a decrease of 57.6% compared to RMB 20,945,903 thousand for the same period in 2023[25][27] - The photovoltaic materials segment reported a loss of RMB (2,026,865) thousand for the first half of 2024, compared to a profit of RMB 6,230,194 thousand in the same period of 2023[25][27] - The company recognized a net loss of RMB (2,021,415) thousand for the six months ended June 30, 2024, compared to a profit of RMB 6,245,135 thousand for the same period in 2023[25][27] - The overall gross margin turned negative at -6.2% for the six months ended June 30, 2024, compared to a gross margin of 41.9% for the same period in 2023[88] Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 78,702.3 million, a decrease from RMB 82,999.6 million as of December 31, 2023[8] - Current liabilities decreased to RMB 21,568.1 million from RMB 22,138.9 million at the end of 2023[9] - Net current assets were RMB 7,701.9 million, down from RMB 12,552.4 million at the end of the previous year[9] - Total equity attributable to owners of the company was RMB 41,140.4 million, a decrease from RMB 42,587.0 million as of December 31, 2023[9] - The company’s total liabilities for trade payables as of June 30, 2024, were RMB 4,119,066,000, down from RMB 5,252,202,000 as of December 31, 2023, indicating a reduction of about 21.5%[48] - The group’s total debt increased to RMB 17.95 billion as of June 30, 2024, compared to RMB 15.94 billion as of December 31, 2023[108] - The net debt increased to RMB 10.1 billion as of June 30, 2024, compared to RMB 6.8 billion as of December 31, 2023, reflecting a net debt to equity ratio of 24.6%[110] Segment Performance - The photovoltaic power station business operates in the United States and China, contributing to the company's overall performance[24] - Revenue from the photovoltaic materials segment for the first half of 2024 included RMB 4,861,805 thousand from polysilicon sales, down from RMB 11,118,475 thousand in the same period of 2023, a decrease of 56.3%[31][33] - The photovoltaic power station business generated revenue of approximately RMB 95 million for the six months ended June 30, 2024, down from RMB 110 million in 2023[84] - The gross margin for the photovoltaic power station business was 31.2% for the six months ended June 30, 2024, a decrease of 17.6% compared to the same period in 2023[88] Research and Development - Research and development expenses decreased to RMB 718,314 thousand in 2024 from RMB 901,984 thousand in 2023, reflecting a reduction of approximately 20.3%[34] - Research and development expenses accounted for over 8% of revenue, reflecting a year-on-year increase of 3.8 percentage points, strengthening the company's competitive edge[55] - The company has filed for 65 patents in the first half of the year, including 16 invention patents, enhancing its intellectual property protection[55] Corporate Governance and Compliance - The financial statements are prepared in accordance with the International Financial Reporting Standards, ensuring compliance and transparency[12] - The company has not early adopted any new international financial reporting standards that are not yet mandatory for the current accounting period[20] - The financial reports are presented in Renminbi, aligning with the company's functional currency[11] - The external auditor and the audit committee reviewed the unaudited interim consolidated financial statements for the six months ending June 30, 2024, with no objections to the accounting policies adopted[129] - The company has complied with the corporate governance code as per the listing rules during the six months ending June 30, 2024[127] Future Outlook and Strategy - The company plans to fully exit high-cost rod silicon production and shift limited capacity towards higher-margin granular silicon to maximize profits[34] - The company aims for a long-term efficiency target of 35%-40% by leveraging its core technologies of granular silicon and perovskite[58] - The company anticipates that the total demand for silane gas in China will rise to 40,000 tons by 2025, with a market size exceeding RMB 3 billion[58] - The company plans to extend its silicon-based industrial chain vertically into upstream industrial silicon, leveraging high quality and low-cost advantages[56] - The company is actively participating in the integrated layout of solar energy storage and hydrogen production, aiming to expand downstream profit margins[56] Shareholder Information - The company did not declare an interim dividend for the six months ended June 30, 2024, compared to a dividend of RMB 1,439,723,000 for the same period in 2023[37] - The company did not recommend an interim dividend for the six months ending June 30, 2024, consistent with the previous year[126] - The company repurchased a total of 18,112,000 shares at a total cost of approximately HKD 24 million during the six months ending June 30, 2024[128] Miscellaneous - The company has secured long-term procurement contracts with major clients extending to 2027, indicating strong market demand[54] - The company’s cash flow remains healthy, ensuring financial stability amidst industry challenges[81] - There were no significant post-reporting period events or business developments[123] - The company reported no significant contingent liabilities as of June 30, 2024, and December 31, 2023[121] - There were no major acquisitions or sales during the six-month period ending June 30, 2024[122]