Financial Performance - Revenue from solar power generation decreased to RMB 82,875 thousand, down 39.7% from RMB 137,351 thousand in the same period last year[2] - Gross profit fell to RMB 23,693 thousand, a decline of 67.6% compared to RMB 73,084 thousand in the previous year[2] - The net loss for the period improved to RMB (219,004) thousand, a reduction of 28.9% from RMB (308,115) thousand year-on-year[2] - Adjusted EBITDA was RMB 46,143 thousand, down 50.1% from RMB 92,391 thousand in the same period last year[2] - Basic loss per share improved to RMB (4.27) compared to RMB (6.02) in the previous year, reflecting a 29.1% reduction in loss[2] - Total revenue for the six months ended June 30, 2024, was RMB 82,875,000, a decrease of 39.5% from RMB 137,351,000 in the same period of 2023[11] - The company incurred a segment loss of RMB 29,439,000 for the six months ended June 30, 2024, compared to a loss of RMB 26,480,000 in the prior year[12] - The company reported a loss attributable to owners of the company of RMB 216,861,000, compared to a loss of RMB 305,957,000 for the same period in 2023, representing a 29.1% improvement in loss[22] - The total revenue from other income for the six months ended June 30, 2024, was RMB 2,936,000, a decrease of 46.4% from RMB 5,470,000 in the same period of 2023[15] - The company’s financial expenses decreased to RMB 156,742,000 for the six months ended June 30, 2024, down 29.1% from RMB 220,975,000 in the same period of 2023[17] - The company’s foreign exchange loss for the six months ended June 30, 2024, was RMB 40,872,000, an improvement from a loss of RMB 77,870,000 in the same period of 2023[16] - Loss before tax decreased by RMB 88.0 million to RMB 218.5 million from RMB 306.5 million in the same period of 2023[46] - The total loss for this period decreased by RMB 89.1 million to RMB 219.0 million from RMB 308.1 million in the same period of 2023[48] Assets and Liabilities - Total assets decreased to RMB 1,961,890 thousand from RMB 2,016,669 thousand at the end of 2023[5] - Current liabilities increased to RMB 3,921,361 thousand, up from RMB 3,787,251 thousand at the end of 2023[5] - Net current liabilities rose to RMB (1,959,471) thousand compared to RMB (1,770,582) thousand at the end of 2023[5] - Non-current assets decreased to RMB 1,192,801 thousand from RMB 1,232,970 thousand at the end of 2023[4] - The company’s total liabilities, including trade and other payables, amounted to RMB 984,950 thousand as of June 30, 2024, compared to RMB 924,637 thousand at the end of 2023[28] - The current ratio as of June 30, 2024, was 0.50, down from 0.53 as of December 31, 2023, indicating a negative net cash position of RMB 3,560.1 million[51] - The net debt to equity ratio increased from -161.0% as of December 31, 2023, to -135.6% as of June 30, 2024[52] - As of June 30, 2024, the company has pledged assets totaling RMB 914.3 million in trade and other receivables, an increase from RMB 865.7 million as of December 31, 2023[55] Cash and Liquidity - The company’s cash and cash equivalents stood at approximately RMB 34,587,000 as of June 30, 2024, indicating significant liquidity concerns[8] - The company plans to implement measures to improve liquidity, including potential sales of subsidiaries and negotiations with creditors for refinancing[8] - The company is actively considering refinancing and other strategies to strengthen its financial stability and support long-term strategic development[59] - The company has received court orders freezing certain subsidiary shares due to outstanding bond payments, with RMB 329,909,000 in principal and RMB 132,845,000 in accrued interest related to the 2015 bonds[7] - The company is facing significant uncertainties regarding its ability to continue as a going concern, with various measures being taken to improve liquidity and financial conditions[66] - The mid-term financial data is prepared on a going concern basis, which is contingent on the success of the aforementioned measures[66] Operational Performance - Total electricity generation from solar power plants in China was approximately 109,912 MWh, a decrease of 39.7% from 182,364 MWh in the same period of 2023[34][35] - Revenue from solar power generation in China decreased by RMB 54.5 million or 39.7% to RMB 82.9 million, primarily due to the completion of share transfers of target companies in 2023[37] - Sales costs decreased by RMB 5.1 million or 7.9% to RMB 59.2 million, attributed to a reduction in electricity generation[38] - The company reported a decrease in electricity sales revenue to RMB 20,200,000 for the six months ended June 30, 2024, down from RMB 36,822,000 in the previous year[11] - The company continues to explore various clean energy resources to establish a solid foundation for becoming a leading global provider of low-carbon energy solutions[33] - The company is focusing on solar energy business development and management in China following previous divestitures[58] Employee and Administrative Costs - The company’s employee costs totaled RMB 13,935,000 for the six months ended June 30, 2024, a decrease of 9.4% from RMB 15,386,000 in the same period of 2023[18] - Administrative and general expenses decreased by RMB 10.8 million or 26.5% to RMB 29.9 million from RMB 40.7 million in the same period of 2023[43] - The company has 71 employees as of June 30, 2024, with compensation aligned to employee responsibilities and performance[57] Compliance and Reporting - The company continues to follow the same accounting policies and methods as those used in the annual financial statements for the year ended December 31, 2023[6] - The company has adopted new and revised International Financial Reporting Standards effective from January 1, 2024, with no significant impact on its financial statements reported[10] - The company has not declared or proposed any dividends for the six months ended June 30, 2024, and 2023[21] - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[67] - The company maintains a public float of at least 25% of its issued shares as required by listing rules[68] Other Financial Metrics - The company recorded a total of RMB 826,155,000 in trade receivables and electricity subsidy income as of June 30, 2024, an increase of 8.7% from RMB 760,002,000 as of December 31, 2023[25] - Trade payables increased to RMB 2,398 thousand from RMB 1,355 thousand, reflecting a rise in operational liabilities[28] - The expected credit loss under the impairment loss model for this period was RMB 19.2 million, compared to RMB 16.5 million in the same period of 2023, primarily due to a decrease in loss provisions for receivables from related parties[42] - Share of profits from associates decreased by RMB 0.1 million or 9.0% to RMB 1 million from RMB 1.1 million in the same period of 2023[44]
顺风清洁能源(01165) - 2024 - 中期业绩