Revenue Performance - Total revenue for the six months ended June 30, 2024, was RMB 127.5 million, a decrease of 18.0% from RMB 155.5 million in 2023[6]. - Revenue from Boree products increased significantly by 107.8% to RMB 2.0 million, compared to RMB 0.9 million in the previous year[6]. - Revenue from graphene-based products surged by 182.8% to RMB 2.3 million, up from RMB 0.3 million in 2023[6]. - Revenue from OEM business remained stable at RMB 111.2 million, a slight decrease of 0.1% compared to the previous year[6]. - Revenue from photovoltaic products increased by 71.7% to RMB 12.0 million, compared to RMB 42.5 million in 2023[6]. - The revenue of Golden Solar New Energy Technology Holdings Limited decreased by approximately RMB28.0 million or approximately 18.0% to approximately RMB127.5 million for the six months ended 30 June 2024, compared to RMB155.5 million in 2023[7]. - Revenue from Photovoltaic Products was approximately RMB12.0 million, a significant decrease of 71.7% compared to RMB42.5 million in the previous year[13]. - Revenue from Boree branded products increased by approximately 107.8% to approximately RMB2.0 million due to increased online sales[13]. - Revenue from graphene-based products increased by approximately 182.8% to approximately RMB2.3 million, driven by sales of sterilizing modules for air conditioning systems[13]. - The OEM business revenue slightly decreased by approximately 0.1% to approximately RMB111.2 million for the Period compared to RMB111.3 million in 2023[14]. - The revenue from the Photovoltaic Products business decreased by approximately 71.7% to approximately RMB12.0 million, primarily due to price competition among solar companies[20]. Financial Performance - Gross profit for the period was RMB 13.3 million, down 47.4% from RMB 25.2 million in 2023[6]. - The company reported a loss for the period of RMB 158.2 million, an increase of 25.2% from a loss of RMB 126.4 million in the previous year[6]. - The gross profit decreased by approximately 47.4% to approximately RMB13.3 million, with a gross profit margin dropping to approximately 10.4% from approximately 16.2% in the corresponding period of 2023[7]. - The Group recorded a net loss of approximately RMB158.2 million for the Period, compared to a net loss of approximately RMB126.4 million in the same period of 2023[11]. - Loss before tax for the period was RMB 157,845,000, compared to a loss of RMB 125,280,000 in 2023[56]. - The total comprehensive expenses for the period ending June 30, 2024, were RMB 158,184,000, compared to RMB 126,361,000 for the same period in 2023, reflecting an increase of approximately 25.1%[62]. - The company reported accumulated losses of RMB (1,646,458,000) as of June 30, 2024, compared to RMB (1,306,319,000) as of June 30, 2023, indicating an increase in losses of approximately 26%[62]. - Basic loss per share for the period was RMB 0.087, compared to RMB 0.073 in the same period last year[56]. Equity and Assets - Shareholders' equity decreased by 26.8% to RMB 461.2 million, down from RMB 629.7 million in 2023[6]. - Total assets as of June 30, 2024, were RMB 508,320,000, a decrease from RMB 602,653,000 as of December 31, 2023[58]. - Current assets decreased to RMB 391,230,000 from RMB 522,863,000 at the end of 2023[58]. - Net current assets were RMB 166,384,000, down from RMB 261,521,000 at the end of the previous year[58]. - Total equity as of June 30, 2024, was RMB 461,241,000, a decrease from RMB 540,994,000 at the end of 2023[60]. - The share capital as of June 30, 2024, was RMB 120,862,000, a slight decrease from RMB 120,960,000 as of June 30, 2023[63]. Cash Flow and Liquidity - Net cash outflow from operating activities amounted to approximately RMB26.0 million, compared to RMB28.3 million in 2023[15]. - Cash and bank balances decreased by approximately 43.3% to approximately RMB80.9 million as of June 30, 2024, from RMB142.6 million as of December 31, 2023[15]. - The company experienced a net decrease in cash and cash equivalents of RMB 61,730,000 for the six months ended June 30, 2024, compared to a decrease of RMB 50,639,000 in the same period of 2023, indicating a worsening cash position[65]. Research and Development - Research and development costs were approximately RMB32.8 million, primarily due to the upgrade of existing HJT production lines to the patented HBC solar cell technology[11]. - The Group is continuously developing advanced technologies to maintain product competitiveness amid price competition in the solar industry[9]. - The Group upgraded existing HJT production lines to higher efficiency HBC solar cell technology, which is expected to enhance competitiveness[20]. - The Group invested approximately RMB 92,000,000 in R&D for graphene material applications, indicating a focus on innovation and product development[101]. Corporate Governance and Management - The company is committed to maintaining good corporate governance practices, which are essential for effective management and enhancing shareholder value[54]. - The company complied with the Corporate Governance Code throughout the period[54]. - Changes in the Board included the retirement of Ms. An Na and the appointment of Dr. Zhang Baoping as an independent non-executive Director[54]. - Mr. Leung Tsz Chung stepped down as an executive Director and Chairman, with Mr. Kang Chuang appointed as his successor[54]. Share Options and Equity Incentives - The Company adopted a new share option scheme on June 16, 2023, to motivate and reward its Directors and eligible employees[17]. - As of June 30, 2024, the company had a total of 111,000,000 outstanding share options under the 2011 Share Option Scheme and 154,830,000 under the 2021 Share Option Scheme[31]. - The 2021 Share Option Scheme was terminated on June 16, 2023, and a new scheme, the 2023 Share Option Scheme, was adopted on the same date[31]. - The total outstanding share options as of June 30, 2024, are solely from the previous share option schemes[31]. - The exercise price for share options granted under the 2011 Share Option Scheme is HKD 0.55[34]. - The total number of shares that may be issued upon the exercise of all outstanding options under the 2023 Share Option Scheme is limited to 10% of the shares in issue at the date of approval[122]. Market and Competitive Position - The Group aims to selectively partner with high-end overseas module manufacturers to supply HBC solar cells for module production and sales in overseas markets[23]. - The Group's strategy focuses on creating technological differentiation to compete against homogeneous products facing significant price competition[23]. - The flexible solar modules received UL certification in June 2024, facilitating entry into the US residential market[21]. - The second flexible mass production facility is expected to commence operations in Q3 2024, with the first facility completing orders for Australia in September 2024[22]. Employee and Compensation - The Group had approximately 890 employees as of June 30, 2024, down from 1,090 employees on December 31, 2023, with total staff costs amounting to approximately RMB143.5 million for the period[17]. - Employee benefit expenses for the six months ended June 30, 2024, totaled RMB 143,497,000, up from RMB 113,737,000 in the previous year, indicating a growth of approximately 26%[89].
金阳新能源(01121) - 2024 - 中期财报