Jolywood(SZ:300393)2025-04-25 12:30Financial Performance - In 2024, the company reported a net profit attributable to shareholders of -856.40 million RMB, a significant decline from the previous year, primarily due to adverse market conditions in the photovoltaic industry [3]. - The company's revenue for 2024 was ¥6,096,016,834.46, a decrease of 50.28% compared to ¥12,259,462,660.37 in 2023 [23]. - The net profit attributable to shareholders for 2024 was -¥856,397,603.30, representing a decline of 262.64% from ¥526,548,121.86 in 2023 [23]. - The operating cash flow net amount for 2024 was ¥241,447,406.67, down 80.62% from ¥1,245,764,574.96 in 2023 [23]. - The basic earnings per share for 2024 was -¥0.79, a decrease of 264.58% compared to ¥0.48 in 2023 [23]. - Total assets at the end of 2024 were ¥16,616,558,879.98, a decrease of 2.82% from ¥17,099,515,023.28 at the end of 2023 [23]. - The net assets attributable to shareholders at the end of 2024 were ¥3,371,212,233.16, down 23.67% from ¥4,416,733,955.07 at the end of 2023 [23]. - The company reported a significant increase in non-operating income, totaling ¥61,335,570.47 in 2024, compared to ¥36,249,651.42 in 2023 [30]. - The company indicated uncertainty regarding its ability to continue as a going concern, as the net profit for the last accounting year was negative [23]. Market Conditions - The global photovoltaic industry faced a structural crisis, with severe imbalances in supply and demand leading to drastic price declines, impacting the company's core products such as backplanes, battery cells, and modules [4]. - The company acknowledges the ongoing challenges posed by geopolitical tensions, including the Russia-Ukraine conflict and the China-U.S. trade war [4]. - The price of polysilicon has dropped over 39%, while silicon wafer prices have decreased by more than 50% in 2024 [37]. - The company faces intensified market competition and potential declines in profitability due to structural imbalances in supply and demand within the photovoltaic industry [108]. Strategic Plans and Initiatives - The company plans to continue its "loss reduction" efforts in 2025 by enhancing product R&D, optimizing business models, and strengthening marketing capabilities [6]. - The company aims to improve profit margins through cost reduction in operational and production management [6]. - The company emphasizes the importance of industry self-discipline to prevent vicious competition and promote high-quality development in the photovoltaic sector [6]. - Future plans and projections mentioned in the report do not constitute substantive commitments to investors, highlighting the need for risk awareness [6]. - The company is actively exploring energy storage EPC business and wind power project development to diversify its offerings [55]. Research and Development - The company invested approximately ¥247 million in R&D, resulting in 31 new authorized patents in 2024 [56]. - The company achieved a laboratory efficiency of 26.99% for its TOPCon solar cells, maintaining a leading position in the industry [56]. - The company has received 31 new authorized patents in 2024, bringing the total to 310, including 136 invention patents [50]. - The company plans to enhance its R&D efforts for high-efficiency batteries and components, focusing on upgrading existing TOPCon products and rapidly advancing the mass production of new BC batteries [106]. Operational Performance - The company has established a diverse range of household power station installation solutions tailored to different user scenarios [41]. - The company has shipped over 280 GW of backsheet products, maintaining a leading position in the global market [48]. - The average conversion efficiency of mass-produced high-efficiency batteries has exceeded 26% [48]. - The company has a production model based on "sales-driven production," ensuring timely delivery of products according to customer orders [45]. Governance and Management - The company maintains an independent operational structure, with no competition or unfair related transactions with its controlling shareholder [124]. - The company has established a performance evaluation incentive system linking management compensation to business performance [121]. - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal requirements [118]. - The company has a dedicated financial department that operates independently and adheres to accounting laws and standards [128]. Environmental Compliance - The company has established compliance with multiple environmental protection laws and regulations [180]. - The company has implemented control measures for various pollutants, including non-methane total hydrocarbons and particulate matter [182]. - The company’s wastewater treatment facility meets the discharge standards for COD, ammonia nitrogen, and fluorides [185]. - The company has invested in pollution control equipment for its production lines to ensure compliance with environmental standards [189]. Shareholder Relations and Profit Distribution - The company plans not to distribute cash dividends, issue bonus shares, or increase capital from the capital reserve for the 2024 fiscal year due to losses and competitive industry conditions [161]. - The company has a profit distribution policy that allows for cash, stock, or a combination of both, with cash dividends prioritized when conditions are met [195]. - The company aims to ensure sustainable operations and long-term development while distributing profits [195]. - The company will announce any share reduction plans three trading days in advance [195]. Risk Management - The company is actively managing risks related to raw material price volatility by adjusting procurement strategies and enhancing supply chain management [109]. - The company is implementing measures to improve the collection of accounts receivable, including risk assessments and credit management [110]. - The company acknowledges risks from global economic fluctuations and trade barriers, emphasizing the need for strategic adjustments to mitigate impacts on its operations [107]. Employee and Management Changes - The company experienced a change in executive management, with the appointment of Fei Huishi as the new Vice General Manager and Financial Director effective March 29, 2024, following the retirement of Yu Yinzhu [133]. - The company has maintained a stable management team with no significant turnover aside from the reported retirements and resignations [133]. - The total number of employees at the end of the reporting period is 2,429, including 316 at the parent company and 2,113 at major subsidiaries [155].