Financial Performance - Revenue from solar power generation in China decreased by RMB 78.7 million or 33.0% to RMB 159.8 million for the year ended December 31, 2024, primarily due to the completion of share transfers related to solar power plants[25] - The gross profit for the year was RMB 41.1 million, down RMB 77.1 million or 65.2% from RMB 118.2 million in the previous year[27] - The company reported a revenue growth of -33.0% for the year 2024, with an EBITDA of -RMB 20.662 million, indicating a significant decline in operational performance[52] - The adjusted EBITDA ratio for 2024 was 61.1%, down from 74.5% in 2023, reflecting a decrease in operational efficiency[52] - The company reported a loss of RMB 440,269,000 for the year ending December 31, 2024, with total equity attributable to owners amounting to a loss of RMB 1,972,076,000[85] - The group reported a net loss of RMB 440,269,000 and RMB 471,040,000 for the years ended December 31, 2024, and 2023, respectively[196] Operational Metrics - The total electricity generation from solar power plants in China for 2024 was approximately 208,517 MWh, a decrease of 30.2% from 298,718 MWh in 2023[21] - The total installed capacity of solar power plants in China was approximately 256 MW as of December 31, 2024[21] - For the year 2024, the company's solar power plants generated approximately 208,517 MWh, saving 62,889 tons of coal compared to traditional coal-fired power plants, and reducing emissions of dust, CO2, and SO2 by 3 tons, 171,192 tons, and 16 tons respectively[142] Financial Position - Current liabilities exceeded current assets by RMB 2,587,807,000 as of December 31, 2024, an increase of RMB 817,225,000 compared to RMB 1,770,582,000 on December 31, 2023[85] - Total debt as of December 31, 2024, was RMB 2,326.836 million, with a debt-to-equity ratio of 571.0%, indicating a high level of financial leverage[52] - The company's cash and cash equivalents stood at approximately RMB 13,077,000 as of December 31, 2024[200] Debt and Financing - The company is currently facing a financial obligation of HKD 289.1 million related to overdue principal and interest, with a winding-up petition submitted to the Hong Kong High Court[51] - The total amount of bank and other borrowings, convertible bonds, and bonds payable as of December 31, 2024, was RMB 1,882,679,000, which is due within one year or on demand[196] - The overdue bank and other borrowings and bonds payable as of December 31, 2024, were approximately RMB 908,316,000 and RMB 585,372,000, respectively[196] - The company has been in continuous discussions with creditors and financial institutions regarding alternative refinancing and/or extending the maturity dates of related debts[93] Governance and Compliance - The company has adopted a standard code of conduct for securities trading, with all directors confirming compliance for the year[67] - The board of directors has established a diversity policy, ensuring at least one director of a different gender is appointed, with 44% of employees being female as of December 31, 2024[75] - The company has complied with all provisions of the corporate governance code for the year ending December 31, 2024[188] - The audit committee includes three independent non-executive directors, ensuring independence and objectivity in financial oversight[77] Risk Management - The company has established a two-part enterprise risk management framework consisting of a risk management structure and risk management procedures[101] - Management is tasked with identifying and continuously monitoring strategic, operational, financial, reporting, and compliance risks[104] - The internal audit function has been outsourced to a third-party professional internal control consultant to ensure independence in reviewing the effectiveness of the risk management procedures[105] - The audit committee has not identified any deficiencies in the risk management and internal control systems[114] Shareholder Engagement - The company is committed to maintaining high transparency and effective communication with shareholders and investors through various channels, including its website[116] - Independent non-executive directors are required to attend shareholder meetings, ensuring compliance with corporate governance codes[121] - The company allows shareholders holding at least 10% of the paid-up capital to request a special general meeting within two months of submission[118] Employee Relations - The company emphasizes the importance of maintaining good relationships with employees and business partners, providing competitive compensation and a comfortable working environment[141] - The company has a total of 72 employees, with a gender distribution of 56% male and 44% female, reflecting its commitment to diversity[75] Future Outlook - The company is facing uncertainties regarding its ability to continue as a going concern, with significant measures being taken to improve liquidity and financial conditions[94] - The company anticipates that if the proposed plans and measures are successfully implemented, the auditor's report for the year ending December 31, 2025, may no longer include a disclaimer of opinion[94]
顺风清洁能源(01165) - 2024 - 年度财报