Financial Performance - In 2024, the Group's revenue decreased by approximately RMB 41.8 million or approximately 14.2% to approximately RMB 253.5 million, primarily due to declines in the sales of Photovoltaic Products and OEM business[17]. - The revenue from the OEM business slightly decreased by approximately 1.5% to approximately RMB 206.2 million in 2024 despite challenging macroeconomic conditions[18]. - Revenue from the manufacture and sale of Photovoltaic Products dropped by approximately 51.6% to approximately RMB 38.6 million due to a transition to new technology products[19]. - The Group's revenue for the year ended December 31, 2024, decreased by approximately RMB 41.8 million or 14.2% to approximately RMB 253.5 million compared to RMB 295.3 million in 2023[28]. - Revenue from the Photovoltaic Products business decreased by approximately 51.6% to approximately RMB 38.6 million, down from approximately RMB 79.8 million in 2023[29]. - The gross profit margin for the Group decreased to approximately 13.0% for the year ended December 31, 2024, compared to approximately 14.5% in 2023, with gross profit decreasing by approximately 23.2% to approximately RMB 32.9 million[28]. - The Group recorded a decrease in net loss for the year ended December 31, 2024, of approximately RMB 49.0 million to approximately RMB 277.4 million, compared to a net loss of approximately RMB 326.4 million in 2023[31]. Assets and Equity - Non-current assets amounted to RMB 327.3 million, while current assets were RMB 368.9 million in 2024[14]. - Shareholders' equity decreased to RMB 382.4 million in 2024 from RMB 541.0 million in 2023[14]. - The Group's current ratio was 1.3x in 2024, down from 2.0x in 2023, reflecting a decline in liquidity[14]. Costs and Expenses - Selling and distribution expenses increased by approximately 2.1% to approximately RMB 25.3 million in 2024, accounting for approximately 10.0% of the Group's revenue[44][47]. - General and administrative expenses decreased by approximately RMB 35.5 million or approximately 13.8% to approximately RMB 221.6 million in 2024, primarily due to a reduction in equity-settled share-based payments[45][48]. - Research and development costs decreased by approximately RMB 23.1 million to approximately RMB 60.2 million in 2024, focusing on upgrading HJT cell production lines[46][49]. Cash Flow and Liquidity - As of December 31, 2024, the Group's net cash outflow from operating activities amounted to approximately RMB 50.6 million, with cash and bank balances decreasing to approximately RMB 31.9 million[51]. - The net cash outflow from operating activities for the year was approximately RMB 50.6 million, a decrease from RMB 161.9 million in 2023[55]. - As of December 31, 2024, cash and bank balances were approximately RMB 31.9 million, down by approximately RMB 110.7 million from RMB 142.6 million at the end of 2023[55]. Debt and Gearing - The gearing ratio increased to 80.7% as of December 31, 2024, compared to 58.7% in 2023, indicating a rise in total debts relative to equity[52]. - The Group's leverage ratio increased to 80.7% as of December 31, 2024, compared to 58.7% in 2023[55]. Employee and Staff Information - The total staff costs for the year ended December 31, 2024, amounted to approximately RMB 243.95 million, down from RMB 293.07 million in 2023[61]. - The Group had approximately 1,020 employees as of December 31, 2024, a decrease from 1,090 employees in 2023[61]. Corporate Governance - The Company has complied with the Corporate Governance Code throughout the year ended December 31, 2024[85]. - The Company periodically reviews its corporate governance practices to ensure continuous compliance[85]. - The Board held a total of 11 meetings during the year 2024, with attendance details summarized in the report[108]. - The Company has maintained a well-balanced Board composition with Directors possessing relevant expertise and extensive experience[99]. - The Company has established three Board Committees: audit committee, remuneration committee, and nomination committee, to oversee specific aspects of its affairs[132]. Board Composition and Diversity - As of December 31, 2024, the Board consisted of two executive Directors, one non-executive Director, and three independent non-executive Directors, with a gender ratio of 83.3% male and 16.7% female, achieving the target set by the Board[167]. - The gender ratio in the workforce (excluding Directors) was 47.7% female to 52.3% male, indicating a balanced gender distribution[168]. - The Company aims to maintain a balanced gender ratio in the workforce and does not consider gender in recruitment decisions[168]. - The Company has set a gender diversity target of having at least one female Director on the Board[166]. Strategic Initiatives - The Group upgraded its existing HJT cell production lines to the patented HBC solar cell technology, which offers higher conversion efficiency and lower costs[20]. - The Group plans to complete the world's first gigawatt-scale HBC cell factory in 2025 through a joint venture with partners, aiming to expand market reach and partnerships[23]. - The specialized silver-copper paste technology developed for back-contact cells reduces silver paste consumption by over 20%, lowering production costs while maintaining conductivity[26]. - The Group's Boree branded products revenue increased by approximately 496.8% to approximately RMB 4.1 million due to increased online sales[36]. - The Group's strategy includes collaborating with traditional awning suppliers to supply solar awnings to downstream recreational vehicles and household customers[25]. Internal Controls and Risk Management - The Board is responsible for preparing the financial statements for the year ended December 31, 2024, ensuring they provide a true and fair view of the Company's affairs and comply with International Financial Reporting Standards[191]. - The Board and audit committee conducted a review of the internal control system and procedures, believing that the existing risk management and internal control systems are adequate and effective[199]. - The internal audit function is responsible for assessing the Group's risk management and internal control systems and reporting findings to the audit committee[196].
金阳新能源(01121) - 2024 - 年度财报