Credit Impairment and Expected Credit Loss - The audited financial results reported a credit impairment loss of approximately RMB 22,600,000 for the fiscal year 2021, with trade receivables and other receivables contributing RMB 20,400,000 and RMB 2,200,000 respectively [7]. - The expected credit loss provision for the fiscal year 2021 was estimated at approximately RMB 37,500,000, compared to a carryover of approximately RMB 35,400,000 from the fiscal year 2020 [5]. - The largest non-credit impaired debtor's outstanding balance decreased significantly from approximately RMB 22,370,000 as of December 31, 2021, to approximately RMB 750,000 by September 30, 2022, indicating a substantial reduction in credit risk [13]. - The expected credit loss model adopted a 35% expected credit loss rate based on Moody's global default rates for the fiscal year 2021, reflecting a conservative approach [6]. - The majority of the group's trade receivables were overdue for more than 180 days, leading to a higher expected credit loss value due to the aging of receivables [9]. - The company did not recognize any provision for expected credit losses in the unaudited results due to the initial assessment being below RMB 2,100,000 [5]. - The independent valuation firm applied a simplified flow rate matrix method to determine the expected credit loss rate, which increased with the aging of receivables [9]. - The board emphasized that the expected credit loss provision is a forward-looking estimate and does not represent actual losses incurred [11]. - The company plans to adjust the impairment loss for prudence based on subsequent events after the publication of the unaudited results [6]. Audit Process and Delays - The company faced delays in the audit process due to COVID-19 restrictions in China, impacting the assessment of financial assets [3]. Company Leadership - The executive director is Mr. Zhang Yi, with non-executive directors Mr. Dai Ji and Mr. Qiao Fenglin, and independent non-executive directors Dr. Zhen Jiasheng and Mr. Jiang Qiang [15].
卡姆丹克太阳能(00712) - 2022 Q3 - 季度财报