Financial Performance - The total electricity generation from solar power stations owned by the company in China was approximately 217,252 MWh, a decrease of 53.7% from 469,527 MWh in the same period of 2021[12][13]. - Revenue from solar power generation in China decreased by RMB 193.8 million or 53.2% to RMB 170.7 million, primarily due to the completion of share transfers related to the sale of target companies[16]. - The cost of sales decreased by RMB 124.6 million or 67.5% to RMB 59.9 million, attributed to the reduction in electricity generation[19]. - Gross profit decreased by RMB 69.2 million or 38.4% to RMB 110.8 million compared to the same period in 2021[20]. - Other income decreased by RMB 5.3 million or 37.1% to RMB 9.0 million, mainly due to a reduction in accrued interest income from electricity subsidies[21]. - The company recorded a net loss of RMB 118.4 million in other gains and losses, compared to a net gain of RMB 9.3 million in the same period of 2021[22]. - Loss before income tax increased from RMB 118.9 million in the same period of 2021 to RMB 193.9 million, an increase of RMB 75.0 million[27]. - Income tax expense rose by RMB 1.6 million or 320.0% from RMB 0.5 million in the same period of 2021 to RMB 2.1 million[28]. - Loss from continuing operations increased from RMB 119.4 million in the same period of 2021 to RMB 196.0 million, an increase of RMB 76.6 million[29]. - The company reported a net loss of RMB 195,974,000 for the six months ended June 30, 2022, compared to a loss of RMB 38,921,000 in the same period of 2021[121]. - The basic loss per share for the period was RMB 3.89, compared to RMB 1.42 in the same period last year, indicating a worsening financial performance[90]. - The company reported a pre-tax loss of RMB 193,875 thousand for the six months ended June 30, 2022, compared to a loss of RMB 118,946 thousand in the same period of 2021[152]. Expenses and Liabilities - Administrative and general expenses increased by RMB 5.5 million or 14.9% to RMB 42.5 million[23]. - Financial expenses decreased by RMB 70.8 million or 24.4% to RMB 218.8 million, mainly due to a reduction in interest on bank and other borrowings[26]. - The company’s current liabilities as of June 30, 2022, amounted to RMB 1,039,952,000, indicating significant liquidity concerns[81]. - The company reported a net current liability of RMB (1,039,952) thousand, compared to RMB (979,616) thousand at the end of 2021, indicating a worsening of approximately 6.1%[95]. - The company’s total liabilities, including bank loans and bonds, amounted to RMB 2,215,812,000, with a significant portion due within one year[81]. - The company had overdue bank and other borrowings and bonds payable of approximately RMB 1,050,994,000 and RMB 585,372,000, respectively[121]. - The company is facing arbitration claims from bondholders for immediate repayment of outstanding principal and accrued interest, which may impact its financial stability[81]. Revenue and Sales - The company’s major customers accounted for approximately 61.2% of total revenue, with the largest customer contributing about 17.4%[14]. - For the six months ended June 30, 2022, the company reported a revenue of RMB 170,684,000, a decrease of 53% compared to RMB 364,493,000 for the same period in 2021[87]. - The revenue from electricity sales and subsidies was RMB 47,482 thousand for the six months ended June 30, 2022, compared to RMB 123,202 thousand for the same period in 2021, indicating a decrease of about 61%[145]. - External sales revenue from electricity sales was RMB 47,482 thousand, down 55.7% from RMB 106,808 thousand in the previous year[156]. - Electricity subsidies accounted for approximately 72.2% of total revenue, totaling RMB 123,202 thousand, compared to RMB 257,685 thousand in the prior year[156]. Assets and Equity - As of June 30, 2022, total assets decreased to RMB 3,709,593 thousand from RMB 5,195,512 thousand as of December 31, 2021, representing a decline of approximately 28.5%[92]. - Non-current assets amounted to RMB 1,486,432 thousand, down from RMB 1,557,026 thousand, indicating a decrease of about 4.5%[92]. - The total equity attributable to owners of the company was RMB (1,168,000) thousand as of June 30, 2022, compared to RMB (974,319) thousand at the end of 2021, representing an increase of about 19.9%[95]. - The company’s cash and cash equivalents increased significantly to RMB 487,717 thousand from RMB 55,676 thousand, marking a substantial rise of approximately 774.5%[92]. - The company’s trade and other receivables decreased slightly to RMB 1,023,550 thousand from RMB 1,036,131 thousand, a decline of about 1.2%[92]. Operational Changes and Future Plans - The company completed the transfer of shares for three of the seven target companies in the first major sale agreement, totaling RMB 537.6 million[41]. - The second major sale agreement was approved by shareholders on January 13, 2022, involving the sale of 100% equity of two target companies for RMB 414.7 million[43]. - The company agreed to sell 100% equity of several subsidiaries for a total consideration of RMB 889.6 million, but the agreement was terminated due to unmet conditions[46]. - The group plans to focus on solar energy business development and management in China after completing several sales transactions[52]. - The company continues to implement plans to improve its liquidity and financial position, including collecting remaining sale proceeds from subsidiaries[122]. Shareholder Information - As of June 30, 2022, Mr. Wang Yu holds 27,345,588 shares, representing approximately 0.55% of the total issued share capital[64]. - Mr. Zhang Fubo owns 9,918,000 shares, which accounts for about 0.20% of the total issued share capital[64]. - Peace Link Services Limited holds 2,599,335,467 shares, representing 52.17% of the total issued share capital[68]. - Asia Pacific Resources Development Investment Limited has a beneficial interest in 2,674,892,658 shares, equating to 53.69% of the total issued share capital[68]. - Mr. Zheng Jianming has a beneficial interest in 2,681,844,658 shares, which is approximately 53.83% of the total issued share capital[68]. Impairment and Credit Losses - The company recognized a net impairment loss provision of RMB 64,277,000 for expected credit losses for the six months ended June 30, 2022, significantly higher than RMB 2,559,000 for the same period in 2021[167]. - The impairment loss recognized for completed solar power plants was RMB 49,802,000, compared to RMB 17,672,000 for the same period in 2021[185]. - The impairment loss on assets classified as held for sale was RMB (26,959) thousand, while the impairment reversal for solar power stations was RMB 49,802 thousand[152].
顺风清洁能源(01165) - 2022 - 中期财报