EGING PV(SH:600537)2022-04-25 16:00Financial Performance - The company's operating revenue for 2021 was approximately ¥4.08 billion, a decrease of 0.36% compared to ¥4.10 billion in 2020[23]. - The net profit attributable to shareholders was approximately -¥602.58 million, showing an improvement from -¥652.43 million in the previous year[23]. - The net cash flow from operating activities was -¥93.93 million, a significant decline of 121.17% compared to ¥443.60 million in 2020[23]. - The total assets increased by 6.00% to approximately ¥7.96 billion at the end of 2021, compared to ¥7.51 billion at the end of 2020[23]. - The net assets attributable to shareholders decreased by 13.98% to approximately ¥2.30 billion from ¥2.67 billion in 2020[23]. - The basic earnings per share for 2021 was -¥0.51, slightly improved from -¥0.55 in 2020[26]. - The weighted average return on net assets was -23.19%, a decrease of 1.42 percentage points compared to -21.77% in 2020[26]. - The company reported a decrease of 2.24% in revenue after excluding non-main business income, totaling approximately ¥4.00 billion[23]. - The company reported a non-recurring loss of CNY 228,899,933.12 in 2021, compared to a gain of CNY 137,472,115.12 in 2020[30]. - The company's total revenue for the reporting period was 4,083.27 million yuan, a slight decrease of 0.36% compared to the previous year[51]. - The net profit attributable to shareholders was -602.58 million yuan, with a net profit excluding non-recurring items of -373.68 million yuan, indicating continued losses[51]. Operational Developments - The company disposed of outdated production capacity, selling the 158.75mm battery and module production line, which helped optimize capacity structure and improve asset quality[33]. - The company established a new 3GW high-efficiency silicon battery project and a 2GW high-efficiency solar module project, achieving a total capacity of 5GW for batteries and 5GW for modules[34]. - The company plans to raise CNY 1,302.4 million through a private placement, with CNY 702.4 million allocated for the construction of a new 5GW high-efficiency solar module project[34]. - The company improved battery efficiency and reduced production costs by approximately 10% during the reporting period[35]. - The company launched the "Aurora" and "Star" high-efficiency module series, which are competitive in terms of efficiency and cost[36]. - The company developed several high-efficiency battery modules with maximum power outputs ranging from 405W to 690W, achieving efficiencies up to 22.21%[37]. - The company shipped a total of 2.42GW of components during the reporting period, with 1.76GW in the domestic market and 0.66GW internationally[38]. - The company won bids for photovoltaic component projects totaling 1,580MW, including 1,200MW from China National Nuclear Corporation and 280MW from Southern Power Grid[38]. - The company plans to continue research and development of high-density, high-power component packaging technology to strengthen its leading position in the industry[38]. - The company expanded its sales reach to 49 countries and regions, successfully entering markets in Brazil, Colombia, Mexico, Argentina, Sweden, Hungary, Lithuania, and Croatia[38]. Market Trends and Challenges - In 2021, the domestic photovoltaic industry added 54.88GW of installed capacity, a year-on-year increase of 13.9%, with a cumulative installed capacity of 308GW, ranking first globally[39]. - The global photovoltaic market saw a record increase in installed capacity, reaching 183GW in 2021, with a year-on-year growth of over 30%[107]. - The anticipated annual average new installed capacity for domestic photovoltaic systems during the 14th Five-Year Plan period is expected to be between 70GW and 90GW[107]. - The N-type battery technology, including TOPCon and HJT, is projected to increase its market share from 3% to 13.4% in 2022[111]. - The company faces risks related to domestic policy changes affecting photovoltaic investment subsidies, which may impact market demand for photovoltaic components[117]. - The rapid increase in prices of photovoltaic raw materials has raised procurement and manufacturing costs, putting significant pressure on the company's operating performance[120]. Research and Development - The company has a total of 362 patents, including 111 invention patents, reflecting its strong research and development capabilities[46]. - The company's R&D expenditure totaled ¥109,956,207.81, accounting for 2.69% of operating revenue[66]. - The number of R&D personnel is 217, representing 13.00% of the total workforce[67]. - The average conversion efficiency for monocrystalline silicon solar cells is 22.95% for 182mm and 22.75% for 210mm, with a research and development maximum efficiency of 23.5%[80]. - The average conversion efficiency of PERC technology batteries reached approximately 23.1% in 2021, nearing its theoretical limit[111]. - The company aims to enhance its core competitive advantages across the entire industry chain, including silicon rod pulling, wafer cutting, cell preparation, and module packaging[113]. Environmental and Sustainability Initiatives - The company has committed to continuous improvement in environmental management, focusing on energy conservation and pollution prevention[173]. - The company has implemented a comprehensive utilization strategy for general industrial solid waste, ensuring responsible waste management[181]. - The company has installed a distributed photovoltaic power station on its rooftops with a total installed capacity of 30MW, generating 22.8 million kWh in 2021, which reduced carbon emissions by 21,000 tons[190]. - The company operates a 160MW fish-solar complementary photovoltaic power station, generating 183.83 million kWh in 2021, leading to a reduction of nearly 200,000 tons of carbon emissions during the reporting period[190]. - The company has a 100% operational rate for its environmental protection facilities, which are connected to the environmental monitoring system for real-time pollutant monitoring[182]. - The company has engaged qualified units for the disposal of hazardous waste, ensuring compliance with environmental regulations[181]. Governance and Management - The company has established a comprehensive internal control system and governance structure to ensure compliance with regulatory requirements[126]. - The company has appointed several independent directors with extensive experience in finance and law, enhancing its governance structure[140]. - The company has established a comprehensive evaluation system for determining the remuneration of senior management based on performance[143]. - The company has committed to avoiding and reducing related party transactions, ensuring fair pricing and compliance with legal procedures[196]. - The company has actively invited independent directors to participate in on-site work to enhance corporate governance[171]. - The company held four extraordinary general meetings in 2021, with key resolutions passed regarding financial audits and director elections[129].