AikoSolar(SH:600732)2022-04-29 16:00Financial Performance - The company reported a consolidated net profit attributable to shareholders of -125.55 million yuan for the year 2021[2]. - As of the end of 2021, the company's undistributed profits amounted to -8.71 million yuan[2]. - The board of directors proposed no cash dividends, no bonus shares, and no capital reserve conversion to share capital for the 2021 fiscal year due to the negative net profit[2]. - The company reported a strong financial performance in 2021, with a notable increase in revenue driven by the growing demand for solar energy solutions[12]. - The company's operating revenue for 2021 was CNY 15,470,502,691.05, representing a 60.09% increase compared to CNY 9,663,743,812.91 in 2020[19]. - The net profit attributable to shareholders of the listed company was a loss of CNY 125,555,058.98 in 2021, a decrease of 115.59% from a profit of CNY 805,457,574.43 in 2020[19]. - The net cash flow from operating activities increased by 69.34% to CNY 458,753,757.07 in 2021, compared to CNY 270,906,614.43 in 2020[19]. - The total assets at the end of 2021 were CNY 17,900,242,752.00, a 40.93% increase from CNY 12,701,957,035.14 at the end of 2020[19]. - The basic earnings per share for 2021 was -CNY 0.06, down 114.29% from CNY 0.42 in 2020[20]. - The weighted average return on net assets was -2.33% in 2021, a decrease of 26.74 percentage points from 24.41% in 2020[21]. Production and Capacity - The company reported a significant increase in production capacity, with the introduction of 182mm and 210mm large-size solar cells, which have an area increase of 35.34% and 80.47% respectively compared to the conventional M2 cells[11]. - The company plans to achieve mass production of the newly developed ABC (All Back Contact) solar cells by 2022, which are expected to offer high efficiency and reliability[11]. - The company is focusing on the development of advanced technologies such as HJT (Hetero Junction Technology) and TOPCon (Tunnel Oxide Passivating Contacts) to enhance solar cell efficiency[11]. - The production capacity of high-efficiency PERC solar cells reached 36 GW in 2021, a 63% increase from 22 GW in 2020[37]. - The company plans to increase its total battery production capacity to 45 GW by the end of 2022, with over 95% of this capacity capable of producing batteries larger than 182 mm[45]. - The company has initiated the construction of a 6.5 GW ABC battery production project in Zhuhai, expected to be completed and operational by Q3 2022[36]. - The average production efficiency of the company's battery production lines reached approximately 3.5 MW/year/person, which is 12.90% higher than the industry average of 3.1 MW/year/person[46]. Research and Development - The company has established a robust R&D framework to support the innovation of PERC (Passivated Emitter and Rear Contact) technology, which is crucial for improving solar cell performance[10]. - Research and development expenses increased to approximately 650 million yuan, a year-on-year growth of 70.93%, with 1,415 R&D personnel, accounting for 21% of the total workforce[34]. - The company achieved a significant breakthrough in N-type battery technology, with R&D investment increasing by approximately 70% compared to 2020[42]. - The company is committed to enhancing its R&D investment in ABC technology to build a patent barrier and protect its technological achievements[89]. - The company is focused on developing a complete R&D system from battery research to system solutions, promoting technological progress in the photovoltaic industry[85]. Market and Strategic Initiatives - The company is actively exploring market expansion opportunities both domestically and internationally to enhance its market presence[10]. - The company aims to align its strategies with China's dual carbon goals, targeting peak carbon emissions by 2030 and carbon neutrality by 2060[10]. - The company is focusing on N-type battery technology, which is expected to create a new competitive landscape in the photovoltaic industry[80]. - The company plans to invest approximately CNY 175.08 billion in key projects, with a cumulative investment of about CNY 85.90 billion as of the report date, including CNY 24.95 billion in 2021[75]. - The company is exploring partnerships with international firms to expand its global footprint, targeting new markets in Europe and North America[107]. Governance and Compliance - The company has established a governance structure that meets the requirements of the Company Law and relevant regulations, enhancing its governance level and internal supervision mechanisms[99]. - The internal control system was audited by Rongcheng Accounting Firm, which issued a standard unqualified opinion, confirming effective financial reporting internal controls as of December 31, 2021[98]. - The company held 6 shareholder meetings, 11 board meetings, and 11 supervisory meetings during the reporting period, passing a total of 60 resolutions, including the 2020 annual report and the 2021 investment plan[97]. - The company is committed to ensuring the accuracy of financial information and maintaining transparency in its operations[113]. - The company has not reported any significant deficiencies in internal control during the reporting period[131]. Environmental and Social Responsibility - The company is committed to reducing the cost of solar power generation through continuous technological innovation, aiming to make solar energy the most widely used economic energy source[147]. - The company has implemented a comprehensive environmental self-monitoring plan, including third-party testing for wastewater and air emissions[143]. - The company has established emergency response plans for environmental pollution incidents, which have been filed with local environmental authorities[142]. - The company maintained zero major safety incidents throughout the year, adhering strictly to national environmental protection and emission standards[149]. - The company actively supported employees during the pandemic, ensuring no confirmed or suspected cases occurred within its workforce[148]. Shareholder and Financial Commitments - The company committed to achieving net profits of no less than 475 million, 538 million, and 930 million yuan for the years 2019, 2020, and 2021 respectively, totaling 1.943 billion yuan[152]. - The company expressed regret over the failure to meet the 2021 profit commitment and plans to enforce the performance commitment agreement[164]. - The company has committed to a share lock-up period of 36 months from the date of listing, with performance compensation obligations to be fulfilled before any transfer of shares[156]. - The company will provide compensation for any losses incurred by the listed company and its subsidiaries due to violations of the commitments made[155]. - The company has outlined specific conditions for unlocking shares based on performance commitments, with a two-phase unlocking process[157].