Jinko Power(SH:601778)2023-04-28 16:00Energy Storage and Renewable Energy Development - As of the end of 2022, nearly 30 provinces and cities in China have planned new energy storage installation targets exceeding 60GW, with 6.9GW/15.3GWh of new projects commissioned in 2022, a fivefold increase from the same period in 2021[1] - The newly planned and under-construction energy storage projects in China reached 101.8GW/259.2GWh in 2022, with a projected compound annual growth rate of 55% to 70% during the 14th Five-Year Plan period[1] - The company aims to enhance its photovoltaic power station equity installed capacity and expand its business in distributed projects, energy storage, and wind power investments[2] - The company is actively exploring emerging business opportunities such as energy storage, virtual power plants, and microgrids to enhance its comprehensive energy services[6] - The company has expanded its distributed photovoltaic power station operations and is actively developing its energy storage business[36] Financial Performance and Revenue - The company reported a significant increase in revenue for 2021, reflecting a strong operational performance[38] - JinkoSolar Holding Co., Ltd. reported a 29.48% increase in revenue for the year 2022[194] - The total cash dividend amount for 2022, including share buybacks, is projected to be 168.55 million CNY, representing 80.55% of the net profit attributable to shareholders for that year[53] Corporate Governance and Compliance - The company has conducted 8 shareholder meetings during the reporting period, ensuring compliance with regulations and protecting minority shareholder rights[17] - The board of directors held 16 meetings, with independent directors providing independent opinions on related transactions and other significant matters[17] - The company has implemented a strict insider information management system, with no incidents of insider information leakage or insider trading reported during the period[20] - The company is committed to maintaining compliance with laws and regulations regarding the avoidance of competition with its controlling shareholder[62] - The company has established a framework to ensure that any related party transactions are conducted fairly and transparently, protecting the interests of minority shareholders[94] Risk Management and Challenges - The company faces risks from changes in industry policies, particularly as the photovoltaic industry transitions to a subsidy-free era, which may impact future project profitability[9] - Increased market competition in the photovoltaic sector may affect the company's market share and new business scale if it cannot leverage its competitive advantages[10] - Fluctuations in upstream component prices, particularly for photovoltaic modules, could significantly impact the company's operating costs and project profitability[11] - The company is enhancing project management capabilities to mitigate risks associated with project delays and funding requirements[15] Employee Management and Development - The company has implemented a compensation policy based on employee value and company performance, aimed at attracting and retaining core talent[46] - The company provides various employee benefits, including meal allowances, communication fees, and health insurance[48] - The company has established a "WIN" talent development system to ensure a continuous supply of talent and to cultivate a reserve team, focusing on personal growth and organizational collaboration[49] Shareholder and Equity Management - The company plans to issue non-public A-shares as approved in the fifth temporary shareholder meeting[24] - The company plans to repurchase shares with a total amount not less than RMB 100 million and not exceeding RMB 200 million[200] - The share repurchase plan aims to buy back approximately 10,869,566 to 21,739,130 shares, representing about 0.3930% to 0.7861% of the total share capital[200] Environmental and Social Responsibility - The company produced 3.862 billion kWh of green electricity during the reporting period, reducing carbon dioxide emissions by 3.1978 million tons[73] - The company provided free operation and maintenance services for 7.06 MW of poverty alleviation photovoltaic stations, saving approximately RMB 460,000 annually for impoverished villagers[82] - The company donated a total of RMB 732,000 for various charitable projects, including support for rural revitalization and public facility construction[84] Strategic Investments and Projects - The company plans to invest in 7 rooftop distributed photovoltaic power station projects and 1 energy storage project, with a total expected transaction amount for daily related transactions estimated at 223.82 million RMB for 2022[139] - The company has approved the use of surplus funds from completed projects to invest in new projects, including a 52.43MW distributed photovoltaic project and a 25MW/50MWh energy storage demonstration project[166] - The company has committed to resolving any potential competition issues with Jinko Technology by offering to transfer assets at fair prices if necessary[118]