Clenergy(SH:603628)2020-04-28 16:00Financial Performance - The company's operating revenue for 2019 was CNY 1,250,053,842.36, representing a 30.03% increase compared to CNY 961,392,116.10 in 2018[26]. - The net profit attributable to shareholders for 2019 was a loss of CNY 56,255,263.69, a decrease of 326.21% from a profit of CNY 24,868,634.63 in 2018[26]. - The net cash flow from operating activities for 2019 was CNY 147,517,136.41, an increase of 111.92% compared to CNY 69,611,017.28 in 2018[26]. - The company's total assets decreased by 9.88% to CNY 2,456,149,407.34 at the end of 2019 from CNY 2,725,320,105.27 at the end of 2018[26]. - The basic earnings per share for 2019 was -CNY 0.21, a decline of 333.33% from CNY 0.09 in 2018[26]. - The weighted average return on equity for 2019 was -6.26%, a decrease of 8.91 percentage points from 2.65% in 2018[26]. - The company reported a quarterly operating revenue of CNY 522,533,005.66 in Q4 2019, with a net profit loss of CNY 62,211,366.40[29]. - The company experienced a significant decline in net profit attributable to shareholders, with a loss of CNY 31,751,624.18 after excluding non-recurring gains and losses in 2019[26]. - The compound annual growth rate of revenue from 2017 to 2019 was 26.38%, increasing from CNY 782,643,114.00 to CNY 1,250,053,842.36[26]. - The company's net assets attributable to shareholders decreased by 5.67% to CNY 898,942,538.57 at the end of 2019 from CNY 952,975,671.73 at the end of 2018[26]. Business Operations - The company focuses on three core business areas: manufacturing of solar power station supporting products, solar power station development and construction services, and clean energy investment[38]. - The company has a production capacity exceeding 2 GW and has established a presence in over 30 countries, with applications in more than 10,000 ground-mounted solar power stations and over 600,000 rooftop solar power stations[38]. - The company has integrated upstream and downstream supply chains after obtaining a "Level 3 Qualification for General Contracting of Electric Power Engineering," enhancing its service capabilities in solar power station projects[38]. - The company employs a procurement model that includes sales order procurement and just-in-time procurement to minimize inventory costs[41]. - The company has established a marketing model that includes direct sales to EPC contractors and power investment companies, as well as a buyout distribution model for dealers[41]. - The company is actively expanding its clean energy investment business, focusing on high-yield, guaranteed investment projects in both centralized and distributed solar power stations[41]. - The company aims to enhance the efficiency of solar power stations through professional operation and maintenance management, ensuring investment returns for its projects[41]. Research and Development - The company holds 9 invention patents, 47 utility model patents, and 19 design patents, emphasizing its commitment to innovation and quality[38]. - The company has developed over 200 types of photovoltaic support products tailored to different geographical and climatic conditions[51]. - The company is currently developing a smart distributed tracking photovoltaic system, which is expected to enhance overall power generation efficiency[78]. - The company plans to introduce new photovoltaic support products, including photovoltaic tracking systems and integrated photovoltaic systems for buildings[127]. - The company will strengthen its R&D platform and expand its testing center to improve the efficiency of technology research and development[127]. - The company aims to promote the standardization and modularization of photovoltaic support products to reduce R&D and production costs[127]. Market Trends and Challenges - In 2019, China's newly installed photovoltaic capacity reached 30.1GW, a year-on-year decrease of 32.0%, while cumulative installed capacity exceeded 204.3GW, a year-on-year increase of 17.1%[47]. - The total photovoltaic power generation in 2019 was approximately 224.26 billion kWh, representing a year-on-year growth of 26.3% and accounting for 3.1% of the country's total power generation[47]. - The photovoltaic industry is expected to experience further consolidation, with leading manufacturers expanding capacity and market share, thereby squeezing the survival space of smaller enterprises[44]. - The end of subsidies in 2020 is anticipated to mark the arrival of the grid parity era for photovoltaic power generation[47]. - The company is facing challenges from subsidy removal policies and price wars, but remains focused on its core business of photovoltaic station supporting products and clean energy services[62]. Shareholder and Dividend Policy - The company plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves for the reporting period[6]. - The company's cash dividend policy stipulates that if there are no major investment plans, at least 20% of the distributable profits should be distributed as cash dividends[135]. - The company’s cash dividend distribution ratio for mature companies without major capital expenditures is set at a minimum of 80%[135]. - The company has not proposed a cash profit distribution plan for the reporting period despite having positive distributable profits[140]. - The company plans to repurchase shares at a price not exceeding 110% of the audited net asset value per share from the previous fiscal year[148]. Corporate Governance and Compliance - The company received a standard unqualified audit report from Rongcheng Accounting Firm[5]. - The company did not have any major litigation or arbitration matters during the reporting period[159]. - The company did not face any risks of suspension or termination of listing during the reporting period[157][159]. - The company did not have any significant related party transactions that were not disclosed in temporary announcements[161]. - The company has not disclosed any significant changes in its ordinary share capital structure during the reporting period[177]. Social Responsibility and Sustainability - The company adheres to the philosophy of "originating from society, returning to society," focusing on environmental protection, social welfare, and poverty alleviation[172]. - The company is committed to developing clean energy solutions, aiming for sustainable development and reducing carbon emissions through initiatives like rooftop solar power stations[172]. - The company actively participates in social responsibility initiatives, collaborating with stakeholders to promote clean energy[172]. - The company aims to achieve economic benefits while protecting shareholder rights and ensuring compliance with environmental sustainability[172].