DXLT(SZ:000040)2020-05-29 16:00Business Focus and Strategy - The company reported a significant change in its main business scope, focusing on renewable energy and environmental technology, including photovoltaic power station investment and management[18]. - The company has undergone multiple changes in its business scope, with the latest update in March 2019 emphasizing environmental services and renewable energy technologies[20]. - The company aims to become a leading comprehensive service provider in the green energy sector, focusing on "smart energy + environmental governance"[33]. - The company is actively expanding into overseas markets, with a 200 MW photovoltaic project in Sihanoukville, Cambodia, as part of its international strategy[48]. - The company is focusing on high-quality traditional projects and adjusting its business strategy to enhance profitability and reduce risks[49]. Financial Performance - The company's operating revenue for 2019 was ¥6,805,761,615.72, a decrease of 21.56% compared to ¥8,676,289,465.14 in 2018[23]. - The net profit attributable to shareholders was -¥957,109,228.27, representing a decline of 185.63% from ¥1,117,732,285.03 in the previous year[23]. - The total revenue from equity transfers amounted to approximately 100.76 million, with significant contributions from various subsidiaries[64]. - The company reported a net cash decrease of ¥6,783,706,421.03, a 168.66% increase in cash outflow compared to the previous year[76]. - The company reported a total revenue of 100,758,534.64 CNY from various subsidiary equity transfers in 2019[162]. Research and Development - The company has a strong commitment to research and development in photovoltaic technology, which is a key area of its business strategy[19]. - Research and development expenses decreased by 31.00% to ¥35,414,974.27, primarily due to reduced investment in R&D[71]. - The total R&D investment amounted to ¥40,756,211.06, which is 0.60% of operating revenue, down from 0.69% in the previous year[73]. Asset Management and Investments - The company’s total assets at the end of 2019 were ¥30,987,232,190.53, down 9.98% from ¥34,423,044,803.15 at the end of 2018[23]. - The company’s fixed assets increased due to the conversion of new energy power station construction projects into fixed assets[41]. - The company has ongoing significant non-equity investments, indicating active capital deployment strategies[86]. - The company has established a structured entity for investment management, which is included in its consolidated financial statements[115]. Dividends and Shareholder Returns - The company plans to not distribute cash dividends or bonus shares, indicating a focus on reinvestment for growth[5]. - The company plans to distribute a cash dividend of 0.75 yuan per 10 shares based on a total share capital of 1,486,873,870 shares for the 2018 fiscal year, totaling approximately 111.52 million yuan[129]. - In 2019, the company reported a net loss of approximately 957.11 million yuan, resulting in no cash dividend distribution for the year[134]. Environmental and Social Responsibility - The company actively participates in social responsibility initiatives, particularly in poverty alleviation through photovoltaic projects[192]. - The Wangqing project has completed a total capacity of 130MW, generating 160 million kWh annually, providing CNY 15 million in poverty alleviation funds, and helping 5,000 registered impoverished households to escape poverty[194]. - The company has initiated a model combining agricultural and photovoltaic development, enhancing local employment and economic growth[195]. Corporate Governance and Compliance - The company has engaged in 768 communication activities during the reporting period, indicating active investor relations efforts[126]. - The company has made a long-term commitment to comply with relevant laws and regulations regarding capital market operations[140]. - The company has committed to ensuring the independence of its operations and financial activities[139]. Changes in Subsidiaries and Equity Transfers - The company has divested from multiple subsidiaries, including Shenzhen Hongji Container Transport Co., Ltd. and Ningxia Xuwei New Energy Technology Co., Ltd.[65]. - The company has lost control over multiple subsidiaries, with a total of 0.00% remaining equity in several entities[163]. - The company disposed of several subsidiaries, generating investment income of 20.48 million CNY from Shenzhen Baopeng Logistics Co., Ltd. and 58.45 million CNY from Shenzhen Hongji Logistics Co., Ltd.[114]. Challenges and Risks - The company faces risks related to policy changes in the photovoltaic industry, which may impact market demand and project funding sources[124]. - The company has faced delays in project implementation due to changes in project conditions and adjustments in photovoltaic industry policies[101]. - The company has reported that the Chaling 80MW and Loudi 20MW projects were not initiated due to increased construction costs and difficulties, leading to a strategic shift in project funding[107].