AKCOME(SZ:002610)2023-08-27 16:00Financial Performance - The company reported a net profit of RMB 14,896,230.99 from government subsidies during the reporting period, primarily related to government support closely tied to normal business operations [32]. - The company experienced a loss of RMB 5,593,124.01 from fair value changes of trading financial assets due to foreign exchange fluctuations [32]. - The company plans not to distribute cash dividends or issue bonus shares for the current period [4]. - The company's revenue for the reporting period reached ¥2,821,557,870, representing a 16.92% increase compared to ¥2,413,222,339.88 in the same period last year [49]. - Net profit attributable to shareholders was ¥46,161,297.73, a significant turnaround from a loss of ¥159,546,487.64, marking a 128.93% improvement [49]. - The cost of sales was ¥2,521,555,180.06, with a year-on-year increase of 3.43%, while selling expenses surged by 108.07% to ¥41,723,800.11 due to increased marketing efforts [61]. - Research and development expenses rose by 8.11% to ¥41,517,449.26, reflecting the company's commitment to innovation [61]. - The net cash flow from operating activities decreased by 30.18% to ¥170,575,861.24, primarily due to increased procurement expenditures [61]. - The company reported a total comprehensive income of RMB 780,878.61 for the current period, with a decrease in retained earnings of RMB 23,352,433.88 [103]. Assets and Liabilities - The total assets of the company at the end of the reporting period were ¥11,527,871,774.23, a slight decrease of 0.29% from ¥11,561,010,459.81 at the end of the previous year [49]. - Cash and cash equivalents at the end of the reporting period amounted to ¥2,241,378,686.18, representing 19.44% of total assets, a decrease of 6.43% compared to the previous year [64]. - Accounts receivable increased to ¥1,324,584,637.48, accounting for 11.49% of total assets, up by 3.56% year-on-year [64]. - Short-term borrowings rose to ¥3,106,422,858.01, making up 26.95% of total liabilities, an increase of 5.17% due to increased discount financing [64]. - The total amount of fixed assets was ¥1,881,633,042.49, which is 16.32% of total assets, down by 1.70% from the previous year [64]. - The company’s long-term equity investments reached ¥1,693,344,064.03, accounting for 14.69% of total assets, an increase of 1.09% year-on-year [64]. - The company reported a total of ¥459,202,113.02 in inventory, which is 3.98% of total assets, down by 1.31% compared to the previous year [64]. - The company’s overseas assets accounted for 4.50% of total net assets, with no significant impairment risks identified [64]. - The financial liabilities at the end of the reporting period amount to RMB 8,861,127.50, reflecting an increase from the beginning balance of RMB 4,335,179.59 [99]. Production and Operations - The average conversion efficiency of the monofacial microcrystalline heterojunction (HJT) cells is between 25.3% and 25.5%, with the highest batch exceeding 25.6% [35]. - The company plans to introduce mass production of bifacial microcrystalline heterojunction cells in Q4, with expected average conversion efficiency surpassing 25.6% to 25.7% [35]. - The company has achieved a production yield of 98% for its HJT cells, indicating high manufacturing efficiency [35]. - The company has completed a 30% increase in factory area and invested nearly ¥5 million in upgrading automation equipment, resulting in at least a 50% increase in production capacity [55]. - The automation production rate of the company is as high as 80%, continuously improving production efficiency with equipment upgrades and reducing manual configuration [96]. Market and Sales - The company has established a sales network covering over 80 countries and regions across five continents, enhancing its global market presence [38]. - Domestic sales accounted for 75.58% of total revenue, increasing by 24.74% year-on-year, while international sales decreased by 2.09% [61]. - The company is focused on expanding its global marketing network to enhance market reach and customer engagement [97]. - The company is collaborating with strategic partners like Zhejiang Energy Group and China Three Gorges Corporation to provide comprehensive lifecycle services in the renewable energy sector [58]. - The company aims to leverage its existing capacity and brand advantages to innovate and develop new products in the electric vehicle components and solar energy sectors [58]. Research and Development - The company is advancing its research and development in technologies such as multi-busbar (SMBB) and busbar-less (0BB) technologies, with breakthroughs leading to a maximum power output of 730W for its busbar-less HJT components [35]. - The company has a strong commitment to research and development of new products and technologies to maintain its competitive edge in the market [96]. Strategic Initiatives - The company is actively exploring mergers and acquisitions as part of its growth strategy to enhance its market position and operational capabilities [96]. - The company has signed strategic cooperation agreements with major state-owned enterprises, focusing on comprehensive business cooperation in photovoltaic power stations [72]. - The ongoing projects include the Zhejiang Photovoltaic Project with an investment of ¥70,819,771.83 and the Huzhou HJT Phase II Project with an investment of ¥373,844,946.90 [84]. Accounting and Financial Reporting - The company has confirmed that all board members attended the meeting to review the semi-annual report [3]. - The company has not disclosed any significant changes in accounting data that require retrospective adjustments [32]. - The company emphasizes the importance of risk awareness regarding forward-looking statements made in the report [17]. - The company has not classified any non-recurring gains and losses as recurring items [34]. - The company has a commitment to ensuring the accuracy and completeness of the financial report [16]. - The company highlighted that the initial recognition of foreign currency transactions was based on the exchange rate at the transaction date [136]. - The company reported that the expected credit losses were calculated based on the probability-weighted present value of cash flows expected to be received [151]. - The company stated that the impairment provisions for fixed assets were recalculated based on the asset's carrying amount, estimated net residual value, and useful life [140]. - The company recognizes right-of-use assets and lease liabilities at the start of the lease term, excluding short-term leases and low-value asset leases [29]. - The initial measurement of right-of-use assets includes the initial amount of lease liabilities and any lease payments made before the lease term begins [163]. - The company uses the straight-line method to depreciate right-of-use assets over the lease term [199]. - Investment properties are measured using the cost model and include buildings and land held for rental income or capital appreciation [165]. - The company assesses the recoverable amount of inventory based on estimated selling prices minus estimated selling expenses and related taxes [171]. - The company capitalizes borrowing costs during the construction or production of qualifying assets, halting capitalization if there is a significant interruption lasting over three months [194]. - The company classifies non-current assets or disposal groups as held for sale before initial measurement according to relevant accounting standards [180]. - The company determines the useful life of intangible assets based on various factors, including expert assessments and historical experience [188]. - The company applies the equity method for long-term equity investments in joint ventures or associates where it has significant influence [183]. - The company recognizes revenue based on specific measurement criteria established in its accounting policies [196].