亚玛顿(002623) - 2021 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides important notices, lists the report's chapters and their page numbers, and defines key terms used throughout the report Important Notice The Board of Directors, Supervisory Board, and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility, while the company plans no cash dividends, bonus shares, or capital reserve conversions - The company plans no cash dividends, no bonus shares, and no capital reserve conversions[4] Table of Contents This section lists the report's ten chapters with their page numbers and specifies the location of reference documents - Reference documents include signed and sealed financial statements, original drafts of designated newspaper disclosures, the legal representative's signed report text, and other materials, all available at the company's Securities Affairs Department[8][9][10] Definitions This section defines common terms used in the report, including company names, controlling shareholders, actual controllers, subsidiaries, and photovoltaic industry-specific terminology - Key business-related terms defined: Photovoltaic Anti-Reflective Glass (high-efficiency anti-reflective coated glass), BIPV (Building Integrated Photovoltaics), Ultra-thin Double-Glass Modules (ultra-thin coated glass with cover plate ≤2.0mm and back plate ≤2.0mm)[13][14] Company Profile and Key Financial Indicators This section outlines the company's basic information, contact details, and presents key accounting data and financial indicators, including revenue, net profit, and cash flow Company Profile This section introduces the company's basic information, including stock abbreviation, code, listing exchange, Chinese and English names, and legal representative - Stock Abbreviation: Almaden, Stock Code: 002623, Listed on: Shenzhen Stock Exchange[16] - The company's legal representative: Lin Jinxi[16] Contact Person and Contact Information This section provides the names and contact details, including address, phone, fax, and email, for the company's Board Secretary and Securities Affairs Representative - Board Secretary: Liu Qin, Securities Affairs Representative: Xue Binyuan[17] - Contact Address: No. 639, Qinglong East Road, Tianning District, Changzhou City, Jiangsu Province[17] Other Information This section confirms that the company's contact information, information disclosure, and document storage locations remained unchanged during the reporting period - The company's registered address, office address, website, email, information disclosure newspaper, and designated website address remained unchanged[18][20] Key Accounting Data and Financial Indicators This section discloses key accounting data and financial indicators, showing an 18.13% increase in operating revenue but a 42.49% decrease in net profit attributable to shareholders, alongside a 904.04% surge in net operating cash flow Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 876,552,529.51 | 742,030,425.05 | 18.13% | | Net Profit Attributable to Shareholders of Listed Company | 23,279,893.73 | 40,478,275.36 | -42.49% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 10,480,020.06 | 31,125,201.38 | -66.33% | | Net Cash Flow from Operating Activities | 176,922,864.97 | -22,004,236.49 | 904.04% | | Basic Earnings Per Share (RMB/share) | 0.15 | 0.25 | -40.00% | | Diluted Earnings Per Share (RMB/share) | 0.15 | 0.25 | -40.00% | | Weighted Average Return on Net Assets | 0.98% | 1.91% | -0.93% | | End of Current Reporting Period | End of Prior Year | Change from Prior Year-End | | | Total Assets | 4,795,845,241.91 | 4,053,842,031.16 | 18.30% | | Net Assets Attributable to Shareholders of Listed Company | 3,354,347,772.69 | 2,345,498,282.84 | 43.01% | Differences in Accounting Data under Domestic and Overseas Accounting Standards The company reported no differences in net profit and net assets between international or overseas accounting standards and Chinese accounting standards during the reporting period - The company's financial report shows no differences in net profit and net assets under domestic and overseas accounting standards[22][23] Non-recurring Gains and Losses and Amounts This section details non-recurring gains and losses for the reporting period, totaling RMB 12,799,873.67, primarily from non-current asset disposal, government grants, and fair value changes Non-recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 2,092,134.97 | | Government grants recognized in current profit or loss (excluding those closely related to the company's business and enjoyed at fixed or quantitative standards set by the state) | 8,143,109.63 | | Gains or losses from changes in fair value of trading financial assets, derivative financial assets, trading financial liabilities, derivative financial liabilities, and investment income from disposal of trading financial assets, derivative financial assets, trading financial liabilities, derivative financial liabilities, and other debt investments, excluding effective hedge accounting related to normal business operations | 6,785,294.54 | | Other non-operating income and expenses apart from the above | -1,321,089.97 | | Less: Income tax impact | 2,899,575.50 | | Total | 12,799,873.67 | Management Discussion and Analysis This section analyzes the company's main businesses, core competencies, and financial performance, addressing key factors influencing profitability and outlining risk management strategies Main Businesses Engaged by the Company During the Reporting Period The company's main businesses, including solar glass, ultra-thin double-glass modules, photovoltaic power stations, and electronic glass products, remained unchanged, benefiting from "carbon peak and neutrality" goals and 5G technology - The company's main business operations remained unchanged, primarily focusing on solar glass, ultra-thin double-glass modules, photovoltaic power station business, and electronic glass and display series products[29] - The photovoltaic industry is entering a new phase of large-scale, high-quality development under "carbon peak and neutrality" goals, with an estimated annual new installed capacity of 70-90 GW during the "14th Five-Year Plan" period[30][31] - The electronic glass and display device industry benefits from the widespread adoption of 5G technology, with rapid development in smart homes and smart cars, and large-screen TV sales expected to grow by over 30% in 2021[31][32] Analysis of Core Competencies The company's core competencies include leading technology in ultra-thin tempered glass and anti-reflection films, strong customer relationships, brand reputation, advanced information management, and an experienced management team - The company holds a leading edge in technologies such as large-area photovoltaic glass anti-reflective film coating with nanomaterials and the production of ≤2.0mm ultra-thin physically tempered glass, and possesses multiple provincial-level key R&D institutions[33] - The company has established strategic partnerships with mainstream domestic and international module manufacturers and renowned display manufacturers, cultivating a high-quality customer base[34] - The "Almaden" brand enjoys high reputation and recognition in the industry, having received numerous honorary titles[35] - The company implements ERP, MES, and "Cloud Home" information management systems to enhance refined production management and overall efficiency[36] - The company boasts an experienced management team and a professional technical talent pool, laying a solid human resource foundation for its development[37] Analysis of Main Business Operations During the reporting period, the company's main business saw a 42.49% decline in net profit despite an 18.13% revenue increase, primarily due to rising raw material costs, falling solar glass prices, and reduced electricity sales, prompting a focus on large-sized, thin-film solar glass expansion - During the reporting period, the company's operating revenue was RMB 876.55 million, a 18.13% increase year-on-year; net profit attributable to shareholders of the listed company was RMB 23.28 million, a 42.49% decrease year-on-year[39] - The decline in performance was primarily due to a significant drop in the selling price of photovoltaic glass (down 50% compared to the high in Q4 last year), which hurt profitability; inventory glass reserved in Q1 was settled at the Q2 reduced market price, resulting in negative gross profit; and electricity sales decreased by 66.77% year-on-year, impacting gross profit by RMB 31.91 million[39] - The company will accelerate the construction of new and technically upgraded large-sized glass production lines in its fundraising projects, combined with Fengyang kiln supply, to enhance thin glass production capacity and market share[40] Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 876,552,529.51 | 742,030,425.05 | 18.13% | | | Operating Cost | 802,406,537.66 | 598,599,429.67 | 34.05% | Increase in operating revenue and decrease in gross profit margin | | Selling Expenses | 2,720,472.35 | 3,321,119.44 | -18.09% | | | Administrative Expenses | 28,028,522.35 | 23,999,771.36 | 16.79% | | | Financial Expenses | 10,197,085.88 | 25,464,448.12 | -59.96% | Decrease in bank loans | | Income Tax Expense | 3,151,870.17 | 6,203,740.40 | -49.19% | Decrease in total profit | | R&D Investment | 28,570,494.21 | 17,027,372.67 | 67.79% | Continuous increase in R&D investment | | Net Cash Flow from Operating Activities | 176,922,864.97 | -22,004,236.49 | 904.04% | Increase in cash received from sales of goods | | Net Cash Flow from Investing Activities | 106,008,698.52 | 36,795,690.95 | 188.10% | Recovery of transfer payments related to sale of power station assets | | Net Cash Flow from Financing Activities | 794,176,443.23 | 106,036,791.96 | 648.96% | Completion of private placement refinancing, increase in capital contributions | | Net Increase in Cash and Cash Equivalents | 1,077,490,329.65 | 122,113,455.92 | 782.37% | Completion of private placement refinancing, increase in capital contributions | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Reporting Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Period Amount (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | New Energy Industry | 823,594,592.70 | 93.96% | 711,916,842.88 | 95.94% | 15.69% | | | Electronic Glass and Display Device Industry | 39,591,034.20 | 4.52% | 4,231,955.72 | 0.57% | 835.53% | | | Other | 13,366,902.61 | 1.52% | 25,881,626.45 | 3.49% | -48.35% | | By Product | Solar Glass | 756,155,500.42 | 86.26% | 590,515,932.53 | 79.58% | 28.05% | | | Solar Modules | 43,501,142.79 | 4.96% | 49,356,738.20 | 6.65% | -11.86% | | | Electricity Sales | 23,937,949.49 | 2.73% | 72,044,172.15 | 9.71% | -66.77% | | | Electronic Glass and Display Devices | 39,591,034.20 | 4.52% | 4,231,955.72 | 0.57% | 835.53% | | | Other | 13,366,902.61 | 1.52% | 25,881,626.45 | 3.49% | -48.35% | | By Region | Domestic | 558,329,183.78 | 63.70% | 427,858,711.97 | 57.66% | 30.49% | | | International | 318,223,345.73 | 36.30% | 314,171,713.08 | 42.34% | 1.29% | Industry, Product, or Region Accounting for Over 10% of Company's Operating Revenue or Operating Profit | Category | Item | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | New Energy Industry | 823,594,592.70 | 753,981,319.73 | 8.45% | 15.69% | 32.30% | -57.62% | | | Electronic Glass and Display Device Industry | 39,591,034.20 | 40,835,432.95 | -3.14% | 835.53% | 515.17% | 94.47% | | By Product | Solar Glass | 756,155,500.42 | 687,876,873.19 | 9.03% | 28.05% | 40.65% | -47.44% | | | Solar Modules | 43,501,142.79 | 50,498,157.00 | -16.08% | -11.86% | 2.94% | -2,735.44% | | | Electricity Sales | 23,937,949.49 | 15,606,289.54 | 34.81% | -66.77% | -50.93% | -37.69% | | | Electronic Glass and Display Devices | 39,591,034.20 | 40,835,432.95 | -3.14% | 835.53% | 515.17% | 94.47% | | By Region | Domestic | 544,963,772.67 | 525,642,129.17 | 3.55% | 35.57% | 54.96% | -77.29% | | | International | 318,221,854.23 | 283,570,496.72 | 10.89% | 1.29% | 19.48% | -55.47% | - The gross profit margin for solar glass decreased by 47.44% year-on-year, mainly due to a significant drop in the selling price of photovoltaic glass and the settlement of Q1 inventory glass at reduced market prices[48][49] - The gross profit margin for solar modules decreased by 2,735.44% year-on-year, primarily due to a substantial increase in production costs from rising silicon material and commodity prices, decreased demand, and higher fixed cost allocation[49] Analysis of Non-Main Business Operations Non-main business operations impacted total profit, with investment income contributing 36.18% from wealth management, which is unsustainable, and asset impairment losses accounting for -20.16% due to inventory write-downs Impact of Non-Main Business Operations on Total Profit | Item | Amount (RMB) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 10,104,114.79 | 36.18% | Primarily from wealth management income during the reporting period | No | | Asset Impairment | -5,629,782.58 | -20.16% | Primarily due to inventory impairment provisions during the reporting period | No | | Non-operating Income | 983,036.82 | 3.52% | | No | | Non-operating Expenses | 2,262,615.04 | 8.10% | | No | Analysis of Asset and Liability Status At the end of the reporting period, total assets increased by 18.30% and net assets attributable to shareholders by 43.01%, driven by a 16.00% surge in cash from private placement, while fixed assets decreased and right-of-use assets and lease liabilities were first recognized under new accounting standards, with overseas subsidiary Almaden Middle East North Africa reporting a RMB 2.98 million loss Major Changes in Asset Composition | Item | Amount at End of Current Reporting Period (RMB) | Proportion of Total Assets | Amount at End of Prior Year (RMB) | Proportion of Total Assets | Change in Proportion | Explanation of Major Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 1,756,585,119.01 | 36.63% | 836,467,224.01 | 20.63% | 16.00% | Completion of private placement refinancing, receipt of raised funds | | Accounts Receivable | 289,324,275.38 | 6.03% | 471,386,004.28 | 11.63% | -5.60% | | | Fixed Assets | 1,018,269,418.32 | 21.23% | 1,257,326,741.12 | 31.02% | -9.79% | | | Right-of-Use Assets | 256,522,837.06 | 5.35% | | | 5.35% | | | Short-term Borrowings | 487,839,065.28 | 10.17% | 629,330,920.75 | 15.52% | -5.35% | | | Lease Liabilities | 122,401,534.34 | 2.55% | | | 2.55% | | - The overseas wholly-owned subsidiary, Almaden Middle East North Africa, had total assets of RMB 78.83 million and incurred a loss of RMB 2.98 million during the reporting period[55] - At the end of the reporting period, the total amount of restricted assets was RMB 607,025,129.74, primarily including cash and bank balances, accounts receivable financing, fixed assets, right-of-use assets, and long-term equity investments[56] Analysis of Investment Status The company's investment amounted to RMB 11 million, a 4.19% increase year-on-year, with no significant equity, non-equity, securities, or derivative investments during the reporting period - The investment amount for the reporting period was RMB 11,000,000.00, an increase of 4.19% compared to the same period last year[57] - The company had no securities investments or derivative investments during the reporting period[58][59] Major Asset and Equity Sales The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell any significant assets or equity during the reporting period[60][61] Analysis of Major Holding and Participating Companies This section discloses the financial performance of major subsidiaries and associates significantly impacting net profit, including Jiangsu Almaden Power Investment and Almaden Middle East North Africa, with some subsidiaries reporting losses Major Subsidiaries and Associates with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Almaden Power Investment Co., Ltd. | Subsidiary | Design, development, investment, construction, and operation management of solar power station projects; comprehensive utilization and operation of photovoltaic power stations; photovoltaic power generation technology consulting and services | 20,000,000 | 513,272,200 | 91,238,500 | 21,557,200 | 3,499,700 | 968,100 | | Almaden Middle East North Africa Co., Ltd. | Subsidiary | Trade of solar systems and related components; manufacturing of solar panels; production and assembly of lighting accessories and fixtures; manufacturing of safety glass | | 78,829,800 | 55,627,600 | 5,759,100 | -2,984,800 | -2,984,800 | | Ningbo Bonded Area Almaden New Energy Investment Partnership (Limited Partnership) | Subsidiary | Industrial investment, venture capital, investment consulting (excluding securities, futures), enterprise management consulting, business consulting (the above consulting shall not engage in brokerage), exhibition services, marketing planning | 500,000,000 | 574,830,300 | 564,722,300 | 5,579,500 | 9,864,100 | 7,795,900 | | Changzhou Andy New Material Co., Ltd. | Subsidiary | Manufacturing and sales of concentrating devices and inverter equipment; R&D, manufacturing, and sales of high-molecular materials such as EVA, TPT | 20,000,000 | 13,860,000 | 7,958,500 | 210,600 | -2,802,100 | -2,537,400 | | Gui'an New Area Almaden Optoelectronic Material Co., Ltd. | Subsidiary | Manufacturing and sales of high-efficiency solar cells, modules and system integration products, solar thermal systems, new energy storage materials and equipment | 50,000,000 | 78,102,600 | 32,480,600 | 3,529,500 | -1,403,100 | -1,403,100 | Information on Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company had no controlled structured entities during the reporting period[64] Risks Faced by the Company and Countermeasures The company faces risks from fluctuating performance, raw material prices, intensified competition, accounts receivable, exchange rates, and project construction, which it addresses through industrial restructuring, technological innovation, market expansion, vertical integration, credit management, and project optimization - Operating performance fluctuation risk: Affected by high prices in the photovoltaic industry chain, increasing module production costs and power station investment costs suppress terminal demand. The company will monitor industry dynamics, optimize its industrial structure, focus on cost optimization and technological innovation, and expand into the electronic and display markets[64][65] - Raw material price fluctuation risk: Rising raw glass prices may impact profits. The company will develop new products to enhance bargaining power and establish deep processing production lines in Fengyang to form a vertically integrated production model to reduce costs[65] - Intensified industry competition risk: The relaxation of photovoltaic rolled glass capacity replacement policies will intensify market competition. The company will leverage its technical advantages in thin glass deep processing, adopt differentiated competition strategies, and reduce costs and increase efficiency[66] - Accounts receivable recovery risk: The photovoltaic industry has long payment cycles, leading to increased accounts receivable. The company will strictly enforce credit management systems, establish collection performance indicators, optimize settlement methods, implement tiered customer management, and strengthen contract review[67] - Exchange rate fluctuation risk: Overseas sales revenue is settled in foreign currencies, and exchange rate fluctuations affect the company's performance. The company will closely monitor exchange rate trends, improve risk early warning and management mechanisms, and rationally utilize foreign exchange tools[69] - Fundraising project construction comprehensive risk: Fundraising projects may face risks such as construction delays, unfavorable market conditions, product price declines, capacity digestion, and fixed asset depreciation. The company will optimize design, strengthen on-site control, monitor market and technological changes, and enhance product R&D and customer development[69] Corporate Governance This section details the company's corporate governance, including shareholder meetings, changes in management, profit distribution plans, and employee incentive programs Information on Annual and Extraordinary General Meetings Held During the Reporting Period During the reporting period, the company convened its first extraordinary general meeting in 2021 and the 2020 annual general meeting, approving relevant proposals and making disclosures as required - The first extraordinary general meeting of 2021 was held on January 7, 2021, with an investor participation rate of 6.57%[72] - The 2020 annual general meeting was held on April 30, 2021, with an investor participation rate of 42.22%[72] Changes in Directors, Supervisors, and Senior Management of the Company During the reporting period, General Manager Li Zhong resigned due to the expiration of his term and personal reasons - General Manager Li Zhong resigned on May 7, 2021, due to the expiration of his term and personal reasons[74] Profit Distribution and Capital Reserve Conversion Plan for the Reporting Period The company plans no interim cash dividends, bonus shares, or capital reserve conversions for the reporting period - The company plans no interim cash dividends, no bonus shares, and no capital reserve conversions[75] Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[76] Environmental and Social Responsibility This section addresses the company's environmental compliance and social responsibility initiatives, including pollution control and poverty alleviation efforts Major Environmental Issues The company and its subsidiaries are not classified as key polluting entities by environmental authorities and received no administrative penalties for environmental issues during the reporting period - The company and its subsidiaries are not classified as key polluting entities and received no environmental administrative penalties during the reporting period[79] Social Responsibility The company has not yet initiated poverty alleviation or rural revitalization efforts during the reporting period - The company has not yet initiated poverty alleviation or rural revitalization efforts during the reporting period[80] Significant Matters This section covers significant corporate events, including commitments, related party transactions, guarantees, and major contracts, along with their implications Commitments Made by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company, Fulfilled During the Reporting Period and Overdue Unfulfilled Commitments as of the End of the Reporting Period During the reporting period, the company's actual controller, controlling shareholder, and other related parties fulfilled all commitments, including share transfer restrictions, non-competition, social security contributions, prevention of fund occupation, anti-dilution measures for private placement, and property-related pledges, with no overdue unfulfilled items - The company's actual controllers, Lin Jinxi and Lin Jinhan, committed to share transfer restrictions, ensuring that the annual transfer of shares does not exceed 25% of their directly and indirectly held shares in the issuer[83] - The controlling shareholder and actual controllers committed to avoiding horizontal competition, not engaging in businesses identical or similar to Almaden's operations[83][84] - The actual controllers committed to bearing the corresponding expenses for the company's failure to pay social insurance and housing provident funds for employees[84][85] - The actual controllers committed to preventing fund occupation and strictly adhering to corporate governance regulations[85] - The controlling shareholder and actual controllers committed to diligently implementing measures to mitigate the dilution of immediate returns from the private placement of shares[85][86][87] - The actual controllers committed to compensating for losses arising from unregistered housing leases and land/properties without property certificates[86][87] - The company committed to distributing cash dividends of no less than 10% of the distributable profit for the current year, with cumulative cash dividends over three consecutive years being no less than 30%, provided conditions for cash dividends are met[87] - All commitments were fulfilled on time[87] Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties of the Listed Company The company reported no non-operating fund occupation by its controlling shareholder or other related parties during the reporting period - The company reported no non-operating fund occupation by its controlling shareholder or other related parties during the reporting period[88] Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[89] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was unaudited - The company's semi-annual report was unaudited[90] Explanation by the Board of Directors and Supervisory Board on the "Non-Standard Audit Report" for the Reporting Period The company did not have a non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[91] Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year The company provided no explanation regarding a non-standard audit report for the previous year during the reporting period - The company provided no explanation regarding a non-standard audit report for the previous year during the reporting period[91] Matters Related to Bankruptcy and Reorganization The company had no bankruptcy or reorganization matters during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[91] Litigation Matters The company had no major litigation or arbitration matters during the reporting period, with other concluded lawsuits totaling RMB 28.18 million having minimal impact on performance - There were no major litigation or arbitration matters during the reporting period[92] - Other litigation matters involved an amount of RMB 28.18 million, which have been concluded and had minimal impact on the company's performance[92] Penalties and Rectification Status The company had no penalties or rectification issues during the reporting period - The company had no penalties or rectification issues during the reporting period[93] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company, its controlling shareholder, and actual controller maintained good integrity during the reporting period, with no issues reported - The company reported no integrity issues concerning its controlling shareholder or actual controller during the reporting period[94] Major Related Party Transactions During the reporting period, the company engaged in routine related party transactions with Fengyang Silicon Valley Intelligent Co., Ltd., purchasing RMB 259.59 million in raw materials, representing 63.87% of similar transactions and within approved limits, with no other significant related party asset, equity, investment, or debt transactions - The company purchased RMB 259.59 million in raw materials from Fengyang Silicon Valley Intelligent Co., Ltd., accounting for 63.87% of similar transactions and not exceeding the approved limit of RMB 1.5 billion[94] - The company had no related party transactions involving asset or equity acquisition/disposal, joint external investments, or related party creditor/debtor relationships during the reporting period[96][97][98] Major Contracts and Their Performance The company had no trusteeship, contracting, or leasing matters, but provided external and subsidiary guarantees totaling 6.06% of net assets, held RMB 249.46 million in unmatured entrusted wealth management, and signed significant solar coated glass sales contracts with Trina Group, LONGi Group, and JA Solar Group for RMB 2.1 billion, RMB 1.5 billion, and RMB 2.1 billion, respectively - The company had no trusteeship, contracting, or leasing arrangements during the reporting period[102][103][104] Company Guarantee Status | Guarantee Type | Total Approved Guarantee Amount at Period-End (RMB) | Total Actual Guarantee Balance at Period-End (RMB) | | :--- | :--- | :--- | | Company and its subsidiaries' external guarantees | 60,000,000 | 11,843,200 | | Company's guarantees for subsidiaries | 736,000,000 | 191,508,500 | | Total Guarantees | 796,000,000 | 203,351,700 | | Proportion of actual total guarantees to company's net assets | | 6.06% | Entrusted Wealth Management Status | Specific Type | Entrusted Wealth Management Amount (RMB) | Unmatured Balance (RMB) | | :--- | :--- | :--- | | Bank wealth management products | 587,040,000 | 166,462,300 | | Brokerage wealth management products | 63,000,000 | 83,000,000 | | Total | 650,040,000 | 249,462,300 | Major Operating Contracts (Photovoltaic Coated Glass) | Name of Counterparty | Total Contract Amount (incl. tax, RMB) | Contract Performance Progress | Sales Revenue Recognized in Current Period and Cumulatively (incl. tax, RMB) | | :--- | :--- | :--- | :--- | | Trina Group | 2,100,000,000 | 10.37% | 217,854,900 | | LONGi Group | 1,500,000,000 | 57.26% | 858,875,700 | | JA Solar Group | 2,100,000,000 | 8.94% | 187,801,000 | Explanation of Other Significant Matters The company completed a private placement during the reporting period, issuing 39,062,500 new shares and raising RMB 1 billion, which were listed on the Shenzhen Stock Exchange on June 30, 2021 - The company completed a private placement of shares in June 2021, issuing 39,062,500 new shares and raising a total of RMB 1 billion[112] - The newly issued shares were listed on the Shenzhen Stock Exchange on June 30, 2021, as restricted tradable shares, subject to a 6-month lock-up period from the date of issuance completion[112] Significant Matters of Company Subsidiaries The company's subsidiaries had no significant matters during the reporting period - The company's subsidiaries had no significant matters during the reporting period[113] Share Changes and Shareholder Information This section details changes in the company's share capital, including the impact of private placement on share structure and the holdings of major shareholders Share Changes Due to a private placement of A-shares, the company's total share capital increased from 160,000,000 to 199,062,500 shares, significantly increasing restricted shares and diluting net assets and earnings per share Share Changes | Item | Number of Shares Before Change (shares) | Proportion Before Change | Increase/Decrease in Current Change (shares) | Number of Shares After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 426,375 | 0.27% | 39,062,500 | 39,488,875 | 19.84% | | II. Unrestricted Shares | 159,573,625 | 99.73% | 0 | 159,573,625 | 80.16% | | III. Total Shares | 160,000,000 | 100.00% | 39,062,500 | 199,062,500 | 100.00% | - The change in shares was due to a private placement of A-shares, with 39,062,500 new shares listed on June 30, 2021, as restricted tradable shares[117] - This issuance had a dilutive effect on net assets per share and earnings per share; for example, basic earnings per share for January-June 2021 decreased from RMB 0.15/share to RMB 0.12/share[120] Changes in Restricted Shares During the reporting period, 39,062,500 new restricted shares were issued through a private placement, primarily subscribed by institutions and individuals like UBS AG, Lin Jintao, and Fullgoal Fund, with a lock-up period until December 30, 2021 Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Date of Lifting Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | UBS AG | 0 | 1,171,875 | 1,171,875 | Due to participation in private placement subscription | December 30, 2021 | | Lin Jintao | 0 | 1,171,875 | 1,171,875 | Due to participation in private placement subscription | December 30, 2021 | | Fullgoal Fund Management Co., Ltd. | 0 | 1,210,937 | 1,210,937 | Due to participation in private placement subscription | December 30, 2021 | | Changzhou Tianding Industrial Investment Partnership (Limited Partnership) | 0 | 3,937,500 | 3,937,500 | Due to participation in private placement subscription | December 30, 2021 | | Zhou Ziheng | 0 | 1,289,062 | 1,289,062 | Due to participation in private placement subscription | December 30, 2021 | | China Asset Management Co., Ltd. | 0 | 2,890,625 | 2,890,625 | Due to participation in private placement subscription | December 30, 2021 | | Huatai Asset Management Co., Ltd. | 0 | 1,171,875 | 1,171,875 | Due to participation in private placement subscription | December 30, 2021 | | HFT Fund Management Co., Ltd. | 0 | 828,126 | 828,126 | Due to participation in private placement subscription | December 30, 2021 | | Changzhou Tianning Hongya Industrial Investment Partnership (Limited Partnership) | 0 | 1,953,125 | 1,953,125 | Due to participation in private placement subscription | December 30, 2021 | | Shenzhen Capital Group Co., Ltd. - Shenzhen Capital Group Manufacturing Transformation and Upgrade New Material Fund (Limited Partnership) | 0 | 19,531,250 | 19,531,250 | Due to participation in private placement subscription | December 30, 2021 | | Shanghai Nuotie Asset Management Co., Ltd. | 0 | 3,906,250 | 3,906,250 | Due to participation in private placement subscription | December 30, 2021 | | Total | 0 | 39,062,500 | 39,062,500 | | | Securities Issuance and Listing The company completed the listing of its 2020 private placement of A-shares on June 30, 2021, issuing 39,062,500 shares at RMB 25.60 per share, raising RMB 1 billion, with proceeds secured in a dedicated account following regulatory approval - The company issued its 2020 private placement of A-shares on May 26, 2021, at an issue price of RMB 25.60/share, with 39,062,500 shares issued and listed on June 30, 2021[125] - The total proceeds raised were RMB 1,000,000,000.00, with a net amount of RMB 986,146,684.00 after deducting issuance expenses[127] - The raised funds have been managed in dedicated accounts, and a "Tripartite Supervision Agreement for Raised Funds" has been signed[128] Company Shareholder Numbers and Shareholding As of the reporting period end, the company had 21,517 common shareholders, with controlling shareholder Changzhou Almaden Technology Group Co., Ltd. holding 33.85% and Shenzhen Capital Group Co., Ltd. holding 9.81% among the top ten, some of whom acquired restricted shares through private placement - At the end of the reporting period, the total number of common shareholders was 21,517[132] Shareholding of Common Shareholders Holding 5% or More, or Top 10 Common Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Common Shares Held at End of Reporting Period (shares) | Number of Restricted Common Shares Held (shares) | Pledged, Marked, or Frozen Status | Number (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Changzhou Almaden Technology Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 33.85% | 67,380,200 | 0 | Pledged | 40,000,000 | | Shenzhen Capital Group Co., Ltd. - Shenzhen Capital Group Manufacturing Transformation and Upgrade New Material Fund (Limited Partnership) | Other | 9.81% | 19,531,250 | 19,531,250 | | | | Lin Jinkun | Domestic Natural Person | 5.25% | 10,449,000 | 0 | Frozen | 3,600,000 | | China Construction Bank Co., Ltd. - Fullgoal Low Carbon New Economy Mixed Securities Investment Fund | Other | 2.41% | 4,790,037 | 4,516,600 | | | | Changzhou Tianding Industrial Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 1.98% | 3,937,500 | 3,937,500 | | | | Shanghai Nuotie Asset Management Co., Ltd. - Hefei Zhong'an Haitong Equity Investment Fund Partnership (Limited Partnership) | Other | 1.96% | 3,906,250 | 3,906,250 | | | | China Merchants Bank Co., Ltd. - Fullgoal Clean Energy Industry Flexible Allocation Mixed Securities Investment Fund | Other | 1.71% | 3,404,235 | 703,125 | | | | China Everbright Bank Co., Ltd. - China Asset Management Pan Yi One-Year Fixed Open Mixed Securities Investment Fund | Other | 1.45% | 2,890,625 | 2,890,625 | | | | Changzhou Tianning Hongya Industrial Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 0.98% | 1,953,125 | 1,953,125 | | | | Haitong Securities Co., Ltd. | State-Owned Legal Person | 0.85% | 1,683,144 | 0 | | | - The actual controllers of the controlling shareholder, Changzhou Almaden Technology Group Co., Ltd., Lin Jinxi and Lin Jinhan, are brothers with Lin Jinkun[133] Changes in Shareholdings of Directors, Supervisors, and Senior Management There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - The company's directors, supervisors, and senior management had no changes in their shareholdings during the reporting period[135] Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder and actual controller remained unchanged during the reporting period[136] Preferred Shares Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[139] Bond Information The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[142] Financial Report This section presents the company's audited financial statements, including balance sheets, income statements, cash flow statements, and detailed notes on accounting policies and financial items Audit Report The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[144] Financial Statements This section provides the company's 2021 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively presenting its financial position, operating results, and cash flows - Consolidated Balance Sheet: Cash and bank balances at period-end were RMB 1,756,585,119.01, trading financial assets were RMB 249,462,279.40, total assets were RMB 4,795,845,241.91. Short-term borrowings were RMB 487,839,065.28, total liabilities were RMB 1,427,960,585.96. Total owners' equity was RMB 3,367,884,655.95[146][147][148][149] - Consolidated Income Statement: Total operating revenue was RMB 876,552,529.51, operating profit was RMB 29,203,845.91, net profit was RMB 24,772,397.52, and net profit attributable to parent company owners was RMB 23,279,893.73[155][156][157][158] - Consolidated Cash Flow Statement: Net cash flow from operating activities was RMB 176,922,864.97, net cash flow from investing activities was RMB 106,008,698.52, and net cash flow from financing activities was RMB 794,176,443.23[165][166][167] Company Basic Information This section covers the company's establishment, share capital changes, registered capital, business scope, registered address, legal representative, main products, and consolidated financial statement scope, noting a share capital increase to 199.0625 million shares after a private placement on June 4, 2021 - The company was established on June 29, 2010, and listed on the Shenzhen Stock Exchange on October 13, 2011, with stock code 002623[186] - On June 4, 2021, the company increased its share capital by 39,062,500 shares through a private placement, bringing the total share capital to 199.0625 million shares as of June 30, 2021[187] - The company's main business includes the R&D, production, and sales of photovoltaic glass coating technology and double-glass modules, as well as photovoltaic power station operations[190] - The scope of consolidated financial statements includes the company and all its subsidiaries, such as Jiangsu Almaden Power Investment Co., Ltd. and Almaden Middle East North Africa Co., Ltd[191][192] Basis of Financial Statement Preparation These financial statements are prepared on a going concern basis, adhering to enterprise accounting standards, with no factors significantly impacting the company's ability to continue as a going concern within 12 months from the reporting period end - The financial statements are prepared on a going concern basis, in compliance with enterprise accounting standards[193] - There are no factors significantly affecting the company's ability to continue as a going concern within 12 months from the end of the reporting period[194] Significant Accounting Policies and Estimates This section details the company's significant accounting policies and estimates, including business combinations, financial instruments, inventory, revenue recognition, government grants, and deferred income tax, noting the adoption of new leasing standards from January 1, 2021, and related adjustments - The company prepares its financial statements in accordance with Enterprise Accounting Standards, their application guidelines, interpretations, and other relevant regulations[196] - The company adopted the new leasing standards from January 1, 2021, leading to adjustments in financial statement items such as consolidated right-of-use assets and consolidated lease liabilities[315][316] - Financial assets are classified as measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[219][220] - Revenue recognition principle is to recognize revenue when the customer obtains control of the related goods, with goods sales recognized upon customer receipt or bill of lading, and electricity sales recognized upon grid connection to the power company's collection station[299][306] Taxation This section discloses the company's main tax types and rates, including VAT, urban maintenance and construction tax, and corporate income tax, highlighting preferential tax policies for high-tech enterprises, public infrastructure projects, and small low-profit enterprises, while overseas subsidiaries adhere to local tax regulations - The company's main tax types include Value-Added Tax (5%-13%), Urban Maintenance and Construction Tax (5%-7%), and Corporate Income Tax (0%-25%)[327] - The company and Gui'an New Area Almaden Optoelectronic Material Co., Ltd. enjoy a 15% preferential corporate income tax rate as high-tech enterprises[329] - Some subsidiaries (e.g., Jiangsu Almaden Power Investment Co., Ltd., Kaifeng Jingneng New Energy Technology Co., Ltd., Suining Almaden New Energy Co., Ltd.) enjoy a "three-year exemption, three-year half reduction" corporate income tax incentive for public infrastructure projects[330] - Some subsidiaries (e.g., Fengxian Richang Agricultural Technology Co., Ltd., Xiangshui Almaden Solar Power Co., Ltd.) are classified as small low-profit enterprises with annual taxable income below RMB 500,000, enjoying a preferential corporate income tax policy where income is reduced by 50% and taxed at a 20% rate[330] - The overseas subsidiary, Almaden Middle East North Africa Co., Ltd., adheres to the tax policies of its host country (Dubai), with a Value-Added Tax rate of 5%[331][332] Notes to Consolidated Financial Statement Items This section detailed notes on consolidated financial statement items, including cash, receivables, inventory, long-term equity investments, fixed assets, borrowings, payables, revenue, costs, financial expenses, other income, investment income, credit impairment, and asset impairment, with explanations of period-end balances and changes - Cash and bank balances: Period-end balance of RMB 1,756,585,119.01, including restricted funds of RMB 188,897,633.86[334] - Trading financial assets: Period-end balance of RMB 249,462,279.40, a significant increase from the beginning of the period[336] - Accounts receivable: Period-end book value of RMB 289,324,275.38, with bad debt provision of RMB 14,856,015.18[344][351] - Inventory: Period-end book value of RMB 149,881,467.17, with inventory depreciation provision of RMB 26,170,426.14[379][381] - Fixed assets: Period-end book value of RMB 1,018,269,418.32, including temporarily idle machinery and equipment with a book value of RMB 17,427,835.70[397][401][403] - Short-term borrowings: Period-end balance of RMB 487,839,065.28, primarily guarantee-backed and credit-based borrowings[434] - Operating revenue and operating cost: Current period operating revenue of RMB 876,552,529.51, operating cost of RMB 802,406,537.66[486] - Financial expenses: Current period amount of RMB 10,197,085.88, a significant decrease from the prior period, mainly due to reduced interest expenses[498] - Investment income: Current period amount of RMB 10,104,114.79, primarily from long-term equity investments accounted for using the equity method, disposal of long-term equity investments, and trading financial asset investments[503] - Credit impairment losses: Current period amount of RMB 18,121,844.83, compared to -RMB 22,336,033.21 in the prior period, mainly affected by bad debt losses on accounts receivable[505] - Assets with restricted ownership or use rights: Total RMB 607,025,129.74 at period-end[537] Changes in Consolidation Scope During the reporting period, the company did not experience business combinations not under common control, business combinations under common control, or disposal of subsidiaries leading to loss of control - The company did not experience business combinations not under common control, business combinations under common control, or disposal of subsidiaries leading to loss of control during the reporting period[546][549][553] Interests in Other Entities This section discloses the company's group structure, including wholly-owned and controlled subsidiaries, and key joint ventures and associates like Qianxinan Yilong Almaden New Energy and Feicheng Shengyang New Energy, along with their shareholdings and main financial information - The company owns multiple wholly-owned or controlled subsidiaries, with business natures covering solar power station investment, manufacturing, and other sectors[554] - The company's significant associates include Qianxinan Yilong Almaden New Energy Co., Ltd. (indirectly held 30%) and Feicheng Shengyang New Energy Co., Ltd. (directly held 20%), both accounted for using the equity method[555][556] Key Associate Financial Information (Period-End Balance/Current Period Amount) | Indicator | Qianxinan Yilong Almaden New Energy Co., Ltd. | Feicheng Shengyang New Energy Co., Ltd. | | :--- | :--- | :--- | | Total Assets (RMB) | 253,669,144.34 | 170,495,704.03 | | Total Liabilities (RMB) | 171,860,462.73 | 122,074,174.66 | | Equity Attributable to Parent Company Shareholders (RMB) | 81,808,681.61 | 48,421,529.37 | | Operating Revenue (RMB) | 12,315,386.90 | 12,202,436.06 | | Net Profit (RMB) | 1,889,021.45 | 3,011,555.80 | Risks Related to Financial Instruments The company manages credit, liquidity, and market risks (interest rate, exchange rate) through credit reviews, accounts receivable monitoring, liquidity planning, and debt portfolio management, maintaining a healthy liquidity ratio of 2.36 at period-end, while exchange rate fluctuations pose potential impacts on net profit and shareholder equity - The company faces credit risk, liquidity risk, and market risk (interest rate risk, foreign exchange risk)[560] - Credit risk: Managed by conducting credit reviews of counterparties and continuously monitoring accounts receivable balances, with the maximum risk exposure equal to the carrying amount of financial assets[562] - Liquidity risk: Managed using cyclical liquidity planning tools, with a liquidity ratio of 2.36 at the end of the reporting period, indicating sufficient liquidity[570] - Interest rate risk: Primarily associated with floating-rate short-term liabilities, managed through a combination of short-term and long-term borrowings. A 0.50% change in interest rates could lead to an increase or decrease in net profit/shareholder equity of approximately RMB 31,300[573] - Exchange rate risk: Primarily related to sales and procurement transactions settled in foreign currencies. A 5.00% depreciation of the RMB against the USD could increase net profit/shareholder equity by RMB 4.7674 million, while a 5.00% appreciation would decrease it by RMB 4.7674 million[575][576] Disclosure of Fair Value This section discloses the fair value of assets measured at fair value at period-end, totaling RMB 580,785,886.73, including trading financial assets, other equity instrument investments, and accounts receivable financing Fair Value of Assets Measured at Fair Value at Period-End | Item | Fair Value at Period-End (RMB) | | :--- | :--- | | Trading financial assets | 249,462,279.40 | | Other equity instrument investments | 174,547,599.90 | | Accounts receivable financing | 156,776,007.43 | | Total | 580,785,886.73 | [Related Parties and Related Party Transactions](index=162&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%85%B3%E8%8