Jolywood(SZ:300393)2019-03-25 16:00Financial Performance - The company's revenue for 2018 was approximately ¥2.69 billion, a decrease of 16.99% compared to ¥3.24 billion in 2017[37]. - The net profit attributable to shareholders for 2018 was approximately ¥125.74 million, down 51.37% from ¥258.57 million in 2017[37]. - The net profit after deducting non-recurring gains and losses was approximately ¥69.54 million, a decline of 68.73% compared to ¥222.37 million in 2017[37]. - The basic earnings per share for 2018 was ¥0.53, a decrease of 63.19% from ¥1.44 in 2017[37]. - The total assets at the end of 2018 were approximately ¥6.00 billion, down 3.10% from ¥6.19 billion at the end of 2017[37]. - The net assets attributable to shareholders at the end of 2018 were approximately ¥2.51 billion, a decrease of 3.18% from ¥2.59 billion at the end of 2017[37]. - The company's operating revenue for the reporting period was approximately ¥867.62 million, showing a significant increase compared to ¥612.55 million in the previous period, representing a growth of 41.7%[40]. - The net profit attributable to shareholders was a loss of approximately ¥14.08 million, a decline from a profit of ¥73.46 million in the same period last year[40]. - The net cash flow from operating activities was approximately ¥13.52 million, a recovery from a negative cash flow of ¥32.91 million in the previous period[40]. - The company achieved operating revenue of RMB 2,691,837,885.37, a decrease of 16.99% compared to the previous year[69]. - The net profit attributable to shareholders was RMB 125,743,795.76, down 51.37% year-on-year[69]. Investment and R&D - The company invested RMB 61,064,300 in R&D for N-type monocrystalline batteries, an increase of 5.89% from the previous year[70]. - The company has applied for a total of 87 patents, including 47 invention patents and 40 utility model patents, with 72 patents granted as of the end of the reporting period[61]. - The company is actively engaged in research and development of new products and technologies to enhance its market position in the photovoltaic industry[37]. - The company has established long-term cooperative relationships with research institutions and universities, enhancing its R&D capabilities and industry position[61]. - The company is focusing on the development of new technologies, including N-TOPCon and N-type IBC solar cells, to enhance production efficiency and market competitiveness[78]. - The company is investing $50 million in R&D for new technologies aimed at enhancing product efficiency[198]. Market Strategy and Expansion - The company aims to enhance battery production capacity and expand market promotion efforts both domestically and internationally[11]. - The company will actively participate in national leading projects and expand its market presence in response to increasing competition[10]. - The company is focusing on expanding its production capacity with a project aimed at producing 2.1 GW of N-type monocrystalline bifacial solar cells[37]. - The company is focused on developing the distributed photovoltaic market, leveraging its N-type monocrystalline bifacial product advantages to enhance customer relationships[174]. - The company plans to enter two new international markets by Q2 2024, aiming for a revenue contribution of $100 million[198]. - The company is actively pursuing market expansion through new product development and strategic partnerships in the photovoltaic sector[76]. Financial Management and Risk - The company will strengthen its credit management and receivables management systems to mitigate financial risks associated with accounts receivable[15]. - The company acknowledges the risks associated with policy changes and market fluctuations that could impact the photovoltaic industry[10]. - The company emphasizes the importance of strict management of accounts receivable to mitigate financial risks associated with potential defaults[176]. - The company is committed to improving its internal control systems and management capabilities to support its expanding operations and market presence[176]. - The company acknowledges risks related to policy adjustments and industry cyclicality, which could impact overall performance and product demand[174]. Dividend Policy - The company plans to distribute a cash dividend of ¥4.00 per 10 shares (including tax) based on a total share capital of 240,994,681 shares as of the end of 2018[19]. - The total cash dividend for 2018, including other methods, amounts to 196,002,562.69 RMB, which represents 100% of the distributable profit[184][190]. - The company's net profit for 2018 was 73,003,634.86 RMB, with a distributable profit of 65,703,271.37 RMB after statutory surplus reserve allocation[188]. - The cash dividend distribution plan for 2018 is subject to approval at the annual shareholders' meeting[190]. - The company has maintained a consistent cash dividend policy, with the cash dividend amounting to 148,282,082.30 RMB in 2017, which was 57.35% of the net profit attributable to shareholders[190]. Product Development - The company launched two new products: a transparent backsheet and a power gain transparent grid backsheet, both of which have started production and generated some revenue during the reporting period[50]. - The company launched N-type monocrystalline lightweight flexible high-efficiency modules, enhancing its product structure and application fields[61]. - The company has completed the issuance and listing of convertible bonds for the "1.5GW N-type monocrystalline bifacial TOPCon battery project," aiming to expand battery production capacity[174]. - The company launched a new transparent backsheet packaging solution that can increase module power by 5W-6W[70]. - The company achieved a maximum conversion efficiency of 21.80% for N-PERT bifacial solar cells and 23.16% for N-type monocrystalline IBC solar cells, both of which are industry-leading levels[78]. Operational Efficiency - The company has optimized its quality management system, ensuring high standards and reliability in its products, which have received certifications from various international quality assessment organizations[61]. - The company has improved production efficiency through advancements in technology and processes, leading to reduced investment intensity[148]. - Cost reduction strategies implemented resulted in a 5% decrease in operational expenses, improving overall profitability[198].