Jolywood(SZ:300393)2022-04-25 16:00Financial Performance - The company reported a net profit attributable to shareholders of -313.36 million yuan in 2021, a significant decline from the previous year, primarily due to rising costs of upstream raw materials and shipping fees [4]. - The company's revenue for 2021 was CNY 5,819,537,415.34, representing a 14.45% increase from CNY 5,084,945,898.24 in 2020 [32]. - The net profit attributable to shareholders for 2021 was a loss of CNY 313,361,310.51, a decrease of 424.19% compared to a profit of CNY 96,658,413.45 in 2020 [32]. - The net cash flow from operating activities for 2021 was CNY 350,803,867.06, a significant improvement of 294.52% from a negative cash flow of CNY 180,338,748.07 in 2020 [32]. - The total assets at the end of 2021 amounted to CNY 12,139,151,025.74, which is a 24.93% increase from CNY 9,716,688,930.43 at the end of 2020 [32]. - The net assets attributable to shareholders decreased by 7.48% to CNY 3,388,176,100.40 at the end of 2021 from CNY 3,662,274,454.18 at the end of 2020 [32]. - The basic earnings per share for 2021 was CNY -0.29, a decline of 422.22% from CNY 0.09 in 2020 [32]. - The weighted average return on equity for 2021 was -8.92%, down from 2.82% in 2020 [32]. Business Segments and Growth - The company's revenue from its three main business segments—photovoltaic backplanes, high-efficiency batteries, and photovoltaic application systems—showed stable growth, although the gross margin for high-efficiency batteries and components decreased significantly compared to the previous year [6]. - The photovoltaic industry is gradually improving, with companies expanding production to capture market opportunities, which aligns with the company's strategic focus [6]. - The company's total revenue for Q3 was approximately ¥1.76 billion, marking a significant increase compared to Q1's ¥1.13 billion and Q2's ¥1.24 billion [36]. - The net profit attributable to shareholders for Q3 was approximately ¥42.56 million, a notable recovery from a loss of ¥387 million in Q4 [36]. - The company reported a total of ¥40.77 million in government subsidies recognized in 2021, down from ¥54.63 million in 2020 [40]. Strategic Focus and Future Plans - The company plans to focus on technology research and development, capacity expansion, and cost reduction to enhance its competitive and profitability capabilities in response to the increasing demand in the photovoltaic industry driven by national policies [6]. - Future strategies include market expansion and potential mergers and acquisitions to enhance growth prospects [1]. - The company is actively pursuing market expansion and innovation in distributed photovoltaic application systems, aiming for comprehensive service integration [75]. - The company aims to increase the proportion of non-fossil energy consumption to around 20% by 2025, in line with national energy policies [58]. - The company is committed to continuous technological innovation and capacity expansion to meet the growing demand in the photovoltaic sector [58]. Research and Development - The company has established a research and development process that integrates application research, technology development, and market application, enhancing efficiency in new product development [69]. - R&D investment amounted to CNY 18,059.44 million, accounting for 3.10% of total revenue, with a year-on-year increase of 3.65% [92]. - The number of R&D personnel increased by 23.04% to 486, with R&D personnel accounting for 18.77% of the total workforce [132]. - Development of high-efficiency N-type TOPCon solar cells with a target efficiency of over 25% is in the laboratory development stage [133]. - The company aims to develop a self-cleaning transparent backsheet to reduce maintenance frequency and increase power generation [129]. Production and Capacity - The company’s production capacity for solar backsheet exceeded 170 million square meters, supporting nearly 40 GW of modules, with cumulative shipments surpassing 160 GW [74]. - The company has established a cumulative production capacity of 3.6 GW for high-efficiency batteries by the end of 2021 [92]. - The company expanded its production capacity by approximately 30 million square meters in the backsheet segment, reaching an annual capacity of over 170 million square meters by the end of 2021 [92]. - The company is focusing on expanding its N-type TOPCon battery production capacity, leveraging its accumulated experience since 2019 [76]. Market and Industry Trends - The domestic photovoltaic installed capacity reached 54.88 GW in 2021, representing a year-on-year increase of 13.9% [51]. - The cumulative photovoltaic installed capacity in China has reached 308 GW, ranking first globally [51]. - The total installed capacity of wind and solar power is expected to reach 1.2 billion kilowatts by 2030, with a significant increase in the proportion of photovoltaic energy in overall energy consumption [58]. - The gross margin for the overall photovoltaic industry was reported at 11.52%, down by 6.58% year-on-year, indicating cost pressures in the sector [106]. Customer and Supplier Relations - Total sales to the top five customers amounted to ¥3,193,578,124.96, accounting for 54.89% of the annual sales [125]. - Total procurement from the top five suppliers was ¥1,444,281,708.51, which is 25.86% of the annual procurement [128]. - The company has maintained long-term stable partnerships with major clients, including China Power Construction Group and JinkoSolar [88]. Financial Management and Investments - The company raised a total of ¥100,000 million through public issuance of convertible bonds, with ¥29,120.97 million used in the reporting period and a cumulative usage of ¥47,736.1 million [159]. - The company reported an investment loss of ¥81,913,769.17, which accounted for 19.60% of total profit [140]. - The total investment amount for the reporting period was ¥775,973,661.54, representing a 4.53% increase compared to ¥742,322,941.83 in the same period last year [150].