Jolywood(SZ:300393)2023-08-24 16:00Research and Development - The company has established a research and development system focused on market-oriented and independent innovation, including a photovoltaic film material engineering technology research center and battery and module technology R&D centers [33]. - New product and technology development processes include five stages: concept, planning, development, verification, and introduction, ensuring efficient advancement of R&D efforts [33]. - The company collaborates with various research institutions and universities, including IMEC and Nanjing University of Aeronautics and Astronautics, to enhance its R&D capabilities [33]. - Research and development expenses increased by 29.90% to CNY 144,796,183.76, reflecting the company's commitment to innovation [134]. - The company has accumulated a total of 253 authorized patents, including 102 invention patents and 151 utility model patents, as of the end of the reporting period [128]. - The company is focusing on the development and production of n-type TOPCon high-efficiency batteries and modules, with key technical indicators further optimized during the reporting period [152]. Financial Performance - The company's revenue for the reporting period reached ¥5,761,156,421.19, representing a 24.22% increase compared to ¥4,637,801,927.55 in the same period last year [70]. - The net profit attributable to shareholders was ¥236,437,873.30, a slight increase of 2.39% from ¥230,914,017.67 year-on-year [70]. - The net profit after deducting non-recurring gains and losses was ¥306,575,076.88, showing a significant increase of 44.95% compared to ¥211,499,607.32 in the previous year [70]. - The company's total assets increased by 8.69% to ¥18,481,563,732.00 from ¥17,003,275,808.79 at the end of the previous year [70]. - The gross margin for the reporting period is not explicitly stated but is implied to be under pressure due to increased production costs and market competition [70]. - The company reported a negative cash flow from operating activities of ¥603,219,960.96, a decline of 306.13% compared to the previous year [70]. - The weighted average return on net assets decreased to 5.88% from 6.56% in the previous year [70]. Market Trends and Industry Position - In the first half of 2023, the company's photovoltaic power generation installed capacity reached 78.42 GW, representing a year-on-year growth of 154% [58]. - The global photovoltaic market demand is expected to remain strong, with a conservative estimate of 305 GW of new installed capacity globally in 2023, and 120 GW in China [58]. - The production of polysilicon, silicon wafers, batteries, and modules in China saw a year-on-year increase of over 60% in the first half of 2023 [59]. - The company operates in the photovoltaic industry, which has become a global leader in manufacturing and is expected to continue growing due to increasing demand for renewable energy [57]. - The company is positioned to benefit from the global trend towards carbon neutrality, with many countries prioritizing the development of local photovoltaic industries [58]. Production Capacity and Projects - The company has maintained a complete industrial chain in the photovoltaic sector, including silicon materials, wafers, batteries, auxiliary materials, components, and power stations [57]. - The company has invested in a 16GW high-efficiency monocrystalline battery intelligent factory project in Shanxi, with the first phase of 8GW already in production [91]. - The company is currently constructing the Shanxi battery production base in phases, which is expected to enhance production capacity [122]. - The company achieved a production capacity of 250 million square meters for solar backplanes by the end of the reporting period, maintaining its position as the world's leading manufacturer for two consecutive years [147]. - The company is actively expanding its production capacity, with projects such as the 1.5GW n-type monocrystalline bifacial TOPCon solar cell project and a 16GW high-efficiency monocrystalline battery intelligent factory project underway [154]. Strategic Partnerships and Collaborations - The company has established strategic partnerships with multiple state-owned enterprises, enhancing its competitive advantage in the industry [124]. - The company has established good cooperation with the top twenty global module manufacturers, including BYD, Trina, and JA Solar, enhancing its customer base [155]. - The company has established a strategic partnership with CPVT and CQC to ensure high-quality product delivery to global customers [158]. Customer Relations and Market Development - The company implemented a "one county, one agent" model for its photovoltaic application business, enhancing its market development and operational efficiency [94]. - The company plans to provide better services to downstream module customers through high-efficiency batteries and quality backplanes as new production capacities are released [155]. - The company’s household distributed business has covered 23 provinces and 749 counties, managing nearly 170,000 household renewable energy photovoltaic power stations [130]. Environmental and Sustainability Initiatives - The company is focusing on the development of fluorine-free environmentally friendly backplanes to align with low-carbon and sustainable practices [173]. - The company launched a new ceramic backplane product in May 2023, which has received a carbon footprint certificate from TÜV Süd, highlighting its environmental benefits [173]. Risk Management and Financial Controls - The company has established a strict risk management system for foreign exchange hedging, including a dedicated foreign exchange risk control team [194]. - The company does not engage in speculative derivative investments during the reporting period [197]. - The company has been actively controlling procurement costs and effectively reducing investment costs in the 1.5GW N-type monocrystalline bifacial TOPCon battery project, resulting in surplus funds [192].