Financial Performance - Revenue for the year ended December 31, 2023, was RMB 238,481,000, a decrease of 23.8% compared to RMB 313,143,000 in 2022[4] - Gross profit for the same period was RMB 118,185,000, down 18.2% from RMB 144,418,000 in the previous year[4] - The company reported a net loss of RMB 471,040,000, representing an increase of 163.7% from a loss of RMB 178,627,000 in 2022[4] - Adjusted EBITDA was RMB 177,678,000, a decrease of 40.8% compared to RMB 300,036,000 in 2022[4] - Basic loss per share increased to RMB (8.84) from RMB (3.48), marking a rise of 154.0%[4] - Total revenue from electricity sales decreased to RMB 238,481,000 in 2023, down 23.9% from RMB 313,143,000 in 2022[26] - The segment profit for 2023 was RMB 72,412,000, significantly lower than RMB 298,172,000 in 2022, indicating a decrease of around 75.7%[32] - The company reported a pre-tax loss of RMB 466,414,000 in 2023, compared to a loss of RMB 173,816,000 in 2022, representing an increase in losses of approximately 168.5%[32] - The company recognized a loss of RMB 60,227,000 due to impairment of intangible assets in 2023, with no such loss reported in 2022[39] - The company incurred a foreign exchange loss of RMB 98,103,000 in 2023, compared to a loss of RMB 229,417,000 in 2022, indicating an improvement of approximately 57.2%[39] - The company’s income tax expense for the year 2023 was RMB 4,602,000, a decrease from RMB 5,309,000 in 2022, reflecting a reduction of approximately 13.3%[10] - The basic and diluted loss per share for 2023 was RMB (0.088) based on a weighted average of 5,082,375,490 shares, compared to RMB (0.035) for 2022 with 4,991,690,558 shares, indicating an increase in loss per share of approximately 151.4%[49] - Net other gains and losses recorded a loss of RMB 165.8 million, compared to a net gain of RMB 64.8 million in the previous year, mainly due to the lack of financial guarantee settlement gains this year[87] - Loss before tax increased by RMB 292.6 million to RMB 466.4 million[92] - Net loss for the year increased by RMB 292.4 million or 163.7% to RMB 471.0 million[94] Asset and Liability Management - Total liabilities decreased from RMB 5,383,119,000 in 2022 to RMB 3,787,251,000 in 2023, reflecting successful debt restructuring efforts[12] - Current assets decreased from RMB 2,730,572,000 in 2022 to RMB 2,016,669,000 in 2023, primarily due to the classification of assets held for sale[12] - The company's net current liabilities as of December 31, 2023, were RMB 1,770,582,000, an improvement from RMB 2,024,843,000 in 2022[17] - The total debt, including bank loans and bonds, amounted to RMB 1,964,083,000, with overdue bank loans and bonds totaling approximately RMB 868,962,000 and RMB 585,372,000, respectively[17] - Cash and cash equivalents were only about RMB 97,446,000 as of December 31, 2023, raising significant concerns about the company's ability to continue as a going concern[22] - The company plans to complete the sale of certain subsidiaries and negotiate with creditors for refinancing or extending maturity dates to improve liquidity[22] - The company’s total current liabilities amounted to RMB 924,637,000, a slight increase from RMB 916,470,000 in the previous year[15] - The company’s total liabilities related to interest payable were RMB 735,816,000, slightly increasing from RMB 713,862,000 in the previous year[15] - The company’s total liabilities related to assets classified as held for sale amounted to RMB 21,879,000 as of December 31, 2022[57] Operational Changes and Future Plans - The company completed the sale of one solar power station and is in discussions for potential sales of additional solar assets[5] - Future plans include expediting the subsidy audit results for solar power stations to improve cash flow and advance asset sales[6] - The company aims to adjust its asset allocation and investment direction to align with the ongoing green low-carbon market trends[6] - The company completed the sale of target equity in June 2023, with a preliminary consideration of approximately RMB 725,714,000 (equivalent to about HKD 812,402,000)[61] - The company agreed to sell 100% equity of Pu Xin Cheng Da (BVI) Limited for approximately RMB 664.3 million, equivalent to about HKD 777.5 million, which constitutes a very significant disposal under listing rules[104] Compliance and Governance - The company has complied with all applicable corporate governance codes as per listing rules[109] - The independent auditor's report indicated an inability to express an opinion due to significant uncertainties regarding the company's ability to continue as a going concern[115] - The company is involved in ongoing litigation regarding bondholders' claims, with total bond principal and accrued interest of RMB 329.91 million and RMB 120.01 million, respectively[118] - The company is facing significant uncertainties that may impact its ability to continue operating on a going concern basis[122] - The board is taking measures to improve the group's liquidity and financial position, but the success of these measures is uncertain[122] Employee and Dividend Information - The company has 71 employees, with compensation aligned with employee responsibilities and performance[105] - The board decided not to declare a final dividend for the year[106] - The company did not recommend the payment of any dividends for the years ended December 31, 2023, and 2022[48] Miscellaneous - The company continues to assess the impact of new and revised international financial reporting standards but has not identified significant changes to its accounting policies[24] - The company did not receive or account for any contingent electricity subsidies for the year ending December 31, 2023[38] - Trade receivables decreased significantly to RMB 29,021,000 in 2023 from RMB 63,135,000 in 2022, representing a decline of about 54.0%[52] - The total amount of trade receivables and accrued electricity subsidies was RMB 760,002,000 in 2023, down from RMB 893,329,000 in 2022, a decrease of approximately 15.0%[52] - The company’s accrued electricity subsidy income was RMB 736,805,000 in 2023, compared to RMB 835,322,000 in 2022, reflecting a decrease of approximately 11.8%[52] - The company’s trade receivables aged over 180 days amounted to RMB 670,324,000 in 2023, a decrease from RMB 792,715,000 in 2022, indicating a reduction of about 15.4%[55] - The company has maintained a public float of no less than 25% of its issued shares during the year[123] - The audited annual results announcement is available on the Hong Kong Stock Exchange website and the company's website[124] - The company has not purchased, sold, or redeemed any of its listed securities during the year[122]
顺风清洁能源(01165) - 2023 - 年度业绩