去年营收大降43.68%被问询，双良节能回复

Core Viewpoint - The company, Shuangliang Energy, reported significant declines in revenue and gross margin for 2024 and the first half of 2025, primarily due to capacity mismatches in the photovoltaic industry and adherence to industry self-discipline [1][2]. Revenue and Profitability - In 2024, the company achieved revenue of 13.038 billion yuan, a year-on-year decrease of 43.68%, with a gross margin of -2.22% - For the first half of 2025, revenue was 4.388 billion yuan, down 37.13% year-on-year, with a gross margin of 1.45% [1]. Asset and Liability Structure - As of June 30, 2025, the company's asset-liability ratio stood at 84.35%, with cash and cash equivalents of 5.612 billion yuan, of which 5.052 billion yuan was restricted cash primarily for bank acceptance bill guarantees - The total short-term borrowings and current portion of long-term borrowings amounted to 8.903 billion yuan, with a net balance of 5.339 billion yuan after discounting [2]. Inventory and Impairment - The company's inventory balance as of June 30, 2025, was 1.623 billion yuan, with an inventory impairment provision ratio of 10.13%, a decrease of 15.36 percentage points year-on-year - Asset impairment losses for the first half of 2025 decreased from 675 million yuan to 166 million yuan, attributed to improved gross margins in the silicon wafer business [3]. Accounts Receivable and Contract Liabilities - As of June 30, 2025, accounts receivable amounted to 2.491 billion yuan, with a bad debt provision of 372 million yuan, resulting in a provision ratio of 14.30% - Contract liabilities increased by 65.49% compared to the beginning of the period, reaching 1.496 billion yuan, driven by increased orders in large cooling island projects and prepayments for overseas power station projects [3].