Director Retirements - The company clarified that the retiring directors listed on page 37 of the 2024 annual report should be Mr. Wang Yu, Mr. Qiu Bo, and Mr. Zhao Yuwen[4] Report Status - All other information contained in the 2024 annual report remains unchanged[5]

Financial Performance - Revenue from solar power generation in China decreased by RMB 78.7 million or 33.0% to RMB 159.8 million for the year ended December 31, 2024, primarily due to the completion of share transfers related to solar power plants[25] - The gross profit for the year was RMB 41.1 million, down RMB 77.1 million or 65.2% from RMB 118.2 million in the previous year[27] - The company reported a revenue growth of -33.0% for the year 2024, with an EBITDA of -RMB 20.662 million, indicating a significant decline in operational performance[52] - The adjusted EBITDA ratio for 2024 was 61.1%, down from 74.5% in 2023, reflecting a decrease in operational efficiency[52] - The company reported a loss of RMB 440,269,000 for the year ending December 31, 2024, with total equity attributable to owners amounting to a loss of RMB 1,972,076,000[85] - The group reported a net loss of RMB 440,269,000 and RMB 471,040,000 for the years ended December 31, 2024, and 2023, respectively[196] Operational Metrics - The total electricity generation from solar power plants in China for 2024 was approximately 208,517 MWh, a decrease of 30.2% from 298,718 MWh in 2023[21] - The total installed capacity of solar power plants in China was approximately 256 MW as of December 31, 2024[21] - For the year 2024, the company's solar power plants generated approximately 208,517 MWh, saving 62,889 tons of coal compared to traditional coal-fired power plants, and reducing emissions of dust, CO2, and SO2 by 3 tons, 171,192 tons, and 16 tons respectively[142] Financial Position - Current liabilities exceeded current assets by RMB 2,587,807,000 as of December 31, 2024, an increase of RMB 817,225,000 compared to RMB 1,770,582,000 on December 31, 2023[85] - Total debt as of December 31, 2024, was RMB 2,326.836 million, with a debt-to-equity ratio of 571.0%, indicating a high level of financial leverage[52] - The company's cash and cash equivalents stood at approximately RMB 13,077,000 as of December 31, 2024[200] Debt and Financing - The company is currently facing a financial obligation of HKD 289.1 million related to overdue principal and interest, with a winding-up petition submitted to the Hong Kong High Court[51] - The total amount of bank and other borrowings, convertible bonds, and bonds payable as of December 31, 2024, was RMB 1,882,679,000, which is due within one year or on demand[196] - The overdue bank and other borrowings and bonds payable as of December 31, 2024, were approximately RMB 908,316,000 and RMB 585,372,000, respectively[196] - The company has been in continuous discussions with creditors and financial institutions regarding alternative refinancing and/or extending the maturity dates of related debts[93] Governance and Compliance - The company has adopted a standard code of conduct for securities trading, with all directors confirming compliance for the year[67] - The board of directors has established a diversity policy, ensuring at least one director of a different gender is appointed, with 44% of employees being female as of December 31, 2024[75] - The company has complied with all provisions of the corporate governance code for the year ending December 31, 2024[188] - The audit committee includes three independent non-executive directors, ensuring independence and objectivity in financial oversight[77] Risk Management - The company has established a two-part enterprise risk management framework consisting of a risk management structure and risk management procedures[101] - Management is tasked with identifying and continuously monitoring strategic, operational, financial, reporting, and compliance risks[104] - The internal audit function has been outsourced to a third-party professional internal control consultant to ensure independence in reviewing the effectiveness of the risk management procedures[105] - The audit committee has not identified any deficiencies in the risk management and internal control systems[114] Shareholder Engagement - The company is committed to maintaining high transparency and effective communication with shareholders and investors through various channels, including its website[116] - Independent non-executive directors are required to attend shareholder meetings, ensuring compliance with corporate governance codes[121] - The company allows shareholders holding at least 10% of the paid-up capital to request a special general meeting within two months of submission[118] Employee Relations - The company emphasizes the importance of maintaining good relationships with employees and business partners, providing competitive compensation and a comfortable working environment[141] - The company has a total of 72 employees, with a gender distribution of 56% male and 44% female, reflecting its commitment to diversity[75] Future Outlook - The company is facing uncertainties regarding its ability to continue as a going concern, with significant measures being taken to improve liquidity and financial conditions[94] - The company anticipates that if the proposed plans and measures are successfully implemented, the auditor's report for the year ending December 31, 2025, may no longer include a disclaimer of opinion[94]

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 159,793,000, a decrease of 33.0% compared to RMB 238,481,000 in 2023[4] - Gross profit for the same period was RMB 41,081,000, down 65.2% from RMB 118,185,000 in 2023[4] - The company reported a net loss of RMB 440,269,000 for 2024, which is a 6.5% improvement from a loss of RMB 471,040,000 in 2023[4] - Adjusted EBITDA for 2024 was RMB 97,684,000, a decrease of 45.0% from RMB 177,678,000 in 2023[4] - Basic loss per share improved slightly to RMB (8.57) from RMB (8.84) in 2023, reflecting a 3.1% reduction in loss per share[4] - Revenue from electricity sales decreased to RMB 39,826,000 in 2024 from RMB 67,047,000 in 2023, while electricity subsidies fell to RMB 119,967,000 from RMB 171,434,000[24] - The company reported a segment loss of RMB 20,011,000 in 2024, contrasting with a profit of RMB 72,412,000 in 2023[29] - Total financial expenses decreased to RMB 318,037,000 in 2024 from RMB 398,163,000 in 2023, a reduction of about 20.1%[33] - The impairment loss on intangible assets significantly decreased to RMB 10,157,000 in 2024 from RMB 60,227,000 in 2023, a reduction of approximately 83.2%[32] - Other income fell by RMB 4.1 million or 46.6% to RMB 4.7 million, primarily due to a decrease in bank interest income by RMB 3.7 million or 90.2% to RMB 0.4 million[58] - Other losses decreased by RMB 89.6 million or 54.0% to RMB 76.2 million, mainly due to a reduction in intangible asset impairment losses by RMB 50 million or 83.1% to RMB 10.2 million[59] - Administrative expenses decreased by RMB 18.4 million or 23.4% to RMB 60.2 million[61] - Loss before tax decreased by RMB 27.1 million to RMB 439.3 million for the year ended December 31, 2023[64] - Net loss for the year decreased by RMB 30.7 million or 6.5% to RMB 440.3 million[66] Financial Position - Total liabilities increased to RMB 4,506,877,000 in 2024 from RMB 3,787,251,000 in 2023, indicating a significant rise in financial obligations[12] - The company’s net current liabilities rose to RMB (2,587,807,000) in 2024, compared to RMB (1,770,582,000) in 2023, highlighting worsening liquidity[12] - As of December 31, 2024, the company's net current liabilities were RMB 2,587,807,000, and net debt was RMB 1,908,577,000[15] - The total bank and other borrowings, convertible bonds, and payable bonds amounted to RMB 1,882,679,000, with overdue borrowings and payable bonds of approximately RMB 908,316,000 and RMB 585,372,000, respectively[15] - The company maintained cash and cash equivalents of only approximately RMB 13,077,000 as of December 31, 2024, indicating significant uncertainty regarding its ability to continue as a going concern[20] - The company’s largest customer accounted for approximately 14.3% of total revenue in 2024, compared to 14.9% in 2023[53] - The company has outstanding bank and other borrowings totaling RMB 1,882.7 million, which are due within one year[88] - The company faces significant financial obligations, including overdue bank borrowings of approximately RMB 908.3 million and bonds payable of RMB 585.4 million as of December 31, 2024[88] - As of December 31, 2024, the company's current liabilities exceeded current assets, resulting in a net current liability of RMB 2,587.8 million[88] Strategic Initiatives - The company is actively seeking potential buyers for several solar power assets to reduce total debt and financial costs[6] - Future plans depend on the announcement of subsidy audit results for solar power stations, which are expected to improve cash flow and facilitate asset sales[7] - The company is implementing plans to improve liquidity and financial conditions, including potential sales of subsidiaries and negotiations with creditors for refinancing[21] - The company continues to maintain communication with creditors to seek solutions for financial challenges[6] - The company is exploring potential sales of subsidiaries and negotiating with creditors for refinancing options[92] Legal and Compliance Issues - The company has faced legal challenges, including two freezing orders related to bonds totaling RMB 329,909,000 and RMB 255,463,000 for 2015 and 2016 bonds, respectively[16][18] - The company is currently under legal proceedings related to bondholders seeking repayment of RMB 329.9 million in principal and accrued interest[89] - The company is currently facing a winding-up petition due to overdue principal and accrued interest totaling approximately HKD 289.1 million[91] Accounting and Reporting - The company has adopted new and revised International Financial Reporting Standards effective from January 1, 2024, with no significant changes to accounting policies reported[22] - The company continues to recognize revenue from electricity sales at the point of generation and delivery, based on local grid pricing standards[25] - The financial statements have been prepared on a going concern basis, contingent on the success of measures to improve liquidity and financial condition[92] Employee and Governance - The company has 72 employees as of December 31, 2024, with compensation aligned to employee responsibilities and performance[79] - The board of directors includes both executive and independent non-executive members, ensuring governance compliance[96] Dividend Policy - The company did not recommend any dividends for the years ended December 31, 2024, and 2023[38] - The company has not declared a final dividend for the year[80]

Financial Performance - Total electricity generation from solar power stations in China was approximately 109,912 MWh, a decrease of 39.7% from 182,364 MWh in the same period of 2023[5] - Revenue from solar power generation in China decreased by RMB 54.5 million or 39.7% to RMB 82.9 million, primarily due to the completion of share transfers of solar power companies in 2023[7] - Gross profit decreased by RMB 49.4 million or 67.6% to RMB 23.7 million compared to RMB 73.1 million in the same period of 2023[8] - For the six months ended June 30, 2024, the company reported a revenue of RMB 82,875,000, a decrease from RMB 137,351,000 in the same period of 2023, representing a decline of approximately 39.5%[62] - The gross profit for the same period was RMB 23,693,000, down from RMB 73,084,000, indicating a decrease of about 67.6%[62] - The company incurred a net loss of RMB 219,004,000 for the six months ended June 30, 2024, compared to a net loss of RMB 308,115,000 for the same period in 2023, reflecting an improvement of approximately 29%[62] - The company reported a basic and diluted loss per share of RMB 4.27 for the six months ended June 30, 2024, compared to RMB 6.02 for the same period in 2023[63] - The company recorded a total comprehensive loss of RMB (305,946) thousand for the six months ended June 30, 2024, compared to a loss of RMB (29,163) thousand in the same period of 2023[66] Financial Position - As of June 30, 2024, the company's current ratio is 0.50, down from 0.53 on December 31, 2023, indicating a negative net cash position of RMB 3,560.1 million[21] - The company's net debt to equity ratio improved from -161.0% on December 31, 2023, to -135.6% on June 30, 2024[22] - As of June 30, 2024, the group's net current liabilities amounted to RMB 1,959,471,000, with total borrowings and bonds payable of RMB 2,020,456,000 due within one year[37] - The group has cash and cash equivalents of approximately RMB 34,587,000 as of June 30, 2024, indicating significant liquidity concerns[39] - The company’s total liabilities as of June 30, 2024, included overdue bank borrowings of approximately RMB 486,972,000 and overdue bonds payable of RMB 585,372,000[57] - The company’s total liabilities increased to RMB 4,839,816 thousand as of June 30, 2024, an increase from RMB 4,715,761 thousand as of December 31, 2023[93] Operational Efficiency - Trade receivables turnover days increased to 1,732.1 days from 1,247.9 days as of December 31, 2023, mainly due to reduced electricity subsidy collections[19] - Trade payables turnover days decreased to 33.7 days from 66.1 days as of December 31, 2023, reflecting timely payments to suppliers[20] - The company reported a net cash outflow from operating activities of RMB (10,886) thousand for the six months ended June 30, 2024, compared to RMB (29,163) thousand for the same period in 2023, indicating an improvement[67] Debt and Financing - The total principal amount of bonds payable as of June 30, 2024, is RMB 329.9 million, with accrued interest amounting to RMB 132.8 million, compared to RMB 120.0 million as of December 31, 2023[23] - The company has pledged assets totaling RMB 914.3 million in trade and other receivables and RMB 992.2 million in solar power stations to secure bank loans as of June 30, 2024[26] - The company is required to repay RMB 1,227,465,000 within one year as part of its current liabilities[132] - The company issued bonds totaling RMB 466,346,000 with an annual interest rate of 8% on August 18, 2023, and RMB 200,000,000 in new bonds on April 16, 2024, which are interest-free and unsecured[131] Legal and Regulatory Matters - The company is currently involved in arbitration initiated by Sino Alliance Capital Limited regarding claims for losses and equity changes related to Xinjiang Puxin Chengda from September 30, 2020, to the completion date[156] - The company is involved in ongoing litigation related to the 2016 corporate bonds, with a court ruling requiring repayment of RMB 142 million in principal and interest[155] - The company has been subject to court-ordered asset freezes affecting several subsidiaries due to bondholder claims[39] Corporate Governance - The group has complied with all applicable corporate governance codes during the reporting period[34] - The board's audit committee has reviewed the interim financial statements and confirmed compliance with relevant accounting standards[36] - The mid-term report has been published on the Hong Kong Stock Exchange website and the company's website, ensuring compliance with relevant regulations[52] Employee and Management - The company has 71 employees as of June 30, 2024, with compensation aligned to employee responsibilities and performance[29] - The remuneration for directors and key management personnel amounted to RMB 3,640,000 for the six months ended June 30, 2024, compared to RMB 3,065,000 for the same period in 2023[152] Future Outlook - The company continues to explore various clean energy resources to establish a solid foundation for becoming a leading global provider of low-carbon energy solutions[4] - The group is actively considering various fundraising strategies, including refinancing and potential sale of remaining solar power plants, to enhance financial stability[31] - The company plans to complete potential sales of subsidiaries and negotiate refinancing or extension of maturity dates with creditors and financial institutions[71]

Financial Performance - Revenue from solar power generation decreased to RMB 82,875 thousand, down 39.7% from RMB 137,351 thousand in the same period last year[2] - Gross profit fell to RMB 23,693 thousand, a decline of 67.6% compared to RMB 73,084 thousand in the previous year[2] - The net loss for the period improved to RMB (219,004) thousand, a reduction of 28.9% from RMB (308,115) thousand year-on-year[2] - Adjusted EBITDA was RMB 46,143 thousand, down 50.1% from RMB 92,391 thousand in the same period last year[2] - Basic loss per share improved to RMB (4.27) compared to RMB (6.02) in the previous year, reflecting a 29.1% reduction in loss[2] - Total revenue for the six months ended June 30, 2024, was RMB 82,875,000, a decrease of 39.5% from RMB 137,351,000 in the same period of 2023[11] - The company incurred a segment loss of RMB 29,439,000 for the six months ended June 30, 2024, compared to a loss of RMB 26,480,000 in the prior year[12] - The company reported a loss attributable to owners of the company of RMB 216,861,000, compared to a loss of RMB 305,957,000 for the same period in 2023, representing a 29.1% improvement in loss[22] - The total revenue from other income for the six months ended June 30, 2024, was RMB 2,936,000, a decrease of 46.4% from RMB 5,470,000 in the same period of 2023[15] - The company’s financial expenses decreased to RMB 156,742,000 for the six months ended June 30, 2024, down 29.1% from RMB 220,975,000 in the same period of 2023[17] - The company’s foreign exchange loss for the six months ended June 30, 2024, was RMB 40,872,000, an improvement from a loss of RMB 77,870,000 in the same period of 2023[16] - Loss before tax decreased by RMB 88.0 million to RMB 218.5 million from RMB 306.5 million in the same period of 2023[46] - The total loss for this period decreased by RMB 89.1 million to RMB 219.0 million from RMB 308.1 million in the same period of 2023[48] Assets and Liabilities - Total assets decreased to RMB 1,961,890 thousand from RMB 2,016,669 thousand at the end of 2023[5] - Current liabilities increased to RMB 3,921,361 thousand, up from RMB 3,787,251 thousand at the end of 2023[5] - Net current liabilities rose to RMB (1,959,471) thousand compared to RMB (1,770,582) thousand at the end of 2023[5] - Non-current assets decreased to RMB 1,192,801 thousand from RMB 1,232,970 thousand at the end of 2023[4] - The company’s total liabilities, including trade and other payables, amounted to RMB 984,950 thousand as of June 30, 2024, compared to RMB 924,637 thousand at the end of 2023[28] - The current ratio as of June 30, 2024, was 0.50, down from 0.53 as of December 31, 2023, indicating a negative net cash position of RMB 3,560.1 million[51] - The net debt to equity ratio increased from -161.0% as of December 31, 2023, to -135.6% as of June 30, 2024[52] - As of June 30, 2024, the company has pledged assets totaling RMB 914.3 million in trade and other receivables, an increase from RMB 865.7 million as of December 31, 2023[55] Cash and Liquidity - The company’s cash and cash equivalents stood at approximately RMB 34,587,000 as of June 30, 2024, indicating significant liquidity concerns[8] - The company plans to implement measures to improve liquidity, including potential sales of subsidiaries and negotiations with creditors for refinancing[8] - The company is actively considering refinancing and other strategies to strengthen its financial stability and support long-term strategic development[59] - The company has received court orders freezing certain subsidiary shares due to outstanding bond payments, with RMB 329,909,000 in principal and RMB 132,845,000 in accrued interest related to the 2015 bonds[7] - The company is facing significant uncertainties regarding its ability to continue as a going concern, with various measures being taken to improve liquidity and financial conditions[66] - The mid-term financial data is prepared on a going concern basis, which is contingent on the success of the aforementioned measures[66] Operational Performance - Total electricity generation from solar power plants in China was approximately 109,912 MWh, a decrease of 39.7% from 182,364 MWh in the same period of 2023[34][35] - Revenue from solar power generation in China decreased by RMB 54.5 million or 39.7% to RMB 82.9 million, primarily due to the completion of share transfers of target companies in 2023[37] - Sales costs decreased by RMB 5.1 million or 7.9% to RMB 59.2 million, attributed to a reduction in electricity generation[38] - The company reported a decrease in electricity sales revenue to RMB 20,200,000 for the six months ended June 30, 2024, down from RMB 36,822,000 in the previous year[11] - The company continues to explore various clean energy resources to establish a solid foundation for becoming a leading global provider of low-carbon energy solutions[33] - The company is focusing on solar energy business development and management in China following previous divestitures[58] Employee and Administrative Costs - The company’s employee costs totaled RMB 13,935,000 for the six months ended June 30, 2024, a decrease of 9.4% from RMB 15,386,000 in the same period of 2023[18] - Administrative and general expenses decreased by RMB 10.8 million or 26.5% to RMB 29.9 million from RMB 40.7 million in the same period of 2023[43] - The company has 71 employees as of June 30, 2024, with compensation aligned to employee responsibilities and performance[57] Compliance and Reporting - The company continues to follow the same accounting policies and methods as those used in the annual financial statements for the year ended December 31, 2023[6] - The company has adopted new and revised International Financial Reporting Standards effective from January 1, 2024, with no significant impact on its financial statements reported[10] - The company has not declared or proposed any dividends for the six months ended June 30, 2024, and 2023[21] - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[67] - The company maintains a public float of at least 25% of its issued shares as required by listing rules[68] Other Financial Metrics - The company recorded a total of RMB 826,155,000 in trade receivables and electricity subsidy income as of June 30, 2024, an increase of 8.7% from RMB 760,002,000 as of December 31, 2023[25] - Trade payables increased to RMB 2,398 thousand from RMB 1,355 thousand, reflecting a rise in operational liabilities[28] - The expected credit loss under the impairment loss model for this period was RMB 19.2 million, compared to RMB 16.5 million in the same period of 2023, primarily due to a decrease in loss provisions for receivables from related parties[42] - Share of profits from associates decreased by RMB 0.1 million or 9.0% to RMB 1 million from RMB 1.1 million in the same period of 2023[44]

Financial Performance - The total electricity generation for 2023 was 298,718 MWh, a decrease of 25.3% from 399,828 MWh in 2022[19] - Revenue from solar power generation in China decreased by RMB 74.6 million or 23.8% to RMB 238.5 million, primarily due to the completion of share transfers related to solar power station sales[23] - The cost of sales decreased by RMB 48.4 million or 28.7% to RMB 120.3 million, attributed to the reduction in electricity generation from 399,828 MWh in 2022 to 298,718 MWh in 2023[24] - Gross profit fell by RMB 26.2 million or 18.1% to RMB 118.2 million compared to RMB 144.4 million in the previous year[25] - Other income plummeted by RMB 97.3 million or 91.7% to RMB 8.8 million, mainly due to the absence of previously recorded electricity subsidies[26] - Revenue growth for the year 2023 was reported at -23.8%, following a significant decline of -51.8% in 2022[54] - Adjusted EBITDA for 2023 was RMB 177.7 million, with an adjusted EBITDA margin of 74.5%[54] - The pre-tax loss increased by RMB 292.6 million to RMB 466.4 million this year, compared to a pre-tax loss of RMB 173.8 million last year[34] - The annual loss increased by RMB 292.4 million or 163.7% to RMB 471.0 million this year, compared to a loss of RMB 178.6 million last year[36] Asset Management and Sales - 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, as part of a significant disposal transaction[46] - The company has completed the 100% share transfer of Baoshan Changshan Shunfeng Shande New Energy Co., Ltd. in February 2023 and Pu Xin Cheng Da (BVI) Limited in June 2023[20] - The company has received a total of RMB 1,361.6 million from the sale of assets since 2019, with an expected remaining amount of RMB 13.7 million to be received by August 2024[96] - For the 2020 asset sale, the company has received RMB 495.2 million to date, with an expected remaining amount of RMB 0.5 million by December 2024[97] - From the first asset sale in 2021, the company has received RMB 203.9 million, with an expected remaining amount of RMB 23.2 million by December 2024[99] - The company has received RMB 371.9 million from forced asset sales, with an expected remaining amount of RMB 54.1 million by December 2024[101] Financial Position and Liquidity - The current ratio decreased to 0.53 from 0.63 last year, indicating a decline in liquidity[39] - The net debt-to-equity ratio improved from -326.1% to -161.0% this year, reflecting a reduction in net debt[40] - The company is taking measures to improve its liquidity and financial position, as indicated in the financial statements[95] - The company will continue to monitor cash flow and maintain sufficient cash and credit financing levels to manage liquidity risk[157] Governance and Compliance - The company has adopted a standard code of conduct for securities trading, confirming compliance by all directors for the current year[70] - The board believes that combining the roles of chairman and CEO is appropriate under current circumstances to enhance operational effectiveness[71] - The company has mechanisms in place to ensure the board receives independent views and opinions, contributing to decision-making processes[72] - The company’s governance practices are reviewed annually to ensure compliance and effectiveness[72] - The company has established a corporate risk management framework to effectively manage various risks, including strategic, operational, financial, reporting, and compliance risks[117] - The internal audit function has been outsourced to a third-party professional internal control consultant to ensure the independence of internal control reviews[116] - The audit committee held five meetings during the year to review the financial statements and ensure compliance with applicable policies and standards[85] - The company has implemented a clear internal control policy and procedures, defining responsibilities, authorizations, and accountability across departments[121] Employee and Board Composition - As of December 31, 2023, the group had 71 employees, with compensation aligned to employee responsibilities and performance[48] - The company had a total of 71 employees as of December 31, 2023, with male employees constituting 56% and female employees 44%[82] - The board of directors includes experienced individuals with over 26 years of management experience, enhancing the company's governance and strategic direction[137][141] - The company has a diverse board with members holding various qualifications and experiences, which supports its strategic initiatives and market expansion efforts[137][141] Shareholder Engagement - The board of directors emphasizes the importance of maintaining clear and timely communication with shareholders and investors[127] - The company has established multiple communication channels with shareholders, reviewing their effectiveness annually, indicating a commitment to shareholder engagement[133] - The company is subject to regulations that require shareholder meetings to be held within two months of a request, ensuring timely communication and decision-making[130] - The company has a structured process for shareholders to propose resolutions at general meetings, although no provisions allow for new resolutions to be introduced directly at meetings[131] Environmental and Social Responsibility - The company aims to maintain high standards of corporate social governance and encourages employee participation in volunteer activities[163] - The company plans to report its environmental, social, and governance practices in an independent report scheduled for April 26, 2024[163] - The company is actively exploring various clean energy sources in addition to its solar power business[148] Legal and Regulatory Matters - The company is currently seeking legal advice regarding a lawsuit related to losses incurred by Xinjiang Pu Xin Cheng Da from September 30, 2020, to the completion date[50] - The company has reported no significant violations of relevant laws and regulations during the year[158] - The auditor, Crowe Horwath, will retire but is eligible and has accepted reappointment[200]

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]

Financial Performance - The company recorded a net loss of RMB 308.1 million for the period, an increase of RMB 112.1 million compared to a loss of RMB 196.0 million in the same period of 2022[29]. - Revenue from solar power generation in China decreased by RMB 33.3 million or 19.5% to RMB 137.4 million, down from RMB 170.7 million in the same period of 2022[15]. - Gross profit decreased by RMB 37.7 million or 34.0% to RMB 73.1 million, down from RMB 110.8 million in the same period of 2022[19]. - The company reported a loss before tax of RMB 306,491,000 for the six months ended June 30, 2023, compared to a loss of RMB 193,875,000 in 2022, representing a 58.1% increase in losses[84]. - The group reported a loss of RMB 308,115,000 for the six months ended June 30, 2023, compared to a loss of RMB 195,974,000 for the same period in 2022[74]. - Basic loss per share for the six months ended June 30, 2023, was RMB (6.02), compared to RMB (3.89) in 2022, reflecting a worsening financial position[140]. Revenue and Income - Total revenue for the six months ended June 30, 2023, was RMB 137,351,000, a decrease of 19.5% from RMB 170,684,000 in the same period of 2022[117]. - Electricity sales revenue was RMB 36,822,000, down 22.4% from RMB 47,482,000 in the previous year[117]. - Electricity subsidies amounted to RMB 100,529,000, a decline of 18.4% compared to RMB 123,202,000 in 2022[117]. - Other income fell by RMB 3.5 million or 38.9% to RMB 5.5 million, primarily due to a decrease in interest income from electricity subsidies[20]. - Total other income for the six months ended June 30, 2023, was RMB 5,470,000, a decrease of 39.4% from RMB 8,989,000 in 2022[129]. Assets and Liabilities - Total assets as of June 30, 2023, were RMB 3,367,719,000, down from RMB 5,058,798,000 as of December 31, 2022[123]. - Total liabilities decreased to RMB 4,674,517,000 as of June 30, 2023, from RMB 6,057,492,000 at the end of 2022[123]. - The company’s non-current assets decreased to RMB 1,352,603,000 as of June 30, 2023, from RMB 1,678,643,000 at the end of 2022[89]. - The total amount of bank loans and interest as of June 30, 2023, was RMB 12,219,000 and RMB 2,425,000 respectively, down from RMB 21,219,000 and RMB 2,036,000 as of December 31, 2022[102]. - The company has ongoing litigation related to bond repayment, with a court ruling requiring repayment of RMB 142 million in principal and approximately RMB 55.2 million in interest[77]. Cash Flow and Liquidity - Cash and cash equivalents as of June 30, 2023, were approximately RMB 142,525,000, significantly down from RMB 532,618,000 at the end of 2022[89]. - The company reported a net cash outflow from operating activities of RMB (29,163,000) for the six months ended June 30, 2023, compared to a net inflow of RMB 78,240,000 for the same period in 2022[96]. - The current ratio as of June 30, 2023, was 0.49, down from 0.63 as of December 31, 2022, reflecting a negative net cash position of RMB 3,431.1 million compared to RMB 3,911.5 million previously[32]. - The company maintained cash and cash equivalents of approximately RMB 142,525,000 as of June 30, 2023, raising significant doubts about its ability to continue as a going concern[59]. - The company is taking measures to improve its liquidity and financial position, which are subject to various uncertainties[59]. Debt and Financing - The total bank and other borrowings, convertible bonds, and bonds payable amount to RMB 2,350,478,000, due within one year or on demand[74]. - The overdue bank borrowings and bonds payable as of June 30, 2023, were approximately RMB 734,563,000 and RMB 585,372,000, respectively[53]. - The company has issued three freezing orders related to bond payables and bank loans, with a total principal amount of RMB 329,909,000 as of June 30, 2023[99]. - The total amount of convertible bonds increased from RMB 605,629,000 in December 2022 to RMB 621,862,000 in June 2023, an increase of approximately 2.7%[168]. - The company has pledged 100% equity in its subsidiary, Shunfeng Photovoltaic Holdings Limited, along with assets from 17 solar power generation subsidiaries to secure bank and other borrowings[165]. Operational Highlights - The total electricity generation from solar power stations owned by the company in China was approximately 182,364 MWh, a decrease of 16.1% from 217,252 MWh in the same period of 2022[11]. - The company achieved a total installed capacity of approximately 256 MW for grid-connected power generation in China[12]. - The company is focusing on solar energy business development and management in China, considering refinancing and potential further sales of remaining solar power stations to enhance financial stability[46]. - The company has 76 employees as of June 30, 2023, with compensation aligned to employee responsibilities and performance[43]. - The company did not declare any dividends for the six months ended June 30, 2023, consistent with the previous year[138]. Customer and Revenue Concentration - The five largest customers accounted for approximately 59.2% of total revenue, with the largest customer contributing about 14.6%[13]. - Major customers contributing over 10% of total revenue included Company A with RMB 18,499,000 and Company C with RMB 19,352,000[128]. - Receivables from related parties totaled RMB 919,191,000, down from RMB 1,000,614,000, a decrease of 8.1%[154]. - The company expects to settle outstanding balances with related parties within the next twelve months[150]. - The company has confidence in the timely registration of its solar power stations for electricity subsidies, which are expected to be fully recoverable after government fund allocation[149].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 01165 截至 年 月 日止六個月的中期業績公告 2023 6 30 董事會欣然公佈本集團截至2023年6月30日止六個月的未經審核中期業績，連同2022年同 期的比較數字。 該等未經審核中期簡明綜合財務報表已由本公司核數師中匯安達會計師事務所有限公司 及審核委員會審閱及於2023年8月30日獲董事會批准。 業績摘要 截至2023年 截至2022年 6月30日 6月30日 變動 止六個月 止六個月 百分比 人民幣千元 人民幣千元 ...

Financial Performance - Total electricity generation for 2022 was 399,828 MWh, a decrease of 53.9% from 867,275 MWh in 2021[20] - Revenue from solar power generation in China decreased by RMB 337.1 million or 51.8% to RMB 313.1 million, primarily due to the completion of asset sales[24] - Sales costs decreased by RMB 184.7 million or 52.3% to RMB 168.7 million, attributed to a reduction in electricity generation from 867,275 MWh to 399,828 MWh[25] - Gross profit decreased by RMB 152.4 million or 51.3% from RMB 296.8 million in the year ended December 31, 2021, to RMB 144.4 million in the current year[28] - Other income increased by RMB 69.2 million or 187.5% from RMB 36.9 million in the year ended December 31, 2021, to RMB 106.1 million in the current year, primarily due to a rise in received electricity subsidies[29] - Net other gains recorded RMB 64.8 million in the current year, compared to a net loss of RMB 413.4 million in the year ended December 31, 2021, mainly due to a significant reduction in losses from the sale of subsidiaries[30] - Administrative expenses decreased by RMB 19.6 million or 18.2% from RMB 107.9 million in the year ended December 31, 2021, to RMB 88.3 million in the current year[32] - Financial expenses decreased by RMB 162.1 million or 27.3% from RMB 592.9 million in the year ended December 31, 2021, to RMB 430.8 million in the current year, mainly due to a reduction in interest on bank and other borrowings[34] - Loss before tax decreased by RMB 638.4 million to RMB 173.8 million in the current year from a loss of RMB 812.2 million in the year ended December 31, 2021[35] - Loss from continuing operations decreased by RMB 639.4 million or 78.2% from RMB 818.0 million in the year ended December 31, 2021, to RMB 178.6 million in the current year[37] - Revenue growth decreased significantly, with a decline of 51.8% in 2022 compared to previous years[62] - Adjusted EBITDA for 2022 was RMB 300,036 thousand, with an adjusted EBITDA margin of 95.8%[62] - Total debt increased to RMB 3,789,336 thousand in 2022, resulting in a debt ratio of 144.2%[62] - The company reported a net loss per share of RMB 3.48 in 2022, an improvement from previous losses[62] - Total assets decreased to RMB 5,058,798 thousand in 2022, while total liabilities were RMB 6,057,492 thousand[62] - The interest coverage ratio improved to 1.0 in 2022, indicating better ability to meet interest obligations[62] - Trade receivables turnover days increased to 990.2 days in 2022, reflecting longer collection periods[62] - The company maintained a high adjusted EBITDA ratio of 95.8% in 2022, indicating operational efficiency despite revenue decline[62] Corporate Governance - The company is focused on improving corporate governance and transparency to enhance overall performance[73] - The board of directors held a total of 5 meetings during the year, with all independent non-executive directors attending all meetings[88] - The company has three independent non-executive directors, with one having over nine years of service, and all confirmed their independence under listing rules[84] - The company aims to appoint at least one director of a different gender by December 31, 2024, to enhance gender diversity on the board[90] - The board has established an audit committee, a remuneration committee, and a nomination committee, each with defined roles and responsibilities[91] - All directors received training on the roles and responsibilities of listed company directors, ensuring compliance with corporate governance codes[85] - The company has mechanisms in place to ensure independent viewpoints are provided to the board, enhancing decision-making processes[81] - Independent non-executive directors are required to dedicate sufficient time to fulfill their duties, with their attendance and participation reviewed annually[84] - The company has implemented appropriate recruitment practices to consider diversity in hiring, including gender, age, and cultural background[90] - The board believes that the continued service of independent non-executive directors enhances stability and provides valuable insights to the company[84] Risk Management - The company has established a two-part enterprise risk management framework to assess and evaluate business strategies and risk tolerance levels[118] - The company has established an enterprise risk management framework to effectively manage various risks, including strategic, operational, financial, reporting, and compliance risks[125] - The internal audit function has been outsourced to a third-party professional internal control consultant to ensure the independence of internal control reviews[122] - The internal control consultant completed the review of the internal control system for the fiscal year ending December 31, 2022, covering transactions from January 1, 2022, to December 31, 2022[132] - The board of directors has reviewed the risk management and internal control systems and found them to be effective as of December 31, 2022[134] - The company has implemented a whistleblowing mechanism to encourage employees to report misconduct or fraud incidents[130] - Identified risks are recorded in a risk register, and the company regularly assesses the potential impact and likelihood of each key risk[131] - The company is committed to continuously enhancing its enterprise risk management framework to align with industry best practices[134] Environmental and Social Responsibility - The company is focused on providing clean energy and low-carbon energy-saving solutions as its main business[160] - The company’s solar power plants generated approximately 399,828 MWh of electricity in 2022, saving 120,548 tons of coal compared to traditional coal-fired power plants, and reducing emissions of dust, CO2, and SO2 by 9 tons, 331,058 tons, and 40 tons respectively[174] - The company donated RMB 50,000 to support rural revitalization projects in Renyi Village, Xuanhan County, aimed at improving the quality of life for villagers[184] - The company will continue to review its environmental practices to ensure continuous improvement[175] Shareholder Information - The company has no distributable reserves as of December 31, 2022[180] - The board has decided not to declare a final dividend for the year[178] - The company has adopted a dividend policy that allows the board to propose and/or declare dividends based on financial performance and various factors, including liquidity and capital requirements[145] - The company has reviewed its communication channels with shareholders annually and is satisfied with the implementation and effectiveness of these channels[144] - Major shareholder Peace Link Services Limited owns 2,426,263,467 shares, accounting for approximately 47.74% of the company's issued share capital[195] - Asia Pacific Resources Development Investment Limited holds 2,501,820,658 shares, representing approximately 49.23% of the company's issued share capital[195] Debt and Financial Position - The company has successfully negotiated debt restructuring with major financial institutions, significantly improving cash flow and reducing total debt[10] - The company is taking measures to improve its liquidity and financial position as outlined in the financial statements[103] - The company is in ongoing discussions with banks and financial institutions regarding alternative refinancing and/or extending the maturity dates of related debts[106] - The company faced unexpected circumstances that hindered debt repayment progress, including the termination of the first proposed sale in 2022 due to unmet conditions[109] - The company anticipates that if the proposed plans and measures are successfully implemented, uncertainties related to going concern may be removed from the auditor's report for the year ending December 31, 2023[110] - The audit committee has reviewed and agreed on the measures to address uncertainties related to going concern, ensuring a balanced and comprehensive assessment of the company's performance and outlook[113]