Financial Performance - For the six months ended June 30, 2024, the group's revenue was RMB 11,743.10 million, a decrease of 33.23% compared to the same period last year[2]. - The total loss for the six months ended June 30, 2024, was RMB 941.21 million, compared to a profit of RMB 6,442.25 million in the same period last year[2]. - The net loss attributable to shareholders for the six months ended June 30, 2024, was RMB 887.02 million, down from a net profit of RMB 4,758.97 million in the same period last year[2]. - Basic earnings per share for the six months ended June 30, 2024, were RMB -0.62, compared to RMB 3.33 for the same period last year[2]. - The board of directors recommended not to declare an interim dividend for the six months ended June 30, 2024[2]. - Total operating revenue for the first half of 2024 was CNY 11,743,103,757.41, a decrease of 33.5% compared to CNY 17,586,899,623.68 in the same period of 2023[9]. - The net profit for the first half of 2024 was a loss of CNY 847,815,451.32, compared to a net profit of CNY 5,396,362,381.00 in the first half of 2023[10]. - The total comprehensive income for the first half of 2024 was a loss of CNY 847,302,675.63, compared to a total comprehensive income of CNY 5,396,347,457.81 in the same period of 2023[13]. - The gross profit for the group was approximately CNY 1.29 billion, with a significant loss in the polysilicon segment amounting to CNY -455.97 million[18]. - Gross profit for the first half of 2024 was RMB 1,293.08 million, a decrease of 84.05% from RMB 8,106.85 million year-on-year[60]. - The overall gross margin fell to 11.01%, down 35.08 percentage points compared to the previous year, primarily due to the significant decline in polysilicon sales prices[61]. Assets and Liabilities - Cash and cash equivalents as of June 30, 2024, were RMB 9,057.10 million, down from RMB 13,501.47 million as of December 31, 2023[4]. - Total assets as of June 30, 2024, were RMB 87,150.46 million, an increase from RMB 85,929.46 million as of December 31, 2023[5]. - Total liabilities as of June 30, 2024, were RMB 46,587.18 million, compared to RMB 44,697.60 million as of December 31, 2023[7]. - Shareholders' equity totaled CNY 40,563,278,310.37 as of June 30, 2024, a decrease from CNY 41,231,860,966.80 at the end of 2023[8]. - The total liabilities and shareholders' equity amounted to CNY 87,150,462,053.40 as of June 30, 2024, compared to CNY 85,929,456,765.50 at the end of 2023[8]. - The total amount of accounts receivable at the end of the period amounted to 5,893,007,917.22, with a bad debt provision of 637,160,401.04, resulting in a net value of 5,255,847,516.18[25]. - The total bank and other borrowings rose to RMB 22,469,596,875.25, compared to RMB 22,187,235,184.64 at the beginning of the period, showing an increase in leverage[35]. - The company’s accounts payable totaled RMB 10,425,045,865.98, up from RMB 9,869,801,942.81 at the beginning of the period, indicating a rise in short-term liabilities[39]. Research and Development - The company reported a significant increase in R&D expenses, which rose to CNY 181,165,461.90 in the first half of 2024, compared to CNY 93,699,330.69 in the same period of 2023, marking an increase of 93.5%[10]. - Research and development expenses rose to RMB 181.17 million, an increase of 93.35% from RMB 93.70 million year-on-year, reflecting increased investment in new product development and key technology projects[64]. - The company received 82 authorized patents in the first half of 2024, bringing the total to 891 domestic and 7 international patents[54]. - The company participated in 123 standard formulation projects, including 6 international standards and 55 national standards[54]. - The company successfully obtained ISO 56005 certification and received national awards for its technology projects, indicating a strong commitment to innovation and industry standards[54]. Market and Competition - The company is facing increased competition in the photovoltaic industry, leading to significant pressure on product prices and a marked decline in profitability[43]. - The average selling price of polysilicon was RMB 42,300 per ton (excluding tax), a decrease of over 70% compared to the same period last year, which is below the production cost of approximately RMB 48,000 per ton, leading to a gross loss of RMB 455.97 million in this segment[50]. - The company aims to achieve a nationwide non-fossil energy power generation ratio of approximately 39% by the end of 2025, as outlined in the government's energy conservation and carbon reduction action plan[46]. - The company aims to optimize its business structure and provide high-quality, low-cost products to maintain its market position amid increasing competition in the renewable energy sector[95]. Cash Flow and Investments - The net cash flow from operating activities for the six months ended June 30, 2024, was RMB 775.16 million, a decrease of RMB 8,798.34 million or 91.90% compared to RMB 9,573.50 million in the same period last year, mainly due to a substantial decline in sales revenue[69]. - The net cash outflow from investing activities for the six months ended June 30, 2024, was RMB 5,831.17 million, an increase of 73.43% from RMB 3,362.21 million in the same period last year[70]. - The company plans to issue A-shares and invest in the construction of a 200,000-ton polysilicon project and wind and photovoltaic power stations, with no other major investment plans at this time[81]. - The company’s subsidiary, Xinte Silicon Materials, has agreed to increase capital by RMB 490 million in Xinjiang Tianchi Energy, acquiring a 49% stake to enhance power supply stability and optimize production costs[82]. Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[100]. - The audit committee reviewed and confirmed the group's interim performance for the six months ended June 30, 2024, in accordance with Chinese accounting standards[103]. - The interim results announcement is available on the Hong Kong Stock Exchange website and the company's website[103]. - The interim report containing all required information will be published in due course on the Hong Kong Stock Exchange and the company's website[103].
新特能源(01799) - 2024 - 中期业绩