金阳新能源二零二三年年度报告

Corporate Information BOARD OF DIRECTORS Executive DirectorsMr. LEUNG Tsz Chung (Chairman)Mr. ZHENG Jingdong Non-Executive DirectorMs. LIN Weihuan Ms. AN NaMr. CHEN ShaohuaProfessor ZHAO Jinbao BOARD COMMITTEES Audit CommitteeMr. CHEN Shaohua (Chairperson)Professor ZHAO JinbaoMs. AN Na Remuneration CommitteeMs. AN Na (Chairperson)Professor ZHAO JinbaoMr. CHEN Shaohua Nomination CommitteeProfessor ZHAO Jinbao (Chairperson)Mr. CHEN ShaohuaMs. AN Na COMPANY SECRETARYMr. IP Pui Sum AUTHORISED REPRESENTATIVESMr. LEUNG Tsz ChungMr. ZHENG Jingdong STOCK CODE01121 01121 COMPANY WEBSITEwww.goldensolargroup.com www.goldensolargroup.com Corporate Information HEAD OFFICE IN THE PRC Huoju Industrial ZoneJiangnan TownLicheng DistrictQuanzhou CityFujian ProvincePRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG Room 504, 5/FOfficePlus @Sheung Wan93-103 Wing Lok StreetSheung WanHong Kong 93-1035504 REGISTERED OFFICE Cricket SquareHutchins Drive, P.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket SquareHutchins Drive, P.O. Box 2681Grand Cayman KY1-1111Cayman Islands CAYMAN ISLANDS PRINCIPAL SHAREREGISTRAR AND TRANSFER OFFICE Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586Gardenia CourtCamana BayGrand Cayman KY1-1110Cayman Islands Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586Gardenia CourtCamana BayGrand Cayman KY1-1110Cayman Islands HONG KONG SHARE REGISTRAR 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong AUDITORS Confucius International CPA LimitedCertified Public AccountantsRegistered Public Interest Entity Auditor PRINCIPAL BANKERS China Construction BankHSBCIndustrial Bank GOLDEN SOLAR NEW ENERGY TECHNOLOGY HOLDINGS LIMITED ANNUAL Report 2023 Corporate Information1Five-Year Financial Summary4Chairman’s Statement5Management Discussion and Analysis7Corporate Governance Report17Environmental, Social and Governance Report35Biographical Details of Directors62Report of the Directors65Independent Auditor’s Report86Consolidated Statement of Profit or Lossand Other Comprehensive Income96Consolidated Statement of Financial Position97Consolidated Statement of Changes in Equity99Consolidated Statement of Cash Flows100Notes to the Consolidated Financial Statements102 Five-Year Financial Summary For the year ended 31 December Profitability data(RMB million)RevenueGross profit(Loss)/profit for the year Profitability ratios (%)Gross profit marginNet (loss)/profit margin Chairman’s Statement Dear Shareholders, Onbehalf of the board(the“Board”)of directors(the“Directors”) of Golden Solar New Energy Technology HoldingsLimited (“Golden Solar” or the “Company”), I am pleasedtopresent the financial report of the Company and itssubsidiaries (collectively, the “Group”) for the year ended 31December 2023. In 2023, the revenue of the Group increased by approximatelyRMB21.1million or approximately 7.7%to approximatelyRMB295.4million,which was mainly attributable to theincrease in revenue of business of cast monocrystalline silicon(“Cast-mono”) wafers, Cast-mono heterojunction (“HJT”) solarcells and modules, HJT back contact (“HBC”) solar cells, HBCflexible modules and bendable solar awnings (collectively as“Photovoltaic Products”) and Original Equipment Manufacturer(“OEM”) business. 2,1107.7%29,540HJTHJTHBCHBCOEM For the OEM business, though the Group still faced worseningmacroeconomicfactors such as domestic inflation andsluggish consumer demand in the United States of America(“US”), with the effort of the Group’s sales team, the revenueincreased by approximately 11.7% to approximately RMB209.4million for 2023. OEM11.7%20,940 Therevenue of manufacture and sale of PhotovoltaicProductsfor the year increased by approximately 12.9%to approximately RMB79.8 million. The main driver for theincrease in sales for the year was the high efficiency HJTsolar modules which were sold to European customers of theGroup. As European and other overseas customers valued theGroup’s high efficiency HJT solar modules and such productscommanded higher product premium, the Group successfullylaunched the high efficiency HBC solar cells which were initiallyapplied to the bendable HJT solar awnings for recreationalvehicle (“RV”) and the HJT flexible modules on residentialconsumer products targeting customers in the US, Europe andAustralia in the fourth quarter of 2023. Moreover, the Groupsuccessfully initiated collaborations with multiple large RVretailers and manufacturers using bendable HJT solar awningsfor RV of the Group as their power generation system. 12.9%7,980HJTHJTHBCHJTHJTHJT In2023,in spite of the drastic changes in the globalphotovoltaicmarket,the Group achieved the followingmilestones by focusing its resources on the development of HJTtechnology in previous years: HJT Chairman’s Statement 1.Becamethe world’s first mass producer of second-generation high efficiency hybrid HBC solar cells withmaximum conversio