金阳新能源二零二四年年度报告

BOARD OF DIRECTORS Executive Directors Mr. KANG Chuang (Chairman)(appointed on 14 June 2024)Mr. ZHENG JingdongMr. LEUNG Tsz Chung (resigned on 14 June 2024) Non-Executive DirectorMs. LIN Weihuan Independent Non-Executive Directors Dr. ZHANG Baoping (appointed on 7 June 2024)Mr. CHEN ShaohuaProfessor ZHAO JinbaoMs. AN Na (resigned on 7 June 2024) BOARD COMMITTEES Audit Committee Mr. CHEN Shaohua (Chairperson)Professor ZHAO JinbaoDr. ZHANG Baoping (appointed on 7 June 2024)Ms. AN Na (resigned on 7 June 2024) Remuneration Committee Dr. ZHANG Baoping (Chairperson)(appointed on 7 June 2024)Professor ZHAO JinbaoMr. CHEN ShaohuaMs. AN Na (resigned on 7 June 2024) Nomination Committee Professor ZHAO Jinbao (Chairperson)Mr. CHEN ShaohuaDr. ZHANG Baoping (appointed on 7 June 2024)Ms. AN Na (resigned on 7 June 2024) COMPANY SECRETARYMr. IP Pui Sum AUTHORISED REPRESENTATIVES Mr. KANG Chuang (appointed on 14 June 2024)Mr. ZHENG JingdongMr. LEUNG Tsz Chung (resigned on 14 June 2024) 01121 STOCK CODE01121 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 1617 HONG KONG SHARE REGISTRAR 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 Corporate Information1Five-Year Financial Summary4Chairman’s Statement5Management Discussion and Analysis7Corporate Governance Report17Environmental, Social and Governance Report38Biographical Details of Directors65Report of the Directors67Independent Auditor’s Report87Consolidated Statement of Profit or Lossand Other Comprehensive Income97Consolidated Statement of Financial Position98Consolidated Statement of Changes in Equity100Consolidated Statement of Cash Flows101Notes to the Consolidated Financial Statements103 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 Assets and liabilities data(RMB million)Non-current assetsCurrent assetsCurrent liabilitiesNon-current liabilitiesShareholders’ equity Asset and workingcapital dataCurrent asset ratios (%)Current ratios (time)Gearing ratios (%) 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 2024. In 2024, the revenue of the Group decreased by approximatelyRMB41.8 million or approximately 14.2% to approximatelyRMB253.5million,which was mainly attributable to thedecrease in revenue of business of cast monocrystalline silicon(“Cast-mono”)wafers,Cast-mono heterojunction(“HJT”)solarcells and modules,hybrid passivation back contact(“HBC”) solar cells, HBC flexible modules and bendable solarawnings (collectively as “Photovoltaic Products”) and OriginalEquipment Manufacturer (“OEM”) business. 4,18014.2%25,350HJTHBCHBCOEM OEM1.5%20,620 For the OEM business, though the Group still faced worseningmacroeconomic factors such as domestic inflation and sluggishconsumer demand in the United States of America (“US”)andtariff policies of the US, with the effort of the Group’s salesteam, the revenue only slightly decreased by approximately1.5% to approximately RMB206.2 million for 2024. 51.6%3,860HJTHBC Therevenue of manufacture and sale of PhotovoltaicProducts for the year decreased by approximately 51.6% toapproximately RMB38.6 million. In 2024, the Group upgradedits existing HJT cell production lines to the higher conversionefficiency and cost-advantageous exclusive patented HBC solarcell technology. The sales volume of the Photovoltaic Productsbusiness was temporarily affected due to the transition fromold to new technology products. TOPConHJTHBC In2024,the global photovoltaic market continued toexperience intense price competition, with some supplierseven selling below cost. Currently, the mainstream tunneloxide passivated contact (