[年报]晶澳科技(002459):2023年年度报告英文版（2023 ANNUAL REPORT）
原标题:晶澳科技:2023年年度报告英文版（2023 Annual Report） April 2024 2023 Annual Report Section I. Important Notice, Contents and Definitions The board of directors, supervisory committee as well as directors, supervisors and senior managers of the Company are responsible for the authenticity, accuracy and completeness of the information contained in this Annual Report without false records, misleading statements or material omissions, and assume joint and several liability therefor. Jin Baofang, head of the Company, Li Shaohui, head of accounting affairs and Fang Degang, head of accounting department represent that they are responsible for the authenticity, accuracy and completeness of the financial statements in this Annual Report. All directors were present in the board meeting that reviewed this Report. The forward-looking statements, future plans, and business objectives mentioned in this Report do not constitute a substantive commitment by the Company to investors. Investors and relevant persons are required to maintain sufficient risk awareness and understand the differences between plans, forecasts, and commitments. Investors need to know there are risks in investments. Please refer to XI Outlook for Future Development in Section III Management Discussion and Analysis for details on the potential risks inherent in the Company’s operations. The profit distribution plan approved by the board meeting is as follows: based on the total share capital excluding the repurchased shares in the special securities account for repurchase as of the record date when the plan will be implemented, a cash dividend of 5.63 yuan per 10 shares (tax included) will be distributed to all shareholders. *The 2023 Annual Report of JA Solar Technology Co., Ltd. was published both in Chinese and English. Where any discrepancy arises between the English and the Chinese content, the Chinese version shall prevail. The English version here was only used for investors’ reference. Table of Contents Section I. Important Notice, Contents and Definitions.................................................................................. 2 Section II. Company Profile and Major Financial Indicators ........................................................................ 7 Section III. Management Discussion and Analysis ..........................................................................................11 Section IV. Company Governance ................................................................................................................... 41 Section V. Environmental and Social Responsibility .................................................................................... 59 Section VI. Important Matters ......................................................................................................................... 68 Section VII. Changes in Shares and Shareholders ........................................................................................... 96 Section VIII. Preference Shares ........................................................................................................................ 105 Section IX. Bonds ............................................................................................................................................. 106 Section X． Financial Report…………………………………………………………………………………109 List of documents to be checked I. Financial statements bearing the signatures and seals of the head of the Company, the head of the accounting affairs, and the head of the accounting department； II. Original auditor’s report bearing the seal of the accounting firm and the signatures of the CPAs; III. Formal copies of all Company documents and the original announcements publicly disclosed in the media designated by CSRC; and IV. The original full text and summary of the Company’s 2023 Annual Report bearing the signature of the Company’s legal representative. The above documents are lodged in the Company’s Securities Affairs Department located in No. 8 Building, Nuode Center, No.1 Courtyard, East Auto Museum Road, Fengtai District, Beijing. Definitions
Section II. Company Profile and Major Financial Indicators I. Company Information
II. Contacts and Contact Details
III. Information Disclosure and Storage Sites
IV. Changes of the Registration
VI. Major Accounting Data and Financial Indicators Retrospective adjustment or restatement of the previously reported accounting data is needed ? Yes □ No Reason for retrospective adjustment or restatement Changes in accounting policies, business combinations under common control, or other reasons (In April 2023, equity distribution was implemented, and capital reserves were converted into share capital)
Estimates under Section X Financial Report of this Report for further details. For the past three consecutive fiscal years, the net profit after non-recurring gains or losses has been negative, and the latest auditor’s report indicates uncertainty about the Company’s ability to continue as a going concern □ Yes ? No The lower of the net profit before and after deducting non-recurring gains and losses is negative □ Yes ? No VII. Differences between Accounting Data under Domestic and Foreign Accounting Standards 1. Difference in net profit and net assets in the financial reports disclosed under IFRS and China’s accounting standards □ Applicable ? Not applicable There are no differences in net profit and net assets in the financial reports disclosed under IFRS and China’s accounting standards for the Company in the reporting period. 2. Difference in net profit and net assets in the financial reports disclosed under overseas accounting standards and China’s accounting standards □ Applicable ? Not applicable There are no differences in net profit and net assets in the financial reports disclosed under overseas accounting standards and China’s accounting standards for the Company in the reporting period. VIII. Quarterly Financial Indicators
the Company’s quarterly or semi-annual reports □ Yes ? No IX. Non-recurring Gains or Loss Items and Amounts ?Applicable □ Not applicable
The Company had no other gain or loss items qualifying as non-recurring gains or losses in the reporting period. Note on listing the non-recurring gain and loss items mentioned in the Explanatory Announcement on Information Disclosure for Companies Offering Their Securities to the Public No.1 - Non-Recurring Gain and Loss Items as recurring gain and loss items □ Applicable ? Not applicable The Company experienced no circumstances where any non-recurring gain or loss items mentioned in the Explanatory Announcement on Information Disclosure for Companies Offering Their Securities to the Public No.1 - Non-Recurring Gain and Loss Items were defined as recurring gain or loss items. Section III. Management Discussion and Analysis I. Industry Where the Company Operated in the Reporting Period 1. Industry development In recent years, the rapid advancement and refinement of photovoltaic technologies have led to significant progress and maturation in the mass production techniques for photovoltaic products. This evolution has resulted in steady enhancements in the performance of photovoltaic products, coupled with continuous reductions in production costs. As a result, the overall cost of photovoltaic power generation has consistently decreased, thereby bolstering the competitiveness of solar energy and laying a robust foundation for the ongoing development of the photovoltaic industry. (1) Global photovoltaic newly installed capacity reached a new record high Since the beginning of the 21st century, the photovoltaic industry has entered a stage of explosive growth. Influenced by factors such as the international economic situation, trade frictions, and technological iterations, the growth of global photovoltaic market slowed from 2011 to 2013. Nevertheless, overall, it remained on an upward trend. Since 2013, propelled by continuous advancements in industry technologies, the cost of photovoltaic power generation has steadily declined. Also, traditional photovoltaic markets have experienced a resurgence, while emerging photovoltaic markets such as South Asia, Southeast Asia, Australia, Latin America, and the Middle East have rapidly been seen. This has led to an accelerated development of the global photovoltaic industry, with the market scale continuously expanding. According to the International Renewable Energy Agency (IRENA) in its World Energy Transition Outlook, under the 1.5°C temperature rise control scenario, the global installed capacity of renewable energy needs to surpass 11,000 GW by 2030. This means that solar and wind power generation are projected to contribute approximately 90% of the newly added renewable energy generation capacity. According to Bloomberg New Energy Finance (BNEF), the world’s newly installed PV capacity in 2023 reached 444 GW, marking a year-on-year increase of 76%, reaching a new high. In the context of green development across the world, the advancement of renewable energy sources, represented by photovoltaics, has become a global consensus. What is more, with photovoltaic power generation increasingly emerging as the most competitive source of electricity in many countries, it is anticipated that the global photovoltaic market will continue to experience rapid growth. (2) The gigawatt-scale market continues to expand, with huge potential in emerging markets The main markets for photovoltaic power generation currently center around China, the United States, Europe, India, and Brazil. However, as the cost of photovoltaic power generation rapidly decreases, emerging markets in Southeast Asia, Latin America, and the Middle East are planning gigawatt-scale photovoltaic projects. According to the SolarPower Europe (SPE) report, in 2023, a total of 32 countries and regions achieved gigawatt-scale photovoltaic installations, marking an increase of six from the previous year. Projections indicate that this number will rise to 39 in 2024 and 53 in 2025, showcasing the continuous emergence of new markets and their vast potential. (3) The outlook for the global photovoltaic market is promising. Since the Paris Agreement was executed, the global consensus has shifted towards the urgent pursuit of carbon neutrality and temperature control. Establishing an energy system primarily based on renewable energy is a crucial pathway towards carbon neutrality, presenting the photovoltaic industry with historic development opportunities. At the end of November 2023, during the 28th United Nations Climate Change Conference (COP28) held in Dubai, over 100 countries reached a significant agreement aimed to triple the global installed capacity of renewable energy by 2030, reaching at least 11 TW. According to the latest report from the International Renewable Energy Agency (IRENA) in 2023, titled World Energy Transition Outlook, in order to limit global warming to 1.5 degrees Celsius, the global cumulative installed capacity of photovoltaics is projected to reach at least 5.4 TW by 2030. This implies that from 2023 to 2030, the newly added installed capacity will exceed 4.3 TW, with an average annual growth of 544 GW. Data source: IRENA_WORLD ENERGY TRANSITIONS: 1.5°C Pathway_2023.6 In the past two years, geopolitical disruptions, including the Russia-Ukraine conflict, the Israel-Palestine conflict, and the Red Sea crisis, have significantly affected global energy supply. Safeguarding national energy security and ensuring energy independence have become strategic priorities for countries worldwide, accelerating the global energy transition process. Represented by photovoltaic power generation, renewable energy sources have shown rapid performance improvement, sustained economic viability, and accelerated expansion in application scale, forming a global trend to accelerate the replacement of traditional fossil fuels. According to forecasts by the International Energy Agency (IEA), the total renewable energy electricity generation is expected to reach 14,400 TWhs by 2028, accounting for 43% of the total share. By 2027, the cumulative installed capacity of photovoltaics globally will exceed that of coal and become the largest installed energy form. Currently, major global photovoltaic markets, including China, the EU, and the United States, have each established strategic objectives for the industry. They have also defined key tasks and significant initiatives to drive the implementation of these objectives. Data source: International Energy Agency (IEA) China: In April 2023, the National Energy Administration issued the Guiding Opinion on Energy Work in 2023, which specified the installation targets for wind power and photovoltaics in 2023. The document emphasizes the robust development of wind and solar power generation, advancing projects outlined in the 14th Five-Year Plan for wind and solar power. By 2023, wind power installations are projected to reach around 430 GW, and solar power installations to reach approximately 490 GW. In 2023, photovoltaic installations exceeded hydropower, becoming the nation’s second-largest installed power source. According to forecasts by the China Photovoltaic Industry Association, China’s newly installed photovoltaic capacity will reach 190-220 GW in 2024, with the cumulative installed capacity expected to exceed 810 GW. As the main force of new energy, the photovoltaic industry is poised for greater development opportunities, driven by the deepening implementation of China’s “dual carbon” goals. Data source: China Photovoltaic Industry Association Europe: The lingering effects of the energy crisis since 2022 continued to ferment in Europe throughout 2023, driving accelerated efforts towards clean energy transition and bolstering the development momentum in the photovoltaic industry. In February 2023, the EU released the Green Deal Industrial Plan (GDIP) to enhance the competitiveness of Europe’s net-zero industry and support further progress to carbon neutrality in Europe. According to the plan, 250 billion euros will be allocated from existing EU funds for green transition of the industry, including providing tax exemptions for businesses investing in net-zero emission technologies. In March 2023, the EU released another two new draft bills, namely the Net Zero Industry Act and the Critical Raw Materials Act, as supplements to the GDIP to further encourage the revitalization of domestic production, enhance the EU’s investment attractiveness, facilitate reshoring of manufacturing, and reduce the EU’s reliance on external supplies and materials’ impact on the local market. According to SolarPower Europe (SPE), the photovoltaic market in the EU continued its rapid growth in 2023 during which 55.9 GW new photovoltaic installations were performed, marking the fourth consecutive year of growth exceeding 40%. The cumulative photovoltaic installed capacity in the EU reached 263 GW, with a growth rate of 27%. An optimistic forecast is that the cumulative installed capacity of the 27 EU member countries is anticipated to exceed 700 GW by 2027. Forecast of PV newly installed capacity of 27 EU member countries 2024-2027 Forecast of PV cumulative installed capacity of 27 EU member countries 2024-2027 Data source: SolarPower Europe (SPE) United States: The Inflation Reduction Act (IRA) signed by the Biden administration in 2022 has had a positive impact on the development of the photovoltaic industry in the United States. In 2023, the manufacturing and application of photovoltaics in the United States saw unprecedented growth. According to Solar Energy Industries Association (SEIA) and Wood Mackenzie, the United States added 32.4 GW of photovoltaic installations in 2023, representing a year-on-year growth of over 50%, and photovoltaic installations accounted for more than half of all new electricity installations。 It is projected that by 2034, the installed capacity of photovoltaics in the United States will quadruple, exceeding 650 GW. By 2040, photovoltaics are expected to become the largest electricity generation form in the United States. The long-term development potential of the U.S. photovoltaic market is immense. Data source: Solar Energy Industries Association (SEIA) and Wood Mackenzie (4) The development of China’s photovoltaic industry After years of technological advancement and restructuring, China’s photovoltaic industry has transcended its phase of extensive growth, gradually entering a phase of intensive and sustainable development. This transition involves accelerating innovation by introducing new technologies, processes, improving machinery, and enhancing technological content. China has emerged as a dominant force in the global photovoltaic industry, characterized by its comprehensive industry chain, robust competitiveness, unprecedented scale, cutting-edge technology, and the world’s largest installed capacity. Moreover, China hosts the largest photovoltaic market globally. Despite challenges such as geopolitical tensions, complex trade dynamics, and fluctuations in supply and demand, China’s photovoltaic industry is steadfastly advancing towards the “dual carbon” goals. Concerted efforts and proactive measures are taken to promote the industry’s sustained and stable development. In 2023, both the manufacturing and application sectors of China’s photovoltaic industry continued to experience steady growth. In terms of photovoltaic applications, according to China Photovoltaic Industry Association, new photovoltaic installations in China surged to 216.88 GW in 2023, maintaining the global supremacy for the 11th consecutive year with a remarkable 148.1% year-on-year growth. Notably, new distributed photovoltaic installations were 96.29 GW, marking an 88.4% increase, while new centralized photovoltaic installations reached 120.59 GW, demonstrating an impressive year-on-year growth of 232.2%. Remarkably, new centralized photovoltaic installations outpaced distributed ones during the year. As of the end of 2023, China had achieved a cumulative photovoltaic installed capacity of 609.5 GW, maintaining its position as the global leader for nine consecutive years. In the first quarter of 2024, China’s new photovoltaic installations reached 45.74 GW, marking a year-on-year growth of 35.8%. In terms of photovoltaic manufacturing, China has maintained its global leadership in both module and polysilicon production for 17 and 13 consecutive years, respectively. According to China Photovoltaic Industry Association, in 2023, domestic production of polysilicon reached 1.43 million tons, marking a year-on-year increase of 66.9%; silicon wafer production totaled 622 GW, showing a 67.5% year-on-year growth, while solar cell production reached 545 GW, representing a 64.9% increase; module production amounted to 499 GW, with a year-on-year growth of 69.3%. The production output of key segments in China’s photovoltaic manufacturing sector, such as polysilicon, silicon wafers, solar cells, and modules, all experienced a year-on-year growth of over 60%, with growth rates accelerating compared to the previous year. However, due to the impact of declining prices of photovoltaic products across various segments of the industry during the year, the output value of the photovoltaic manufacturing sector in China grew by 17.1% in 2023 compared to the previous year, showing a slowdown from the 100% year-on-year growth rate recorded in 2022. In 2023, China’s photovoltaic exports demonstrated an overarching trend of volume expansion alongside price reductions, reflecting a more diversified market landscape. In 2023, Europe remained the primary export destination, accounting for approximately 42% of the total exports from China, while the share of exports to Asia increased from 36% to 40%. The market shares of the top three export destinations all experienced varying degrees of year-on-year decline in 2023. Additionally, there was a notable increase in the share of regions outside the top ten markets, highlighting a trend towards market diversification in exports. Nevertheless, influenced by factors such as declining product prices, China’s total exports of photovoltaic products amounted to about 48.48 billion US dollars in 2023, representing a 5.4% year-on-year decrease. 2. Industry cycle As global efforts to transform energy structures and address climate change deepen, solar power, as a clean and renewable energy source, has witnessed rapid development, emerging as a crucial component of today’s global energy revolution. During the rapid growth of the photovoltaic industry in both scale and maturity, the overall development has shown cyclical fluctuations influenced by several critical socio-economic factors. Policies play a pivotal role in the cyclical fluctuations of the industry. The development of the industry is closely linked to policy directions. Against the backdrop of global consensus on green development, various countries have continuously introduced support policies, ensuring stable expectations and guarantees for the scale of the photovoltaic market and grid prices. In the foreseeable future, the likelihood of fundamental upheavals or major shifts in policies is minimal. Countries worldwide are actively promoting and supporting clean energy generation, with solar energy emerging as a primary source. As a result, the photovoltaic industry experiences relatively subdued fluctuations in cyclical patterns due to policy influences. The changing market demand is a crucial factor influencing the development of the industry. On one hand, the photovoltaic industry is primarily influenced by two factors: the scale of electricity consumption and the structure of electricity sources. As a result, the industry generally maintains synchronization with macroeconomic development to some degree. On the other hand, as solar electricity achieves “grid parity” in an increasing number of countries and regions, the photovoltaic market is gradually shifting from being policy-driven to demand-driven. The photovoltaic industry will become more sensitive to changes in market demand and exhibit cyclical patterns in response to fluctuations in market demand. With the emergence of grid integration challenge in electricity networks worldwide, demand growth in key markets is slowing down, driving industry differentiation and hastening natural selection. Technological iteration and capacity optimization are also key cyclical driving forces in the photovoltaic industry. With the continuous advancement of photovoltaic technology, new types of photovoltaic materials, efficient photovoltaic modules, and intelligent photovoltaic systems are emerging, injecting new momentum into the development of the industry. In addition, the （未完）  |