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    China Renewable Energy 11 May 22 - INDUSTRY SNAPSHOTS


    May 11, 2022 - Acquisdata Industry Snapshot

     

      LATEST COMPANY NEWS

      reNEWS - BASF inks renewables supply deal for China factory - 10/5/2022

      BASF and Brookfield have concluded a deal to purchase the solar and wind power for the BASF Zhanjiang Verbund site in China.

      For the complete story see:

      https://renews.biz/77717/basf-inks-renewables-supply-deal-for-china-fact...

      Yicai Global - China's Shuangliang Surges After Scoring USD2.1 Billion Solar Wafer Order - 10/5/2022

      Shares of China's Shuangliang Eco-Energy Systems, jumped after it said that its factory in northern China has gained another long-term client.

      For the complete story see:

      https://www.yicaiglobal.com/news/china-shuangliang-surges-after-scoring-usd21-billion-solar-wafer-order

      Renewables Now - China's Kstar to manufacture 1 GW of solar inverters in Vietnam - 10/5/2022

      Shenzhen Kstar Science And Technology Co Ltd is building a gigawatt-scale solar inverter production facility at a new USD-22-million (EUR 20.8m) manufacturing base in Northern Vietnam.

      For the complete story see:

      https://renewablesnow.com/news/chinas-kstar-to-manufacture-1-gw-of-solar-inverters-in-vietnam-783969/

      Other Stories

      Solar Magazine - LONGi Solar has shipped over 7 GW of mono panels to Indian market - 9/5/2022

      Energy Monitor - China readies for post-2025 green hydrogen boom - 9/5/2022

      Xinhua - China's Shandong taps into offshore wind power - 6/5/2022

      reNEWS - Gravity-based storage team kick off construction in China - 6/5/2022

      Greentech Lead - JA Solar supplies PV modules for world's largest source-grid-load-storage demo project - 3/5/2022

      Media Releases

      No New Media Release This Week

      Latest Research

      Effects of country risks and government subsidies on renewable energy firms' performance: Evidence from China - By Wenwen Zhang, Yi-BinChiu, Cody Yu-Ling Hsiao

      Industry Overview

      Renewable Energy Industry In China

      Chinese Renewable Energy Industries Association (CREIA)

      Overviews of Leading Companies

      China Longyuan Power Group Corporation Limited (HKEX: 916)

      China New Energy Limited (LSE: CNEL)

      China Sunergy

      Comtec Solar Systems Group Limited (HKEX: 712)

      Dongfang Electric Corporation Limited (HKEX: 1072, SSE: 600875)

      Elion Resources Group Limited (SSE: 600277)

      ST Sinoval Wind Group Co., Ltd. (SSE: 601558)

      Xinjiang Goldwind Science &Technology Co., Ltd (HKEX: 02208, SZSE: 002202)

      Associate: Danny Cliffson Crispin Benos

      # Are you MIFID II ready? You might like to talk to Acquisdata about our Bespoke Research offering. www.acquisdata.com/bespoke-research #

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      News and Commentary

      reNEWS - BASF inks renewables supply deal for China factory - 10/5/2022

      BASF and Brookfield have concluded a deal to purchase the solar and wind power for the BASF Zhanjiang Verbund site in China.

      For the complete story see:

      https://renews.biz/77717/basf-inks-renewables-supply-deal-for-china-fact...

      Yicai Global - China's Shuangliang Surges After Scoring USD2.1 Billion Solar Wafer Order - 10/5/2022

      Shares of China's Shuangliang Eco-Energy Systems, jumped after it said that its factory in northern China has gained another long-term client.

      For the complete story see:

      https://www.yicaiglobal.com/news/china-shuangliang-surges-after-scoring-usd21-billion-solar-wafer-order

      Renewables Now - China's Kstar to manufacture 1 GW of solar inverters in Vietnam - 10/5/2022

      Shenzhen Kstar Science And Technology Co Ltd is building a gigawatt-scale solar inverter production facility at a new USD-22-million (EUR 20.8m) manufacturing base in Northern Vietnam.

      For the complete story see:

      https://renewablesnow.com/news/chinas-kstar-to-manufacture-1-gw-of-solar-inverters-in-vietnam-783969/

      Solar Magazine - LONGi Solar has shipped over 7 GW of mono panels to Indian market - 9/5/2022

      LONGi Solar announced that it has shipped over 7GW of high-efficiency monocrystalline solar panels to India, reaching another momentous milestone since entering the Indian market five years ago.

      For the complete story see:

      https://solarmagazine.com/2022/05/longi-solar-has-shipped-over-7-gw-mono-panels-indian-market/

      Energy Monitor - China readies for post-2025 green hydrogen boom - 9/5/2022

      China's new green hydrogen development plan treads carefully, but experts expect a boom after 2025.

      For the complete story see:

      https://www.energymonitor.ai/tech/hydrogen/china-readies-for-post-2025-green-hydrogen-boom

      Xinhua - China's Shandong taps into offshore wind power - 6/5/2022

      East China's coastal province of Shandong is aiming high in developing its offshore wind power industry.

      For the complete story see:

      https://english.news.cn/20220506/0c20878a07be408fa6626d3c8a4c3ee6/c.html

      reNEWS - Gravity-based storage team kick off construction in China - 6/5/2022

      Energy Vault, Atlas Renewable and China Tianying have started construction of a 100 megawatt-hour gravity-based storage system adjacent to a wind farm and national grid site at Rudong in Jiangsu province, China.

      For the complete story see:

      https://renews.biz/77667/gravity-based-storage-kicks-off-construction-in...

      Greentech Lead - JA Solar supplies PV modules for world's largest source-grid-load-storage demo project - 3/5/2022

      JA Solar has supplied PV modules for the world's largest source-grid-load-storage demonstration project, Ulanqab, in Inner Mongolia.

      For the complete story see:

      https://greentechlead.com/solar/ja-solar-supplies-pv-modules-for-worlds-largest-source-grid-load-storage-demo-project-39161

      https://www.facebook.com/acquisdata/

      Media Releases

      No New Media Release This Week

      # Acquisdata: Up to date business intelligence reports covering developments in the world's fastest growing industries #

      # Reportal: a vast archive of corporate documents from listed companies around the world #

      Latest Research

      Effects of country risks and government subsidies on renewable energy firms' performance: Evidence from China

      Wenwen Zhang, Yi-BinChiu, Cody Yu-Ling Hsiao

      Abstract

      Using a panel of 199 Chinese listed renewable energy firms from 2001 to 2018, this study is the first to empirically explore the relationship between country risks and renewable energy firms' performance, and the moderating effect of government subsidies on this relationship, which fills the gap in the literature on performance-risk-subsidy nexus. The results reveal that firm performance increases as economic and financial risks decrease, and it declines as political and composite risks decrease. Subsidies have a negative moderating effect on the relationship between country risks and renewable energy firms' performance. Further, the relationships among country risks, subsidies, and firm performance are different for state-owned renewable energy firms and private-owned renewable energy firms, and the performance of private-owned firms is more sensitive to country risks than is the performance of state-owned firms. Therefore, when formulating economic policies for renewable energy firms, the Chinese government should consider the interaction effects of country risks and government subsidies on firm performance, and the different effects of country risks and government subsidies on firms with different ownership attributes.

      https://www.sciencedirect.com/science/article/abs/pii/S1364032122000922

      The Industry

      Renewable energy is a green, low-carbon energy source and constitutes an essential part of our diversified energy supply system. It plays an important role in improving the energy structure, protecting the environment, addressing climate change, and promoting sustainable development.

      China's renewable energy industry has gone through an extraordinary development process since the founding of the People's Republic of China (PRC) in 1949, by starting from scratch and becoming stronger and stronger. This is thanks to the attention shown by the Central Committee of the Communist Party of China (CPC) and the State Council, as well as the function of Renewable Energy Law. In recent years, especially since the 18th CPC National Congress, under the strong leadership of the CPC Central Committee, the energy industry has thoroughly implemented Xi Jinping thought on eco-civilization and a new energy security strategy featuring "Four Reforms and One Cooperation" (one reform to improve the energy consumption structure by containing unnecessary consumption; one reform to build a more diversified energy supply structure; one reform to improve energy technologies to upgrade the industry; one reform to optimize the energy system for faster growth of the energy sector; comprehensive cooperation with other countries to realize energy security in an open environment). It has acted with unity, tackled difficulties, and taken vigorous measures to achieve the leapfrog development of renewable energy, thus scoring remarkable accomplishments.

      First, China has topped the world in renewable energy production and utilization, providing robust support for the transition to green and low-carbon energy. The installed capacity of power generation has grown rapidly. By the end of 2020, the total national installed capacity of renewable energy generation reached 930 million kW, accounting for 42.4% of the total installed capacity, an increase of 14.6 percentage points compared with that of 2012. Of this, the installed capacity of hydropower reached 370 million kW, wind power reached 280 million kW, solar photovoltaic (PV) power reached 250 million kW, and biomass power reached 29.52 million kW, ranking first in the world for 16, 11, six and three consecutive years respectively.

      The utilization level has continued to improve. In 2020, China's renewable energy generation hit 2.2 trillion kWh, accounting for 29.5% of the total electricity consumption of the whole society, up by 9.5 percentage points from 2012. On this basis, non-fossil energy accounted for 15.9% of the total primary energy consumption, and China honored its commitment for non-fossil energy to account for 15% of its total primary energy consumption by 2020. Currently, renewable energy accounts for around 40% of the total installed capacity, and 30% of power generation. China boasts the world's highest installed capacity of renewable energy.

      Second, technology and equipment has been significantly upgraded, injecting powerful impetus into the development of renewable energy. We have established a relatively complete industry system of renewable energy technology.

      China is now able to independently design and manufacture the world's largest one-million-kW hydroelectric turbine, and the country leads the world in the design and construction of ultra-high dams and large underground caverns. Our low-speed wind power technology is among the world's most advanced; more than 90% of China's installed wind power generating capacity relies on domestically manufactured wind turbines; and the country has started trial operations of an offshore wind turbine with a capacity of 10 MW.

      Our PV power technology has developed rapidly, and China continues to establish new world bests in the conversion efficiency of solar PV cells. China dominates the global PV power industry. Seven of the world's top 10 PV module manufacturers are Chinese companies. Integrated manufacturing across the whole industrial chain has driven a continuous decline in the costs of electricity from wind and solar PV. In the past decade, the average cost of electricity per kWh generated in onshore wind power and solar PV power projects reduced by 30% and 75% respectively.

      The renewable energy technology sector has become more competitive, creating a strong momentum in the development of new models and new forms of business related to renewable energy.

      For further details, see: China.org.cn

      http://www.china.org.cn/china/2021-04/02/content_77372438.htm

      The Chinese Renewable Energy Industries Association (CREIA)

      The Chinese Renewable Energy Industries Association (CREIA) was established in 2000 with the support of the United Nations Development Programme (UNDP), the Global Environment Facility (GEF) and the State Economic and Trade Commission (SETC). CREIA obtained legal registration as the Renewable Energy Professional Division of the China Comprehensive Resource Utilization Association from the Ministry of Civil Affairs on March 25, 2002. CREIA has attracted distinguished membership of more than 200 from industry, academics, organizations and individual experts.

      Functions of CREIA

      During its operation, CREIA established the following priority functions in order to maximize its services to members:

      CREIA serves as a bridge between regulatory authorities, research institutes, and industry professionals, in order to provide a forum to discuss renewable energy development at the national level and subsequently advise the Government of China on strategic policy formulation.

      CREIA acts as a window to bring together national and international project developers and investors. It promotes technology transfer and raises awareness of renewable energy investment opportunities through an online Investment Opportunity Facility and regional networking and training activities.

      CREIA provides a network for its members from the Chinese renewable energy business community without access to communication within their sub-sectors, and provides a platform to voice their concerns collectively.

      Mission of CREIA

      CREIA promotes the adoption of advanced technologies among renewable energy enterprises in China and actively develops capacity for the rapid industrialization of the Chinese renewable energy sector .

      http://www.creia.net/aboutus/

      # Acquisdata: Up to date business intelligence reports covering developments in the world's fastest growing industries #

      # Reportal: a vast archive of corporate documents from listed companies around the world #

      Leading Companies

      China Longyuan Power Group Corporation Limited (HKEX: 916)

      China Longyuan was established in 1993. At that time, it was affiliated to the China National Department of Energy. Later, it was turned to be affiliated to the Ministry of Electric Power and State Power Corporation, then it was put under the former China Guodian Corporation in the 2002 power system reform. In 2017, China Guodian Corporation and Shenhua Group merged and reorganized, and China Longyuan was put under China Energy.

      China Longyuan has long been representing the country in the research and development of new energy technologies. It is the earliest specialized company to develop wind power in China. It was successfully listed in Hong Kong in 2009, setting a number of firsts including the largest financing in overseas initial public offerings by Chinese power companies and the highest price-earnings ratio. It is known as the "First Chinese Stock of New Energy". It became the world's largest wind power operator in 2015. By the end of 2018, China Longyuan had an installed capacity of 21,044 MW, of which wind power had an installed capacity of 18,919 MW, and continued to maintain its position as the world's largest wind power operator. After 26 years of development, the company has become a large comprehensive power group focusing on the development and operation of new energy. Its business is distributed in 32 provinces and cities in China and Canada, South Africa and other countries.

      http://www.clypg.com.cn/lydlwwEn/gsjj/list_gsjj.shtml

      27 August 2021

      Interim Results Announcement for the Six Months Ended 30 June 2021

      FINANCIAL HIGHLIGHTS

      For the six months ended 30 June 2021, revenue amounted to RMB17,877 million, representing an increase of 25.7% over the corresponding period of 2020

      For the six months ended 30 June 2021, profit before taxation amounted to RMB6,375 million, representing an increase of 38.8% over the corresponding period of 2020

      For the six months ended 30 June 2021, net profit attributable to equity holders of the Company amounted to RMB4,540 million, representing an increase of 36.3% over the corresponding period of 2020

      For the six months ended 30 June 2021, earnings per share amounted to RMB0.5500, representing an increase of RMB0.1506 over the corresponding period of 2020

      The board of directors (the "Board") of China Longyuan Power Group Corporation Limited* (the "Company") is pleased to announce the unaudited consolidated interim results of the Company and its subsidiaries (the "Group") for the six months ended 30 June 2021, together with comparative figures for the corresponding period of 2020. The results were prepared in accordance with the International Accounting Standards ("IAS") 34, Interim Financial Reporting, issued by the International Accounting Standards Board ("IASB") and the disclosure requirements under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules").

      For full release see:

      https://lydl.chnenergy.com.cn/lydlwwEn/lsgg/202108/1bb9f21e9aad4ce7ad990fae0d70d735/files/3735346531314af89642395e1b784edc.pdf

      China New Energy Limited (LSE: CNEL)

      China New Energy Limited was incorporated in Jersey in 2006 and acts as an investment holding company being the sole shareholder of the Group's principal trading entity Guangdong ZhongkeTianyuan New Energy Technology Co. Ltd. ("ZKTY"), a wholly foreign owned enterprise incorporated in the PRC in 2006.

      The origins of ZKTY's activities dated back to 2002, with the formation of Guangdong ZhongkeTianyuan Regeneration Resources Engineering Co., Ltd ("GZTY Regeneration Resources"), which was formed as a result of a spin-out from Guangzhou Institution of Energy Conversion ("GIEC"), Chinese Academy of Sciences ("CAS"). Certain of the Directors and GIEC CAS, through an investment holding company, were founding shareholders of GZTY Regeneration Resources.

      The Company provides process technology, engineering designs, plant manufacturing and operational services in connection with the production of, inter alia, fuel ethanol, edible ethanol, biobutanol, bioacetic acid and other chemicals from agricultural plant materials and waste. ZKTY provides its services to primary producers and users of bioenergy. The products made using its technology, bioethanol and biobutanol, are commonly used by downstream producers as primary fuels, as solvents for use in the chemicals industry or as ingredients for the beverages industry.

      More than 100 (fuel) ethanol, bio-butanol production plant projects have been constructed since the foundation. All projects passed trial run at the first time and are running well. As the technical leader in the industry, our domestic market share is over 60%, and ranks first since 2004. The business market has been expanded to ASEAN, EU, South Asia and Chinese Taipei.

      Our core technology research and development team and the key management team have many years experience in accumulation of scientific research and engineering. Being the members of China's leading bioenergy project team, the experts have launched several research results to the market and achieved industrialization, which makes the company grow rapidly.

      The company currently owns more than 22 invention patents and multiple proprietary technologies in China, while having overwhelming superiority in energy saving of ethanol and bio-butanol distillation section in the industry. We set up Guangzhou ZhongkeTianyuan Liquid Biofuels Engineering Technology Research and Development Center, and independently or jointly participated in the implementation of the National 863 Project, ministerial, provincial, municipal and CAS Knowledge Innovation Project of the scientific and technological as well. As the projects have been completed successfully, the company highlights the ability of independent innovation.

      Through expansion and acquisitions, adhere to the "creativity, perfection, integrity", the purpose of the enterprise, the company strives to build a Chinese bio-energy industry benchmark enterprise, and gradually forms an internationally competitive, first-class integrated service provider of international famous bio-energy technologies.

      http://www.chinanewenergy.co.uk/items/Company_Profile/Introduction/

      China Sunergy

      CSUN is a global leading R&D and manufacturer of high- performance PV materials and solar modules.It leads the research direction of high-performance PV technology around the world. In past decade, CSUN has already supplied over 15GW solar modules to the worldwide.

      CSUN possess 2.5GW design production capacity of solar modules with 7 manufacturing centers in China, USA, Turkey, South Korea and Vietnam. On the strength of its continuous technological innovation, well-established global sales and customer service network, CSUN has covered USA, Germany, Spain, Australia, India and some other key markets around the world.

      https://www.csunsolartech.com/about-us/

      Comtec Solar Systems Group Limited (HKEX: 712)

      Comtec Solar is a pure-play monocrystalline solar ingot and wafer manufacturer based in China and Malaysia that focuses on the design, development, manufacturing and marketing of high-quality solar wafers. We are the first such manufacturers in China to be qualified by overseas customers for massive production of N-type monocrystalline solar wafers with a thickness of approximately 140 microns.

      As one of the pioneers in the manufacture of semiconductor wafers in China since 2000, we started to manufacture ingots and wafers for solar uses from 2004. Since then, our main focus has shifted to the solar industry to cater to the increasing demand for our top-quality products. We have also taken advantage of the advanced technology, knowledge base and manufacturing experience we developed and accumulated during the manufacture of semiconductor wafers. The successful transfer of know-how allows us to provide our customers with top-quality solar products.

      As our first priority, we have, therefore, been able to fully exploit our original role and concentrate our resources on the enhancement of product quality, as well as the development of new and innovative solar wafers. Our research and development capabilities, together with our manufacturing experience, have resulted in proprietary ingot-growing and slicing process technology with improved energy consumption efficiency. As we believe that long-term success in the solar industry will depend largely on product quality and cost competitiveness through superior manufacturing processes, we are committed to dedicating significant resources to new technology and a continuous improvement program.

      Our company was successfully listed on the Main Board of The Stock Exchange of Hong Kong on Oct.30 of 2009. Being the only solar company, which successfully closed an IPO on a major stock exchange under the challenging economic environment in 2009, we obtained worldwide supports from investors. The IPO proceeds have contributed the source of funding for the Group's long-term development and increase our production capacity.

      We have set up production facilities in Shanghai and Jiangsu. Our capacity is approximately 600MW. A further expansion of production capacity would be made in Malaysia.

      After completing the expansion of our production capacity, we would be able to further strengthen our worldwide customer base, and keep our leading statue in Mono Wafer Manufacturing market.

      http://www.comtecsolar.com/en/WebContent.aspx?BID=12&SID=38

      1 April 2022

      ANNOUNCEMENT OF UNAUDITED ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2021

      HIGHLIGHTS

      Revenue for the Year was approximately RMB54.8 million, representing a year-on-year decrease of 0.4% from approximately RMB55.0 million for the year ended 31 December 2020;

      Gross profit for the Year was approximately RMB6.8 million, representing a year-on- year increase of 74.4%, from approximately RMB3.9 million for year ended 31 December 2020;

      Gross profit margin for the Year was approximately 12.3%, comparing to gross profit margin of 7.0% for the year ended 31 December 2020;

      Net losses attributable to the owners of the Company for the Year was approximately RMB45.0 million, representing a year-on-year decrease of approximately 31.5%, from approximately RMB65.7 million for the year ended 31 December 2020;

      Net losses margin attributable to the owners of the Company for the Year was approximately 82.1%, comparing to net loss margin of 119.4% for the year ended 31 December 2020; and

      Basic loss per share for the Year was RMB5.79 cents (2020: basic loss per share of RMB9.18 cents).

      UNAUDITED ANNUAL RESULTS

      The Board is pleased to announce the unaudited consolidated financial results of the Group for the year ended 31 December 2021 (the "Year"), together with the comparative figures for the corresponding year ended 31 December 2020. For the reason explained in the paragraph headed "FURTHER ANNOUNCEMENT(S)" in this announcement, the auditing process for the annual results of the Group for the year ended 31 December 2021 has not been completed. These results have been reviewed by the Company's audit committee, comprising all of the independent non-executive Directors, with one of them chairing the committee.

      CONSOLIDATED STATEMENT OF PROFIT OR LOSS

      For the year ended 31 December 2021

      2021 2020 Notes RMB'000 RMB'000 (Unaudited) (Audited) Revenue 4 54,829 55,015 Cost of sales and services (48,064) (51,152) Gross profit 6,765 3,863 Other income 5 12,575 8,230 Other net gains (losses) 6 8,665 (11,105) Selling and distribution expenses (1,224) (1,014) Administrative expenses (36,934) (35,674) Research and development expenses (3,439) (1,112) Impairment loss on financial assets, net of reversal — (10,474) Share of profit of a joint venture — 134 Finance costs 7 (29,950) (23,770) Loss before taxation (43,542) (70,922) Income tax (expense) credit 8 (1,337) 4,087 Loss for the year (44,879) (66,835) (Loss) profit for the year attributable to: Owners of the Company (45,029) (65,704) Non-controlling interests 150 (1,131) (44,879) (66,835) RMB cents RMB cents (Unaudited) (Audited) Loss per share — Basic 10 (5.79) (9.18) — Diluted 10 (5.79) (9.18)

      CONSOLIDATED STATEMENT OF FINANCIAL POSITION

      At 31 December 2021

      2021 2020 Notes RMB'000 RMB'000 (Unaudited) (Audited) Non-current assets Property, plant and equipment 99,016 147,804 Investment properties 127,362 82,914 Intangible assets 915 2,135 Goodwill 6,573 6,573 Interests in an associate — 159 Deposits paid for acquisition of property, plant and equipment — 691 233,866 240,276 Current assets Inventories 3,163 17,215 Trade receivables 11 27,909 30,699 Deposits, prepayment and other receivables 42,687 69,809 Pledged bank deposits 137 21,214 Bank balances and cash 6,768 5,126 80,664 144,063 Current liabilities Trade payables 12 66,759 65,557 Other payables and accruals 97,430 71,887 Contract liabilities 6,380 34,720 Interest-bearing borrowings 130,369 164,481 Loans from shareholders 17,669 — Tax liabilities 5,829 5,808 Deferred income 840 840 Consideration payable 5,130 5,130 Lease liabilities 2,125 1,591 Convertible bonds 44,522 84,587 377,053 434,601 Net current liabilities (296,389) (290,538) Total assets less current liabilities (62,523) (50,262)

      2021 2020 RMB'000 RMB'000 (Unaudited) (Audited)

      Non-current liabilities Interest-bearing borrowings 7,500 10,300 Deferred tax liabilities 12,826 11,541 Deferred income 6,489 7,329 Lease liabilities 7,753 9,713 34,568 38,883 Net liabilities (97,091) (89,145) Capital and reserves Share capital 2,752 2,556 Reserves (102,216) (89,580) Equity attributable to owners of the Company (99,464) (87,024) Non-controlling interests 2,373 (2,121) Total deficits (97,091) (89,145)

      NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

      For the year ended 31 December 2021

      GENERAL INFORMATION

      Comtec Solar Systems Group Limited (the "Company") is a public limited company incorporated in the Cayman Islands, and its shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") on 30 October 2009. Its immediate holding and ultimate holding company is Fonty Holdings Limited ("Fonty"), a company incorporated in the British Virgin Islands with limited liability. Its ultimate controlling party is Mr. John Yi Zhang ("Mr. Zhang") who is the chairman and a director of the Company. The address of the registered office of the Company is Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands. The address of principal place of business of the Company is Level 9 & 11, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong.

      The Company is an investment holding company. The Company and its subsidiaries (hereinafter collectively referred to the "Group") are principally engaged in research, production and sales of efficient mono-crystalline products, power storage products and lithium battery products and the provision of consulting services for investment, development, construction and operation of solar photovoltaic power stations.

      The consolidated financial statements are presented in Renminbi ("RMB"), which is also the functional currency of the Company.

      BASIS OF PREPARATION

      All financial information presented in RMB are rounded to the nearest thousand ("RMB'000") except when otherwise indicated. The consolidated financial statements have been prepared in accordance with the disclosure requirements of the Hong Kong Companies Ordinance and International Financial Reporting Standards ("IFRSs"). The consolidated financial statements have been prepared under the historical cost convention except for certain investment properties and convertible bonds that are measured at fair values at the end of each reporting period. The preparation of consolidated financial statements in conformity with IFRSs requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the years ended 31 December 2021 and 2020. Although these estimates are based on management's best knowledge of current events and actions and historical experiences and various other factors that are believed to be reasonable under the circumstances, actual results may ultimately differ from those estimates.

      For full release see:

      http://comtecsolar.com/UpFile/OtherInfo_Sub_Class/202204011120099888_2.pdf

      Dongfang Electric Corporation Limited (HKEX: 1072, SSE: 600875)

      Dongfang Electric Corporation (DEC) is one of the backbone enterprise groups directly supervised by Chinese Central Government. With it headquarter in Chengdu, the capital city of Sichuan Province, which is named as the "Heavenly Land on Earth" and the "Hometown of Giant Panda", DEC has blossomed into one of the world largest power generating equipment manufacturers and international project contractors. Presently, the accumulative output capacity of DEC has outnumbered 500GW while yearly output topping the world for 14 consecutive years.

      Dongfang Electric Corporation (DEC) is one of the backbone enterprise groups directly supervised by Chinese Central Government. With its headquarter in Chengdu, the capital city of Sichuan Province, which is named as the "Heavenly Land on Earth" and the "Hometown of Giant Panda", DEC has blossomed into one of the world largest power generating equipment manufacturers and international project contractors. Presently, the accumulative output capacity of DEC has outnumbered 500GW while yearly output topping the world for 14 consecutive years.

      With the development of more than 60 years, DEC has become a comprehensive group specialized in manufacturing of power equipment, R&D of cutting edge technology, contracting international engineering projects, exporting complete plants and equipment, and conducting international economic and technical cooperation. Due to its distinguished capacity and contribution, DEC represents the top class technological and manufacturing level for China's heavy machinery and equipment industry, and is appointed by the Chinese Central Government as one of the most important state-owned enterprise groups concerning the national economy.

      As the national strategic base for heavy-duty machinery and equipment, DEC has possessed comprehensive technical R&D abilities and is honored by the Central Government as a National Research & Development Center. With its endeavor and hardworking, DEC not only has achieved the annual production of power generating equipment for more than 40,000MW consisting of hydro, thermal, nuclear, wind, solar and combine-cycle generating unit, enjoying one-third domestic market share in thermal power and two-fifths in hydro power, but also has been diversifying its manufacturing industries to various fields such as desulphurization and denitrification, hydrogen fuel cells, high-voltage large power frequency converter, industrial control devices, desalination equipment and so on.

      Being an active international Contractor, DEC takes the lead in China particularly in contracting international power projects and a wide variety of large engineering projects, and exports complete plants and equipment to almost 80 countries involving projects in such diverse fields as power generation, electric and mechanical works, power distribution and transmission, railways, environmental protection, traffic and transportation, communication etc., from which DEC has gained recognition worldwide and has been selected as one of The Top 250 International Contractors by the well-reputed Engineering News Record of USA since 1994.

      Adhering to the principles of Factualistic, Innovative, Harmonious and Initiative, DEC will be constantly dedicated and devoted to be a responsible company, responsible for the products, responsible for the services, responsible for the customers and responsible for the society. DEC, a company from a historical and ancient land, is embarked on striving towards the goal of becoming a domestically leading and internationally competitive group, and is ready to work with our friends all over the world and share our experiences to achieve the mutual development.

      http://www.dongfang.com.cn/index.php?s=/Home/Article/lists/category/49.html

      Elion Resources Group Limited (SSE: 600277)

      The Elio Resources Group is the parent of Elion Clean Energy Co., Ltd. (SSE: 600277). The Group has three divisions: Eco-Elion, Elion Clean Energy and Elion Finance.

      Eco-Elion

      Ecological restoration (land and water): Elion has been adopting biological and ecological techniques to restore desertified, rocky, salinized, alkalized and degraded land and to improve the environment of western deserts, which includes such national ecological projects as Ecological Environment Governance to Reduce storm in Beijing and Tianjin, Northwestern, Northern and Northeastern Windbreaks, Afforestation Project in Chongli for Beijing Winter Olympic Games, Southern Xinjiang Desertification Control and Brackish Water Treatment, Ecological Restoration in Qinghai-Tibet Plateau,etc. What's more, Elion has successfully exported its ecological restoration technologies abroad.

      Eco-town (regimen-oriented tourism): Based on ecological restoration, Elion aims to provide an integrated solution for urban ecological residential environments, which is a combination of products and services covering regimen-oriented tourism and community culture.

      Elion Clean Energy

      Green heat energy: "Micro-fine Coal Atomization", developed by Elion, has improved combustion efficiency and thermal efficiency to 98% and 90% respectively and saved 30% of coal consumption, achieving efficient and clean use of coal and reducing pollutants.

      Ecological solar-energy system: Elion has developed a high-tech ecological solar-energy system which consists of power generation, tree and grass planting and breeding.

      Elion Finance

      Sticking to ecological environment protection and medical health, Elion intends to build a green finance platform that contains funds, trusts, credit investigation, third-party payment, finance companies, insurance and carbon finance.

      http://www.elion.com.cn/en/index.php?menu=231

      ST Sinoval Wind Group Co., Ltd. (SSE: 601558)

      Sinovel Wind Group Co., Ltd. (Shanghai Stock Exchange: 601558) is the first Chinese high-tech enterprise to have specialized in the independent development, design, manufacturing and sale of large-scale onshore, offshore and intertidal wind turbines, which are adaptable to a variety of global environmental conditions and wind resources. Sinovel is also the first Chinese enterprise to have independently developed a series of 5MW and 6MW wind turbines. As of 2018, the cumulative installed generating capacity of Sinovel wind turbines reached a total of 16,524MW which ranked 4th in the domestic market, the cumulative installed offshore generating capacity of Sinovel wind turbines reached a total of 170MW, the cumulative installed generating capacity of Sinovel wind turbines in overseas market reached a total of 388.5MW.

      Sinovel is creating a "New Energy Integrated Solution Provider" as a core strategy, has placed "Responsibility, Regulation and Implementation" at the center of its corporate culture. Sinovel remains committed to offering cutting-edge technology, innovative products, professional service and exceptional management. It is through these core competencies that Sinovel has become a leading innovator in China's wind power equipment manufacturing industry:

      Sinovel is the first company in China to have introduced globally-advanced MW-level wind turbine technologies, having developed a 1.5MW series of wind turbines adaptable to a global variety of wind resources and environmental conditions. Sinovel was also the first domestic enterprise to establish a complete supply chain for the localization and scale production of MW-level wind turbines.

      Sinovel is the first Chinese turbine manufacturer to successfully research, develop and mass produce the global mainstream 3MW series of onshore, offshore and intertidal wind turbines with independent intellectual property rights.

      Sinovel is the first Chinese enterprise to complete the development and production of 5MW and 6MW wind turbines with independent intellectual property rights.

      Sinovel supplied all 34 sets of 3MW wind turbines for the Shanghai Donghai Bridge Offshore Wind Farm project, which is the first offshore wind farm built outside of Europe and is also China's first offshore wind farm demonstration project. At present, all the units of this project have been through warranty period. Thus, the project has become the first domestic offshore wind power project which passed 5 years of operation tests and warranty period.

      Sinovel is building the National Offshore Wind Power Technology and Equipment R&D Center, which features cutting-edge technology, state-of-the-art equipment and facilities, and specialized R&D laboratory capabilities. Sinovel is also pioneering the development of an integrated base for the manufacturing, assembly, testing, transportation and installation of large-scale offshore wind turbines.

      Looking to the future, Sinovel remains unwavering in its commitment to innovation and its pursuit to bring cutting-edge products to market. Sinovel will continue to transcend across multiple fronts in its ongoing effort to create itself as the most competitive new energy integrated solution provider.

      http://www.sinovel.com/english/about/?30.html

      Xinjiang Goldwind Science & Technology Co., Ltd (HKEX:02208, SZSE: 002202)

      Founded in 1998, Goldwind is on the way to become a global leader of clean energy, energy conservation and environmental protection solutions. It has been honored on several occasions as one of the "Climate Leader Plants", "Most Honored Company in Asia", "Best Investor Relations Company", and has been named as the "Top 50 Most Innovative Companies in the World", "Carbon Clean 200 List", "Global Top 500 New Energy Enterprises", "New Fortune Best Listed Companies", and "Fortune China 500".

      Operating in 27 countries on 6 continents, Goldwind now has over 35,000 turbines installation and 60+GW of installed capacity globally. The company has close to 9,000 employees around the world, including around 3,000 R&D engineers and technicians. Goldwind has been listed on the Shenzhen and Hong Kong Stock Exchanges.

      Goldwind now focuses on 3 main business areas: wind power, internet of energy and environment protection solutions. We have 7 R&D centers globally, and has established R&D network with world-renowned universities. Together with the global industrial revolution, Goldwind is accelerating its digitalization process.

      Goldwind is committed to supporting global energy transition and developing affordable, reliable and sustainable energy. Today, Goldwind is helping the human society to save 37.42 million tons of standard coal, reduce 122.83 million tons of CO2 emissions and achieve 67.12 million cubic meters of reforestation. During the past 22 years, Goldwind has been staying true to its mission and has always been willing to "innovating for a brighter tomorrow".

      https://www.linkedin.com/company/goldwindglobal

      26 March 2022

      2021 Annual Audit Report

      For full release in Chinese:

      http://static.cninfo.com.cn/finalpage/2022-03-26/1212688211.PDF

      # Acquisdata: Up to date business intelligence reports covering developments in the world's fastest growing industries #

      # Reportal: a vast archive of corporate documents from listed companies around the world #

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