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    China Renewable Energy 29 Jun 22 - INDUSTRY SNAPSHOTS


    June 29, 2022 - Acquisdata Industry Snapshot

     

      LATEST COMPANY NEWS

      Renewables Now - EDPR sells 181-MW wind portfolio in Spain to China Three Gorges - 28/6/2022

      Renewable energy company EDP Renovaveis SA said that it has finalised the divestment of a 181-MW portfolio of wind farms in Spain to China Three Gorges SA (CTG).

      For the complete story see:

      https://renewablesnow.com/news/edpr-sells-181-mw-wind-portfolio-in-spain-to-china-three-gorges-789711/

      Renewables Now - China's Shanghai Electric fabricates 1st unit of new offshore wind generator - 27/6/2022

      Shanghai Electric Wind Power Group Co Ltd announced that it has finished fabricating the first unit of a new model of offshore wind turbine generators for the Chinese market.

      For the complete story see:

      https://renewablesnow.com/news/chinas-shanghai-electric-fabricates-1st-unit-of-new-offshore-wind-generator-789508/

      PV Magazine - JinkoSolar signs strategic cooperation agreement with CIMC Raffles for offshore solar projects - 27/6/2022

      JinkoSolar announced that it has signed a strategic co-operation agreement with CIMC Raffles, a leading offshore equipment Engineering Procurement & Construction (EPC) company.

      For the complete story see:

      https://www.pv-magazine.com/press-releases/jinkosolar-signs-strategic-cooperation-agreement-with-cimc-raffles-for-offshore-solar-projects-2/

      Other Stories

      India Today - China to set up first solar power plant in space by 2028 - 27/6/2022

      CGTN - Clean energy growth boosts China's pursuit for carbon goals - 25/6/2022

      EqualOcean - The total installed capacity of renewable energy power generation in China exceeded 1.1 billion kw - 24/6/2022

      PV Tech - World's solar capacity to top 2TW by 2031, with China accounting for nearly half of all new additions - 23/6/2022

      GreentechLead - JA Solar supplies DeepBlue 3.0 PV modules for Beijing Fengtai railway station - 22/6/2022

      PV Tech - Trina Solar starts construction on huge vertically integrated PV factory in China, eyes greater N-type production - 22/6/2022

      Media Releases

      Comtec Solar Systems Group Limited (HKEX: 712) - Delay In Despatch of Circular - 28/6/2022

      Latest Research

      Creating a decarbonized economy: Decoupling effects and driving factors of CO2 emission of 28 industries in China - By Gangfei Luo, Tomas Baležentis, Shouzhen Zeng, JiaShun Pan

      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)

      CSUN Solar Tech Co., Ltd.

      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

      Renewables Now - EDPR sells 181-MW wind portfolio in Spain to China Three Gorges - 28/6/2022

      Renewable energy company EDP Renovaveis SA said that it has finalised the divestment of a 181-MW portfolio of wind farms in Spain to China Three Gorges SA (CTG).

      For the complete story see:

      https://renewablesnow.com/news/edpr-sells-181-mw-wind-portfolio-in-spain-to-china-three-gorges-789711/

      Renewables Now - China's Shanghai Electric fabricates 1st unit of new offshore wind generator - 27/6/2022

      Shanghai Electric Wind Power Group Co Ltd announced that it has finished fabricating the first unit of a new model of offshore wind turbine generators for the Chinese market.

      For the complete story see:

      https://renewablesnow.com/news/chinas-shanghai-electric-fabricates-1st-unit-of-new-offshore-wind-generator-789508/

      PV Magazine - JinkoSolar signs strategic cooperation agreement with CIMC Raffles for offshore solar projects - 27/6/2022

      JinkoSolar announced that it has signed a strategic co-operation agreement with CIMC Raffles, a leading offshore equipment Engineering Procurement & Construction (EPC) company.

      For the complete story see:

      https://www.pv-magazine.com/press-releases/jinkosolar-signs-strategic-cooperation-agreement-with-cimc-raffles-for-offshore-solar-projects-2/

      India Today - China to set up first solar power plant in space by 2028 - 27/6/2022

      After successfully returning samples from the Moon, landing, and roving on Mars in their first attempt, China is set to launch the first solar-powered plant in space.

      For the complete story see:

      https://www.indiatoday.in/science/story/china-to-set-up-first-solar-power-plant-in-space-by-2028-1967280-2022-06-27

      CGTN - Clean energy growth boosts China's pursuit for carbon goals - 25/6/2022

      China saw rapid development of renewable energy in 2021, laying a solid foundation for the country's pursuit of its carbon peaking and carbon neutrality goals.

      For the complete story see :

      https://news.cgtn.com/news/2022-06-25/Clean-energy-growth-boosts-China-s-pursuit-for-carbon-goals-report-1b9VdUmTSIo/index.html

      EqualOcean - The total installed capacity of renewable energy power generation in China exceeded 1.1 billion kw - 24/6/2022

      According to the latest industry statistics, by the end of May, the total installed capacity of renewable energy power generation in China had reached 1.1 billion kw, a year-on-year increase of 15.1%.

      For the complete story see:

      https://equalocean.com/briefing/20220624230147095

      PV Tech - World's solar capacity to top 2TW by 2031, with China accounting for nearly half of all new additions - 23/6/2022

      The world's total solar capacity will reach 2,044GW by 2031, with China continuing to lead the way in deployment, making up nearly half (47%) of the world's 1,190GW net solar capacity additions through to 2031.

      For the complete story see:

      https://www.pv-tech.org/world-total-solar-capacity-reach-2044gw-by-2031/

      GreentechLead - JA Solar supplies DeepBlue 3.0 PV modules for Beijing Fengtai railway station - 22/6/2022

      JA Solar has supplied its DeepBlue 3.0 PV modules for Beijing Fengtai Railway Station, the largest passenger railway hub in Asia.

      For the complete story see:

      https://greentechlead.com/solar/ja-solar-supplies-deepblue-3-0-pv-modules-for-beijing-fengtai-railway-station-39623

      PV Tech - Trina Solar starts construction on huge vertically integrated PV factory in China, eyes greater N-type production - 22/6/2022

      Trina Solar has started construction on a vast new industrial park in the central Chinese province of Qinghai that will cover almost the entire PV manufacturing chain from polysilicon production all the way down to modules.

      For the complete story see:

      https://www.pv-tech.org/trinasolar-constructs-vertically-integrated-pv-industrial-park-qinghai/

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

      Media Releases

      Comtec Solar Systems Group Limited (HKEX: 712) - Delay In Despatch of Circular - 28/6/2022

      Reference is made to the announcement of Comtec Solar Systems Group Limited (the "Company") dated 1 June 2022 (the "Announcement") in relation to the very substantial disposal of properties. Capitalised terms used herein shall have the same meanings as those defined in the Announcement unless the context requires otherwise.

      As disclosed in the Announcement, a circular (the "Circular") containing, among other things, (i) further details of the Disposal; (ii) the pro forma financial information of the remaining Group; (iii) notice of the EGM; and (iv) other information as required under the Listing Rules, is expected to be despatched to the Shareholders on or before 22 June 2022.

      As additional time is required to finalise certain information to be included in the Circular, the despatch date of the Circular will be postponed to a date on or before 29 July 2022.

      http://comtecsolar.com/UpFile/OtherInfo_Sub_Class/202206280831040413_2.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 #

      Latest Research

      Creating a decarbonized economy: Decoupling effects and driving factors of CO2 emission of 28 industries in China

      Gangfei Luo, Tomas Baležentis, Shouzhen Zeng, JiaShun Pan

      Abstract

      Identifying the carbon emission characteristics, driving factors, and decoupling status of the industrial subsectors is important for developing effective policy measures. This allows for implementing industrial emission reduction that, eventually, decouple carbon emission and economic growth. Such an analysis is especially important for the case of China on its way towards sustainable development and increasing global interrelationships. However, the literature still lacks comprehensive analysis, especially, at the industry level. This study uses the Logarithmic Mean Divisia Index and decoupling indicator to analyze how different factors contribute to CO2 emissions in 28 industries in China during 2002-2017. The results reveal that the growth of industrial CO2 emissions has been positive but decreasing. The highest CO2 emission change is observed for production and supply of electric and heat power, processing of petroleum, coking, and nuclear fuel, and smelting and pressing of metals. These sectors also show high carbon intensity levels. The economic output (scale) effect and population effect comprise the two major factors promoting the CO2 emission. The energy intensity effect is the key inhibiting factor of the industrial energy-related CO2 emission in China. The suppressive effects of energy and industrial structure have been continuously increasing. The economic growth and CO2 emission has been gradually decoupling in the case of the 28 sectors analyzed. Manufacture of cloths, leather, fur, feather, and related products as well as production and supply of gas exhibit a relatively stable strong decoupling. Based on the decoupling analysis, this study shows that energy intensity has induced the decoupling, whereas the opposite effect has occurred due to economic growth, and the other factors showed little effect on CO2 emission decoupling.

      https://journals.sagepub.com/doi/abs/10.1177/0958305X221109603

      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 April 2022

      UNAUDITED CONSOLIDATED RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022

      This announcement is made pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong).

      The unaudited consolidated results for the three months ended 31 March 2022 of China Longyuan Power Group Corporation Limited* (the "Company") and its subsidiaries (the "Group") are as follows. For the three months ended 31 March 2022, revenue of the Group amounted to RMB10,422 million, representing an increase of 4.76% over the corresponding period of last year. In particular, revenue from our wind power segment (excluding revenue from concession services) amounted to RMB7,072 million, representing a decrease of 4.39% over the corresponding period of last year, whereas revenue from our coal power segment amounted to RMB3,159 million, representing an increase of 32.29% over the corresponding period of last year, and revenue from other segments amounted to RMB180 million, representing an increase of 42.86% over the corresponding period of last year. Net profit attributable to equity holders of the Company amounted to RMB2,258 million, representing a decrease of 22.88% over the corresponding period of last year.

      Power generation on consolidated basis amounted to 18,216,668 MWh, representing an increase of 4.83% over the corresponding period of last year. In particular, wind power generation amounted to 15,142,123 MWh, representing an increase of 5.13% over the corresponding period of last year, whereas coal power generation amounted to 2,754,717 MWh, representing a decrease of 0.64% over the corresponding period of last year, and other renewable energy power generation amounted to 319,829 MWh, representing an increase of 58.97% over the corresponding period of last year.

      For full release see:

      http://www.clypg.com.cn/lydlwwEn/lsgg/202204/34efd11d00794686a499c48dc130a913/files/32f5de99efcb47ad9bab050686ac1389.pdf

      CSUN Solar Tech Co., Ltd.

      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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