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Public company info - Golden Solar New Energy Technology Holdings Limited , 01121.HK
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Golden Solar New Energy Technology Holdings Limited, 01121.HK - Company Profile
Chairman Leung Tsz Chung
Share Issued (share) 1,487,000,000
Par Currency U.S. Dollar
Par Value 0.01
Industry Footwears
Corporate Profile Business Summary: The Group is engaged in the manufacture and sale of slippers, sandals, casual footwear, graphene-based ethylenevinyl acetate (“EVA”) foam material (“Graphene-based EVA Foam Material”) and slippers (“Graphene-based Slippers”), and graphene deodorizing and sterilizing chips for air purifiers and air conditioners (“Sterilizing Chips”). Performance for the year: The Group recorded an increase in revenue of approximately RMB5.2 million or 3.2% to approximately RMB169.7 million (2018: RMB164.5 million) during the year. During the year, the Group recorded a net loss of approximately RMB314.4 million (2018: RMB275.3 million). Business Review Boree Products Revenue from Boree Products decreased by 21.4% to approximately RMB2.7 million during the year (2018: RMB3.5 million) because of the decrease of online sales. Graphene-based Products Revenue of Graphene-based Products amounted to approximately RMB4.0 million (2018: RMB4.5 million) during the year. As the wireless connection issue of the third-generation do-it-yourself (“DIY”) automated vending system, which restricts the choice of locations, can only be alleviated or resolved through 5G network services, the management of the Group decided to focus on the development of a new generation of DIY automated vending system. The commissioning and improvement of the new generation of DIY automated vending system took longer than expected and due to the outbreak of COVID-19 epidemic, the Group expected that the launch of the new generation of DIY automated vending system will be delayed to June 2020. As a result, revenue of Graphene-based Products decreased during the year. For other graphene application products, the Group has sent samples of the Sterilizing Chips to an overseas well-known producer of air conditioning system for testing and recognition. As some parameters did not meet the required standard, the Group’s research and development team is working on the modification and improvement of the samples and expects to resend the samples for testing soon. As a result, the mass production of the Sterilizing Chips was delayed. OEM Business Revenue from OEM business increased by 4.1% to approximately RMB162.9 million during the year (2018: RMB156.5 million) was mainly attributable to orders from new customers due to effort of sales team. Prospects: Looking ahead to 2020, it is expected that the outbreak of COVID-19 epidemic in the PRC together with the ongoing tension arising from the trade talks between the PRC and the US will inevitably bring undesirable short-term impact to operational and financial performance of the Group, especially on the OEM Business and the retail sales of slippers. Though the Group’s factories in Fujian Province have resumed work since 10 February 2020, the Group expects that the COVID-19 epidemic will result in late delivery of some products. On the other hand, due to the continuous outbreak of the epidemic in the US since March 2020, the Group’s major OEM customers in the US requested to postpone the delivery time of some orders. Apart from stepping up the effort to catch up with the original planned schedules, the Group keeps close contact with the Group's customers to strive for solutions. Moreover, as the epidemic has bolstered the growing trend of customers staying at home and going online, the Group will focus on the design and sales of indoor slippers and will allocate more resources on on-line sales and local sales in the PRC in 2020 to alleviate the impact of the outbreak of the epidemic. As the wireless connection issue of the third-generation DIY automated vending system, which restricts the choice of locations, can only be alleviated or resolved through 5G network services, the management of the Group decided to focus on the development of a new generation of DIY automated vending system. As the upgraded new generation of the DIY automated vending system has the advantages of simple installation, small size, low power consumption and fast printing speed, which can reduce the distribution and operation costs. By placing the new generation DIY automated vending system in cooperative stores, the Group can provide customers an interesting on-site customization DIY shopping experience. This cross-over cooperation can penetrate and expand the PRC market rapidly and most important of all, can foster the popularity of the Group's brand. In 2020, the Group would focus on uplifting the Group's “Boree” brand through this cross-over collaboration but due to the impact of the outbreak of the epidemic, the launch of the new generation of DIY automated vending system would be delayed to June 2020 and the number of DIY automated vending system installed would be substantially reduced. For other graphene application products, the Group has sent samples of the Sterilizing Chips to an overseas well-known producer of air conditioning system for testing and recognition. As some parameters did not meet the required standard, the Group's research and development team is still working on the modification and improvement of the samples and expects to resend the samples for testing soon. After receiving the recognition, the Sterilizing Chips would be launched in the overseas market for air conditioning system through cooperation with this producer. Besides, due to the outbreak of the epidemic, there is a strong demand in the public for air purifier and sterilizer. The Group is focused on the development for air purifier and sterilizer for household and hopefully can diversify the Group's products to include both large scale air conditioning system and household air purifier and sterilizer. After paying continuous effort and capital investment in the past few years, the Group gradually transformed from a traditional manufacturing company to a material technology company and started to diversify the Group's business to environmental protection and energy related field. In light of the above, the Group set up a carbon-based energy storage batteries research and development line in the first half of 2019 and the first lot of samples were developed and met all the required standards after testing. The Group targets to set up a production line in the coming year and commence mass production by the end of 2020. The Group aims to produce low cost and long useful life carbon-based energy storage batteries including energy storage batteries for solar power stations and grid systems, and batteries for electric vehicles. After the scale expansion, the Group would be able to enter the energy storage industry, which would become the driving force of higher profit growth for the future.

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