Public company info - Hanergy Thin Film Power Group Ltd. , 00566.HK
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Hanergy Thin Film Power Group Ltd., 00566.HK - Company Profile
Chairman Yuan Yabin
Share Issued (share) 42,146,000,000
Par Currency Hong Kong Dollar
Par Value 0.0025
Industry Environmental Energy Material
Corporate Profile Business Summary: The Company is a high-tech new energy enterprise listed on the Hong Kong Stock Exchange. It has been engaged in the thin film solar energy business since 2009. Its principal activities include (i) the research and development, design, assembling, sales and delivery of production equipment and turnkey production lines for thin-film solar energy cells/modules as well as the provision of related technical services; (ii) the research and development, design, sales and delivery of thin-film solar energy power generation systems and products of mobile energy applications; and (iii) provision of technical services and support, construction and maintenance to upstream production lines and downstream applications and products. Performance for the year: For the financial year ended 31 December 2018, the Group recorded a revenue of HK$21,251,772,000, representing a strong growth of approximately 246% increase as compared with 2017, of which revenue from upstream business and downstream business took up 92% and 8% of the Group’s revenue, respectively. The gross profit for the year increased from HK$2,675,241,000 in 2017 to HK$12,122,362,000. Business Review: With the support of national policies and the increasing voice of the society for the protection of green environment, the proportion of clean energy consumption has been increasing, and solar energy power generation, with its growth following an upward trend, has become one of the fastest growing renewable energy markets in the world and in China. While the National Energy Administration of China issued “the Notice on Matters Related to Photovoltaic Power Generation in 2018” on 31 May to reduce photovoltaic subsidies and regulate the development of distributed photovoltaics, thus putting the production side under pressure, but the National Energy Administration subsequently emphasised that “the direction of developing photovoltaics and the state’s support for the photovoltaic industry are unwavering.” It is clear that the purpose of the policy is to rectify the problem of the traditional photovoltaic energy enterprises that are confined in a single development model and relying on subsidies, so as to promote healthier and more orderly development of the photovoltaic industry. Looking back on 2018, China’s solar energy power generation industry was still able to maintain steady and healthy growth despite the introduction of the 531 new policy. The cumulative installed capacity of solar power in the country reached 174GW, representing an increase of 34% year-on-year, and newly installed capacity was approximately 44GW. The Group insists to use thin-film solar energy as its core technology and have not relied too much on state subsidies, and as such it is less affected by the new regulation. During the year of industrial transformation and upgrading, the Group continued to focus strategically on upstream core technology research and development, production equipment delivery, and downstream diversified applications of thin film solar energy to create a mobile energy ecosystem and provide solutions for an “ecological city”. During the year, new industrial park customers were added to the upstream business, and new downstream, subversive green building materials and application products such as “HanWall”, single glass “HanTile” and multi-functional umbrella “Humbrella” were introduced. Among them, “HanWall” is the world’s first “Green System Solution with Power Generation Walls”, which combines safety and power generation efficiency. Meanwhile, the Group also actively expanded its application sales business, which contributed to the steady progression during the year. A.Organization Structure: The Group carried out an organizational restructuring during the year to optimize the corporate structure of internal governance on a continuous basis, and to promote the upstream and downstream business development. To fit in to the Group’s global business deployment, the upstream and downstream marketing headquarters are differentiated by application products in order to create a more efficient structure, which includes the downstream products HanTile, HanWall, HanRoad, HanCar, HanPaper, HanPack, Humbrella, distributed/EPC, as well as the upstream marketing of production lines. These are consolidated into a “Global Market Sales Group”. At the same time, the Group also added the “Pricing Management Centre” and “Risk Control Centre” to meet the needs of business operation as well as to further optimize the organizational structure of the Company. B. Upstream Business: The upstream business of the Group mainly includes the research and development, design, sales and delivery of thin-film solar energy cells/modules production equipment and whole production lines, as well as the provision of supporting technical services. On the backdrop of the vigorous promotion of energy structure transformation by Chinese government, the Group cooperated with multiple mobile energy industrial parks, actively promoting the turnkey projects and large-scale localisation of production lines for the thin-film solar energy module production equipment. In 2018, the Group continued to focus on industrial park projects by designing and assembling the turnkey solution production lines of thin-film solar energy cells and modules. For the financial year ended 31 December 2018, the Group’s upstream business recorded a revenue of approximately HK$19.55 billion, contributed by the research and development, design and sales of high-end equipment production lines for thin-film solar energy, including MiaSolé, Solibro, Global Solar Energy (GSE), Alta Devices and SHJ. The Group’s Thin-film Solar Technology Hits New High The Group has been focusing on technological breakthroughs and innovative research and development for many years. It has set up professional research and development teams at various locations around the globe, including the United States, Germany, Sweden and China for the enhancement of various technologies. In 2018, the conversion efficiency of the Group’s thin-film solar energy modules reached another new high. In particular, Solibro’s top mass production of winner glass-based CIGS modules of the Group reached a conversion efficiency of 18.72% and Solibro’s modules obtained TUV SUD product certification in October 2018; the conversion efficiency of MiaSolé flexible cell modules reached 19.4%; GSE’s third-generation cell modules obtained the highest level 6 certification on salt spray of IEC, with its R&D conversion efficiency enhanced from 18.7% to 19.3%, while the conversion efficiency of the top mass production of the winner modules reached 16.3% and a certificate was awarded, representing the first of such honour in the industry’s certification. The mass production efficiency of Alta Devices’ GaAs single junction modules reached 25.1%, and obtained the Fraunhofer ISE CalLab solar energy modules certification on 14 November 2017. In June 2018, the single junction efficiency reached 28.9%, and obtained the U.S. National Renewable Energy Laboratory (NREL) certification, refreshing the world’s single junction record it had already held. By optimizing the cells, the efficiency of the new samples reached 29.1% during the test by Fraunhofer-ISE in Germany in November 2018, further refreshing the world single junction record it held as shown on the NREL’s research and development efficiency chart in December this year; the R&D efficiency of the Group’s SHJ cell was as high as 24.23%, which was certified by Japan Electrical Safety and Environment Technology Laboratories (JET). This demonstrated the constant technology advancement of the Group in the past year and the recognition of the Group’s leading technological advantages in the industry. Actively Promoting the Strategic Development of Industrial Park Projects In recent years, the Chinese government has been promoting energy transformation, low-carbon development, as well as strategic public-private partnerships (PPP). One of the most representative case of these is mobile energy industrial park. As the industrial park project companies have commenced mass production of thin film modules with the support of local governments, combined with the increasing demand for thin-film solar energy products, the Group believes that it will generate considerable sales revenue to the industrial park projects. In 2018, Hanergy Thin Film Power, continued to provide the industrial parks being the purchaser of equipment and technology, with a series of turnkey production lines, including CIGS, GaAs and high-efficiency silicon hetero junction (SHJ). During the year, the Group’s major customers of industrial park projects included Mianyang Industrial Park, Datong Industrial Park and Zibo Industrial Park, as well as the newly added Anhui Bengbu Jinneng Mobile Energy Industrial Park, all contributing to the regional economic development and transformation. During the period, the delivery of contracted projects was carried out and part of the payments was received. The Group is currently in negotiation with more industrial parks, including those in foreign countries. It is expected that similar industrial park projects will be contracted in the future. This will contribute to the results in the next few years. Proactively Exploring New Major Customers to Diversify the Upstream Business The Group took an active approach in exploring major third-party customers in order to diversify the Group’s upstream business. In 2018, the Group’s major customers’ projects mainly included Jingzhou Shunbai Project, Chengdu Dongteng (previously known as “Huafengyuan”) Project, Nanjing Yineng Project, Heilongjiang Yineng Project and Dezhou Yineng Project. C. Downstream Business The downstream business of the Group mainly includes development, design, integration and sales of thin film solar power generation systems, mobile energy application products as well as provision of related services, including: (i) sales of distributed power generation systems, which consist of household rooftop power generation systems, industrial/commercial rooftop power generation systems, building-integrated solar energy (BIPV) systems and solar energy agricultural application systems; (ii) sales of mobile energy application products; (iii) provision of construction and maintenance services of solar power stations; and (iv) EPC work. The Group has introduced four types of household distributed thin film power generation systems, including (1) standard product series designed for household use; (2) small-scale industrial/commercial product series which utilize idle rooftops of industrial/commercial buildings for small power stations; (3) solar shed series applicable to sunshades and gazebos; and (4) HanTile series power generation modules which take the shape of the arched roof tiles used in the traditional Chinese architecture for general roofing. With the core technology of the Group, its thin-film solar products have been widely recognized by the market. For the financial year ended 31 December 2018, the downstream business recorded a revenue of approximately HK$1.70 billion. D. Delivery of Production Lines to Hanergy Hydropower Group (formerly known as “Hanergy Holdings Group”) Apollo Precision (Fujian) Limited (“Fujian Apollo”, a subsidiary of the Company) entered into two master sales contracts (each of them “Master Sales Contract”) with Hanergy Hydropower in 2010 and 2011, to sell equipment and entire production line for the manufacturing of thin film solar energy modules to Hanergy Hydropower, its subsidiaries and its affiliates (“Hanergy Hydropower Group”). Prospects: Implement the “One Base and Two Fronts” Strategy and Expand Diversified Customer Base The Group will continue to adopt the strategic deployment of “One Base and Two Fronts” in the coming year, that is, based on the continuous innovation of thin film solar technology, and with ‘turnkey’ solutions for manufacturing equipment and production lines on the left front, and solutions for distributed energy and mobile energy on the right front, it will firmly grasp the opportunities arising from the extensive changes of global energy structure and the rapid development of the thin film solar industry, focusing on the upstream business of equipment production lines, and the downstream business of distributed and mobile energy. In terms of upstream business, the Group will continue to invest in the research and development of thin film solar technology, and accelerate the localisation of thin film solar equipment production lines, in an effort to achieve 100% localisation rate of equipment production lines of all technology lines of the Group. It will also continue to promote the industrialization, marketization and popularization of thin film solar technology through the cooperation with mobile energy intelligent manufacturing bases in different regions. Regarding downstream business, in addition to the traditional household and industrial and commercial rooftop power generation systems, the Group will continue to focus on new energy green buildings and mobile energy applications, to build an ecosphere of mobile energy and provide solutions for “Eco-City” through a comprehensive layout of energy in cities. In addition, with the national new energy development strategy, the Group has actively engaged in precision poverty alleviation, by making full use of the land resources of rural poor households to help the poor to realize precision poverty alleviation with additional income. Continuous Innovation and Research and Development to Make Further Breakthroughs In response to the global trend of low-carbon, green and clean energy, the Group has continued to innovate products by leveraging on its innovative scientific research capabilities. In 2018, significant progress in research and development of thin film solar energy application products was made. In April, the Group launched an innovative product, a new generation of HanTile and “Humbrella”, the first multi-functional umbrella based on flexible thin film solar technology in the world. Its first batch of production was donated to Tanzania for the charity project “Lighting Africa”. New mobile energy applications such as HanPack and HanPaper were also introduced in June, attracting a lot of market attention. In September, the Group launched another disruptive new product - “HanWall”, which is characterizd by its safety and power generation efficiency, and has become the first “green power generation wall system solution” in the world. Since the launch of such new products, the Group have immediately attracted collaboration from Australia and Japan, demonstrating that the Group has been recognised by customers around the world through product innovation and quality. Looking forward to 2019, the Group will continue to put more resources in the research and development of product innovation, focusing on three major areas including housing, usage and transportation, constantly develop and introduce new thin-film solar energy solutions, in response to both domestic and international market demand and in line with green buildings and travel trends, and provide users with more comprehensive and convenient mobile power using experience, so as to further consolidate the Group’s leading position in the high-tech thin film solar industry. Focus on Mobile Solar Energy Development and Strengthen the Leading Position in Technology In recent years, through continuous technological breakthroughs and innovative research and development, the Group has focused on the development of innovative thin-film solar mobile energy applications, including foldable thin-film solar power generation paper, power generation pack, power generation umbrella and other portable mobile energy products to satisfy the market needs. Hanergy has endeavored to expand the application of thin-film solar technology in more fields, and has applied thin-film solar cells in various mobile transportations, including shared bicycles, logistics fleets, unmanned aircrafts, solar-powered vehicles and low-speed electric vehicles. With the energy reform, a new way of life is forming and an exosphere of mobile energy is being created to provide solutions for “Eco-City”. In 2018, the Group entered into a product strategic cooperation agreement with China FAW Group, to commence multi-directional strategic cooperation on the theme of “Green Energy and Energy Conservation”. This is an innovative breakthrough in the area of passenger vehicle with the first solar energy sunroof. In addition, since the Group’s high-efficiency thin-film solar chip technology has been favored by the National Aeronautics and Space Administration (NASA) and Boeing Company, the giant in the US aviation industry, various projects have been carried out through the cooperation between the Group and NASA and Boeing Company, promoting the in-depth application and further expansion of solar energy technology in the aerospace sector. The robust development of mobile solar energy contributes to energy conservation, emission reduction, environmental protection and cutting-edge applications. The Group also intends to expand the business and cooperation in this sector in the future. Looking forward to 2019, the Group will, leveraging on its high-tech R&D capabilities and economies of scale, continue to push forward the turnkey projects of thin film solar production lines for mobile energy industrial parks and other new clients in respect of the Group’s upstream business, and expand the solar energy applications in areas including distributed power and mobile energy for downstream business, by actively exploring the diversified applications of thin-film solar energy for the pursuit of further innovations. Meanwhile, the Group will continue to capture the opportunity arising from the state’s favourable policies on clean energies and ride on the global trend of solar energy power generation, by actively expanding domestic and overseas businesses, and further capitalizing on its leading role as a provider of high-tech thin-film solar energy solutions, in order to bring thin film solar energy power generation to a bigger market for unlimited number of applications!

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