TCL ZHONGHUAN RENEWABLE ENERGY TECHNOLOGY CO.,LTD.

Cash flow TCL Zhonghuan Renewable Energy Technology Co.,Ltd.

Equities

002129

CNE1000000B8

Renewable Energy Equipment & Services

End-of-day quote Shenzhen S.E. Other stock markets 2025-01-24			5-day change	1st Jan Change
8.520 ^CNY	+1.55%		-4.16%	-3.95%

Dec. 30	TCL to Raise Stake in Solar Products Making Unit for 1 Billion Yuan	MT
Dec. 27	TCL Zhonghuan Renewable Energy Technology Co.,Ltd. agreed to acquire an additional 13.69% stake in Inner Mongolia Zhonghuan Crystal Materials Co., Ltd. from BOCOM Financial Asset Investment Co., Ltd for CNY 1 billion.	CI

69af97e363fb714ef210997.toA58KjDRR6FNhufz5uVNBF8WDSCz2WB4GDzIlucxg0.h9luudGMPF3wcW3ZpvnkQ3ZMGWbEpS_xtRS_cAjEkEPS-Va68ZsTTOFYVg

Published financial data: TCL ZHONGHUAN RENEWABLE ENERGY TECHNOLOGY CO.,LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	16.68B	18.84B	40.57B	65.63B	57.16B
Other Revenues, Total	205M	216M	531M	1.38B	1.99B
Total Revenues	16.89B	19.06B	41.1B	67.01B	59.15B
Cost of Goods Sold, Total	13.67B	15.51B	32.78B	56.54B	49.15B
Gross Profit	3.22B	3.54B	8.33B	10.47B	9.99B
Selling General & Admin Expenses, Total	624M	781M	1.11B	1.18B	1.87B
Provision for Bad Debts	78.29M	37.73M	86.83M	50.72M	-50.74M
R&D Expenses	574M	619M	1.86B	2.92B	2.12B
Other Operating Expenses	51.01M	99.02M	139M	201M	-121M
Other Operating Expenses, Total	1.33B	1.54B	3.2B	4.35B	3.82B
Operating Income	1.89B	2.01B	5.13B	6.12B	6.17B
Interest Expense, Total	-1.01B	-1.09B	-939M	-1.04B	-1.39B
Interest And Investment Income	363M	407M	1.28B	1.84B	1.15B
Net Interest Expenses	-644M	-683M	340M	800M	-241M
Income (Loss) On Equity Invest.	-	-	-	-	-
Currency Exchange Gains (Loss)	7.41M	-31.36M	25.23M	215M	132M
Other Non Operating Income (Expenses)	7.91M	-54.47M	-46.5M	-71.27M	-67.36M
EBT, Excl. Unusual Items	1.26B	1.24B	5.45B	7.06B	5.99B
Gain (Loss) On Sale Of Investments	-49.5M	69.81M	-	55.95M	-1.46B
Gain (Loss) On Sale Of Assets	28.22M	-22.43M	-79.69M	-66.54M	-29.12M
Asset Writedown	-738K	5.93M	-493M	-49.93M	-
Other Unusual Items	214M	401M	125M	446M	43.67M
EBT, Incl. Unusual Items	1.46B	1.69B	5B	7.45B	4.54B
Income Tax Expense	196M	217M	565M	376M	645M
Earnings From Continuing Operations	1.26B	1.48B	4.44B	7.07B	3.9B
Net Income to Company	1.26B	1.48B	4.44B	7.07B	3.9B
Minority Interest	-358M	-387M	-406M	-254M	-483M
Net Income - (IS)	904M	1.09B	4.03B	6.82B	3.42B
Net Income to Common Incl Extra Items	904M	1.09B	4.03B	6.82B	3.42B
Net Income to Common Excl. Extra Items	904M	1.09B	4.03B	6.82B	3.42B
Per Share Items
Net EPS - Basic	0.26	0.3	1.05	1.7	0.85
Basic EPS - Continuing Operations	0.26	0.3	1.05	1.7	0.85
Basic Weighted Average Shares Outstanding	3.48B	3.61B	3.83B	4.02B	4.01B
Net EPS - Diluted	0.26	0.3	1.05	1.7	0.85
Diluted EPS - Continuing Operations	0.26	0.3	1.05	1.7	0.85
Diluted Weighted Average Shares Outstanding	3.48B	3.61B	3.83B	4.02B	4.01B
Normalized Basic EPS	0.12	0.11	0.78	1.04	0.81
Normalized Diluted EPS	0.12	0.11	0.78	1.04	0.81
Dividend Per Share	0.02	0.05	0.09	0.08	0.26
Payout Ratio	102.03	99.51	27.62	19.05	46.69
Supplemental Items
EBITDA	3.84B	4.13B	7.95B	10.41B	12.55B
EBITA	2.01B	2.18B	5.39B	6.45B	6.66B
EBIT	1.89B	2.01B	5.13B	6.12B	6.17B
EBITDAR	3.86B	4.17B	7.96B	10.49B	12.72B
Total Revenues (As Reported)	16.89B	19.06B	41.1B	67.01B	59.15B
Effective Tax Rate - (Ratio)	13.45	12.8	11.3	5.05	14.2
Current Domestic Taxes	205M	-	-	169M	629M
Total Current Taxes	205M	183M	331M	169M	629M
Deferred Domestic Taxes	2.67M	-	-	206M	18.69M
Total Deferred Taxes	2.67M	25.38M	244M	206M	18.69M
Normalized Net Income	433M	387M	3B	4.16B	3.26B
Interest Capitalized	11.38M	6.6M	61.7M	-	88.29M
Interest on Long-Term Debt	173M	212M	234M	-	319M
Non-Cash Pension Expense	1.33M	906K	1.05M	2.08M	5.66M
Supplemental Operating Expense Items
Advertising Expense	3.96M	5.35M	7.33M	4.87M	19.12M
Marketing Expenses	-	-	-	-	52.57M
Selling and Marketing Expenses	143M	159M	131M	222M	324M
General and Administrative Expenses	481M	622M	982M	901M	1.41B
Research And Development Expense From Footnotes	574M	619M	1.86B	2.92B	2.13B
Net Rental Expense, Total	20.74M	38.02M	13.64M	83.35M	170M
Imputed Operating Lease Interest Expense	8.9M	16.62M	5.13M	22.21M	46.45M
Imputed Operating Lease Depreciation	11.84M	21.4M	8.51M	61.14M	123M
Maintenance & Repair Expenses, Total	20.44M	18.71M	9.91M	7.2M	15.15M
Stock-Based Comp., S&M Exp. (Total)	-	-	-	2.02M	20.99M
Stock-Based Comp., G&A Exp. (Total)	-	-	-	15.62M	325M
Stock-Based Comp., Other (Total)	-	-	-	8.62M	111M
Total Stock-Based Compensation	-	-	-	26.26M	456M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	7.73B	7.52B	10.75B	10.17B	10.02B
Short Term Investments	-	200M	551M	940M	69.9M
Trading Asset Securities, Total	-	375M	1.23B	4.51B	3.88B
Total Cash And Short Term Investments	7.73B	8.09B	12.53B	15.61B	13.97B
Accounts Receivable, Total	4.78B	3.83B	5.6B	5.31B	6.61B
Other Receivables	1.41B	1.16B	1.19B	1.56B	3.41B
Total Receivables	6.19B	4.99B	6.8B	6.88B	10.02B
Inventory	1.55B	2.14B	3.13B	6.43B	8.16B
Prepaid Expenses	-	-	-	-	-
Other Current Assets, Total	747M	857M	2B	2.91B	2.47B
Total Current Assets	16.21B	16.09B	24.46B	31.83B	34.63B
Gross Property Plant And Equipment	30.52B	39.75B	47.88B	71.19B	89.72B
Accumulated Depreciation	-4.9B	-6.49B	-7.26B	-11.08B	-16.96B
Net Property Plant And Equipment	25.61B	33.25B	40.62B	60.11B	72.76B
Long-term Investments	2.06B	3.5B	5.3B	8.71B	6.03B
Goodwill	215M	215M	215M	215M	1.39B
Other Intangibles, Total	1.87B	2.61B	2.84B	3.66B	4.34B
Accounts Receivable Long-Term	18.05M	14.2M	-	-	-
Deferred Tax Assets Long-Term	253M	371M	218M	175M	193M
Deferred Charges Long-Term	890M	981M	1.51B	1.33B	1.57B
Other Long-Term Assets, Total	1.99B	1.69B	2.82B	3.1B	4.15B
Total Assets	49.12B	58.72B	77.98B	109B	125B
Liabilities
Accounts Payable, Total	6.35B	7.5B	9.31B	16.58B	15.38B
Accrued Expenses, Total	165M	187M	460M	747M	787M
Short-term Borrowings	4.42B	1.69B	1.5B	651M	250M
Current Portion of Long-Term Debt	2.65B	5.61B	5.82B	1.96B	4.03B
Current Portion of Leases	587M	310M	767M	374M	428M
Current Income Taxes Payable	105M	185M	419M	305M	153M
Unearned Revenue Current, Total	1.19B	1.72B	1.95B	1.82B	1.07B
Other Current Liabilities	123M	130M	229M	586M	226M
Total Current Liabilities	15.59B	17.33B	20.44B	23.02B	22.32B
Long-Term Debt	10.73B	11.22B	12.63B	31.91B	35.48B
Long-Term Leases	1.65B	1.25B	1.72B	5.27B	5.9B
Unearned Revenue Non Current	227M	285M	705M	871M	64.01M
Pension & Other Post Retirement Benefits	-	-	155M	155M	-
Deferred Tax Liability Non Current	374M	543M	635M	798M	978M
Other Non Current Liabilities	-	-	20M	47.1M	75.43M
Total Liabilities	28.57B	30.64B	36.31B	62.07B	64.83B
Common Stock, Total	2.79B	3.03B	3.23B	3.23B	4.04B
Additional Paid In Capital	7.72B	12.39B	21.13B	21B	21.38B
Retained Earnings	2.81B	3.77B	7.61B	14.08B	17.17B
Treasury Stock	-	-	-330M	-721M	-1.16B
Comprehensive Income and Other	779M	18.51M	22.62M	24.16M	51.71M
Total Common Equity	14.1B	19.21B	31.67B	37.62B	41.48B
Minority Interest	6.45B	8.87B	10B	9.44B	18.75B
Total Equity	20.55B	28.08B	41.67B	47.06B	60.24B
Total Liabilities And Equity	49.12B	58.72B	77.98B	109B	125B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	3.48B	3.79B	4.03B	4.02B	4.04B
ECS Total Common Shares Outstanding	3.48B	3.79B	4.03B	4.02B	4.02B
Book Value / Share	3.83	5.07	7.86	9.36	10.33
Tangible Book Value	12.01B	16.38B	28.62B	33.74B	35.75B
Tangible Book Value Per Share	3.23	4.32	7.1	8.4	8.9
Total Debt	20.04B	20.09B	22.43B	40.17B	46.1B
Net Debt	12.31B	12B	9.9B	24.55B	32.13B
Debt Equivalent Oper. Leases	166M	304M	109M	667M	1.36B
Minority Interest, Total (Incl. Fin. Div)	6.45B	8.87B	10B	9.44B	18.75B
Equity Method Investments, Total	1.81B	3.17B	5.13B	6.91B	2.07B
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	572M	881M	967M	3.03B	4.42B
Inventories - Work In Process, Total	622M	741M	898M	1.36B	1.07B
Inventories - Finished Goods, Total	451M	558M	1.54B	3.27B	3.51B
Buildings, Total	4.77B	6B	6.36B	7.94B	11.77B
Machinery, Total	17.1B	22.22B	30.17B	44.51B	58.33B
Full Time Employees	9.4K	10.26K	13.37K	17.39K	19.49K
Assets under Capital Lease - Gross	3.52B	3.55B	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-320M	-523M	-	-	-
Assets on Operating Lease - Gross	-	-	-	-	-
Assets on Operating Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	179M	208M	281M	316M	257M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	904M	1.09B	4.03B	6.82B	3.42B
Depreciation & Amortization - CF	1.83B	1.95B	2.69B	4.16B	6.19B
Amortization of Goodwill and Intangible Assets - (CF)	119M	177M	259M	329M	492M
Depreciation & Amortization, Total	1.95B	2.13B	2.95B	4.49B	6.68B
Amortization of Deferred Charges, Total - (CF)	25.51M	24.95M	25.19M	95.24M	77.06M
(Gain) Loss From Sale Of Asset	-29.27M	20.61M	79.65M	66.54M	29.12M
(Gain) Loss on Sale of Investments - (CF)	-288M	-373M	-1.17B	-1.81B	-301M
Asset Writedown & Restructuring Costs	188M	108M	1.17B	1.58B	2.98B
Other Operating Activities, Total	1.36B	1.51B	1.32B	1.08B	1.87B
Change In Accounts Receivable	-681M	-950M	-2.52B	781M	403M
Change In Inventories	302M	-805M	-1.77B	-4.78B	-3.89B
Change In Accounts Payable	-1.22B	57.92M	-79.89M	-3.47B	-6.25B
Change In Deferred Taxes	2.67M	51.8M	244M	206M	163M
Change in Other Net Operating Assets	-	-	-	-	-
Cash from Operations	2.51B	2.86B	4.28B	5.06B	5.18B
Capital Expenditure	-4.64B	-3.66B	-6.1B	-11.21B	-12.16B
Sale of Property, Plant, and Equipment	21.43M	50.18M	120M	4.81M	128M
Cash Acquisitions	142M	-625M	5.85M	-	1.44B
Divestitures	-	-	-36M	-2.01M	1.06B
Investment in Marketable and Equity Securities, Total	-764M	-3.4B	-2.12B	-5.17B	-1.9B
Other Investing Activities, Total	-28.38M	208M	304M	87.46M	338M
Cash from Investing	-5.27B	-7.43B	-7.83B	-16.29B	-11.1B
Long-Term Debt Issued, Total	11.86B	11.09B	10.24B	27.61B	15.12B
Total Debt Issued	11.86B	11.09B	10.24B	27.61B	15.12B
Long-Term Debt Repaid, Total	-8.71B	-10.54B	-9.44B	-14.27B	-10.17B
Total Debt Repaid	-8.71B	-10.54B	-9.44B	-14.27B	-10.17B
Issuance of Common Stock	-	4.92B	9B	59.68M	21.31M
Repurchase of Common Stock	-	-	-330M	-391M	-700M
Common Dividends Paid	-922M	-1.08B	-1.11B	-1.3B	-1.59B
Common & Preferred Stock Dividends Paid	-922M	-1.08B	-1.11B	-1.3B	-1.59B
Other Financing Activities, Total	1.95B	-248M	913M	-1.06B	2.03B
Cash from Financing	4.18B	4.13B	9.27B	10.65B	4.71B
Foreign Exchange Rate Adjustments	18.36M	-93.21M	-25.62M	199M	558K
Net Change in Cash	1.44B	-526M	5.7B	-382M	-1.21B
Supplemental Items
Cash Interest Paid	8.53M	11.72M	-	-	-
Cash Income Tax Paid (Refund)	-142M	-546M	-611M	-1.17B	-218M
Levered Free Cash Flow	-4.21B	1.35B	-1.79B	-152M	-8.83B
Unlevered Free Cash Flow	-3.58B	2.03B	-1.21B	499M	-7.96B
Change In Net Working Capital	2.09B	-2.28B	1.29B	-3.28B	6.87B
Net Debt Issued / Repaid	3.15B	552M	799M	13.34B	4.95B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	2.58	2.33	4.69	4.09	3.3
Return on Total Capital	3.19	2.83	5.71	5.06	3.98
Return On Equity %	6.95	6.07	12.72	15.94	7.27
Return on Common Equity	6.59	6.54	15.84	19.68	8.64
Margin Analysis
Gross Profit Margin %	19.08	18.59	20.26	15.63	16.89
SG&A Margin	3.7	4.1	2.71	1.76	3.16
EBITDA Margin %	22.76	21.69	19.33	15.54	21.22
EBITA Margin %	11.92	11.46	13.11	9.62	11.26
EBIT Margin %	11.21	10.53	12.48	9.13	10.43
Income From Continuing Operations Margin %	7.47	7.74	10.79	10.56	6.59
Net Income Margin %	5.35	5.71	9.8	10.18	5.78
Net Avail. For Common Margin %	5.35	5.71	9.8	10.18	5.78
Normalized Net Income Margin	2.56	2.03	7.3	6.21	5.52
Levered Free Cash Flow Margin	-24.9	7.08	-4.36	-0.23	-14.92
Unlevered Free Cash Flow Margin	-21.18	10.65	-2.94	0.74	-13.46
Asset Turnover
Asset Turnover	0.37	0.35	0.6	0.72	0.51
Fixed Assets Turnover	0.71	0.65	1.11	1.33	0.89
Receivables Turnover (Average Receivables)	3.89	4.37	8.6