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CONSOLIDATED STATEMENTS OF CASH FLOWS
12 Months Ended
Dec. 31, 2019
CNY (¥)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
CNY (¥)
Dec. 31, 2017
CNY (¥)
Cash flows from operating activities:        
Net income ¥ 924,352,495 $ 132,774,926 ¥ 405,575,533 ¥ 142,191,365
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:        
Share-based compensation charge: 4,578,315 657,634 29,307,903 64,867,902
Change in fair value of foreign exchange forward contracts 114,149,092 16,396,491 0 0
Change in fair value of foreign exchange options 330,706 47,503 9,720,182 0
Change in fair value of interest rate swap 69,974,512 10,051,210 (9,701,051) 16,122,313
Convertible senior notes issuance expense 18,646,101 2,678,345 0 0
Deferred income taxes 291,623,774 41,889,134 (106,925,932) (7,507,742)
Depreciation of property, plant and equipment 737,584,653 105,947,406 802,022,200 600,541,219
Amortization of right-of-use assets 145,539,290 20,905,411 0 0
Depreciation of project assets 77,028,161 11,064,403 0 3,094,909
Amortization of land use rights 11,974,071 1,719,968 11,042,735 8,935,579
Amortization of intangible assets 6,822,339 979,968 4,212,569 3,481,991
Amortization for guarantee liability (18,574,433) (2,668,050) (28,243,063) (65,935,450)
Inventory provision 135,874,384 19,517,134 220,171,794 313,711,534
Provision/(reversal of provision) for allowance of doubtful accounts 61,591,999 8,847,137 (8,051,386) (111,917,157)
Loss/(Gain) on disposal of property, plant and equipment 67,953,732 9,760,943 48,168,035 (82,411,232)
Amortization of deferred losses related to sale-leaseback transactions 33,560,902 4,820,722 36,638,880 14,714,339
Gain on disposal of land use right 0 0 (315,735) 0
Loss on disposal of intangible assets     0 1,936,959
Impairment of long-lived assets 68,262,038 9,805,228 14,548,043 0
Equity in (income)/loss of affiliated companies 48,854,715 7,017,541 (2,609,853) 2,055,669
Loss/(gain) on disposal of investment in subsidiaries (19,935,109) (2,863,499) 9,425,365 (257,070)
Exchange (gain)/loss, net (8,808,559) (1,265,270) (33,681,095) 114,344,622
Changes in operating assets and liabilities (net of impact of disposition):        
Decrease/(increase) in accounts receivable - third parties 168,487,767 24,201,753 (905,161,935) 226,217,542
Decrease/(increase) in accounts receivable - related parties 155,264,144 22,302,299 1,437,274,337 (698,958,001)
(Increase)/decrease in notes receivable - third parties (519,332,155) (74,597,397) (439,236,676) 181,406,314
Decrease in notes receivable - related parties (18,628,574) (2,675,827) 0 0
Increase in advances to suppliers - third parties (1,852,725,829) (266,127,414) (258,143,369) (74,386,502)
Decrease in advances to suppliers - related party   0 0 661,788
Increase in inventories (209,819,715) (30,138,716) (1,690,466,292) (114,224,770)
Increase in project assets constructed for sale, net of incremental revenue (note 2(l)) (397,684,206) (57,123,762) (1,257,507,244) 0
Decrease in lease liabilities (28,151,002) (4,043,638) 0 0
(Increase)/decrease in other receivables - related parties 13,411,589 1,926,454 (94,349,636) 54,876,832
Increase in prepayments and other current assets 57,559,179 8,267,859 (294,208,927) (695,828,766)
Decrease in other assets - related parties 48,230,439 6,927,869 1,042,234 27,349,607
(Increase)/decrease in other assets - third parties (797,875,265) (114,607,612) 23,458,061 (28,626,110)
Increase in accounts payable - third parties 184,669,751 26,526,150 651,639,945 390,360,108
(Decrease)/increase in accounts payable - related parties 35,611,667 5,115,296 (4,630,853) 5,328,896
Increase in accrued payroll and welfare expenses 68,544,633 9,845,820 89,540,563 139,104,426
Increase/(decrease) in advances from - third parties 1,676,456,800 240,807,952 1,637,949,690 (622,123,401)
(Decrease)/increase in advances from - related parties (161,471) (23,194) (36,489,858) (23,141,546)
Increase/(decrease) in income tax payables 48,243,071 6,929,684 42,460,277 (140,331,831)
(Decrease)/increase in accrued income tax - non - current   0 (6,041,195) 6,041,195
Decrease in derivative assets_foreign exchange option 516,012 74,120 0 0
Decrease in derivative liability_interest rate swap (21,488,548) (3,086,637) (3,999,336) 0
Increase/(decrease) in other payables and accruals - third parties 161,448,319 23,190,600 310,150,424 230,391,245
Increase/(decrease) in other payables and accruals - related parties   0 8,485,112 (63,700,089)
Net cash provided by/(used in) operating activities 1,410,642,923 202,626,175 614,545,806 (177,092,694)
Cash flows from investing activities:        
Maturity of restricted short-term investments 7,876,919,116 1,131,448,637 6,436,613,343 5,901,412,560
Maturity of restricted long-term investments 640,908,642 92,060,766 26,092,355 187,863,160
Maturity of short-term investments   0 602,684,530 260,263,302
Proceeds from disposal of property, plant and equipment 201,267,370 28,910,249 138,135,495 49,391,037
Proceeds from disposal of land use right   0 0 8,600,520
Cash received from, net of cash, disposal of subsidiaries 198,291,138 28,482,740 11,760,083 15,448,469
Purchase of property, plant and equipment (3,297,539,820) (473,661,957) (2,421,517,272) (2,178,471,031)
Cash paid for project assets constructed to operate (376,505,336) (54,081,608) (29,889,472) (386,300,595)
Cash paid for investment in affiliates (295,049,363) (42,381,189) 0 (16,879,589)
Purchase of land use right (34,951,335) (5,020,445) (128,004,864) (27,264,156)
Purchase of intangible assets (7,855,985) (1,128,442) (13,840,620) (10,864,634)
Purchase of restricted short-term investments (10,749,001,884) (1,543,997,513) (7,257,259,419) (5,805,735,118)
Purchase of restricted long-term investments (181,771,258) (26,109,808) (699,599,285) (239,320,678)
Purchase of short-term investments   0 (600,000,000) (191,646,751)
Net cash used in investing activities (6,025,288,715) (865,478,570) (3,934,825,126) (2,433,503,504)
Cash flows from financing activities:        
Cash received from issuance of convertible senior notes 585,301,500 84,073,300 0 0
Cash payment for call option (206,577,000) (29,672,929) 0 0
Cash payment for deposit of call option (10,328,850) (1,483,647) 0 0
Cash received from borrowings from sale-leaseback   0 147,985,433 600,000,000
Cash payment for finance lease as lessee (284,089,511) (40,806,905) (309,827,275) (168,267,236)
Proceeds from exercise of share options 38,245,122 5,493,568 44,275,858 69,929,453
Proceeds from issuance of bonds   0 0 297,900,000
Payment of deposit for finance lease as lessee (89,761,500) (12,893,433) (10,600,000) (64,920,000)
Proceeds from common stock offering 488,950,795 70,233,387 663,235,987 0
Capital contributions by non-controlling interests holder 2,595,780,000 372,860,467 615,000,000 0
Issuance cost paid for issuance of convertible senior notes (18,646,101) (2,678,345) 0 0
Proceeds from bank borrowings 17,877,213,936 2,567,901,108 14,602,250,496 18,288,363,067
Repayment of borrowings (14,945,664,410) (2,146,810,366) (12,178,792,295) (16,851,550,800)
(Decrease)/Increase in notes payable - related party (35,000,000) (5,027,435) 35,000,000 0
Increase in notes payable - third party 1,686,462,664 242,245,204 364,080,070 875,730,374
Repurchase of convertible senior notes (68,632) (9,858) 0 (422,829,295)
Repayment of bonds payable 300,000,000 43,092,304 0 0
Net cash provided by financing activities 7,381,818,013 1,060,331,812 3,972,608,274 2,624,355,563
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash 24,758,635 3,556,357 68,323,815 (72,586,975)
Net increase/(decrease) in cash, cash equivalents, and restricted cash 2,791,930,856 401,035,774 720,652,769 (58,827,610)
Cash, cash equivalents, and restricted cash, beginning of the year 3,482,027,573 500,161,966 2,761,374,804 2,820,202,414
Cash, cash equivalents, and restricted cash, end of the year 6,273,958,429 901,197,740 3,482,027,573 2,761,374,804
Supplemental disclosure of cash flow information        
Cash paid for income tax 13,596,822 1,953,061 27,336,014 189,477,968
Cash paid for interest expenses (net of amounts capitalized) 575,397,291 82,650,649 370,697,228 283,965,214
Supplemental disclosure of non-cash investing and financing cash flow information        
Purchases of property, plant and equipment included in other payables 1,488,570,184 213,819,728 867,835,949 793,515,334
Purchases of project assets included in held-for-sale liabilities 177,729,416 25,529,233 72,467,231 77,809,001
Proceeds from exercise of share options received in subsequent period 40,338,943 5,794,327 0 39,685,283
Other receivables related to disposition of subsidiaries - related parties   0 0 28,634
Other receivables related to disposition of subsidiaries - third party   0 0 169,931,600
Other receivables related to disposal of property, plant and equipment - third party   0 0 111,500,000
Change in fair value of derivative forward contracts        
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:        
Change in fair value of foreign exchange forward contracts (48,425,227) (6,955,849) 1,475,360 4,520,619
Call Options [Member]        
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:        
Change in fair value of interest rate swap ¥ (84,891,634) $ (12,193,920) ¥ 0 ¥ 0