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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
9 Months Ended
Sep. 30, 2020
CNY (¥)
Sep. 30, 2020
USD ($)
Sep. 30, 2019
CNY (¥)
Cash flows from operating activities:      
Net income ¥ 697,923,426 $ 102,793,011 ¥ 531,623,920
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:      
Share-based compensation charge 866,385 127,605 11,208,163
Change in fair value of foreign exchange forward contracts 10,059,132 1,481,550 108,371,849
Change in fair value of foreign exchange options     330,706
Change in fair value of convertible senior notes 516,665,506 76,096,605 (38,525,112)
Change in fair value of call option (218,498,321) (32,181,325) 663,084
Change in fair value of interest rate swap 78,878,089 11,617,487 94,440,241
Convertible senior notes issuance expense 0 0 18,646,101
Deferred income taxes     6,561,494
Depreciation of property, plant and equipment 829,024,579 122,102,124 495,527,422
Amortization of right-of-use assets 119,079,423 17,538,503 100,202,580
Depreciation of project assets 24,489,564 3,606,923 13,065,580
Amortization of land use rights 10,743,344 1,582,324 8,907,738
Amortization of intangible assets 7,929,021 1,167,819 5,069,342
Amortization for guarantee liability (11,182,472) (1,647,000) (17,438,596)
Inventory provision 157,712,021 23,228,470 114,104,809
Provision/(reversal of provision) for allowance of doubtful accounts 43,590,206 6,420,143 (2,040,417)
Loss on disposal of property, plant and equipment 198,102,332 29,177,320 50,992,923
Amortization of deferred losses related to sale-leaseback transactions 20,367,872 2,999,863 25,882,978
Gain on disposal of land use right (174,477) (25,698) 0
Loss on disposal of intangible assets 61,880 9,114  
Equity in loss of affiliated companies 72,611,681 10,694,545 80,634,774
Exchange (gain)/loss, net 113,084,113 16,655,490 (22,811,093)
Changes in operating assets and liabilities (net of impact of disposition):      
Decrease/(increase) in accounts receivable - third parties (45,397,821) (6,686,376) 838,720,522
Decrease in accounts receivable - related parties 59,579,442 8,775,103 157,365,854
Increase in notes receivable - third parties (603,366,331) (88,866,256) (916,157,145)
Increase in notes receivable - related parties (20,000,000) (2,945,682)  
Decrease/(increase) in advances to suppliers - third parties 491,199,496 72,345,867 (1,200,635,439)
Increase in inventories (2,061,191,895) (303,580,755) (443,372,947)
(Increase)/decrease in project assets constructed for sale, net of incremental revenue (note 2(l)) 976,712,752 143,854,241 (381,768,254)
Decrease in lease liabilities (14,606,985) (2,151,376) (12,603,307)
Decrease in other receivables - related parties 2,914,852 429,311 10,322,638
Increase in prepayments and other current assets (381,423,181) (56,177,563) (202,039,764)
Decrease/(increase) in other assets - related parties (3,615,690) (532,534) 36,136,153
(Increase)/decrease in other assets - third parties 99,872,778 14,709,670 (414,703,993)
Increase in accounts payable - third parties (77,868,198) (11,468,746) (530,565,233)
(Decrease)/increase in accounts payable - related parties (3,117,683) (459,185) 6,319,838
Increase in accrued payroll and welfare expenses (40,303,812) (5,936,110) (18,853,552)
Increase/(decrease) in advances from - third parties (1,947,009,040) (286,763,438) 1,586,832,292
(Decrease)/increase in advances from - related parties (748,615) (110,259) 4,893
Increase/(decrease) in income tax payables (31,089,538) (4,578,994) 35,896,011
Decrease in derivative assets - foreign exchange option     516,012
Decrease in derivative liability - interest rate swap (140,150,054) (20,641,872) (21,488,548)
Increase/(decrease) in other payables and accruals - third parties 242,861,134 35,769,579 8,189,395
Increase/(decrease) in other payables and accruals - related parties (218,213) (32,139)  
Decrease of long-term borrowings related to sale of project assets constructed for sale (859,165,984) (126,541,473)  
Net cash provided by/(used in) operating activities (1,684,799,282) (248,144,115) 123,533,912
Cash flows from investing activities:      
Maturity of restricted short-term investments 7,337,257,603 1,080,661,247 5,687,880,525
Maturity of restricted long-term investments 755,788,733 111,315,649 576,040,856
Proceeds from disposal of property, plant and equipment 53,915,097 7,940,836 168,631,995
Proceeds from disposal of land use right 19,425,099 2,861,008  
Cash received from, net of cash, disposal of a subsidiary 41,793,099 6,155,458 128,138,502
Cash received from dividend 15,597,932 2,297,328  
Purchase of property, plant and equipment (2,190,479,135) (322,622,708) (2,691,206,586)
Cash paid for project assets constructed to operate (55,856,726) (8,226,807) (372,485,040)
Cash paid for investment in affiliates     (295,049,363)
Purchase of land use right (155,556,704) (22,911,026) (34,951,335)
Purchase of intangible assets (8,342,288) (1,228,686) (4,557,947)
Purchase of restricted short-term investments (6,785,091,813) (999,336,016) (8,087,237,107)
Purchase of restricted long-term investments (1,191,410,838) (175,475,851) (169,047,264)
Net cash used in investing activities (2,162,959,941) (318,569,568) (5,093,842,764)
Cash flows from financing activities:      
Cash received from issuance of convertible senior notes     585,301,500
Cash payment for call option     (216,905,850)
Cash payment for finance lease and related deposit as lessee (197,433,915) (29,078,873) (293,893,641)
Proceeds from exercise of share options 44,125,483 6,498,981 11,125,041
Proceeds from common stock offering, net of issuance cost     488,950,795
Capital contributions by non-controlling interests holder 857,000,000 126,222,458 1,645,780,000
Issuance cost paid for issuance of convertible senior notes     (18,646,101)
Proceeds from borrowings 16,435,622,919 2,420,705,626 13,163,535,669
Repayment of borrowings (13,621,962,699) (2,006,298,265) (11,409,074,926)
Decrease in notes payable - related party     (35,000,000)
Increase in notes payable - third party 524,624,467 77,268,833 2,040,026,071
Repurchase of convertible senior notes     (68,632)
Repurchase of shares (29,294,325) (4,314,588)  
Repayment of bonds payable     300,000,000
Net cash provided by financing activities 4,012,681,930 591,004,172 5,661,129,926
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash (34,038,974) (5,013,399) 25,695,960
Net increase in cash, cash equivalents, and restricted cash 130,883,733 19,277,090 716,517,034
Cash, cash equivalents, and restricted cash, beginning of the period 6,273,958,429 924,054,205 3,482,027,573
Cash, cash equivalents, and restricted cash, end of the period 6,404,842,162 943,331,295 4,198,544,607
Supplemental disclosure of cash flow information      
Cash paid for income tax 290,021,995 42,715,623 121,390,238
Cash paid for interest expenses (net of amounts capitalized) 352,709,940 51,948,560 290,384,961
Supplemental disclosure of non-cash investing and financing cash flow information      
Purchases of property, plant and equipment included in other payables 1,687,910,357 248,602,327 1,658,652,209
Purchases of project assets included in held-for-sale liabilities     170,731,506
Proceeds from exercise of share options received in subsequent period 70,633,309 10,403,162 ¥ 27,215,077
Settlement of non-controlling interests (Note 19) 1,647,264,042 242,615,771  
Disposal of equity securities (Note 11) ¥ 7,200,000 $ 1,060,445