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CONSOLIDATED STATEMENTS OF CASH FLOWS
12 Months Ended
Dec. 31, 2020
CNY (¥)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
CNY (¥)
Dec. 31, 2018
CNY (¥)
Cash flows from operating activities:        
Net income ¥ 335,255,274 $ 51,380,119 ¥ 924,352,495 ¥ 405,575,533
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:        
Share-based compensation charge: 922,868 141,436 4,578,315 29,307,903
Change in fair value of foreign exchange options 3,607,817 552,922 330,706 9,720,182
Change in fair value of convertible senior notes (1,202,082,070) (184,227,137) (114,149,092) 0
Change in fair value of interest rate swap 78,878,089 12,088,596 69,974,512 (9,701,051)
Convertible senior notes issuance expense 0 0 18,646,101 0
Deferred income taxes 94,158,083 14,430,358 291,623,774 (106,925,932)
Depreciation of property, plant and equipment 1,160,851,059 177,908,208 737,584,653 802,022,200
Amortization of right-of-use assets 146,965,210 22,523,404 145,539,290 0
Depreciation of project assets 52,830,115 8,096,569 77,028,161 0
Amortization of land use rights 12,379,121 1,897,183 11,974,071 11,042,735
Amortization of intangible assets 10,176,591 1,559,631 6,822,339 4,212,569
Amortization for guarantee liability (14,687,691) (2,250,987) (18,574,433) (28,243,063)
Inventory write-down 270,893,308 41,516,216 135,874,384 220,171,794
Provision/(reversal of provision) for allowance of doubtful accounts 14,086,414 2,158,837 61,591,999 (8,051,386)
Loss on disposal of property, plant and equipment (428,115,147) (65,611,517) (67,953,732) (48,168,035)
Amortization of deferred losses related to sale-leaseback transactions 27,502,575 4,214,954 33,560,902 36,638,880
Gain on disposal of land use right 0 0 0 (315,735)
Impairment of long-lived assets 114,167,665 17,496,960 68,262,038 14,548,043
Equity in (income)/loss of affiliated companies 52,705,838 8,077,523 48,854,715 (2,609,853)
Loss/(gain) on disposal of investment in subsidiaries 0 0 (19,935,109) 9,425,365
Exchange (gain)/loss, net 336,522,915 51,574,393 (8,808,559) (33,681,095)
Changes in operating assets and liabilities (net of impact of disposition):        
(Increase)/decrease in accounts receivable - third parties 362,086,656 55,492,208 168,487,767 (905,161,935)
Decrease in accounts receivable - related parties 89,587,130 13,729,828 155,264,144 1,437,274,337
(Increase)/decrease in notes receivable - third parties 478,057,166 73,265,466 (519,332,155) (439,236,676)
Increase in notes receivable - related parties (14,372,828) (2,202,732) (18,628,574) 0
(Increase)/decrease in advances to suppliers - third parties 1,536,442,289 235,470,083 (1,852,725,829) (258,143,369)
Increase in inventories (2,822,713,480) (432,599,767) (209,819,715) (1,690,466,292)
(Increase)/decrease in project assets constructed for sale, net of incremental revenue (Note 2(l)) 976,712,752 149,687,778 (397,684,206) (1,257,507,244)
Decrease in lease liabilities (36,498,499) (5,593,640) (28,151,002) 0
(Increase)/decrease in other receivables - related parties 30,562,057 4,683,840 13,411,589 (94,349,636)
(Increase)/decrease in prepayments and other current assets (1,112,028,646) (170,425,846) 57,559,179 (294,208,927)
Decrease in other assets - related parties 0 0 48,230,439 1,042,234
Decrease/(increase) in other assets - third parties (75,444,724) (11,562,410) (797,875,265) 23,458,061
Increase/(Decrease) in accounts payable - third parties (367,053,963) (56,253,481) 184,669,751 651,639,945
(Decrease)/increase in accounts payable - related parties (22,196,133) (3,401,706) 35,611,667 (4,630,853)
Increase in accrued payroll and welfare expenses 115,536,590 17,706,757 68,544,633 89,540,563
Increase/(decrease) in advances from - third parties (1,792,906,128) (274,774,886) 1,676,456,800 1,637,949,690
Decrease in advances from - related parties (748,615) (114,730) (161,471) (36,489,858)
Increase/(decrease) in income tax payables (44,762,990) (6,860,228) 48,243,071 42,460,277
Decrease in accrued income tax - non - current 0 0 0 (6,041,195)
Decrease in derivative assets_ foreign exchange option 0 0 516,012 0
Decrease in derivative liability_interest rate swap (140,150,054) (21,478,935) (21,488,548) (3,999,336)
Increase in other payables and accruals - third parties 687,122,690 105,306,159 161,448,319 310,150,424
Increase in other payables and accruals - related parties 58,388,053 8,948,360 0 8,485,112
Increase in land use right (176,282,702) (27,016,506) 0 0
Decrease of long-term borrowings related to sale of project assets constructed for sale (859,165,984) (131,672,948) 0 0
Net cash provided by operating activities 591,486,340 90,649,247 1,410,642,923 614,545,806
Cash flows from investing activities:        
Maturity of restricted short-term investments 10,075,360,381 1,544,116,533 7,876,919,116 6,436,613,343
Maturity of restricted long-term investments 790,399,307 121,133,993 640,908,642 26,092,355
Maturity of short-term investments       602,684,530
Proceeds from disposal of property, plant and equipment 88,714,309 13,596,063 201,267,370 138,135,495
Cash received from, net of cash disposed of, disposal of subsidiaries 48,078,440 7,368,345 198,291,138 11,760,083
Purchase of property, plant and equipment (4,055,059,787) (621,465,102) (3,297,539,820) (2,421,517,272)
Cash paid for project assets constructed to operate (76,350,901) (11,701,288) (376,505,336) (29,889,472)
Cash paid for investment in affiliates     (295,049,363)  
Purchase of land use right     (34,951,335) (128,004,864)
Purchase of intangible assets (14,565,882) (2,232,319) (7,855,985) (13,840,620)
Purchase of restricted short-term investments (9,552,995,862) (1,464,060,669) (10,749,001,884) (7,257,259,419)
Purchase of restricted long-term investments (1,648,435,788) (252,633,837) (181,771,258) (699,599,285)
Purchase of short-term investments (570,000,000) (87,356,322)   (600,000,000)
Purchase of subsidiary (19,431,850) (2,978,061)    
Cash received from dividend 15,597,932 2,390,488    
Net cash used in investing activities (4,918,689,701) (753,822,176) (6,025,288,715) (3,934,825,126)
Cash flows from financing activities:        
Cash received from issuance of convertible senior notes     585,301,500  
Cash payment for call option     (206,577,000)  
Cash payment for deposit of call option     (10,328,850)  
Cash received from borrowings from sale-leaseback       147,985,433
Cash payment for finance lease and related deposit as lessee (252,485,455) (38,695,089) (284,089,511) (309,827,275)
Proceeds from exercise of share options 114,758,281 17,587,476 38,245,122 44,275,858
Payment of deposit for finance lease as lessee     (89,761,500) (10,600,000)
Proceeds from common stock offering     488,950,795 663,235,987
Capital contributions by non-controlling interests holder 865,000,000 132,567,050 2,595,780,000 615,000,000
Issuance cost paid for issuance of convertible senior notes     (18,646,101)  
Proceeds from bank borrowings 24,104,976,401 3,694,249,257 17,877,213,936 14,602,250,496
Repayment of borrowings (25,337,297,256) (3,883,110,690) (14,945,664,410) (12,178,792,295)
Increase/(Decrease) in notes payable - related party     (35,000,000) 35,000,000
Increase in notes payable - third party 1,816,306,625 278,361,169 1,686,462,664 364,080,070
Repurchase of convertible senior notes     (68,632)  
Repayment of bonds payable     300,000,000  
Equity financing in a subsidiary 3,100,000,000 475,095,785    
Borrowings from government background funds 2,202,000,000 337,471,264    
Repurchase of shares (29,294,325) (4,489,552)    
Repurchase of non-controlling interest (286,685,716) (43,936,508)    
Net cash provided by financing activities 6,297,278,555 965,100,162 7,381,818,013 3,972,608,274
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash (169,261,838) (25,940,512) 24,758,635 68,323,815
Net increase in cash, cash equivalents, and restricted cash 1,800,813,356 275,986,721 2,791,930,856 720,652,769
Cash, cash equivalents, and restricted cash, beginning of the year 6,273,958,429 961,526,196 3,482,027,573 2,761,374,804
Cash, cash equivalents, and restricted cash, end of the year (Note 2(d)) 8,074,771,785 1,237,512,917 6,273,958,429 3,482,027,573
Supplemental disclosure of cash flow information        
Cash paid for income tax 357,781,362 54,832,393 13,596,822 27,336,014
Cash paid for interest expenses (net of amounts capitalized) 670,159,522 102,706,440 575,397,291 370,697,228
Supplemental disclosure of non-cash investing and financing cash flow information        
Purchases of property, plant and equipment included in payables 1,648,426,572 252,632,425 1,488,570,184 867,835,949
Purchases of project assets included in held-for-sale liabilities     177,729,416 72,467,231
Proceeds from exercise of share options received in subsequent period 9,142,819 1,401,198 40,338,943  
Receivables related to At-The-Market offering 641,065,394      
Receivables related to disposal of Property, plant and equipment 92,734,513      
Disposal of equity securities with consideration offset against payable balance due to third party 7,200,000 1,103,448    
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 (129,806,218) (19,893,673) (48,425,227) 1,475,360
Call Options [Member]        
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:        
Change in fair value of call option ¥ (476,290,547) $ (72,994,720) ¥ (84,891,634) ¥ 0