CONTENTS 目錄 Page 頁次 CORPORATE INFORMATION 2 公司資料 CHAIRMAN’S STATEMENT 4 主席報告 MANAGEMENT DISCUSSION AND ANALYSIS 10 管理層討論及分析 REPORT OF THE DIRECTORS 47 董事會報告 CORPORATE GOVERNANCE REPORT 79 企業管治報告 BIOGRAPHICAL DETAILS OF DIRECTORS 92 董事履歷 INDEPENDENT AUDITOR’S REPORT 98 獨立核數師報告書 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 102 綜合損益及其他全面收益表 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 104 綜合財務狀況表 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 106 綜合權益變動表 CONSOLIDATED STATEMENT OF CASH FLOWS 108 綜合現金流量報表 NOTES TO FINANCIAL STATEMENTS 111 財務報表附註 FIVE YEAR FINANCIAL SUMMARY 287 五年財務概要 二零一五年年報 ANNUAL REPORT 2015 1 00B1601050 Book.indb 1 16/4/2016 11:09:49 CORPORATE INFORMATION 公司資料 EXECUTIVE DIRECTORS 執行董事 Mr. Li Hejun (Chairman) 李河君先生（主席） Mr. Frank Mingfang Dai Frank Mingfang Dai先生 (Deputy Chairman and Chief Executive Officer) （副主席兼首席執行官） Dr. Feng Dianbo (Deputy Chairman) 馮電波博士（副主席） Mr. Chen Li (Executive Vice-President) 陳力先生（常務副總裁） Dr. Lam Yat Ming Eddie 林一鳴博士 Mr. Huang Songchun (Financial Controller) 黃松春先生（財務總監） Mr. Si Haijian 司海健先生 Mr. Zhang Bo 張波先生 INDEPENDENT NON-EXECUTIVE 獨立非執行董事 DIRECTORS Ms. Zhao Lan 趙嵐女士 Mr. Wang Tongbo 王同渤先生 Professor Xu Zheng 徐征教授 Dr. Wang Wenjing 王文靜博士 AUDIT COMMITTEE 審核委員會 Ms. Zhao Lan (Chairperson) 趙嵐女士（主席） Mr. Wang Tongbo 王同渤先生 Professor Xu Zheng 徐征教授 Dr. Wang Wenjing 王文靜博士 REMUNERATION COMMITTEE 薪酬委員會 Ms. Zhao Lan (Chairperson) 趙嵐女士（主席） Mr. Li Hejun 李河君先生 Mr. Frank Mingfang Dai Frank Mingfang Dai先生 Mr. Wang Tongbo 王同渤先生 Professor Xu Zheng 徐征教授 Dr. Wang Wenjing 王文靜博士 NOMINATION COMMITTEE 提名委員會 Mr. Wang Tongbo (Chairperson) 王同渤先生（主席） Ms. Zhao Lan 趙嵐女士 Professor Xu Zheng 徐征教授 Dr. Wang Wenjing 王文靜博士 COMPANY SECRETARY 公司秘書 Ms. Lee Wai Yee 李慧兒女士 AUDITORS 核數師 Ernst & Young 安永會計師事務所 2 漢能薄膜發電集團有限公司 HANERGY THIN FILM POWER GROUP LIMITED 00B1601050 Book.indb 2 16/4/2016 11:09:50 CORPORATE INFORMATION 公司資料 PRINCIPAL BANKERS 主要往來銀行 The Hongkong and Shanghai Banking Corporation Limited 香港上海滙豐銀行有限公司 Industrial and Commercial Bank of China (Asia) Limited 中國工商銀行（亞洲）有限公司 Industrial Bank Co., Ltd. 興業銀行股份有限公司 China Construction Bank 中國建設銀行 China Merchant Bank 招商銀行 Bank of China 中國銀行 ABN AMRO 荷蘭銀行 REGISTERED OFFICE 註冊辦事處 Clarendon House Clarendon House 2 Church Street 2 Church Street Hamilton HM 11 Hamilton HM 11 Bermuda Bermuda HEAD OFFICE AND PRINCIPAL PLACE OF 總辦事處及主要營業地點 BUSINESS Suite 7601A & 7607-08, Level 76 香港九龍 International Commerce Centre 柯士甸道西一號 1 Austin Road West 環球貿易廣場 Kowloon, Hong Kong 76樓 7601A及 7607-08室 PRINCIPAL SHARE REGISTRAR AND 股份過戶及登記總處 TRANSFER OFFICE MUFG Fund Services (Bermuda) Limited MUFG Fund Services (Bermuda) Limited 26 Burnaby Street 26 Burnaby Street Hamilton HM11 Hamilton HM11 Bermuda Bermuda BRANCH SHARE REGISTRAR AND 股份過戶及登記香港分處 TRANSFER OFFICE IN HONG KONG Tricor Tengis Limited 卓佳登捷時有限公司 Level 22, Hopewell Centre 香港 183 Queen’s Road East 灣仔 Wanchai 皇后大道東183號 Hong Kong 合和中心22樓 STOCK CODE 股份代號 566 566 WEBSITE 網址 www.hanergythinfilmpower.com www.hanergythinfilmpower.com 二零一五年年報 ANNUAL REPORT 2015 3 00B1601050 Book.indb 3 16/4/2016 11:09:52 CHAIRMAN’S STATEMENT 主席報告 To Hanergy Thin Film Power Group Limited (the Group), 對於漢能薄膜發電集團（「本集團」）來說，二 2015 was a year of major challenge as well as a year of 零一五年是面臨著巨大挑戰的一年，也是收 great reward. 穫最大的一年。 When faced with a sudden challenge, those who are 面對突如其來的挑戰，懦弱的人會選擇逃 weak will choose to run, and those who are coward will 避，膽小者會選擇退縮，但成大事者就會把 choose to back down. However, the achievers will seize 握機會，堅強地將困難征服，將挫折瓦解。 the opportunity with fortitude to surmount the obstacle, 因為只有敢於面對挑戰的人，才會體驗到成 turning setback into success. Only those who dare to face 功的滋味。 the challenge will be able to taste the fruit of success. In 2015 we suffered from a sudden blow which disrupted 在二零一五年，我們受到一場突如其來的打 the pace of Hanergy’s development, disrupted the medium 擊，將漢能的發展節奏打亂了，原先定下的 and long term planning, and tightened the squeeze on our 中長期規劃被打亂了，資金鏈一下子繃緊 funding channels. In particular, the plan for localization and 了；特別是我們把最先進的薄膜技術進行國 large scale industrialization of our most advanced thin film 產化和大規模產業化的計畫，更被徹底地打 technology was completely affected. Since the Group’s 亂。這是自本集團成立以來變化最大的一 establishment, this has been a year of the greatest change 年，也是壓力最大的一年。 and a year with extreme pressure to bear. Daunting as the challenge may have looked, I am 但對於今次的挑戰，我反而會為此覺得感 personally thankful, and take it as an opportunity to fortify 恩，認為是上天給我們一次磨練的機會。在 our will and sharpen our skills. The Hanergy people under 巨大壓力的情況下，漢能人依然咬緊牙關， such extreme pressure simply bit the bullet and turned 奮力將壓力變成動力，將營運策略變得更 the pressure into a driving force, improving the operational 好，將市場定位更加優化；在困難的過程 strategy and optimizing the market positioning. During 中，我們看清楚自身問題，堅定了變革調整 the painful process, we clearly saw our problems and 的決心，暫停了一些業務，撤銷和重組了一 took a firm stand in our reforms and transformation. We 些部門，加強了經銷商的銷售規模，將公司 suspended some businesses, reorganized or removed 變得更好。 some departments, enhanced dealers’ sales volume, and made the Company better. A great enterprise must go through great ordeal, Through 一個偉大的企業，必定要經歷偉大的磨練。 the series of experience and toughening, we have become 通過這一輪的歷練和洗禮，我們沒有畏懼， fearless, we have stood tall, and we have become 我們沒有被打垮，我們變得更強。 stronger. This is the Hanergy spirit. 這就是漢能精神。 4 漢能薄膜發電集團有限公司 HANERGY THIN FILM POWER GROUP LIMITED 00B1601050 Book.indb 4 16/4/2016 11:09:53 CHAIRMAN’S STATEMENT 主席報告 Today, the Hanergy people can be proud of the following: 今天，值得全體漢能人自豪的是：在薄膜太 thin film solar power is an industry with a bright future, and 陽能領域這一極具前景的行業中，我們已經 we have mastered its core technology and manufacturing 掌握著核心技術與工藝。在五年前的時候， techniques. Five years ago when we started manufacturing 當我們剛開始做薄膜，很多人都抱著懷疑的 thin film products, there were many skeptics because 態度，因為那時大家都在做晶硅，大家都懷 everybody else was working on crystalline silicon, and 疑薄膜的趨勢；但我們卻先於市場判斷出薄 everybody else doubted the future of the thin film 膜化、柔性化是全球太陽能的未來趨勢，所 technology. We, however, established our conviction 以我們先行一步，走到了最前頭的位置。 before the market realized that thin film and flexibility would be the future trend for global solar energy. We have been one step ahead, and now stand in the forefront. Today there is no dispute among the European Union, 到了今天，薄膜的方向已經沒有任何爭議， the United States and Japan that thin film is the future 歐盟、美國、日本都已經很明確，太陽能的 in the solar energy. In China the National Development 未來就是薄膜；國家發改委、工信部、國家 and Reform Commission, the Ministry of Industry and 能源局等等有關部門，都將薄膜放在最重要 Information Technology, the National Energy Authority 的戰略定位之一。在二零一五年十一月，德 and other related departments have all placed thin film 國、美國等九國三十位科學家聯名發佈《銅銦 technology in the most important strategic position. In 鎵錫薄膜太陽能電池技術白皮書》，指出銅銦 November 2015, thirty scientists from nine countries 鎵錫薄膜電池可使太陽能轉換率超過30%， including Germany and the US jointly issued the “white 肯定了薄膜發電作為一種高競爭力的技術， paper on CIGS thin film solar cell technology”, pointing 是大規模光伏應用中最具可持續性的解決方 out that solar energy conversion rates of cells from 案。 CIGS technology were over 30%, and gave recognition to the immense competitiveness of the thin film power technology. The large scale photovoltaic application was the most sustainable energy solution. Because we had a head start, our flexible thin film solar 由於我們較別人更早開始，目前我們的柔性 batteries have achieved many first places in the world, 薄膜電池，已經得到多個全球第一，包括Alta including the world record of up to 31.6% conversion Devices砷化鎵（GaAs）雙結電池轉化率達到 rate of Alta Devices’ GaAs double junction solar cell, the 31.6%的世界紀錄；Global Solar Energy柔 world’s best efficiency in small dimension mass produced 性共蒸發薄膜電池，量產晶片小尺寸冠軍效 wafer of Global Solar Energy’s flexible co-evaporation thin 率全球第一；MiaSolé多元素濺射法柔性單串 film cells, and the world’s best efficiency of MiaSolé multi- 組件效率全球第一等。截到目前維止，本集 element sputtering flexible single string assembly. As 團在全球擁有專利1,226件，其中60%為發 at this moment, the Group owns 1,226 patents, 60% of 明專利。 which are invention patents. 二零一五年年報 ANNUAL REPORT 2015 5 00B1601050 Book.indb 5 16/4/2016 11:09:54 CHAIRMAN’S STATEMENT 主席報告 The Group’s thin film technology is in a global leading 除了本集團的薄膜技術，已經走到了世界的 position. However, we are still continuously improving 領先地位，我們的高端裝備生產能力也仍在 our advanced equipment production capabilities and solar 不斷進步，Alta Devices中試研發線(Pilot) product performance. Alta Devices’ pilot cell efficiency, 的電池效率、良品率和產量大幅改進，實現 yield and production volume are greatly improved; stable 了批量穩定持續性生產，成功轉型為可量產 and sustained mass production is achieved, successfully 的小規模生產線。GSE於轉換效率的提升及 transforming into a small scale production line that is 減低生產成本方面，取得了一定的成果，在 capable of mass production. GSE has also achieved 集成電池互聯技術（ICI）自動化生產線方面， results in enhancement of conversion rate and lowering 完成了具有自主知識產權的設計及組裝全方 of production cost; in the ICI automated production 位解決方案，為未來大規模量產作出準備。 line, we have achieved a comprehensive design and MiaSolé的 CIGS的量產設備不僅在漢能的基 assembly solution with independent intellectual property 地順利投產，而且已經開始接受第三方客戶 rights, paving the way for large scale mass production. 的訂單。 The production equipment of CIGS of MiaSolé has been implemented in Hanergy’s bases and started to receive orders from third party customers. The Group’s MiaSolé FLEX and GSE FLEX modules have 本集團之MiaSolé FLEX和 GSE FLEX組件， both successively completed registration of the stringent 先後完成了日本嚴格的JPEA的 A 申請登錄， A application of JPEA in Japan, making them applicable 可以應用於日本10KW以下的住宅屋頂項 to residential roof top projects of up to 10KW in Japan. 目。雖然這次申報困難重重，但我們最終通 Although this registration was ridden with many difficulties, 過了認證，成為了量產ClGS薄膜型柔性組件 we were able to finally receive the accreditation. It was 初次通過A 申請，為漢能柔性組件開拓日本的 the first