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Chinese PV Industry Brief: Big solar players unveil H1 results

A number of Chinese PV companies – including Jinko Solar and Golden Solar – released their first-half earnings results this week.

Jinko Solar recorded CNY 33.4 billion ($4.8 billion) of revenue in the first half, up 112.4% year on year. Its profit attributable to shareholders hit CNY 905 million, up 60% year on year. It shipped 18.92 GW of solar products in the first six months of the year, up 79% from the January-June 2021 period.

Chint recorded CNY 23.54 billion of revenue in the six months to the end of June, up 45% year on year. However, its profit attributable to shareholders fell by 7.6% year on year to CNY 1.7 billion. The company said it finished 2,706 MW of new residential PV installations in the January-June period. 

Golden Solar posted first-half figures this week showing its cast mono PV wafer, cell, and module operation had lost CNY 18.1 million. Management attributed the loss to the pandemic and the drawbacks of using leased production equipment. Shareholders took a CNY 104 million loss, up from CNY 3.84 million a year earlier.

Shunfeng International Clean Energy’s first-half update showed shareholders swallowed a six-month net loss of CNY 194 million, up from the CNY 38.9 million shed in January-June 2021. Revenue fell from CNY 364 million to CNY 171 million.

C Smarter Energy missed its deadline this week to publish its first-half results, citing the pandemic and the fact it has still not published its results for 2021. Trading in the company’s stock has been suspended in Hong Kong since April 2021.

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Comtec Solar reported first-half results this week showing that shareholders took a six-month net loss of CNY 12.2 million, down from CNY 19.5 million in January-June 2021.

China Energy Engineering Corp. said this week that its solar and wind operations generated CNY 930 million of revenue in the first half, up 55% year on year.

Beijing Energy International announced plans this week to form a limited partnership to invest more than CNY 2.5 billion in renewables. State-owned financial services company Everbright Group will contribute CNY 2 billion to the new Rongbang Yihao (Tianjin) Enterprise Management Partnership entity, before having its stake assumed by fellow state entity China Railway Trust.

Ganfeng Lithium announced plans this week to invest CNY 21.3 billion in four new production centers. Solar power storage devices will be among the products to be produced at a CNY 6.2 billion fab in Xinyu, Jiangxi. It will have an annual production capacity of 10 GWh and will be built by October 2023. A CNY 9.6 billion, 20 GWh facility in Chongqing will also make solid-state lithium products for electric vehicles and other transport uses. Another CNY 2 billion fab will produce 2 billion units per year of small polymer lithium-ion devices. Ganfeng Lithium posted first-half net profits of CNY 7.35 billion this week.

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Source: pv magazine