Chinese PV Industry Brief: Solar glass companies see profits soar in first half of 2021


Flat Glass announced Thursday that it had increased its profit forecast for the first half of the year. The company now estimates a net profit increase of between 152% and 172%, resulting in expected earnings of RMB 1.16 to RMB 1.26 billion ($180 to $190 million). The company attributed the improved forecast to greater production capacity as well as more market demand in the past six months.

Kibing Group, another major glass supplier, also released its estimated H1 results this week. The presumed net profit will be RMB 2.1 to RMB 2.3 billion ($320 to $350 million), with a year-on-year increase of 316%-360%.

China South Glass (CSG) issued its preliminary H1 report on Tuesday showing an estimated year-on-year net profit to between RMB 1.3 and 1.43 billion ($200 and $220 million) — an increase of 233% to 265%. CSG said the performance was due to high glass prices in the first quarter and increasing market demand for PV glass.

According to data from PV InfoLink, the price of PV glass rose from RMB 24 per square meter in July 2020 to around RMB 45 per square meter in December and January 2021. Since March, the price has rapidly dropped, almost returning this week to July 2020 levels.

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Jinko Energy, a major subsidiary of Jinko Solar focusing on renewable energy development and EPC services, announced on Wednesday its decision to sell three solar PV farms with a total capacity of 85 MW to Hubei Energy Group. The deal is valued at around RMB 125 million ($19.3 million). The three solar farms, all located in Jiangsu province, have installed capacities of 35 MW, 20 MW and 30 MW. Jinko said the deal would strengthen funding for the future development of solar PV farms. The transaction is also expected to reduce liabilities arising from these projects.

Major Chinese HJT equipment supplier Maxwell Technology said in a recent statement that it had signed an equipment sales contract in July 2020 with solar cell manufacturer Tongwei worth a total of RMB 1.2 billion ($190 million). The deal is expected to supply several of Tongwei Group's subsidiary companies, including branches in Chengdu, Anhui, Meishan and Jintang. In 2020, sales from the deal reached RMB 680 million ($105 million); in the first half of 2021, the agreement generated RMB 493 million ($76 million) in revenue.

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