Chinese PV Industry Brief: Financials for Longi, Xinte, Solargiga, Irico, Golden Solar

Longi Netherlands


Solar module maker Longi achieved revenue of RMB35.1 billion (US$5.4 billion) in the first half of 2021, up 74.2% from the same period of 2020. Net profit for the first six months of the year was RMB5 billion (US$773 million), up 21.3% from the first half of the previous year. The manufacturer shipped 17 GW of modules during the period, of which 410 MW were for its own projects. Wafer shipments totaled 38.3 GW, of which 15.6 GW were for its own module production. The gross profit margin for the first half of the year was 22.73%, up 29% from a year earlier.

The polysilicon shortage which drove up prices at the start of the year helped TBEA-owned Xinte Energy’s poly division raise profits from the RMB114 million (US$17.6 million) banked in the first six months of last year to RMB1.23 billion (US$190 million) this time. Overall operating profits, including from solar plant construction and operation, rose from RMB261 million (US$40.3 million) to RMB1.96 billion (US$303 million) by the same comparison, Xinte reported on Friday. That meant gross profit of RMB2.47 billion, up from RMB626 million (US$96.7 million) in the first half of last year, and net profits of RMB1.23 billion, up from just RMB1.74 million (US$269,000) a year earlier.

PV manufacturer Solargiga said its “painful period” of retiring ageing cell manufacturing kit is behind it as it reported its first-half financials on Friday. Revenue rose from RMB2.6 billion (US$402 million) in January-to-June last year to RMB2.82 billion (US$436 million) this time. Without the cell-related RMB68.6 million (US$10.6 million) impairment booked in the first-half of last year, a RMB42.7 million (US$6.6 million) loss in 1H, 2020 became a RMB121 million profit. Solargiga’s ingot and wafer making arm generated a RMB172 million (US$26.6 million) first-half profit on revenue of RMB1.15 billion (US$178 million) but rising input costs meant module revenue of RMB1.63 billion (US$252 million) for the period translated into just RMB50.7 million (US$7.84 million) profit. The rump cell operation booked a first-half loss of RMB7.38 million (US$1.14 million) on revenue of RMB1.15 million (US$178,000) but the group’s solar business generated revenue of RMB32.7 million (US$5.05 million) for a RMB6.41 million (US$991,000) profit. Solargiga shipped 2.24 GW of ingots and wafers in the first six months of the year, up from 1.65 GW a year earlier, and plans to raise ingot production capacity from 6.05 GW to 8.55 GW this year, and 18.55 GW next year. Wafer output of 2.9 GW is due to hit 4.6 GW this year and 14.6 GW in 2022. First-half module shipments fell from 1.19 GW in January-to-June last year, to 1.09 GW, with the firm’s 4 GW annual output capacity set to reach 8.2 GW this year and 12.5 GW next year because, as Solargiga stated in reference to the price of coal-fired power in China: “Market demand will inevitably explode after reaching grid parity.”

State-owned solar panel glassmaker Irico New Energy reported big first-half figures on Thursday, with six-month revenue rising from RMB1 billion (US$155 million) in the “previous period” to RMB1.18 billion (US$182 million) in January to June. That added up to a rise in total profits from RMB35.4 million (US$5.47 million), to RMB224 million (US$34.6 million) this time round, for the China Electronics Corp-controlled business. With operating costs falling from RMB1 billion last time, to RMB962 million (US$149 million), the net profit for shareholders from the first half rose to RMB215 million (US$33.2 million), up from RMB41.6 million (US$6.42 million).

Footwear and graphene manufacturer Golden Solar yesterday revealed more details of its move into flexible, heterojunction (HJT), cast-mono PV manufacturing as it reported a first-half net loss of RMB3.84 million (US$593,000) from its more conventional operations. The nascent HJT wafer, cell and module operation generated revenue of RMB529,000 (US$81,750) in the first six months of the year for a profit of RMB80,000 (US$12,360) after Golden Solar secured its first customer – a new energy vehicle charging point demonstrator project. The company, formerly Baofeng Modern International – paid RMB7.6 million for consultancy services and RMB3.3 million in extra staffing costs associated with its move into solar and intends to devote RMB135 million (US$20.9 million) into the development of the new operation out of a HK$307 million (US$39.4 million) shares issuance in April which has already paid RMB37.5 million owed for casting silicon furnaces. The manufacturer – which said it is undertaking certification to back the claim its solar products offer a conversion efficiency of 24%-plus – stated it has orders in place for up to 400 million pieces of its cast mono wafers from Jiangsu Runergy New Energy Technology, Taoistic Solar Technology (Changzhou), and Panda PV Tech, and intends to enter commercial mass production of its solar products this year.

State-owned manufacturer Luoyang Glass will pay RMB300 million (US$46.4 million) to acquire a 60% stake in solar module glass maker Zigong New Energy from its state-owned parent Jinma Investment, it was announced on Friday.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact:

Popular content

German authorities arrest Solar Fabrik CEO
18 July 2024 The German police have arrested Christian Laibacher, the CEO of German solar manufacturer Solarfabrik, in relation to an investigation by the Würzburg...