Markets & Policy

Chinese PV Industry Brief: Risen, Sungrow, Arctech reveal H1 results

Module maker Risen Solar has posted a net loss of CNY 963 million ($135.2 million) for the first half of 2024, while Sungrow and Archtech have recorded profit increases.
Vincent Shaw
By
Vincent Shaw
Bolsa de Valores de Shenzhen | Imagem: Jay Sterling Austin, Wikimedia Commons

Risen Solar said it recorded a net loss of CNY 963 million for the first half of 2024, down sharply from a net profit of CNY 861 million in the same period last year. The company’s revenue fell 40.59% year on year to CNY 10.459 billion. It shipped 7.92 GW of PV modules in the first half of the year and had a module production capacity of 35 GW by the end of the reporting period. Risen Solar is now expanding its heterojunction (HJT) cell production and exploring energy storage. It said that R&D expenses fell by 34.35% in the first six months of this year.

Sungrow recorded CNY 31.02 billion in operating income for the first half of the year, up 8.38% year on year. Its net profit attributable to shareholders reached CNY 4.959 billion, up 13.89%. Its inverter business generated CNY 13.093 billion in revenue, up 12.7% year on year and representing 42.2% of total revenue. Its renewables development segment brought in CNY 8.955 billion, while revenue from energy storage systems declined slightly to CNY 7.816 billion.

Arctech Solar said that its net profit surged 135.86% year on year to CNY 231 million in the first half of 2024, on CNY 3.376 billion of operating income. At the end of the reporting period, the company had about CNY 3.209 billion in orders. The bracket business accounted for CNY 2.966 billion of the total, including CNY 1.96 billion for tracking brackets and CNY 1 billion for fixed brackets. Its building-integrated photovoltaics (BIPV) business contributed CNY 196 million, while other businesses totaled approximately CNY 47 million.

China Energy Engineering Group‘s engineering, procurement, and construction (EPC) unit, Energy China International, has signed a contract for a 125 MW solar project in Erbil, Iraq, with Bros Energy Company of Turkey and Ster Group of Iraq. This project, which is part of the initial phase of the 1 GW Erbil solar plant, will involve designing, procuring, installing, and commissioning a 125 MW solar power plant and a 132 kV substation over a period of 12 months. The completed project is expected to generate 259 GWh per year.

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