Jolywood hits record revenue and profits as TOPCon solar modules in volume ramp

Facebook
Twitter
LinkedIn
Reddit
Email
Jolywood continues to execute on high-efficiency n-type TOPCon module shipments to utility-scale PV power plant projects. Image: Jolywood

China-based PV backsheet and high-efficiency PV module manufacturer Jolywood (Suzhou) Sunwatt Co (Jolywood) has reported record third quarter 2020 revenue and profits, while exceeding 2019 full-year financial results in the first nine months of 2020 as it continues to execute on high-efficiency n-type TOPCon module shipments to utility-scale PV power plant projects. 

The company reported third quarter revenue of RMB1,587 million (US$236.7 million), up 18.36% from the prior year period and the second consecutive quarter of record revenue.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The company reported third quarter revenue of RMB 1,587 million (US$236.7 million), up 18.36% from the prior year period and the second consecutive quarter of record revenue.

Jolywood reported third quarter net profit of RMB152.9 million (US$22.8 million), up 33.35% from the prior year period and a record quarter for the company. 

Net profit was up 33.35%.

After recovering from the impact of COVID-19 in the first quarter of 2020, Jolywood’s revenue for the first nine months of the year reached a record RMB3,621 million (US$539.4 million). Net profit for the first nine months of the year exceeded RMB 263.4 million (US$ 39.2 million). Full-year 2019 revenue and profits were US$507.84 million and US$36.26 million, which were exceeded in the first nine months of 2020.

Several factors have been in play in the 44.85% revenue increase from the prior year period. Firstly, Jolywood has been the first PV module manufacturer to volume ramp 2GW of high-efficiency n-type TOPCon (Tunnel Oxide Passivated Contact) cell and module assembly capacity, while securing major utility-scale orders. The company is fully booked in 2020. 

Jolywood is also benefiting from the overall recovery in PV module demand, boosting revenue in its backsheet business and potentially benefiting from demand for transparent backsheets used for bifacial solar modules as solar glass capacity has not kept up with demand and prices have climbed throughout most of the year. 

Jolywood also noted that it had continued to increase R&D spending as it further developed TOPcon cell technology, reporting R&D expenditure in Q3 2020 increased over 32% from the prior year period, reaching RMB27.98 million (US$4.17 million). R&D spending in the first nine months of 2020 has topped US$17.09 million, compared to a total of US$17.66 million in 2019. 

R&D spending in the first nine months of 2020 has topped US$17.09 million, compared to a total of US$17.66 million in 2019.
21 August 2024
5pm BST
FREE WEBINAR -This webinar will feature the perspectives and views of PV Tech’s Head of Research, Dr. Finlay Colville, on how the U.S. PV manufacturing landscape is changing today and when we might expect additions to encompass cells and wafers. This will be followed by a PV Tech special – a look inside one of the first new PV module fabs built in the U.S. this year; SEG Solar’s new site in Texas. Join Jim Wood, CEO at SEG Solar, as he walks around the new factory showing key features and explaining the rational for SEG Solar in making this investment into U.S. PV manufacturing in 2024.
8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
26 November 2024
Málaga, Spain
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
11 March 2025
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.

Read Next

July 22, 2024
Balcony installations have been growing in Germany since the government streamlined the registration process in April.
July 22, 2024
Indian power company JSW Energy's renewables generation has increased by over 40% for Q1 FY2025, but solar's generation dropped by 2.7%.
July 22, 2024
The amount of residential solar paired with a battery energy storage system (BESS) in California has increased notably under the state’s new net energy metering 3.0 (NEM 3.0) scheme.  
July 22, 2024
Renewable energy developer Acen Australia has submitted the scoping report for its 100MW solar-plus-storage project in New South Wales.
July 19, 2024
US solar manufacturer First Solar has started an investigation into several crystalline-silicon cell solar manufacturers for potential infringement of its patents.
July 19, 2024
SunPower said the decision was not made "lightly" and will consider options to support its mutual customers and collective business pipeline.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
July 31, 2024
1:00 PM (BST) / 2:00PM (CEST)
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia
Solar Media Events
October 8, 2024
San Francisco Bay Area, USA