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

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
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.

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.

Read Next

November 12, 2021
German conglomerate BayWa AG has witnessed “flourishing” sales of solar PV components take its renewables segment to new heights in the first nine months of 2021.
Sponsored
November 2, 2021
JinkoSolar has launched its new series of ultra-efficient, n-type PV modules, dubbed the Tiger Neo.
PV Tech Premium
September 13, 2021
Following the release of the US Department’s Solar Futures Study, Liam Stoker assesses the downstream and upstream trends that must be realised for US solar to fulfil its potential.
July 22, 2021
Ahead of next week's webinar on the launch of LONGi's Hi-MO N, hosted by PV Tech, we explore the benefits of LONGi's first n-type module to be mass produced.
July 16, 2021
Finlay Colville, head of market research at PV Tech Research, explores the critical themes behind the solar industry’s transition from p-type to n-type cell production before previewing PV CellTech Online 2021.
July 12, 2021
Solar Module Super League (SMSL) member JinkoSolar has claimed a module conversion efficiency record of 23.53%, beating its previous record of 23.01% set in January.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal