Chinese module manufacturer Risen Energy has published its financial results for 2023, led by revenues of RMB35.3 billion (US$4.9 billion), a 20.2% year-on-year increase.
This growth was reflected in other financial metrics, such as net profit, which increased to RMB1.6 billion (US$218 million), up 55.8% from 2022; and net assets attributable to equity holders, which rose to RMB 15.2 billion (US$2.1 billion), a 62.47% growth. The company’s total growth in revenue remained relatively stable throughout 2023; in its half-year results last year, Risen announced that its half-year revenue was RMB17.6 billion (US$2.4 billion).
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Risen Energy said it had also improved the environmental performance of its manufacturing processes, purchasing 6,424,000kWh of green electricity in 2023, and increasing its usage of electricity generated by renewable sources by 9.4% compared to 2022.
Many of these strong financial performances were driven by the company’s launch of products such as its Hyper-ion heterojunction technology (HJT) solar cell, of which it started commercial production in August. This cell has a power conversion efficiency of 23.89%, and is used in its latest generation of n-type modules, which ranked third among major module manufacturers as of October 2023.
The company expects to produce 21GW of Hyper-ion modules by the end of 2024, and noted in its results announcement that it has also had 172 patents authorised during 2023, as it looks to invest in both commercial production and research and development.
The news follows the publication of a number of positive financial results from other major Chinese manufacturers, with Trina Solar and GCLSI shipping more than 65GW and 16GW of modules, respectively, in 2023. JinkoSolar also saw its module sales increase in the first quarter of 2024, but its revenues remained flat, year-on-year, potentially caused by the continued oversupply of Chinese modules to foreign markets, most notably Europe, which is affecting the ability of manufacturers to make a profit.
