Hangzhou First’s H1/2021 Operating Income Up 69%

Solar Encapsulation & Backsheet Producer Hangzhou First Of China Sold 310 Million Sq. Mtr. PV Backsheet, While Increasing Annual Operating Income By Over 69%

Hangzhou First’s H1/2021 Operating Income Up 69%

One of the world’s largest producers of PV encapsulant films and backsheets, Hangzhou First of China had a good run in H1/2021 with its net profit growing over 98% YoY. (Photo Credit: Hangzhou First Applied Materials Co., Ltd.)

  • Hangzhou First’s operating income in H1/2021 increased 69.29% to RMB 5.71 billion on annual basis
  • It sold 461 million sq. mtr. of encapsulation films, and 313.68 sq. mtr. of backsheets during the reporting period
  • Management said the company will accelerate the construction of its 110 million sq. mtr. backsheet project to meet customer demand

Chinese solar encapsulation and backsheet manufacturer Hangzhou First Applied Materials had a strong 1st 2 quarters in 2021 with its operating income having grown 69.29% to a total of RMB 5.71 billion over previous year. Net profit for the company’s shareholders went up 98.08% over the same period.

The manufacturer attributes this improvement in financials to increase in sales and ASPs of its PV encapsulation and backsheet business.

During H1/2021, it sold 461 million sq. mtr. of PV encapsulation products reflecting an annual increase of 23.19%, and also increased the amount of PV backsheets sold by 26.44% YoY to 313.68 sq. mtr.

Hangzhou First expanded its PV encapsulation production capacity by 150 million sq. mtrs., and said it will continue to expand it further. Going forward, it plans to speed up the construction of 110 million sq. mtr. PV backsheet project at its Jiaxing manufacturing base to meet continuous increase in customer demand.

Management admitted it may face the risks of rising raw material prices which may impact its operating performance in the short term. It plans to navigate the situation by strengthening the supply chain of raw materials, among other measures.

Hangzhou First’s R&D Manager Hou Hongbing participated in TaiyangNews Virtual Conference on Bifacial Solar in March 2021 when we released our Bifacial Solar—How to Benefit Most from Generating Power on 2 Sides report which can be downloaded for free here. Conference recordings are available on our YouTube channel.

TaiyangNews will cover the topic of encapsulation and backsheets at our upcoming Reliable PV Module Design 2021 Virtual Conference on Aug.31, 202. There will be also a presentation  previewing our upcoming TaiyangNews Market Survey on Backsheets & Encapsulation 2021 covering the leading market players and their products in that field..To view agenda and for free registration, check here.

About The Author

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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