China PV News Snippets

Q1/2023 Results Show Positive Growth For GCL Technology & GoodWe, While Hoyuan Registers Nominal Rise In Profit

China PV News Snippets

The financial results for the first quarter of 2023 announced by GCL Technology, GoodWe and Hoyuan show growth in profit. (Photo Credit: Alexskopje_Shutterstock)

As Chinese companies announce their financial results, in Q1 2023, GCL Technology published revenues of RMB 11.1 billion, while GoodWe registered RMB 1.7 billion revenue and Hoyuan confirmed a RMB 3.5 billion revenue.

GCL Technology registers 35% rise in profit: Announcing the results for the first quarter of 2023, leading global supplier of polysilicon, China’s GCL Technology Holdings said that it has achieved revenues of RMB 11.19 billion ($1.6 billion), a rise of 60% year-on- year. The net profit grew by 35% YoY to RMB 4.09 billion ($0.59 billion). Meanwhile, the sales of polysilicon was at 46,870 tons and wafers at 12 GW. The company attributed its revenue growth to the continuous and rapid growth of the solar industry, and said that it has also focused on promoting sustainable development of the industry to ensure competitiveness. It says it had taken initiative to bring polysilicon prices to a sustainable level even before the market had begun correcting polysilicon prices. Last month, GCL Technology reportedly announced plans to venture beyond China for its polysilicon manufacturing expansion but without providing details (see GCL Looking For Silicon Expansion Outside China).

GoodWe shows consistent growth in 2022 & Q1/2023: Releasing its financial results for 2022 and Q1/2023, Chinese solar inverter manufacturer GoodWe said that in 2022, it has achieved a revenue of RMB 4.71 billion ($0.68 billion) and a recurring net profit of RMB 627.4 million ($90.7 million), which is a year-on-year increase of 76% and 165% respectively. For the first quarter of 2023, the company posted revenues of RMB 1.72 billion ($0.25 billion), which is a year-on-year increase of 7% and a recurring net profit of RMB 333 million ($48.18 million).

Hoyuan shows mixed results for 2022 & Q1/2023: In 2022, special equipment manufacturer for the photovoltaic industry Hoyuan (formerly called Shangji) has reached a revenue of RMB 21.9 billion ($3.17 billion), which is an increase of 101% when compared to the previous year. The recurring net profit for 2022 was pegged at RMB 2.54 billion ($0.37 billion), up 77% as compared to the previous year. In the first quarter of 2023, the Chinese silicon and wafer maker’s revenues declined by 38% YoY to RMB 3.5 billion ($0.51 billion). However, the recurring net profit for Q1/2023 showed a slight rise of 5% to RMB 545 million ($78.8 million).

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