China Solar PV News Snippets

GCL System Integration doubles operating income YoY in H1 2023; Hunan Yujing Machinery reports 72% increase in H1 2023 net profits; SC-SOLAR signs RMB 358 million sales contract; July solar power generation up in China.

GCL System Integration reports strong net profit increase for H1 2023: Solar PV cell and module manufacturer GCL System Integration reported operating income of RMB 5.6 billion ($769 million) for the 1^st half of 2023, an increase of 100.26% year-on-year (YoY). Its net profit of RMB 111,548,000 ($15.3 million) increased 197.35% YoY. GCL-Si's module production base in Hefei has reached full production capacity of 15 GW in the 1^st phase. Total capacity will be 60 GW. The company expects to hit a high-efficiency module production capacity of 23 GW by the end of this year. Its Funing 12 GW high-efficiency module fab is expected to be completed and put into production before the end of October this year. GCL-Si expects its total production capacity of large-size high-efficiency modules will reach 35 GW by the end of this year. The company's 20 GW high-efficiency n-type TOPCon cell manufacturing facility (Phase I 10GW) in its Wuhu Base was officially put into operation. It will provide high-efficiency n-type cell production capacity support for large module bases in Hefei and Funing. It is expected to reach production capacity in Q4 of this year.

Hunan Yujing Machinery releases H1 2023 report: Solar PV equipment manufacturer Hunan Yujing Machinery reported operating income of RMB 592 million ($81.2 million), which was an increase of 55.16% YoY for the 1^st half of 2023. Its net profit increased 72.57% YoY to RMB 65.98 million ($9 million) during the period. The company's revenue and net profit have both hit record highs in the same period since its establishment. Hunan Yujing Machinery said it plans to gradually advance its silicon wafer slicing portfolio to thinner wafer sizes, while increasing production capacity and market share.

SC-SOLAR signs RMB 358 million contract: SC-SOLAR, a wholly-owned subsidiary of PV equipment manufacturer J.S. Machine, announced that it has signed a sales contract with an unknown customer for the sale of solar module assembly line and lamination machine equipment. The RMB 358 million ($49.1 million) contract accounts for 7.36% of the company's 2022 audited operating income and 10.96% of SC-SOLAR's 2022 audited operating income. J.S. Machine said that the contract is expected to have a positive impact on the company's 2023 or future annual operating performance. Recently, SC-SOLAR had reported investment of RMB 1.5 billion in an equipment fab in Kunshan (see China Solar PV News Snippets).

China's solar power generation up 6.4% in July: The National Bureau of Statistics of China reported that the country's power generation was 846.2 billion kWh in July 2023, a YoY increase of 3.6%. The growth rate was 0.8 percentage points higher than in June, with an average daily power generation of 27.30 billion kWh. Between January and July, a total of 5,013 billion kWh of power was generated, an increase of 3.8% YoY. The month saw a fall in the growth rates of thermal, nuclear, and solar power generation. The decline rate of hydropower narrowed, and the growth rate of wind power turned positive. While solar power generation increased by 6.4%, its growth rate slowed 2.4 percentage points from June.