China PV News Snippets

Autowell registers profit in H1 2022; Xianglu Tungsten enters PV ultra-fine tungsten wire area; S.C New Energy achieves RMB 508 million net profit; CNNC Hua Yuan to set up new energy material company; JYT Corporation 10 GW ingot  project discontinued.

Autowell announces 2022 semi-annual results: Automation equipment manufacturer Autowell Technology announced its H1 results for 2022. Here are the details:

• The operating income was RMB 1.5 billion ($0.22 billion), a year-on-year increase of 64%
• The net profit attributable to the parent company was RMB 299 million ($44.4 million), a year-on-year increase of 110%
• The net profit attributable to the parent after deducting non-net profit was RMB 278 million ($41.2 million), a year-on-year increase of 118%
• The net operating cash flow was RMB 206 million ($30.5 million), a year-on-year increase of 417%
• The basic earnings per share were RMB 3.03 ($0.45) per share, a year-on-year increase of 110%

The company said that it could register this growth because of the continuous and rapid development of the photovoltaic industry, and its own growth in the overseas markets.

Xianglu Tungsten forays into PV ultra-fine tungsten wire field: Tungsten products company Xianglu Tungsten said that it plans to raise about RMB 766 million ($113.7 million) through non-public offering of stocks. The funds will be used for technical renovation, and to research and develop ultra-fine tungsten wire for photovoltaics. The ultra-fine tungsten wire for photovoltaics that the company will develop will use tungsten powder, which is the company's existing product. In this manner, the company will be making its entry into the photovoltaic field. The entire project – from research to development – is expected to take 18 months.

S.C New Energy registers profit in H1/2022: Releasing its 2022 semi-annual report, new energy equipment manufacturer S.C New Energy Technology Corporation said that it has achieved an operating income of RMB 2.6 billion ($0.39 billion), a year-on-year increase of 2.13%. While the net profit attributable to the parent company was RMB 508 million ($75.4 million), a year-on-year increase of 10.9%; the net operating cash flow was RMB 895 million ($132.8 million), with a year-on-year increase of 63.76%. The basic earnings per share also showed a year-on-year increase of 5.04% at RMB 1.4 ($0.21) per share. In July, S.C New Energy reported that it has won the perovskite cell mass production line coating equipment order bid of an unidentified leading company (see China PV News Snippets)

CNNC HUA YUAN to set up new energy material company: Titanium dioxide manufacturer in China CNNC HUA YUAN stated that its wholly-owned subsidiary, Dongfang Titanium, will be investing about RMB 200 million to establish a new energy material company, Zetong New Energy. The new company wants to play a strategic role in deploying new materials and new energy industries. In June 2021, CNNC and CATL subsidiary had got together to establish a RMB 100 million joint venture (see China PV News Snippets)

JYT moves funds as it discontinues one crystallization production project: In an announcement, Chinese solar wafer and equipment maker JYT Corporation said that it has still not obtained the relevant procedures for the evaluation of its Wuhai 10 GW high-efficiency monocrystalline silicon rod project. For this reason the company has still not been able to begin the construction of the project. In such a scenario, the company said that it would now use the raised funds, which is to the tune of RMB 2 billion ($0.30 billion), instead, on the Leshan 22 GW high-efficiency monocrystalline silicon rod and wafer project. This new project will be put into production by December 2023.