Risen Energy Releases Q3 Report: Net Profit Soars 237.34%

NINGBO, China, Oct. 28, 2019 /PVTIME/ -- On October 21, Risen Energy
Co., Ltd. released its financial results report for the third quarter of
2019. Operating income for the period stood at 3.718 billion yuan (approx.
US$526 million), soaring by 77.49% from a year earlier. Net profit
attributable to shareholders skyrocketed 237.34% year on year to 299 million
yuan (approx. US$42.3 million), while net profit attributable
to shareholders after
deducting non-recurring gains and losses totaled 261
million yuan (approx. US$36.9 million), jumping 134.46% year on year.

Results for the first three quarters were also quite positive. Operating
income for the first three quarters rose to 9.77 billion yuan (approx. US$1.38
billion), up 42.87% year on year, while net profit attributable to shareholders
reached 783 million yuan (approx. US$111 million), and increased
by 271.13%. Compared with the same period last year, the company's output
of PV cells and components, the sales income of related PV products and the
corresponding sales profit all increased.

As one of the top 10 PV module
manufacturers in China, Risen Energy has engaged in the research, development
and production of solar crystal silicon cells and modules as well as the
construction and operation of photovoltaic power stations for many years,
accumulating a deep technical reserve and developing many core technologies.
Through the technical reserve and accumulation of equipment, processes and
materials relating to heterojunction (HJT), Risen Energy has mastered HJT
manufacturing technology, and successfully developed high-efficiency HJT cell
components.

On August 19, Risen Energy held a groundbreaking ceremony for its
2.5GW high-efficiency HJT cell and module project in Ninghai, a county within
the city of Ningbo in Zhejiang province. The project is expected
to be completed in 2021 and will add sales revenue of 5 billion yuan
(approx. US$700 million) once it commences full production. The company's HJT
cells have a conversion efficiency exceeding 23% and include an integrated
half-cut, imbricate, double-glass and high-reflectivity backsheet as part of
the cell's construction. Through the application of high-efficiency bifacial
HJT cell technology, Risen Energy's HJT components can generate electricity on
both sides of the panel and provide investors with a 10-30% higher level of
income from the power generated.  

Besides the HJT cells, Risen Energy's R&D team has also
successfully developed the second-generation half-cut technology of ultra-high
light utilization and ultra-low power loss through the joint optimization of
advanced battery passivation and high efficiency component packaging. After
being tested by independent third-party testing and certification organization
TUV SUD, the company's photoelectric conversion efficiency for its J├Ąger HP
72-cell sized modules reached 21%, and is among the highest across the sector.
The maximum conversion efficiency for its MBB monocrystal cell has exceeded
23.00%, with an average efficiency reaching 22.73%. The company plans to
achieve full mass production of MBB technology within this year.

At the same time, rapid expansion into markets outside of China also
provides important support for Risen Energy's profit growth. At present,
the company's global business footprint has expanded to Europe and the
United States, Southeast Asia, Oceania and Asia. In countries and regions
bordering the route of the Chinese government's "Belt and Road
Initiative", most notably, Kazakhstan and Ukraine, the company also achieved
significant results.

Risen Energy ranked second in shipments to the European market in the
first half of 2019, accounting for more than 10% of China's shipments of solar
equipment to the region. Besides Ukraine, the company's shipments ranked first
to the Dominican Republic, accounting for more than 50% of modules shipped
there, making it a leader in component exports to the Caribbean nation.

SOURCE: Risen Energy Co., Ltd

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