PVTIME – On 24 April 2024, Jolywood (Suzhou) Sunwatt Co., Ltd. (Jolywood, 300393.SZ), a leading manufacturer of n-type bifacial solar modules based on TOPCon technology, has announced its decision to cease industrial silicon and polysilicon production due to current market conditions.
The project, located in Gujiao City, Shanxi Province, China, was initiated by Jolywood in March 2022 with a total investment of 14 billion yuan. Phase I includes production lines with an annual capacity of 200,000 tonnes of industrial silicon and 100,000 tonnes of high-purity polysilicon, with investments of 3.2 billion yuan and 1.1 billion yuan respectively. The project is expected to be completed in 2024. Phase II includes production lines with an annual capacity of 90,000 MT of polysilicon and will be developed according to market conditions.
In addition, Jolywood released its annual report for 2023 and Q1 report for 2024. The report shows that in 2023, Jolywood achieved revenue of RMB12.259 billion, an increase of 28.01% year on year, and net profit attributable to shareholders of listed companies of RMB527 million, an increase of 31.18% year on year. In the first quarter of 2024, Jolywood achieved revenue of 1.288 billion yuan, a decrease of 52.43% year on year, and net profit attributable to shareholders of listed companies was -172 million yuan, a decrease of 268.11% year on year.
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