3.01% Decrease in Operating Revenue of SolaX Power in 2023

PVTIME – On 21 April 2024, SolaX Power Network Technology (Zhejiang) Co., Ltd. (SolaX Power, 688717.SH), a leading global solar solutions provider mainly engaged in energy storage systems and inverters, has released its official report for 2023.

During the reporting period, its operating revenue was 4.473 billion yuan, a decrease of 3.01% year on year, while its net profit was 1.065 billion yuan, a decrease of 6.12% year on year. SolaX Power’s net profit attributable to parent company was 1.040 billion yuan, down 7.16% year on year, and its basic earnings per share was 8.87 yuan per share, down 6.14% year on year.

SolaX Power said its performance was mainly impacted by the high inventory backlog due to the shortage of installation workers in the European residential energy storage market, as well as a reduction in demand in the residential storage market due to the decline in electricity prices in Europe.

Founded in 2012, SolaX Power’s mission is to create a clean and sustainable future through solar energy. It is a leading global provider of solar and storage solutions and one of Asia’s pioneering hybrid inverter manufacturers. It has been listed on the Shanghai Stock Exchange’s STAR since 3 January 2023. And its revenue and net profit showed a continuous growth trend from 2020 to the first half of 2023. It achieved operating revenue of 389,100,600 yuan, 832,666,400 yuan, 4,611,795,500 yuan and 3,399,058,500 yuan in the respective periods, while net profit was 33,064,300 yuan, 62,874,500 yuan, 1,134,010,800 yuan and 975,322,500 yuan, respectively.

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