RMB 1.7 Billion, Huaneng Electronics Reaches Agreement to Purchase Zhongli Group PV Modules

PVTIME – On November 14, Zhongli Group (SZ:002309) announced that its wholly-owned subsidiary Talesun Solar has reached agreement with Huaneng Electronics on terms and conditions to purchese PV modules. Talesun Solar will sell photovoltaic modules with a total price of over 1.7 billion yuan to Huaneng Electronics, accounting for 18.9% of the company’s most recent audited operating income.

The 2021 semi-annual report shows that the main business of Zhongli Group is the photovoltaic industry, other industries, communications industry, and optical fiber optics, accounting for 48.87%, 28.17%, 21.74%, and 1.23% of revenue respectively. The 2021 Q3 report of Zhongli Group showed that the company’s main operating income was 8.036 billion yuan, a year-on-year increase of 31.92%, net profit attributable to the parent was 1,480,309,400 yuan, a year-on-year decrease of 353.28%. Its non-net profit deducted -91,120,900 yuan, a year-on-year decrease of 119.17%, of which in the Q3 of 2021, the company’s single-quarter main operating income was 3.152 billion yuan, a year-on-year increase of 36.26%, single-quarter net profit attributable to the parent was -224.5417 million, a year-on-year decrease of 238.81%. Its single-quarter deduction of non-net profit was -33.81 million yuan, a year-on-year increase 79.72%. Its debt ratio 73.04%, investment income -528.4781 million yuan, financial expenses 298 million yuan, gross profit margin 9.22%.

China Huaneng has a registered capital of 34.9 billion yuan, and its main business includes power development, investment, construction, operation and management, electric power (heat) production and sales, finance, coal, transportation, new energy, environmental protection related industries and product development , investment, construction, production, sales, industrial investment operation and management. By the end of 2019, the total installed capacity of Huaneng Power was 142.13GW, of which the installed photovoltaic capacity was 4GW. In 2020, Huaneng achieved a new energy installed capacity of over 10GW.