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Sungrow Released Annual Report 2023: Operating Revenue Witnessed A Robust Growth of 79.5%
HEFEI, China, April 25, 2024 /PRNewswire/ — Sungrow, the global leading PV inverter and energy storage system provider, released its annual report 2023 recently. The company attained unprecedented revenues and profits, fueled by robust demand across diverse global markets.
In 2023, the global renewable energy market is poised for rapid expansion, with Sungrow prioritizing its core business, enhancing innovation and transformation, investing heavily in market research and development, and implementing a comprehensive strategy for products and services. Sungrow’s commitment to digitalization, streamlining operations, and fostering rapid growth in its core business has resulted in reinforced brand potential and an industry-leading position, ultimately leading to a significant boost in profitability.
Sungrow’s operating revenue experienced an impressive year-on-year surge of 79.5% in 2023, reaching a staggering $10.2 billion, while its net profit attributable to shareholders jumped significantly by 162.7% to $1.3 billion. This robust growth was primarily attributed to the company’s expanding customer base and increasing market share in key regions.
The company has witnessed a remarkable surge in PV inverter shipments, surpassing 130GW, indicating a widespread embrace of solar energy globally. Furthermore, Sungrow’s sales of energy storage systems have escalated dramatically to 10.5GWh, driven by the escalating demand for both grid-connected and off-grid applications.
Sungrow’s investments in research and development (R&D) have consistently borne fruit, evident from the successful introduction of an array of cutting-edge products throughout the fiscal year. This year, the company allocated $347 million towards R&D, marking a year-on-year growth of 44.6%. And Sungrow boasts a strong team of 5372 R&D technical personnel, having achieved a cumulative total of 4123 patent grants.
The innovations encompass several groundbreaking achievements. Among them are the world’s first 2000V inverter connected to the grid, the introduction of the world’s first 10MWh liquid cooling energy storage system, the successful deployment of its C&I liquid cooling energy storage system, the release of the industry’s inaugural “Stem Cell Grid Technology White Paper”, the successful demonstration of the grid-forming wind power converter, the introduction of flexible green hydrogen production system, and the global launch of the 180kW Integrated DC Fast Charger and etc.
The company’s strong financial performance has allowed it to expand its operations and strengthen its global presence. As of the previous year, Sungrow had exceeded 20 subsidiaries, successfully marketing its products in 170 nations and regions. Additionally, it boasted over 490 service outlets across six major service areas globally.
Simultaneously, the overseas employee count reached 1423, representing a year-on-year increase of 58.1%.
Over the course of the past year, the company’s brand awareness and reputation have steadily risen, earning multiple prestigious accolades such as “China Top 50 Most Innovative Companies” awarded by Forbes China, “Best ESG Practice Employer of the Year” by Forbes, “Fortune China 500″ and ” Future 50 Global” granted by Fortune and etc. Recently, in 2023, the company secured an impressive ranking of 117th on the annual “China’s 500 Most Valuable Brands” list compiled by the World Brand Lab, with a brand value of $11.37 billion.
The year 2023 was an exceptional one for Sungrow. Its power electronic converters has accumulated an installed capacity of over 515GW, about 330 million tons of carbon dioxide emissions can be avoided annually together with our customers. The company is committed to sustainable development practices and aims to achieve carbon neutrality at the operational level by 2028, across its entire supply chain by 2038, and reach net-zero emissions across the chain by 2048. As part of its accelerated RE100 goal, the proportion of green electricity used throughout the year has risen to 55%, and global volunteer service projects have been launched, with a total of 1,352 registered volunteers contributing 3,442 hours of service so far.
Looking ahead, Sungrow remains committed to the realm of clean power, prioritizing solar, wind, energy storage, and green hydrogen. The company strives to innovate consistently, aiming to make remarkable advancements in power electronics, grid support, and AI technology. Sungrow aims to provide integrated solutions, enhance the customer experience, and bolster its brand image. By executing this strategy, Sungrow aims to further expand its position as a global leader, enabling it to achieve sustainable and high-quality development.
About Sungrow
Sungrow Power Supply Co., Ltd. (“Sungrow”) is a global leading PV inverter and ESS provider with over 515 GW of power electronic converters installed worldwide as of December 2023. Founded in 1997 by university professor Cao Renxian, Sungrow is a leader in the research and development of solar inverters with the largest dedicated R&D team in the industry and a broad product portfolio offering PV inverter solutions and ESS for utility-scale, commercial & industrial, and residential applications, as well as internationally recognized floating PV plant solutions, NEV driving solutions, EV charging solutions and renewable hydrogen production systems. With a strong 27-year track record in the PV space, Sungrow products power over 170 countries worldwide. For more information about Sungrow, visit: www.sungrowpower.com.
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Basel Committee highlights rising risks from finance digitalisation in new report
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French fintech Lydia launches digital banking app Sumeria
Lydia, a prominent French fintech company known for its innovative financial solutions, has taken a significant leap forward with the launch of its new digital banking app, Sumeria. This development marks a strategic expansion for Lydia as it continues to redefine the financial landscape in Europe and beyond.
About Lydia
Since its inception, Lydia has been at the forefront of fintech innovation in France, providing users with seamless and user-friendly payment solutions. The company has built a strong reputation for its mobile payment app, which allows users to send and receive money, pay for goods and services, and manage their finances with ease. With millions of users and a robust platform, Lydia is well-positioned to venture into the digital banking space.
Introducing Sumeria
Sumeria is Lydia’s latest offering, designed to cater to the growing demand for comprehensive digital banking solutions. The app aims to provide users with a full suite of banking services, all accessible from their smartphones. Key features of Sumeria include:
- Personal and Business Accounts: Sumeria offers both personal and business accounts, enabling users to manage their finances efficiently. The app supports a range of functionalities tailored to meet the needs of individual users and small to medium-sized enterprises (SMEs).
- Intuitive Interface: True to Lydia’s commitment to user experience, Sumeria boasts an intuitive and easy-to-navigate interface. Users can quickly access account information, transaction history, and various banking services with just a few taps.
- Comprehensive Financial Tools: Sumeria provides a range of financial tools designed to help users better manage their money. Features such as budgeting, expense tracking, and personalized financial insights empower users to make informed financial decisions.
- Security and Privacy: Lydia places a high priority on security, and Sumeria is no exception. The app incorporates advanced security measures, including biometric authentication and end-to-end encryption, to ensure that users’ financial data is protected.
- Integrated Payments: Leveraging Lydia’s expertise in payments, Sumeria integrates seamless payment solutions, allowing users to send and receive money instantly, pay bills, and make purchases directly from the app.
Strategic Implications
The launch of Sumeria represents a strategic move for Lydia, positioning the company as a formidable player in the digital banking arena. By expanding its product offering, Lydia aims to capture a larger share of the market and meet the evolving needs of its users. This initiative also reflects a broader trend in the fintech industry, where traditional payment service providers are evolving into comprehensive financial service platforms.
Market Impact
Sumeria’s entry into the market is poised to have a significant impact. With its user-centric design and robust feature set, the app is likely to attract a diverse user base, from tech-savvy millennials to SMEs seeking efficient banking solutions. Moreover, Sumeria’s integration with Lydia’s existing payment infrastructure provides a seamless transition for current Lydia users, further boosting its adoption.
Future Prospects
Looking ahead, Lydia plans to continually enhance Sumeria by adding new features and expanding its services. The company’s focus on innovation and customer satisfaction will be key drivers of Sumeria’s growth. Additionally, Lydia’s potential to scale Sumeria across other European markets presents a substantial opportunity for further expansion.
Source: fintechfutures.com
The post French fintech Lydia launches digital banking app Sumeria appeared first on HIPTHER Alerts.
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FinTech IPO Index Edges Up 1.7% as Katapult Earnings Lead Platforms Higher
This week was dominated by earnings reports from fintech firms specializing in connecting supply and demand, such as those in lending and modernizing payments between merchants and consumers. Despite ongoing stock volatility, the FinTech IPO Index climbed 1.7%.
FinTech IPO Index Highlights
Katapult saw its stock soar by 18.5% this week. The company reported that Katapult Pay gross originations grew over 150% year-over-year to $55.6 million, with 55.9% of these originations in Q1 2024 coming from repeat customers. Total revenue increased by 18.1% to $65.1 million.
Blend Labs experienced a share increase of just over 15%. Their Q1 2024 earnings revealed total company revenue of $34.9 million, comprising $23.8 million from the Blend Platform segment and $11.1 million from the Title segment. Within the Blend Platform, mortgage suite revenue declined by 15% year-over-year to $15.1 million, while consumer banking suite revenue rose by 29% to $6.7 million. Professional services revenue increased by 21% to $2.1 million.
Paysafe saw a 15.2% rise in its stock. The company’s earnings report indicated an 11% increase in revenue from its Merchant Solutions segment, driven by strong eCommerce performance and SMB client demand. Digital wallet-related revenue increased by 5%, mainly due to growth in the gambling sector. Overall, consolidated revenue rose by 7% to $418 million on a constant currency basis, with total payment volume up 7% to $36.1 billion, and transactions per active user increasing by 14%.
Open Lending shares climbed 7.8% following their partnership with Core Specialty Insurance Holdings, which will now provide credit default insurance policies for Open Lending’s Lenders Protection platform.
Robinhood saw a modest increase of 3.4% over the past week. The company exceeded Q1 profit expectations, driven by strong cryptocurrency trading volumes and a 22% rise in net interest revenue to $254 million. Retail traders, optimistic about economic prospects, have reentered the market, resulting in a 59% increase in transaction-based revenue.
Oportun shares rose by 2.7%. The company’s official Q1 report on May 9 confirmed preliminary results, showing aggregate originations of $338 million, down from $408 million last year. The portfolio yield was 32.5%, an increase of 113 basis points from the previous year, and the annualized net charge-off rate improved to 12% from 12.1% a year ago and 12.3% in the previous quarter.
Declines in the Index
dLocal experienced a significant decline, with shares dropping by 27%. Despite a 49% year-over-year increase in total payment volume to $5.3 billion and a 34% rise in revenue to $184.4 million, gross profit margins were pressured by renegotiated terms with a top merchant and higher payout volumes. Consequently, operating income fell by 32% year-over-year.
Nu Holdings reported the addition of 5.5 million customers in Q1, bringing its global total to 99.3 million by the end of March. The company, now the fourth-largest financial institution in Latin America by customer count, saw monthly average revenue per active customer grow by 30% year-over-year. However, its shares slipped by 0.6%. The NPL ratio for its Brazilian consumer credit portfolio was 5%, consistent with expectations and historical patterns.
Expensify added unlimited virtual cards to its spend management platform. The new Expensify Visa Commercial Card allows businesses to manage expenses across employees and merchants, setting fixed or monthly spending limits for each card. Despite this innovation, the company’s shares fell by 3.4%.
In summary, the fintech sector showcased a range of performances, with several companies delivering strong earnings that boosted the FinTech IPO Index, while others faced challenges that impacted their stock prices.
Source: pymnts.com
The post FinTech IPO Index Edges Up 1.7% as Katapult Earnings Lead Platforms Higher appeared first on HIPTHER Alerts.
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