Risen Energy Reports Brilliant 2023 Earnings with $4.87 Billion Revenue, Up 20.22%

NINGBO, China, May 8, 2024 /PRNewswire/ — Risen Energy Co., Ltd. (“the Company”), a globally leading manufacturer of high-performance solar photovoltaic products, has announced its outstanding financial results for 2023, demonstrating significant growth and technological advancements in the solar industry.

According to its latest annual report, in 2023, Risen Energy clocked up approximately 35.33 billion RMB (US$4.87 billion) in revenue, up 20.22% year-on-year. The Company’s net profit after deduction of non-recurring profits or losses rose to 1.58 billion RMB (US$218 million) in 2023, marking a 55.77% year-over-year increase. Risen Energy’s net assets attributable to equity holders expanded by 62.47% to reach 15.2 billion RMB (US$2.09 billion) in 2023.

Risen Energy has achieved various significant milestones over the last year. Here are a few highlights:

• Technological achievements:
  • Risen Energy has made significant strides in n-type technology and large-size high-efficiency module technologies. The Company set a new record efficiency rate of 23.9% for its heterojunction (HJT) Hyper-ion Modules in 2023, with a projected production capacity of 21GW by 2024. Risen Energy’s innovations include the development of 0BB cell technology, 210 ultra-thin silicon wafer technology, pure silver consumption＜7mg/W and Hyper-Link technology. The Company was the first in the industry to put such technological breakthroughs into mass production.
  • In 2023, Risen Energy obtained multiple international certifications, including the first TÜV SÜD global certificate for 210 HJT high-efficiency ultra-thin modules.
  • Also in 2023, Risen Energy developed and owned 740 patent technologies, with 172 new patents authorized during the year.
  • The Company published several whitepapers as it continued to lead the industry. In August 2023, Risen Energy released its highly-anticipated research paper “Development and Application of Low-silver Metallization Paste,” and in December, the Company published “Development and Industrial Application of Ultra-thin Silicon Wafers” — setting strong benchmarks for the industry.
• Product Applications:
  • For residential and C&I rooftops, Risen Energy’s Super Energy Series products have shown superior performance and installation convenience. Such products strengthened the Company’s position in technological innovation and industrial application.
• Energy Storage:
  • Risen Energy also stood out in the field of energy storage. Leveraging its dual-energy storage industrialization platform and its professional research and development team, the Company has achieved full-stack self-development and closed-loop management of “3S” (BMS/PCS/EMS) technologies. Risen Energy’s independently developed liquid-cooled battery energy storage system was the first in China to be certified by both Chinese and American UL9540A standards.
• Environmental, Social, and Governance (ESG):
  • In Risen Energy’s latest ESG report, the Company noted that it has obtained the SA8000 certification. Risen Energy has increased its clean energy usage to 31,320,210 kWh, up 9.4% year-on-year. It has also purchased 6,424,000 kWh of green electricity, and set a new low in the French carbon footprint certification at 376.5 kg eq CO2/kWc — thanks to the Company’s HJT module product.

	As of December 31, 2023 (in RMB)	As of December 31, 2022	As of December 31, 2021
Total assets	54,245,929,430.61	38,358,001,211.15	29,636,736,310.32 Advertisement
Net assets attributable to equity holders	15,208,422,344.15	9,360,934,883.33	8,478,633,433.49
	2023 (in RMB)	2022	2021
Revenues	35,326,804,378.95	29,384,723,133.68 Advertisement	18,830,724,181.12
Net profit attributable to equity holders	1,363,281,088.79	934,976,466.28	43,317,260.05
Net profit attributable to equity holders after deduction of non- recurring profit or loss	1,582,641,345.52	1,015,980,459.29	648,132,577.21

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About Risen Energy

Risen Energy, established in 1986 and publicly listed in 2010, is a global Tier 1, “AAA” credit-rated solar photovoltaic product manufacturer and power generation solutions provider. Renowned for techno-commercial innovation, top-quality products, and strong support, the Company’s Solar PV solutions are powerful and cost-effective.

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