According to the Zhitong Finance App, Jinyang New Energy (01121) announced the results for the year ended December 31, 2023. The group achieved revenue of 295 million yuan (RMB, same below) during the period, an increase of 7.68% over the previous year; gross profit of 42.95 million yuan, an increase of 20.78% over the previous year.

According to the announcement, the increase in revenue was mainly due to increased revenue from the photovoltaic products business and OEM business. As far as the photovoltaic product business is concerned, compared with about 70.7 million yuan in 2022, this year's revenue increased by about 12.9% to about 79.8 million yuan. The main contribution to the increase in revenue comes from the Group's sales of high-efficiency HJT solar modules to European customers.

As far as the OEM business is concerned, although the Group is still facing worsening macroeconomic factors such as inflation and weak consumer demand in the US, thanks to the efforts of the Group's sales team, this year's revenue increased by about 11.7% to about 209.4 million yuan (2022:18.7.4 million yuan). Furthermore, in response to the threat of fierce price reduction competition from Chinese manufacturers, the Group is shifting its focus to developing high-end products with high gross margins. Furthermore, the Group focused on optimizing production processes and improving production efficiency, and successfully increased gross profit margin during the year.