"STAR Daily News" reported on November 7th (Reporter: Yu Jiaxin) "The company's own product inventory is at a reasonable level, and the European inventory clearance has now reached a relative bottom." At the third-quarter earnings conference in 2024, Huang Min, Chairman and General Manager of Jiangsu Goodwe Power Supply Technology Co.,Ltd., said, "Although affected by the past overseas industry inventory phase, the company continues to increase research and development investment and technological innovation, actively expand domestic and overseas markets, especially further accelerate the expansion of various emerging markets, and continue to deepen global strategic deployment."

Jiangsu Goodwe Power Supply Technology Co.,Ltd. achieved revenue of 4.943 billion yuan in the first three quarters of this year, a year-on-year decrease of 12.51%; achieving net income attributable to the parent company at 8.6521 million yuan, a year-on-year decrease of 99.03%.

Looking at a single quarter, after experiencing losses in the fourth quarter of last year and the first quarter of this year, the company's performance is gradually recovering. The company achieved a net income attributable to the parent company of 32.4827 million yuan in the third quarter, a year-on-year decrease of 78.64%, and a quarter-on-quarter increase of 550.77%.

At the earnings conference, the company's CFO Du Jinli stated that the company's main business was affected by overseas inventory and other factors, with a significant decrease in overseas sales of power inverters and batteries compared to the same period last year, while domestic sales of household photovoltaic systems increased significantly.

Regarding gross margin, Du Jinli mentioned that Jiangsu Goodwe Power Supply Technology Co.,Ltd.'s third-quarter comprehensive gross margin was 23.41%, a year-on-year decrease of 7.78 percentage points, and a quarter-on-quarter increase of 3.26 percentage points. "Mainly due to the impact of changes in sales structure for this reporting period, despite a significant increase in domestic sales of household photovoltaic systems, the sharp decline in overseas sales of high-margin power inverters and batteries led to a significant decrease in overall gross margin."

Chairman and General Manager Huang Min of the company stated that the company focuses on the research and development of core technologies in energy conversion, power electronics, energy storage, and energy internet.

Domestically, it is understood that Jiangsu Goodwe Power Supply Technology Co.,Ltd. acquired and established Foshan Goodwe Thermal Technology Co., Ltd. in 2024. At the earnings conference, Secretary of the Board of Directors Wang Yinchao stated that Goodwe Thermal Technology is a high-tech enterprise under the company focusing on the development, manufacturing, and sales of heat pump products, located in Shunde District, Foshan City, Guangdong Province in the hinterland of the Pearl River Delta.

On October 9, jiangsu goodwe power supply technology co.,ltd.'s factory, with an annual production capacity of 0.3 million units of hot air energy, officially started production. The project is located in Wusha Industrial Park, Daliang, Shunde District. The initial investment exceeds 0.1 billion yuan, with plans to produce at least 0.3 million units of air energy equipment per year.

In overseas markets, the chairman and general manager of the company, Huang Min, mentioned that the company has accumulated numerous customers in various countries and regions globally including Germany, Italy, Australia, the Netherlands, Belgium, Turkey, Mexico, Brazil, Poland, South Africa, and the USA.

"As the market gradually recovers, the company's business is also gradually picking up. Whether it is the domestic market or the international market, while stabilizing existing business, the company is actively expanding into new markets and has already seen initial success. The company's expenses are all at a reasonable and controllable level," said Wang Yinchao, the secretary of the board of directors.