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PR Newswire

Recon Technology, Ltd Reports Financial Year Results for Fiscal Year 2023

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BEIJING, Oct. 28, 2023 /PRNewswire/ — Recon Technology, Ltd (NASDAQ: RCON) (“Recon” or the “Company”), a China-based independent solutions integrator in the oilfield service and environmental protection, electric power and coal chemical industries, today announced its financial results for fiscal year 2023.

Fiscal Year Ended June 30, 2023 Financial Highlights:

–  Total revenue decreased by approximately RMB16.7 million ($2.3 million) or 19.9% to RMB67.1 million ($9.3 million) for the year ended June 30, 2023 from RMB83.8million ($12.5 million) for the same period in 2022.

–  Gross profit decreased to RMB18.9 million ($2.6 million) for the year ended June 30, 2023, from RMB19.4 million ($2.9 million) for the same period in 2022.

–  Gross margin increased to 28.1% for the year ended June 30, 2023 from 23.2% for the same period in 2022.

–  Net loss was RMB61.5 million ($8.5 million) for the year ended June 30, 2023, an increase of RMB155.8 million ($21.5 million) from net income of RMB94.3 million ($14.1 million) for the same period of 2022.

For the Years Ended

June 30,

2023

2022

Increase /(Decrease)

Percentage
Change

(in RMB millions, except
earnings per share;
differences due to rounding)

Revenue

RMB

67.1

RMB

83.8

RMB

(16.7)

(19.9)

%

Gross profit

18.9

19.4

(0.5)

(2.9)

%

Gross margin

28.1 %

23.2 %

6.0 %

——

Net income (loss)

(61.5)

94.3

(155.8)

(165.2)

%

Net earnings per share –
Basic and diluted

(1.7)

3.2

(4.9)

(154.5)

%

Management Commentary

Mr. Shenping Yin, Founder and CEO of Recon said, “Fiscal year ended 2023 was a year of change, challenge and opportunity for Recon. As a result of the impact of the outbreak and changes in the industry, our established business volume temporarily declined and recovered less than optimally, and resulting in a decline in overall revenue in fiscal year ended 2023, but our gross margins improved due to management efficiencies and the overall recovery of the industry.

We believe that China’s investment and demand in the oil industry will not decrease in the near future, and we believe that there are still many opportunities for growth in the oil industry. Recon will continue to benefit from this trend. We expect a significant increase in the volume of business in the oilfield services segment in the coming year. We are also expanding our business focus from oilfield service segment to broader energy sectors, including carbon-zero opportunities and alternative materials for primary petroleum products. We are actively exploring the chemical recycling business of low-value plastics based on waste treatment and recycling, and have reached preliminary cooperation agreements and market expansion and sales intentions with key upstream and downstream customers. Our drive has always been to maximize the long-term benefits for our company and our shareholders based on our experience and resources in the petrochemical and energy industries.”

Fiscal Year Ended 2023 Financial Results:

Revenue

Total revenues for the year ended June 30, 2023 were approximately RMB67.1 million ($9.3 million), a decrease of approximately RMB16.7 million ($2.3 million) or 19.9% from RMB83.8million ($12.5 million) for the same period in 2022. The overall decrease in revenue was mainly due to decrease from all four segments during the year ended June 30, 2023.

 –  Revenue from automation product and software decreased by RMB5.3 million ($0.7 million) or 316.6%. The decrease was mainly caused by decreased orders from JiDong oilfield as this client reduced their investment budget and oil and gas extraction activities.

 –  Revenue from equipment and accessories decreased by ¥0.9 million ($0.1 million) or 5.3% as we decided not to continue working with some oilfield client with low production levels and allocated our sales and service resources into some larger oilfield companies. We believe this was a temporary decline. Our revenue from this segment will increase in the coming year.

 –  Revenue from oilfield environmental protection decreased by RMB6.2million ($0.9 million) or 24.5%. This was mainly caused by less raw materials we could collect. As a result, our revenue decreased due to lower processing volume compared to the same period last year.

 –  Revenue from platform outsourcing services decreased by RMB4.2 million ($0.6 million) or 45.2%. The decrease was mainly due to less overall economic activities and lower refueling volumes at gas stations, and change in the method of settlement with major customers, from the original service fee based on a percentage of the volume and transaction amount to a basic fixed monthly service fee. 

Cost of revenue

Cost of revenues decreased from RMB64.4 million ($9.6 million) for the year ended June 30, 2022 to RMB48.2 million ($6.7 million) for the same period in 2023. This decrease was mainly caused by the decreased cost of revenue from automation product and software, oilfield environmental protection and platform outsourcing services segments, which was partially offset by the decreased cost of revenue from equipment and accessories segment during the year ended June 30, 2023.

Gross profit

Gross profit decreased to RMB18.9 million ($2.6 million) for the year ended June 30, 2023 from RMB19.4 million ($2.9 million) for the same period in 2022. Gross profit as a percentage of revenue increased to 28.1% for the year ended June 30, 2023 from 23.2% for the same period in 2022.

– For the years ended June 30, 2022 and 2023, our gross profit from automation product and software was approximately RMB2.1 million and RMB3.0 million ($0.4 million), respectively, representing an increase in gross profit of approximately RMB0.9 million ($0.1 million) or 42.4%. In year 2021, we mainly carried out contracts that were signed during the COVID-19 and low oil price period, during which we used a low-margin strategy to maintain our cooperation business with clients. As oil price increase in 2022, our customers recovered and contract terms were improved and our margin increased and the margin percentage will also be higher.

–  For the years ended June 30, 2022 and 2023, gross profit from equipment and accessories was approximately RMB6.7 million and RMB7.3 million ($1.0 million), respectively, representing a slight increase of approximately RMB0.6 million ($0.09 million) or 9.3%. This was mainly driven by high oil price and more demands for heating furnaces with higher margin rather than accessories with lower margin.

–  For the years ended June 30, 2022 and 2023, gross profit from oilfield environmental protection was approximately RMB5.1 million and RMB5.2 million ($0.7 million), respectively, maintaining at a stable level.

–  For the years ended June 30, 2022 and 2023, gross profit from platform outsourcing services was approximately RMB5.5 million and RMB3.4 million ($0.5 million), respectively, representing a decrease of approximately RMB2.1 million ($0.3 million) or 38.6%, this was mainly because personnel expenses, which constitutes major part of our costs, reduced during the year ended June 30, 2023.

Operating expenses

Selling expenses increased by 4.8%, or RMB0.4 million ($0.07 million), from RMB10.2 million in the year ended June 30, 2022 to RMB10.6 million ($1.5 million) in the same period of 2023.

General and administrative expenses decreased by 7.8%, or RMB6.5 million ($0.9 million), from RMB83.3 million in the year ended June 30, 2022 to RMB76.8 million ($10.6 million) in the same period of 2023. 

Net recovery of credit losses of RMB0.7 million for the year ended June 30, 2022 as compared to net recovery of credit losses of RMB9.0 million ($1.2 million) for the same period in 2023. 

Research and development expenses remained relatively stable with a slight decrease by 1.8%, or RMB0.2 million ($0.02 million) from RMB9.0 million for the year ended June 30, 2022 to RMB8.8 million ($1.2 million) for the same period of 2023.

Loss from operations

Loss from operations was RMB69.3 million ($9.6 million) for the year ended June 30, 2023, compared to a loss of RMB82.3 million for the same period of 2022. This RMB13.0 million ($1.8 million) decrease in loss from operations was primarily due to the decrease in operating expense as discussed above.

Gain in fair value changes of warrant liability

The Company classified the warrants issued in connection with common share offering as liabilities at their fair value and adjusted the warrant instrument to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in our statement of operations. Gain in change in fair value of warrant liability was RMB174.5 million and RMB6.1 million ($0.8 million) for the years ended June 30, 2022 and 2023, respectively.

Impairment loss on goodwill and intangible assets

In conjunction with the preparation of our consolidated financial statement for years ended June 30, 2022 and 2023, the management performed evaluation on the impairment of goodwill and intangible assets and recorded an impairment loss on goodwill and intangible assets of RMB2.3 million and RMB10.0 million ($1.4 million) for the years ended June 30, 2022 and 2023, respectively. The impairment was mainly due to the decision of the major customers to develop their own autonomous unified system and to significantly reduce the procurement of third-party services. This change has had a significant and negative impact on FGS’s business model and enterprise value. 

Interest income

Net interest income was RMB11.1 million ($1.5 million) for the year ended June 30, 2023, compared to net interest income of RMB3.8 million for the same period of 2022. The RMB.3 million ($1.0 million) increase in net interest income was primarily due to the increased interest-bearing loans to third parties and increased short-term investments we invested during the year ended June 30, 2023.

Other income (expenses), net.

Other net income was RMB0.7 million ($0.1 million) for the year ended June 30, 2023, compared to other net expenses of RMB0.1 million for the same period of 2022.

Net income (loss)

As a result of the factors described above, net loss was RMB61.5 million ($8.5 million) for the year ended June 30, 2023, an increase of RMB155.8 million ($21.5 million) from net income of RMB94.3 million for the same period of 2022.

Cash and short-term investment

As of June 30, 2023, we had cash in the amount of approximately RMB104.1 million ($14.4 million) and short-term investment in bank fixed income product of approximately RMB184.2 million ($25.4 million). As of June 30, 2022, we had cash in the amount of approximately RMB317.0 million ($47.3 million).

About Recon Technology, Ltd (“RCON”)

Recon Technology, Ltd (NASDAQ: RCON) is the People’s Republic of China’s first NASDAQ-listed non-state owned oil and gas field service company. Recon supplies China’s largest oil exploration companies, Sinopec (NYSE: SNP) and The China National Petroleum Corporation (“CNPC”), with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measure for increasing petroleum extraction levels, reducing impurities and lowering production costs. Through the years, RCON has taken leading positions within several segmented markets of the oil and gas filed service industry. RCON also has developed stable long-term cooperation relationship with its major clients. For additional information please visit: http://www.recon.cn/.

Forward-Looking Statements

Recon includes “forward-looking statements” within the meaning of the federal securities laws throughout this press release. A reader can identify forward-looking statements because they are not limited to historical fact or they use words such as “scheduled,” “may,” “will,” “could,” “should,” “would,” “expect,” “believe,” “anticipate,” “project,” “plan,” “estimate,” “forecast,” “goal,” “objective,” “committed,” “intend,” “continue,” or “will likely result,” and similar expressions that concern Recon’s strategy, plans, intentions or beliefs about future occurrences or results. Forward-looking statements are subject to risks, uncertainties and other factors that may change at any time and may cause actual results to differ materially from those that Recon expected. Many of these statements are derived from Recon’s operating budgets and forecasts, which are based on many detailed assumptions that Recon believes are reasonable, or are based on various assumptions about certain plans, activities or events which we expect will or may occur in the future. However, it is very difficult to predict the effect of known factors, and Recon cannot anticipate all factors that could affect actual results that may be important to an investor. All forward-looking information should be evaluated in the context of these risks, uncertainties and other factors, including those factors disclosed under “Risk Factors” in Recon’s most recent Annual Report on Form 20-F and any subsequent half-year financial filings on Form 6-K filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by the cautionary statements that Recon makes from time to time in its SEC filings and public communications. Recon cannot assure the reader that it will realize the results or developments Recon anticipates, or, even if substantially realized, that they will result in the consequences or affect Recon or its operations in the way Recon expects. Forward-looking statements speak only as of the date made. Recon undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, Recon.

RECON TECHNOLOGY, LTD

CONSOLIDATED BALANCE SHEETS

As of June 30

As of June 30

As of June 30

2022

2023

2023

RMB

RMB

U.S. Dollars

ASSETS

Current assets

Cash

¥

316,974,857

¥

104,125,800

$

14,359,604

Restricted cash

723,560

731,545

100,885

Short-term investments

—

184,184,455

25,400,198

Notes receivable

10,828,308

3,742,390

516,099

Accounts receivable, net

22,577,980

27,453,415

3,785,999

Inventories, net

3,894,369

6,330,701

873,044

Other receivables, net

5,501,833

2,185,733

301,427

Loans to third parties

50,383,822

123,055,874

16,970,181

Purchase advances, net

178,208

2,680,456

369,652

Contract costs, net

33,858,820

49,572,685

6,836,386

Prepaid expenses

420,284

350,119

48,284

Prepaid expenses- related parties

275,000

—

—

Total current assets

445,617,041

504,413,173

69,561,759

Property and equipment, net

25,474,162

24,752,864

3,413,576

Construction in progress

239,739

—

—

Intangible assets, net

5,950,000

—

—

Long-term other receivables, net

1,564,381

3,640

502

Goodwill

4,730,002

—

—

Operating lease right-of-use assets (including ¥765,241 and ¥335,976 ($46,333) from a related party as of June 30, 2022 and
2023, respectively)

6,666,759

2,654,900

366,127

Total Assets

¥

490,242,084

¥

531,824,577

$

73,341,964

LIABILITIES AND EQUITY

Current liabilities

Short-term bank loans

¥

10,000,000

¥

12,451,481

$

1,717,138

Accounts payable

16,739,989

10,791,721

1,488,246

Other payables

3,533,918

5,819,010

802,478

Other payable- related parties

2,240,135

2,592,395

357,508

Contract liabilities

2,001,277

2,748,365

379,017

Accrued payroll and employees’ welfare

2,250,547

2,382,516

328,564

Taxes payable

2,210,958

1,163,006

160,386

Short-term borrowings – related parties

9,009,156

20,018,222

2,760,639

Long-term borrowings – related party – current portion

999,530

—

—

Operating lease liabilities – current (including ¥429,265 and ¥335,976 ($46,333) from a related party as of June 30, 2022 and
2023, respectively)

3,892,774

3,066,146

422,841

Total Current Liabilities

52,878,284

61,032,862

8,416,817

Operating lease liabilities – non-current (including ¥335,976 and ¥nil ($nil) from a related party as of June 30, 2022 and 2023,
respectively)

2,184,635

25,144

3,468

Long-term borrowings – related party

5,511,076

—

—

Contract liabilities – non-current

106,000

—

—

Warrant liability

16,677,328

31,615,668

4,360,000

Total Liabilities

77,357,323

92,673,674

12,780,285

Commitments and Contingencies

Equity

Class A ordinary shares, $0.0925 U.S. dollar par value, 150,000,000 shares authorized; 29,700,718 shares and 40,528,218 shares
issued and outstanding as of June 30, 2022 and 2023, respectively

18,001,670

24,912,822

3,435,635

Class B ordinary shares, $0.0925 U.S. dollar par value, 20,000,000 shares authorized; 4,100,000 shares and 7,100,000 shares
issued and outstanding as of June 30, 2022 and 2023, respectively

2,408,498

4,340,731

598,614

Additional paid-in capital

496,038,696

551,118,133

76,002,666

Statutory reserve

4,148,929

4,148,929

572,163

Accumulated deficit

(111,273,525)

(170,440,826)

(23,504,865)

Accumulated other comprehensive income

11,307,461

35,127,173

4,844,259

Total shareholders’ equity

420,631,729

449,206,962

61,948,472

Non-controlling interests

(7,746,968)

(10,056,059)

(1,386,793)

Total equity

412,884,761

439,150,903

60,561,679

Total Liabilities and Equity

¥

490,242,084

¥

531,824,577

$

73,341,964

 *The accompanying notes are an integral part of these consolidated financial statements.

RECON TECHNOLOGY, LTD

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the years ended

June 30, 

2021

2022

2023

2023

RMB

RMB

RMB

USD

Revenue

Revenue – third parties

¥

47,852,918

¥

83,777,571

¥

67,114,378

$

9,255,496

Revenue – related party

85,657

—

—

—

Revenue

47,938,575

83,777,571

67,114,378

9,255,496

Cost of revenue

Cost of revenue – third parties

40,723,547

64,352,834

48,247,395

6,653,620

Cost of revenue

40,723,547

64,352,834

48,247,395

6,653,620

Gross profit

7,215,028

19,424,737

18,866,983

2,601,876

Selling and distribution expenses

8,038,965

10,150,802

10,638,978

1,467,182

General and administrative expenses

45,949,157

83,281,958

76,784,396

10,589,052

Allowance for (net recovery of) credit losses

8,191,247

(658,823)

(9,038,985)

(1,246,533)

Impairment loss of property and equipment and other long-lived assets

768,312

—

1,009,124

139,165

Research and development expenses

5,846,295

8,964,217

8,806,205

1,214,431

Operating expenses

68,793,976

101,738,154

88,199,718

12,163,297

Loss from operations

(61,578,948)

(82,313,417)

(69,332,735)

(9,561,421)

Other income (expenses)

Subsidy income

355,667

11,993

325,425

44,878

Interest income

918,629

5,367,979

13,603,487

1,876,007

Interest expense

(2,210,005)

(1,522,526)

(2,514,850)

(346,814)

Income (loss) from investment in unconsolidated entity

(266,707)

15,411

—

—

Gain in fair value changes of warrants liability

35,365,792

174,485,575

6,116,000

843,435

Remeasurement gain of previously held equity interests in connection with step acquisition

979,254

—

—

—

Foreign exchange transaction gain (loss)

(146,898)

(118,456)

241,652

33,325

Impairment loss on goodwill and intangible assets

—

(2,266,893)

(9,980,002)

(1,376,305)

Other income

192,137

15,855

82,970

11,442

Other income, net

35,187,869

175,988,938

7,874,682

1,085,968

Income (loss) before income tax

(26,391,079)

93,675,521

(61,458,053)

(8,475,453)

Income tax expenses (benefit)

(524,251)

(613,874)

18,339

2,529

Net income (loss)

(25,866,828)

94,289,395

(61,476,392)

(8,477,982)

Less: Net loss attributable to non-controlling interests

(3,034,094)

(1,297,400)

(2,309,091)

(318,438)

Net income (loss) attributable to Recon Technology, Ltd

¥

(22,832,734)

¥

95,586,795

¥

(59,167,301)

$

(8,159,544)

Comprehensive income (loss)

Net income (loss)

(25,866,828)

94,289,395

(61,476,392)

(8,477,982)

Foreign currency translation adjustment

(850,895)

9,332,625

23,819,712

3,284,889

Comprehensive income (loss)

(26,717,723)

103,622,020

(37,656,680)

(5,193,093)

Less: Comprehensive loss attributable to non- controlling interests

(3,034,094)

(1,297,400)

(2,309,091)

(318,438)

Comprehensive income (loss) attributable to Recon Technology, Ltd

¥

(23,683,629)

¥

104,919,420

¥

(35,347,589)

$

(4,874,655)

Earnings (loss) per share – basic and diluted

¥

(1.80)

¥

3.19

¥

(1.74)

$

(0.24)

Weighted – average shares -basic and diluted

12,697,024

30,002,452

33,923,112

33,923,112

*The accompanying notes are an integral part of these consolidated financial statements.

RECON TECHNOLOGY, LTD

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the years ended June 30,

2021

2022

2023

2023

RMB

RMB

RMB

U.S. Dollars

Cash flows from operating activities:

Net income (loss)

¥

(25,866,828)

¥

94,289,395

¥

(61,476,393)

$

(8,477,982)

Adjustments to reconcile net income (loss) to net cash used in operating activities:

Depreciation and amortization

3,150,789

3,339,868

3,683,586

507,990

Loss (gain) from disposal of equipment

19,590

48,628

(12,782)

(1,763)

Gain in fair value changes of warrants liability

(35,365,792)

(174,485,575)

(6,116,000)

(843,435)

Amortization of offering cost of warrants

12,584,024

—

1,483,306

204,557

Allowance for (net recovery of) credit losses

8,191,247

(658,823)

(9,038,985)

(1,246,533)

Allowance for slow moving inventories

654,673

266,285

484,644

66,835

Impairment loss of property and equipment and other long-lived assets

768,312

—

1,009,124

139,165

Impairment loss on goodwill and intangible assets

—

2,266,893

9,980,002

1,376,305

Amortization of right of use assets

1,866,803

3,138,518

3,252,066

448,480

Restricted shares issued for management and employees

6,140,037

39,263,485

26,191,707

3,612,002

Restricted shares issued for services

—

8,935,919

7,306,822

1,007,657

Remeasurement gain of previously held equity interests in connection with step acquisition

(979,254)

—

—

—

Loss (income) from investment in unconsolidated entity

266,707

(15,411)

—

—

Deferred tax benefit

(425,913)

(624,087)

—

—

Interest expenses related to convertible notes

430,416

—

—

—

Accrued interest income from loans to third parties

—

(270,563)

(7,997,961)

(1,102,969)

Accrued interest income from short-term investment

—

—

(2,901,955)

(400,198)

Changes in operating assets and liabilities:

Notes receivable

(2,124,748)

(4,522,674)

7,085,918

977,193

Accounts receivable

18,326,410

3,811,866

(495,784)

(68,372)

Accounts receivable-related party

3,409,912

—

—

—

Inventories

(2,502,263)

(689,291)

(2,373,013)

(327,253)

Other receivables

(338,468)

285,786

(1,307,694)

(180,339)

Other receivables-related parties

—

—

(64,122)

(8,843)

Purchase advances

(899,371)

865,430

(2,575,198)

(355,136)

Contract costs

(21,944,876)

15,422,513

(14,236,539)

(1,963,309)

Prepaid expense

143,354

(274,215)

70,164

9,676

Prepaid expense – related parties

(433,000)

158,000

275,000

37,924

Operating lease liabilities

(2,762,949)

(1,594,702)

(3,061,303)

(422,173)

Accounts payable

(2,109,944)

(5,523,938)

(1,710,898)

(235,944)

Other payables

5,685,188

(6,329,042)

2,270,104

313,062

Other payables-related parties

(2,577,610)

969,468

352,260

48,579

Contract liabilities

4,160,456

(5,578,999)

641,087

88,410

Accrued payroll and employees’ welfare

(1,593,822)

296,065

131,971

18,200

Taxes payable

76,452

961,964

(1,036,483)

(142,938)

Net cash used in operating activities

(34,050,468)

(26,247,237)

(51,688,331)

(7,128,147)

Cash flows from investing activities:

Purchases of property and equipment

(522,416)

(692,206)

(940,673)

(129,725)

Proceeds from disposal of equipment

—

—

31,950

4,406

Repayments of loans to third parties

5,150,377

171,435,032

40,113,311

5,531,879

Payments made for loans to third parties

(51,638,458)

(171,071,510)

(103,146,761)

(14,224,589)

Payments for short-term investments

—

—

(290,051,964)

(39,999,995)

Redemption of short-term investments

—

—

108,769,464

14,999,995

Step acquisition of FGS, net of cash

471,843

—

—

—

Net cash used in investing activities

(46,538,654)

(328,684)

(245,224,673)

(33,818,029)

Cash flows from financing activities:

Proceeds from short-term bank loans

16,020,000

10,000,000

13,491,481

1,860,560

Repayments of short-term bank loans

(10,540,000)

(15,000,000)

(11,040,000)

(1,522,486)

Proceeds from short-term borrowings

3,660,000

—

—

—

Repayments of short-term borrowings

(3,360,000)

(530,000)

—

—

Proceeds from short-term borrowings-related parties

18,400,000

11,100,000

15,013,115

2,070,403

Repayments of short-term borrowings-related parties

(15,950,000)

(14,770,000)

(9,000,000)

(1,241,157)

Proceeds from long-term borrowings-related party

—

—

—

—

Repayments of long-term borrowings-related party

(816,952)

(892,701)

(1,499,667)

(206,813)

Proceeds from warrants issued with common stock

212,051,414

—

17,493,069

2,412,405

Proceeds from sale of ordinary shares, net of issuance costs

81,091,141

—

28,174,993

3,885,509

Proceeds from sale of prefunded warrants, net of issuance costs

30,276,569

93,321

3,750,282

517,188

Proceeds from stock issuance for warrants exercised

21,130,035

Proceeds from issuance of convertible notes

42,014,616

—

—

—

Refund of capital contribution by a non-controlling shareholder

—

—

—

—

Capital contribution by non-controlling shareholders

50,000

—

—

—

Net cash provided by (used in) financing activities

394,026,823

(9,999,380)

56,383,273

7,775,609

Effect of exchange rate fluctuation on cash and restricted cash

224,365

10,275,148

27,688,659

3,818,441

Net increase (decrease) in cash and restricted cash

313,662,066

(26,300,153)

(212,841,072)

(29,352,126)

Cash and restricted cash at beginning of year

30,336,504

343,998,570

317,698,417

43,812,615

Cash and restricted cash at end of year

¥

343,998,570

¥

317,698,417

¥

104,857,345

$

14,460,489

Supplemental cash flow information

Cash paid during the year for interest

¥

1,682,863

¥

1,427,174

¥

1,200,699

$

165,584

Cash paid during the year for taxes

¥

(98,338)

¥

10,214

¥

18,339

$

2,529

Reconciliation of cash and restricted cash, beginning of year

Cash  

¥

30,336,504

¥

343,998,570

¥

316,974,857

¥

43,712,832

Restricted cash

—

—

723,560

99,783

Cash and restricted cash, beginning of year

¥

30,336,504

¥

343,998,570

¥

317,698,417

$

43,812,615

Reconciliation of cash and restricted cash, end of year

Cash  

¥

343,998,570

¥

316,974,857

¥

104,125,800

¥

14,359,604

Restricted cash

—

723,560

731,545

100,885

Cash and restricted cash, end of year

¥

343,998,570

¥

317,698,417

¥

104,857,345

$

14,460,489

Non-cash investing and financing activities

Issuance of common stock in exchange of shares of FGS, net of issuance costs

¥

1,689,807

¥

—

¥

—

$

—

Cancellation of common stock issued prior years in exchange of shares of FGS , net of issuance costs

¥

(1,689,807)

¥

—

¥

—

$

—

Issuance of common stock in exchange of shares of Starry, net of issuance costs

27,675,450

¥

—

¥

—

$

—

Cancellation of shares issued to Starry Lab

¥

—

¥

(27,675,450)

¥

—

$

—

Conversion of convertible notes to 9,225,338 shares of ordinary shares

¥

42,435,669

¥

—

¥

—

$

—

Right-of-use assets obtained in exchange for operating lease obligations

¥

7,242,819

¥

937,672

¥

75,182

$

10,368

Reduction of right-of-use assets and operating lease obligations due to early termination of lease agreement

¥

—

¥

—

¥

62,357

$

10,368

Inventories transferred to and used as fixed assets

¥

302,795

¥

—

¥

(65,456)

$

8,599

Receivable for disposal of property and equipment

¥

—

¥

3,000

¥

—

$

(9,027)

Capital contribution receivable due from non-controlling Interest

¥

50,000,000

¥

—

¥

—

$

—

Other payable due to non-controlling interest converted into capital contribution

¥

—

¥

1,130,000

¥

—

$

—

*The accompanying notes are an integral part of these consolidated financial statements.

PR Newswire

JA Solar and Samsung C&T Cement Partnership with Signing of New Strategic Cooperation Agreement

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BEIJING, Oct. 8, 2023 /PRNewswire/ — Seong Kon Kim, Vice President and Renewables ENG Team Leader of Samsung C&T CORPORATION (Engineering and Construction Group), paid a visit to JA Solar’s Beijing Headquarters on August 28th. During the visit, a significant milestone was achieved as JA Solar and Samsung C&T signed a strategic cooperation agreement, spanning from 2023 to 2025. The contracts were signed by Yang Aiqing, the Rotating President of JA Solar, and Kim, Vice President of Samsung C&T, solidifying the partnership between the two organizations.

JA Solar and Samsung C&T Cement Partnership with Signing of New Strategic Cooperation Agreement
JA Solar and Samsung C&T Cement Partnership with Signing of New Strategic Cooperation Agreement

During the meeting, Kim stated that JA Solar, as a leading enterprise in the photovoltaic (PV) industry, has played an important role in promoting the global green energy transformation process. Previously, JA Solar has supplied high-efficiency modules for Samsung C&T’s key PV projects, such as the 88MW PV project in Mangilao of Guam and the Qatar 875MW PV power plant project, which shows that the two parties have yielded fruitful results. Samsung C&T extends heartfelt appreciation to JA Solar for its invaluable support in past collaborations. The company is eager to enhance communication channels, fostering even stronger ties between the two parties. Samsung C&T is committed to exploring additional areas of cooperation, seeking opportunities that promote resource complementarity and mutually beneficial development.

Yang warmly welcomed the visit of Samsung C&T. He stated that at present, low-carbon development and green transformation have become a global consensus, and PV, a key driver of growth in the new energy sector, has great potential for development in the future. Since the signing of the global strategic cooperation agreement in 2019, Samsung C&T and JA Solar have achieved remarkable cooperation results, contributing to the early realization of the global carbon neutrality goal. JA Solar is honored to sign a strategic cooperation agreement with Samsung C&T again, and will continue to serve Samsung C&T with reliable and high-efficiency products and services in the future. Building upon the foundation of past cooperation and a strong bond of friendship, JA Solar is excited about the prospect of collaborating with Samsung C&T to drive the successful realization of additional significant PV projects. By working together, both companies aim to make substantial contributions towards the construction of a zero-carbon world.

Source: JA Solar Technology Co., Ltd.

PR Newswire

JA Solar Signs Agreement for Second Largest Photovoltaic Power Plant Project in Bangladesh

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BEIJING, Sept. 25, 2023 /PRNewswire/ — JA Solar signed a cooperation agreement with Paramount Group, a Bangladeshi energy group, to provide all PV modules for a 150MW photovoltaic (PV) power plant project. Both parties will give full play to their advantages and work together to promote the transformation of Bangladesh’s energy structure. The project is expected to be completed by the end of December 2023. Upon completion, it will be the largest PV power plant completed in Bangladesh in 2023 and the second-largest PV power plant in the country.

JA Solar Signs Agreement for Second Largest Photovoltaic Power Plant Project in Bangladesh
JA Solar Signs Agreement for Second Largest Photovoltaic Power Plant Project in Bangladesh

Shakhawat Hossain, Chairman of Paramount Group, a highly influential business conglomerate in Bangladesh, said, “As a leading PV company, JA Solar has won a good reputation worldwide for its excellent technical strength and product quality. We look forward to working together to promote the development of Bangladesh’s PV market through the signing of this agreement.”

Daniel Li, Sales Director of Southeast Asia of JA Solar, said “Paramount Group has far-reaching influence in Bangladesh, and JA Solar is honored to establish cooperation with Paramount Group. We hope that the cooperation between JA Solar and Paramount Group will promote the popularization and application of PV in Bangladesh and create more value for the Bangladeshi PV market.”

Bangladesh is rich in light resources and has favorable conditions for the development of PV. In recent years, JA Solar has been actively developing the Bangladeshi market and has supplied all modules for the first large-scale solar power plant in Bangladesh, a 28MW project. With its high-efficiency products and high-quality services, JA Solar will continue to promote the sustainable development of the Bangladeshi PV market and contribute to efforts towards green and low-carbon transformation in Bangladesh.

Source: JA Solar Technology Co., Ltd.

PR Newswire

ROYPOW Showcases its All-in-One Residential Energy Storage System at RE+ 2023

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LAS VEGAS, Sept. 15, 2023 /PRNewswire/ — Industry-leading lithium-ion battery and energy storage system supplier, ROYPOW unveiled its latest all-in-one residential energy storage system at the RE+ 2023 Exhibition, North America’s largest clean energy event, from September 12th to 14th, with a product launch scheduled on September 13th.

Numerous dealers sign agreements and explore exciting opportunities.
Numerous dealers sign agreements and explore exciting opportunities.

On the product launch day, ROYPOW invited Joe Ordia, a leading industry expert in home energy, including residential energy storage, and Ben Sullins, the tech YouTuber and influencer, to share their insights on how ROYPOW innovative residential energy storage systems contribute to users. Together with the media, they will explore the future of residential energy storage.

The ROYPOW residential energy storage system is an all-new solution for achieving home energy independence. Drawing from years of experience in lithium-ion battery systems and energy storage systems, ROYPOW’s residential system provides whole-home backup power with an impressive efficiency rate of 98%, a substantial power output of 10kW to 15 kW, and a capacity of up to 40 kWh. These combinations are powerful and will empower users to save electricity expenses by optimizing solar power utilization, promote energy freedom by seamlessly transitioning between PV-generated electricity and battery power consumption, and enhance electricity reliability by functioning as an off-grid system that ensures uninterrupted power to critical loads during outages with UPS-level switching time.

With an all-in-one design integrating the battery module, hybrid inverter, BMS, EMS, and more into a compact cabinet, ROYPOW’s residential energy storage system has the best of both worlds for aesthetic appeal and simplified installation. Within hours, it can be up and running, providing sufficient power to live off the grid. The modular design enables the battery modules to be stacked from 5 kWh to 40 kWh storage capacities to run more home appliances, including electric vehicle charging. Additionally, ROYPOW’s solution can be seamlessly integrated into new and existing PV systems.

Safety and intelligent management are also highlighted. The LiFePO4 batteries, the safest, most durable, and most advanced lithium-ion battery technology, have up to ten years of design life and will last over 6,000 cycles. Integrated aerosols and the RSD (Rapid Shut Down) & AFCI (Arc Fault Circuit Interrupter) help prevent electrical problems and fire, making ROYPOW one of the safest systems in the energy storage lineup. With Type 4X protections for water resistance and toughness in all weather conditions, owners will enjoy a significant reduction in maintenance costs. Conforming to the UL9540 for the system, UL 1741 and IEEE 1547 for the inverter, and UL1973 and UL9540A for the battery, it’s a powerful testament to the safety and performance of ROYPOW systems. Using the ROYPOW app or the web interface allows users to monitor solar generation, battery power and usage, and household consumption in real time. Users can set their preferences to optimize for energy independence, outage protection or savings all while controlling the system from anywhere with remote access. A key feature is Instant Alerts, which keep homeowners informed through notifications of system status, completely configurable by the user. 

To ensure peace of mind, ROYPOW systems carry a 10-year warranty. Moreover, ROYPOW has established a local network to provide all-around support for installers and distributors, from installation and sales training and online technical support to local warehousing of spare parts stock.

“As the world moves toward a cleaner and more sustainable energy future, residential energy storage systems that support whole-home power backup, high power capacity, enhanced intelligence, and more are the way to go, which is what ROYPOW works for, providing a promising way to produce and store renewable energy at the household level increasing energy resilience and self-sufficiency and reducing reliance on the grid,” said Michael, Vice President of ROYPOW Technology.

For more information and inquiry, please visit www.roypowtech.com.

We had Joe Ordia, the home energy guru, and Ben Sullins, the tech YouTuber, sharing their insights on how this innovative system empowers users.
We had Joe Ordia, the home energy guru, and Ben Sullins, the tech YouTuber, sharing their insights on how this innovative system empowers users.

PR Newswire

CORNEX Showcases Full Energy Storage Line-Ups at RE+, Bringing New Innovations that Drive Performance and Cost Efficiency

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LAS VEGAS, Sept. 13, 2023 /PRNewswire/ — CORNEX NEW ENERGY CO., LTD. (“CORNEX” or “the Company”), a global new energy company focused on the innovation of lithium-ion batteries, has come to RE+, the largest clean energy event in North America, showcasing its latest offerings that are at the cutting-edge of energy storage technology. Products highlighted at the CORNEX’s booth (L1, 21046) included its Conergy π 314Ah high-capacity battery cell and 5MWh liquid-cooling energy storage container, both equipped with CORNEX’s proprietary technology designed to maximize cost-effectiveness and efficiency.

CORNEX
CORNEX

Being held at The Venetian Convention and Expo Center, Las Vegas, from September 11 to 14, RE+ offers an unparalleled space for new energy players across the globe, once again staging a recording-breaking trade show that connects with over 27,000 attendees and 1,300 exhibiting companies.  Eying to create high-performance renewable energy products to empower the world to transition to cleaner, more sustainable energy sources, CORNEX aims to leverage the platform to unveil solutions with upgraded features developed to trim down costs while delivering better performance and stability.

“As CORNEX continues our path to explore new solutions to unlock the potential of renewable energy, we have hit a new technological milestone with our 280Ah energy storage solution that reduced the price to RMB 0.5 per Wh excluding tax, a standard-setting achievement that is set to usher in a new era for energy storage. Now, we have revved up our R&D efforts to further lower the costs for new energy investments, bringing our next-gen products that feature unmatched benefits that enable the world to accelerate toward energy transition and make clean energy accessible to all,” said Dai Deming, Chairman of CORNEX.

Conergy π 314Ah High-Capacity Battery Cell

Conergy π 314Ah high-capacity battery cell offers industry-leading performance and reliability that sets a new industry benchmark for energy storage solutions, crafted with innovative carbon-coating treatment and manufacturing process to boost its life cycle and quality to address challenges related to battery longevity and safety.  Thanks to the optimization of the electrolyte and the ceramic-coated separators for greater thermal stability, the cell’s design is effective in preventing internal short circuits and thermal runaways.

Conergy π 314Ah cell boasts new technological breakthroughs that allow it to achieve longer duration, with its single-cell energy capacity reaching up to 1,004Wh and a lifespan of over 12,000 cycles. Its enhanced electrolyte formula and pole lug structure result in a 15% reduction in internal resistance and a 10% decrease in temperature rise, coupled with special coating treatments and granulation process to ensure its stability for long-term use.

5MWh Liquid-Cooling Energy Storage Container

With Conergy π 314Ah cell as its core, CORNEX’s 5MWh liquid-cooling energy storage container features the “Submerge” battery safety system and high energy storage capacity, significantly lowering the initial investment for energy storage as well as the overall energy cost over its lifecycle. Meanwhile, the synergy of the Conergy π 314Ah cell and the container targets the need for an all-in-one, large-capacity energy solution that can withstand high temperatures, further expanding the possibilities of renewable energy integration.

As an innovation powerhouse in the new energy sector, CORNEX has rapidly risen to the forefront of energy storage since its inception in 2021 with its robust technological prowess and production capacity. The company has now established three manufacturing bases in Hubei, China, with a combined production capacity of 350GWh. On the R&D front, the Company has been granted over 1,500 domestic patents in China, securing its leadership as one of the leading forces that drive the changes in the renewable new landscape. Looking forward, CORNEX will continue to provide reliable and sustainable energy solutions that meet the global ever-evolving demands, facilitating the world to build more renewable power sources as it moves towards a greener future.

About CORNEX

As a new energy innovative high-tech enterprise, CORNEX NEW ENERGY CO., LTD. (“CORNEX”) focuses on the R&D, manufacturing, sales, and services of energy storage batteries, EV batteries, and energy management systems, and is committed to providing world-class solutions, products and services for new energy applications worldwide.

Source: CORNEX New Energy Co., Ltd.

PR Newswire

Jackery’s Trailblazing Journey to IFA 2023: Unveiling the Solar Generator 1000 Plus and 300 Plus

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BERLIN, Sept. 3, 2023 /PRNewswire/ — In a world where technology intertwines with our daily lives more than ever before, the demand for reliable and portable power solutions has surged to new heights. As the industry continues to evolve, Jackery has remained at the forefront, pushing boundaries and redefining the way we think about energy independence. This year, at IFA Berlin 2023, Jackery has once again captured the spotlight by introducing their latest innovations: the Solar Generator 1000 Plus and 300 Plus – two powerful additions to their acclaimed line of solar generators.

The collection showcases Jackery’s advanced solutions, featuring the Solar Generator 1000 Plus with expandable capacity and the Solar Generator 300 Plus, a lightweight backpack option. These compact and portable generators provide enhanced mobility, safety, reliability, and ease of use, offering significant advantages to a global user base.


Solar Generator 1000 Plus: Safety,  more power and expandable capacity

The Solar Generator 1000 Plus boasts a large capacity of 2000W, a 20% increase compared to  similar-level products Furthermore,  with up to 3 add-on battery packs, the solar generator can be expanded to 5 kWh, sustaining 1-3 days of outdoor adventures or home emergency backup. The innovative ChargeShield technology combined with a long-lasting LFP(LiFePO4) battery cell of 4000 cycles lifespan, guarantees that the Solar Generator 1000 Plus will be a faithful companion for years to come.

Utilizing the boundless energy of the sun, the Solar Generator 1000 Plus supports solar charging in just 2 hours with four 200W solar panels, ensuring a reliable and renewable energy source for your outdoor adventures.

Solar Generator 300 Plus: Small, light and portable

The Solar Generator 300 Plus introduces the concept of a “Solar Generator in Your Backpack,” providing a versatile and convenient energy solution. Just like its counterpart, the 300 Plus incorporates Jackery’s ChargeShield technology, ensuring that safety is never compromised. The stepped variable-speed charging algorithm enhances battery lifespan by 50%, even when facing challenging conditions such as high temperatures.

Weighing a mere 5KG, the Solar Generator 300 Plus is designed to be a true travel companion. Its foldable handle design and lightweight profile make it incredibly easy to carry, set up, and utilize. The introduction of a brand new book-sized 40W solar panel further amplifies the portability factor, allowing you to harness solar energy wherever your journey takes you. In addition, this solar panel has an IEC Certification( IEC TS 63163) by TÜV, ensuring unrivaled quality and reliability. The IP68 waterproof and dust- resistant rating emphasizes durability, making it ideal for traveling and camping. 


Pioneering the Solar Generator Revolution

Last year, Jackery participated in IFA Berlin 2022 and introduced the Solar Generator 1000 Pro, a high-capacity and cost-effective option that serves as the flagship model in the Pro series. Notably, this model boasts rapid charging capabilities, capable of achieving a complete solar charge within 1.8 hours when paired with four SolarSaga 200W panels. The launch of the Solar Generator 1000 Pro was met with considerable acclaim and an enthusiastic response.

Over the course of the following year, Jackery underwent product evolution, transitioning from the Pro series to the Plus series. The most significant alteration is the enhancement of both safety and reliability.

For an extended period, Jackery has consistently showcased its resolute commitment to sustainability. Recently, the company obtained carbon footprint verification from TÜV SÜD for a selection of ten products. Moreover, Jackery’s enduring drive for sustainable advancement has been honored with the prestigious SEAL Sustainable Product Award in 2023, specifically recognizing the remarkable Solar Generator 2000 Plus. Jackery also maintains a strong dedication to environmental conservation, actively engaging in diverse initiatives. Collaborating with the National Forest Foundation (NFF), Jackery successfully planted 10,000 trees. 

The stage is set at IFA Berlin 2023, where Jackery is proudly presenting the Solar Generator 1000 Plus and 300 Plus. Amidst the vibrant atmosphere of this grand event, attendees are getting an up-close look at the future of portable power solutions.

Jackery’s presence at IFA signifies the pinnacle of their evolution from a Silicon Valley startup to a worldwide power solution provider, underscoring their unwavering dedication to innovation, excellence, and meeting customer needs. Jackery has been striving on the journey of fulfilling their mission “Bring Green Energy to All”. Whether you’re an adventurer seeking energy independence or a conscious consumer looking for sustainable solutions, Jackery’s Solar Generator 1000 Plus and 300 Plus are poised to redefine your relationship with power–on your terms. The Solar Generator 1000 Plus and 300 Plus are available for purchase on multiple platforms, including Amazon, the official Jackery website, and various third-party channels from September 1st. 

For more information, please visit www.jackery.com

Source: Jackery Inc.

PR Newswire

Canadian Solar EP Cube Achieves LUMA Certification in Puerto Rico, Reinforces Commitment to a Sustainable Future

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SAN JUAN, Puerto Rico, Aug. 29, 2023 /PRNewswire/ — Canadian Solar announces the attainment of LUMA certification in Puerto Rico for the EP Cube, a vertically-developed residential storage system. This recognition from LUMA, the private operator managing transmission and distribution requirements of the electric grid in Puerto Rico, solidifies EP Cube’s role as a reliable contributor to the region’s energy sector. It also highlights the company’s active involvement in promoting a greener and more sustainable energy future.

EP Cube, recently introduced in Puerto Rico, brings homeowners a consistent power supply. It alleviates concerns about grid instability, including outages due to bad weather or utility blackouts. Installers love how easy it is to install the EP Cube system. Luquillo Felix Marquez, a local end-user in Puerto Rico, says, “The EP Cube offers flexible sizing from 9.9 – 19.9 kWh so I can customize the system to the need of my family. Plus, it’s fast and easy to install.”

EP Cube is available to homeowners and installers in Puerto Rico who want to take advantage of the recently announced solar incentive program from the Puerto Rico Department of Housing. The program offers grants to eligible homeowners and installers to support their installation of renewable energy.

“Earning LUMA certification is a significant achievement that reflects our unwavering commitment to a sustainable future in Puerto Rico,” says Andy Yin, the General Manager of Eternalplanet, an independent brand under Canadian Solar that designed and developed EP Cube. “We are thrilled to contribute to the region’s renewable energy transition and collaborate with partners like LUMA Energy to make a positive impact on the local energy landscape. This certification reaffirms our dedication to Puerto Rico’s energy goals and sustainability.”

The attainment of LUMA certification highlights Canadian Solar and Eternalplant’s resolute commitment to Puerto Rico’s energy landscape.

About Eternalplanet

Eternalplanet is a consumer-oriented independent brand of energy technology under Canadian Solar, with independent design, R&D, manufacturing and global service capabilities. Eternalplanet always adheres to scientific and technological innovation and is committed to providing energy solutions for people and promoting the sustainable development of the world. In September 2022, Eternalplanet launched the first self-designed-and-developed residential energy storage system in the United States – EP Cube. EP Cube adopts industry-leading technologies to provide all-round power backup for every household, with higher safety performance and more flexible capacity expansion. More information on the company can be found at https://epcube.com.

About Canadian Solar Inc.

Canadian Solar was founded in 2001 in Canada and is one of the world’s largest solar technology and renewable energy companies. It is a leading manufacturer of solar photovoltaic modules, provider of solar energy and battery storage solutions, and developer of utility-scale solar power and battery storage projects with a geographically diversified pipeline in various stages of development. Over the past 22 years, Canadian Solar has successfully delivered around 94 GW of premium-quality, solar photovoltaic modules to customers across the world. Likewise, since entering the project development business in 2010, Canadian Solar has developed, built and connected over 8.8 GWp in over 20 countries across the world. Currently, the Company has approximately 609 MWp of projects in operation, 6.9 GWp of projects under construction or in backlog (late-stage), and an additional 17.7 GWp of projects in advanced and early-stage pipeline. Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit https://www.canadiansolar.com.

Eternalplanet Contacts

Mimosa Kan
Business Development
+86 135 1087 0501
mimosa.kan@eternal-planet.com 

Eli Hu
Public Relations
+86 137 5825 8975
eli.hu@eternal-planet.com 

Canadian Solar Inc. Investor Relations Contacts

Isabel Zhang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com

David Pasquale
Global IR Partners
914-337-8801
csiq@globalirpartners.com 

PR Newswire

JinkoSolar has been appointed a Co-chair of B20 India’s Tech, Innovation, and R&D Taskforce

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SHANGRAO, China, Aug. 21, 2023 /PRNewswire/ — JinkoSolar Holding Co., Ltd. (“JinkoSolar” or the “Company”) (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced JinkoSolar has been appointed a co-chair of the Tech, Innovation, and R&D Taskforce of B20 India, which has commenced work on a series of discussions and recommendation proposals related to, among others, policy recommendations and interventions required to promote and accelerate technology, innovation and R&D across all industry sectors and identify strategies for mass adoption. The B20 India Summit will be held on August 25 – 27, 2023 in New Delhi, India.

Technology, innovation, and R&D in global economic decision-making have never been more critical. The low carbon economy has become more prominent in global markets, as the world has been accelerating towards a sustainable clean future as a result of technological disruption, especially solar, storage, and digital technologies. A renewed strategy for technology development to strengthen global collaboration will foster economic stability, progress, and growth that is inclusive and sustainable.

The policy recommendations of the Tech, Innovation, and R&D Taskforce will be submitted to the G20 leaders and will be crucial to achieving significant improvements in the digitalized and greened era empowered by scientific methods.

Ms. Dany Qian, VP of JinkoSolar, commented, “I believe the policy recommendations of our taskforce will bring tremendous contribution to the world today and in the future. Throughout the six month process, the preparation of these policy recommendations saw healthy debates over conflicting arguments that served to encourage a diversity of thoughts and aspirations under different circumstances and capabilities.”

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.

JinkoSolar had 14 productions facilities globally, 24 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, Brazil, Chile, Australia, Canada, Malaysia, the United Arab Emirates, Denmark, Indonesia, Nigeria and Saudi Arabia, and global sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India, as of June 30, 2023.

To find out more, please see: www.jinkosolar.com

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

Ms. Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: pr@jinkosolar.com

Source: JinkoSolar Holding Co., Ltd.

PR Newswire

ASTM decision brings 100% SAF certification within reach

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STOCKHOLM, Aug. 8, 2023 /PRNewswire/ — Swedish Biofuels AB announced today that the ASTM International Committee has accepted the use of C2 to C5 alcohols as feedstock for the alcohol-to-jet (ATJ) pathway as well as a new specification for fully formulated aviation fuel with aromatics.

The ASTM International Committee D02 on Petroleum Products, Liquid Fuels, and Lubricants and Subcommittee D02.J on Aviation Fuel passed a concurrent ballot late June extending ASTM D7566, Standard Specification for Aviation Turbine Fuel Containing Synthesized Hydrocarbons, by a new Annex 8 submitted by Swedish Biofuels AB. When published, the revised issue of D7566 will be numbered D7566-23a and will display the specification of alcohol to jet synthetic paraffinic kerosene with aromatics (ATJ-SKA) produced by Swedish Biofuels technology and using single C2 to C5 alcohols or a combination of two or more C2 to C5 alcohols as feedstock for the process.

Unlike previously approved pathways, the Swedish Biofuels pathway is not limited to a single feedstock and includes the production of aromatics. With the ability to flexibly vary the amount of aromatics, the fuel produced by Swedish Biofuels is completely indistinguishable from fossil kerosene in its composition and properties. Even though D7566-23a currently only permits use of the jet fuel produced as a 50% blend with fossil kerosene, it is an important milestone in the sustainability journey and a short reach to 100% certification. Once D7566-23a is published by ASTM, it will be eligible as a standard to be used for fuel production for commercial airlines. It is estimated that these final actions will be completed by ASTM in Q3 2023.

About Swedish Biofuels

Swedish Biofuels delivers engineering solutions, process architecture and science for the production and conversion of alcohols to transport fuels and valuable chemicals from sustainable feedstocks. The company is the inventor of the original Alcohol to Jet technology (ATJ), patented in 2004 for the production of fully formulated sustainable aviation fuels from alcohols (SAF). The company has produced, sold and delivered fully formulated SAF for tests, certification and demonstration programs in the US, UK, Sweden and Germany.

The trade name of Swedish Biofuels ATJ SAF production technology is PureSAFSM. Swedish Biofuels has an alliance with KBR to offer PureSAFSM sustainable aviation fuel technology to the market. In addition to processing ethanol and other alcohols, this technology can also convert carbon dioxide and synthesis gas to SAF, thereby expanding opportunities to utilize captured carbon for a cleaner, greener future. Validation of this advanced technology was performed in conjunction with the Defense Advanced Research Projects Agency (DARPA) at Wright-Patterson Air Force Base, and the Swedish Defence Materiel Administration (FMV) at GKN Aerospace Sweden.

www.swedishbiofuels.se

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Tongwei Group Made its Debut on Fortune Global 500 List

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CHENGDU, China, Aug. 4, 2023 /PRNewswire/ — On August 2, the 2023 Fortune Global 500 list was officially released. Tongwei Group made its debut on the list with a revenue of CNY 2148.82 billion and ranked 476th, becoming the first photovoltaic company in the world to enter the Fortune Global 500. At the same time, Tongwei Group ranked 34th on the Return on Equity (ROE) list with a net asset return rate of 42.9%, making it the only mainland Chinese company among the top 50 companies with the highest ROE. The inclusion of Tongwei Group in the Fortune Global 500 marks its formal entry into the “club” of global giant enterprises and signifies the firm commitment to comprehensive internationalization.

Tongwei Group Made its Debut on Fortune Global 500 List
Tongwei Group Made its Debut on Fortune Global 500 List

Over the past 41 years, Tongwei Group has achieved steady development. As a global leader in high-purity polysilicon and solar cells, Tongwei Group currently holds the largest global market share in high-purity polysilicon production and sales. Its solar cell shipments have remained at the top globally for six consecutive years. In 2022, Tongwei expanded to the Module sector and its Module shipments entered the top ten globally. Its photovoltaic products are exported to more than 40 countries and regions worldwide. Tongwei also pioneered the “Fishery & PV Integration” development model, with 52 “Fishery-PV Integration” bases established, achieving a cumulative grid-connected capacity of 3.4 GW. The high-quality and clean photovoltaic power has been benefiting countless households.

From its foundation in China to its global expansion, from deepening Chinese manufacturing to leading Chinese innovation, Tongwei Group, as a Fortune Global 500 company, will seize opportunities, utilize every technological innovation and quality product to contribute to the global response to climate change, promote green energy transformation, and achieve carbon neutrality goals. It will provide China’s solutions and contribute the strength of the Tongwei Group.