Chinese PV Industry Brief: JA Solar expects $110 million net loss for H1

JA Solar says it has incurred a $110 million net loss for the first half of 2024, due to rising competition in the solar market, continual price declines, lower gross profit from core operations, and significant provisions for inventory depreciation.

JA Solar said that it expects a net loss between CNY 800 million ($110 million) and CNY 1.2 billion for the first half of 2024, from a CNY 4.8 billion net profit in the first six months of last year. It attributed the anticipated loss to heightened competition in the solar market, resulting in continuous price declines, decreased gross profit from core operations, and significant provisions for inventory depreciation. Earlier quarterly reports showed a 22% year-on-year revenue decline to CNY 15.971 billion, with a quarterly net loss of CNY 483 million.

Akcome Technology said this week that some of its assets in Ganzhou, Jiangxi province, have been subject to public judicial auction on online platforms due to local court rulings related to debt litigation. The auction includes three industrial land parcels and associated ground buildings, with an initial bidding price of CNY 550 million. Akcome Technology’s stocks stopped trading on Chinese stock exchanges in mid-June and its major subsidiaries have suspended production.

GCL New Energy said that its Suzhou GCL Operation subsidiary has signed two operation and maintenance contracts with subsidiaries of GCL Energy Technology. The first deal involves the provision of services to Nanjing Xinneng for three years at CNY 1.79 million per year. The second contract is to provide services to Zhongwei Xinhua for three years az CNY 2.19 million per year. Both contracts began on July 2, 2024.

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