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Shunfeng has lost more than 200 million RMB in the first half of 2019

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Although in the first half of this year, Shunfeng Clean Energy (01165.HK) owned Wuxi Suntech as a subsidiary, with nearly 1799MW of components and 3.7 billion RMB in revenue, but the listed company still has more than 200 million RMB losses.

On August 29, Shunfeng Clean Energy announced that,as of the first six months of this year, corporate income was 5.274 billion, increased 5.3% year-on-year; gross profit was 1.024 billion, increased 49% year-on-year; net loss was 247 million with loss per share of 5.03 points.

According to the company's analysis, the financial expenses were 616.6 million RMB in the first half of this year, mainly because the interest payable on bonds reached 28.3 million yuan. The loss of associate companies increased to 3.32 million, while research and development expenses were 74 million, and administrative expenses were 279.5 million. Distribution and sales expenses rose to 387.6 million.

However, the company's overall revenue has grown. This is mainly due to the contribution of solar energy product manufacturing, sales, photovoltaic system installation services, solar power generation, and other fields.

During the period, the Group's revenue increased by 5.4% year-on-year to RMB 4.326 billion from manufacturing and sales of solar products and photovoltaic system installation services.

At the same time, the subordinate enterprises including Wuxi Suntech accounted for 64% of the overseas market, which was 58.2% in the same period of 2018. The overseas share increased slightly. This proportion is similar to that of Risen Energy and Jinko Energy, both of which have exceeded 60%. At present, the highest proportion of overseas markets is Jinko, which is about 70%.

Meanwhile, Shunfeng said that the average selling price of component products was also reduced by 10.5% from 2.28 yuan per watt in the same period of 2018 to 2.04 yuan per watt in the first half of the year.

As of June 30, 2019, solar power plants successfully achieved grid-connected power generation with an installed capacity of 1.5 GW. Sales of solar products reached 2,470.9 megawatts, an increase of 25.5% than1,969.2 megawatts in the same period of 2018.

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