TCL Zhonghuan said it posted a net loss of CNY2.998 billion for the third quarter of 2024, on revenue of CNY6.369 billion, down 53.7% year-on-year. It posted full-year revenue of CNY22.582 billion, down 53.59% from the same period in 2023, and a full-year net loss of CNY6.061 billion. The company attributed its poor performance to persistent supply and demand imbalances across the industry, as key segments of the supply chain remain below cost levels.
Maxwell Technologies said net profit attributable to shareholders rose 2.87% to CNY 297 million in the third quarter, while revenue rose 29.47% year-on-year to CNY 2.898 billion. For the first nine months of 2024, the company reported revenue of CNY 7.767 billion and net profit of CNY 759 million. It attributed its positive performance to a significant increase in the commissioning of previous orders for solar cell manufacturing equipment, which boosted revenues.
Hunan Huamin Holdings reported a net loss of CNY 187.5 million for the nine months through September, compared with a loss of CNY 115.8 million for the same period in 2023. Revenue was CNY 759.65 million, down 11% from from CNY862.25 million by 2023. The company attributed the decline in sales and profits to supply and demand imbalances and “increasingly fierce” competition.
China Three Gorges Energy Group has started construction of a 940 MW PV power project in Meigu County, Sichuan Province, with an investment of more than CNY 3 billion. The project includes a 220 kV substation and a storage facility, with the first grid connections planned for 2026. Once operational, the plant is expected to generate 1,376 TWh of clean electricity per year. This initiative is part of the Yangtze River’s downstream integration base of hydropower, solar wind and hydropower, a key component of China’s 14th Five-Year Plan, which aims to achieve a combined capacity of nearly 70 GW. Four large-scale hydroelectric power stations within the base, with a total installed capacity of 46.46 GW, are already operational.
Laplace New Energy debuted on the STAR Market of the Shanghai Stock Exchange, issuing 40.53 million shares at an IPO price of CNY 17.58 per share. The company’s total share capital now stands at 405 million shares, with Huatai United Securities as underwriter. Laplace New Energy specializes in the production of high-quality thermal processing and coating equipment for the production of PV cells and automation solutions.
