Hareon Solar 2016 Half Year Results at a Glance

August 20th, Hareon Solar released its 2016 semi-annual report:

During the reporting period, the company has achieved operating income of RMB 2.45 Billion, increasing 29.2% over the same period 2015, and net profit attributable to shareholders of RMB 42.5 Million, up 18.7%. The company continues to maintain a healthy growth.

As of June 30, 2016, total assetsof the company is about RMB 16.9 billion, and net assets about RMB 5 billion.

Hareon Solar is one of the world's largest vertically integrated solar companies. The company relies on its manufacturing advantages to extent downstream in the value chain of the industry. The company has been consolidating its up and downstream complementary synergies and development model. During the reporting period, the revenues and gross margins per product in the industry chain have shown increasing trends, the overall revenues realized by the company in the PV industry (Approx. RMB 1.94 Bn) showed a growth of 13.8%, and the gross margins (25.2%) increased by 10.6 percentage points.

The Company continued to increase its investment in R&D, focusing on the development and management of the intellectual property, covering the whole industry chain. As of June 30, 2016, Hareon has filed for a total of 509 patents, with 337 authorized patents, and 37 authorized inventions.

Currently, the company’s monocrystalline cell conversion efficiency is up to 21.2%, and polycrystalline cell conversion efficiency is up to 20.2% at R&D level; respectively 19.8% and 18.6% at mass production level. The company has also passed TUV double PID (192 hours) tests.

For more detailed financial report and analysis, please refer to the full version of Hareon 2016 semi-annual report.