PVTIME – On 23 April 2024, Yuneng Technology Co., Ltd. (APsystems, 688348.SH), a company engaged in the production and commercialisation of AC modules, commercial and residential solar system solutions, solar kits and micro-inverters for on-grid and off-grid applications, has released its financial results for 2023.
According to the announcement, APsystems achieved a revenue of 1.42 billion yuan, up 6.11% year on year. And its net profit attributable to parent company was 220 million yuan, down 38.92% year on year. At the end of the period, APsystems’ total assets amounted to 4.750 billion yuan, down 4.21% from the beginning of the year. Its equity attributable to the shareholders of the listed company was 3.677 billion yuan, a decrease of 1.12% compared to the end of the previous year.
The decrease in annual profit was mainly due to the increased investment in R&D and marketing during the reporting period, with a dramatic increase in costs, coupled with the recognition of share-based payment expenses due to stock incentives, provision for impairment and other factors, according to APsystems. In addition, inverter sales were negatively affected by overcapacity and high inventories in the solar industry. On a more positive note, the business generated revenue from its energy storage products, which are seen as a new growth area for the future.
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