PVTIME – Zhejiang Ming Jewelry Co., Ltd. (Mingr, 002574.SZ), a China-based luxury goods and jewellery company has recently expanded into PV business and is currently forecasting its financial results for the first half of 2024.
In the reporting period, Mingr anticipates achieving net profit attributable to shareholders of listed companies of 12 million yuan to 18 million yuan, representing a significant decline of 73.5% to 82.33% year on year. This data not only falls significantly below expectations but also highlights the challenges and difficulties faced by a company that has recently entered the solar power industry.
Mingr commenced photovoltaic operations in 2023 and has disclosed a manufacturing plan to generate 16GW of TOPCon cells and 4GW of HJT cells per year with an investment of 10 billion yuan. In December 2023, a wholly-owned subsidiary was established with the objective of expanding solar power EPC and BOO projects for Mingr. The registered capital of this subsidiary is 50 million yuan.
In March 2024, Zhejiang Riyue Solar Energy Technology Co., Ltd. (Lunisolar), a wholly-owned subsidiary of Mingr, which is principally engaged in the production and sale of TOPCon solar cells, entered into a supply agreement with Trina Solar, the world’s leading provider of integrated PV and smart energy solutions. Lunisolar will supply Trina Solar and four of its subsidiaries with approximately 1.3 billion pieces of TOPCon bificial 210 cells from 2024 to 2026, with an estimated value of 5.8 billion yuan.
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