Breaking Down Risen Energy Co.,Ltd. Financial Health: Key Insights for Investors

Born in 1986 as a photovoltaic cell maker and listed on the Shenzhen Stock Exchange in September 2010 under code 300118, Risen Energy has scaled rapidly-achieving a solar module production capacity of 35 GW in 2023 (a 40% year‑on‑year increase) and operating across more than 89 countries with an expanded global presence into over 90 markets and an annual sales volume of 18.99 GW by end‑2023; its corporate ownership mixes institutional investors with significant management holdings, supporting a transparent governance framework, while the company's mission to "continuously improve the energy pattern with technological innovation and the quality of human life" and vision to "create a new life for mankind through green new energy" are backed by ESG commitments (women account for 33.19% of employees) and green manufacturing practices-eight manufacturing bases, 23 global marketing service centers, a fully circular manufacturing ecosystem, mandatory 12 ESG supplier commitments, and Level II information security certification; innovation is centralized in the Global Photovoltaic Research Institute launched in November 2023 and by late 2025 Risen's heterojunction (HJT) modules reached a benchmark 767.38 Wp max power and 24.70% conversion efficiency, while commercial activities span module, cell and energy‑storage sales, PV system design/installation/O&M, plant construction and exports to Europe, the United States, South Africa and Asia-financially fueled by R&D investment of 490 million yuan in H1 2023 and a H1 2023 net profit (after non‑recurring items) up 76.25% to 838 million yuan, contributing to net assets attributable to equity holders rising 62.47% to 15.2 billion RMB in 2023 and positioning the company to extend its reach into smart industrial parks, low‑carbon urban projects and a broader digital ecosystem

Risen Energy Co.,Ltd. (300118.SZ): Intro

• Founded in 1986 as a photovoltaic (PV) cell manufacturer, initiating its long-standing presence in the renewable energy sector.
• September 2010: went public on the Shenzhen Stock Exchange (stock code 300118), marking a major growth milestone.
• 2023: annual solar module production capacity reached 35 GW - a 40% increase year‑over‑year, reflecting rapid scaling.
• Global footprint spans operations in over 89 countries and regions, serving utility, commercial, industrial and distributed markets.
• November 2023: launched the Global Photovoltaic Research Institute to centralize integrated technology research and product development.
• Late 2025 technology benchmark: heterojunction (HJT) modules achieving up to 767.38 Wp with 24.70% conversion efficiency.

• Publicly listed entity: Shenzhen Stock Exchange ticker 300118.
• Shareholder mix: institutional investors, retail shareholders and strategic partners (typical structure for a listed PV manufacturer; specific shareholder percentages vary by reporting period).
• Corporate R&D and manufacturing cluster strategy centered on vertical integration across cells, modules and system solutions to control cost and quality.

• Mission: accelerate global energy transition by delivering high‑efficiency PV products and system solutions.
• Strategic pillars:
  • Technology leadership (HJT, high‑power modules)
  • Manufacturing scale and cost competitiveness
  • Global deployment and after‑sales service network
  • R&D investment via the Global Photovoltaic Research Institute

• Manufacturing chain: wafer → cell → module → BOS (balance of system) components → EPC/turnkey solutions.
• Technology focus: heterojunction (HJT) and high‑power module architectures to raise per‑module output and reduce LCOE for customers.
• Production scale: 35 GW module capacity (2023), enabling large OEM and self‑branded supply contracts.

• Module sales (largest revenue driver): shipments to utility, commercial & industrial, and distributed markets.
• Integrated project development and EPC services: higher‑margin system and O&M contracts in targeted regions.
• Technology licensing and system solutions: leveraging R&D outputs (e.g., HJT modules) to capture premium pricing on higher‑efficiency products.
• After‑sales and O&M services provide recurring revenue streams and long‑term customer relationships.

Risen Energy Co.,Ltd. (300118.SZ): History

• Primary listing: Shenzhen Stock Exchange (300118.SZ)
• Business scope: PV cells and modules, PV system development, EPC, O&M, energy storage integration
• Geographic reach: China-centric manufacturing with increasingly international project and sales footprint

• Institutional investors: Major holders among mutual funds, insurance companies, and strategic investors, providing stable, long-term capital.
• Individual (retail) shareholders: A diverse retail base typical of A-share listings in China.
• Insiders and management: Executive and board holdings that align management incentives with shareholder outcomes.
• Regulatory reporting: Regular interim and annual reports, plus timely announcements of significant share movements and related-party transactions.

• Regular disclosures: Interim and annual reports, board meeting summaries, and material-event announcements filed per exchange rules.
• Board composition: Independent directors and committee structures for audit, nomination and remuneration to reinforce oversight.
• Insider alignment: Share-based compensation and long-term incentive plans used to retain key talent and align with shareholders.

• Capital access: Institutional shareholder backing supports debt and equity financing for manufacturing expansion and project pipelines.
• Strategic stability: A mix of long-term institutional holders and insider stakes reduces volatility and supports multi-year investments.
• Market credibility: Strong institutional participation signals confidence to lenders, partners and customers.

Risen Energy Co.,Ltd. (300118.SZ): Ownership Structure

• Mission: Continuously improve the energy pattern via technological innovation and enhance human life quality.
• Vision: Create a new life for mankind through green new energy.
• Core values: Customer-centricity, green manufacturing, sustainability, corporate responsibility.
• Strategy framework: RISEN - Responsible, Inclusive, Sustainable, Empowering, Navigating.
• Diversity: Women = 33.19% of employees (2024).

• Major shareholders: mix of founding/strategic shareholders, institutional investors and public float on Shenzhen Stock Exchange (300118.SZ).
• Board and governance: standardized public company governance with independent directors and ESG reporting commitments (2024 ESG report).
• Employee and equity incentives: long-term incentive schemes aligned to sustainable growth targets.

• PV module and cell manufacturing - largest single revenue driver via global sales to developers, EPCs and distributors.
• Project development and system integration - rooftop and utility-scale project sales, O&M contracts and EPC margins.
• Value-added services - green energy solutions, energy storage integration and long-term service agreements.
• Technology licensing and OEM/ODM partnerships - leveraging in-house R&D to capture manufacturing and design premiums.

Risen Energy Co.,Ltd. (300118.SZ): Mission and Values

• Product portfolio: research, development, production and sales of PV grid‑connected power generation systems, standalone PV power supply systems, solar cells and solar modules.
• Vertical integration: in‑house cell and module manufacturing combined with system design, EPC and downstream project development/O&M to capture value across the chain.
• Global footprint: eight manufacturing bases plus 23 global marketing service centers to synchronize production capacity with international demand and after‑sales service.
• R&D and innovation: Global Photovoltaic Research Institute (est. November 2023) for integrated technology research, product development and technology management, accelerating module efficiency, reliability testing and system integration.
• Sustainability & supply chain governance: a fully circular green manufacturing ecosystem covering product design, raw material sourcing, logistics, production, usage and end‑of‑life management; core suppliers sign 12 ESG commitments, including a Supplier Code of Conduct.
• Information security & compliance: major information systems certified under China's Level II Information Security Protection framework, ensuring enterprise data protection and operational resilience.

• Product sales: high-volume sales of solar modules and cells to global module distributors, developers and EPC contractors. Module ASPs and technology mix (e.g., n‑type, bifacial, large‑format) influence gross margins.
• System sales & EPC: turnkey PV system contracts (utility, commercial & industrial, and standalone systems) generate engineering, procurement and construction revenue plus coordination margins.
• Project development & IPP: development and sale or long‑term operation of PV plants where Risen captures land, permitting, grid interconnection value and often recurring O&M fees.
• After‑sales & O&M: long‑term operations & maintenance contracts, monitoring services and performance warranties provide recurring income and deepen customer relationships.
• Technology/engineering services: licensing, design services and R&D partnerships (including modules optimized for tracker projects or bifacial applications) add higher‑margin revenue.

• Capex: ongoing investments in capacity expansion, automation and lines for next‑gen n‑type/bifacial cells and modules; capex cadence tied to demand outlook and module ASP environment.
• Working capital: inventory and trade receivables fluctuate with shipping cycles, project milestones and customer payment terms; efficient logistics across eight bases reduces lead times.
• Free cash flow: driven by margin on module/system sales and timing of project receipts; downstream project monetization provides lump‑sum inflows when assets are sold to investors or yield vehicles.

• Full lifecycle circularity: design for recyclability, supplier take‑back programs and end‑of‑life recycling pilots to lower embodied carbon and reclaim critical materials.
• Supplier ESG commitments: 12 mandatory ESG clauses for core suppliers (including labor standards, conflict minerals, environmental controls and traceability) to reduce supply chain risk.
• Data & information security: Level II Information Security Protection certification for key IT systems to maintain compliance with Chinese regulatory standards and protect IP and customer data.

• Product differentiation: performance‑focused module technologies (higher efficiency, bifacial, large‑format) to command premium ASPs in utility and commercial markets.
• Integrated solutions: combined module + EPC + O&M offering simplifies procurement for large customers and helps secure long‑term service agreements.
• Global service network: 23 marketing/service centers enable faster project commissioning, warranty service and regional product tailoring.

Risen Energy Co.,Ltd. (300118.SZ): How It Works

• Product sales: high-efficiency photovoltaic cells and modules (mono PERC, n-type, bifacial, and high-power modules) and energy storage systems sold to EPCs, distributors and developers.
• System solutions & services: end-to-end PV system design, installation, grid-connection support, testing, maintenance and upgrades for commercial, industrial and utility-scale clients.
• Project business: development, construction, operation and maintenance (O&M) of photovoltaic power plants - earning construction/engineering revenue, long-term electricity sales and O&M fees.
• Exports & international markets: sales and project services across Europe, the United States, South Africa and Asia, diversifying geographic revenue streams.
• R&D-driven product premium: sustained R&D investment that enables higher-efficiency, higher-margin products and differentiated solutions (including battery integration).

• Scale manufacturing lowers unit costs and improves gross margins on module and cell sales, enabling competitive pricing in export markets.
• Integrated EPC and O&M services convert product sales into higher-margin, recurring-service revenue streams.
• Developing and operating power plants provides electricity-sale revenue and asset-value appreciation over project lifecycles.
• R&D spend (490M yuan in H1 2023) supports higher-efficiency products, which command price premiums and open premium market segments.
• International diversification reduces reliance on any single market and captures demand across different subsidy and merchant-power regimes.

Risen Energy Co.,Ltd. (300118.SZ): How It Makes Money

• Global scale: presence in 90+ countries and regions supports diversified market demand and mitigates regional policy risk.
• Technology leadership: HJT modules reaching 767.38 Wp and 24.70% conversion efficiency strengthen product premium pricing and gross margins.
• Balance‑sheet strength: net assets attributable to equity holders rose 62.47% to 15.2 billion RMB (≈US$2.09 billion) in 2023, enabling capex and R&D investments.
• Strategic focus: growing presence in smart industrial parks, low‑carbon urban projects and a digital ecosystem across the value chain to expand recurring revenue streams.

• PV module manufacturing and sales: primary revenue source from mono‑PERC, N‑type and HJT modules sold to OEMs, project developers and distributors.
• Energy storage systems (ESS): sales of battery packs, BESS solutions and integration services for utility, commercial & industrial (C&I) and residential customers.
• Project development and EPC / system integration: turnkey solar + storage projects, yielding higher-margin integrated offerings and long‑term service contracts.
• Operations & Maintenance (O&M) and digital services: recurring revenue from asset management, performance optimization and digital platform subscriptions.