stock code: 300393
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Analysis of semiannual report: Highly recognized by global market, Jolywood will expand capacity of cells and module

Jolywood Solar Technology Ltd., Co., subsidiary of Jolywood, is one of the first company which engaged in NTOPCon technology in solar industry. With the largest factory of 2.1GW TOPCon cells in Taizhou base, Jolywood actively expanding the production capacity, “1.5GW n-type mono bifacial solar cells factory” in Taizhou, Jiangsu Province and “16GW high efficiency cells intelligent factory” in Taiyuan, Shanxi Province are under construction.

As the first GW level n-type high efficiency mono cells and modules of large-scale production enterprises, Jolywood has established a leading position in the field of n-type cells technology. The J-TOPCon2.0 cells can deliver 24.5% efficiency under mass production fully relies on self-developed POPAID equipment and process. Based on J-TOPCon 2.0 technology, which features the 182 mm large wafer, the cells can deliver conversion efficiency a new record of 25.1%, and obtained the certification of International Organization of Leg al Metrology (OIML).Jolywood R&D team has overcome technical difficulties without refer to similar technology, which use of 100% domestication equipment and the core process is independently development.

The solar chain supply/demand dynamics are imbalance in the first half of 2021. The industry chain price met a sharply rise which the wafer price increased by 37% while the slurry price increased by 31%, resulting in a sharp rise in costs. As the shipment in the half past year mainly based on overseas orders signed by locking prices in advance last year, Jolywood overseas orders are delivered in full adhere to the good faith.

Entered global market for many years and listed in Bloomberg Tier 1 list, Jolywood had shipped 4.1GW n-type modules overseas from 2016. In the first half of 2021, overseas sales order accounted for more than 3/4.

Currently, Jolywood has become the largest n-type cells and modules supplier in Middle East region, not only been widely recognized by customers, but also received excellent feedback of project power generation. TOPCon is equipped with a low temperature coefficient in the Middle East, where has long annual light application time and high temperature. It can effectively reduce the output loss and risk caused by high temperatures. The high reflectivity topography of the desert can also give play to the advantages of the Jolywood n-type bifacial modules, to improve power generation and reduce LCOE. By the first half of 2021, Jolywood has shipped 1.2GW modules to Middle East. The company’s business in Europe and parts of South America is mainly focused on distribution, and has established office and service base in German, Spanish, Brazil and Italy, and will further expand overseas market in the future.