Risen Energy achieves strong results for 2019 with revenue increasing over 47%

NINGBO, China, April 22, 2020 /PRNewswire/ -- Chinese PV leader Risen Energy Co., Ltd. (300118.SZ) disclosed its financial results for 2019 on the evening of April 17, 2020, local time. During the reporting period, the company recorded a total operating revenue of 14.404 billion yuan (approx. US$2.03 billion), an increase of 47.7% from the previous year. Net profit attributable to shareholders reached 974 million yuan (approx. US$137 million), soaring 319.01% when compared to 2018. Basic earnings per share stood at 1.11 yuan (approx. US$0.16). The company plans to pay a dividend of 2 yuan (approx. US$0.28) per 10 shares (tax included).

The company attributed positive 2019 results to six core competitive forces:

•Science-based strategic decision-making and efficient strategy implementation capabilities;

•Market-oriented approach to R&D, coupled with a comprehensive R&D system;

•Ongoing innovation in technological processes and in efficiencies related to quality assurance;

•A global marketing network backed by a comprehensive operational structure;

•Robust operational efficiency and healthy financial structure;

•PV industry clusters supported by convenient transportation options.

Risen Energy said the company will continue to drive customer-centric innovation, respond to market needs and optimize its product mix with the aim of promoting grid parity, enhancing its already comprehensive strength and expanding capacity. In line with a growth strategy of consolidating its presence in both the new energy and new materials sectors, the company plans to focus on strengthening its core competitiveness in technological R&D, product promotion, process improvement, lean manufacturing and cost control. Risen Energy's next steps include an increased focus on PV manufacturing, power station investment and construction, new materials, energy storage and LED lighting.