Chinese solar PV manufacturer Risen Energy’s 2024 financials took a hit as the global markets underwent a mismatch in demand and supply, leading to a fall in prices across the industry chain. The company reported revenues of RMB 20.24 billion ($2.78 billion), a 42.71% year-on-year (YoY) decline.  

It also reported a net loss for the year at RMB 3.436 billion ($472 million), representing a 352.03% YoY decrease.  

Risen’s total solar module shipments in 2024 totaled 18.07 GW, including 6.79 GW shipped overseas. The manufacturer says its n-type heterojunction (HJT) module shipments increased 100% YoY but did not disclose the actual volume. Its overall shipments for 2024 declined slightly from the 18.99 GW reported in 2023.   

According to its annual results, Risen lost market share both outside and inside China. Its overseas sales for the year went down by 51.38% YoY, and it suffered a 32.97% drop in sales within China during the year as competition speeds up in the space.  

Risen shipped 11.28 GW capacity to its home market, China, last year, while the US was its second largest market with 722.28 MW solar modules shipped.  

While the solar cell and module manufacturing business of Risen accounted for 76.66% of its total revenues in 2024, its contribution to the same reduced by 45.89%. Revenues from the solar power station and EPC business were responsible for 9.17% of the total, but represented an annual drop of 19.53%.

In 2023, Risen’s polysilicon business segment accounted for 1.89% of its total revenues, with RMB 666.9 million, but it used up all of the capacity last year for self-consumption. Hence, this segment contributed nothing to its revenues in 2024, according to the company’s stock exchange announcement. This means the company has exited the polysilicon business entirely, which also impacted its financial results.  

Even as Risen continues to stick to a more expensive HJT technology, a larger chunk of the market, including tier I manufacturers, operate with TOPCon, which is likely another reason for its business results. At the end of 2024, Risen operated 40 GW of annual production capacity.   

Risen recently announced a deadline extension for its new manufacturing projects from March 31, 2025 to December 31, 2026, citing PV supply chain fluctuations and rapid HJT technology developments. It currently has 6 GW of HJT cell and 10 GW module capacity, deemed sufficient for present market needs.