Brief Introduction

Jiangsu GoodWe Power Supply Technology Co., Ltd. (“GoodWe”, Stock code: 688390) is a leading, strategically-thinking high technology company based in Suzhu New District, China, which focuses on independent research and development, manufacturing, sales and service of PV inverters and energy storage solutions. Since GoodWe was founded in 2010, guided by the core value of reducing electricity costs and improving electricity efficiency, GoodWe is always focusing on PV grid-connected inverters, PV energy storage inverters, smart data collectors and Smart Energy Management System (SEMS) on the basis of new energy power conversion, energy storage conversion, and energy management, to achieve multi-energy complementation and energy value creation.

With an accumulative installation of 16 GW installed in more than 80 countries, GoodWe’s solar inverters have been largely used in residential and commercial rooftops, industrial and utility scale systems, developing and producing over twenty series of solar products ranging from 0.7kW to 250kW. GoodWe’s solar inverters offer reliable operation and excellent performance and are well recognized by customers worldwide. GoodWe's philosophy is to always create win-win partnerships with customers by identifying and integrating the most advanced components and techniques available while offering an unparalleled after-sales service.

Technological innovation is GoodWe's main core competence. With an in-house R&D team of approximately 200 employees in Suzhou and Shenzhen R&D centers, GoodWe offers a comprehensive portfolio of products for residential, commercial and utility scale PV systems, ensuring that performance and quality go hand-in-hand across the entire range. Also, GoodWe’s Smart Energy Management System (SEMS) has been developed to enable utility companies and network operators to meet diverse energy management demands from customers. In 2019, GoodWe’s ET & DSS Series won TUV Rheinland All Quality Matter Award. In 2020, GoodWe becomes the world's first non-European inverter manufacturer to obtain the very prestigious VDE-AR-N 4110-2018 compliance certificate.

GoodWe’s mission has been to continuously bring seamless and hassle-free products and solutions and excellent customer care, as well as good value for money, to GoodWe’s global customers. GoodWe has set up an integrated service system for pre-sale, in-sale and after-sale and has established a strong network of service centres worldwide. GoodWe has developed a concept of "workshops" which aim to offer global support to all customers including project consulting, technical training, on-site support and after-sales service.

The impact of coal-fired power plants pose a huge threat to our environment and public health. As an advocate for a greener environment, GoodWe’s responsibility is to provide a more sustainable future for the new generations to come. In just a few years, GoodWe's solar inverters and components have become synonymous with technological innovation, build quality and unparalleled customer service and are highly spoken of by GoodWe’s customers worldwide.

Company Overview

Full name Jiangsu GoodWe Power Supply Technology Co.,Ltd
Abbreviations GOODWE
Code 688390
Founded 05/11/2010
Listing 04/09/2020
Domicile Jiangsu Suzhou
Website http://www.goodwe.com
Email ir@goodwe.com
STAR Theme High-end Equipment and New Energy
CSRCSector C38 Manufacturing
Has weighted voting rights structure? No

Financials

Highlights

  2019 2018 2017
Earnings Per Share 1.56 0.85 0.86
R&D expenditure as a % of operating revenue 6.15% 6.15% 3.14%
Operating Revenue 945.35 835.45 1,050.20
Net Income 103.13 55.68 53.13

Income Statement (Unit: RMB mn)

  2019 2018 2017
Operating Revenue 945.35 835.45 1,050.20
Operating Costs 562.45 563.02 694.26
Operating Income 382.90 272.43 355.93
Pretax Income 121.61 60.52 85.70
Income Tax 18.48 4.84 32.57
Net Income 103.13 55.68 53.13

Balance Sheet(Unit: RMB mn)

  2019 2018 2017
Assets
Current Assets-Total 726.95 634.56 624.51
Non-current Assets-Total 287.02 193.30 115.96
Total Assets 1,013.97 827.86 740.47
Liabilities
Current Liabilities-Total 569.43 460.76 472.02
Non-current Liabilities-Total 24.29 45.66 11.33
Total Liabilities 593.72 506.42 483.35
Stockholder's Equity
Share Capital 259.03 237.97 230.94
Retained Profits 159.76 83.83 26.18
Minority interests 1.45 -0.36 -
Total Owners' Equity 420.24 321.44 257.12

Cash Flow Statement (Unit: RMB mn)

  2019 2018 2017
Net Cash Flows-Operating 151.28 68.18 174.19
Net Cash Flows-Investing -74.28 -125.01 -70.47
Net Cash Flows-Financing -59.99 66.93 -21.92

Top 10 Shareholders

Name No. of Shares Held (mn) % of Shares Held
Huangmin 27.25 30.97%
Lu Hongping 7.91 8.99%
Ni Zugen 5.31 6.04%
Zheng jiaxuan 4.25 4.83%
Suzhou Gaoxin Fude Investment Limited Partnership 3.25 3.69%
Suzhou Hezhong Jude Investment Limited Partnership 3.08 3.50%
Fang gang 2.64 3.00%
Chen bin 2.10 2.39%
Lu Jinjun 1.98 2.25%
SuzhouGuanxin Investment Limited Partnership 1.68 1.91%
28 Oct 2020

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