On August 2, Jolywood stated that as of now, the company has invested in a total of 3.6GW of TOPCon battery production capacity in Taizhou.

The company also stated that it has obtained industrial silicon and polysilicon project approval and is in the relevant pre-approval procedures necessary for investment.

The company's planned annual output of 16GW of high-efficiency monocrystalline cell smart factory project in Shanxi Province is in the step-by-step ramp-up stage. The first batch of 4GW in the first phase of the project is in the step-by-step ramp-up stage. The subsequent 4GW in the first phase and 8GW in the second phase are gradually planned and constructed. It is expected that the company will have the capacity in the next 2-3 years.

The production capacity is about 20GW.

The company previously established a fund with the Taiyuan Municipal Government and jointly invested in a project company in Gujiao City to invest in projects with an annual output of 200,000 tons of industrial silicon and an annual output of 100,000 tons of high-purity polysilicon.

The first phase plans to invest in a project with an annual output of 200,000 tons of industrial silicon and an annual output of 10,000 tons of high-purity polysilicon; the second phase plans to invest in a project with an annual output of 90,000 tons of polysilicon.

The company has high-quality silicon ore resources and enjoys a low electricity price of 0.3 yuan/kWh.

Jolywood Optoelectronics, a subsidiary of Jolywood Co., Ltd., is one of the first specialized companies in China to engage in the research and development of high-efficiency N-type TOPCon bifacial cells and achieve GW-level mass production. The company's cumulative shipments of N-type high-efficiency products have exceeded 5GW since 2016.

The company started to carry out household photovoltaic business in 2017 and deeply cultivated the household market. In the early stage, it mainly used the credit sales model. After cooperating with central enterprises in 2021, it switched to the EPC general contracting model and operated in an asset-light manner. It is a joint venture company Shanghai Yuanye

Provide photovoltaic power plant EPC engineering services.

The company's photovoltaic system business has grown rapidly under the one-county-generation channel + EPC model.

As of the end of 2021, Jolywood Minsheng's household distributed business coverage has reached approximately 400 counties in 14 provinces; it has agreed with Shanghai Yuanye that the average new installed capacity from 2022 to 2025 will not be less than 1.5GW.

The company's photovoltaic EPC relies on industrial collaboration and is expected to benefit from the outbreak of distributed photovoltaics.

According to the calibration certificate issued by the China Institute of Metrology in September 2021, the conversion efficiency of the 182-size battery cells developed by the company's laboratory reached 25.4%. At the same time, the company's N-type TOPCon battery technology level and battery conversion efficiency are at the forefront of the industry.

However, further efforts are still needed before mass production.

The 2021 annual report shows that due to the increase in raw materials and sea freight in the upstream of the industrial chain, the company's photovoltaic cells and components achieved operating income of 1.66 billion yuan, a year-on-year decrease of 32.05%; the gross profit margin was -4.30%, a year-on-year decrease of 13.27%. In addition, due to the rapid development of the battery business

During the growth period, the company will expand battery production capacity in an orderly manner, and plans to upgrade technology in 2023 and develop TOPCon3.0 technology.

According to the latest global photovoltaic statistics, as of now, Jinko, Jolywood and other companies have put into production TOPCon mass production capacity of more than 24GW, each company's existing production capacity and planned new investment scale exceeds 80GW, and the current PERC production capacity in the industry exceeds 300GW.

In the line, at least half of the production capacity can be upgraded to TOPCon.

CITIC Securities’ research report also pointed out that as PERC’s production expansion is almost stagnant, we expect TOPCon battery production capacity to be 50/80GW in 22-23.

2022 will be a critical time for the mass production of TOPCon battery technology.

The expansion of TOPCon's cell and module production capacity will help strengthen the competitive advantages of leading companies.

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