HY SOLAR Scoring High on Financial Index of BNEF Again in 3Q

Recently, BloombergNEF released the 3Q 2023 Global PV Market Outlook Report, which revealed the latest Altman-Z scores of the global key solar manufacturers. With the sound financial performance and excellent anti-risk level, HY SOLAR got a score of 4.5, leading the whole industry!

Source：BNEF 3Q 2023 Global PV Market Outlook

Altman Z-score is a value calculated by Atman Z-score model proposed by Edward Altman, a professor of School of Business in New York University, to measure the financial health of an enterprise and to diagnose and predict the possibility of bankruptcy within two years. The parameters used include the total enterprise assets, working capital and total liabilities of the listed company, to judge the profitability, leverage, liquidity, solvency and activity of the enterprise. A calculated value below 1.8 means a company may be headed for bankruptcy; and companies with scores higher than 3 are not likely to go bust, with good financial performance. Studies show that the prediction accuracy of this formula is up to 72%-80%.

Source：BNEF 2Q 2023 Global PV Market Outlook

By the calculation of BNEF, HY SOLAR’s Atman-Z score is 4.5, representing sufficient cash flow and excellent solvency, demonstrating HY SOLAR’s sufficient cash flow and robust financial performance. This is not the first time that HY SOLAR has received a high rating in this project. In the Global PV Market Outlook report released by BNEF in the second quarter of 2023, HY SOLAR also ranked among the industry leaders with the 4.5 scores (2022 4Q-2023 1Q).

HY SOLAR was listed on the SSE in 2018 (stock code: 603185). By the end of 2022, the total enterprise assets was 21.03 billion yuan and the book fund was sufficient. From 2021 to 2022, its asset-liability ratio is 48.65% and 40.4% respectively, which is lower than that of the industry average level, and the interest-bearing liabilities are controlled at a relatively low level (Source: HY SOLAR 2022 Annual Report). In 2022, HY SOLAR increased the investment in the whole PV production chain and accelerated the construction of “N-type PV whole-industry ecology”. Even under the annual investment expansion of RMB 10 billion, HY SOLAR still maintains a high financial health level, as can be seen in its outstanding risk control capability and excellent manufacturing capability.

After 21 years of intensive cultivation of PV industry, in the future, HY SOLAR will always grasp the “long-termism” and “sustainable development” engraved in the enterprise gene, always devote itself to the implementation of green and all-round development, build a healthy enterprise, to provide clean & green energy for the whole society and more customers.