Q1 loss reduction exceeds 83%, Shenzhen Sunrise focuses on solid foundation and innovation to anchor high-quality development.

On April 30, Shenzhen Sunrise released its first quarter report for 2024. In the first quarter, the company achieved operating income of 67.5315 million, a year-on-year increase of 1.32%; net profit attributable to the parent company was 1.5473 million, a year-on-year increase of about 102%; and the net profit after non-recurring gains and losses saw a year-on-year loss reduction of over 83%.

Consolidate the core business and continuously strengthen the foundation

Shenzhen Sunrise is a national high-tech enterprise specializing in fine chemicals and new energy photovoltaic power generation. Adhering to the value concept that “harmony between humans and the environment is above all else,” the company continuously optimizes its business model, adjusts its industrial structure, and repositions its market layout.

The company’s fine chemical business includes environmentally friendly functional coatings and auxiliaries, green eco-friendly household products, environmental and energy-saving automotive maintenance products, and related aerosol products, etc. These products are widely used in household items, personal care, industrial and automotive supplies, and other fields. The company continuously improves product quality and strengthens cooperation with downstream customers. In 2023, the fine chemical business contributed 220 million yuan in revenue, a year-on-year increase of 13.38%.

According to trend forecasts by Zhiyan Consulting, with environmental policies becoming stricter in the future, major domestic paint varieties will gradually transition to environmentally friendly paints. Currently, the application fields of environmentally friendly paints have covered building materials, industry, home appliances, and other fields, and will continue to extend to new application areas in the future, with the market space expected to continue to expand.

In terms of new energy photovoltaic power generation business, Shenzhen Sunrise owns a total of 131.82MW of photovoltaic power generation projects. It operates and manages 10 solar photovoltaic stations in Anhui, Jiangxi, Zhejiang, Ningxia, Sichuan, and other places, including both distributed and centralized photovoltaic stations. These cover ground distributed projects, fish-light complementary projects, industrial and commercial rooftop projects, mountain projects, Gobi desert projects, rooftop distributed projects, and breeding projects, accumulating rich experience in the development, construction, operation, and management of different types of photovoltaic stations. In the future, Shenzhen Sunrise will continue to promote technological innovation and enhance operational capabilities to meet the market demand for efficient and low-cost photovoltaic station management solutions. While achieving better and more sustainable shareholder returns, it will also contribute to the achievement of the “dual carbon” goals.

Forge ahead in pursuit of “new” and embrace cutting-edge fields

In terms of future development, the management team of Shenzhen Sunrise has comprehensively considered the company’s inherent advantages and accurately grasped the opportunities in artificial intelligence robots, quickly mobilizing relevant resources for strategic deployment.

Previously, the company announced its intention to jointly invest with Zhejiang Zhongjian Technology Co., Ltd. in setting up an overseas SPV company for investing in the foreign artificial intelligence robot company, 1X Holding AS. 1X Technologies (hereinafter referred to as 1X) is a subsidiary of 1X Holding AS.

Publicly available information shows that 1X was founded in Norway in 2014, and last March completed a round of A2 financing led by OpenAI for $23.5 million. Its goal is to build general-purpose robots that handle labor-intensive tasks; Series B funding of $100 million will launch the second generation of a new bipedal robot, NEO. 1X has partnered with OpenAI in the hope that AI models will add intelligence to its robots.

Shenzhen Sunrise expressed the hope that this initiative would enable more in-depth exchanges with leading companies in the industry such as OpenAI, and jointly explore the development opportunities of the artificial intelligence industry and related products in both domestic and international markets.