On August 21, SUN.KING Technology Group Co., Ltd. (hereinafter referred to as "the Group" or "SUN.KING Technology") announced the 2024 interim performance data: comprehensive sales revenue of RMB 660 million, a year-on-year increase of 43%; gross profit margin of 35.8%, a year-on-year increase of 8.8 percentage points; net profit attributable to the parent company of RMB 30 million, turning losses into profits year-on-year.

In the first half of 2024, the Group achieved sales revenue of RMB 280 million from the "Jinshang-Hubei", "Ningxia-Hunan", "Hami-Chongqing" UHV conventional DC transmission projects, and flexible transmission projects such as "Yangjiang Qingzhou Offshore Wind Farm Submarine Cable Centralized Transmission" and "Huaneng Yuhuan Offshore Wind Power Transmission", a significant increase of 186% over the same period in 2023.

There are 17 projects in the public power grid planning, and the potential order scale of the Group exceeds RMB 4 billion. In addition to domestic DC transmission projects such as "Shaanxi-Anhui", "Gansu-Zhejiang", "Inner Mongolia-Beijing-Tianjin-Hebei", and foreign DC transmission projects in which Chinese companies have won bids such as "Saudi Arabia Central and South, Central and Western", and "Brazil Belo Monte Phase III", the State Grid recently announced new plans for "Xinjiang Power (South Xinjiang) Power Transmission to Sichuan and Chongqing", "Badain Jaran-Sichuan" and other "five AC and nine DC" UHV transmission projects. The above projects are mainly UHV transmission, and also include various types such as sea wind DC transmission and grid-type low-frequency transmission, with a total of 17 projects, and are expected to bring a total of more than RMB 4 billion in orders to the Group.

Self-developed power semiconductors- facing challenges, practicing hard to reverse the decline

Strengthen market promotion, and significantly improve the number and quality of customers. In the first half of 2024, the total number of power semiconductor business customers increased by 104% year-on-year and 45% month-on-month; among them, the number of customers who completed all tests and supplier introduction work and entered the mass supply stage increased by 100% year-on-year and 125% month-on-month, laying a good foundation for the recovery of orders and sales revenue in the second half of the year. At the same time, the 1700V IGBT module products have been successfully tested by many well-known customers in the industry, and mass supply contracts have been signed in the second half of the year.

Continue to advance technology research and development, maintain leadership, and plan for the future. The second half of 2024 is a harvest period for chip research and development. The Group will launch two blockbuster chip products:

<span style="box-sizing: border-box; margin: ● Silicon carbide (SiC MOSFET) chip - The resistivity is as low as 13 milliohms, reaching the international leading level. The product was exhibited at the PCIM Euro in Germany in May 2024, which attracted great attention and then cooperated with a well-known European company in the industry. It will be officially released at the Shenzhen PCIM Asia exhibition at the end of August 2024.

● The i23 series 1200V / 300A IGBT chip using the seventh-generation micro-groove technology is also about to be developed and released to the public.

In addition, the Group is also developing a number of i20 series IGBT chips and EP packaged IGBT modules, which will be completed and launched soon.

(SUN.KING Silicon Carbide Chip)

Taking advantage of the momentum, the annual sales revenue strives to reach 1.6 billion yuan

Looking to the future, SUN.KING Technology will take advantage of the "east wind" of large-scale investment and construction of power grids in China and the world, strive to maintain and accelerate the growth momentum of power grid transmission and distribution related businesses. At the same time, the Group will promote the growth of self-developed power semiconductor business through a number of measures such as strengthening customer marketing and market development, accelerating independent research and development innovation, etc. The company's management said that it will strive to achieve annual sales revenue of 1.6 billion yuan for the Group, a year-on-year increase of more than 50%.