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IRICO Group New Energy Company Limited 2017 Interim Results Announcement

Hong Kong, 24 August 2017 -- (ACN Newswire) - The board of directors of IRICO Group New Energy Company Limited (the "Company") announces the unaudited condensed consolidated interim results and financial position of the Company and its subsidiaries ( the "Group") for the six months ended 30 June 2017.

So far this year, the Group's solar photovoltaic glass business continued to expand and the production and sales further increased as compared with the corresponding period of last year, and the pass percentage of the products has improved steadily, achieving an advanced standard in the industry. Our works on cost reduction, efficiency improvement and lean production have progressed well. For the six months ended 30 June 2017, the Group increased the sales by approximately 20% over the same period of last year by promoting lean production and implementing large customer and high quality customer strategies. The Group recorded revenue of RMB 989,693,000, representing an increase of 19.72% for the same period of last year. The profit before tax was RMB42,797,000, representing a year-on-year increase of RMB10,438,000 or 32.26%. Overall, the production capacity of solar photovoltaic glass was rising, the yield of production lines increased materially, and the production cost decreased significantly with remarkable effect on inventory reduction; photovoltaic power plant project ran well, scale construction was advancing, and the power purchase business was launched; and the business of new materials such as lithium battery anode materials grew rapidly.

For the situation of different business segments, the Group has aggressively promoted tracking and construction of distributed and ground-mounted centralized photovoltaic power station projects, with about 58MW projects being contracted currently. Moreover, the Group has completed the construction of photovoltaic power stations in Nanjing, Liquan, Hefei, Wuhan, etc. In the coming two years, the Group will invest by batches in the construction of distributed photovoltaic power stations in Xianyang Liquan Park, Hefei, Nanjing, Yan'an, etc., as well as ground-mounted centralized photovoltaic power stations in Shenmu, Yangjiang, Leizhou, etc. The Group also plans to invest through co-opeartions in the construction of photovoltaic power stations in Indonesia, India, Africa, Pakistan and other overseas markets. Meanwhile, the Group is actively promoting its power purchasing business.

During the reporting period, the Group's Hanzhong Quartz Sand Mine has achieved steady supply to the photovoltaic glass plants and new photovoltaic glass projects of the Group, gradually showing the effect the industry chain synergies. During the reporting period, the Group's lithium battery anode materials business grew sharply, representing an increase of more than 40% in the production and sales as compared with the same period of last year, and product qualification rate was much higher. The Company intends to develop this business towards a better and stronger position by further enhancing product quality and customer satisfaction. At the same time, the operations of the Group's trading and other businesses were steady.

In order to effectively leverage the resources allocation of the capital market and speed up asset structure adjustment, the Group vigorously promoted the development of its solar photovoltaic vertical industrial chain and successfully achieved industrial upgrade. On 22 March 2017, since all of the parties intended to complete the acquisition of 30% equity interest in Jiangsu Yongneng as soon as practicable through friendly negotiation, the Company, Sunlink Power, Suzhou Huilian Solar Energy Technology Co., Ltd. ("Suzhou Huilian"), Suzhou Yongjin Investment Co., Ltd. ("Suzhou Yongjin") and Jiangsu Tiancheng Energy Development Co., Ltd. ("Tiancheng Energy") entered into the equity acquisition variation agreement, pursuant to which the Company conditionally agreed to acquire, and Sunlink Power, Suzhou Huilian and Tiancheng Energy conditionally agreed to sell, an aggregate of 30% equity interest in Jiangsu IRICO Yongneng New Energy Company Limited("Jiangsu Yongneng") for a total cash consideration of RMB68,000,000. Upon completion of the acquisition, the Company holds 51% equity interest in Jiangsu Yongneng in aggregate.

Looking ahead, the Company will strengthen the strategic plan to lead the industry upgrading, improve the construction of qualified personnel, give full play to high-level talent on the enterprise's technology leadership, management and personnel training. the Company will also enhance the operation of capital, make full use of mergers and acquisitions as well as other means to improve the company's core business competitiveness, while speed up the its overall development of the industry, and continuously enhance our profitability. The Company is striving to become one of the industry-leading Chinese-funded enterprises listed in Hong Kong, as well as the world's leading green new energy service provider.

About IRICO Group New Energy Company Limited

IRICO Group New Energy Company Limited (the "Company") was listed on the Main Board of the Stock Exchange of Hong Kong on 20 December 2004. The Company was the birthplace of China's first color picture tube and first LCD glass substrate, as well as China's leading manufacturer of solar photovoltaic glass and luminous materials. At the end of 2012, the reorganization plan of IRICO Group Corporation, the Company's controlling shareholder was consolidated into CEC by allocation at nil consideration. In the context of reorganization and joint development, the Company has completed industrial upgrading and vertical integration of the solar photovoltaic industry which includes quartz sand mines, photovoltaic glass, photovoltaic parts and photovoltaic power stations, through a series of asset structure adjustment and optimization. At present, the photovoltaic glass business of the Company has been ranked at the forefront of the domestic industry while the photovoltaic power station business is steadily advancing. In recent years, the Company completed industrial upgrade and the vertical integration of the solar photovoltaic industry including quartz sand mines, photovoltaic glass, photovoltaic components and photovoltaic power plants. At present, the photovoltaic glass business of the Company is at the forefront of the domestic industry, while the photovoltaic power plant business is progressing steadily.

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Submitted by ACN Newswire, ACN Newswire on Thursday, 24 August 2017 at 10:18 AM
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