The Shenzhen, Guangdong province-based company said its new energy business, which covers residentially distributed, industrial and commercial photovoltaic, smart energy management and energy storage devices, has seen fast growth in terms of technology and volume, which have become the group’s “third growth curve” following smart electrical appliances and smart system technology — the two main business types it focuses on.

The group generated 53.49 billion yuan ($7.32 billion) in revenue in 2022. Of that, 11.93 billion yuan was from its new energy business, surging 191 percent from a year earlier.

“The global photovoltaic industry has developed for many years. The industry in China has entered into a stage of high-quality development thanks to the implementation of the country’s dual carbon strategy, policy support and technological advancement in recent years,” said Lin Jin, chairman of the board of Skyworth Group.

Lin said it is hard to avoid homogenization in the provision of photovoltaic products. “The most important thing currently is scale. We don’t want profits to be too high and lose the market,” he said.

The Hong Kong-listed group founded its photovoltaic unit in 2020. So far, it has built and operated an accumulative 340,000 or more household-distributed photovoltaic power units nationwide.

Cheng Xiangshuai, deputy general manager and finance director of the photovoltaic unit, said the company is developing the business under the innovative business model of “photovoltaic plus inclusiveness plus digital technology”.

“We aim to become a leader in the distributed photovoltaic healthy ecosystem in China,” he said. “We will enable access to our services for people through digital platforms and make all efforts to ensure their interests.”

The group is currently making use of its photovoltaic business to empower the automotive, construction and space industries.

Aside from its domestic endeavors, Skyworth Group is striving to strengthen its presence overseas, especially in countries involved in the Belt and Road Initiative. It has so far established its global presence in more than 100 countries and regions.

Of the group’s total overseas income in the first half of this year, 58 percent was generated from the Asian market, 17 percent from Europe and 14 percent from the US market, while Africa and Oceania accounted for 10 percent and 1 percent, respectively.

“We need to have a deep understanding of overseas markets, including laws and regulations, sales channels and living habits. Only when we have enough knowledge can we provide products that meet the needs of local customers,” Lin said.

The senior executive added that the company will step up its international market expansion through the acquisition of local brands.

Skyworth acquired German high-end consumer electronics brand Metz and Austria-based TV set-top box brand Strong Media in 2015 as its first footprint in the European market.