IRICO Group New Energy

What IRICO Group New Energy does

IRICO Group New Energy Co., Ltd. (彩虹集团新能源股份有限公司) is a Hong Kong-listed (HK0438, 2004) photovoltaic glass manufacturer operating as a controlled subsidiary of state-owned Caihong Group, which sits under China Electronics Technology Group (CEC). The company specializes in the R&D, production, and sale of three core product lines—ultra-white patterned glass, anti-reflective (AR) photovoltaic glass, and backsheet glass—primarily used as encapsulation components in solar PV modules, with reported light transmittance of up to 93.7% on tempered and coated products. Manufacturing is concentrated across four wholly-owned production bases in Xianyang (HQ), Hefei (93 million m² annual capacity), Yan'an (MIIT-recognized intelligent manufacturing facility with proprietary 850T/D furnace technology), and Shangrao (a 2021-built greenfield site with a RMB 10.6 billion three-phase expansion plan targeting 10 x 1000T/D furnaces). Headcount exceeds 2,000 employees across the four bases.

The company operates a B2B enterprise sales model selling directly to solar module manufacturers under long-term strategic supply agreements; its largest disclosed customer is Jinko Energy under an RMB 3.6 billion strategic cooperation agreement that ran through October 2024. Recent commercial focus has shifted toward high-value differentiated SKUs (1.6mm ultra-thin, 2.0mm ultra-high transmittance, BIPV products) to combat industry-wide oversupply and price erosion. As of 2025 the company, alongside other Chinese solar manufacturers, is operating in an environment of weak end-market demand (industry utilization 46%-70%), falling product prices, and rising raw material costs, with management responding through the "三全六新" loss-reduction program, the "8898" quality improvement initiative, and a December 2025 "Create High-Standard Production Line" cost/efficiency overhaul. Strategic positioning as a state-owned central-enterprise PV glass supplier under CEC provides regulatory and capital backing, but does not insulate the business from the structural oversupply that drove reported 2025 net losses of approximately $80M.

Name

IRICO Group New Energy

Legal name

IRICO Group New Energy Co., Ltd.

Website

https://irico.com.cn

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

IRICO Group New Energy (HK0438) is a state-owned CEC-controlled photovoltaic glass manufacturer producing ultra-white patterned, AR-coated, and backsheet glass for solar module encapsulation, operating four production bases in China with 2,000+ employees and supplying tier-1 module OEMs such as Jinko Energy.

Ownership category

akta.pro rank

Product category

Photovoltaic Glass Manufacturing

NAICS

Flat Glass Manufacturing (327211), Glass and Glass Product Manufacturing (3272)

SIC

Flat Glass (3211)

akta.pro primary industry

Renewable Manufacturing Materials & Subcomponents (Glass, EVA/Backsheet, Composites, Magnets) (EUAMAHAL)

akta.pro secondary industries

Solar PV Module & Cell Manufacturing (Crystalline, Thin-Film) (EUAMAHAA), Low‑E, Solar Control & Energy-Efficient Coated Glass (IMADAHAF)

Keywords

• Photovoltaic glass
• Solar glass manufacturing
• PV module components
• New energy materials
• Solar cover glass

Headquarters

HQ city

Xianyang

HQ country

China

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D

Revenue model

1. PV Solar Glass Manufacturing and Sales: Production and sales of photovoltaic solar glass including ultra-white patterned glass, AR coating glass, and backplane glass. Revenue derived from supplying solar module manufacturers domestically and internationally.
2. Strategic Supply Agreements: Long-term supply contracts with major solar module manufacturers. Strategic cooperation agreement with Jinko Energy valued at approximately RMB 3.6 billion (tax included).

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

IRICO Group New Energy manufactures and sells photovoltaic (PV) glass products, including ultra-white patterned glass, anti-reflective (AR) photovoltaic glass, and backsheet glass, used as cover and packaging materials for solar modules. The company serves solar module manufacturers through its four production bases located in Xianyang, Hefei, Yan'an, and Shangrao, supplying a critical upstream component to the solar energy value chain.

Product overview

IRICO Group New Energy is a photovoltaic (PV) glass manufacturing company that offers a focused portfolio of three core solar glass products: ultra-white patterned glass (超白压花玻璃), AR photovoltaic glass (AR光伏玻璃), and backsheet glass (背板玻璃). The ultra-white patterned glass is the primary product used for solar cell component encapsulation, while AR glass provides anti-reflective coating functionality, and backsheet glass serves as a complementary backsheet material. The company operates four production bases located in Xianyang, Hefei, Yan'an, and Shangrao, producing glass in various thicknesses (1.6mm to 4.0mm) for different solar module applications including BIPV products.

Differentiator

Problem solved

Functional benefit

Brands

• 超白压花玻璃 (Ultra-white Patterned Glass): Ultra-white textured photovoltaic glass for solar modules with light transmittance of 93.7% or higher after tempering and coating
• AR光伏玻璃 (AR Photovoltaic Glass)
• 背板玻璃 (Backplane Glass)

Products and services

• Ultra-white Patterned Glass
• Anti-Reflective (AR) Photovoltaic Glass Anti-reflective coated cover glass for PV modules, engineered to reduce surface reflection and increase solar module power output efficiency. Supplied to solar module manufacturers.
• Backsheet Glass Backside glass layer used in PV modules as an alternative to polymer backsheets, providing durability, fire resistance, and extended module lifespan for bifacial and high-efficiency solar module designs. Sold to solar module manufacturers.

Quantifiable outcome

• Light transmittance reaching 93.7% for tempered coated ultra-white patterned glass
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• Jinko Energy (晶科能源股份有限公司)coreStrategic or Co-development Partner · 16 February 2022Strategic cooperation agreement signed February 16, 2022 for supply and procurement of PV glass products. Estimated total contract value approximately RMB 3.6 billion (tax included), effective until October 2024. IRICO as supplier, Jinko Energy as buyer. Partnership enhances IRICO's market share and industry position in PV glass market.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• China National Building Material (CNBM): CNBM is one of China's largest state-owned building materials groups with diverse flat glass operations including PV glass. While broader than IRICO, its solar glass segment competes directly in the same supply chain.
• Nippon Sheet Glass (NSG): NSG is a global flat glass producer with solar energy glass offerings. While broader in scope, its solar glass segment competes with IRICO in supplying module manufacturers with high-transmittance coated glass.
• AGC Inc. AGC is a global glass manufacturer with operations spanning architectural, automotive, and specialty glass including PV glass products. It is a broad incumbent with overlapping capability in advanced coated flat glass.
• Saint-Gobain: Saint-Gobain is a global building materials and glass manufacturer with growing PV glass and energy-efficient glazing offerings. It overlaps with IRICO in advanced coated glass products serving solar and construction end-markets.

Direct peers

• Flat Glass Group: Flat Glass Group is one of the largest PV glass manufacturers globally, listed on HKEX and SHSE, with production of ultra-white patterned solar glass and AR-coated products. It is the closest direct competitor to IRICO in PV glass, serving the same downstream solar module customers.
• Xinyi Solar Holdings: Xinyi Solar is a leading Hong Kong-listed PV glass manufacturer with large-scale solar glass production capacity. It directly competes with IRICO in ultra-white patterned glass and AR-coated products supplied to module manufacturers worldwide.
• CSG Holding Co., Ltd. (South Glass): CSG Holding is a major Chinese flat glass manufacturer with PV glass products including ultra-white patterned glass for solar modules. It competes with IRICO in supplying domestic and international solar module manufacturers.

Others

• JA Solar Technology: JA Solar is a top-tier global solar module manufacturer and another likely downstream customer for IRICO's PV glass offerings, representing a meaningful part of the same solar supply ecosystem.
• JinkoSolar: JinkoSolar is one of the world's largest solar module manufacturers and IRICO's largest disclosed customer (RMB 3.6 billion strategic agreement). It is a critical demand-side ecosystem participant for IRICO rather than a direct competitor.
• Trina Solar: Trina Solar is a leading global solar module manufacturer and a potential major customer for IRICO's PV glass products. It sits on the demand side of the same solar value chain.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/irico-group-electronics-co-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IRICO Group New Energy