The list features 1,523 private companies valued over $1 billion, founded after 2000, with China ranking second globally with 343 unicorns. Notably, Chinese companies make up more than half of the 63 unicorns in the new energy sector, underscoring China’s strength in green innovation.

Founded in 2020, Huasun has advanced HJT technology through continuous R&D and large-scale production. Its 210mm solar cells achieve 26.5% efficiency, with certified module output up to 768.9W and an industry-leading low carbon footprint of 366g CO₂ eq/W. With fully integrated operations from ingot to module, the company now has 20 GW of annual production capacity and has shipped over 12 GW of its HJT products to more than 60 countries and regions.

Despite 52 companies dropping off the list this year due to valuation declines, Huasun maintained its position, demonstrating strong resilience and solid growth despite the headwinds of a declining PV market and mounting industry-wide pressure. This is driven by ongoing innovation in materials and processes, including wafer thinning and copper metallization, which significantly reduce energy use and costs. Huasun also leads a national HJT innovation alliance with 150 organizations and enterprises, and co-founded the 760W+ High Efficiency HJT Club to overcome technical bottlenecks and accelerate HJT technology’s market penetration.

Huasun’s third consecutive listing validates its status as a global leader in HJT industrialization and photovoltaic innovation. Committed to the vision of making photovoltaics the world’s primary energy source, Huasun will continue to advance high-efficiency solar technology and support the global transition to clean energy with Chinese expertise and solutions.