Since China’s Ministry of Finance released the exposure draft of the “Basic Standard for Enterprise Sustainability Disclosure” in 2024, an increasing number of industry leaders have begun embedding ESG standards into their supply chain management.
Amid ongoing discussions in capital markets on when ESG disclosure will transition from voluntary to mandatory for listed companies, Huasun Energy, the world’s youngest photovoltaic unicorn and a leading name in heterojunction (HJT) technology, has already set a benchmark. For three consecutive years, the company has voluntarily published independent ESG reports, showing that even without public market requirements, the company chooses to demonstrate full transparency in its sustainability practices.
As a non-listed HJT industry pioneer, Huasun has consistently demonstrated high standards of corporate responsibility through concrete actions. It showcases forward-looking practices in technological innovation, quality assurance, and supply-chain control, reflecting the sense of responsibility, resilience, and positive corporate values of a new-era Chinese brand on its sustainable development path.
In recent years, as ESG becomes deeply embedded in the core evaluation metrics of capital markets, financing has entered a new phase of differentiation. Companies with strong ESG performance are gaining access to lower financing costs, while those behind the curve risk higher thresholds. Bloomberg has forecast that global ESG-related assets may surge to USD 50 trillion by 2025, elevating ESG from a supplementary metric to a mainstream benchmark for assessing long-term corporate value.
From an Option to a Commitment: The ESG First-Mover Advantage of Non-listed Companies
The ESG concept has gained rapid traction in China’s secondary market in the past two years, while in the US and Europe it has long been ingrained as a strategic gene of non-listed industrial giants. Patagonia has embedded sustainability deep into product lifecycles for decades, while IKEA continues enhancing global social value through greener supply chains and eco-design.This pattern is also evident among leading unlisted Chinese companies like Huawei and ByteDance, which have deeply embedded ESG principles into their operations. For them, ESG integration is not merely about boosting international competitiveness and brand image; it represents an ongoing effort to align with global standards and achieve high-quality development.
Unlike many non-listed companies still waiting on the sidelines, Huasun began publishing ESG reports as part of its annual corporate disclosures since 2022. Over these years, the company has internally committed to carbon-emissions verification and has implemented a suite of measures such as the Environmental Operations Control Procedure and Solid Waste Management Regulation. These define clear protocols for solid-waste, wastewater and exhaust-gas discharge, aiming to continuously reduce pollutant emissions throughout company operations, green production and delivery, thereby minimizing environmental impact.
Furthermore, in its newly released 2024 ESG Report, Huasun’s carbon-footprint metric stands out across the PV industry. Verified by third-party institutions, the carbon footprint of HJT modules has been reduced to 366.12 kg CO₂eq/kWp. On January 6 this year, China’s Ministry of Commerce released an announcement soliciting opinions on the industry standard “Low-Carbon Evaluation Requirements for Export PV Modules (Exposure Draft).” This threshold was set based on data from 26 companies (with footprints ranging from 330-815 kg CO₂eq/kWp) and references relevant national standards, representing approximately the top 40% among surveyed companies. Huasun’s carbon footprint is 11.78% lower than this proposed national standard. In the report foreword, Jimmy Xu, Chairman of Huasun, states the company’s ambition to further reduce the footprint to below 300 kg CO₂eq/kWp in 2025, supported by three breakthrough technologies: all-granular silicon with CCZ ingot pulling, ultra-thin 90 µm wafers and advanced low-carbon module frames.
Beyond product carbon reduction, the company deployed 59.07 MW of rooftop solar within its own facilities in 2024, a 115% year-on-year increase. Its annual renewable energy consumption reached 177 million kWh, equivalent to building a dedicated distributed power station for “self-generation and self-consumption.” This initiative not only establishes a zero-carbon shield covering the entire production cycle but also integrates clean energy into the most granular levels of production management, truly achieving “full value-chain carbon reduction” from production to final delivery. By deeply embedding environmental responsibility into its production DNA, Huasun is turning “zero-carbon manufacturing” from a slogan into measurable source of financial and environmental value.
In terms of the “Technology + Industry” dual-driver strategy, Huasun secured 4 national-level projects and 2 major innovation platforms in Anhui province during 2024. The company also participated in drafting 20 industry standards, including 4 national standards, 11 industry standards, 4 association standards, and 1 local standard. By the end of 2024, Huasun had cumulatively applied for 365 patents and been granted 185 patents, effectively protecting its intellectual property.
By the end of 2024, Huasun had contributed approximately 5,100 jobs to the local community in Xuancheng and achieved an annual output value of RMB 7.6 billion, marking a 10% year-on-year growth. “We firmly believe that a company’s value lies not only in commercial success but also in its ability to create long-term well-being for society,” emphasized Chairman Jimmy Xu. During the reporting period, Huasun conducted multiple ESG awareness training sessions for senior executives and specialized capacity-building programs for key ESG personnel. Health and safety training achieved 100% coverage during the reporting period, resulting in zero fatal workplace incidents, thereby fostering a safe and healthy working environment for all employees.
Outlook: From “Self-Conscious Responsibility” to “Value Resonance”
According to Wind data, as of 8 May this year, 2,458 A-share listed companies have published their 2024 ESG disclosures (including sustainability reports, CSR reports and combined CSR/ESG reports), representing a disclosure rate of 45.43%, an increase from the previous year. Among them, 1,759 companies have published ESG reports for three consecutive years. ESG is steadily evolving into a “value-driven” imperative. For Huasun Energy, voluntarily publishing three consecutive ESG reports is not only a reflection of self-driven responsibility but also a declaration of sustainable value to the market and industry. Through systematic disclosure of long-term environmental, social and governance practices, the company is building a future-oriented sustainable-development strategy loop, building a foundation of trust for strategic partnerships, market collaboration, and capital market engagement.
As the report conveys, the value of a company lies “in infusing business with warmth, defining new heights for the industry, and creating lasting impact for society.” With three reports in three years, Huasun is not merely annotating its own growth but is also providing a vivid case study of ESG implementation for Chinese non-listed firms. This persistence offers a reference for other unlisted enterprises exploring sustainable development paths, allowing the world to witness the steadfast exploration and unique wisdom of Chinese brands in the ESG domain.
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