Ningbo Father and Son Amass 33.5 Billion in Wealth Through Component Sales in Renewable Energy Sector

Zhang Hejun, a low-profile wealthy individual from Ningbo, has entered the solar energy sector and reaped significant financial rewards. On April 30, his family’s company, DeYe Co., Ltd., announced an expected net profit of approximately 3 billion yuan for 2024, marking a remarkable increase of 64.8%. While many leading solar companies face challenges, Zhang’s two major components have seen robust sales, generating 8 billion yuan in revenue. They sold 1.37 million inverters, and revenue from energy storage battery packs surged by 1.7 times.

Capitalizing on this momentum, he is planning substantial expansions. In April, DeYe secured two land parcels in Cixi and Beilun districts of Ningbo. On the Cixi site, he intends to invest no less than 2.1 billion yuan in two phases to establish a production line capable of generating 16 GWh of commercial energy storage annually. At 73 years old, Zhang is aggressively expanding to capture a larger market share.

Zhang Hejun, who began his career in rural areas, is a seasoned businessman. After finishing high school, he worked in various jobs, including farming and carpentry, before starting a small mold factory. Over more than 30 years, he transformed a local factory into a prominent player in the solar industry. Currently, DeYe generates over 11 billion yuan in annual revenue and boasts a market value of 55 billion yuan. Despite being over 70, Zhang remains actively involved in day-to-day operations. Last year, DeYe held 10 board meetings, and Zhang attended each one in person, never opting for remote participation.

In a recent statement, he expressed, “We set sail anew, committed to deepening our efforts in the renewable energy sector.” Zhang Hejun and his wife, Lu Yazhu, are the actual controllers of DeYe, holding over 59% of the shares as of the end of March, granting them significant influence. According to the Hurun Global Rich List 2025, the Zhang family has a net worth of 33.5 billion yuan. The founder has two sons, both employed at DeYe, each earning over 7.5 million yuan annually. Combined with Zhang Hejun’s compensation, the family’s total salary exceeded 24 million yuan last year. The board has also approved a cash dividend of 2.6 yuan per share, potentially yielding nearly 1 billion yuan for Zhang and his wife before taxes. The company has offered high salaries to its professional managers, with Ji Dehai, a 35-year-old deputy general manager, earning 5.14 million yuan last year.

Zhang Dongye, born in 1981, joined DeYe early on and has held roles such as sales director before becoming general manager and vice chairman. His brother, Zhang Dongbin, aged 46, serves as a director. The company is currently in a transitional phase. In August of last year, the legal representative of DeYe changed from Zhang Hejun to Zhang Dongye. Three months later, under his father’s witness, Zhang Dongye represented DeYe in signing a cooperation agreement with Nigus from Nigeria. “Chinese people believe that a good start is half the success,” Zhang Dongye remarked, highlighting the potential benefits of their long-term partnership.

Frequent acquisitions and expansions characterize Zhang Hejun’s approach. In April, DeYe and its subsidiaries acquired an industrial land parcel in Beilun District for 45.8 million yuan and another in Cixi for 94.08 million yuan. The specific use of the Beilun land has yet to be disclosed, while the Cixi site aims to build a commercial energy storage production line. The company plans to complete construction and commence production within 36 months of acquiring the land, aiming for operational verification within 60 months. “Based on industry outlook, we are preemptively positioning our capacity to meet the expected growth in commercial storage sales,” management explained.

Last year, DeYe also established a subsidiary in Malaysia to engage in solar equipment and energy storage battery businesses, investing 190 million yuan in acquiring a production base. As a leading player in the solar industry, DeYe sells inverters and energy storage battery packs, with overseas revenue exceeding 7.3 billion yuan. Management believes Malaysia’s strategic location allows it to quickly cover Southeast Asia and extend into South Asia, the Middle East, and Africa, facilitating overseas business expansion. By 2025, the company aims to deepen its presence in emerging markets in Asia, Africa, and Latin America.

The company’s aggressive moves reflect Zhang Hejun’s confidence in the energy storage sector. Last year, energy storage battery pack sales grew significantly, becoming the second-largest source of revenue, contributing 2.45 billion yuan, following inverters, which accounted for 5.56 billion yuan. This positive trend continued into the first quarter, with sales of inverters and energy storage battery pack products rising sharply and net profits growing to 610 million yuan. The company also enjoys a strong cash position, allowing for further investments in land and production expansion. On April 30, it announced plans to use up to 8 billion yuan of its own funds for cash management, investing in secure and highly liquid financial products.

Zhang Hejun initially focused on manufacturing plastic components for home appliances. With a keen business acumen, he identified the needs of Midea and worked diligently to enhance manufacturing processes, gaining their favor and expanding his business. When DeYe went public in 2021, the home appliance segment accounted for 70% of its revenue. Seizing an opportunity, Zhang ventured into the inverter market. Currently, inverters represent the bulk of revenue, generating 5.56 billion yuan last year. During this period, the company shipped 540,000 energy storage inverters, 410,000 string inverters, and 420,000 micro-inverters, effectively identifying and exploiting business opportunities by exporting products to countries such as Germany, Pakistan, Brazil, and India.

For instance, during the energy crisis in Europe, demand for household energy storage spiked, leading to the rise of balcony solar systems—allowing users to install solar panels on balcony railings for personal energy supply. Responding swiftly, Zhang’s team launched micro energy storage inverters, capturing a significant market share. Germany quickly became its largest overseas market, contributing over 1.7 billion yuan to revenues last year. With rising electricity prices in recent years, management predicts that simplified procedures for balcony solar systems will boost demand, especially in countries with high electricity costs. The team integrates energy storage product sales with inverter offerings using a “storage inverter + battery pack” strategy to promote collaborative sales, enabling DeYe to successfully penetrate emerging markets in Southeast Asia.

Interestingly, DeYe also maintains a home appliance business, generating 970 million yuan from dehumidifiers and 1.95 billion yuan from air conditioning components last year. “Last year, southern regions experienced prolonged rainy seasons, increasing demand alongside government subsidy policies, resulting in steady growth in domestic sales,” the financial report noted. With diverse capabilities, both Zhang Hejun’s new and established businesses continuously generate substantial wealth for him.