(Yicai Global) Aug. 29 -- China's photovoltaic industry made impressive performance gains in the first half of this year, but industry insiders believe it may not run through into the second half, National Business Daily reported on Aug. 29.

Several listed solar firms saw profits well into the double figures and even into triple figures. Jiangsu Linyang Energy Co. [SHA:601222] reported net profit attributable to shareholders of CNY337 million (USD50.3 million), up 108 percent.

As well as A-share listed firms, those on the New Third Board also saw good results. Some 35 PV companies became profitable in the first six months, 11 of which logged net profit of more than CNY10 million (USD1.52 million). Financial statements showed that more than 80 percent of solar companies saw a substantial rise in performance, statistics from the China Photovoltaic Industry Association Show.

The reason for the sharp rise in profits was that the 'June 30 installation rush' stimulated demand in the PV upstream and downstream sectors, the report quoted solar industry expert Zhao Yuwen as saying.

The June 30 rush happened as power generation projects recorded before Jan. 1, 2017 and included in 2016 financial subsidiary management would still be able to enjoy 2016 solar power grid benchmark prices if they were connected to the grid before June 30. Solar companies looked to get their projects up and running as soon as possible to take advantage of the better rates.

The photovoltaic market will be relatively dull in the second half, said Zhao, as most production capacity was released in the first half. Solar companies may see a significant decline in orders, which is bound to affect performance, he added.