Controlling Shareholder Plans to Cash Out at Highs Against the backdrop of a persistently sluggish photovoltaic industry, Hainan Drinda New Energy Technology Co.,Ltd. (002865.SZ) has issued an earnings warning, forecasting a net profit loss attributable to shareholders of 1.2 to 1.5 billion yuan for 2025. This represents a further widening of losses compared to the previous year, solidifying a second consecutive year of deficits.
However, fueled by fervent speculation around the "space photovoltaic" concept, Drinda's stock price has surged by 126% since last December. Behind this doubling in share value, two significant moves by the company have drawn attention: firstly, its announcement of an investment in an early-stage "space photovoltaic" concept company; and secondly, almost simultaneously, its controlling shareholder unveiled a plan to sell up to 3% of its shares, aiming to cash out over 780 million yuan.
As a fundamental turnaround remains elusive and doubts persist over whether the new business can deliver substantive profit growth, the狂热 surrounding Drinda's stock price intertwines with major shareholders' desire to cash out, casting a shroud of uncertainty over this market rally.
Persistent Performance Pressure, Losses Widen According to the 2025 earnings forecast, Drinda anticipates a net loss attributable to shareholders of 1.2 to 1.5 billion yuan, widening from the 2024 loss of 591 million yuan. The estimated net loss after extraordinary items is projected to be between 1.4 and 1.8 billion yuan, compared to a loss of 1.118 billion yuan in the same period last year.
Drinda's quarterly losses are also expanding sequentially. For the first three quarters of 2025, the company reported a net loss of 418 million yuan. Based on the forecasted annual figures, the loss for the fourth quarter alone is estimated between 782 million and 1.082 billion yuan, a significant increase from the third-quarter loss of 155 million yuan. Notably, as of the end of Q3 2025, Drinda's retained earnings stood at 295 million yuan, implying that by year-end, this figure could potentially turn negative.
Although Drinda's earnings preview mentioned positive market developments such as "overseas sales exceeding 50% of total revenue" and the company becoming a "core photovoltaic cell supplier in overseas regions," these measures have failed to reverse the downward earnings trend.
Explaining the widening losses, Drinda cited the industry's ongoing supply-demand imbalance at the cyclical bottom, coupled with challenges in price transmission along the main industry chain. These factors have pressured operations, leading to a phase of losses. Additionally, the company plans to make asset impairment provisions based on the prudence principle, which will also impact the current period's results.
Drinda successfully listed on the Main Board of the Hong Kong Stock Exchange in May 2025, becoming the first PV company to achieve a dual listing on both the A-share and H-share markets. However, this capital market move has not reversed its poor performance and appears more like an effort to raise funds and alleviate liquidity pressure amidst continuous losses. The Q3 2025 report showed Drinda's asset-liability ratio was as high as 74.14% at the end of September, with monetary funds of 3.505 billion yuan. Meanwhile, short-term borrowings and non-current liabilities due within one year totaled 3.245 billion yuan, indicating tight liquidity.
Space PV Concept Hype, Controlling Shareholder Cashes Out In 2025, with phased overcapacity in the PV industry, prices across the supply chain remained under pressure. Although industry self-regulation led to some price stabilization and rebounds, upward momentum faced significant resistance. Combined with relatively weak end-demand, this resulted in continued losses for most PV manufacturers. Leading companies across modules, polysilicon, and cells, such as Trina Solar (688599.SH), Daqo New Energy (688303.SH), and Jinko Solar (688223.SH), all projected continued losses for 2025.
Amid this widespread industry pressure, the "space photovoltaic" theme, which touches on popular concepts like aerospace, perovskite, and computing power, rapidly boosted market speculation, making Drinda a target for capital inflows. Since last December, the company's stock price has skyrocketed by 126.17%, with a gain of over 64% in January alone, ranking first in gains among main PV industry chain stocks. As of the latest closing date, Drinda's share price reached 89.7 yuan, hitting a new high since October 2023.
Simultaneously, on January 15, Drinda announced plans to invest 30 million yuan in cash to subscribe to a capital increase of 461,500 yuan in Shanghai Xingyi Xinneng Technology Co., Ltd., acquiring a 16.6667% stake. Shanghai Xingyi Xinneng is a newly established project company by the team behind Hangzhou Shangyi Photoelectric Technology Co., Ltd., intended to take over all assets, personnel, and business of Shangyi Photoelectric.
On an investor interaction platform, Drinda explained that Shangyi Photoelectric, leveraging technical backing from the Shanghai Institute of Optics and Fine Mechanics, Chinese Academy of Sciences, is a rare domestic satellite battery manufacturer. Its core team has deep experience in perovskite aerospace applications for years and has built a unique space simulation R&D platform, having completed first-principles verification of perovskite materials under space-like conditions. The company and Shangyi are actively promoting product mass production based on downstream customer demand, enhancing service capabilities, and expanding into the domestic and North American commercial aerospace and space computing markets, aiming to serve global clients with technological and cost advantages.
Beneath the conceptual光环, space photovoltaics remains in its early developmental stages. Both the technological pathway and market scale are still ambiguous, making it unlikely to contribute substantial earnings to the listed company in the short term. The announcement shows that Shanghai Xingyi Xinneng was established on January 6, 2026, with a registered capital of 1.5 million yuan. Drinda also explicitly stated that Xingyi Xinneng's relevant technologies are still in the R&D phase, it has not commenced substantive operations, holds no orders, and faces uncertainties regarding business model maturity and market expansion progress.
Intriguingly, just as the market was captivated by the "space PV" narrative and the stock price was soaring, Drinda's controlling shareholder, Hainan Jindi Technology Investment Co., Ltd. (Jindi Technology), "opportunely" unveiled its减持 plan, intending to cash out at elevated levels.
The announcement revealed that Jindi Technology, which holds 46.5141 million shares of Drinda (representing 15.90% of the total share capital), plans to sell up to 3% of the company's total shares excluding those in the repurchase专用 account—amounting to 8.7254 million shares. The reason cited for the减持 is "its own capital needs." Based on Drinda's closing price of 89.7 yuan on January 16, Jindi Technology's planned减持 could net approximately 783 million yuan.
Based on available information, the cyclical trough for the PV industry has not yet concluded. A recovery in supply chain prices and a restoration of corporate profitability will still require time. For Drinda, its traditional PV cell business is unlikely to provide a definitive foundation for a return to profitability in the foreseeable short term. When the speculative tide around the space PV concept recedes, what will ultimately support the company's long-term value is solid operational performance and sustainable growth. However, for now, the fundamental turnaround that investors are anticipating remains fraught with uncertainty.
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