On February 12, Shuangliang Eco-Energy Systems Co.,Ltd. (600481.SH) published an announcement on its official WeChat account regarding an order related to SpaceX, causing its stock price to surge by the daily limit amid speculation around the "commercial space" concept. Following market close, regulators quickly issued a letter pointing out that the information could mislead investors. The then board secretary, Yang Likang, received a regulatory warning for violating information disclosure rules. As a result, on February 13, the company's stock price plummeted, hitting the daily downward limit and wiping out approximately 2 billion yuan in market value in a single day.
Behind the brief stock surge lies Shuangliang Eco-Energy's persistent losses. After reporting a significant net loss of 2.134 billion yuan in 2024, the company forecasts a net loss attributable to shareholders of 780 million to 1.06 billion yuan for 2025. Price wars and asset impairments continue to erode profits. Although the company is accelerating its efforts to break through in the hydrogen energy sector, uncertainties remain due to intensified competition and financial pressure from high debt levels.
The hype around the trending topic quickly faded, resulting in a one-day stock surge. On the last trading day before the holiday, February 13, Shuangliang Eco-Energy opened with a sharp decline, hitting the跌停 limit within about one minute. Although the跌停 was briefly lifted several times during the session, it ultimately closed at the limit down. The stock ended the day at 9.64 yuan per share, with over 50,000 lots queued for sale at the跌停 price, reducing its market value by roughly 2 billion yuan in one day.
The catalyst was a market update titled "Shuangliang Eco-Energy Secures Another Overseas Order, Supporting Commercial Space Exploration" posted on the company's WeChat account at 1:02 PM on February 12. The announcement indicated the transaction involved SpaceX, the space exploration company owned by Elon Musk.
The article stated that Shuangliang Eco-Energy had secured three overseas orders totaling 12 high-efficiency heat exchangers, which would be used in the fuel production system supporting the expansion of the SpaceX Starship launch base. It emphasized that this follow-up cooperation demonstrated overseas clients' high trust in the reliability of the company's products. Following the publication, the stock price rose to the daily upward limit starting at 1:26 PM and remained there until the close.
The stock price fluctuation promptly drew attention from the Shanghai Stock Exchange. Under regulatory pressure, Shuangliang Eco-Energy disclosed a clarification announcement after market close. The company revealed that the three orders were signed on October 25, 2025, and January 9, 2026, respectively, involving high-efficiency heat exchangers with a total value of approximately 1.7 million euros, equivalent to about 13.923 million yuan. This amount represented only about 0.11% of the company's audited revenue for 2024.
As disclosure details emerged, the significance of the so-called "SpaceX order" diminished considerably. Shuangliang Eco-Energy clarified that commercial space is not a primary application area for its products. The orders were secured indirectly by supplying heat exchangers to international industrial gas companies for fuel projects related to commercial space initiatives; the company did not collaborate directly with SpaceX and is a non-exclusive indirect supplier for the project.
The Shanghai Stock Exchange pointed out that "commercial space" is currently a market hotspot. Shuangliang Eco-Energy's post involved information about overseas orders in this sector but failed to specify details such as the supply method, sales scale, and the minimal impact on overall operations. It also did not adequately highlight risks related to order uncertainties. The information release was deemed inaccurate, incomplete, and lacking sufficient risk disclosure. The company only issued a clarifying announcement after regulatory intervention.
Given the above violations, the then board secretary Yang Likang, as the person responsible for information disclosure affairs, was penalized with a regulatory warning for failing to fulfill his duties diligently.
The company's heavy bet on photovoltaics has led to unfavorable outcomes, with losses continuing. Shuangliang Eco-Energy's main businesses include energy-saving and water-saving products, new energy equipment, and photovoltaic products, primarily serving sectors such as new energy power generation, steel, coal chemical, and thermal power.
In February 2021, the company embarked on an aggressive transformation, announcing a 7 billion yuan investment to enter silicon wafer manufacturing. In 2022, it continued to launch new projects, with total investments reaching approximately 28 billion yuan. At that time, driven by rising photovoltaic industry prosperity, the PV business quickly became the main revenue driver.
However, impacted by periodic overcapacity and disorderly low-price competition, Shuangliang Eco-Energy reported its first annual loss since listing in 2024. The company achieved revenue of 13.038 billion yuan and a net loss attributable to shareholders of 2.134 billion yuan, representing year-on-year declines of 43.68% and 242.1%, respectively.
In 2025, Shuangliang Eco-Energy has yet to reverse the loss trend. The company expects a net loss attributable to shareholders of 780 million to 1.06 billion yuan, and a net loss after extraordinary items of 800 million to 1.15 billion yuan. Although the loss magnitude has narrowed compared to 2024, profitability remains elusive.
In the third quarter of 2025, Shuangliang Eco-Energy briefly returned to profitability on a quarterly basis. It reported quarterly revenue of 1.688 billion yuan and a net profit attributable to shareholders of 53 million yuan, representing a year-on-year revenue decrease of 49.86% but a profit increase of 164.75%. The company attributed the profit increase despite lower revenue to lean management, quality and efficiency improvements, lower photovoltaic product costs, and a recovery in monocrystalline silicon prices.
Shuangliang Eco-Energy stated that although newly installed PV capacity increased year-on-year during the reporting period, the industry is still undergoing a phase of adjustment. Prices across the entire photovoltaic产业链 remain under pressure, compounded by changes in raw material costs and impairment provisions for some fixed assets, leading to an anticipated continued operating loss for 2025.
In the second quarter of 2025, as rush-installation demand subsided and market demand slowed, prices across the PV industry chain continued to探底, resulting in decreased profitability for the monocrystalline silicon business, which constitutes a significant portion of Shuangliang's revenue. In the first half of 2025, revenue from photovoltaic products was 2.942 billion yuan, a decrease of 39.36% year-on-year, yet still accounting for 67% of total revenue.
Affected by price wars, the gross profit margin for photovoltaic products has remained low for an extended period. In the first half of 2025, the gross profit margin for the photovoltaic and new energy segment was -11.1%, with silicon wafers specifically at -12.75%. In 2024, the segment's gross margin was -11.6%, and the gross margin for photovoltaic products was -16.63%, severely dragging down overall profits.
The company's previous investment of over 10 billion yuan in silicon wafer capacity is now facing challenges due to industry overcapacity. Impairment losses on fixed assets have further eroded profits. In the first three quarters of 2025, Shuangliang Eco-Energy recognized asset impairment losses of 184 million yuan. Breaking this down by quarter, the majority of impairments (171 million yuan) occurred in Q2, while only 18 million yuan was recognized in Q3, which might have been a factor contributing to the brief profitability in that quarter.
While its core photovoltaic business continues to bleed, Shuangliang Eco-Energy is accelerating its布局 in hydrogen energy to seek new growth drivers. This business is also the most important development direction within the company's new energy equipment segment.
On October 23, 2025, Shuangliang Eco-Energy terminated a private placement plan initially proposed in December 2023, which aimed to raise up to 2.56 billion yuan. Of that amount, 1.61 billion yuan was intended for a 38GW large-size monocrystalline silicon crystal pulling project, and 250 million yuan for an annual production capacity of 700 sets of green power intelligent hydrogen production equipment project.
Simultaneously, the company announced a new private placement plan to raise 1.292 billion yuan. Notably, the new plan excludes photovoltaic projects. The募资 will be directed towards the annual production of 700 sets of green power intelligent hydrogen production equipment project (200 million yuan) and an intelligent hydrogen production equipment and materials R&D center project (174 million yuan). Compared to the previous plan, the latest fundraising规模 has been halved.
Shuangliang Eco-Energy stated that through this new placement, it will actively participate in energy-saving, carbon reduction, and green hydrogen production technology R&D. This reflects a strategic shift in the company's focus from photovoltaic silicon wafers to electrolyzer hydrogen production business. The performance of previous PV projects underscores the necessity of this adjustment. For instance, the Phase II Monocrystalline Silicon Project (20GW), funded by a 2023 convertible bond issuance, reached its intended usable state in March 2023 but reported a loss of 154 million yuan in the first three quarters of 2025, failing to meet expected效益.
Currently, Shuangliang Eco-Energy has developed and achieved large-scale production capacity for a 5000Nm³/h alkaline water electrolyzer, claimed to be the world's largest single-unit hydrogen production capacity. Rough statistics indicate that since the beginning of 2025, the order value for the company's hydrogen energy business has exceeded 800 million yuan.
However, whether the hydrogen energy track can become a new profit pillar remains uncertain. The alkaline water electrolyzer sector is already showing signs of intense competition, with increasing product homogenization and escalating price wars rapidly squeezing profit margins.
In the first half of 2025, revenue from new energy equipment was 85 million yuan, accounting for less than 2% of total revenue. It is worth noting that while the alkaline water electrolyzer route, which Shuangliang focuses on, is currently mainstream, uncertainty exists regarding whether it might be rapidly replaced by PEM (Proton Exchange Membrane) technology in the future.
Furthermore, increasing investment in hydrogen energy poses a significant challenge for Shuangliang Eco-Energy, which is already under the pressure of high debt. As of the end of the third quarter of 2025, the company's short-term borrowings and non-current liabilities due within one year totaled 9.333 billion yuan. Meanwhile, its monetary funds stood at only 4.335 billion yuan, and its asset-liability ratio was as high as 81.91%.
The company's financial situation has attracted regulatory attention. At the end of the first half of 2025, Shuangliang Eco-Energy held monetary funds of 5.612 billion yuan. However, 5.052 billion yuan of this was restricted funds, of which 4.502 billion yuan was bank acceptance draft保证金. The ratio of bank acceptance draft保证金 reached 95.13%. In comparison, the average保证金 ratio for peers like TCL Zhonghuan (002129.SZ), LONGi Green Energy Technology (601012.SH), and Hongyuan Green Energy (603185.SH) was around 39.16%.
The abnormally high保证金 ratio means the company's book cash is inflated. The actual freely disposable monetary funds were only 560 million yuan, severely limiting liquidity. These funds are insufficient to effectively cover short-term debt, exacerbating debt risks. Faced with ongoing operational losses and high debt pressure, how Shuangliang Eco-Energy will provide sufficient financial resources to support its transition into the hydrogen energy business has become a critical challenge it must confront.
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