Golden Solar New Energy Technology Holdings Limited reported a 38.8% year-on-year drop in revenue to RMB 155.12 million for the twelve months ended 31 December 2025, driven mainly by weaker Original Equipment Manufacturing (OEM) and Photovoltaic Products sales.
The steep fall in turnover reversed the prior-year gross profit into a gross loss of RMB 2.35 million, translating to a negative gross margin of 1.5% versus a positive 13.0% in 2024.
Segment performance: • OEM revenue fell 33.1% to RMB 137.94 million as U.S. orders weakened amid tariff changes and intensified competition from Southeast Asian producers. • Photovoltaic Products revenue slumped 73.3% to RMB 10.29 million due to a strategic shift toward high-efficiency HBC solar technology and flexible modules. • Graphene-based Products and Boree branded footwear contributed RMB 2.96 million and RMB 3.93 million respectively, both down year-on-year.
Operating expenses remained heavy. General and administrative costs rose 7.6% to RMB 238.40 million, reflecting RMB 136.94 million of non-cash equity-settled share-based payments. Selling and distribution expenses declined 33.2% to RMB 16.92 million, while research and development spending contracted 31.4% to RMB 41.30 million.
After finance costs of RMB 9.66 million and other items, the Group recorded a net loss attributable to owners of RMB 307.93 million, widening from a RMB 277.41 million loss in 2024. Basic and diluted loss per share were RMB 16.763 cents (2024: RMB 15.294 cents).
Balance sheet pressures persisted. Cash and bank balances stood at RMB 10.75 million at year-end (2024: RMB 31.86 million), with net current liabilities of RMB 55.56 million. Total interest-bearing debt increased to RMB 127.23 million, lifting the gearing ratio to 123.9% (2024: 80.7%). The company has a RMB 70.00 million standby facility from its major shareholder and additional cost-control and financing measures under review.
Auditor Confucius International CPA Limited issued an unmodified opinion but highlighted a material uncertainty related to going concern, citing the continued losses and net current liability position.
Operationally, 2025 marked a pivot toward HBC (Hybrid Passivation Back Contact) solar cell technology. Management reported completion of pilot testing for HBC-specific silver-copper paste and insulating ink and signed cooperation agreements with several leading photovoltaic manufacturers, positioning the Group for anticipated licensing and material-supply revenues from 2026 onward.
During the year the company issued 111.00 million new shares through option exercises, bringing total shares outstanding to 1,924.27 million. No dividend was declared for 2025.
No material acquisitions, disposals, or contingent liabilities were reported, and no securities were repurchased, sold, or redeemed during the period.
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