Hainan Drinda New Energy Technology Co.,Ltd. (referred to as "Drinda", 002865.SZ), a leading photovoltaic cell manufacturer, has released its 2025 annual report. According to the financial results, the company's annual operating revenue was 7.627 billion yuan, a decrease of 23.36% year-on-year. The net profit attributable to shareholders was a loss of 1.416 billion yuan, a significant decline of 139.51% compared to the previous year, indicating substantial performance pressure.
The report also revealed that the company's domestic revenue fell by over 50% year-on-year. Regarding issues such as domestic operating rates, the company has not yet responded to inquiries as of the time of publication. Furthermore, continuing the practice from 2024, Drinda will not pay dividends for the 2025 fiscal year, meaning no cash dividends, bonus shares, or capital reserve conversions will be issued.
**Two Consecutive Years of Heavy Losses**
The photovoltaic industry chain encompasses key segments including silicon materials, ingot casting (pulling), wafering, cells, modules, and application systems. Photovoltaic cells represent the core technological segment of this chain; their photoelectric conversion efficiency directly determines the power generation efficiency of modules, which in turn affects the electricity output and investment returns of end-user power stations.
Drinda is a leading enterprise in the photovoltaic cell industry, primarily engaged in the research, development, production, and sales of photovoltaic cells. The company purchases silicon wafers from upstream suppliers, processes them into cells, and sells them to downstream module manufacturers. These module manufacturers then assemble and encapsulate the cells into complete photovoltaic modules for end customers.
An SMM silicon-based photovoltaic division analyst stated that in 2025, domestic cell prices experienced a pattern of rising, then falling, consolidating at a bottom, followed by a sharp year-end rally, resulting in a "V-shaped" reversal for the year, with year-end prices hitting annual highs. Taking monocrystalline TOPCon 183 cells as an example, influenced by rising silver prices towards the year-end, the average transaction price reached 0.39 yuan/W, representing a full-year increase of 37.8%.
Analyzing from a profit perspective, the analyst further indicated that according to the SMM photovoltaic cost index model, monocrystalline TOPCon 183 cells overall showed a fluctuating trend of "deep losses - recovery - deep losses again - rebound," with an average annual profit of -0.051 yuan/W. The two key turning points in the profit trend occurred in mid-July and mid-to-late December.
Affected by the industry cycle, Drinda's operations have continued to deteriorate over the past two years. Financial reports show that from 2023 to 2025, the company's net profit attributable to shareholders was approximately 816 million yuan, -591 million yuan, and -1.416 billion yuan respectively, indicating a shift from profit to loss with an expanding deficit. During the same period, net cash flow from operating activities also declined year by year, standing at approximately 1.979 billion yuan, 654 million yuan, and -486 million yuan respectively. The net assets attributable to shareholders of the listed company also shrank significantly, dropping from 4.709 billion yuan at the end of 2023 to 3.66 billion yuan at the end of 2025.
Drinda stated that in 2025, while the global photovoltaic market maintained growth momentum, with particularly strong overseas demand, the industry remained in a cycle of capacity rationalization and declining product prices, putting overall profitability pressure on the supply chain. Consequently, the company's operating performance faced temporary pressure.
On a quarterly basis for 2025, Drinda's revenue remained relatively stable, but net profit attributable to shareholders fluctuated significantly. Figures for the first to fourth quarters were approximately -106 million yuan, -158 million yuan, -155 million yuan, and -997 million yuan respectively. The substantial quarter-on-quarter increase in losses during the fourth quarter became the primary drag on the full-year performance.
Simultaneously, the company's sales expenses and R&D expenses decreased by 19.82% and 44.35% respectively. The company attributed the drop in sales expenses to reduced market promotion fees and sales staff compensation costs. The decline in R&D expenses was mainly due to tightened control over R&D projects. By the end of 2025, the number of employees had further decreased to 2,712.
**Overseas Revenue Exceeds 50%**
In 2025, Drinda's domestic and overseas revenue showed starkly contrasting trends. The company stated directly that it had achieved "breakthrough progress in overseas market expansion, with the proportion of overseas sales revenue significantly increasing from 23.85% in 2024 to 50.66%, ranking among the top in the industry in key regional markets such as India, Turkey, and Europe."
Data shows that the company's overseas income increased from 2.373 billion yuan in 2024 to 3.864 billion yuan in 2025, a rise of 62.83%. In contrast, domestic revenue performed poorly, falling from 7.579 billion yuan in 2024 to 3.763 billion yuan in 2025, a sharp decline of 50.35%.
In terms of gross margin, when broken down by region, both domestic and international business gross margins declined, standing at -3.46% and 0.75% respectively, down by 2.42% and 5.62 percentage points year-on-year. Overall, the gross margin for the company's photovoltaic cell business in 2025 was -1.65%, a decrease of 2.13 percentage points compared to the previous year.
Regarding capacity layout, the annual report disclosed that the company's two major domestic production bases in Chuzhou and Huaian have a combined capacity exceeding 40GW, sufficiently ensuring rapid delivery for global customers. Concurrently, the company is planning the deployment of high-efficiency cell capacity overseas. Currently, overseas capacity in locations like Turkey is progressing steadily. The future goal is to achieve "local production, local delivery," which will help avoid international trade barriers, reduce logistics costs, and further enhance global supply efficiency.
It is important to note that due to complex and volatile international trade conditions and tariff policies, coupled with significant increases in regional instability and geopolitical uncertainty in the Middle East, the advancement of the company's originally planned 5GW high-efficiency cell production base project in Oman has been affected to some extent.
In terms of financial structure, as of the end of 2025, the company's asset-liability ratio remained high at 77.69%. However, it is noteworthy that on May 8, 2025, Drinda successfully listed in Hong Kong, becoming the first photovoltaic company to achieve dual listings on both the A-share and H-share markets. Given the current high debt levels within the photovoltaic industry, this dual listing is indeed beneficial for the company's global financing, overseas capacity construction, and technological R&D investment.
Looking ahead, the SMM analyst projected that based on the current supply-demand dynamics and policy assessments, cell prices this year might experience a phased rebound, with particularly strong performance expected in the third quarter. He emphasized that the overall industry's profitability is closely tied to prices of bulk metals and auxiliary materials, and predicted that 2026 would mark the formal beginning of capacity integration within the photovoltaic industry.
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