On June 20, Zhejiang Baida Seiko Co., Ltd. issued a reply announcement on the Information Disclosure Regulatory Inquiry Letter of Shanghai Stock Exchange on the Company's 2024 Annual Report. In the announcement, Baida Seiko responded to the decline in performance in 2024 and the development plan of photovoltaic business , and disclosed the construction progress of 4.5G W TOPCON battery project.
It is understood that in 2024, Baida Seiko achieved an operating income of 1.535 billion yuan, an increase of 6.63% over the previous year, while the net profit attributable to the parent company was only 33.0156 million yuan, a decrease of 72.23% over the previous year. As for the sharp decline in performance in 2024, Baida Seiko explained that it was mainly the company's cross-border investment in solar cell projects .
The project was launched in July 2023 by Jiangxi Baida, a subsidiary of Baida Seiko Holdings, and plans to build an annual production of 4.5G W TOPCON batteries . The construction period is 10 months , with a total investment of 1.331 billion yuan .
However, as of December 31, 2024, Jiangxi Baida has only completed the investment in plant, supporting facilities and 3GW TOPCON batteries, with a project progress of 62% . The above production line has not yet been put into production .
When talking about the unexpected progress of the project, Baida Seiko pointed out that the cost and price of battery products were seriously inverted due to the intensified competition in the photovoltaic industry and the sharp drop in the price of products in the industrial chain.
In this context, Baida Seiko decided to suspend the investment and construction of the remaining 1.5g W TOPCON batteries , and slow down the overall progress of the project, waiting for the market price to rebound and stabilize before choosing the opportunity for construction. According to
public information, Jiangxi Baida was founded in September 2018 and jointly invested by Baida Seiko and Suzhou Zhonglai Photovoltaic New Material Co., Ltd. with a registered capital of 305.9 million yuan. It is mainly engaged in the research and development, production and sales of solar Topcon cells.
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