Seven consecutive quarters of losses! Huge loss of 3.6 billion! Why Jiangsu Photovoltaic Enterprises Earn More than 500 Million yuan?

As of October 31st, the three quarterly reports of listed photovoltaic companies were disclosed. On the whole, the performance of most photovoltaic enterprises has recovered , and some enterprises took the lead in turning losses into profits in the third quarter . According to incomplete statistics from the

Digital New Energy DataBM. Com, 36 A-share listed companies in the main photovoltaic industry chain lost 21.48% in the third quarter compared with the same period last year. Compared with the previous quarter , the loss was reduced by 57.

(For details, please click: However, it should be noted that Hongyuan Green Energy has accumulated losses of 3.571 billion yuan for seven consecutive quarters , including in the first half of 2025. However, with the outstanding performance in the third quarter, Hongyuan Green Energy achieved a reversal of its annual performance, and as of the first three quarters, the company achieved a net profit of 2.

In the first three quarters of 2025, the net operating cash flow of Hongyuan Green Energy was 220 million yuan , an increase of 113% over the same period last year.

According to the data, Hongyuan Green Energy was founded in 2002 and listed on the Shanghai Stock Exchange in 2018. Previously, the company has invested 61.4 billion yuan in the layout of production capacity, and has now formed an integrated layout of "silicon material-silicon wafer-battery-component". Why

did Hongyuan Green Energy take the lead in turning losses into profits ? What are the hidden mysteries behind its third quarter earnings report?

The increase in revenue was mainly due to the increase in the price of photovoltaic products and the increase in shipment volume as compared with the same period last year. The change in net operating cash flow was mainly due to the increase in revenue and profitability of the Company.

According to the data of digital new energy DataBM. Com, the average transaction prices of N-type silicon wafers G10L, G12 and G12R are 1.32 yuan, 1.68 yuan and 1.40 yuan respectively; Compared with 0.86 yuan/piece, 1.19 yuan/piece and 1.00 yuan/piece at the beginning of July this year, the prices of three types of silicon wafers increased by 53.49% and 41.18% respectively . 40.

in the third quarter compared with the previous quarter ; Longji Green Energy reduced its losses in the third quarter compared with the previous quarter . 26

. Obviously, the rising price of silicon wafers provided an important growth boost for Hongyuan Green Energy's three-quarter report, but only by boosting the price of photovoltaic products and increasing shipments. Far from enough to support this brilliant performance.

According to the balance sheet, by the end of September 2025, the inventory of Hongyuan Green Energy was 1.273 billion yuan , down 511 million yuan from 1.785 billion yuan at the end of June 2025. In the third quarter

of Hongyuan Green Energy, revenue rose 85% year-on-year. On the contrary, from the end of December 2024 to the end of June 2025, The inventory of Hongyuan Green Energy is growing rapidly. By the end of June 2025, the inventory of Hongyuan Green Energy was 1.785 billion yuan , an increase of 389 million yuan compared with 1.396 billion yuan at the end of December 2024. An increase of 27.

that from the current results, Hongyuan Lvneng's move is very delicate.".Compared with other enterprises in the same industry, Hongyuan Green Energy has a more accurate ability to predict risks and control the pace of operation.

In addition, in the first three quarters of 2025, the impairment loss of Hongyuan Green Energy assets was 53.69 million yuan , down 90% from the same period last year. In the third quarter, Hongyuan Green Energy reversed the impairment of assets accrued in the previous period .

Next stop, out to sea? However, the third quarter performance is only a phased result, although the company has taken the lead in turning around losses, but whether the follow-up can continue to make profits is still very uncertain.

From the perspective of its market layout, Hongyuan Green Energy's current revenue is still dominated by the domestic market, and as of June 30, 2025, the proportion of overseas market revenue is only 2. However, the According to the digital new energy DataBM, the author guesses that This year may become its overseas ". On the one hand, the domestic demand for photovoltaic installation has entered the off-season since the third quarter of this year. The total installed capacity in the quarter was only 28.

On the other hand, Hongyuan Green Energy officially took over Wuxi Suntech in July. As a veteran photovoltaic leader, Wuxi Suntech is no longer at its peak, but the brand still has a high degree of recognition in overseas markets such as Europe and Southeast Asia .

From this point of view, if Hongyuan Green Energy develops its overseas market at this time, it can not only speed up its "going to sea" with the help of Wuxi Suntech, but also open up a new development path for itself.

At the same time, Hongyuan Green Energy has already listed Europe as a key area for overseas market development. According to the company's 2024 annual report, the gross profit margin of photovoltaic products sold in the region has reached 12.

In addition, in April this year, the European sales director of Hongyuan Green Energy also made it clear in an interview that "in the next three to five years, the goal of Hongyuan Green Energy is to strive to enter the top ten of component shipments." The realization of this goal also means that the company will achieve more than 5% market share in Europe.