As a former photovoltaic "dark horse", Shuangliang Energy Conservation is turning its investment direction to 24, Shuangliang Energy Conservation announced the termination of the stock increase plan announced at the end of 2023. The plan originally planned to raise no more than 25.
In this regard, Shuangliang Energy Conservation explained in the announcement that it decided to terminate the plan after considering the external objective environment, market environment, the company's actual situation, development strategy and other factors.
But then again, the current photovoltaic industry is in the doldrums, and this decision is not surprising. Surprisingly, Shuangliang Energy Conservation also launched a new round of fixed increase plan on the same day, which plans to issue 560 million shares to raise 12
. Of the 1.29 billion yuan raised, about 4.
However, in the third quarter of 2025, Shuangliang Energy Conservation has achieved a single-quarter turnaround in net profit (net profit 5317. It is still a drop in the bucket .
Affected by the downward cycle of the photovoltaic industry, Shuangliang Energy Conservation has been focusing on the photovoltaic new energy business for a long time, not only facing the pressure of continuous loss of business "blood loss", but also expecting the industry to recover to achieve "blood return" in the short term. In this way, Shuangliang Energy Conservation urgently needs to find new profit growth points.
However, the poor financial situation has also made the cross-border layout of hydrogen energy in Shuangliang Energy Conservation questioned.
Enter the Photovoltaic Industry: Make Money and Lose Money! According to
public information, Shuangliang Energy Conservation was founded in 1995 and listed on the Shanghai Stock Exchange in 2003. As a holding subsidiary of Shuangliang Group, it has been deeply engaged in energy saving, water saving and clean energy for a long time.
With the rise of new energy industry, Shuangliang Energy Conservation laid out the business of polysilicon reduction furnace in 2007 . Successfully entered the share of over 65% in 2023.
However, Shuangliang Energy Conservation does not intend to stop there.
By 2021, Shuangliang Energy Conservation entered the field of silicon wafers decisively, announcing that it would invest 7 billion yuan to build a total of 40 GW monocrystalline silicon projects in two phases in Baotou Rare Earth High-tech Zone, Inner Mongolia. (Click downstream enterprises such as Tongwei Stock, Trina Solar Energy, Zhengtai Xinneng and Yingfa Ruineng. As of April 2023, the total amount of Shuangliang Energy-saving Silicon Wafer Contract has exceeded 100 billion yuan .
With this momentum, Shuangliang Energy Conservation ushered in a substantial increase in its performance in 2023! The net profit attributable to the parent company was 15. Compared with that before entering the market (2020), the net profit attributable to the parent company increased by more than 993% , which can be described as unlimited scenery.
In addition, according to incomplete statistics from the Digital New Energy DataBM. Com, as of the first half of 2023. Shuangliang Energy Conservation has relied on 9. (For details, please click: of silicon wafers has been declining all the way, and affected by this, domestic silicon wafer enterprises have generally fallen into a loss state .
in the first three quarters of 2025. The price of silicon wafers has recovered slightly, but the increase is limited .
In addition, by comparing the financial data, it is found that the loss of Shuangliang Energy Conservation is mainly due to was -10.
As a result, Shuangliang Energy Conservation has to seek new business tracks in order to recover its performance. Under
High Debt, Turn to Hydrogen Energy: "Money Scene" Is Unpredictable! However, according to the semi-annual report of 2025, Shuangliang Energy Conservation actually has a layout in the field of hydrogen energy in the domestic and foreign markets .
At present , in the domestic market , Shuangliang Energy Conservation has completed the direct sales network layout of green hydrogen production system in Beijing, Xinjiang, Inner Mongolia, Northeast China, Hebei, Shandong and Shaanxi-Gansu-Qinghai regions to achieve collaborative coverage of the surrounding areas.
In the overseas market , Shuangliang Energy Conservation is gradually opening up sales channels in Europe, the Middle East, South Asia, Southeast Asia and other regions, and successfully won the bid for ACme Oman Green Ammonia Project with an annual output of 100,000 tons in India in the first half of the year.
From the perspective of profitability , the three-quarter report shows that Shuangliang Energy Conservation achieved revenue of 1.688 billion yuan in the third quarter, down 49.86% from the same period last year; In addition , during the reporting period, the company's net profit margin was still -9.
From the perspective of solvency , Shuangliang Energy Conservation has been in the field of cross-border layout of silicon wafers since 2021. The asset-liability ratio will continue to be at a high level , breaking through 80% in 2024, far exceeding the average level of the same industry.
As of September 30, 2025, Shuangliang's energy-saving asset-liability ratio was as high as 81.91% . Among them, the company's short-term borrowing is 75.
From the perspective of fund-raising projects alone, even if 1.292 billion yuan is successfully raised, there are still 6. Its available funds are only 5.
In addition, the hydrogen energy industry, as a "new outlet", has also attracted many participants. And how can Shuangliang Energy Conservation, which bears heavy debts, compete with the leading enterprises of deep cultivation of hydrogen energy and the counterparts with abundant funds?
On the other hand, even if Shuangliang Energy Conservation barely enters the hydrogen energy market , the new track will inevitably need to continue to increase investment, and where will the follow-up funds come from?
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