Since 2023, the photovoltaic industry has entered a downward cycle in the second half of the year, with price collapse, cold capital, layoffs and bankruptcy. Seeing the collapse of photovoltaic "high-rise buildings", many cross-border enterprises choose to leave behind, and some enterprises choose to gamble and insist on development " Most of the cross-border enterprises that insist on photovoltaic business are not optimistic. However, one company not only turned its performance into a profit, but also achieved a year-on-year increase in gross profit of its photovoltaic business in the first half of this year.
On August 12, Yingli released its semi-annual report for 2025. In the first half of this year, the company achieved revenue of 1 billion 50 million yuan , an increase of 39.62% over the same period last year; Net profit was 6 million 277 thousand and 300 yuan , an increase of 23.06% over the same period; The non-net profit was 6.4596 million yuan, down 21 from the same period last year.
In the first half of this year, the revenue of photovoltaic modules and projects was 124 million yuan, up 160.71% from the same period last year, and the gross interest rate was 7.22%. Year-on-year growth of 8.3% ; The power generation revenue of the power station was 0.12 billion yuan, an increase of 335.66% over the previous year, and the gross interest rate was 61.34%. Year-on-year growth of 3.
Like most cross-border enterprises, Yingli initially chose to enter the photovoltaic industry in order to save itself. According to the
data, Yingli was founded in April 2015, listed on the GEM of Shenzhen Stock Exchange in March 2021, and announced its entry into the photovoltaic industry in 2022. Before the crossover, the company was mainly engaged in notebook computer structure modules and related precision moulds.
Judging from the performance of Yingli shares, although its revenue has been increasing year after year in the years before the announcement of cross-border photovoltaic, its net profit has declined rapidly since 2019 . By 2022, not only did Yingli's revenue decline sharply, but its net profit even turned from profit to loss .
For the layout after entering the photovoltaic industry, Yingli shares have already had a plan. According to the information of research activities disclosed by the company in 2022: "The company plans to invest photovoltaic modules to make a certain volume first, and then invest cells in the next step.". In the next three to five years, we plan to give priority to photovoltaic modules and photovoltaic cells. On November 25 of
the same year, Yingli announced the signing of a procurement contract for 500 MW crystalline silicon solar module production line equipment, involving an amount of 14 million yuan ; In March 2023, the first photovoltaic module of Yingli was offline ; In April 2023, Yingfa announced that it had signed an agreement with the People's Government of Shucheng County, Lu'an City, Anhui Province, to invest in the photovoltaic industry. In the second half of 2023, the photovoltaic industry entered a low ebb cycle, with increasingly fierce competition in the industry and increasingly difficult survival of enterprises.
Although Yingli shares also encountered a difficult moment, but only two years later, while other photovoltaic enterprises are still losing money, Yingli shares have handed over a warm performance in the cold winter of photovoltaic industry. The author believes that the main reasons are as follows:
First, it benefits from the forward-looking strategic vision.
As the industry enters the downward cycle, the photovoltaic module products of Yingli shares are just off the production line. If we give up at this time, all the early investment will go down the drain, and the financial situation of the enterprise will deteriorate further; if we continue to stay in the photovoltaic industry, we have to find ways to "break through".
Yingli said in its 2023 annual report: "At present, although the price of PV modules is at a low ebb, the overall demand for installed capacity is still growing rapidly, and PV is still a slightly high-growth industry.."
Therefore, Yingli shares insist on staying in the photovoltaic industry, but its development direction has been adjusted from the product manufacturing idea of "rapidly expanding scale and upgrading advanced production capacity" to the market-oriented idea of "market-oriented, market-based production". And put the focus of its photovoltaic business on the downstream photovoltaic power plant .
Secondly, the flexible adjustment and rapid landing of the strategy.
When Yingli shares perceived the arrival of photovoltaic winter, it not only adjusted its development strategy immediately, but also realized the rapid landing of the adjusted strategy.
"2023 is the first year of our cross-border photovoltaic industry. In March, the products were mass-produced and offline. The initial investment in the development of new photovoltaic business was large and the market changed dramatically. Therefore, our development ideas have also changed in the second half of 2023, from production and manufacturing." Tilt to the investment and development of photovoltaic power plant projects and EPC. Yingli shares said in a survey in February 2024.
Although Yingli shares have been adjusted in time, they are inevitably affected by the "cold" of the photovoltaic industry. In 2023, the net profit loss of Yingli shares was 0."Overall, the loss of photovoltaics in 2023 accounted for the majority of our losses," the company said.
In the research activities in August 2024, Yingli shares once again made it clear that it would not invest extra in photovoltaic module manufacturing, but would increase investment in distributed photovoltaic power plants.
That is to say, the components produced by Yingli are not sold directly to the outside world. On the one hand, they are used for their own downstream power plant business, which is conducive to cost control, improves the efficiency and controllability of power plant development, and expands the profit margin of its power plant business; On the other hand, processing on behalf of others only earns the cost of processing on behalf of others, which ensures the income of enterprises and effectively avoids the loss selling period of the industry. The timely adjustment
of Yingli shares in the photovoltaic track successfully pulled it out of the quagmire of performance losses.
In 2024, Yingli achieved a revenue of 1.843 billion yuan, a year-on-year increase of 24.18%, and a net profit of 10.2677 million yuan, a year-on-year increase of 129.33% ; Non-net profit was 13.053 million yuan, an increase of 144.
Among them, the photovoltaic industry realized revenue of 217 million yuan, accounting for 11.77% from 1.69% in 2023; Gross profit margin was 10.38% , an increase of 26% over the same period last year.
At the beginning of the transformation of "integration of optical storage"
in 2022, Yingli said: "In the future, we will further cultivate the field of structural modules. Actively lay out the core links of the photovoltaic industry chain, with the development direction of high-efficiency solar cell and module production, photovoltaic power plant project application, integrated manufacturing of photovoltaic storage products, new energy project solutions and services. In 2024, the company " now, when the performance crisis is lifted and the market reform of photovoltaic power is carried out, Yingli shares have been adjusted again to accelerate the energy storage business and realize the development of "integration of photovoltaic and storage". On April 24
this year, Yingli announced that it intends to purchase Shenzhen Youteli Energy Co., Ltd. (Hereinafter referred to as "Youteli") from 19 counterparties by issuing shares and paying cash. After the completion of the transaction, Youteli will become a holding subsidiary of Yingli.
It is understood that Youteli is one of the largest lithium battery module manufacturers in China, mainly engaged in the research and development, production and sales of consumer lithium-ion batteries with notebook battery modules as the core, while laying out the energy storage lithium-ion battery business .
In the announcement, Yingli shares also said that in addition to better development of consumer electronics business, the two sides will also participate in research and development in the field of energy storage.
"After the completion of this transaction, the listed company (referring to Yingli shares) can use the technology of household storage products of the target company (referring to Youteli) to realize the full self-production of household energy storage iBos series products of Feimi Digital Energy Brand, improve the ability of self-control and reduce production costs.". On this basis, listed companies can combine their own photovoltaic module capacity and source-network-load storage data service platform to form a completely self-owned optical storage product series , and break through the last barrier of "optical storage integration". Looking back
at this moment, although the cross-border layout of Yingli shares was slightly insignificant in the photovoltaic industry, it was also because of its small size that the company had more flexible adjustment space in the follow-up, not only successfully achieved the "performance counterattack", but also was approaching its own planning goals step by step.
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