On August 20, Hongyuan Green Energy released its semi-annual report for 2025. In the first half of this year, the company realized revenue of 3.229 billion yuan , down 19.52% year-on-year; net profit loss of 297 million yuan , down 74.35% year-on-year;
According to the first quarterly report of Hongyuan Green Energy in 2025, the company achieved revenue of 1.657 billion yuan and net profit loss of 0 in the first quarter.
Net profit loss 2.
According to the data, Hongyuan Green Energy, formerly known as Shangji CNC, was established in 2002, and its main business was high-end precision machine tool manufacturing, which was listed on the Shanghai Stock Exchange in 2018. In 2004, the company crossed the border into the photovoltaic special equipment manufacturing industry, and expanded to the photovoltaic monocrystalline silicon production field in 2019.
Up to now, the company has completed the layout of deep vertical integration of photovoltaic industry chain from silicon materials to components and equipment manufacturing.
Hongyuan Green Energy's "history of smashing money"
in many photovoltaic cross-border enterprises, Hongyuan Green Energy is not only early, but also one of the successful enterprises in transformation. In its heyday, the development momentum of Hongyuan Green Energy Silicon Wafer Business once brought a lot of pressure to "Silicon Wafer Shuanglong". Hongyuan Green Energy is also known as "Xiaolongji" in the photovoltaic industry because of its business layout and radical expansion strategy. How crazy can
early Hongyuan Green be? Behind this is the fierce expansion and strong market competition of Hongyuan Green Energy.
35GW0 https://img7.ccement.com/news/2508/richtext/img/l4kiatpq9km1756111367239. by 2022." HTML0UNK18。 In this year, Hongyuan Green Energy's single crystal silicon wafer shipments also reached 0 HTML 0 UNK1 931.18 GW0 HTML 0 UNK2 0, an increase of 0 HTML 0 UNK2 179.0 HTML 0 UNK2 2 over 2021. In order to relieve the predicament of being constrained by silicon materials, Hongyuan Green Energy also entered the silicon material link through cooperation in 2021. 0 HTML 0 UNK2 42021 In March, the company and Jiangsu Silicon Technology Development Co., Ltd. jointly established Inner Mongolia Xinyuan Silicon Material Technology Co., Ltd. (Hereinafter referred to as "Inner Mongolia Xinyuan"), intending to cooperate in research and development projects in the production and downstream application of 0 HTML 0 UNK2 5 million tons of granular silicon 0 HTML 0 UNK2 6. The total investment of 0 HTML 0 UNK2 is 718 billion yuan 0 HTML 0 UNK2 8; in May of this year, Hongyuan Green Energy invested about 0 HTML 0 UNK2 95.
However, the ambition of Hongyuan Green Energy is more than that.
In 2022, Hongyuan Green Energy once again extended from silicon wafers to upstream and downstream links, and invested in silicon materials, batteries and components projects. At the same time, we should seize the opportunity of PERC's transformation to TOPCon and lay out the production capacity of TOPCon batteries and components.
According to Digital New Energy DataBM.
Although the performance of Hongyuan Green Energy in the first half of this year has improved year on year, its financial situation is still not optimistic.
According to the performance report of the first half of 2025, as of the first half of this year, the total liabilities of Hongyuan Green Energy amounted to 14.952 billion yuan , and the asset-liability ratio was 56
. The liabilities of Hongyuan Green Energy are
. As of June 30, the monetary capital of Hongyuan Green Energy is 4.307 billion yuan, the accounts receivable is 933 million yuan, and the other accounts receivable is 103 million yuan. The total amount is 5.343 billion yuan , while the total amount of accounts payable and notes payable has reached 117.
It can be seen that Hongyuan Green Energy is facing considerable pressure of debt payment.
In addition, the company has 1.352 billion yuan of short-term loans . 7.
At the same time, Hongyuan Green Energy still has some projects under construction that have not yet been completed.
According to this year's semi-annual report, Hongyuan Green Energy currently has five projects under construction. Among them, the progress of Baotou monocrystalline silicon pulling production project is only 5% , and the progress of annual production of 150000 tons of industrial silicon and 100000 tons of high purity silicon project is only 49% .
According to the project budget amount, if these projects are to be completed, the follow-up investment will also need tens of billions of yuan.
In the current capital market environment, the hope of raising funds to bail out is somewhat dim, but there is a more sustainable and benign way to develop high-profit markets.
According to the annual report of Hongyuan Green Energy in 2024, its gross profit in Europe is 12.7% . The gross profit of sales in Asia-Pacific and other regions is -6.
However, the sales revenue of Hongyuan Green Energy in Europe in 2024 is only 0.6 billion yuan .
Accelerating the development of the European market may be one of the most important tasks of Hongyuan Green Energy at present.
In this way, It is not surprising that Hongyuan Green Energy announced its cooperation with Wuxi Suntech in July this year (for details, please click as China's Old Brand Hongyuan Green can cooperate with it, with the help of the old brand < a href =" https://www.databm., according to media reports. Hongyuan Green Energy insiders have also affirmed the brand value of Suntech in Wuxi, believing that the cooperation between the two can jointly develop overseas markets.
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