Comprehensive comments: In the first quarter of 2025, Shijing Technology achieved an operating income of 735 million yuan, a year-on-year decrease of 14.53%, and a net profit attributable to the shareholders of the parent company of 53 million yuan, a year-on-year decrease of 32.91%. In terms of ring ratio, Shijing Science and Technology has turned losses into profits, and its business performance has improved to a certain extent.
Figure 1 and 2: Revenue of Shijing Technology in 2025, Profit Trend
Data Source: Digital New Energy DataBM. Com
Photovoltaic installed capacity increased significantly, cell prices rebounded
at a low level, affected by the new regulations of the industry, the photovoltaic market set off a "rush to install". The installed capacity of photovoltaic power generation in China increased by 59.71 million kilowatts, an increase of 30.54% over the same period last year, with a cumulative installed capacity of 946.32 million kilowatts, and the installed capacity continued to reach a record high.
Figure 3: PV installed capacity increased
significantly in the first quarter of 2025 Data source: Digital New Energy DataBM. Com
Digital New Energy data show that by the end of March 2025, the price of TOPCon-182 mm cells in China was 0.3 yuan/watt. Compared with the beginning of the year, it rose slightly by 7.14% and fell by 36.17% year on year. Influenced
by the surge in installed capacity of domestic terminal photovoltaic power plants and the increase in overseas exports, the demand for photovoltaic cells has recovered and the price has recovered in stages, but it is still far below the same period. In terms of upstream industrial silicon, the periodic imbalance between supply and demand has not been effectively alleviated, and the price of industrial silicon continues to bottom out.
Figure 4: The price of photovoltaic cells rebounded
at a low level Data source: Digital New Energy DataBM. Com
Revenue declined and return on assets increased
In 2023, with years of accumulated experience, Shijing Technology officially entered the photovoltaic industry. In 2024, Shijing Technology suffered a rare loss due to the high fixed cost of cell business, the large loss of photovoltaic products business caused by the continuous downward price, and the lower than expected revenue of large-scale photovoltaic waste gas treatment system and photovoltaic factory electromechanical system projects. In the first quarter of 2025, the photovoltaic market has recovered, coupled with the acceleration of some process pollution prevention and control equipment projects, the company as a whole has turned losses into profits, and the quality of asset returns has improved.
Table 1: Main operating data
of Shijing Technology in the first quarter of 2025 Source: Digital New Energy DataBM. Com
In terms of main profit indicators, although most of them have weakened, the quality of asset returns has improved. In the first quarter of 2025, photovoltaic consumer products increased, and the prices of major products rebounded at a low level, but it was difficult to catch up with the same period. Affected by this, the company's gross interest rate and net interest rate declined, recording 18.66% and 7.04% respectively, down 9.62 and 2.14 percentage points from the same period last year. Return on equity has improved, up 0.72 percentage points to 4.91% over the same period last year.
Future outlook: Photovoltaic business will become a new growth point, waiting for flowers
to bloom. In 2024, photovoltaic business will become one of the main businesses of Shijing Technology, accounting for more than 31% of its operating income. In 2023, the first phase of Anhui Xuancheng Photovoltaic Project invested by the company has been put into operation, and the second phase of 9 GW project, together with Jingke Energy, has invested 10 billion yuan in the construction of silicon wafer and battery projects in Ziyang, Sichuan. Compared with other battery manufacturers, the company's battery conversion efficiency is more than 26.5%, the product index is leading in the world, photovoltaic business has gradually become a new growth point of the new track, optimistic about the long-term development of Shijing Technology. (This article does not constitute investment advice)
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