On January 31, Mingpai Jewelry issued the Prompt Announcement on the Proposed Provision for Impairment of Assets. In 2025 , the company intends to make a provision for impairment of assets related to photovoltaic cell business of about 170 million yuan . It is expected to reduce the net profit attributable to shareholders of listed companies by about 170 million yuan in 2025. The amount of the proposed provision for asset impairment is unaudited. The final amount of the provision for asset impairment and the impact on the profit of the Company in 2025 shall be subject to the annual report of 2025 disclosed by the Company.
The announcement said that in 2025, the new installed capacity of photovoltaic has maintained growth, but the overall supply and demand of the photovoltaic industry is still unbalanced, and the industry is still in the downward adjustment stage of the cycle. Sales orders for photovoltaic cell products of Sun-Moon Solar Energy, a subsidiary of Mingpai Jewelry, decreased , while the price of silver continued to rise and the price of silicon materials continued to rise. Cost pressures continued to rise , and assets such as fixed assets related to photovoltaic cells and construction in progress showed signs of impairment.
On January 30, Mingpai Jewelry issued a performance forecast for 2025, predicting a net profit loss of 280 million yuan to 380 million yuan attributable to shareholders of listed companies in 2025. Decreased by 2,213.75% to 1,657.50% as compared with the profit of RMB17.9775 million for the same period of last year.
It is estimated that the net profit loss after deducting non-recurring gains and losses in 2025 will be 300 million yuan to 390 million yuan, which is 119.17% to 68.60% lower than loss of 178 million yuan in the same period last year.
As one of the largest jewelry companies in China and the world's leading platinum jewelry manufacturer and retailer, Mingpai Jewelry announced its cross-border photovoltaic layout in 2023. In February
of that year, Mingpai Jewelry announced that the company signed the Framework Agreement on Investment Cooperation with the Management Committee of Keqiao Economic and Technological Development Zone in Shaoxing, and that the company intends to invest in the construction of the "Super Factory" project of solar photovoltaic cells in the management area of Keqiao Economic and Technological Development Zone. The total investment of the project is about 10 billion yuan , and the "super factory" of 20g W solar cells will be built in two phases.
However, after entering the photovoltaic track, the new business development of Mingpai Jewelry is not smooth. Due to the downturn of the industry cycle, intensified competition and other factors, the photovoltaic business continued to lose money, which has become a drag on the performance of Mingpai Jewelry.
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