30, Baichuan Changyin issued a performance forecast for 2025. Last year (2025), the net profit of the company is expected to be a loss of 340-420 million yuan , compared with the same period last year, the loss margin is expanded ; the net profit deducted from non-profits is expected to be a loss of 336-416 million yuan.
Regarding the performance changes, Baichuan Changyin said: During the reporting period, the biogas power generation business continued to shrink due to the impact of industry policy adjustments. At the same time, some of the company's environmental sanitation project receivables and renewable energy tariff subsidy repayment cycle extension and environmental sanitation project receivables scale increased year on year, resulting in the aging structure of accounts receivable extended year on year, superimposed asset impairment losses and credit impairment losses, which together led to the company's operating pressure.
"Although the company has suffered periodic losses in the stage of business transformation, this situation stems from the active optimization of some inefficient assets.". In the future, the Company will continue to deepen the comprehensive utilization business of methane-rich combustible gas such as biogas power generation, consolidate the competitive advantages of mobile energy storage and heating business in an all-round way, and actively expand overseas markets and build multi-dimensional competitiveness of integrated energy and other businesses.
At the same time, Baichuan Changyin said that in order to actively respond to the challenges brought by the cyclical adjustment of the photovoltaic industry, the company suspended its investment in the photovoltaic project of heterojunction batteries in Deqing, Zhejiang, in 2025, and actively optimized the strategic layout of R & D. To suspend the promotion of the pilot line of the Shanghai Heterojunction Cell Photovoltaic Research and Development Project, the Company intends to make provision for asset impairment losses in accordance with the principle of prudence.
Regarding the suspension of photovoltaic business, Baichuan Changyin said: "In the long run, this will help the company avoid continuous cash flow consumption, focus more on the core advantages of resources, optimize the overall efficiency of resource allocation, and enhance the company's future profi tability and risk resistance." According to
the data, Baichuan Changyin was founded in April 2009 and listed on the GEM of Shenzhen Stock Exchange in May 2021. Its main business is biogas power generation. On August 28,
2023, Baichuan Changyin announced that it intends to sign a cooperation agreement with the Management Committee of Moganshan High-tech Industrial Development Zone in Huzhou, Zhejiang Province. About 1.4 billion yuan has been invested in the fixed assets of the project with an annual output of 4GW high-efficiency heterojunction batteries, and eight production lines of high-efficiency heterojunction batteries have been built. This is considered by the industry as a sign of the company's cross-border photovoltaic manufacturing sector.
Baichuan Changyin's cross-border is to cope with the depression of its main business and to "grasp the market opportunities for the rapid development of heterojunction batteries" and find a new way out for itself.
However, when Baichuan Changyin crossed the border, it coincided with the downward cycle of photovoltaic, and the above-mentioned Zhejiang heterojunction battery project of Baichuan Changyin was not smoothly promoted. On June 17,
2025, Baichuan Changyin announced that "in view of the fact that the project construction is affected by many factors, such as the macro environment, the changes in the market environment of the photovoltaic industry, the financing environment, the implementation conditions of the project construction, and the cooperation progress of the relevant parties in the project construction, Baichuan Changyin announced that the project construction is affected by the macro environment, the changes in the market environment of the photovoltaic industry, the financing environment, the implementation conditions of the project construction, and the cooperation progress of the relevant parties in the project construction." As a result, the project (referring to Zhejiang Heterojunction Battery Project) can not advance the construction progress according to the original plan.
Therefore, the company reached a supplementary agreement with the Moganshan Management Committee, Baichuan Changyin returned the growth reward of 9.1488 million yuan, and the Moganshan Management Committee collected and stored the project land at a delisting price of 880 yuan per square meter, with a total collection and storage of 57.8433 million yuan. On the evening of July 4,
2025, Baichuan Changyin announced again that the project company, Zhejiang Baichuan Changyin New Energy Co., Ltd., had negotiated with the Moganshan Management Committee to reach an agreement on the recovery of the land use right of the project.
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