On October 7, Lanfeng Biochemical announced that its holding subsidiary, Anhui Xuhe New Energy Technology Co., Ltd. Request a ruling that Beijing Yinyan Hanhai Intelligent Technology Co., Ltd. (Hereinafter referred to as "Beijing Yinyan") shall return the photovoltaic modules with a market value of 22,622,486.25 yuan, and Beijing Yinyan shall bear all the related costs such as the arbitration fee and the preservation fee of the case.
The announcement shows that in April 2025, Xuhe Technologies and Beijing Yinyan signed the Purchase and Sale Contract for Photovoltaic Module Equipment and the Supplementary Agreement, and signed the Beijing Yinyan Repayment Agreement on May 6, 2026. According to the above agreement, Xuhe Technology has fully fulfilled its delivery obligations, and Beijing Yinyan still owes Xuhe Technology an overdue principal of RMB22,622,486.25. Therefore, Xuhe Technology filed for arbitration. According to
the company's official website, Lanfeng Biochemical, formerly Xinyi Pesticide Factory, was founded in 1976 and listed on the main board of Shenzhen Stock Exchange in 2010. It was originally a company focusing on agrochemical products. However, after more than 10 years of listing from 2010 to 2022, Lanfeng Biochemical lost 2.244 billion yuan after its net profit and loss were balanced. In September
2023, Lanfeng Biochemical announced the acquisition of 51% of Xuhe Technologies jointly held by Zheng Xu, the actual controller, and his concerted actors, Anhui Xunshun Investment Partnership and Anhui Xunxian New Energy Investment Partnership. Thus entering the photovoltaic industry.
From the current perspective, the cross-border timing of Lanfeng Biochemical at that time was not ideal. However, in terms of performance, after entering the photovoltaic industry, the company's net profit loss scale showed a narrowing trend. From 2024 to 2025, the company's net profit was -253 million yuan and -191 million yuan respectively . In the first half
of 2026, the revenue of Lanfeng Biochemical was 1.261 billion yuan, an increase of 5.39% over the previous year; the net profit loss was 60 million yuan, a decrease of 33.55% over the previous year; The loss of non-net profit was 55 million yuan, and the loss was reduced by 18.06% year on year. In the first half of
this year, the company's photovoltaic business revenue was 924 million yuan, accounting for 73.26% of the total revenue, down 0.24% from the same period last year. Among them, the revenue of component business increased by 54.71% year on year, which hedged the impact of the decline in revenue of batteries and other photovoltaic businesses, and the overall revenue of the sector remained basically stable. At the same time, the company said that the overseas market expansion has achieved remarkable results, and the growth of overseas photovoltaic business has provided strong support for the business income of the photovoltaic sector.
It is worth noting that in the first half of the year, the gross profit margin of photovoltaic cells was 4.33%, down 1.76% year-on-year; the gross profit margin of modules was 0.54%, up 2.28% year-on-year.
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