On April 15, Binhai Energy announced that as of December 31, 2025, the undistributed profit of the company's consolidated statement was-253 million yuan, the company's uncompensated loss was 253 million yuan, and the paid-in equity was 2.
Lose more than you earn.
In this regard, Binhai Energy explained three points: first, the overall production capacity of anode materials is still small and has not been fully released, the depreciation of fixed assets and labor costs are relatively high, and the prices of upstream raw and auxiliary materials are rising; second, the construction projects are relatively concentrated in the short term, the construction of production lines and initial liquidity mainly come from liabilities, and the financial costs are relatively high; Third, the construction project of crystalline silicon photovoltaic business of Baotou subsidiary has not been promoted, and the provision for impairment of related construction projects under construction has been made.
The loss of printing business in the past year was superimposed, which eventually led to the serious financial warning situation of Binhai Energy.
Three years ago, Binhai Energy spent tens of billions of yuan on photovoltaics, and three years later, the cruel reality of its broken dream was brought to the surface by the phrase " the construction project of crystalline silicon photovoltaic business has not been promoted ". On the evening of October 25,
2023, Binhai Energy dropped a heavy "bomb" on the photovoltaic industry, with an investment of 25.4 billion yuan . Invest 120,000t polysilicon + 40GW silicon wafer + 10GW battery + 5GW in Inner Mongolia
by Binhai Energy's subsidiary, Baotou Risun New Energy Technology Co., Ltd. ( "Baotou Risun New Energy"), and its sub-subsidiary, Baotou Risun to invest tens of billions of yuan in the photovoltaic industry, and Binhai Energy, as a cross-border newcomer, has invested tens of billions of yuan in the layout of the whole industry chain integration project as soon as it enters the market, which is also rare.".
But like the beginning of most cross-border stories, the reason why Binhai Energy chose to enter the photovoltaic industry is to "save itself". According to
the data, Binhai Energy, formerly known as Tianjin Lighthouse Coatings Co., Ltd. (hereinafter referred to as "Lighthouse Coatings"), was founded in 1992 and listed on the Shenzhen Stock Exchange in 1997. It was mainly engaged in the production and sale of coatings, pigments and other products. After
the failure of capital encroachment and business transformation, Lighthouse Coatings Company was reorganized in 2004 and renamed Tianjin Binhai Energy Development Co., Ltd., the securities referred to as Binhai Energy. The company's business has also shifted to packaging printing and publications printing.
However, the transformation still failed to improve the performance of Binhai Energy. According to the statistics of the Digital New Energy DataBM. Com from 2004 to 2021, the cumulative net profit of Binhai Energy in 18 years was only 0.
Binhai Energy has started a continuous loss situation.
At that time, from the listing in 1997 to the end of 2022, during the 26 years, the cumulative net profit of Binhai Energy was-0.
Binhai Energy chose to enter the lithium battery anode material industry first, acquired Xiangfu New Energy, and successively realized the trial production of 40,000 tons of back-end finished product line and 1.
Financial data showed that in the first three quarters of 2023, Binhai Energy had a net profit loss of 253.
Although the company's profitability has improved, the reason is the divestiture of the original packaging and printing business. Binhai Energy as a whole is still deeply in the red.
In this context, Binhai Energy has thrown out the huge photovoltaic investment of 25.4 billion yuan. For this investment, the company said at the time: "It is conducive to further expanding the new energy industry chain, enriching the industrial structure and improving the overall profitability of the company."
Not only that, in the 2023 annual report, Binhai Energy wrote: "Since 2023, the company has strategically entered the new energy industry to support the company's rapid development."
It can be seen that Binhai Energy was full of expectations when it entered the new energy industry or photovoltaic industry, and regarded it as an important hope to reverse the long-term business decline and achieve a turnaround in performance. The heavy blow
of
reality is that Binhai Energy is immersed in the dream of new energy, and the reality has given it a heavy blow.
In 2023, the net profit loss of Binhai Energy was 0.18 billion yuan , a substantial reduction of 82% compared with the same period last year. The substantial reduction in performance was due to the above-mentioned divestiture of the packaging and printing business with serious losses, while the negative material business was profitable. However, it is not enough to make up for the losses incurred by the printing business.
At the same time, the photovoltaic industry has entered the cold winter of the industry.
According to Haitong Securities data, in 2023, the photovoltaic sector achieved a total operating income of 1,236.415 billion yuan, an increase of 13.71% over the same period last year; Net profit attributable to the parent company amounted to RMB110.345 billion, representing a year-on-year decrease of 16.06% . The average gross profit margin of the segment was 21.19%, representing a year-on-year decrease of 2.22 percentage points ; The average net profit margin attributable to the parent company was 8.92%, representing a year-on-year decrease
of 3.2024-2025. The cold winter of the photovoltaic industry intensified, the price of the industrial chain collapsed across the board, and the whole industry continued to lose money. According to the statistics of Digital New Energy DataBM. Com, in 2024, the net profit of 36 main photovoltaic industry chain enterprises totaled 56.728 billion yuan . In the first three quarters of 2025, the total net profit loss of these 36 photovoltaic enterprises was 301.
Under this background, the whole industry chain integration project of Binhai Energy has not been implemented. In the
2024 annual report, Binhai Energy said that it is continuing to demonstrate the crystalline silicon photovoltaic industry; in the 2025 annual report, the company will withdraw all photovoltaic projects because of the adjustment of project planning direction.
It can be seen that after nearly three years, the photovoltaic integration project with a total investment of 25.4 billion yuan in coastal energy has been at a standstill. What is more interesting is that in the company's official outlook for future development, Binhai Energy did not mention anything about photovoltaic business.
Perhaps because the current industry can not see the "light", for the "photovoltaic Xiaobai" coastal energy, the "photovoltaic dream" which once placed the hope of turning over can only be temporarily stranded. However, on second thought, in the current cold winter of the market, it is a good thing to stop this gamble in time.
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