Drinda(SZ:002865) Sou Hu Cai Jing·2025-04-14 12:46Core Viewpoint - The company reported significant declines in revenue and net profit for Q1 2025, primarily due to the ongoing capacity reduction cycle in the industry and falling prices in the photovoltaic supply chain [1][2][3]. Financial Performance - The company's operating revenue for Q1 2025 was 1.875 billion yuan, a decrease of 49.52% year-on-year [2]. - The net profit attributable to shareholders was a loss of 105.89 million yuan, representing a decline of 636.04% compared to the same period last year [2]. - The net profit after deducting non-recurring gains and losses was a loss of 217.21 million yuan, a year-on-year decrease of 27.10% [2]. - The net cash flow from operating activities was -308.44 million yuan, down 353.02% year-on-year [2]. - Basic and diluted earnings per share were both -0.46 yuan, a decline of 611.11% [2]. - The weighted average return on equity was -2.76%, down 3.18% from the previous year [2]. Market Position and Strategy - The company maintained a leading position in the industry with a total shipment of 7.15 GW of N-type TOPCon batteries in Q1 2025, despite the net loss [3]. - The company significantly increased its overseas sales ratio from 23.85% in 2024 to 58.00% in Q1 2025, with leading market shares in India, Turkey, and Europe [3]. - Plans to invest in a 5 GW high-efficiency battery production capacity in Oman are underway to enhance global supply capabilities [3]. - The company aims to establish an international capital operation platform through a listing on the Hong Kong Stock Exchange to support its global development [3][4]. IPO Status - The company's IPO application submitted on October 14, 2024, automatically expired after six months without completion of the listing process, marking the second failed attempt after an initial application in August 2024 [4]. - The company stated that the Hong Kong listing project is progressing as planned, which is expected to improve its debt levels and support overseas capacity expansion [4]. Market Valuation - As of April 14, the company's stock price was 40.46 yuan per share, with a total market capitalization of 9.3 billion yuan [4].