Jin Rong Jie·2025-08-05 04:43Core Viewpoint - Huamin Co., Ltd. is officially entering the robotics sector after three consecutive years of losses in its photovoltaic (PV) business, marking its second major cross-industry transformation in three years [1][2]. Group 1: Investment in Robotics - The company plans to invest up to 100 million yuan in Guangdong Tiantai Robotics Co., Ltd., acquiring approximately 8% of the shares through cash investment [1]. - This investment is not merely financial; the company aims to act as a "scene definer + technology enabler," leveraging its existing PV industry customer resources to deliver robotic products [1][2]. - The company sees the robotics industry as being at a pivotal moment characterized by "explosive demand, mature technology, and policy support," with a significant need for humanoid robots driven by aging populations and labor shortages [2]. Group 2: Challenges in Photovoltaic Business - Huamin Co., Ltd. entered the PV sector in 2022 by acquiring an 80% stake in Hongxin New Energy, aiming to find a second growth curve amid declining performance in its core wear-resistant materials business [3]. - Initial ambitious plans included projects for 20GW of high-efficiency N-type monocrystalline silicon rods and 14GW of monocrystalline silicon wafers, with total investments exceeding 5 billion yuan [3]. - However, the company faced severe challenges in 2024, with prices for monocrystalline silicon wafers dropping over 40% from 2023 highs, leading to significant losses across the industry [4]. Group 3: Financial Performance and Liabilities - In 2023, the company reported revenues of 1.175 billion yuan and a net loss of 198 million yuan, with further declines expected in 2024 [4]. - By the first quarter of 2025, the company continued to incur losses, reporting a net loss of 33.06 million yuan, while its debt-to-asset ratio surged from around 10% before the transformation to 85.09% [4]. - The performance of Hongxin New Energy has been disappointing, with cumulative losses from 2022 to 2024 far exceeding the profit commitments made during the acquisition [5].