Drinda(SZ:002865) Zheng Quan Shi Bao Wang·2025-08-25 13:29Core Viewpoint - The company, Junda Co., Ltd., reported a revenue of 3.663 billion yuan for the first half of 2025, marking a 2.38% increase compared to the second half of 2024, while narrowing its net loss to 264 million yuan, a 38% improvement from the previous period. The company is well-positioned to benefit from the recovery in the photovoltaic industry due to increasing global demand and a significant rise in overseas sales, which surpassed 50% of total sales [1][3]. Group 1: Company Performance - In the first half of 2025, Junda Co., Ltd. achieved a revenue of 3.663 billion yuan, reflecting a 2.38% growth from the second half of 2024 [1]. - The company reported a net loss of 264 million yuan, which is a 38% reduction compared to the previous period [1]. - The overseas revenue reached 1.9 billion yuan, showing a substantial increase of 116.15% year-on-year, with overseas sales accounting for 51.87% of total sales [3]. Group 2: Industry Trends - The global photovoltaic industry is experiencing a shift towards localizing component production, with countries like the U.S., India, and Europe ramping up their domestic manufacturing capabilities [2]. - In the first half of 2025, China's photovoltaic component exports decreased by 5.37% year-on-year, while battery product exports increased by 43.13%, indicating a strategic opportunity for specialized battery manufacturers [2]. Group 3: Technological Advancements - Junda Co., Ltd. continues to lead in core technology, focusing on N-type battery efficiency improvements, achieving an average production efficiency increase of over 0.2% and a 20% reduction in non-silicon costs [4]. - The company has established production bases in Chuzhou and Huai'an with a combined capacity exceeding 40 GW, positioning itself as a key supplier for global component manufacturers [4]. Group 4: Market Environment - The photovoltaic industry is witnessing a recovery due to improved supply-demand dynamics and supportive policies aimed at eliminating low-price competition and promoting the exit of outdated capacities [5][6]. - Recent policy changes and market adjustments are expected to enhance the profitability of leading companies like Junda Co., Ltd., which is poised to benefit from rising material prices and increased global demand [6]. Group 5: Capital Strategy - Junda Co., Ltd. became the first company in the photovoltaic sector to achieve dual listing on both the A-share and H-share markets, enhancing its capital capabilities for global expansion [7]. - The funds raised from the H-share listing will be allocated to overseas production capacity, market expansion, and the establishment of global R&D centers, further supporting the company's international growth strategy [7].