Risen Energy(SZ:300118) Xin Lang Cai Jing·2025-10-27 12:23Core Insights - The company reported a significant decline in revenue for the first three quarters of 2025, with total revenue at 10.467 billion yuan, a year-on-year decrease of 29.76% [1] - The net profit attributable to shareholders was -933 million yuan, showing a year-on-year increase of 40.16%, while the net profit excluding non-recurring items was -1.206 billion yuan, up 30.44% year-on-year [1] - The basic earnings per share for the reporting period was -0.83 yuan, with a weighted average return on equity of -8.48% [1] Financial Performance - The gross margin for the first three quarters of 2025 was 2.61%, down 6.00 percentage points year-on-year, while the net margin was -8.90%, an increase of 1.54 percentage points compared to the same period last year [1] - In Q3 2025, the gross margin was 1.40%, a decrease of 6.29 percentage points year-on-year and a slight decline of 0.13 percentage points quarter-on-quarter; the net margin was -8.43%, up 4.96 percentage points year-on-year and 0.80 percentage points quarter-on-quarter [1] Expense Management - Total operating expenses for the company in Q3 2025 were 1.558 billion yuan, a reduction of 748 million yuan year-on-year, with an expense ratio of 14.88%, down 0.59 percentage points from the previous year [2] - Breakdown of expenses showed a significant reduction in sales expenses by 24.50%, management expenses by 26.30%, R&D expenses by 54.52%, and financial expenses by 29.35% year-on-year [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 76,200, a decrease of 2,030 or 2.60% from the end of the previous half-year; the average market value per shareholder increased from 139,600 yuan to 156,700 yuan, a growth of 12.20% [2] Company Overview - The company, established on December 2, 2002, and listed on September 2, 2010, is located in Ninghai County, Ningbo City, Zhejiang Province, and specializes in the production and sale of solar energy products, including solar cell modules, EVA films, solar cells, and solar power systems [2] - The main revenue sources are solar cells and modules (51.12%), solar power station EPC and transfer (35.49%), energy storage systems and auxiliary products (6.39%), electricity revenue from solar power stations (3.90%), and other sources (3.10%) [2] Industry Classification - The company belongs to the power equipment sector, specifically in photovoltaic equipment and solar cell modules, and is associated with concepts such as perovskite cells, BIPV, HJT cells, TOPCon cells, and polysilicon [3]