Drinda(SZ:002865) Xin Lang Cai Jing·2025-11-14 00:34Core Insights - The company reported a revenue of 5.682 billion yuan for the first three quarters of 2025, a year-on-year decrease of 30.72%, with a net loss attributable to shareholders of 419 million yuan [1] - In Q3 2025, the company achieved a revenue of 2.018 billion yuan, representing a year-on-year growth of 10.42% and a quarter-on-quarter increase of 12.86%, with a net loss of 155 million yuan [1] Financial Performance - In Q3 2025, the company’s battery shipment volume is expected to increase quarter-on-quarter due to strong overseas demand [2] - The gross profit margin improved to 0.67% in Q3 2025, turning positive due to increased operating rates and price hikes in the supply chain, with a reduction in unit loss for batteries anticipated [2] - The company recorded non-operating income primarily from electricity subsidies, amounting to around 100 million yuan in Q3, showing little change [2] - The company’s debt ratio decreased to 74.14% following the completion of H-share fundraising, with cash and trading financial assets totaling approximately 5.4 billion yuan, providing a strong financial buffer [2] - A minor asset impairment loss of 9 million yuan was recognized in Q3 2025, having a negligible impact on the financial statements [2] Strategic Developments - The company is advancing its globalization strategy, with overseas sales accounting for over 50% of total sales, benefiting from a price premium compared to domestic markets [3] - A strategic cooperation agreement was signed with local component customers in Turkey, focusing on the construction of high-efficiency battery projects to meet the urgent demand for high-performance solar batteries in Turkey and other global markets [3] - The successful issuance of H-shares supports the company’s global expansion and exploration of new business opportunities, with a positive outlook on its global layout capabilities and N-type high-efficiency battery technology [3]