WXSJ(SH:603185) Zhi Tong Cai Jing·2026-01-20 11:40Core Viewpoint - Hongyuan Green Energy (603185.SH) forecasts a net profit attributable to shareholders of the parent company for 2025 to be between 180 million and 250 million yuan, while expecting a net loss of 250 million to 310 million yuan after deducting non-recurring gains and losses [1] Group 1: Industry Challenges - The photovoltaic industry continues to face cyclical challenges in 2025, with new installations maintaining growth but ongoing issues of overcapacity and supply-demand mismatches [1] - Product prices across various segments of the industry chain remain under pressure, particularly with a significant increase in silver paste prices in the fourth quarter, leading to higher production costs for the company [1] Group 2: Company Resilience - Despite the challenges, the company demonstrates strong operational resilience, leveraging a vertically integrated industry chain to mitigate the impact of price fluctuations across the main segments [1] - The company's operating performance in 2025 is expected to show significant improvement compared to 2024, supported by a healthy financial position with a long-term debt-to-asset ratio maintained below 60%, indicating good risk resistance [1] Group 3: Financial Impact - The company has transferred part of its equity in Inner Mongolia Xinyuan Silicon Material Technology Co., which is expected to increase the consolidated profit for 2025 by approximately 291 million yuan [1]