Core Viewpoint - Junda Co., Ltd. reported a significant decline in revenue and net profit for the first half of 2025, primarily due to a drop in domestic sales, while international sales showed substantial growth, indicating a shift in market strategy towards overseas expansion [1][2][4]. Financial Performance - The company achieved a revenue of 3.663 billion yuan, a year-on-year decrease of 42.53% [1]. - The net profit attributable to shareholders was -264 million yuan, with losses widening compared to the previous year [2]. - Government subsidies accounted for 214 million yuan of the reported profit, highlighting reliance on external support [2]. Market Dynamics - Despite a decline in domestic revenue, international sales surged, with the overseas revenue share increasing from 23.85% in 2024 to 51.87% in 2025, and revenue from international markets growing by 116.15% [1][4]. - The company’s main product, photovoltaic cells, saw a significant drop in sales price and volume, leading to a 42.48% decrease in revenue from this segment [1][2]. Industry Trends - The global photovoltaic industry is experiencing a supply-demand mismatch, with a shift towards a de-capacity cycle starting in the second half of 2023 [3]. - N-type TOPCon cells are projected to dominate the market, with an expected market share of approximately 71.1% in 2024 [3]. - The industry is anticipated to focus on inventory reduction and capacity cuts through 2025, while maintaining market share remains a priority [3]. Strategic Initiatives - Junda Co., Ltd. successfully listed on the Hong Kong Stock Exchange, raising 1.29 billion HKD for overseas market expansion and production capacity development [4]. - The company is actively building a global sales network and enhancing customer service capabilities across various regions, including Asia, Europe, North America, and Latin America [4]. - The company is exploring diverse strategies for overseas market development, including technology cooperation and investment partnerships [4].