A leading photovoltaic company continues to incur losses, with a loss of 1.42B yuan, an increase of 139.51% year over year.

(Source: Solar PV Insights)

Recently, Junda Co., Ltd. released its 2025 annual report. In 2025, the company achieved revenue of 7.63B yuan, down 23.36% year over year. The net profit attributable to shareholders recorded a loss of 1.42B yuan, widening 139.51% year over year. In the same period of 2024, the loss was 591M yuan.

Although in its annual report, Junda Co., Ltd. announced multiple progress updates: the company’s average battery mass-production conversion efficiency is currently above 26%; the efficiency of its TBC batteries has continued to increase from about 25% to the current level of about 26.6%. At this stage, it is steadily advancing mass-production preparation work, laying a solid foundation for subsequent capacity release and product iteration; the small-area conversion efficiency of its perovskite tandem solar cells reached 33.53%, placing it at a leading level in the industry, and it has completed key technology validation.

However, as a former N-type TOPCon battery dark horse, Junda Co., Ltd. not only posted losses for the second consecutive year, but in 2025, its losses did not narrow—instead, they expanded 139.51% year over year, reaching 1.42B yuan. Even without counting the provision for impairment of approximately 439M yuan, the losses are still close to 1 billion yuan.

More specifically, in 2025, Junda Co., Ltd.’s shipment volume of battery cells was 29.54 GW, down 12.45% year over year. Although overseas sales revenue increased 62.83% year over year to 3.86B yuan, the gross margin was only 0.75%, only slightly higher than that of domestic revenue (-3.46%).

Battery cells are not selling, and the overseas market is not profitable—this may be an important reason behind Junda Co., Ltd.’s continued losses.

In 2019, Junda Co., Ltd. formally entered the photovoltaic industry by acquiring equity in Jieta Technology, a solar cell enterprise. This move enabled it to become a leading player in N-type TOPCon solar cells.

In 2023, Junda Co., Ltd.’s battery product shipments were 29.96 GW (P-type 9.38 GW, N-type 20.58 GW), up 179.48% year over year. Revenue was 18.66B yuan, up 60.90%; net profit attributable to shareholders was 816M yuan, up 13.77%.

In its annual report, Junda Co., Ltd. stated that, according to third-party data, in 2023 the company’s battery shipment volume ranked fourth in the industry, and in terms of N-type battery shipments, the company ranked first in the industry.

However, in 2024 the situation changed sharply. Affected by multiple pressures such as declining prices across the industrial chain and intensifying competition, Junda Co., Ltd. turned from profit to loss. Revenue was 9.95B yuan, down 46.66% year over year. The net profit attributable to shareholders recorded a loss of 591M yuan.

Junda Co., Ltd. had made early predictions about this, and their response strategy was: going overseas.

In its 2023 annual report, Junda Co., Ltd. already said that the company is actively targeting overseas markets and continuously building an overseas customer network. As of now, the company has completed customer expansion in regions such as Asia and Europe, and is also actively completing customer certifications in emerging markets such as North America, Latin America, and Australia. Meanwhile, the company’s overseas sales share increased sharply from 0.29% in 2023 to approximately 4.69%. At the same time, Junda Co., Ltd. is also actively targeting overseas market demand and plans to invest in building photovoltaic battery factories overseas.

In 2024, Junda Co., Ltd. designated Oman as the location for its overseas battery factory, and increased its overseas sales share from 4.69% in 2023 significantly to 23.85%.

In 2025, Junda Co., Ltd.’s overseas sales revenue share increased sharply from 23.85% in 2024 to 50.66%, but it has not reversed the trend of performance losses. What other response measures will Junda Co., Ltd. take next?

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