Junda Co., Ltd. expects losses to expand to 1.42 billion yuan in 2025

On March 30, Junda Co., Ltd. (002865) released its 2025 annual report. The company’s operating revenue was 7.63 billion yuan, down 23.4% year over year. Its net profit attributable to shareholders swung from a loss of 591M yuan in the same period last year to a loss of 1.42 billion yuan, with the loss further widening. Non-GAAP net profit attributable to shareholders moved from a loss of 1.12 billion yuan in the same period last year to a loss of 1.64 billion yuan, with the loss further widening. Net cash flow from operating activities was -486M yuan, down 174.2% year over year. EPS (fully diluted) was -4.8389 yuan.

Of which, in the fourth quarter, the company’s operating revenue was 1.95 billion yuan, up 11.2% year over year. Net profit attributable to shareholders went from a loss of 174M yuan in the same period last year to a loss of 997M yuan, with the loss further widening. Non-GAAP net profit attributable to shareholders moved from a loss of 383M yuan in the same period last year to a loss of 924M yuan, with the loss further widening. EPS was -3.4073 yuan.

As of the end of the fourth quarter, the company’s total assets were 16.4B yuan, down 0.3% from the end of the previous year. Net assets attributable to shareholders were 3.66 billion yuan, down 5.8% from the end of the previous year.

In its 2025 annual report, the company mentioned that its principal operating business is the research, production, and sales of photovoltaic cells, and that it has transitioned into a company focused on photovoltaic cells. During the reporting period, the company experienced significant business changes. In particular, after acquiring Shangrao Jettai, it fully focused on photovoltaic cell as its core business, and successfully incorporated it into a wholly owned subsidiary. In addition, during the reporting period, the share of overseas sales revenue increased significantly—from 23.85% in 2024 to 50.66%—indicating that the company’s expansion into international markets has made positive progress.

In its management discussion and analysis, the company stated that its main risks include intensifying market competition, fluctuations in product prices, and uncertainty in raw material prices. Management provided an outlook for future business development, emphasizing that it will continue to increase R&D investment to consolidate its leading position in photovoltaic cell technology, and plans to further enhance its market share through a globalized layout. Overall, after a series of strategic adjustments, the company is working to maintain competitive advantages and market share in the photovoltaic industry.

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