Drinda New Energy

Business

Hainan Drinda New Energy Technology (海南钧达新能源科技股份有限公司) buys wafers and sells solar cells to module makers (2026 interim report, p. 10). Its operating companies carry the Jietai (捷泰) name (p. 5). It makes n-type cells and says it was the first in the industry to mass-produce them, at the end of 2022 (p. 11). It has more than 40 GW of capacity at Chuzhou and Huai'an (p. 12).

It is listed in Shenzhen and Hong Kong, and raised a net HK$398m through a Hong Kong share placing in February 2026 (p. 12).

Results in the first half of 2026

• Revenue fell 13.18% to ¥3.18bn on lower shipments, and the net loss attributable to shareholders was ¥253m, 4.03% smaller than a year earlier (pp. 12, 13).
• Cells earned a gross margin of 5.12%, up 3.37 points (p. 14).
• Overseas sales fell 32.71% to 40.20% of revenue, from 51.87%, though they earned more: 7.89% against 4.21% in China (p. 14).
• Operating cash flow was an outflow of ¥590m, and finance costs rose 72.95% as the US dollar weakened (p. 13).

Overseas plants

The company says its market share is among the highest in India, Turkey and Europe (p. 12). A cell plant in Turkey in which it holds a stake has started production and is ramping up. Its planned 5 GW cell plant in Oman has been held back by trade policy and Middle East uncertainty, and it is looking for other investors and partners (p. 12).

Our view: Drinda's overseas revenue fell by a third while China's cell exports rose 36.8%, so being a cell specialist did not on its own capture the export boom. The Turkish plant is the bigger test of its strategy.

New businesses

In early 2026 it took a stake in a developer of perovskite-silicon tandem cells, set up a space solar joint venture, and took control of a satellite maker. It says these are at an early commercial stage and contribute little revenue (p. 13).

The company's own caveats

• Squeezed from both sides. The cell stage takes price pressure from wafers and modules (p. 20).
• Inputs. Wafers are its main input and silver paste its key auxiliary material (p. 20).
• Technology. A breakthrough in another cell technology could make its products obsolete (p. 20).
• Overseas. Trade friction, tariffs and geopolitical conflict could hurt its sales and overseas projects (p. 20).
• New businesses. Tandem cells are still in laboratory and in-orbit testing, and satellite making is at an early stage (pp. 20, 21).