Drinda says its FY2025 revenue and shipments declined as industry prices fell and capacity rationalization continued
The overseas sales share more than doubled, driven by demand in India, Türkiye, and Europe
The company will focus on advancing next-generation cell technologies, expand overseas manufacturing, and explore space PV applications
Hainan Drinda New Energy Technology, the parent company of n-type solar cell manufacturer Jietai Solar (JTPV), reported strong overseas demand in FY2025. However, its profitability suffered due to falling product prices and industry-wide capacity rationalization.
The company’s international sales rose sharply from 23.9% of annual revenue (RMB 2.37 billion) in FY2024 to 50.8% (RMB 3.86 billion) in FY2025, as it gained market share in India, Türkiye, and Europe. In comparison, operating revenues in mainland China declined significantly from RMB 7.55 billion in 2024 to RMB 3.73 billion in 2025.
Overall, Drinda’s total reported operating revenue of RMB 7.63 billion declined by 23.36% year-on-year (YoY), including RMB 7.59 billion from the cell manufacturing business (down 23.4%). The company’s net loss of RMB 1.4 billion for the year expanded 139.5% from the RMB 591.1 million loss reported in FY2024.
Drinda said it responded to market dynamics with upgraded cell technology, improved management, and global expansion, achieving over 26% average solar cell efficiency in mass production. Its R&D on next-generation cells, including TBC and perovskite tandem cells, has improved efficiency to 26.6% and 33.53%, respectively, with mass production preparations underway.
The company’s solar cell shipments declined 12.45% YoY to 29.54 GW, from 33.74 GW in FY2024. Production volume was down by 15.40% to 28.90 GW.
Currently, Drinda’s Chuzhou and Huai’an bases represent over 40 GW of combined solar cell manufacturing capacity. The company said it is progressing with its overseas expansion in Türkiye and elsewhere; however, its 5 GW high-efficiency cell project in Oman is affected by trade tensions, tariffs, and turmoil in the Middle East region. The management plans to carefully assess risks and adjust plans for the Oman fab based on market and geopolitical conditions, as well as the regional security situation.
Back in 2024, Drinda announced plans for 10 GW n-type solar cell manufacturing in Oman, starting with 5 GW under Phase I (see Drinda Secures Land For 5 GW Solar Cell Production In Oman).
Drinda says it is exploring additional overseas opportunities for high-efficiency solar cell production capacity under technical and investment cooperation, and capacity construction models.
Lu Xuyang, Drinda’s Chairperson of the Board and Executive Director, explained, “In future, it aims to achieve “local production, local delivery”, which will help circumvent international trade barriers, reduce logistics costs, further enhance global supply efficiency, and promote the Company’s deep integration into local overseas industrial chains, meeting the growing development needs of overseas PV markets.”
In 2026, Drinda foresees increasing competition, fluctuations in cell prices, and upstream raw material costs among factors that may impact its business. Its strategy will be to strengthen its core PV business through technology upgrades, cost reductions, and global market expansion while diversifying its portfolio. It plans to advance space PV development with Hangzhou Shangyi Photoelectric, with which it entered into a strategic cooperation framework agreement in December 2025. The latter is developing perovskite solar technology for space applications.
Drinda says its newly established subsidiary Shangrao Jietai Aerospace Technology will advance its space PV business. The subsidiary will build a pilot line combining CPI film with perovskite-silicon tandem cells, work with relevant partners, conduct sample testing, and advance commercialization of its space PV products.