Hainan Drinda’s 2024 revenues dropped by 47% YoY due to reduced capacity and price drops
Solar cell shipments increased by 12.62%, with n-type cells accounting for 90% of the total
Overseas market share improved significantly with India, Turkey and Europe being the key buyers
Hainan Drinda New Energy Technology, a company that produces solar PV cells under the Jietai Solar (JTPV) brand, saw its annual revenues in 2024 decline by 47% year-on-year (YoY) to RMB 9.95 billion ($1.38 billion). In what proved a difficult year for most Chinese PV manufacturers, Drinda suffered a net loss of RMB 591.1 million ($82 million), a 173% decline from a net profit of RMB 815.6 million in the previous year.
The management blames the reduction in production capacity and the drop in prices across the industrial chain for the decline in its financial performance in 2024.
The share of overseas markets for the company increased to 23.85% in 2024, compared to 4.69% in 2023, with India, Turkey and Europe among the leading destinations for its cells.
Nevertheless, it managed to increase the total solar cell shipments by 12.62% to 33.74 GW, of which 90% or 30.99 GW comprised n-type cells.
JTPV was among the top 3 solar cell suppliers on InfoLink Consulting’s list last year (see Top 5 Solar Cell Suppliers Shipped 163 GW Capacity In 2024).
As of the end of 2024, Drinda’s total solar cell production capacity reached 44 GW. The management said it plans to expand its overseas business with production facilities outside China. It is already building a 5 GW solar cell factory in Oman (see Drinda Secures Land For 5 GW Solar Cell Production In Oman).