A strategic restructuring between Henan Energy Group and China Pingmei Shenma Group has formed the China Pingmei Shenma Holding Group, which officially unveiled its new corporate identity following the merger.
The newly formed group reports total assets of RMB 590 billion and annual revenue approaching RMB 300 billion. The group now controls 5 listed companies, including Yicheng New Energy, which is active in battery energy storage materials and solar and wind project development.
According to Chairman Mao Li, the new group will focus on building several core business segments, including power and renewable energy, coal and coke, nylon chemicals, and silicon-carbon advanced materials. It aims to become a world-class energy and functional materials enterprise with international competitiveness.
The Chinese solar industry seems to be headed for a consolidation phase, with TCL TZE signing a letter of intent to acquire a controlling stake in DAS Solar (see China’s TCL TZE To Acquire Controlling Stake In DAS Solar).
Leading solar manufacturer LONGi plans to retrofit 2 TOPCon module production lines at its Ordos manufacturing base, converting them to back-contact (BC) module lines.
According to the environmental impact assessment submitted to the local ecology and environment authority, LONGi currently operates 6 TOPCon module lines in Ordos, Inner Mongolia, with a combined capacity of around 5 GW. The proposed retrofit will involve installing additional screen-printing equipment, enabling the 2 converted lines to deliver an annual BC module capacity of 1.7 GW. The remaining 4 lines will continue producing TOPCon modules.
LONGi’s Chuzhou site recently achieved Gold certification under the SSI ESG standard (see China Solar PV News Snippets).
Energy storage product manufacturer HiTHIUM’s Chongqing base has been listed in the World Economic Forum’s (WEF) 2026 Lighthouse Factory list. The company claims it to be the ‘world’s first’ lighthouse factory dedicated to energy storage batteries. The facility is also the first mass-production plant for thousand-ampere-hour long-duration energy storage batteries.
HiTHIUM stated that the Chongqing base integrates generative AI, machine learning, and AIoT technologies across the value chain – from R&D and material selection to manufacturing and final inspection – forming the technological foundation for its batteries’ high safety, reliability, and performance.
Back-contact module manufacturer AIKO released its FY 2025 financial results forecast, expecting an adjusted net loss of RMB 1.60 billion to RMB 2.30 billion, significantly narrower than the RMB 5.55 billion loss recorded in 2024. Management attributed the continued loss to persistently low module prices across the solar industry in 2025, compounded by rising raw material costs in the second half of the year. On the other hand, improvements in cash flow, manufacturing costs, and gross margin substantially reduced year-over-year losses. In November, AIKO reported narrowed losses for Q3 2025 (see China Solar PV News Snippets).
The company also disclosed that ABC module shipments more than doubled in 2025, from 6.33 GW in 2024.
Drinda, the parent company of n-type cell manufacturer Jietai Solar (JTPV), expects expanded losses in 2025. According to its earnings guidance, the company projects an adjusted net loss of RMB 1.40 billion to RMB 1.80 billion, compared with an adjusted net loss of RMB 1.12 billion in 2024. The company attributed the deterioration to the supply-demand imbalances in the industry, rising raw material prices, and asset impairment charges.
Drinda, however, highlighted that its overseas operations have emerged as a key bright spot, noting that international sales now account for more than 50% of total revenue.
