As the world's first PV enterprise listed on both "A+H" markets, Hainan Drinda New Energy Technology Co., Ltd. (002865.SZ, 02865.HK) successfully debuted on the Hong Kong Stock Exchange, injecting robust capital momentum into the company's advancing globalization strategy. Amidst the industry’s structural shift from explosive growth toward rational development, Drinda remains committed to long-termism, anchoring its strategy in steady operations, technological innovation, and global expansion to drive sustainable, high-quality growth.
During SNEC 2025, Mr. Zhang Manliang, Director and General Manager of Drinda Co., Ltd. and President of JTPV, granted an exclusive interview to a leading industry media outlet. He elaborated on Drinda’s strategic vision for globalization, technological evolution, and overseas capacity deployment, offering insights into the company’s response to industry trends.
PART 1: Capital Empowerment – HK Listing Fuels Global Expansion
Mr. Zhang emphasized that the brand premium and enhanced global influence from the listing serve as critical advantages against "industry involution." With domestic capacity competition intensifying, global capital market endorsement strengthens Drinda’s bargaining power and resource integration efficiency for overseas expansion.
Despite market headwinds from the new 531 policy, Drinda’s "Capital + Industry" dual-drive strategy enables a swift shift from "passive response" to "proactive breakthrough."
"In volatile markets, we prioritize two pillars: optimizing processes through technological excellence to achieve efficiency-cost breakthroughs, and enhancing organizational execution to ensure rapid strategy deployment."
The company maintains a disciplined, stepwise approach, securing its core business while preserving strategic flexibility for global growth.
PART 2: Global Deployment – Strategic Moves Amid Geopolitical Complexity
In June 2025, JTPV (Drinda’s wholly-owned subsidiary) partnered with Turkish energy firm Schmid Pekintaş Energy to establish a high-efficiency solar cell production base in Turkey. This light-asset model ("local partnership + technology transfer") leverages local resources for efficient execution. The project will address structural supply gaps for Turkey, Europe, and global markets, bolstering Drinda’s mid-to-high-end supply capabilities.
"We’re actively exploring overseas projects via technical cooperation, capacity building, and investments. Our goal is to build localized supply chains and strengthen global delivery," stated Mr. Zhang.
Data shows that the company shipped a cumulative 33.74GW in 2024, with overseas markets accounting for nearly 24%. By Q1 2025, the proportion of overseas sales revenue surged to 58%, demonstrating a consistently strengthening trend. As domestic growth slows, Drinda converts geopolitical uncertainty into opportunity through "Steady Advancement + Regional Focus," building a dual-circulation supply system to mitigate single-market risks.
PART 3: Technology Leadership – From Innovation to Ecosystem Integration
Drinda’s decade-long specialization in solar cell technology underpins its global recognition and overseas expansion. This robust technological foundation constitutes the company’s core competitiveness and has earned widespread trust among international clients. In key markets including Europe, the Middle East, and Africa, Drinda’s high-efficiency cell products demonstrate strengthening performance, amplifying both brand and product momentum.
"While cost advantages remain significant for near-term global competition, the industry can no longer rely on extensive development models in manufacturing or product design for medium-to-long-term success," Mr. Zhang noted. "Sustainable competitiveness requires multidimensional breakthroughs in product precision, manufacturing systems, market adaptation, and technological evolution – all deeply aligned with customer values."
Recently, the company’s N-type MoNo 2 series cells integrate innovations including half-cut edge passivation (J-HEP) and wave back surface field (J-WBSF) technology, achieving comprehensive optimizations:
l Average mass production efficiency increased by 0.5%
l Bifaciality reached 90%
l Non-silicon cost per watt decreased by approximately 30%
Building on this, Drinda is also actively developing next-generation technologies like perovskite-silicon tandem and xBC. During SNEC, it officially unveiled perovskite-silicon tandem cell R&D achievements developed jointly with external research institutions, achieving a lab efficiency of 32.08%.
"Technology must serve customer needs and system cost optimization, with strategic choices evolving across development phases," Mr. Zhang stressed. The company follows a "pre-researching one generation, testing one generation, mass-producing one generation" development logic while maintaining technological agility. "Mutual learning between technologies drives industry progress – we remain open and adaptive."
"We adhere to 'specialized excellence' by committing to high-efficiency cells as our long-term core business, without entering module production," Mr. Zhang stated. "In today’s specialized PV value chain, mastering cell technology creates irreplaceable competitive advantages."
Addressing the 531 policy impact, Mr. Zhang acknowledged near-term market pressures while highlighting its long-term role in "advancing PV’s transition toward standardized commodities, enhancing market liquidity and competitiveness." Drinda responds through enhanced quality control, process optimization, and compliance-focused execution to ensure optimal delivery.
Conclusion: Navigating the Value-Driven Era
As the PV industry evolves from scale-driven to value-driven competition – with technology battles shifting from singular innovations to industry-chain collaboration – companies possessing core technological barriers and overseas expansion capabilities will secure resilient advantages.
"Through capital strength, efficient technology, streamlined management, and specialized organizational capabilities," Mr. Zhang concluded, "Drinda will leverage 'disciplined development and adaptive response' to capture global growth opportunities, achieving steady advancement in international markets."
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