Haitai New Energy transcends cycles, with its solar and storage business and global expansion demonstrating new investment value!

Affected by the stage-specific supply-demand mismatch and low-price competition in the photovoltaic industry, Haitai New Energy has recently made significant asset impairment provisions for inventories and fixed assets, resulting in temporary financial losses. This reflects the current cyclical fluctuations in the industry.

However, after the “negative news landed,” the market began to reassess the true nature of this established photovoltaic company. With the gradual release of the “anti-involution” policy dividends, Haitai New Energy is becoming increasingly clear in its long-term investment value, thanks to its absolute strength in core component business, the evolution capability of its business model, and the deepening of its global layout.

** Components + Photovoltaic Power Station Business, Driving Evolution of Profit Model **

Compared to its peers, Haitai New Energy has significant advantages in its core photovoltaic component business. In terms of market coverage, the company has a complete product line of components, with business operations covering more than 100 countries and regions worldwide. The product sizes cover large, medium, and small formats, meeting the full range of demands from residential to large-scale ground power stations.

The star product, TOPCon double-glass components, demonstrates outstanding technical strength. This product not only has high conversion efficiency but can also operate reliably under extreme low temperatures of minus 43°C with a snow cover of 7 centimeters, proving its stability in harsh climates, which is crucial for expanding markets in high altitudes and high latitudes.

At the same time, the company insists on balancing independent innovation and standardized construction. Over the past three years, it has participated in the formulation of 16 relevant standards for photovoltaic components and materials. Its photovoltaic testing center has obtained CNAS national laboratory accreditation and collaborates with top institutions like Tsinghua University, laying a foundation for continued technological leadership.

In the photovoltaic industry, Bloomberg New Energy Finance’s Tier 1 list is the “gold standard” for global project financing and procurement. Thanks to its robust financial health, reliable project execution, and leading technological strength, Haitai New Energy has consistently ranked on this list for multiple consecutive quarters.

This is not just a boost to brand reputation, but also a solid market competitiveness. Tier 1 qualification means that Haitai New Energy’s products lead the industry in terms of financing capability, global project delivery capacity, technological reliability, and compliance certification. Based on this, the company provides long-term stable services to central enterprise clients such as China Energy Engineering, China Power Construction, and China Railway Construction, establishing deep customer loyalty and demonstrating strong anti-cyclical and deterministic capabilities. The trust and customized cooperation from major central enterprises also enable the company to deeply embed itself in the construction ecosystem of China’s new power system, building an ecological moat.

In the current context of overall low component prices and low industry operating rates, Haitai New Energy’s core component business has not only maintained its foundational stability but also provided valuable “certainty” for the company’s valuation.

After experiencing multiple rounds of cyclical fluctuations, in the fierce competition of the photovoltaic industry, pure manufacturing is no longer advantageous. Haitai New Energy has proactively completed vertical integration, extending from photovoltaic components to photovoltaic power stations, photovoltaic brackets, energy storage, wind energy, and photovoltaic batteries, providing customers with systematic energy solutions. Its industrial chain matrix layout has transformed it from a photovoltaic manufacturer into an integrated energy service provider of “wind, solar, hydrogen, and storage,” possessing the ability to transcend cycles and respond calmly to industry fluctuations.

Among these, the photovoltaic power station business has performed exceptionally well; while the component business is the company’s foundation, the explosive growth of the photovoltaic power station business represents a new growth pole for Haitai New Energy. By 2025, the company anticipates significant growth in its photovoltaic power station business, marking its successful transition from a mere “product manufacturer” to a “system solution provider.”

The financial report data clearly reveals this change: In the first half of 2025, Haitai New Energy’s “engineering revenue” surged by 1038.55% year-on-year. This transformation has profound implications—compared to the one-time transaction of simply selling components, the EPC business has significant long-tail revenue advantages, covering the entire value chain from design, procurement, and construction to subsequent operation and maintenance.

During the industry’s downward cycle, the strong growth of the company’s “engineering revenue” proves that it has successfully navigated the evolution path from “selling hardware” to “selling systems.” This integrated industrial synergy of “manufacturing + engineering + development” allows the company to exhibit greater resilience in the face of industry fluctuations and provides the capital market with a higher-level valuation imagination space.

** Accelerating Overseas Layout, Opening High-Profit Markets **

As domestic market competition becomes increasingly fierce, going overseas has become a new blue ocean for various industries, and Haitai New Energy’s global layout is also accelerating into a harvest period.

In high-profit overseas markets, the company is steadily advancing the construction of battery cell and module production bases in Indonesia. This layout will effectively avoid trade barriers in Europe and America and directly access localized overseas supply chains, opening up growth channels for high-profit space.

By 2025, the company will accelerate its overseas market layout, investing in the construction of a “2GW battery cell + 1GW module” production base in Indonesia. By achieving localized production in Indonesia, Haitai has obtained the ticket to enter high-end overseas markets. In the future, using Indonesia as a base, the company can radiate to global high-profit markets, opening up long-term growth space.

At the same time, in the European market, Haitai New Energy is deeply participating in local energy transformation with energy storage and high-efficiency component products. At the recently concluded Netherlands International Solar PV Exhibition, the company showcased TOPCon double-glass components, balcony photovoltaic solutions, and all-scenario energy storage systems tailored for the European market. The modular residential energy storage system launched for the European residential market and the liquid-cooled energy storage solution for industrial and commercial owners demonstrate the company’s precise insights into the high-end overseas market. Through diversified solar storage products, Haitai New Energy is continuously supporting Europe’s green revolution with the power of “Chinese manufacturing.”

It is evident that the short-term asset impairment leading to pressure on financial statements is more like Haitai New Energy shedding burdens and starting afresh. Under the new cycle driven by the photovoltaic industry’s “anti-involution” policy, shifting from “price competition” to “value competition,” Haitai New Energy, leveraging the solid foundation of its component business, the upgraded model of power station EPC, and the vast prospects of its global layout, will collectively support its long-term investment value that transcends cycles.