From top student to a loss of 1.4 billion yuan! This photovoltaic company has lost all the cross-industry profits it made over the past two years, with only 1,090 production staff remaining, while overseas revenue surged by 60%.

Jing Daily Reporter: Wu Zepeng    Jing Daily Editor: Huang Sheng

On the evening of March 30, JunDa Co., Ltd. (SZ002865, share price: 72.61 yuan, market cap: 22.6 billion yuan) released its 2025 annual report. Last year, the company achieved revenue of 7.63B yuan, while its net profit attributable to shareholders recorded a loss of 1.42B yuan. Year over year, revenue and net profit fell by 23.36% and 139.51%, respectively, marking the largest loss since the company’s listing.

JunDa Co., Ltd. previously operated in the market for automotive trim parts. After it made a cross-border acquisition of a photovoltaic cell-related target in 2021, it grew rapidly. In 2022 and 2023, its net profits each exceeded 800 million yuan, and it was once well known as a successful example of transformation. However, in 2024, the company incurred a loss of nearly 600 million yuan; last year, it also recorded a loss of more than 1.4 billion yuan, effectively wiping out the profitability gap after its transition to photovoltaic cells.

A reporter from the Jing Daily noticed that JunDa Co., Ltd.’s 2023 annual report stated that the number of employees at the end of that period was 8,267. By the end of 2024, it had dropped to only 3,163. In 2025, JunDa continued to reduce its employee headcount, leaving just 2,712 at period end, including only 1,090 production personnel—down by one quarter compared with the same period in 2024.

Revenue Decline and Loss Worsen: 2025 Net Loss Year over Year Expands 139.51%

For JunDa Co., Ltd., 2025 was a year full of challenges. According to the company’s annual report released on the evening of March 30, the company’s full-year operating revenue was 25B yuan, down 23.36% from 8B yuan in 2024. At the same time, profitability also faced severe pressure. During the reporting period, the net profit attributable to shareholders was -8B yuan, compared with a loss of 591 million yuan in the same period of 2024, with the loss widening year over year by 139.51%. After deducting non-recurring gains and losses, the net loss reached 8B yuan.

Regarding the performance decline, JunDa Co., Ltd. explained in its annual report that in 2025, the global photovoltaic market maintained a growth trend, with particularly strong demand in overseas markets. However, the industry was still in a capacity clearing period and a down cycle for product prices. As a result, the overall profitability across the industry chain faced pressure, and the company’s operating performance also experienced period-related headwinds.

From the perspective of core products, as photovoltaic cell wafers that form the company’s main business, their profit margins were severely squeezed. The annual report shows that in 2025, the gross margin of the photovoltaic cell wafers business was -1.65%. Compared with 0.48% in the same period of 2024, it fell by 2.13 percentage points. In the annual report, JunDa noted that the photovoltaic cell stage is affected by changes in upstream raw material prices, downstream component manufacturers’ demand, and policy changes, and it bears price pressure across both the polysilicon wafer and component stages.

In fact, a reporter from Jing Daily noticed that, besides industry factors, large-scale asset impairment losses further increased the performance burden on JunDa. According to the annual report, in 2025 JunDa recorded total asset impairment losses of as much as 437 million yuan, which had a certain impact on the performance for the period. According to the annual report, impairment losses mainly came from fixed assets and goodwill. Among them, the impairment loss on fixed assets was 266 million yuan, and the impairment loss on goodwill was 7.63B yuan.

Despite the overall performance pressure, JunDa’s global expansion achieved remarkable results in 2025, becoming one of the highlights of the annual report. During the reporting period, the company’s overseas sales revenue reached 9.95B yuan, up 62.83% against 1.42B yuan in 2024. Particularly importantly, the share of overseas revenue in total revenue jumped significantly from 23.85% in 2024 to 50.66%, making overseas markets JunDa’s most important source of income.

Employee Headcount and R&D Expenses Both Decline Significantly Year over Year

Beyond breaking down the specific operating data in JunDa’s 2025 annual report, a vertical comparison of the company’s historical performance can provide a clearer understanding.

JunDa was originally an automotive trim parts company in Hainan Province. It was listed in 2017, and its revenue exceeded 1.1 billion yuan that year. However, after listing, its profitability continued to decline. Data from Eastmoney Choice shows that in 2017 its net profit was still 67.4426 million yuan, but by 2020 it had fallen to only just over 1.64B yuan—while that year’s revenue was only 860 million yuan.

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In 2021, JunDa said that the original main business experienced significant losses due to weak recovery in the auto industry. The company actively explored and expanded new business, and successfully acquired 51% of the equity in Shangrao Jietai New Energy Technology Co., Ltd. (hereinafter referred to as Jietai Technology), entering the photovoltaic industry. In 2022, JunDa continued to acquire the remaining 49% of Jietai Technology, while it divested the original automotive trim parts business, thereby becoming a photovoltaic cell wafer company.

Thanks to the above transformation, JunDa rapidly developed over the following two years. In 2022, operating revenue was close to 11.6 billion yuan, and in 2023 it even surpassed 52.63M yuan. Net profits for each corresponding year exceeded 800 million yuan, and the total net profit attributable to shareholders over the two years also exceeded 1.5 billion yuan.

Now it appears that JunDa’s losses in 2024 were nearly 600 million yuan, and its loss in 2025 exceeded 1.4 billion yuan. With the two years of large losses, the profits achieved after its transformation have been directly wiped out.

In addition, a reporter from Jing Daily also found that at the end of 2024, JunDa’s headcount of personnel dropped sharply. JunDa’s 2025 annual report shows that the number of employees at the end of last year also decreased again. The most significant change was in production personnel, which fell to only 1,090, compared with 1,447 in the same period of 2024—a year-over-year decrease of 24.67%. In terms of the “three expenses,” in 2025 JunDa’s finance costs increased by 41.36%, while R&D expenses decreased by 44.35%.

It is worth noting that in May 2025, JunDa successfully listed on The Stock Exchange of Hong Kong Limited (the Hong Kong Stock Exchange), becoming the first “A+H” dual-platform listed company in the photovoltaic industry. On one side is operating pressure from worsening losses; on the other is strong growth in overseas markets and a brand-new empowerment from the capital platform. Where JunDa will go in 2026 has attracted widespread attention in the market.

Jing Daily