GOLDENSOLAR (01121) surged nearly 10% in early trading. As of press time, the stock was up 8% to HK$1.89 with a trading volume of HK$977,100.

Changjiang Securities released a research report stating that photovoltaic equipment orders this year remain constrained by the slowdown in industry capacity expansion trends. However, due to relatively aggressive expansion by leading BC manufacturers and higher value per GW, equipment benefiting from BC technology is expected to see growth. BC capacity expansion is projected to reach 50-60GW this year, providing order resilience.

Since the beginning of this year, the photovoltaic industry has further deepened anti-involution competition at the policy level. Under the industry's anti-involution measures, although capacity expansion has been restricted, requirements for high-quality, high-conversion efficiency products remain unchanged. Key focus areas include the application of TOPCon+ processes and the implementation of BC capacity expansion demand.

According to public information, in September 2024, GOLDENSOLAR established a joint venture with Junneng Power (Junshi Energy) and LONGi Green Energy to upgrade four PERC production lines at LONGi's Xi'an Aerospace Industrial Base to HBC production lines. Additionally, GOLDENSOLAR disclosed in April 2025 that Fujian Jinshi (Junshi Energy) and Yiwu JinkoSolar plan to establish a joint venture to upgrade and transform 4GW of PERC capacity to HBC capacity, with GOLDENSOLAR providing patent technology usage rights for HBC batteries to the joint venture company.