IRICO NEWENERGY (00438) announced its financial results for 2025. The company reported operating revenue of approximately RMB 2.905 billion, representing a decrease of 11.33% year-on-year. The net loss attributable to owners of the parent company was approximately RMB 560 million, which widened by about 49.04% compared to the previous year. The basic loss per share was RMB 3.1779.

The announcement stated that the decrease in revenue was primarily due to a temporary supply-demand imbalance in photovoltaic glass capacity, leading to a significant year-on-year decline in product prices. The main reason for the increased loss compared to the previous year was intensified competition within the photovoltaic glass industry, influenced by supply-demand contradictions and capacity mismatches. Although the group made every effort to reduce costs and improve efficiency, and accelerated technological innovation as well as the research, development, and mass production of high value-added products, the substantial year-on-year drop in product prices resulted in a significant decline in the gross profit margin for the group's photovoltaic glass business.