IRICO NEWENERGY (00438) announced its interim results for 2025, reporting operating revenue of approximately RMB 1.519 billion, representing a year-over-year decrease of 25.52%. The company recorded a net loss attributable to parent company shareholders of approximately RMB 296 million, marking a shift from profit to loss compared to the same period last year. Basic loss per share stood at RMB 1.6770.

According to the announcement, main business revenue declined by 25.56% year-over-year, primarily due to a phase-wise supply-demand imbalance in photovoltaic glass capacity, which resulted in a significant year-over-year decline in product prices.

The main reasons for the loss include: affected by supply-demand contradictions and capacity mismatches, competition in the photovoltaic glass industry has intensified. Although the group has fully implemented cost reduction and efficiency improvement initiatives while accelerating technological innovation and the research, development, and mass production of high value-added products, continuous decline in product prices has led to a substantial drop in the gross margin of the group's photovoltaic glass business. Considering the current industry situation and product price fluctuations, the company has made asset impairment provisions for photovoltaic glass products in accordance with Enterprise Accounting Standards.