Hainan Drinda New Energy Technology Co., Ltd. (DRINDA) released unaudited interim results for the six months ended 30 June 2026. Revenue fell 13.8% year on year to RMB 3.15 billion, reflecting softer overseas demand for photovoltaic (PV) cells. Domestic sales accounted for 59.9% of turnover, up from 48.0% a year earlier, while overseas revenue dropped to 40.1% of the total.

Gross profit improved to RMB 78.89 million (1H25: RMB 0.94 million) as unit selling prices stabilised and production costs were trimmed. Cost of revenue declined 15.9% to RMB 3.07 billion. Other income surged to RMB 137.93 million, driven mainly by higher VAT deductions, but was offset by a RMB 176.05 million swing to other losses, chiefly from FX movements and mark-to-market losses on financial instruments.

Finance costs rose 13.1% to RMB 144.12 million on higher short-term borrowings, lifting the gearing ratio to 182.8% (FY25: 157.6%). Loss before tax was RMB 319.31 million; after a RMB 63.05 million tax credit, net loss attributable to shareholders narrowed 4.0% to RMB 253.04 million.

Total assets increased 4.2% since year-end to RMB 17.10 billion, supported by the February 2026 placing of 18.68 million H-shares, which raised net proceeds of approximately HK 397.70 million (about RMB 366.82 million). Equity rose to RMB 3.85 billion, while cash and cash equivalents declined 11.7% to RMB 2.64 billion due to investment outflows and the acquisition of a 60% stake in Shanghai Fuyao Xinghe Aerospace Technology for RMB 330 million.

Inventories expanded 25.6% to RMB 801.42 million and trade, bills and other receivables increased 30.3% to RMB 1.07 billion, reflecting longer settlement cycles. Bank and other borrowings climbed 22.0% to RMB 7.03 billion, with 66.4% maturing within one year.

During the period DRINDA continued to invest in next-generation N-type PV cell technology, trimmed non-silicon costs and commenced production at a Turkish joint-venture cell facility. The planned 5 GW Oman plant is being reassessed due to regional uncertainties. The group also broadened its strategic footprint into commercial aerospace via new investments and acquisitions, though contributions remain minimal.

The board declared no interim dividend for 1H26.