Hainan Drinda New Energy Technology (Stock Code: 02865) announced its unaudited financial results for the third quarter ended September 30, 2025. The quarterly operating revenue grew by 10.42% year-on-year to RMB 2.02 billion, while net profit attributable to shareholders of the listed company came in at a loss of RMB 155.20 million, representing a narrower loss of 38.05% compared with the same period last year. Over the first nine months of 2025, the company recorded operating revenue of RMB 5.68 billion, down 30.72% year-on-year, and a net loss attributable to shareholders of RMB 418.86 million, slightly wider by 0.48% year-on-year.
Management highlighted that overseas sales expanded notably during the first three quarters of 2025, contributing 51% of overall revenue, up from 24% in 2024. The company attributed this growth to the continued development of new international markets and partnerships. It is actively exploring overseas cell manufacturing projects, with a focus on advanced high-efficiency N-type cell technology, while prudently assessing global trade and tariff conditions.
The company continued upgrading and optimizing its N-type cell technology, focusing on improvements in cell conversion efficiency and production process refinement. During the reporting period, enhancements such as half-cut edge passivation and ultra-dense fine fingers contributed to rising conversion efficiency; parallel research and pilot-scale development of new-generation xBC cells and perovskite tandem PV also progressed.
Another highlighted milestone was the successful listing on the Main Board of The Stock Exchange of Hong Kong in May 2025, generating net proceeds of approximately HKD1.29 billion. According to the third quarter announcement, these proceeds are being used for overseas capacity expansion, market development, global R&D initiatives, and supplementary working capital. The company stated that it aims to leverage the advantages of both the A-share and H-share capital platforms to promote global brand recognition and reinforce its international competitiveness.