China Post Securities has reiterated its "Overweight" rating on DRINDA (02865), though it revised downward its revenue forecasts for 2025–2027 to RMB 10.0 billion, RMB 12.03 billion, and RMB 14.67 billion, respectively, with net profits attributable to shareholders projected at -RMB 510 million, RMB 620 million, and RMB 1.05 billion. The 2026–2027 P/E ratios are estimated at 20x and 12x.

In the first three quarters of 2025, DRINDA reported revenue of RMB 5.68 billion, down 30.7% YoY, with a net loss of RMB 420 million (-0.5% YoY). Non-GAAP net loss stood at RMB 720 million (+2.7% YoY), while gross and net margins were 1.5% (+1.2 ppts YoY) and -7.4% (-2.3 ppts YoY), respectively. Operating expenses rose 2.4 ppts YoY.

The company has significantly expanded its overseas presence, with international sales surging from 23.85% in 2024 to 51.87% of total revenue. Overseas operations achieved a 4.5% gross margin (+2.8 ppts YoY), contrasting with domestic margins of -0.8% (-1.7 ppts YoY), reflecting intense local competition.

DRINDA is diversifying offshore production, including a strategic partnership in Turkey to co-build high-efficiency cell projects addressing regional supply gaps. It is also cautiously advancing a 5GW cell project in Oman.

Technologically, DRINDA continues to enhance N-type cell cost efficiency via innovations like half-cell edge passivation and ultra-dense grid lines. Pilot xBC cells show 1–1.5 percentage-point efficiency gains over mainstream N-type tech. For long-term R&D, its perovskite tandem cells have achieved a lab efficiency of 32.08% through external collaborations.