From top student to a loss of 1.4 billion yuan! JunDa Co. has lost all the money earned from cross-industry ventures in two years. The number of production staff remains at 1,090, but overseas revenue has surged by 60%.

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From a “top student” to a staggering loss of RMB 1.4 billion! This photovoltaic company, over the past two years, turned all the cross-border profits into losses; its production workforce has been cut down to 1,090 people, yet overseas revenue has surged by 60%

Reporter: Wu Zepeng | Editor: Huang Sheng

On the evening of March 30, Junda Co., Ltd. (SZ002865, share price RMB 72.61, market cap RMB 22.6 billion) released its 2025 annual report. Last year, the company achieved operating revenue of RMB 7.63B, with a net profit attributable to shareholders of a loss of RMB 1.42B. On a year-over-year basis, revenue and net profit fell by 23.36% and 139.51%, respectively, marking the largest loss since the company’s listing.

Junda Co., Ltd. previously was an automobile trim-parts company. After it rapidly grew following its cross-border acquisition of a photovoltaic battery asset in 2021, its net profits in 2022 and 2023 both exceeded RMB 800 million, and it was once well known as a successful transformation case. However, in 2024, the company recorded a loss of nearly RMB 600 million; last year, it also recorded a loss of more than RMB 1.4 billion, having already wiped out the earlier profitability gap after transitioning into photovoltaic battery manufacturing.

A reporter from The Paper’s Daily Economic News noted that, according to Junda Co., Ltd.’s 2023 annual report, the number of employees at the end of that period was 8,267. By the end of 2024, it had dropped to 3,163. In 2025, Junda Co., Ltd. continued to reduce its headcount, and the number at period-end fell to only 2,712, including just 1,090 production personnel, which was down by 1/4 compared with the same period in 2024.

For Junda Co., Ltd., 2025 was a year full of challenges. According to the company’s annual report released on the evening of March 30, for the full year the company achieved operating revenue of RMB 7.63B, down 23.36% from RMB 9.95B in 2024. At the same time, profitability also faced severe tests. During the reporting period, net profit attributable to shareholders was -RMB 1.42B, compared with a loss of RMB 591 million in the same period of 2024; the loss magnitude widened by 139.51% year over year. After deducting non-recurring gains and losses, the net loss reached as much as RMB 1.64B.

Regarding the decline in performance, Junda Co., Ltd. explained in its annual report that in 2025, the global photovoltaic market maintained a growth trend, with overseas market demand being especially strong. However, the industry is still in a stage of capacity clearing and a cycle of falling product prices. The overall profitability of the upstream and downstream of the industrial chain faces pressure, and the company’s operating performance is also under pressure on a phased basis.

Looking at core products, as photovoltaic battery cells are the company’s main business, their profit space has been severely squeezed. The annual report shows that in 2025, the gross margin of the photovoltaic battery cells business was -1.65%, down 2.13 percentage points from 0.48% in the same period of 2024. In the annual report, Junda Co., Ltd. mentioned that the photovoltaic battery-cell segment is affected by upstream raw material prices, downstream component manufacturers’ demand, and policy changes, bearing dual price pressure for both the polysilicon and component stages.

In fact, a reporter from The Paper’s Daily Economic News noticed that, besides industry factors, large-scale asset impairment losses further increased Junda Co., Ltd.’s performance burden. According to the annual report, the total asset impairment losses accrued by Junda Co., Ltd. in 2025 amounted to as much as RMB 437 million, which had certain effects on the results for the period. According to the annual report, impairment losses mainly came from fixed assets and goodwill. Among them, the fixed-asset impairment loss was RMB 266 million, and the goodwill impairment loss was RMB 52.63M.

Although overall performance was under pressure, Junda Co., Ltd.’s global expansion achieved remarkable results in 2025 and became a highlight of the annual report. During the reporting period, the company’s overseas sales revenue reached RMB 3.86B, a contrarian increase of 62.83% versus RMB 2.37B in 2024. Most importantly, the proportion of overseas revenue of total revenue rose sharply from 23.85% in 2024 to 50.66%; the overseas market became Junda Co., Ltd.’s most important source of revenue.

Beyond breaking down the specific operating figures in Junda Co., Ltd.’s 2025 annual report, a vertical comparison of the company’s historical performance can provide a clearer understanding of the company.

Junda Co., Ltd. was originally an auto trim-parts company in Hainan Province. It went public in 2017, and revenue that year exceeded RMB 1.1 billion. However, after listing, its profitability continued to decline. According to Eastmoney Choice data, in 2017 its net profit was still RMB 67.4426 million, but by 2020 it had dropped to just over RMB 18.66B. That year, revenue was only RMB 860 million.

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In 2021, Junda Co., Ltd. stated that due to weak recovery in the automobile industry affecting its former main business, the company suffered a significant loss. It actively explored and expanded new business and successfully acquired 51% of the equity of Shangrao Jaitai New Energy Technology Co., Ltd. (hereinafter referred to as Jaitai Technology), entering the photovoltaic industry. In 2022, Junda Co., Ltd. continued to acquire the remaining 49% stake in Jaitai Technology, while it divested the original automobile trim-parts business, thereby becoming a photovoltaic battery cell company.

Benefiting from the above transformation, Junda Co., Ltd. was able to develop rapidly in the following two years. In 2022, operating revenue was close to RMB 11.6 billion; in 2023, it even exceeded RMB 18.656 billion. The net profits for the corresponding years both exceeded RMB 800 million, and the total net profits attributable to shareholders over the two years also exceeded RMB 1.5 billion.

Now it seems that in 2024, Junda Co., Ltd. incurred a loss of nearly RMB 600 million, and in 2025 its loss exceeded RMB 1.4 billion. Under these large losses over two years, the profits realized after the transformation have been directly wiped out.

In addition, a reporter from The Paper’s Daily Economic News also found that in 2024 at period-end, Junda Co., Ltd.’s manpower saw a large reduction. Its 2025 annual report shows that the number of employees at the end of last year again decreased, with the most noticeable change being production personnel—only 1,090 people. The figure for the same period in 2024 was 1,447 people, down 24.67% year over year. For the “three expenses,” in 2025, Junda Co., Ltd.’s finance costs increased by 41.36%, while R&D expenses decreased by 44.35%.

It is worth noting that in May 2025, Junda Co., Ltd. successfully listed on the Hong Kong Exchanges and Clearing Limited (HKEX), becoming the first “A+H” dual-platform listed company in the photovoltaic industry. On one side is the operating pressure from worsening losses; on the other is the strong growth in overseas markets and the new empowerment from a capital platform. Where will Junda Co., Ltd. head in 2026? This is drawing close attention from the market.

Cover image source: Daily Economic News media database

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Responsible editor: Gao Jia