On August 28, Almaden (SZ: 002623) released its semi-annual report for 2025. The company reported revenue of 1.083 billion yuan, a year-on-year decrease of 38.16%. It recorded a net loss attributable to shareholders of 15.82 million yuan, shifting from profit to loss compared to the same period last year. The net loss attributable to shareholders after deducting non-recurring gains and losses was 30.55 million yuan, also turning from profit to loss. Basic earnings per share stood at -0.08 yuan per share, compared to 0.07 yuan per share in the prior year.
The financial report highlighted that in the first half of 2025, the photovoltaic industry experienced a policy-driven installation rush, accelerated technological iterations, a reshaped market landscape, and significant fluctuations in industry chain prices. Although both domestic and international newly installed photovoltaic capacity continued to grow, the industry still faced severe challenges such as supply-demand imbalances, capacity mismatches, and “involution-style” competition. In response to these difficulties and challenges, the company will continue to actively practice industry self-discipline, rationally plan production capacity, and maintain overall stable and orderly operations. At the same time, it will focus on cost reduction and efficiency improvement by driving innovation and improvements in production management, enhancing operational efficiency, and emphasizing lean management and risk prevention to foster healthy development. On the other hand, the company will accelerate its overseas industrial布局 to enhance global competitiveness.
During the reporting period, the company’s performance losses were primarily attributed to the following factors:
- The photovoltaic industry was impacted by supply-demand imbalances and capacity mismatches, leading to intensified involution-style competition. persistently low prices across the photovoltaic industry chain, combined with downstream cost-reduction pressures, resulted in a significant decline in both revenue and gross margin for the company’s photovoltaic glass business.
- In accordance with the prudence principle, the company provisioned for inventory impairment of some photovoltaic glass products during the reporting period, which significantly reduced its net profit.
