On February 26, Arctech (SH: 688408) released its 2025 performance report, showing the company achieved operating revenue of 6.852 billion yuan, a year-on-year decrease of 24.09%. It reported a net loss attributable to shareholders of 9.8817 million yuan, compared to a profit of 632 million yuan in the same period last year. The core net loss after deducting non-recurring gains and losses was 43.9195 million yuan, compared to a profit of 602 million yuan in the same period last year. Basic earnings per share were -0.05 yuan/share, compared to 3.11 yuan/share in the same period last year. The above financial data are preliminary calculations and have not been audited by an accounting firm.
The announcement indicated that during the reporting period, persistent fluctuations in upstream photovoltaic module prices impacted downstream终端 power station investment return calculations and construction planning decisions, leading to delays in customer project commencement and construction progress. As a supplier of tracking and fixed-tilt systems—the “skeletal” structure for photovoltaic ground-mounted power plants—Arctech experienced corresponding delays in product delivery, acceptance, and revenue recognition. The pace of converting backlog orders into revenue in the short term fell short of expectations, with overseas tracking order delivery and revenue recognition being particularly affected.
At the same time, although overall order signings showed an upward trend during the reporting period, and overseas tracking order signings met initial expectations, with the gross profit margin of recognized tracking system revenue remaining largely flat year-on-year. However, the domestic photovoltaic industry remains in a deep adjustment phase of capacity consolidation, leading to increasingly fierce market competition. Consequently, the gross profit margin for the company’s domestic fixed-tilt products declined year-on-year. Additionally, due to the contraction in overall revenue scale and the increased proportion of sales from fixed-tilt systems, which have relatively lower gross profit margins, the company’s comprehensive gross profit margin decreased during the reporting period.
