On February 27, SolaX (SH: 688717) released its 2025 performance report, showing the company achieved operating revenue of 4.082 billion yuan, a year-on-year increase of 32.84%. However, net profit attributable to shareholders was 116 million yuan, a year-on-year decrease of 43.16%. Core net profit after deducting non-recurring gains and losses was 64.4403 million yuan, down 54.48% year-on-year. Basic earnings per share were 0.72 yuan/share, compared to 1.27 yuan/share in the same period last year. The above financial data are preliminary calculations and have not been audited by an accounting firm.
Regarding the reasons for the performance change, the announcement pointed out two main factors:
· Impact of Revenue and Gross Profit on Net Profit
In 2025, SolaX adhered to a development strategy combining global layout with regional深耕. While continuously solidifying its dominant position in the core European market and ensuring stable development of existing business, the company actively promoted market structure optimization and vigorously developed emerging markets such as Asia-Africa and Australia. With the continuous improvement of overseas channel construction and the ongoing expansion of customer resources, the business scale in the Asia-Africa and Australian emerging markets achieved steady growth, effectively driving the company’s overall operating revenue and injecting new growth momentum for long-term development.
At the same time, influenced by factors such as regional market competition landscape, product mix, operational costs, and pricing strategies, the overall gross profit margin in emerging markets like Asia-Africa and Australia was relatively low. As the revenue proportion from emerging market business gradually increased, it had a certain dilutive effect on SolaX’s comprehensive profitability level, leading to a decline in the company’s overall gross profit margin compared to the same period last year.
· Impact of Expense Expenditure and Other Factors on Net Profit
In 2025, focusing on its overall market布局 and long-term development strategy, SolaX accelerated new product development, technological innovation, and product iteration upgrades to meet constantly changing market demands. The company continuously introduced high-end R&D talents, steadily increased R&D investment, improved the R&D system, and enhanced its independent innovation capabilities, further consolidating and improving its core technological competitiveness and long-term development potential. Simultaneously, to rapidly expand into emerging markets and optimize operational management efficiency, the company actively introduced outstanding sales and management talents with rich industry experience, strengthening market development and internal management capabilities. During the reporting period, the company’s R&D expenses, sales expenses, and management expenses correspondingly increased, along with the impact of asset impairment loss provisions, which consequently affected the net profit for the current period.
