DRINDA (02865) announced its 2025 interim results, reporting revenue of approximately RMB 3.656 billion, down 42.48% year-over-year; net loss of approximately RMB 264 million, expanding 58.51% year-over-year; and loss per share of RMB 1.07. According to the announcement, the revenue decline was primarily attributable to a 67.9% decrease in mainland China market revenue, mainly due to reduced photovoltaic cell sales volume and declining current market prices. This decrease was partially offset by a significant 116.2% increase in revenue generated from markets outside mainland China, reflecting the Group's strategic shift toward globalization, including overseas market expansion, international sales network development, and enhanced global customer service capabilities.
During the first half of 2025, the company focused on core photovoltaic technologies and continued to optimize and upgrade N-type battery process technology. Through exploration and implementation of multiple efficiency enhancement and cost reduction measures, including metal composite reduction, passivation performance improvement, optical performance optimization, and grid line refinement, the company continuously improved battery conversion efficiency while reducing non-silicon costs. In the first half of 2025, the company's average mass production conversion efficiency increased by more than 0.2%, and non-silicon cost per watt decreased by approximately 20%.
Regarding technology reserves, the company continues to advance N-type battery process upgrades and technology reserves through new process development and optimization to meet market demand for high-conversion-efficiency batteries, while committed to creating cost-effective batteries to enhance terminal power plant generation capacity and profitability. The company's pilot TBC battery conversion efficiency can achieve 1-1.5 percentage points higher than mainstream N-type battery efficiency, and continues to advance TBC battery mass production preparation for the next phase. The perovskite tandem battery developed in collaboration with external institutions achieved laboratory efficiency of 32.08%, ranking at industry-leading levels. Moving forward, the company will continue to increase R&D investment and establish leading research and development organizations and mechanisms to ensure the company remains at the forefront of the industry.
During the first half of 2025, the company actively implemented its global development strategy and continued to expand overseas markets. During the reporting period, through continuous development and certification of customers in emerging markets across Asia, Europe, North America, Latin America, and Australia, the company continuously built overseas sales networks and strengthened global customer service capabilities, ultimately achieving a significant increase in overseas sales proportion from 23.9% in 2024 to 52.0%.