25, Dongfang Risheng released its performance report for the first half of 2026. In the first half of this year, the company achieved revenue of 4.021 billion yuan , down 45.97% year-on-year; net profit loss of 820 million yuan, an increase of 20.81% year-on-year loss; Deducting non-net profit loss 8.
What happened in the first half of the year when revenue was cut in half and losses expanded? According to this calculation, the company's revenue in the second quarter was 1.319 billion yuan, down 70.38% year-on-year and 51.19% year-on-year; Net profit loss was 459 million yuan , an increase of 11.43% over the same period last year, and the ring-to-ring loss increased by 27.
Digital New Energy DataBM. Com found that. Since the current downward cycle of the photovoltaic industry in 2023, Dongfang Risheng has been losing money for 10 consecutive quarters , with a total net profit loss of 70. The company has gone through 16 and a half years of development, and after offsetting the profits and losses of the past years, the company's net profit finally lost 17.
From the perspective of business dimension, the revenue of Dongfang Risheng in the first half of this year, excluding energy storage system, lamps and auxiliary photovoltaic products, increased 41% from last year. Among them, the revenue of battery and module business was 2.087 billion yuan, down 45.15% from last year; The revenue from EPC and transfer of PV power plants was RMB1.096 billion, representing a year-on-year decrease of 58.51%; the revenue from electricity charges of PV power plants was RMB97 million, representing a year-on-year decrease of 66.
The gross profit rate of EPC and transfer of solar power plants was only 0.56%, down 5.83% year-on-year; The gross profit margin of energy storage system, lamps and auxiliary photovoltaic products was the highest, reaching 34.57%, representing a year-on-year increase of 16.
Although the gross profit margin of energy storage system, lamps and auxiliary photovoltaic products increased, which brought certain support to the company's profits, the revenue scale accounted for a small proportion, which was difficult to offset the losses brought by the photovoltaic cell and module business. At the same time, the decline in the profitability of the power plant business is even worse. The utilization rate of existing
production capacity is less than 20%, which still promotes the production of
new projects. At present, photovoltaic enterprises generally implement the strategy of "production based on sales", and Dongfang Risheng is no exception. The decline in sales in the first half of this year was also due to a sharp decline in component production. Module production in the first six months was 2688.19 MW, down 45% from last year.
It is worth noting that the semi-annual report of 2026 shows that the annual production capacity of Dongfang Risheng is 30GW . However, the semi-annual report of 2025 shows that the company's annual production capacity has reached 40 GW, and in the annual report of 2025, the annual production capacity has become 35 GW . In one year, Dongfang Risheng "disappeared" 10GW production capacity.
According to the semi-annual report data, the company 's component capacity utilization rate in the first half of this year was about 17.
Although the volume of idle capacity is astonishing, in the company's "business plan" column, it is still clear that in the second half of this year, "on the basis of existing capacity. According to the plan, we will promote the project of producing 15G W N-type ultra-low carbon high-efficiency heterojunction cells and 15G W high-efficiency solar modules in Ninghai, Zhejiang Province in an orderly manner. Jiangsu Jintan 4GW High-efficiency Solar Cell and 6GW High-efficiency Solar Module Project and other heterojunction high-efficiency advanced production capacity were put into operation .
At present, the photovoltaic industry has fallen into the predicament of overcapacity, and many of Dongfang Risheng's own production capacity is idle. In this context, the company is still promoting the production of new battery and component projects. Is this a way out for "improving production capacity" or a burden for itself?
From the perspective of production process, theoretical conversion efficiency, attenuation rate and other dimensions, heterojunction still has its own advantages, but due to investment costs, mass production efficiency and other issues, the market share of this technology is gradually declining. Compared with TOPCon and BC technologies, heterojunction technology is becoming more and more passive in terms of the proportion of enterprises'stock capacity and the purchasing volume of the terminal market.
The industry has generally believed that in the next two years, TOPCon will remain the mainstream technology in the industry, accounting for 70% of the market share, while BC technology will gradually expand its market share in the leading enterprises such as Longji Green Energy and Aixu Shares, while the proportion of heterojunction is only about 1%.
Although with the rise of commercial aerospace and space computing power, the photovoltaic industry has ushered in a new potential market- "space photovoltaic". Heterojunction technology has also become one of the popular space photovoltaic technologies in the capital market by virtue of its own advantages. However, as Liu Yiyang, executive Secretary-General of China Photovoltaic Industry Association, said in an interview with the media: "The heterojunction (HJT) perovskite technology, which is popular in the capital market, is more based on the logic of cost reduction put forward by individual financial institutions. The actual product is still in the laboratory or the early stage of verification, and there is still a distance from large-scale commercialization."
For an enterprise, it is necessary to focus on the future layout, which is the wisdom of long-term development, but compared with the future blueprint, survival is a more urgent realistic proposition.
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