Recently, Golden Solar announced that its subsidiary, Hong Kong company, signed a contract with a South Asian client on June 9, 2025, for the sale of 194MW of HJT solar cells. The estimated contract value exceeds 50% of the company’s audited main business revenue for 2024.
Over the past 12 months, the total value of HJT solar cell sales contracts signed by the company with this client (including the latest contract), calculated based on the RMB-USD exchange rate on June 9, 2025, has surpassed 100% of the company’s audited main business revenue for 2024.
In 2024, Golden Solar recorded revenue of RMB 124 million. Based on this figure, the value of the newly signed contract with the South Asian client exceeds RMB 62 million, and the total contract value over the past 12 months has surpassed RMB 124 million.
Golden Solar was originally a listed company focused on the specialty glass business. In 2021, it transitioned into the photovoltaic sector, targeting heterojunction (HJT) solar cell technology as its strategic breakthrough. The company has since launched HJT cell and module projects in Wujiang and Jiuquan.
From 2022 to 2024, Golden Solar recorded revenues of RMB 522 million, RMB 580 million, and RMB 124 million, respectively, while net losses attributable to shareholders were RMB 269 million, RMB 362 million, and RMB 795 million, respectively.
According to its 2024 annual report, the company had an annual photovoltaic production capacity of 2.8GW, with actual output of 299.44MW, representing a capacity utilization rate of only 10.69%. Sales volume reached just 191.01MW.
In the first quarter of 2025, Golden Solar achieved revenue of RMB 73.07 million, a year-on-year increase of 65.21%, while recording a net loss attributable to shareholders of RMB 126 million, representing a year-on-year decline of 50.10%.
Source：https://mp.weixin.qq.com/s/_zL5UPD_WiYg5Lx677bIEg