Recently, Golden Sun New Energy Technology Holdings Limited announced its annual results for the year ended December 31, 2025. In 2025, the company's total revenue was approximately RMB 155 million, representing a year-on-year decrease of about 38.8%. Among this, revenue from the photovoltaic products business was approximately RMB 10.29 million, marking a year-on-year decrease of 73.3%.
Focusing on HBC Cost Reduction and Efficiency Enhancement, Cell Efficiency Surpasses 27.5%
During the reporting period, the company accelerated the transformation of its photovoltaic business, shifting its primary focus from traditional module manufacturing to high-efficiency cell technology and a technology licensing model, with a core focus on the research, development, and industrial application of HBC cell technology.
At present, HBC technology has achieved significant phased results. The company dispatched technical personnel to its partners to assist in technology implementation. Currently, the solar cells produced on the partners' pilot production lines can stably achieve an average conversion efficiency of over 27.5%.
Meanwhile, to further strengthen its manufacturing cost advantages, Golden Sun New Energy completed the development and pilot testing of HBC-specific silver-copper paste and insulating ink in 2025. At present, samples have been delivered to partners, and verification results have been obtained.
Partnering with Leading Enterprises, Expected to Form 20GW Production Capacity in 2026
Leveraging its technological breakthroughs, Golden Sun New Energy is accelerating the advancement of deep strategic cooperation with leading enterprises in the photovoltaic industry. During 2025, the company already initiated HBC technology cooperation with LONGi and JA Solar.
In March 2026, the company further expanded its partnership footprint, formally entering into an HBC strategic cooperation agreement with Tongwei Solar Co., Ltd. and Fujian Golden Stone Energy Co., Ltd.
As the cooperative projects advance, the company expects that HBC-related projects will form approximately 20GW of production capacity in 2026, which will gradually translate into sustainable patent licensing and raw material sales revenue.
To support this brand-new business model, Golden Sun New Energy plans to establish a subsidiary specifically engaged in the silver-copper paste and insulating ink business in 2026, providing partners with services that include technology licensing and key raw material supply.
Source：EnergyTrend