Recently, Huamin Co., Ltd. (300345.SZ) and Hunan Aerospace Kinetic Energy Technology Co., Ltd. (hereinafter referred to as “Aerospace Kinetic Energy”) signed a strategic and technical cooperation agreement in Changsha, announcing their joint entry into the fields of flexible crystalline silicon solar cells and space photovoltaic systems.
According to the agreement, the two parties will jointly build a joint test and R&D platform, conduct collaborative technological research on space solar cells, and promote product performance upgrades through innovations in materials, processes and structural design.
Notably, Aerospace Kinetic Energy holds a special status. It is not only a key supplier of cost-effective satellite energy systems for China’s commercial aerospace industry, but also the builder of the “Silicon-Based Solar Cell Production Line for Satellites” project approved by the National Development and Reform Commission.
Ouyang Shaohong, Chairman of Huamin Co., Ltd., stated that this cooperation is a crucial step for the company to expand high-end application scenarios of photovoltaic new energy, and also an important attempt to empower new quality productive forces in commercial aerospace through new material innovation.
Cross-Border “PV Dark Horse”
Founded in 1995 and listed on the ChiNext of the Shenzhen Stock Exchange in 2012, Huamin Co., Ltd., formerly known as Hongyu New Materials, was the first listed company in China’s energy-saving and wear-resistant materials sector.
In August 2022, Huamin acquired an 80% stake in Hongxin New Energy for 56 million yuan, officially entering the photovoltaic industry.With its quickly operational Yunnan “10GW High-Efficiency N-Type Monocrystalline Silicon Rod and Wafer Project” and Anhui HJT-specific silicon wafer project, the cross-border newcomer secured silicon wafer orders exceeding 20 billion yuan in 2023, with customers covering leading enterprises including Tongwei, Chint New Energy and DAO New Energy, earning its reputation as a “PV dark horse”.
However, drastic price adjustments in the photovoltaic industry chain hindered the fulfillment of large orders.In April 2025, Huamin announced the termination of the 1.36 billion-piece silicon wafer framework contract with DAO New Energy.By the end of March 2025, only 26.17 million yuan had been fulfilled, far below the original estimated 4.4 billion yuan.Meanwhile, the execution progress of contracts with Chint New Energy, Tongwei and other enterprises also slowed sharply.By the end of March 2025, the overall fulfillment rate of the over 20 billion yuan orders signed in 2023 was less than 5%.
The poor order implementation directly dragged down the company’s performance.From 2022 to 2024, Huamin suffered net losses attributable to parent company shareholders for three consecutive years, with the 2024 loss widening to 298 million yuan, a record high.In terms of non-recurring profit and loss, the company has been in the red for eight consecutive years since 2017.
Improving Signals Emerge, Losses Narrow Significantly
Entering 2025, with the deepening of the PV industry’s “anti-involution” and self-regulation mechanisms, and the gradual stabilization of industrial chain prices, Huamin’s operations showed signs of improvement.
In the first three quarters, the company achieved operating income of 716 million yuan, down 5.71% year-on-year;net profit attributable to shareholders was -103 million yuan.Although still in loss, it represented a 45.22% year-on-year reduction in losses.Among them, the net loss in the third quarter alone was 21.83 million yuan, down 57.13% year-on-year.
Notably, Huamin did not cut R&D investment during the industry downturn.R&D expenses in the first three quarters rose 47.17% year-on-year, mainly due to increased investment in photovoltaic business R&D.In the same period, financial expenses increased by 83.68% due to more bank loans, and net cash flow from operating activities was -96.229 million yuan, indicating continued cash flow pressure.
On January 30, Huamin released its 2025 annual performance forecast, expecting a net loss attributable to shareholders of 150–190 million yuan, and a net loss of 158–198 million yuan after non-recurring gains and losses.
Capital Operation “Refuels”, JA Solar Enters Strategically
Faced with rising debt ratios and sustained losses, Huamin has been actively introducing strategic investors.
In January 2026, Huamin announced that its holding subsidiary Hongxin New Energy introduced JA Solar (Wuxi) — a wholly-owned subsidiary of JA Solar Technology — via debt-for-equity swap.JA Solar (Wuxi) subscribed for new registered capital with its 200 million yuan creditor’s rights against Hongxin New Energy, and after the capital increase, held a 16.41% stake, becoming a major shareholder.
This transaction is of great significance to Huamin:it directly reduced 200 million yuan in debt and lowered the asset-liability ratio, and also realized in-depth business and capital integration with JA Solar Technology.
Prior to this, in August 2024, Chint New Energy had also invested in Hongxin New Energy.Although the final investment was adjusted from 75 million yuan to 18.75 million yuan, the successive entry of leading enterprises has provided important endorsement for the struggling cross-border company.
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