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Hainan Drinda New Energy Technology Co., Ltd. Class A

Hainan Drinda New Energy Technology Co., Ltd. Class A

10.03
HKD
-0.24
(-2.34%)
-3.39EPS
25.47BMarket Cap
Mar 12Next Earn
Hainan Drinda New Energy Technology Co., Ltd. Class A
HKEX:2865
(Hong Kong Exchange)

Recent

price

10.03

P/E

ratio

- -

div

yld

5.32%

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
CNY
1.28
1.23
1.49
1.7
1.59
1.92
1.95
1.41
1.26
1.31
4.05
15.37
22.93
11.46
7.54
14.38
Revenue per Share
0.16
0.13
0.11
0.12
0.1
0.12
0.11
0.07
0.03
0.02
-0.25
0.95
1
-0.68
-1.4
-2.93
Basic EPS, GAAP
- -
- -
- -
0.09
0.11
0.17
-0.18
-0.31
-0.25
-0.11
0.6
-0.49
-0.99
0.24
-0.68
- -
Free Cash Flow per Basic Share
0.01
0.01
0.02
0.05
0.03
0.03
0.02
0.05
0.04
0.04
0.03
0.17
0.44
0.44
0.26
0.46
Dividend per Share
1.28
0.74
0.83
0.95
1.05
1.16
1.32
1.42
1.42
1.52
1.37
1.39
5.42
4.44
3.27
3.18
Book Value per Share
1.11
0.67
0.72
0.82
0.92
1.02
1.21
1.27
1.25
1.32
-0.22
0.04
4.16
3.1
2.3
2
Tangible Book Value per Share
481
484
484
484
483
480
591
638
657
658
707
755
814
869
1,011
481
Basic Weighted Avg Shares
614
596
722
823
766
922
1,153
902
827
858
2,863
11,595
18,657
9,952
7,627
6,915
Sales/Revenue/Turnover
16.94
13.42
11.25
9.52
7.35
7.52
8.08
6.67
8.21
4.7
1.98
7.78
10.42
-4.23
-7.91
-5.84
Operating Margin (%)
- -
- -
- -
36
37
42
45
48
62
57
87
319
545
744
783
- -
Depreciation Expense
75
63
54
56
46
56
67
42
17
14
-179
717
816
-591
-1,416
-1,408
Net Income, GAAP
25.19
24.26
21.15
19.8
10.74
19.33
22.22
16.68
25.86
11
- -
7.93
- -
- -
- -
- -
Effective Tax Rate (%)
12.17
10.64
7.54
6.83
6.02
6.04
5.85
4.64
2.08
1.58
-6.24
6.18
4.37
-5.94
-18.56
-20.36
Profit Margin (%)
-88
-29
-64
-67
-37
-22
243
412
252
278
-1,336
-818
540
-46
243
5
Working Capital
- -
- -
3
12
- -
34
40
305
308
214
193
1,661
2,011
2,147
2,025
1,823
LT Debt
222
377
423
458
504
560
845
920
920
1,048
1,604
1,051
4,709
3,887
3,660
3,849
Total Equity
- -
14.34
9.2
7.57
5.67
6.58
7.88
3.53
1.26
0.41
- -
26.04
- -
- -
- -
- -
Return on Invested Capital (%)
- -
18.15
11.2
10.22
8.28
9.4
8.72
4.35
2.82
3.43
- -
24.21
- -
- -
- -
- -
Return on Capital (%)
- -
21.96
14.35
13.09
9.59
10.49
9.6
4.74
1.87
1.38
-17.43
69.86
28.32
-13.75
-37.52
-37.22
Return on Common Equity (%)

Capital Structure

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
3,209
4,102
4,791
LT Borrowings
2,021
1,881
1,817
LT Finance Leases
4
5
5
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,118
1,189
1,189
Market Capitalization
21,595
28,485
22,039

Working Capital

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
7,407
7,072
8,014
Cash, Cash Equivalents & STI
5,041
4,075
4,414
Accounts Receivable, Net
67
780
386
Inventories
638
445
801
Total Current Liabilities
7,164
6,821
8,009
Payables & Accruals
- -
- -
- -
ST Debt
3,209
4,102
4,791
Deferred Revenue
- -
- -
- -

Growth Rates

CNY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
42.83%
68.69%
-5.84%
Free Cash Flow
-150.66%
-268.02%
-427.17%
Net Income, GAAP
-201.54%
-387.85%
139.51%
Sales/Revenue/Turnover
54.86%
105.87%
-23.36%
Total Cash Common Dividend
70.81%
120.69%
-31.87%

Quarterly Revenue

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
3,714
2,660
1,828
1,750
9,952
2025
1,875
1,788
- -
1,946
7,627
2026
1,694
1,486
- -
- -
- -

Quarterly Earnings Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.02
-0.82
-1.1
-0.77
-0.68
2025
-0.12
-0.64
- -
-3.43
-1.4
2026
0.01
-0.88
- -
- -
- -

Quarterly Dividends Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.08
0.96
0.11
0.31
0.44
2025
0.11
0.25
- -
0.2
0.26
2026
0.06
0.12
- -
- -
- -
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Business
Hainan Drinda New Energy Technology Co., Ltd. (002865.SZ; 02865.HK) engages primarily in the research, development, production, and sale of high-efficiency photovoltaic (PV) cells. The company offers N-type 210mm TOPCon monocrystalline cells, N-type 182mm/183mm TOPCon monocrystalline cells, and P-type 182mm PERC monocrystalline cells; it sources silicon wafers from upstream suppliers and sells cells to downstream module manufacturers for global PV module production. Through its wholly-owned subsidiary Jietai Solar (JTPV), Hainan Drinda operates production bases in Chuzhou and Huaian, China, with total N-type cell capacity exceeding 40 GW as of recent expansions. Founded in 2003 and headquartered in Haikou, China, the company originally focused on automotive plastic parts such as instrument panels and bumpers before pivoting to the PV sector; it fully acquired Jietai Solar in 2022, divested its auto business, and changed its name from Hainan Drinda Automotive Trim Co., Ltd. in September 2022 to reflect its new energy focus. Hainan Drinda serves major global PV module manufacturers and holds leading positions in overseas markets including India and Turkey; it operates sales networks across Europe, the Americas, the Middle East, Southeast Asia, and other regions, with overseas sales rising to 52% of revenue in the first half of 2025. Recent developments include signing a CNY 5.078 billion agreement in 2024 with Oman Investment Authority for a 10 GW solar cell factory via JTPV; announcing a 5 GW high-efficiency cell plant in Turkey in June 2025; completing an A+H dual listing with its Hong Kong IPO in May 2025, the first PV A+H listing; and optimizing N-type production while expanding overseas capacity to over 50 GW total.