Key Takeaways:
SolarSpace has filed a new application to list in Hong Kong, reporting it returned to revenue growth and profitability in the first half of 2025
The solar cell maker's rapid turnaround owes to its shifting focuses on international markets and advanced N-type cells
What a difference a half year makes.
That's easily the biggest takeaway in a new Hong Kong listing application filed on Monday by solar cell maker SolarSpace Technology Co. Ltd., which comes six months after the company first filed to list in Hong Kong. The difference between the earlier application and this latest one is literally like night and day in almost every way.
When SolarSpace, the world's second-largest maker of solar cells that convert sunlight into electricity, first filed to list in March, it had just reported its revenue plunged by almost half in 2024 to 11.32 billion yuan ($1.6 billion), while it swung massively into the red with a loss of 1.29 billion yuan for the year. Nearly all of its other key metrics performed similarly, as its gross margin slipped into negative territory and it recorded a massive cash outflow.
Fast forward to the latest application, which shows the company staged a remarkable turnaround in the first half of this year. Its revenue bottomed out and began to grow again, while its gross margin also returned to positive territory. And perhaps most importantly, the company returned to profitability.
Industry watchers will know that SolarSpace and its peers throughout the solar energy sector have all been suffering for more than a year due to a massive buildup of new production capacity that has led to huge oversupply and tumbling prices. As that happened, most companies slid into the red, leading many to slash production to limit their losses.
China has done its part to try and fix the situation by encouraging producers to slash their production and ...
