金阳新能源科技控股有限公司二零二五年年度报告
⪓杷暐Ⱙ䳕僗暐环氳丞㝄㵬⮵냈硍氳)#$岝⺭ꅸ䤗轰냈硍 0VSVOJRVF)#$QBTTJWBUJPOUFDIOPMPHZJTHMPCBMMZQBUFOUFEXJUIBDPNQSFIFOTJWFQBUFOUQPSUGPMJP BOARD OF DIRECTORS Executive DirectorsMr. KANG Chuang (Chairman)Mr. ZHENG Jingdong Non-Executive DirectorMs. LIN Weihuan Independent Non-Executive Directors Dr. ZHANG BaopingMr. CHEN ShaohuaProfessor ZHAO Jinbao BOARD COMMITTEES Audit CommitteeMr. CHEN Shaohua (Chairperson)Professor ZHAO JinbaoDr. ZHANG Baoping Remuneration CommitteeDr. ZHANG Baoping (Chairperson)Professor ZHAO JinbaoMr. CHEN Shaohua Nomination Committee Professor ZHAO Jinbao (Chairperson)Mr. CHEN ShaohuaDr. ZHANG BaopingMs. LIN Weihuan (appointed on 22 December 2025) COMPANY SECRETARYMr. IP Pui Sum AUTHORISED REPRESENTATIVESMr. KANG ChuangMr. ZHENG Jingdong STOCK CODE01121 01121 COMPANY WEBSITEwww.goldensolargroup.com www.goldensolargroup.com HEAD OFFICE IN THE PRC Huoju Industrial ZoneJiangnan TownLicheng DistrictQuanzhou CityFujian ProvincePRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG Room 504, 5/FOfficePlus @Sheung Wan93-103 Wing Lok StreetSheung WanHong Kong 93-1035504 REGISTERED OFFICE Cricket SquareHutchins Drive, P.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket SquareHutchins Drive, P.O. Box 2681Grand Cayman KY1-1111Cayman Islands CAYMAN ISLANDS PRINCIPAL SHAREREGISTRAR AND TRANSFER OFFICE Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586Gardenia CourtCamana BayGrand Cayman KY1-1110Cayman Islands Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586Gardenia CourtCamana BayGrand Cayman KY1-1110Cayman Islands HONG KONG SHARE REGISTRAR 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong AUDITORS Confucius International CPA LimitedCertified Public AccountantsRegistered Public Interest Entity Auditor PRINCIPAL BANKERS China Construction BankHSBCIndustrial Bank GOLDEN SOLAR NEW ENERGY TECHNOLOGY HOLDINGS LIMITED ANNUAL Report 2025 Five-Year Financial Summary Dear Shareholders, Onbehalf of the board(the“Board”)of directors(the“Directors”) of Golden Solar New Energy Technology HoldingsLimited (“Golden Solar” or the “Company”), I am pleasedtopresent the financial report of the Company and itssubsidiaries (collectively, the “Group”) for the year ended 31December 2025. In 2025, the revenue of the Group decreased by approximatelyRMB98.4 million or approximately 38.8% to approximatelyRMB155.1 million, which was mainly attributable to the decrease inrevenue of business of cast monocrystalline silicon (“Cast-mono”)wafers, Cast-mono heterojunction (“HJT”) solar cells and modules,hybrid passivation back contact (“HBC”) solar cells, HBC flexiblemodules and bendable solar awnings (collectively as “PhotovoltaicProducts”) and Original Equipment Manufacturer (“OEM”)business. 9,84038.8%15,510HJTHBCHBCOEM OEMOEM33.1%13,790 Regarding the OEM business, the orders of customers in the UnitedStates of America (“US”) have dropped due to adjustments inUS import tariff policies in 2025 and the threat of intense pricecompetition from manufacturers in Southeast Asian countries.These factors have had a negative impact on revenue of the OEMbusiness and the revenue for 2025 decreased by approximately33.1% to approximately RMB137.9 million. Revenue from the manufacture and sale of Photovoltaic Productsfor 2025 decreased by approximately 73.3% to approximatelyRMB10.3 million. The decrease in revenue was mainly due to theadjustment in allocation of resources in the course of transitioningfrommanufacturing of traditional solar glass modules tomanufacturing of solar flexible modules and high-efficiency HBCsolar cells and technology licensing businesses. 73.3%1,030HBC HJTHBCHBCHBCHBC 2025 was the Group’s key year for transitioning from developingHJT technology to HBC technology. In 2025, the Group hadalready initiated HBC technology collaboration with LONGi SolarTechnology (Xi’an) Co., Ltd. (“LONGi (Xi’an)”) and Yiwu JA SolarTechnology Company Limited (“Yiwu JA”) and entered into a HBCstrategic cooperation agreement with Tongwei Solar Co., Ltd.(“Tongwei”) and Gold Stone (Fujian) Energy Company Limited(“Gold Stone”) in March 2026. Looking back at 2025, the Groupaccomplished the following milestones to prepare for HBC large-scale mass production: Chairman’s Statement (1)HBCHBC100%TOPConHBC (1)completed the development and pilot testing of HBC-specific silver-copper paste and insulating ink, with samplesalready sent to partners and verification results achieved.As international silver prices soar, HBC, with its technicalcharacteristic of using a low-temperature process, can 100%use silver-copper paste during the production, which costsless than half the price of the high-temperature silver pasteused by other technologies such as tunnel oxide passivatedcontact (“TOPCon”). As a result, the use of HBC technologycan significantly reduce production costs. (2)dispatched technical personnel to the aforementionedpartne