After a performance collapse, Jiangsu-listed companies sell off photovoltaic assets

(Source: Digital New Energy DNE)

On the evening of March 24, FanFan Co., Ltd. announced that, in order to further focus on its primary responsibilities and main business, it is currently planning to transfer 60% of the equity interest it holds in Suzhou Jingying Optoelectronic Technology Co., Ltd. (hereinafter referred to as “Jingying Optoelectronic”).

It should be noted that this equity transfer will be subject to advance listing on the Jiangsu Property Rights Exchange. This advance listing is only for preliminary information disclosure and to solicit potential transferees; it does not constitute a transaction.

According to the information available, Jingying Optoelectronic was established in 2009. Its registered capital is 150 million yuan. Its business scope includes research, development, manufacturing, and processing of solar cell silicon wafers, monocrystalline silicon rods, polycrystalline silicon ingots, and so on.

Looking back, in July 2022, FanFan Co., Ltd., in its search for a new growth driver for performance, acquired 60% equity interest in Jingying Optoelectronic with a cash consideration of 960 million yuan. Since then, FanFan Co., Ltd. has officially moved into the photovoltaic sector.

After Jingying Optoelectronic was consolidated into FanFan Co., Ltd. in July 2023, it contributed net profit of approximately 10.2207 million yuan to FanFan Co., Ltd. that year. But the good times did not last. By 2024, Jingying Optoelectronic’s performance took a sharp downturn. In its consolidated financial statements, the attributable net profit incurred a loss of approximately 258 million yuan, far from meeting expectations for profitability.

Entering 2025, the photovoltaic industry has entered a period of deep adjustment. Jingying Optoelectronic’s photovoltaic business has only worsened—far from generating revenue for FanFan Co., Ltd., it has instead become a heavy burden on the company’s operations.

FanFan Co., Ltd.’s 2025 performance forecast shows that, during the reporting period, the company expects a net profit loss of between 320 million yuan and 380 million yuan. Regarding the reasons for the loss, FanFan Co., Ltd. attributes it to its photovoltaic business. It stated that it is facing pressure from excess capacity and falling prices, and that the photovoltaic business is expected to recognize an impairment loss of approximately 33898 万 yuan on goodwill for the full year.

In this regard, the consecutive losses in its photovoltaic business have led FanFan Co., Ltd. to develop the idea of divesting that business.

In fact, earlier, in December 2025, at a performance briefing meeting held by FanFan Co., Ltd., the company also said it would consider reducing the performance drag caused by the downturn in the photovoltaic industry through appropriate integration.

In addition to the expected performance loss, in March 2026, earlier, due to a work reassignment, Huang Jinqiang, the general manager of Jingying Optoelectronic, applied to resign from his positions as a director and deputy general manager of FanFan Co., Ltd.

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