近日，华民股份与湖南空天动能科技有限公司(下称“空天动能”)在长沙签署战略合作与技术合作协议，宣布共同进军柔性晶硅太阳能电池及太空光伏系统领域。

Recently, Huamin Co., Ltd. and Hunan Aerospace Kinetic Technology Co., Ltd. (hereinafter referred to as "Aerospace Kinetic") signed a strategic cooperation and technology agreement in Changsha, announcing their joint entry into the fields of flexible crystalline silicon solar cells and space photovoltaic systems.

根据协议，双方将共建联合试验研发平台，围绕空间用太阳能电池开展技术联合研发，通过材料、工艺与结构设计创新推动产品性能升级。

According to the agreement, both parties will jointly establish a joint experimental research and development platform, focusing on the technical joint research and development of solar cells for space applications. Through innovations in materials, processes and structural design, they aim to enhance the performance of the products.

值得关注的是，此次合作的另一方空天动能身份特殊，其不仅是国内商业航天高性价比卫星能源系统的重要配套单位，更是国家发展改革委批复立项的“星用硅基太阳能电池批产线”的建设单位。

It is worth noting that the other party in this cooperation has a unique identity. Not only is it an important supporting unit for the cost-effective satellite energy systems in China's commercial aerospace industry, but it is also the construction unit of the "batch production line for star-use silicon-based solar cells" approved and funded by the National Development and Reform Commission.

华民股份董事长欧阳少红表示，此次合作是公司拓展光伏新能源高端应用场景的关键落子，也是以新材料创新赋能商业航天新质生产力的重要尝试。

Ouyang Shaohong, the chairman of Huamin Company, stated that this cooperation represents a crucial move for the company to expand the high-end application scenarios of photovoltaic new energy, and it is also an important attempt to empower the new quality productive capacity of commercial aerospace through new material innovation.

跨界追光成“光伏黑马”

Cross-border expansion leads to becoming a "photovoltaic dark horse"

华民股份成立于1995年，2012年在深圳证券交易所创业板上市，曾用名红宇新材，是中国节能耐磨材料第一股。

Huamin Co., Ltd. was established in 1995 and was listed on the ChiNext Board of the Shenzhen Stock Exchange in 2012. Its former name was Hongyu New Materials. It is the first listed company in China specializing in energy-saving and wear-resistant materials.

2022年8月，华民股份以5600万元收购鸿新新能源80%股权，正式跨界光伏。凭借迅速投产的云南“年产10GW高效N型单品硅棒、硅片项目”及安徽异质结专用硅片项目，这家跨界新军在2023年狂揽超200亿元硅片订单，客户覆盖通威、正泰新能、一道新能等头部企业，"光伏黑马”名号由此打响。

In August 2022, Huamin Co., Ltd. acquired 80% of the shares of Hongxin New Energy for 56 million yuan, officially entering the photovoltaic industry. With the rapid commissioning of the "Annual Production of 10GW High-Efficiency N-Type Single Crystal Silicon Rod and Silicon Wafer Project" in Yunnan Province and the "Heterojunction Special Silicon Wafer Project" in Anhui Province, this new entrant in the industry secured over 20 billion yuan in silicon wafer orders in 2023. Its customers included leading enterprises such as Tongwei, ZTE New Energy, and Daoyi New Energy, thus earning the title of "Photovoltaic Dark Horse".

然而，随着光伏产业链价格剧烈调整，大额订单履约受阻。2025年4月，华民股份公告与一道新能签订的13.6亿片硅片框架合同终止，截至2025年3月末履行金额仅2617万元，较原预估的44亿元相去甚远;与此同时，公司与正泰新能、通威等企业的合同执行进度也大幅放缓，截至2025年3月末，其2023年签订的逾200亿元订单整体履行率不足5%。

However, with the drastic adjustment in the prices of the photovoltaic industry chain, the fulfillment of large-scale orders has been hindered. In April 2025, Huamin Co., Ltd. announced the termination of the 1.36 billion silicon wafer framework contract signed with Daoyi New Energy. As of the end of March 2025, the fulfillment amount was only 26.17 million yuan, which was far from the original estimate of 4.4 billion yuan. At the same time, the contract execution progress of the company with companies such as Zhengtai New Energy and Tongwei has also significantly slowed down. As of the end of March 2025, the overall fulfillment rate of the over 20 billion yuan order signed in 2023 was less than 5%.

其订单落地不畅直接拖累了公司业绩:在2022年至2024年，华民股份归母净利润连续三年亏损，其中2024年亏损扩大至2.98亿元，创历史新高;若以扣非净利润计算，公司自2017年起已连续八年亏损。

The poor fulfillment of its orders directly affected the company's performance: From 2022 to 2024, Huamin Co.'s net profit attributable to the parent company was in continuous losses for three consecutive years. Among them, the loss in 2024 expanded to 298 million yuan, setting a new record high; if calculated based on non-GAAP net profit, the company has been in continuous losses for eight years since 2017.

改善信号增强，业绩大幅减亏

Improve signal enhancement and achieve significant reduction in losses.

进入2025年，随着光伏行业“反内卷”及自律机制深化，产业链价格逐步企稳，华民股份经营端出现改善迹象。

Entering 2025, with the "anti-crowding" measures in the photovoltaic industry and the deepening of the self-discipline mechanism, the prices of the entire industry have gradually stabilized. Huamin Co., Ltd. has shown signs of improvement in its business operations.

前三季度，该公司实现营业收入7.16亿元，同比下降5.71%;归属于上市公司股东净利润为-1.03亿元，虽仍处亏损，但较上年同期大幅减亏45.22%。其中，第三季度单季净利润亏损2183万元，同比减亏57.13%。

In the first three quarters, the company achieved a revenue of 716 million yuan, a year-on-year decrease of 5.71%; the net profit attributable to shareholders of the listed company was -103 million yuan, although still in the red, it had significantly reduced losses compared to the same period last year by 45.22%. Among them, the net profit for the third quarter alone was -21.83 million yuan, a year-on-year reduction of 57.13%.

值得关注的是，在行业收缩期，华民股份并未削减研发投入;前三季度其研发费用同比上升47.17%，这主要系加大光伏业务研发投入所致。同期，受银行贷款增加影响，财务费用上升83.68%，且经营活动产生的现金流量净额为-9622.9万元，公司现金流压力依旧不小。

It is worth noting that during the industry contraction period, Huamin Company did not reduce its R&D investment; in the first three quarters, its R&D expenses increased by 47.17% year-on-year, mainly due to the increased investment in the photovoltaic business. During the same period, affected by the increase in bank loans, the financial expenses rose by 83.68%, and the net cash flow generated from operating activities was -96.229 million yuan, indicating that the company's cash flow pressure remained significant.

1月30日，华民股份披露2025年度业绩预告，预计全年归属于上市公司股东的净利润亏损1.50亿至1.90亿元，扣除非经常性损益后亏损1.58亿至1.98亿元。

On January 30th, Huamin Co., Ltd. released its 2025 annual earnings forecast, predicting a net loss for the entire year for shareholders of the listed company ranging from 150 million to 190 million yuan, and a loss after excluding non-recurring gains and losses of 158 million to 198 million yuan.

资本运作“补血”，晶澳战略入局

Capital operation "replenishes funds", Jinko Solar enters the game strategically

面对负债率攀升与持续亏损，华民股份积极引入战略投资者。

Facing the rising debt ratio and continuous losses, Huamin Company actively sought strategic investors.

2026年1月，华民股份公告控股子公司鸿新新能源通过债转股方式引入晶澳科技旗下全资孙公司品澳(无锡)。后者以其对鸿新新能源享有的2亿元债权认购新增注册资本，增资完成后持有鸿新新能源16.41%股权，成为重要股东。

In January 2026, Huamin Co., Ltd. announced that its holding subsidiary Hongxin New Energy had introduced a wholly-owned subsidiary of JISA Technology, Pin'ao (Wuxi), through debt-to-equity conversion. The latter used its 200 million yuan debt against Hongxin New Energy to subscribe for the additional registered capital. After the capital increase was completed, it held 16.41% of the equity of Hongxin New Energy and became an important shareholder.

此次交易对华民股份意义多重:不仅直接消减2亿元债务、降低资产负债率，更实现了与晶澳科技从业务到资本的深度绑定。在此之前，2024年8月正泰新能源已通过增资入股鸿新新能源，虽最终投资额由7500万元调整为1875万元，但头部企业的接连入局，仍为这家负重前行的跨界公司提供了重要背书。

This transaction holds multiple significances for Huamin Co., Ltd.: It not only directly reduces 200 million yuan in debt and lowers the debt-to-asset ratio, but also achieves a deep integration of business and capital with JIAOAO Technology. Prior to this, in August 2024, ZTE New Energy had already invested in Hongxin New Energy through capital increase. Although the final investment amount was adjusted from 75 million yuan to 18.75 million yuan, the successive entries of leading enterprises still provided an important endorsement for this cross-border company that is struggling to move forward.