Keqiang Co., Ltd.: Net profit of 32.498 million yuan in 2025, down 47.67% year-over-year

Keqiang Co., Ltd. released its earnings report, with operating revenue of 325 million yuan in 2025, a year-on-year decrease of 3.53%. Net profit was 32.498 million yuan, down 47.67% year-on-year. During the reporting period, the company was affected by intensified industry competition, resulting in a significant decline in gross profit margin compared to the same period last year. Among them, the gross profit margin of the silicone board business dropped sharply, mainly because in 2025, the photovoltaic manufacturing sector entered a deep adjustment period, with upstream photovoltaic manufacturing capacity severely oversupplied. The prices of the main industry chain continued to fall significantly, leading to reduced operating rates of downstream module companies, slowed investment in new capacity, and directly decreased demand for silicone boards used as production materials. Under this macro environment, photovoltaic module manufacturers, in order to reduce costs and minimize losses, continued to demand price reductions from suppliers and adopted low-price winning bids in tenders, resulting in a continued decline in the overall selling price of silicone boards this year.