Five-Day Three-Board Limit-Up! The Photovoltaic Bull Stock Ignited by Musk, About to Explode? Loss Narrowing, Company Plans to Acquire Power Station

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Source: Listed Companies

Ever since transitioning into the new energy sector, Oriental New Energy (rights protection) (002310.SZ) has experienced a strong surge in stock price. As of the close on March 20, the company’s stock price hit three daily limit-ups within five trading days, including two consecutive limit-ups on March 19 and 20, drawing market attention.

The company was formerly Oriental Garden, completed judicial restructuring in 2024, and officially renamed and transitioned in early 2026. The short-term stock price movements are driven not only by strategic acquisitions and restructuring but also by the overall boom in the new energy industry. Additionally, improvements in the company’s fundamentals reflected in its financial reports have provided some support for the stock price. However, potential risks also warrant investor vigilance.

Recently, Oriental New Energy’s stock performance has been impressive, with three limit-ups on March 14, 19, and 20, nearly 30% total increase over just five trading days, and a high turnover rate of 50.11%, indicating highly active market trading sentiment.

01 2.76 Billion Yuan Acquisition of Power Plant Assets, Rapid Expansion

Behind the stock price rise, the company’s recent intensive capital operations have supported its fundamentals. On March 4, Oriental New Energy disclosed a major asset purchase report, proposing to pay cash to acquire 100% equity of Haicheng Ruihai New Energy Wind Power Co., Ltd. and 80% equity of Beijing Electric Power Ruixiang New Energy Development Co., Ltd., totaling 276 million yuan.

This acquisition is seen as a key step in advancing the company’s new energy strategy. Data shows that Haicheng Ruihai focuses on distributed wind power, with a grid-connected capacity of 41MW; Electric Power Ruixiang concentrates on centralized wind farms and distributed photovoltaic power stations, with a grid-connected capacity of 761.62MW across provinces like Shanxi, Shaanxi, and Henan.

The company stated that to quickly expand its business scale and improve overall profitability, acquiring controlling stakes in relevant new energy power station companies aligned with industry positioning is strategic for business development. Notably, this acquisition is led by the New Energy Corporate Management Center, a partnership jointly established by Oriental New Energy and its wholly owned subsidiary. After the transaction, Oriental New Energy will gain control over the two target companies.

However, the acquisition report also highlights compliance risks, including incomplete land rights certificates and missing construction permits for some projects, which could face administrative penalties or project demolition risks.

02 Significant Narrowing of Losses, Marginal Improvement in Financial Structure

Financial data shows that Oriental New Energy is in a vigorous “reporting repair” phase. In 2024, after completing judicial restructuring, asset divestments and debt repayments significantly reduced the number of subsidiaries within the consolidated scope.

Loss reduction has been remarkable: the financial report indicates that in the first three quarters of 2025, the company achieved operating revenue of 156 million yuan, with a net loss attributable to shareholders of 2.0659 million yuan. While still unprofitable, the loss has shrunk by 99.91% year-over-year compared to a loss of 2.28 billion yuan in the same period last year. The third quarter alone saw a net loss of only 630,800 yuan, nearing break-even.

Business restructuring: the company disclosed that after restructuring, it has fully focused on wind, solar, and energy storage businesses. In 2025, it completed the acquisition and consolidation of 433MW of distributed photovoltaic assets, which contributed stable power generation income and supported current operations. However, due to the relatively small scale of new energy assets, they are not yet sufficient to sustain overall profitability, though losses have been significantly reduced.

It is worth noting that the company’s earnings forecast at the end of January projected a full-year net profit attributable to shareholders of a loss between 55 million and 75 million yuan, indicating potential performance pressure in the fourth quarter.

03 Rumors of Musk’s “Large Photovoltaic Order” as Catalyst

From an industry perspective, the recent rebound in the new energy sector has created a favorable environment for individual stocks. On March 19, the green power concept sector was active, with multiple stocks including Oriental New Energy, Jixin Technology, and Jinkai New Energy hitting limit-ups. On March 20, photovoltaic industry chain stocks surged broadly, with Jinneng Technology up over 15%, and more than ten stocks including Oriental New Energy and Zhongli Group (rights protection) also hitting limit-ups.

Market rumors suggest that Musk’s SpaceX team is purchasing equipment from a leading domestic heterojunction device manufacturer, and Tesla is planning to buy solar panels and battery manufacturing equipment worth $2.9 billion from Chinese suppliers. Although these rumors have not been officially confirmed, they have sparked widespread discussion about the deep benefits for China’s photovoltaic supply chain.

Huaxi Securities pointed out that China’s photovoltaic industry accounts for 92% of the world’s silicon wafer capacity and over 80% of battery and module capacity, with leading equipment technology and significant cost advantages. It is expected to meet the massive equipment procurement demand generated by Musk’s 200GW capacity expansion plan. In this context, companies with capabilities in operating new energy power stations and manufacturing equipment are attracting investor attention.