Research Brief | Yingli Holdings' Earnings Conference Attracts Investor Attention; Responds to North American Brand Partnerships, Order Pressure, and Photovoltaic Strategic Adjustments

On March 20, Anhui Yingli Electronics Technology Co., Ltd. (hereinafter referred to as “Yingli”) held a performance briefing for the year 2025 via the Tonghuashun roadshow platform. The company’s chairman Dai Ming, director and general manager Dai Jun, financial director Xia Tian, and other management members attended to respond to investor concerns regarding business cooperation, order status, strategic layout, and other issues.

Basic Information of the Performance Briefing

Core Issues Response: Business Cooperation and Order Status Under Attention

Progress in North American Brand Cooperation, Tesla Cooperation Currently Suspended for Review

In response to investor concerns regarding customer cooperation, the company stated that the acquisition of Foshan Zhiqiang in December 2025 has deeply bound with a well-known brand in North America, which helps optimize the customer structure. Regarding business dealings with Tesla, the company mentioned that the financial data in the major asset restructuring application documents have expired and need to be supplemented for resubmission. The Shenzhen Stock Exchange has suspended the review of the acquisition of Youteli, and further developments will be announced as per announcements.

2026 Laptop Orders Under Pressure, Strategic Contraction in Photovoltaic Business

Regarding the order situation for 2026, Yingli admitted that due to the phased shortage and price increase of CPUs, soaring memory prices, and rising costs of components like PCBs and batteries, global laptop shipments are expected to decrease month-over-month, and the company’s notebook structural part orders have also been impacted.
In terms of the photovoltaic business, the company clearly stated that it will not continue to increase investment in the future and will aim to reduce losses in this sector while maintaining a certain scale. Currently, the photovoltaic business falls under the category of green electricity but will no longer be conducted separately.

Financial Performance and Investor Concerns: Decline in Net Profit Excluding Non-recurring Items, No Share Buyback Plan

In 2025, the company’s net profit attributable to the parent grew by 27.75%, but the net profit excluding non-recurring items fell by 27.44% year-on-year, with a gross margin of 11.09% for the main business. Management explained that the phase fluctuations in net profit are influenced by industry conditions and temporary investments, and that in 2026, profitability will be improved through strict cost control, optimized resource allocation, and enhanced operational efficiency.
In response to stock price fluctuations, the company stated that there are currently no plans for share buybacks, and major shareholders and directors have no plans to reduce holdings, emphasizing that “the stock price in the secondary market is influenced by multiple factors, and the company’s management remains confident in the industry outlook and development.”

Strategic Layout: Mergers and Acquisitions Synergy and R&D Investment Run Parallel

The company stated that in 2026, while doing well in its main business, it will actively promote mergers and acquisitions. After the completion of mergers, the battery module business will join the product matrix, becoming a new growth point for revenue and profit. In terms of R&D, it will continue to increase investment in cutting-edge fields such as AIPC and lightweight materials to cope with industry technology iterations.
Regarding customer concentration, Yingli’s top five customers account for as much as 89.25% of revenue. The company has entered the North American brand industrial chain through the acquisition of Foshan Zhiqiang and will further enrich the product matrix to expand new customers.

Additionally, in response to the issue of foreign sales accounting for 72.66% leading to a surge of 281.59% in financial costs, the company plans to adhere to the “risk-neutral” principle and use methods such as forward foreign exchange contracts to hedge against exchange rate risks and stabilize profit levels.

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