Minglida: Net loss of 235 million yuan in 2025, loss narrows compared to the same period last year.

Mingli Da announced that the company issued 10 million convertible corporate bonds to unspecified parties, with a maturity of 6 years and a face value of 100 yuan per bond, raising a net amount of 992 million yuan. Starting from August 23, 2023, "Mingli Convertible Bonds" are listed and traded on the Shenzhen Stock Exchange. In 2025, the company reported a consolidated net loss of 235 million yuan, accounting for 12.36% of the net assets at the end of 2024, with a narrower loss compared to the same period last year. The main reasons for the losses were pressure on revenue, low capacity utilization, destocking by top photovoltaic customers, and market competition. In 2025, downstream demand picked up, leading to an increase in sales revenue and an improvement in business gross profit margin.