G 
Golden Solar New Energy Technology Holdings 1121.HK · HKD
Consumer Discretionary · HKEX · 🇭🇰 Hong Kong
0.35
-1.41%
Close of 9 Nov 2026, in HKD
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥180.6m
FY2016FY2025
Net income
−CN¥358.6m
FY2016FY2025
Free cash flow
−CN¥6.4m
FY2016FY2025
Shareholders' equity
CN¥311.3m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥180.6m | CN¥253.5m | CN¥295.3m | CN¥274.3m | CN¥365.1m | CN¥130.3m | CN¥197.6m | CN¥191.5m | CN¥146.1m | CN¥251.3m |
| Gross profit | −CN¥14.8m | CN¥25.9m | CN¥42.9m | CN¥35.5m | CN¥103.1m | CN¥21.0m | CN¥35.1m | CN¥45.9m | CN¥33.2m | CN¥87.7m |
| Research and development | CN¥48.1m | CN¥60.2m | CN¥83.4m | CN¥52.4m | CN¥22.0m | CN¥87.4m | CN¥276.8m | CN¥319.5m | CN¥776.7m | CN¥508.2m |
| Operating income | −CN¥360.2m | −CN¥281.0m | −CN¥323.1m | −CN¥216.3m | CN¥19.8m | −CN¥145.8m | −CN¥90.5m | −CN¥314.5m | −CN¥503.6m | −CN¥105.5m |
| Net income | −CN¥358.6m | −CN¥277.4m | −CN¥326.4m | −CN¥167.0m | CN¥10.7m | −CN¥126.6m | −CN¥366.2m | −CN¥320.6m | −CN¥507.0m | −CN¥369.8m |
| Diluted earnings per share | -0.19 | -0.15 | -0.18 | -0.10 | 0.01 | -0.09 | -0.25 | -0.29 | -0.47 | -0.34 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥702.0m | CN¥696.2m | CN¥1.01bn | CN¥1.07bn | CN¥671.5m | CN¥227.8m | CN¥319.5m | CN¥664.5m | CN¥949.9m | CN¥1.79bn |
| Cash and short-term investments | CN¥12.5m | CN¥31.9m | CN¥166.9m | CN¥413.1m | CN¥158.1m | CN¥727,800 | CN¥4.8m | CN¥24.5m | CN¥11.7m | CN¥5.8m |
| Total liabilities | CN¥390.8m | CN¥313.8m | CN¥376.1m | CN¥315.0m | CN¥339.9m | CN¥280.1m | CN¥263.7m | CN¥298.9m | CN¥468.5m | CN¥804.9m |
| Debt | CN¥180.4m | CN¥151.8m | CN¥168.9m | CN¥92.8m | CN¥104.9m | CN¥130.5m | CN¥115.4m | CN¥123.1m | CN¥261.8m | CN¥318.8m |
| Shareholders' equity | CN¥311.3m | CN¥382.4m | CN¥630.0m | CN¥750.9m | CN¥331.7m | −CN¥52.3m | CN¥55.9m | CN¥365.6m | CN¥481.4m | CN¥982.1m |
| Shares outstanding | 1,861m | 1,813m | 1,816m | 1,712m | 2,063m | 1,487m | 1,487m | 1,107m | 1,084m | 1,084m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥3.5m | −CN¥50.6m | −CN¥188.5m | −CN¥91.6m | −CN¥73.4m | −CN¥3.0m | −CN¥9.7m | CN¥10.8m | CN¥33.0m | CN¥38.7m |
| Capital spending | −CN¥9.9m | −CN¥30.2m | −CN¥108.8m | −CN¥66.2m | −CN¥123.7m | −CN¥12.2m | −CN¥15.0m | −CN¥19.2m | −CN¥18.9m | −CN¥3.0m |
| Free cash flow | −CN¥6.4m | −CN¥80.8m | −CN¥297.4m | −CN¥157.9m | −CN¥197.1m | −CN¥15.2m | −CN¥24.6m | −CN¥8.4m | CN¥14.0m | CN¥35.6m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥63.1m | CN¥107.2m | CN¥73.5m | CN¥126.0m | CN¥127.5m | CN¥139.8m | CN¥181.1m | CN¥163.2m |
| Gross profit | CN¥9.0m | −CN¥10.6m | −CN¥4.3m | CN¥17.4m | CN¥8.5m | CN¥8.4m | CN¥29.4m | CN¥35.0m |
| Operating income | −CN¥104.8m | −CN¥172.4m | −CN¥187.9m | −CN¥119.0m | −CN¥162.1m | −CN¥148.6m | −CN¥156.2m | −CN¥104.7m |
| Net income | −CN¥102.5m | −CN¥173.0m | −CN¥185.5m | −CN¥119.2m | −CN¥158.2m | −CN¥200.0m | −CN¥147.1m | −CN¥72.9m |
| Diluted earnings per share | -0.05 | -0.09 | -0.10 | -0.07 | -0.09 | -0.11 | -0.08 | -0.04 |
| Cash from operations | — | CN¥3.0m | CN¥11.0m | −CN¥24.0m | −CN¥26.0m | −CN¥155.0m | −CN¥32.0m | −CN¥92.0m |
| Capital spending | — | −CN¥9.0m | — | −CN¥29.0m | — | −CN¥107.0m | — | −CN¥66.0m |
| Free cash flow | — | −CN¥6.0m | — | −CN¥53.0m | — | −CN¥262.0m | — | −CN¥158.0m |
| Total assets | CN¥611.8m | CN¥702.0m | CN¥767.9m | CN¥696.2m | CN¥733.2m | CN¥1.01bn | CN¥977.7m | CN¥915.3m |
| Cash and short-term investments | CN¥5.4m | CN¥12.5m | CN¥27.6m | CN¥31.9m | CN¥81.0m | CN¥166.9m | CN¥354.1m | CN¥354.7m |
| Debt | CN¥130.6m | CN¥180.4m | CN¥250.6m | CN¥151.8m | CN¥159.4m | CN¥196.7m | CN¥105.8m | CN¥92.8m |
| Shareholders' equity | CN¥240.7m | CN¥311.3m | CN¥344.7m | CN¥382.4m | CN¥461.2m | CN¥630.0m | CN¥733.3m | CN¥644.8m |
Financial ratios
Data as of 28 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | -8.2% | 10.2% | 14.5% | 13.0% | 28.2% | 16.1% |
| Operating margin | -199.4% | -110.9% | -107.9% | -78.9% | -3.6% | -55.8% |
| Net margin | -198.5% | -109.4% | -110.5% | -60.9% | 2.9% | -97.2% |
| Return on equity | -115.2% | -72.5% | -60.3% | -25.9% | 3.2% | 242.3% |
| Return on assets | -51.1% | -39.8% | -37.8% | -18.2% | 1.6% | -55.6% |
| Free cash flow yield | 1.7% | -3.1% | -10.3% | -3.5% | 5.7% | 1.4% |
| Revenue growth | -38.8% | -14.2% | 7.7% | -12.5% | 180.2% | -34.1% |
| Earnings growth | 11.0% | -15.0% | 95.4% | -1911.1% | -108.5% | -65.4% |
| Current ratio | 0.81x | 1.33x | 2.00x | 2.80x | 1.55x | 0.44x |
| Debt to equity | 0.56x | 0.33x | 0.22x | 0.14x | 0.36x | -2.90x |
| Equity ratio | 44.3% | 54.9% | 62.6% | 70.4% | 49.4% | -22.9% |
| Interest coverage | -32.86x | -34.53x | -61.83x | -49.00x | -2.03x | -10.57x |
| R&D as a share of sales | 26.6% | 23.8% | 28.2% | 19.1% | 6.0% | 67.1% |
| Buybacks as a share of market value | -2.6% | 0.2% | -6.1% | 17.0% | -38.8% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -13.0% | 6.8% | -1.0% |
| Operating income | 18.5% | 19.8% | 38.8% |
| Net income | 29.0% | 23.1% | 28.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 2.5% | 8.9% | 14.2% | 18.7% |
| Operating margin | -147.7% | -117.6% | -87.2% | -93.9% |
| Net margin | -146.5% | -112.5% | -83.1% | -114.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -5.7 | -12.7 | -18.5 | -73.4 | — | -8.0 | -0.5 | -0.4 | -0.3 | -0.8 |
| Price to sales | 11.3 | 13.9 | 20.5 | 44.7 | 49.0 | 7.8 | 0.9 | 0.7 | 1.1 | 1.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 19 Sept 2012.
| FY2012 | FY2011 | |
|---|---|---|
| Paid in the year | 0.055 | 0.02 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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