DRINDA (02865) fell more than 5% in early trading, with shares down 4.82% to HK$15.81 at the time of writing, on a turnover of HK$33.087 million.

On the news front, DRINDA released its interim results for 2026, reporting group revenue of RMB 3.151 billion, down 13.81% year-on-year, while losses attributable to company shareholders stood at RMB 253 million, narrowing by 4.03% from the prior year. In the second quarter, the company posted operating revenue of RMB 1.486 billion, up 16.89% year-on-year, but recorded a net loss attributable to shareholders of RMB -267 million, marking a widening of losses year-on-year and a swing to a loss quarter-on-quarter.

CICC believes the company's second-quarter performance came in below its expectations, primarily due to the accelerated decline in solar cell prices. The company shipped approximately 10GW of cells in the first half, with CICC estimating around 5GW in the second quarter, and overseas shipments accounting for about 50% of total shipments in the first half. According to Solarzoom data, the price of TOPCon (182) cells (tax inclusive) fell by approximately 23% quarter-on-quarter in Q2 2026 to RMB 0.33 per watt, keeping sustained pressure on profitability across the cell segment during the quarter.