Golden Solar New Energy Technology Holdings Limited (1121) AI Stock Analysis

• Market Cap: HK$2.42B
• Dividend Yield: N/A
• Average Volume (3M): 1.00M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.64
• Revenue Growth: -29.29%
• EPS Growth: 22.43%
• Country: HK
• Employees: 966
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Footwear & Accessories
• EPS (TTM): -0.09
• Shares Outstanding: 1,924,269,700
• 10 Day Avg. Volume: 770,600
• 30 Day Avg. Volume: 1,000,466
• PEG Ratio: 0.83
• Price to Book (P/B): 10.02
• Price to Sales (P/S): 15.12
• P/FCF Ratio: -47.42
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 43 Neutral
• Price Target: HK$1.50 ▲(16.28% Upside)
• Action: Reiterated Date: 01/14/26
• Date: Action: Reiterated 01/14/26

Overall score is constrained primarily by poor financial performance (declining revenue, persistent losses, rising leverage, and negative operating/free cash flow). Technicals are supportive in trend but show overbought conditions that elevate near-term downside risk. Valuation is not supportive due to negative earnings and no dividend yield data.

Positive Factors

Diversified product & service mix

The company generates revenue from hardware (panels, inverters, storage) plus installation and maintenance services, creating multiple durable revenue streams. Services and maintenance can produce recurring cash flow and improve customer retention, supporting long-term revenue stability and cross-sell potential.

Structural industry tailwinds

Macro support from renewable-energy initiatives and government incentives expands the addressable market and can sustain demand for solar products and storage. Policy-driven adoption is a durable structural tailwind that can underpin multi-year sales opportunities across residential, commercial, and industrial segments.

Scale of operations

A workforce near 1,000 indicates operational scale across manufacturing, R&D, and services. That scale supports capacity to fulfil larger projects, maintain installation capability, and iterate product development—advantages that are durable for competing on delivery, quality and integrated solutions.

Negative Factors

Consistent revenue decline

A multiyear revenue decline erodes economies of scale and suggests challenges in market competitiveness or demand execution. Persistent top-line contraction reduces capacity to absorb fixed costs and undermines prospects for restoring profitability without a clear, sustained sales recovery strategy.

Ongoing losses and negative margins

Sustained negative net income and margins indicate the business has not converted sales into profit, limiting internally generated funds for investment. Continued losses pressure capital allocation, constrain R&D or commercial expansion, and increase reliance on external financing for long-term viability.

Weak cash generation and rising leverage

Material negative operating and free cash flows combined with rising leverage raise funding and liquidity risk. Over time this can force dilutive equity raises or costly debt, reduce financial flexibility for capex or R&D, and impair the company’s ability to scale operations sustainably.

Golden Solar New Energy Technology Holdings Limited Business Overview & Revenue Model

Company Description

Golden Solar New Energy Technology Holdings Limited, an investment holding company, manufactures, sells, and trades in footwear products in the People's Republic of China, the United States, South America, Europe, South East Asia, and internationally. The company operates through Boree Branded Products, Graphene-based Products, Photovoltaic Products, and Original Equipment Manufacturer segments. It offers slippers, sandals, and casual footwear under the Boree brand name. The company also manufactures and sells graphene-based ethylene-vinyl acetate foam material and slippers, deodorizing and sterilizing chips for air purifiers and air conditioners, and air sterilizers. In addition, it produces slippers for branding and resale by others; and trades in slippers. Further, the company manufactures and sells cast monocrystalline silicon wafers and cast-mono heterojunction solar cells and modules; and engages in the provision of technology licensing services. Golden Solar New Energy Technology Holdings Limited was formerly known as Baofeng Modern International Holdings Company Limited and changed its name to Golden Solar New Energy Technology Holdings Limited in June 2021. The company was founded in 1999 and is headquartered in Quanzhou, the People's Republic of China.

How the Company Makes Money

Golden Solar New Energy Technology Holdings Limited generates revenue through multiple streams, primarily from the sale of solar energy products, including photovoltaic panels, inverters, and energy storage systems. The company also earns income from providing installation and maintenance services for its products, ensuring long-term customer support and satisfaction. Additionally, Golden Solar may engage in strategic partnerships with other companies for joint ventures in solar projects, which can lead to shared revenue opportunities. The growth of renewable energy initiatives and government incentives for solar energy adoption further bolster the company's earnings potential.

Golden Solar New Energy Technology Holdings Limited Financial Statement Overview

Summary

Financials are weak: revenues have declined from 2021–2024, profitability remains negative with ongoing losses, leverage has increased (higher debt-to-equity) alongside declining equity, and operating/free cash flows are significantly negative—raising sustainability and funding-risk concerns.

Income Statement

The company has experienced a consistent decline in revenue from 2021 to 2024, with significant negative net income in recent years indicating ongoing losses. Margins remain negative, reflecting ongoing operational challenges and inability to convert revenue into profit. The revenue growth rate has been negative, suggesting difficulties in maintaining sales momentum.

Balance Sheet

The company's debt-to-equity ratio has increased over time, indicating higher leverage, which could pose financial risks. Despite this, the equity ratio remains relatively healthy, suggesting some level of balance in asset financing. However, declining stockholders' equity and increasing liabilities highlight potential financial instability.

Cash Flow

The cash flow statement reveals significant negative operating cash flows and negative free cash flows, underscoring cash generation issues. With no free cash flow growth and high reliance on financing activities, the company's liquidity position appears weak, raising concerns about its ability to sustain operations without external funding.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	189.12M	253.51M	295.35M	274.28M	313.51M	111.87M
Gross Profit	13.73M	25.87M	42.91M	35.52M	88.52M	18.00M
EBITDA	-262.23M	-263.43M	-294.44M	-205.90M	-2.66M	-46.62M
Net Income	-278.56M	-277.41M	-326.38M	-167.04M	9.22M	-108.76M
Balance Sheet
Total Assets	659.48M	696.18M	864.00M	915.34M	576.69M	195.64M
Cash, Cash Equivalents and Short-Term Investments	23.68M	31.86M	143.36M	354.72M	135.79M	625.00K
Total Debt	215.19M	151.84M	168.90M	92.83M	104.91M	130.48M
Total Liabilities	363.49M	313.80M	323.00M	270.54M	291.85M	240.53M
Stockholders Equity	295.99M	382.39M	540.99M	644.80M	284.84M	-44.89M
Cash Flow
Free Cash Flow	-54.00M	-80.83M	-255.36M	-135.56M	-169.29M	-13.04M
Operating Cash Flow	-24.56M	-50.58M	-161.89M	-78.70M	-63.05M	-2.59M
Investing Cash Flow	-7.31M	-27.82M	-94.44M	-60.81M	-113.78M	-10.31M
Financing Cash Flow	-17.18M	-32.38M	44.25M	358.44M	312.00M	9.43M

Golden Solar New Energy Technology Holdings Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.29
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1121, the sentiment is Negative. The current price of 1.29 is below the 20-day moving average (MA) of 1.40, below the 50-day MA of 1.44, and below the 200-day MA of 1.44, indicating a bearish trend. The MACD of -0.05 indicates Positive momentum. The RSI at 31.65 is Neutral, neither overbought nor oversold. The STOCH value of 27.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:1121.

Golden Solar New Energy Technology Holdings Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
2399	53 Neutral	HK$1.68B	-2.02	-94.46%	―	-50.16%	-252.77%
1121	43 Neutral	HK$2.42B	-3.96	-73.30%	―	-29.29%	22.43%

Golden Solar New Energy Technology Holdings Limited Corporate Events

Golden Solar New Energy Sets Out Board and Committee Structure

Golden Solar New Energy Technology Holdings Limited has outlined the composition of its board of directors, naming Mr. Kang Chuang as chairman and executive director alongside another executive director, one non-executive director and three independent non-executive directors. The company also detailed the membership of its three key board committees, appointing independent non-executive directors as chairpersons of the audit, remuneration and nomination committees, a move that underscores its emphasis on independent oversight, corporate governance and regulatory compliance, which is likely to be closely watched by shareholders and the market.

The most recent analyst rating on (HK:1121) stock is a Hold with a HK$1.00 price target. To see the full list of analyst forecasts on Golden Solar New Energy Technology Holdings Limited stock, see the HK:1121 Stock Forecast page.

Golden Solar New Energy Appoints Non-Executive Director to Nomination Committee

Golden Solar New Energy Technology Holdings Limited has appointed non-executive director Ms. Lin Weihuan as a member of its nomination committee, effective 22 December 2025, expanding the committee to four members chaired by independent non-executive director Professor Zhao Jinbao. The move underscores the company’s continued focus on corporate governance and board oversight, with a nomination committee now composed of a mix of executive, non-executive and independent non-executive directors, which may enhance balance and independence in board and senior management appointments.

The most recent analyst rating on (HK:1121) stock is a Hold with a HK$1.00 price target. To see the full list of analyst forecasts on Golden Solar New Energy Technology Holdings Limited stock, see the HK:1121 Stock Forecast page.