A flat-box aluminum-alloy photovoltaic and water-heating system designed for natural circulation was constructed. The hybrid photovoltaic/thermal (PV/T) collector was an integration of single-crystalline silicon cells into a solar thermal collector. The product was able to generate electricity and hot water simultaneously. Outdoor tests on an improved prototype were conducted in a moderate climate zone. Then dynamic simulation runs, using a validated numerical model, were performed. These included sensitivity tests with variations of the system water mass, PV cell covering factor, and front glazing transmissivity. The test results showed that the characteristic daily primary-energy saving could reach up to 65% for this system with a PV cell covering factor 0.63 and front glazing transmissivity of 0.83, when the hot water load per unit heat-collecting area exceeded 80kg/m2. The simulated results indicated that the higher the PV cell covering factor and the glazing transmissivity, the better the overall system performance. The effects were quantified.