8月19日，工信部联合多部门召开光伏产业座谈会，打出规范竞争秩序的"组合拳"，推动落后产能退 出，健全价格监测和产品定价机制。此次行动距7月初首次行业座谈会仅隔46天，六部委协同之密集、 政策落地之迅速，凸显了决策层根治行业竞争格局的决心。回溯今年上半年，随着新修订《反不正当竞 争法》的实施、中央财经委员会对"低价无序竞争"的亮剑，光伏行业终于迎来从"价格厮杀"到"价值重 构"的关键转折。 光伏行业的转折，始于政策层面的精准发力。2025年以来，一系列针对性政策密集出台，直指"低价无 序竞争"的行业痛点，为产业健康发展划定了清晰边界。6月27日，新修订的《反不正当竞争法》正式实 施，明确禁止硅料、组件等产品以低于现金成本价格销售，为光伏产业链设定了价格底线，从法律层面 遏制"自杀式降价"，推动价格中枢向合理区间回归。紧随其后，7月1日中央财经委员会第六次会议提 出"依法依规治理企业低价无序竞争，推动落后产能有序退出"，7月3日工信部制造业座谈会进一步强 调"综合治理光伏行业低价无序竞争，引导企业提升产品品质"。政策的连续发声，释放出"优化供给侧 结构"的强烈信号。 政策的针对性，源于对行业规律的深刻把握。通过 ...

【#五大光伏龙头上半年亏损超170亿元#】光伏行业仍在艰难前行。近日披露的半年报显示，通威股 份、隆基绿能、晶澳科技、天合光能、TCL中环今年上半年合计净亏损达172.64亿元。具体来看，除隆 基外，其余五家企业均创下各自历史同期最大亏损。 据智通财经报道，2024年，光伏产业链价格大幅下滑，全行业盈利空间被严重压缩，"内卷外堵"的挑战 延续至今。今年以来，虽受到抢装潮的短期提振，但行业冬天依然看不到结束的迹象。 财报显示，通威股份上半年实现营业收入405.09亿元，同比下降7.51%，实现归属于母公司所有者的净 利润亏损49.55亿元。 图片来源:界面新闻 TCL中环报告期内实现营业收入133.98亿元，同比减少17.36%；归属于上市公司股东的净利润亏损42.42 亿元，同比减少38.48%。公司光伏硅片产品的毛利率为-23.74%，较上年同期进一步下降。 天合光能交出自上市以来的首份亏损中报。上半年，公司实现营业收入310.56亿元，同比减少27.72%； 归属于母公司所有者的净利润亏损29.18亿元，较上年同期减少654.47%，归属于母公司所有者的扣除非 经常性损益的净利润亏损29.56亿元，较上年 ...

对于通威而言，政策红利的释放具有双重利好。一方面，"反低价竞争"政策的出台，将极大遏制"低质低价"的恶性竞争行为，改善"内卷式"竞争、"劣币驱 逐良币"的行业现状。在此背景下通威股份凭借领先的技术、规模、成本等综合优势，其自身市场份额有望得到持续巩固。另一方面，政策鼓励的"技术创 新"与"兼并重组"与公司"全球创新研发中心投入运营"、"垂直一体化布局"的战略安排高度契合，为其在新周期中扩大优势提供了制度支撑。 8月19日，工信部联合多部门召开光伏产业座谈会，打出规范竞争秩序的"组合拳"，推动落后产能退出，健全价格监测和产品定价机制。此次行动距7月初首 次行业座谈会仅隔46天，六部委协同之密集、政策落地之迅速，凸显了决策层根治行业竞争格局的决心。回溯今年上半年，随着新修订《反不正当竞争法》 的实施、中央财经委员会对"低价无序竞争"的亮剑，光伏行业终于迎来从"价格厮杀"到"价值重构"的关键转折。 在这场产业秩序重塑中，通威股份——这家手握全球30%高纯晶硅市场份额、连续八年蝉联太阳能电池出货量榜首的行业龙头，正以成本控制、技术迭代与 全产业链协同的深厚积淀，成为引领行业穿越周期的核心力量。资本市场已率先捕捉到积极 ...

Core Viewpoint - The photovoltaic industry is facing significant challenges, with major companies reporting substantial losses in the first half of the year, indicating a continued struggle despite short-term boosts from installation surges [2][3]. Financial Performance - Tongwei Co., Ltd. reported a revenue of 40.51 billion yuan, a year-on-year decrease of 7.51%, with a net loss attributable to shareholders of 4.96 billion yuan [2]. - TCL Zhonghuan achieved a revenue of 13.40 billion yuan, down 17.36% year-on-year, with a net loss of 4.24 billion yuan, a 38.48% increase in losses compared to the previous year [2]. - Trina Solar posted a revenue of 31.06 billion yuan, a decrease of 27.72% year-on-year, with a net loss of 2.92 billion yuan, marking a 654.47% increase in losses compared to the previous year [3]. - JA Solar reported a revenue of 23.90 billion yuan, down 36.01% year-on-year, with a net loss of 2.58 billion yuan, widening from a loss of 874 million yuan in the previous year [3]. Industry Trends - The photovoltaic industry is experiencing a significant price drop across the supply chain, severely compressing profit margins, with the term "internal competition" being highlighted as a major challenge [2]. - In July, the domestic photovoltaic installation capacity reached 11.64 GW, a decrease of 18.9% month-on-month and 44.7% year-on-year, marking the lowest level since 2025 [3]. - The Ministry of Industry and Information Technology and other departments have initiated measures to regulate the photovoltaic industry, aiming to eliminate irrational competition and address capacity mismatches [4][5]. Policy Developments - A recent meeting emphasized four key measures: strengthening industry regulation, curbing low-price competition, standardizing product quality, and supporting industry self-discipline, signaling a shift from "scale expansion" to "high-quality development" in the photovoltaic sector [5]. - The government aims to enhance industry concentration through supply-side reforms and the elimination of outdated production capacity [5].

Group 1: Industry Overview - The Ministry of Industry and Information Technology, along with multiple departments, held a meeting on August 19 to regulate the photovoltaic industry, aiming to eliminate backward production capacity and establish a pricing mechanism [2] - The implementation of the revised Anti-Unfair Competition Law and the Central Financial Committee's stance against "disorderly low-price competition" marks a significant shift in the photovoltaic industry from "price wars" to "value reconstruction" [2][4] - The photovoltaic industry is experiencing a transformation driven by targeted policies that address the pain points of "disorderly low-price competition," setting a price floor to prevent "suicidal pricing" [5] Group 2: Company Performance - Tongwei Co., Ltd. reported a revenue of 40.509 billion yuan in the first half of 2025, with a significant market share in multiple segments, including 30% in polysilicon and maintaining the top position in solar cell sales [3][6] - The company has a strong financial position with cash and trading financial assets totaling 33.229 billion yuan, ensuring liquidity and financial stability during industry adjustments [3][6] Group 3: Market Dynamics - Since the second quarter of 2025, the photovoltaic industry chain has seen a recovery in prices, indicating an improvement in supply-demand relationships and competitive order [7] - The price of polysilicon has shown a continuous upward trend, with the highest increase reaching 3.37%, reflecting a recovery in the industry [7] - The average price of N-type TOPCon components increased by 10.45% from late June, indicating a successful transmission of price increases throughout the industry chain [7] Group 4: Strategic Positioning - The policies aimed at curbing low-price competition are expected to benefit Tongwei by reducing "low-quality, low-price" competition and allowing the company to maintain its market share [5][10] - The company's strategy aligns with the policy encouragement for "technological innovation" and "mergers and acquisitions," enhancing its competitive edge in the new cycle [5][10] - Tongwei's dual business model of "green agriculture + green energy" allows it to share in the long-term growth of the photovoltaic industry while providing stable cash flow to mitigate cyclical fluctuations [9][10]

数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 2020-2025年上半年中国太阳能电池(光伏电池)产量统计图 上市企业：隆基绿能（601012）,通威股份（600438）,阳光电源（300274）,晶澳科技（002459）,天合光 能（688599）,特变电工（600089）,正泰电器（601877）,TCL中环（002129） 相关报告：智研咨询发布的《2025-2031年中国太阳能电池行业竞争现状及投资决策建议报告》 根据国家统计局数据显示：2025年6月中国太阳能电池(光伏电池)产量为6739万千瓦，同比增长24.1%； 2025年1-6月中国太阳能电池(光伏电池)累计产量为37019万千瓦，累计增长18.2%。 ...

Core Insights - The photovoltaic industry is facing significant challenges, with major companies reporting substantial losses in their recent half-year financial statements, indicating a tough market environment [1][2]. Financial Performance - Tongwei Co., Ltd. reported a revenue of 40.51 billion yuan, a year-on-year decrease of 7.51%, and a net loss attributable to shareholders of 4.96 billion yuan [1]. - TCL Zhonghuan achieved a revenue of 13.40 billion yuan, down 17.36% year-on-year, with a net loss of 4.24 billion yuan, a decrease of 38.48% compared to the previous year [1]. - Trina Solar posted a revenue of 31.06 billion yuan, a decline of 27.72%, and a net loss of 2.92 billion yuan, which is a significant increase in losses compared to the previous year [2]. - JA Solar reported a revenue of 23.90 billion yuan, a 36.01% decrease, with a net loss of 2.58 billion yuan, worsening from a loss of 874 million yuan in the same period last year [2]. Industry Trends - The photovoltaic industry is experiencing a price decline across the supply chain, severely compressing profit margins, with the term "internal competition and external blockage" being used to describe the ongoing challenges [1]. - In July, the domestic photovoltaic installation capacity added was 11.64 GW, a decrease of 18.9% month-on-month and 44.7% year-on-year, marking the lowest level since 2025 [4]. - The Chinese government is taking stronger measures to eliminate irrational competition and address capacity mismatches within the industry, signaling a shift from "scale expansion" to "high-quality development" [4]. Policy Developments - A recent meeting involving multiple government departments emphasized the need for industry regulation, including curbing low-price competition and supporting industry self-discipline [4]. - The meeting outlined four key measures: enhancing industry regulation, curbing disorderly competition, standardizing product quality, and supporting self-regulation within the industry [4].

上半年，中国光伏行业在短期抢装热潮、长期产能出清不畅、全球贸易格局重构的复杂态势之下艰难前行。全球新增光伏装机规模虽持续增长， 但供需严重失衡的硬伤没有显著改善，制造端全面承压，电池、组件产量增速降至15%以下，多晶硅、硅片甚至出现负增长。各环节产品价格进 一步下探至历史低点，开工率低位运行。 | स | 上半年归母净利润 | 展示费出并 | Q1净利润 | Q2净利润 | 环比变化 | 货币资金与交易 | | --- | --- | --- | --- | --- | --- | --- | | | | 同比变动 | | | | 性金融资产会额 | | 通威股份 | -49.55亿元 | 增亏18.26亿元 | -25.93亿元 | -23.62亿元 | 减亏2.31亿元 | 332.29亿元 | | 隆基绿能 | -25.69亿元 | 减亏26.61亿元 | -14.36亿元 | -11.33亿元 | 减亏3.03亿元 | 287.69亿元 | | 天合光能 | -29.18亿元 | 由盈转亏 | -13.20亿元 | -15.98亿元 | 增亏2.78亿元 | 223.45亿元 | | 晶澳科技 | - ...

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company's overall performance is under pressure due to the decline in profitability in the photovoltaic business, but it is expected to benefit from the promotion of anti-involution policies [7][8] - The company reported a revenue of 40.509 billion yuan in the first half of 2025, a year-on-year decrease of 7.51%, and a net profit attributable to the parent company of -4.955 billion yuan, a year-on-year decrease of 58.35% [4] - The photovoltaic business revenue decreased by approximately 8% to 26.68 billion yuan, with a gross margin of -5.3%, a decline of 11.2 percentage points year-on-year [7] - The multi-crystalline silicon business is expected to benefit from the anti-involution policies, despite a 29.5% decrease in sales volume to 161,300 tons [7] - The battery component business remains under pressure, with sales of 49.89 GW and a net profit of -1.743 billion yuan, indicating an expanded loss [7] Summary by Sections Financial Performance - The company is projected to have revenues of 90.003 billion yuan in 2025, with a year-on-year decrease of 2.2% [6] - The net profit for 2025 is estimated at -6.971 billion yuan, with a significant year-on-year improvement expected in 2026 and 2027 [6] - The gross margin is expected to recover gradually, reaching 10.3% by 2027 [6] Business Segments - The agricultural and animal husbandry business generated revenue of 13.32 billion yuan, a decrease of about 8%, but maintained a stable gross margin of approximately 9.5% [7] - The company achieved a sales volume of 24.52 GW for components, a year-on-year increase of 31.3% [7] Market Outlook - The photovoltaic industry is facing intense competition, but the supply-demand situation is expected to improve with the implementation of anti-involution policies, potentially leading to a recovery in profitability [8]

8月22日晚间，通威股份发布2025年半年度报告。 今年上半年，通威股份实现营收405.09亿元，同比下降7.51%，归属上市公司股东净利润-49.55亿元，二 季度较一季度环比减亏。公司称受光伏行业供需矛盾尚未显著改善，行业各环节产品价格进一步下探至 历史低点影响，公司经营业绩阶段性承压，但各项核心业务仍维持稳健经营，相关市场地位持续巩固。 上半年，公司多晶硅实现销量16.13万吨，全球市占率约30%，位居行业第一；电池销量49.89GW，继续 保持全球第一，全球累计出货突破300GW；组件销售24.52GW，继续保持国内分布式市场出货第一， 海外出货实现爆发式增长。 公司财务流动性储备充足，报告期末公司货币资金与交易性金融资产余额约332.29亿元，能有效满足公 司资金周转需求，同时公司储备了丰富的融资工具，银行授信充裕，在超短期融资券、中期票据等方面 均保持高度畅通，充分保障公司流动性安全的同时，还具备融资利率与期限等各方面的显著优势。 ...