Core Viewpoint - The company reported a decline in revenue and an increase in net loss for the first half of 2025, indicating challenges in financial performance while maintaining leadership in the silicon and battery markets [4]. Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 40.509 billion yuan, a year-on-year decrease of 7.51%, and a net profit attributable to shareholders of -4.955 billion yuan, with losses widening compared to the previous year [4]. - In Q2 2025, the company recorded operating revenue of 24.575 billion yuan, a year-on-year increase of 1.44%, and a net profit attributable to shareholders of -2.363 billion yuan, with a reduction in the loss margin compared to Q1 [4]. Group 2: Market Position and Product Performance - The company maintained a global market share of approximately 30% in polysilicon sales, achieving sales of 161,300 tons in H1 2025, with a significant focus on N-type products, which accounted for over 90% of shipments [5]. - The company’s silicon consumption decreased to 1.04 kg/kg.si, and it achieved near-zero steam consumption, with product quality improvements leading to metal content in N-type materials dropping to below 0.1 ppbw [5]. Group 3: Battery Sales and Technology Development - In H1 2025, the company sold 49.89 GW of batteries, maintaining its position as the global leader, while enhancing cost reduction and efficiency across key competitive metrics [6]. - The company is advancing various battery technologies, including TOPCon, HJT, and xBC, with notable achievements such as the TNC2.0 module reaching a power output of 778.5W and conversion efficiency of 25.06% [6]. Group 4: Component Sales and Project Development - The company achieved component sales of 24.52 GW in H1 2025, with a year-on-year decrease in non-battery costs by 11% and a 31% reduction in period expenses [7]. - The company is expanding its domestic and international component markets, with overseas sales reaching 5.08 GW and significant progress in markets like Poland and Romania, alongside the development of the "fishing and solar integration" project [7].

Group 1: Greentown Service (2869.HK) - The company reported a revenue of 9.3 billion yuan, a year-on-year increase of 6.1% [5] - Gross profit reached 1.8 billion yuan, up 8.9% year-on-year, with a gross margin of 19.5%, an increase of 0.5 percentage points [5] - Core operating profit was 1.07 billion yuan, reflecting a year-on-year growth of 25.3% [5] - Net profit attributable to shareholders was 610 million yuan, a year-on-year increase of 22.6% [5] Group 2: Ganfeng Lithium (002460.SZ) - The company achieved a revenue of 8.376 billion yuan, a year-on-year decrease of 12.65% [6] - Net profit attributable to shareholders was -531 million yuan, indicating a reduction in losses compared to the previous year [6] - The improvement in performance was mainly due to a reduction in losses from fair value changes [6] - The company has established partnerships with well-known drone and eVTOL companies for solid-state battery integration [6] Group 3: Puyang Huicheng (300481.SZ) - The company reported a revenue of 721 million yuan, a slight increase of 0.36% year-on-year [7] - Net profit attributable to shareholders was 71 million yuan, a year-on-year decline of 37.22% [7] - In Q2, revenue was 365 million yuan, a year-on-year increase of 0.16% and a quarter-on-quarter increase of 2.49% [7] Group 4: Tongwei Co., Ltd. (600438.SH) - The company achieved a revenue of 40.509 billion yuan in H1 2025, a year-on-year decrease of 7.51% [8] - Net profit attributable to shareholders was -4.955 billion yuan, with losses widening compared to the previous year [8] - In Q2, revenue was 24.575 billion yuan, a year-on-year increase of 1.44% [8] Group 5: TCL Zhonghuan (002129.SZ) - The company reported a revenue of 13.398 billion yuan in H1 2025, a year-on-year decrease of 17.36% [9] - Net profit attributable to shareholders was -4.242 billion yuan, with losses widening compared to the previous year [9] - In Q2, revenue was 7.297 billion yuan, a year-on-year increase of 16.18% [9] Group 6: Guangwei Composites (300699.SZ) - The company achieved a revenue of 1.201 billion yuan in H1 2025, a year-on-year increase of 3.87% [10] - Net profit attributable to shareholders was 269 million yuan, a year-on-year decrease of 26.85% [10] - In Q2, revenue was 635 million yuan, a year-on-year decrease of 1.40% [10] Group 7: iFlytek (002230.SZ) - The company reported a revenue of 10.91 billion yuan in H1 2025, a year-on-year increase of 17.0% [11] - Net profit attributable to shareholders was -239 million yuan, with losses narrowing by 40.4% year-on-year [11] - In Q2, revenue was 6.25 billion yuan, a year-on-year increase of 10.1% [11]

[ 企业普遍亏损的背后，仍指向一个共因：市场供需严重失衡下，产业链各环节产品价格大幅下降侵蚀 业内企业利润。近期在"光伏行业2025年上半年发展回顾与下半年形势展望研讨会"上，中国光伏行业协 会名誉理事长王勃华用"举步维艰"四个字概括了行业上半年的境遇。 ] 近日，光伏产业龙头企业隆基绿能（601012.SH）、通威股份（600438.SH）、晶澳科技 （002459.SZ）、天合光能（688599.SH）和TCL中环（002129.SZ）陆续发布2025年半年财报。尽管业 绩遇冷，这5家企业8月25日的收盘价多数飘红。 其中隆基绿能上涨1.51%至16.68元/股，通威股份上涨2.57%至21.57元/股，晶澳科技上涨3.02%至12.64 元/股，天合光能微跌0.12%至16.72元/股，TCL中环上涨0.95%至8.53元/股。 有分析认为，后续行业市场化出清、企业自律协同，同时辅以相关政府部门、监管机构的政策配合与监 督，有望推动光伏困境反转。 半年亏超170亿元 虽然市值较巅峰时期普遍回调约六成，但截至8月25日收盘，隆基绿能、通威股份、晶澳科技、天合光 能和TCL中环的总市值约3369亿元，分别为 ...

光伏大厂集中披露"成绩单"！ 8月22日晚间，一批A股光伏上市公司集中披露半年报。时代财经注意到，不少此前预计在8月30日披露 半年报的光伏企业，都调整至8月22日晚披露。目前，光伏一线梯队中除晶科能源（688223.SH）外， 其余大厂均在同日披露半年报。 隆基绿能（601012.SH）曾在业绩预告中表示，报告期内，公司持续加大以客户为中心的产品与服务投 入，实现了组件销量的增长，但受光伏行业主要产品市场销售价格跌破行业成本线的竞争环境影响，公 司经营仍为亏损、增量不增收。 2025年上半年以来，光伏新增装机规模继续维持较快增长。中国光伏新增装机同比大幅增长107%，达 到212.21GW，其中分布式光伏成为装机增长主力，集中式电站增速略有放缓。但价格方面，根据 InfoLinkConsulting数据，多晶硅、硅片、电池、组件产品均价分别较年初降幅约10%、20%、15%、 2%，行业主要企业均仍处于亏损状态。 隆基绿能便是上半年光伏企业中"增量不增收"的一员。 "国内组件销量实现同比超70%强劲增长；上半年硅片海外销量同比大幅增长70%以上。"隆基绿能在半 年报中表示。具体来看，上半年隆基绿能实现硅片出 ...

本文字数：2561，阅读时长大约4分钟 作者 | 第一财经 陆如意 8月23日，光伏产业主链企业隆基绿能（601012.SH）、通威股份（600438.SH）、晶澳科技 （002459.SZ）、天合光能（688599.SH）和TCL中环（002129.SZ）发布2025年半年财报，尽 管业绩依旧遇冷，截至今日收盘，除天合光能微跌0.12%，其他四家企业的股价全部飘红。 总市值超3000亿，半年亏超170亿元 虽然市值较巅峰时期普遍回调约六成，但截至第一财经记者今日发稿，隆基绿能、通威股份、晶澳科 技、天合光能和TCL中环的总市值约3359亿元，分别为1264亿元、970亿元、415亿元、366亿 元、344亿元。 不同于今天在二级市场全面飘红的表现，这5家总市值已超3000亿元的光伏企业，上半年均未走出 净亏损的"泥潭"，上半年合计亏损172.64亿元，通威股份和TCL中环两家企业亏损近百亿元。 2025.08. 25 这五家企业中，除了隆基绿能实现同比减亏，其余四家企业未见业绩拐点的"苗头"，均呈同比增亏 或同比盈转亏的态势。 综合各家企业的财报数据，隆基绿能上半年亏损25.69亿元，相较上年同期52.31 ...

Investment Rating - The report maintains a "Positive" investment rating for the photovoltaic industry [5]. Core Insights - The photovoltaic sector is expected to benefit from recent government meetings aimed at regulating competition and improving product quality, which may lead to price increases and a healthier market environment [24][41]. - The report highlights the importance of supply chain adjustments and the potential for price transmission from component procurement to end-users, particularly in light of recent bidding results showing significant price increases [25][35]. Summary by Sections Photovoltaic - The CJ Electric New Index rose by 2.28% this week, with all sub-sectors except wind power showing gains, particularly driven by the electric motor sector benefiting from robotics [10]. - A meeting held on August 19 emphasized the need for industry regulation, curbing low-price competition, and supporting self-discipline within the photovoltaic sector [24]. - Recent procurement bids from China Resources Power and Huadian Group showed average prices of 0.729 and 0.710 yuan/W respectively, indicating a positive trend in pricing [25]. - The report suggests that the photovoltaic sector is currently at a bottom, with expectations for policy support and technological advancements to drive recovery [41]. Energy Storage - The energy storage sector is experiencing a robust demand, with a 68% year-on-year increase in installed capacity in the first half of 2025, surpassing 100 GW in total installations [48]. - The report notes significant developments in the energy storage market, including new projects and partnerships aimed at enhancing financial models for storage solutions [49][51]. - The report recommends focusing on leading companies in the energy storage sector, such as Sunshine Power and DeYe Co., which are expected to benefit from ongoing market growth [41]. Lithium Battery - The lithium battery sector is stable, with a focus on solid-state battery advancements and the ongoing demand for electric vehicles driving growth [19]. - The report highlights the importance of cost-reduction strategies and new material developments in the lithium battery supply chain [41]. Wind Power - The wind power sector is seeing accelerated growth, particularly in offshore wind projects, with recommendations for companies like Goldwind Technology and HaiLi Wind Power [41]. Power Equipment - The report indicates a strong outlook for power equipment, driven by high demand for ultra-high voltage projects and international market opportunities [41]. New Directions - The report emphasizes the potential of humanoid robotics and AI applications, with recommendations for companies involved in these emerging technologies [41].

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1] Core Insights - The report highlights the ongoing "anti-involution" efforts in the photovoltaic sector, with government initiatives aimed at regulating low-price competition and promoting product quality [1] - In the electric vehicle sector, the report anticipates continued high growth in domestic sales driven by new model releases and the upcoming sales peak, which will boost demand for batteries and materials [1] - The solid-state battery industry is showing clear trends towards industrialization, with significant advancements reported by leading companies [1] Industry Overview - The electric equipment and new energy sector saw a weekly increase of 2.28%, with notable performances in various sub-sectors: industrial automation up 3.84%, new energy vehicles up 3.69%, and photovoltaic sector up 3.39% [2][10] - The report notes that the penetration rate of new energy vehicles is expected to reach a new high of 56.7% in August, with retail sales projected to hit around 1.1 million units [2][25] - The Ministry of Industry and Information Technology held a meeting to further regulate competition in the photovoltaic industry, emphasizing the need for self-discipline and fair competition [2][25] Company Performance - Major companies reported varying profit results for the first half of 2025: - Huayou Cobalt reported a net profit of 2.711 billion yuan, up 62.26% year-on-year [27] - Tianqi Lithium reported a net profit of 3.07 billion yuan, up 27.76% year-on-year [27] - However, Tongwei Co. reported a net loss of 4.955 billion yuan [27] - The report also highlights significant partnerships, such as Chuangneng New Energy signing a battery development agreement with Dongfeng Liuzhou Automobile to supply over 30 GWh of battery products over the next five years [25][27]

通威股份（600438.SH）2025 年半年报点评 业绩阶段性承压，多晶硅龙头地位稳固 2025 年 08 月 25 日 事件：2025 年 8 月 22 日，公司发布 2025 年半年报。2025H1，公司实现营 业收入 405.09 亿元，同比-7.51%；实现归母净亏损 49.55 亿元，同比亏损 扩大；实现扣非净亏损 50.29 亿元，同比亏损扩大。2025H1，公司计提资产 减值准备 25.04 亿元，包括存货跌价准备 24.19 亿元、合同资产减值准备 0.02 亿元、应收帐款坏账准备 0.85 亿元、其他应收款坏账准备-0.02 亿元； 发生资产报废损失 0.40 亿元。 2025Q2 公司实现营业收入 245.75 亿元，同比+1.44%，环比+54.24%；实 现归母净亏损 23.63 亿元，续亏；实现扣非净亏损 24.21 亿元，续亏。 ➢ 多晶硅市占率位居第一，持续提升产品质量并降本。2025H1，公司实 现多晶硅销售 16.13 万吨，全球市占率约 30%，位居行业第一。公司持续提 升多晶硅产品质量并降本，2025H1，公司 N 型多晶硅出货比例达 90%以 上，硅耗降至 1.04k ...

8月23日，光伏产业主链企业隆基绿能（601012.SH）、通威股份（600438.SH）、晶澳科技 （002459.SZ）、天合光能（688599.SH）和TCL中环（002129.SZ）发布2025年半年财报，尽管业绩依 旧遇冷，截至今日收盘，除天合光能微跌0.12%，其他四家企业的股价全部飘红。 总市值超3000亿，半年亏超170亿元 虽然市值较巅峰时期普遍回调约六成，但截至第一财经记者今日发稿，隆基绿能、通威股份、晶澳科 技、天合光能和TCL中环的总市值约3359亿元，分别为1264亿元、970亿元、415亿元、366亿元、344亿 元。 不同于今天在二级市场全面飘红的表现，这5家总市值已超3000亿元的光伏企业，上半年均未走出净亏 损的"泥潭"，上半年合计亏损172.64亿元，通威股份和TCL中环两家企业亏损近百亿元。 具体来看，隆基绿能净亏损25.69亿元，通威股份净亏损49.55亿元、晶澳科技净亏损25.8亿元、天合光 能净亏损29.18亿元、TCL中环净亏损42.42亿元。 这五家企业中，除了隆基绿能实现同比减亏，其余四家企业未见业绩拐点的"苗头"，均呈同比增亏或同 比盈转亏的态势。 综合各家 ...

截至14:45，成分股仅做展示使用，不构成投资建议。 消息面上，8月19日，多部门召开光伏产业座谈会。会议强调以下四个重点：1）加强产业调控；2）遏制低价无序竞争；3）规范产品质量；4） 支持行业自律。 8月25日，A股市场延续震荡上行！截至14:56，同类费率最低档的光伏龙头ETF(516290)放量上涨超2.19%， 成交近5000万元。 中证光伏产业指数(931151)强势上涨1.81%，成分股罗博特科(300757)盘中涨停，大全能源(688303)上涨11.55%，捷佳伟创(300724)上涨8.09%， 德业股份(605117)，阳光电源(300274)等个股涨幅居前，隆基绿能、特变电工等涨幅居前。 | 序号 | 代码 | 名称 | 申万一级行业 | 涨跌幅 | 成交额 | 估算权重▼ | | --- | --- | --- | --- | --- | --- | --- | | 1 | 300274 | 阳光电源 | 电力设备 | 4.02% | 68.40 Z | 12.63% | | 2 | 601012 | 隆基绿能 | 电力设备 | 1.21% | 29.49亿 | 9.18% | | ...