事件：公司发布了2025年半年度报告。 点评： 投资建议：公司盈利能力改善，持续研发创新，竞争优势有望进一步增强。预计公司2025-2027 年EPS 分别为0.13 元、0.57 元、0.92 元，对应PE 分别约115 倍、27 倍、17 倍，给予"买入"评级。 风险提示：下游需求不及预期风险；竞争加剧带来的毛利率降低风险；原材料价格波动风险。 N型ABC组件出货量大增，助力业务结构优化升级。2025年上半年，公司N型ABC业务产销两旺，在行 业底部周期保持强劲增长，ABC组件出货量达到8.57GW，同比增长超400%。伴随全球市场对ABC 组 件认知度的提升，ABC组件美观、高功率、高安全的价值优势逐渐显现，公司围绕ABC产品创新打造 的以价值定价的商业模式已逐步得到市场认可。公司精准细分价值市场、价值场景，优化产品结构， ABC组件产销两旺，通过深耕欧洲、澳新、日韩等高价值市场和场景，海外销售占比持续提升。2025 年上半年，公司ABC组件收入已达到公司营业总收入的74%左右，帮助公司逐步实现从第三方电池供应 商到N型ABC先进组件及场景化产品生产商的战略升级转型。得益于ABC组件的销量提升与高价值市 ...

公司在闲置募集资金临时补充流动资金期间，对资金进行了合理的安排与使用， 没有影响募集资金投资计划的正常进行，提高了募集资金的使用效益。截至本公告 日，公司已将上述用于临时补充流动资金的闲置募集资金人民币31,500万元全部归还 至募集资金专用账户，并已将上述募集资金的归还情况及时通知了保荐机构及保荐 代表人。 特此公告。 上海爱旭新能源股份有限公司董事会 上海爱旭新能源股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海爱旭新能源股份有限公司（以下简称"公司"）于2024年9月9日召开第九 届董事会第二十九次会议和第九届监事会第二十四次会议，分别审议通过了《关于 使用部分闲置募集资金临时补充流动资金的议案》，同意公司使用部分闲置募集资 金31,500万元临时补充流动资金，使用期限自董事会审议通过之日起不超过十二个月。 具体内容详见公司于2024年9月10日在上海证券交易所网站披露的《关于使用部分闲 置募集资金临时补充流动资金的公告》（临2024-096号）。 证券代码：600732 股票简称：爱旭股份 编号：临 ...

证券日报网讯 9月2日晚间，爱旭股份发布公告称，截至本公告日，公司已将用于临时补充流动资金的 闲置募集资金人民币31，500万元全部归还至募集资金专用账户，并已将上述募集资金的归还情况及时 通知了保荐机构及保荐代表人。 （文章来源：证券日报） ...

9月2日，爱旭股份大宗交易成交160万股，成交额2358.4万元，占当日总成交额的3.27%，成交价14.74 元，较市场收盘价14.89元折价1.01%。 | 025-09-02 | 爱旭般份 | 600732 | 14.74 160 | 2358.4 | 方正证券股份有限 | 申港证券股份有限 | 190 | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码: | 成交价(元) 成交金额[万元] 成交量(*) 买入营业部 | | 公司总部 --------- | 美出营业部 公司福建分公司 | 是否为专场 | ...

证券代码：600732 股票简称：爱旭股份 编号：临 2025－078 上海爱旭新能源股份有限公司 关于为子公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 近日，上海爱旭新能源股份有限公司（以下简称"公司"）与浙江浙银金融 租赁股份有限公司签署《最高额保证合同》，为浙江爱旭在该机构办理的融资租 赁业务提供 2.00 亿元的连带责任保证担保。 担保对象及基本情况 | | 被担保人名称 | 浙江爱旭太阳能科技有限公司（以 下简称"浙江爱旭"） | | | --- | --- | --- | --- | | | 本次担保金额 | 亿元 2.00 | | | 担保对象 | 实际为其提供的担保余额 | 122.69 亿元（含本次） | | | | 是否在前期预计额度内 | 是 □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 否 | □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0.00 | | --- | --- | ...

上海爱旭新能源股份有限公司 证券代码：600732 股票简称：爱旭股份 编号：临 2025－079 特此公告。 上海爱旭新能源股份有限公司董事会 2025年9月2日 关于归还临时补充流动资金的募集资金的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海爱旭新能源股份有限公司（以下简称"公司"）于2024年9月9日召开第九 届董事会第二十九次会议和第九届监事会第二十四次会议，分别审议通过了《关于 使用部分闲置募集资金临时补充流动资金的议案》，同意公司使用部分闲置募集资 金31,500万元临时补充流动资金，使用期限自董事会审议通过之日起不超过十二个月。 具体内容详见公司于2024年9月10日在上海证券交易所网站披露的《关于使用部分闲 置募集资金临时补充流动资金的公告》（临2024-096号）。 公司在闲置募集资金临时补充流动资金期间，对资金进行了合理的安排与使用， 没有影响募集资金投资计划的正常进行，提高了募集资金的使用效益。截至本公告 日，公司已将上述用于临时补充流动资金的闲置募集资金人民币31,500万元全部归还 至募 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [9]. Core Insights - The company has turned profitable in Q2 2025, with significant improvements in its financial performance. The revenue for the first half of 2025 reached 8.446 billion yuan, a year-on-year increase of 63.63%, and the net profit attributable to shareholders was -238 million yuan, a reduction in losses by 86.38% [5][9]. - The company is focusing on continuous research and innovation, particularly in the ABC technology, which has led to the production of high-efficiency N-type ABC modules with a conversion efficiency exceeding 25% [4][5]. - The company has successfully penetrated high-value markets, with ABC module shipments reaching 8.57 GW in the first half of 2025, a year-on-year increase of over 400% [5][9]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 4.311 billion yuan, a year-on-year increase of 62.77%, and a net profit of 63 million yuan, marking a 103.80% increase [5]. - The gross margin for Q2 2025 was 7.40%, up 21.64 percentage points year-on-year, and the net margin was 1.16%, an increase of 63.50 percentage points [5]. Market Position and Strategy - The company has optimized its product structure and increased its market share in high-value regions such as Europe, Australia, New Zealand, and Japan, with overseas sales accounting for a growing proportion of total revenue [5]. - The strategic shift from being a third-party battery supplier to a producer of advanced N-type ABC modules and scenario-based products is underway, with ABC components contributing approximately 74% of total revenue in the first half of 2025 [5][9]. Future Projections - The company is projected to achieve total revenue of approximately 20.4 billion yuan in 2025, with net profit expected to turn positive at 244 million yuan [8][9]. - Earnings per share (EPS) are forecasted to be 0.13 yuan in 2025, 0.57 yuan in 2026, and 0.92 yuan in 2027, with corresponding price-to-earnings (PE) ratios of approximately 115, 27, and 17 respectively [8][9].

Investment Rating - The report maintains a "Buy" rating for several companies in the solar sector, with specific ratings as follows: - Aishuo Co., Ltd. (600732.SH) - Buy-B - Longi Green Energy (601012.SH) - Buy-B - Daqian Energy (688303.SH) - Buy-B - Flat Glass Group (601865.SH) - Buy-A - Hengdian East Magnetic (002056.SZ) - Buy-A - Sungrow Power Supply (300274.SZ) - Buy-A - Canadian Solar (688472.SH) - Buy-A - Deye Technology (605117.SH) - Buy-A - Langxin Group (300682.SZ) - Buy-B - Quartz Co., Ltd. (603688.SH) - Buy-A [1] Core Insights - In July 2025, the domestic photovoltaic (PV) new installed capacity was 11.0 GW, a year-on-year decrease of 47.6% and a month-on-month decrease of 23.1%. Cumulatively, from January to July, the new installed capacity reached 223.25 GW, representing an increase of 80.7% year-on-year [2][12]. - The export value of PV components in July was 15.89 billion yuan, down 13.7% year-on-year but up 0.5% month-on-month. The cumulative export value from January to July was 111.25 billion yuan, down 22.6% year-on-year [2][14]. - In contrast, the inverter export value in July was 6.51 billion yuan, showing a year-on-year increase of 16.3% but a slight month-on-month decline of 1.2%. The cumulative export value from January to July was 37.11 billion yuan, up 9.0% year-on-year [3][29]. - Solar power generation in July increased by 28.7% year-on-year, with a total generation of 74.43 billion kWh, accounting for 8.03% of the total industrial power generation in the country [4][42]. Summary by Sections 1. Installed Capacity - In July 2025, the domestic PV new installed capacity was 11.0 GW, reflecting a year-on-year decline of 47.6% and a month-on-month decline of 23.1%. The cumulative installed capacity from January to July reached 223.25 GW, marking an 80.7% increase year-on-year [12]. 2. Exports - **Components**: The export value of PV components in July was 15.89 billion yuan, down 13.7% year-on-year but up 0.5% month-on-month. The cumulative export value from January to July was 111.25 billion yuan, down 22.6% year-on-year [14]. - **Inverters**: The inverter export value in July was 6.51 billion yuan, with a year-on-year increase of 16.3% and a month-on-month decrease of 1.2%. The cumulative export value from January to July was 37.11 billion yuan, up 9.0% year-on-year [29]. 3. Solar Power Generation - In July, solar power generation increased by 28.7% year-on-year, totaling 74.43 billion kWh, which accounted for 8.03% of the total industrial power generation in the country [42]. 4. Investment Recommendations - The report recommends focusing on companies based on various strategic directions: - New technology: Aishuo Co., Ltd., Longi Green Energy - Supply-side improvement: Daqian Energy, Flat Glass Group - Overseas expansion: Hengdian East Magnetic, Sungrow Power Supply, Canadian Solar, Deye Technology - Market-oriented power: Langxin Group - Domestic substitution: Quartz Co., Ltd. - Additional companies to watch include Xinyi Solar, GCL-Poly Energy, Tongwei Co., Ltd., TCL Zhonghuan, New Special Energy, Dier Laser, Foster, Haiyou New Materials, JA Solar, Trina Solar, JinkoSolar, CITIC Bo, Maiwei, Jinglong Technology, Shanghai Ailu, and Guangxin Materials [47].

Core Insights - The photovoltaic industry is showing signs of recovery despite many companies still facing losses, with a notable performance improvement among leading firms with advantages in technology, channels, and funding [1][2] Group 1: Industry Performance - The overall performance of the photovoltaic industry in the first half of the year has been mixed, with some leading companies beginning to recover while second and third-tier companies continue to face operational pressures [1] - Longi Green Energy reported a net loss of 2.569 billion yuan in the first half of the year, a reduction of over 50% compared to a loss of 5.231 billion yuan in the same period last year [2] - Shanghai Aiko Solar Energy Co., Ltd. also showed improvement, with a net loss of 238 million yuan, down 86.38% from a loss of 1.745 billion yuan year-on-year, and achieved a profit of 63 million yuan in the second quarter [2][3] Group 2: Technological Advancements - The technological advancements in the industry are primarily focused on BC technology, HJT technology, perovskite technology, and tandem technology, with BC technology seeing accelerated mass production and market penetration [2][3] - Longi Green Energy's BC cell efficiency reached 27.81% and BC module efficiency surpassed 26%, demonstrating strong technological iteration capabilities [5] Group 3: Market Dynamics - The "anti-involution" trend in the photovoltaic industry is gaining momentum, with policies aimed at curbing low-price competition and promoting quality improvements [4] - Recent government initiatives include the central financial committee's call for regulated competition and the Ministry of Industry and Information Technology's emphasis on enhancing product quality [4] - The industry is expected to shift towards comprehensive competition based on technology, cost, and quality, as indicated by recent policy signals [4] Group 4: Cost Management - GCL-Poly Energy Holdings reported an average cash cost of granular silicon at 26.22 yuan per kilogram, showing a decreasing trend from 37.84 yuan in Q1 2024 to 25.31 yuan in Q2 2025 [5] - The average cost of electricity generated from wind and photovoltaic projects in China has decreased by 60% and 80% respectively over the past decade, contributing significantly to global green transition efforts [5]

Core Viewpoint - The photovoltaic industry is facing significant losses across the supply chain, with major manufacturers reporting substantial deficits in their financial results for the first half of the year [1][4][6]. Financial Performance - The top five manufacturers in terms of module shipments reported a combined loss of approximately 160 billion yuan in the first half of the year [1][6]. - JinkoSolar reported a revenue of 31.83 billion yuan, a year-on-year decrease of 32.63%, with a net loss of 2.91 billion yuan, a year-on-year increase in losses of 342.4% [4]. - Longi Green Energy's revenue was 32.81 billion yuan, down 14.83% year-on-year, with a net loss of 2.57 billion yuan, a reduction in losses of 26.61% compared to the previous year [4]. - Trina Solar and JA Solar both reported significant revenue declines and net losses, with Trina Solar's revenue at 31.06 billion yuan (down 27.72%) and a net loss of 2.92 billion yuan (up 654.47%) [4]. - Tongwei Co. achieved a revenue of 40.51 billion yuan, down 7.51%, with a net loss of 4.96 billion yuan, an increase in losses of 58.35% [5]. Cash Flow Health - Cash flow has emerged as a critical indicator of survival for photovoltaic companies, with several firms reporting improvements in cash flow despite overall losses [8][9]. - TCL Zhonghuan reported a net cash flow from operating activities of 523 million yuan, a year-on-year increase of 308.4% [9]. - Trina Solar's net cash flow was 1.843 billion yuan, with a second-quarter figure of 2.679 billion yuan [9]. - However, companies like Daqo New Energy reported negative cash flow, with a net cash flow of -1.608 billion yuan [9]. Industry Pricing and Competition - The photovoltaic industry is undergoing a "reverse involution" movement, with a reduction in low-price sales and fierce competition [1][10]. - Regulatory bodies have initiated measures to combat low-price, disorderly competition, emphasizing the need for quality improvement and the orderly exit of outdated production capacity [11]. - Recent trends indicate a recovery in prices across various segments of the supply chain, with manufacturers expressing hope for prices to stabilize above cost levels [11][12].