Core Viewpoint - The performance forecasts of leading A-share photovoltaic companies, Longi Green Energy and Aiko Solar, indicate a significant reduction in losses for 2025, suggesting potential industry recovery amidst supply-demand imbalances and price competition [1][4]. Group 1: Company Performance - Longi Green Energy expects a net loss of 6 billion to 6.5 billion yuan for 2025, a decrease from a loss of 8.618 billion yuan in the previous year [4]. - Aiko Solar anticipates a net loss of 1.2 billion to 1.9 billion yuan for 2025, significantly improved from a loss of approximately 5.319 billion yuan in the prior year [4]. - The performance of these leading companies reflects structural changes within the photovoltaic industry [4]. Group 2: Industry Dynamics - The photovoltaic industry is facing supply-demand imbalances and intensified low-price competition, compounded by rising raw material costs and trade barriers [4]. - The cancellation of export tax rebates for photovoltaic products, effective April 1, is expected to shift competition from price-based to value-based, benefiting larger manufacturers [5]. - There are indications of a potential "export rush" before the rebate cancellation, with some manufacturers reportedly raising prices [5]. Group 3: Technological Advancements - Longi Green Energy emphasizes product leadership with its HPBC 2.0 modules, which are noted for their high efficiency and commercial viability, establishing a competitive edge in the distributed high-end market [4]. - The industry is witnessing a trend where leading companies leverage technological advancements to improve profitability amidst competitive pressures [5]. Group 4: Strategic Moves - Longi Green Energy is optimizing its global business layout in response to international trade conditions and is enhancing its system solution capabilities through collaboration in energy storage [5]. - The company has recently acquired a stake in Suzhou Jingkong Energy Technology Co., marking its entry into the energy storage sector [5][6].

光伏行业龙头企业2025年业绩预亏潮继续蔓延。1月18日，通威股份和隆基绿能相继披露年度业绩预告，分别预计净亏损90—100亿元和60—65亿元，标志着 行业深度调整仍在持续。 此前，硅料龙头大全能源、组件巨头晶科能源、天合光能已相继披露2025年全年业绩预亏。这些头部企业的集中亏损，直接反映出光伏产业在产能过剩、价 格竞争激烈、海外贸易壁垒加剧等多重压力下，仍处于周期下行的深度调整阶段。 从二级市场表现看，大全能源、通威股份等龙头股纷纷创下近半年新低，反映出资金对光伏板块估值的谨慎态度。隆基绿能在业绩预告中指出，四季度银 浆、硅料成本大幅上涨，显著推升了产品成本，使得企业经营进一步承压。 市场监管总局1月6日的专题约谈会，直指光伏硅料行业"自律联盟"涉嫌垄断，要求暂停所有限产、限价相关的自律行为，意味着行业短暂建立的"反内卷防 线"被击穿，市场重新回到自由竞争状态。 亏损来源各异，产业链全线承压 从具体业务看，龙头企业亏损来源呈现差异化特征。通威股份披露，工业硅业务在产能投产爬坡调试及产品价格持续低迷影响下，导致净利润亏损同比加剧 约9亿元；电池及组件业务销售均价受市场行情影响进一步下跌，硅片-电池-组件业 ...

Core Viewpoint - Jiangsu Yadian Technology Co., Ltd. has terminated its IPO review, becoming the first company to withdraw its IPO application in 2026, and currently the only one to do so this year [3]. Company Overview - Yadian Technology focuses on the research, production, and sales of wet cleaning equipment, which is a critical process in semiconductor wafer manufacturing [3]. - The company's wet cleaning equipment is primarily used in the semiconductor and photovoltaic manufacturing sectors [3]. Customer Concentration - The top five customers accounted for a significant portion of the company's revenue, with sales percentages of 74.80%, 76.59%, 76.25%, and 92.26% over the reporting periods [3]. - In the first half of 2025, sales to Longi Green Energy amounted to 137 million yuan, representing 51.91% of the company's main business revenue, indicating a high dependency on a single customer [3][4]. Financial Performance - The company reported revenues of 121 million yuan, 442 million yuan, 580 million yuan, and 267 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [5]. - Net profits (losses) for the same periods were -93.99 million yuan, 10.36 million yuan, 85.12 million yuan, and 11.06 million yuan [5]. Market Conditions - Longi Green Energy has forecasted a net loss of 6 to 6.5 billion yuan for 2025, citing severe competition and rising costs in the photovoltaic industry, which may impact Yadian Technology's performance due to their customer reliance [4][5]. Shareholder Dynamics - Qian Cheng, the controlling shareholder, holds 22.59% of the company directly and controls an additional 18.7% through partnerships, totaling 41.29% of voting rights [5]. - Following the IPO withdrawal, Qian Cheng may face significant buyback pressure due to previous agreements that could be reinstated if the IPO application is terminated [6].

编辑 罗亦丹 校对 张彦君 新京报贝壳财经讯 1月18日，隆基绿能发布公告称，预计2025年度实现归属于上市公司股东的净亏损为 60亿元到65亿元。预计2025年度实现归属于上市公司股东的扣除非经常性损益的净亏损为68亿元到74亿 元。本次业绩预告仅为初步核算数据，具体准确的财务数据以公司正式披露的2025年年度报告为准，敬 请广大投资者注意投资风险。 ...

Core Viewpoint - Jiangsu Yadian Technology Co., Ltd. has terminated its IPO review, becoming the first company to withdraw its IPO application in 2026 and the only one so far this year [1] Company Overview - Yadian Technology specializes in the research, production, and sales of wet cleaning equipment, which is a crucial step in the semiconductor wafer manufacturing process [1] - The company's wet cleaning equipment is primarily used in the semiconductor and photovoltaic manufacturing sectors [1] Customer Concentration - The top five customers accounted for a significant portion of the company's revenue during the reporting period (2022 to the first half of 2025), with percentages of 74.80%, 76.59%, 76.25%, and 92.26% respectively, indicating high customer concentration [1] - In the first half of 2025, sales to Longi Green Energy amounted to 137 million yuan, representing 51.91% of the company's main business revenue, highlighting the risk of over-reliance on a single customer [1] Financial Performance - The company reported revenues of 121 million yuan, 442 million yuan, 580 million yuan, and 267 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [3] - The net profits attributable to the parent company were -93.99 million yuan, 10.36 million yuan, 85.12 million yuan, and 11.06 million yuan for the same periods [3] Shareholder Structure - Qian Cheng, the controlling shareholder and actual controller of Yadian Technology, holds 22.59% of the company's shares directly and controls an additional 41.29% of the voting rights through various entities [3] - Following the IPO withdrawal, Qian Cheng may face significant buyback pressure due to the termination of certain share repurchase obligations [3][4]

Core Viewpoint - Longi Green Energy (隆基绿能) is expected to report a net loss of 6 to 6.5 billion yuan for the fiscal year 2025 due to various challenges in the photovoltaic industry [1] Group 1: Company Performance - The company anticipates a net loss attributable to shareholders of 6 to 6.5 billion yuan for 2025 [1] - The primary reasons for this expected loss include ongoing supply-demand mismatches and intense low-price competition within the photovoltaic industry [1] Group 2: Industry Challenges - The operating rate in the photovoltaic sector remains low, exacerbating the company's financial difficulties [1] - The deepening of domestic electricity market reforms and increasing overseas trade barriers are contributing to a complex and severe operating environment for photovoltaic companies [1] Group 3: Cost Pressures - Significant increases in the costs of silver paste and silicon materials in the fourth quarter have notably raised the costs of silicon wafers, batteries, and module products [1] - The persistent low prices of products, combined with rising cost pressures, are expected to keep the company's operational performance in a loss position for 2025 [1]

| 股票代码:601012 | 股票简称:隆基绿能 | | | 公告编号:临 | 2026-003 | 号 | | --- | --- | --- | --- | --- | --- | --- | | 债券代码:113053 | 债券简称:隆 | 22 | 转债 | | | | | 债券代码:244101 | 债券简称:GK | 隆基 | 01 | | | | | 债券代码:244386 | 债券简称:GK | 隆基 | 02 | | | | 隆基绿能科技股份有限公司 2025 年度业绩预告 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： 业绩预告的具体适用情形：净利润为负值。 隆基绿能科技股份有限公司（以下简称"公司"）预计 2025 年度（以下 简称"报告期"或"本期"）实现归属于上市公司股东的净亏损为 60 亿元到 65 亿元。 预计 2025 年度实现归属于上市公司股东的扣除非经常性损益的净亏损为 68 亿元到 74 亿元。 本次业绩预告仅为初步核算数据，具体准确的财务数据以公司正式披露 的 2025 ...

Core Viewpoint - Longi Green Energy (601012.SH) expects a net loss attributable to shareholders of 6 billion to 6.5 billion yuan for the year 2025, with a net loss excluding non-recurring items projected to be between 6.8 billion and 7.4 billion yuan [1] Industry Summary - The photovoltaic industry is facing a mismatch between supply and demand, with ongoing low-price competition leading to sustained low operating rates [1] - The deepening of domestic electricity market reforms and increasing overseas trade barriers are contributing to a challenging and complex operating environment for photovoltaic companies [1] - In the fourth quarter, significant increases in silver paste and silicon material costs have notably raised the costs of silicon wafers, batteries, and module products, further pressuring company operations [1] - The company continues to experience losses in 2025 due to persistently low product prices and cost pressures [1]

Core Viewpoint - Longi Green Energy (601012) expects a net loss attributable to shareholders of 6 to 6.5 billion yuan for the fiscal year 2025 due to ongoing challenges in the photovoltaic industry [1] Industry Summary - The photovoltaic industry is facing a mismatch between supply and demand, leading to continued low-price competition and low operating rates [1] - The deepening of domestic electricity market reforms and increasing overseas trade barriers are contributing to a complex and severe operating environment for photovoltaic companies [1] Company Summary - Longi Green Energy reported significant cost increases in silver paste and silicon materials in the fourth quarter, which have substantially raised the costs of silicon wafers, batteries, and module products [1] - The company is under pressure from persistently low product prices and rising cost pressures, resulting in expected losses for the fiscal year 2025 [1]

Core Viewpoint - Longi Green Energy (601012.SH) expects a net loss attributable to shareholders of 6 billion to 6.5 billion yuan for the year 2025, with a net loss excluding non-recurring items projected to be between 6.8 billion and 7.4 billion yuan [1] Industry Summary - The photovoltaic industry is facing a mismatch between supply and demand, with ongoing low-price competition leading to sustained low operating rates [1] - The domestic electricity market reform is deepening, while overseas trade barriers are intensifying, creating a challenging and complex operating environment for photovoltaic companies [1] - In the fourth quarter, significant increases in silver paste and silicon material costs have substantially raised the costs of silicon wafers, batteries, and module products, further pressuring company operations [1] - The company continues to experience losses in 2025 due to persistently low product prices and cost pressures [1]