据报道，特朗普政府对东南亚四国太阳能产品祭出高额关税，柬埔寨产品关税高达3521%，震动国际市场。 这场关税风暴的源头，早在去年就已埋下。韩国韩华Qcells、美国First Solar等七家在美经营的太阳能制造商提交请愿书，声称中国 公司借东南亚向美国市场输送"不公平"廉价商品。美国太阳能制造贸易委员会更是污蔑在东南亚设厂的中企"倾销"并接受"补贴"， 为关税大棒的挥出找借口。 太阳能（资料图） 细看这次关税政策，针对性极强。越南太阳能产品面临395.5%的关税，泰国为375.2%，马来西亚是34.4%，而柬埔寨因所谓"不配合 调查"被课以重税。晶科能源、天合光能、晶澳太阳能等中资背景企业，也都被单独列出征收特定关税。按流程，6月美国国际贸易 委员会将对这一决定投票，但无论结果如何，伤害已然造成。 表面上看，特朗普政府宣称此举是保护美国太阳能行业。可现实却狠狠打了脸。美国从东南亚进口太阳能产品，是实实在在的刚性 需求。美国百姓想要廉价的太阳能产品，企业需要物美价廉的原料和零部件。拜登政府时期曾推出太阳能补贴政策，要求企业在美 国国内生产电池板，可美国自身产能跟不上，依赖东南亚进口的现状难以改变。如今切断进口 ...

Core Viewpoint - JinkoSolar has demonstrated resilience in a challenging market, achieving significant component shipments and maintaining a strong financial position despite industry-wide losses [1][3][5]. Group 1: Company Performance - In 2024, JinkoSolar shipped 92.9 GW of solar modules, achieving a net profit of 99 million yuan, marking its sixth consecutive year as the global leader in module shipments [3]. - For Q1 2025, the company reported module shipments of 17.5 GW and a 34% year-on-year increase in energy storage system shipments to 310 MWh, although it faced a net loss of 1.39 billion yuan due to low industry prices and policy changes [5][6]. - The company aims for a total module shipment target of 85-100 GW and energy storage system shipments of 6 GWh for the full year 2025 [2][7]. Group 2: Technology and Innovation - JinkoSolar's high-efficiency TOPCon products can achieve a maximum power output of 670W, with actual generation performance exceeding market averages by 2-3% [3][7]. - The company plans to upgrade over 40% of its production capacity by the end of 2025 and is leveraging AI technology to accelerate the development of tandem solar cells [3][8]. Group 3: Global Expansion and Strategy - The company is advancing its projects in Saudi Arabia and has achieved full production capacity at its 2 GW facility in the U.S. by the end of 2024 [3][4]. - JinkoSolar is actively pursuing GDR issuance and listing in Germany to enhance its global financing capabilities [3][8]. Group 4: Financial Health and Outlook - JinkoSolar has successfully reduced its debt ratio by 2 percentage points year-on-year, maintaining healthy operating cash flow, with a target of achieving positive cash flow in 2025 [3][7]. - The company has reported asset impairments exceeding 400 million yuan in Q1 2025, primarily related to inventory, but expects manageable impairment pressure moving forward [9].

Core Insights - A-share listed companies demonstrated strong resilience in 2024, with total operating revenue reaching 62.33 trillion yuan, a year-on-year increase of 0.57%, and net profit attributable to shareholders of 5.06 trillion yuan, up 1.05% [1][2] - The growth was primarily driven by advancements in artificial intelligence (AI) technology, which significantly boosted demand in sectors such as GPU, PCB, and storage chips [2][3] - Despite overall growth, non-financial companies faced challenges, with a slight decline in revenue and a notable drop in net profit [1][3] Financial Performance - Among the 5402 listed companies, 4029 reported positive earnings, with 548 companies achieving over 100% growth in net profit [2] - The chemical company Zhengdan achieved a remarkable 119-fold increase in net profit, driven by soaring TMA prices due to supply-demand imbalances [2][3] - The semiconductor sector saw significant profit increases, with companies like Zhaoyi Innovation and Weir Shares reporting net profit growth of 584.21% and 498.11%, respectively [3] Sector Analysis - The AI sector is identified as a key growth driver, with companies in the GPU, PCB, and optical module industries experiencing substantial performance improvements [2][3] - The consumer electronics market is also rebounding, with a reported 5.6% year-on-year increase in smartphone shipments in China [3][4] International Expansion - A total of 3653 listed companies reported overseas revenue of 9.43 trillion yuan, accounting for approximately 20% of their total revenue [6][7] - Companies like Luxshare Precision and BYD achieved over 100 billion yuan in overseas revenue, with notable growth in emerging markets [6][7] - The internationalization strategies include local market investments and partnerships, particularly in Africa and the Middle East [7][8] Challenges and Losses - Despite overall positive performance, 124 companies reported net losses exceeding 1 billion yuan, with the real estate sector being particularly affected [9][10] - Vanke A led the loss rankings with a staggering 494.78 billion yuan loss, highlighting the difficulties faced in the real estate market [9][10] - The energy sector, including solar and lithium companies, also reported significant losses due to overcapacity and intensified competition [10] Regulatory Environment - The introduction of stricter delisting regulations is expected to normalize the delisting process, with 52 companies delisted in 2024 [11][12] - New rules include higher thresholds for financial delisting criteria, aiming to enhance market stability and protect investor interests [11][12]

2025年4月30日，晶科能源发布了2024年年报。报告显示，公司2024年营业总收入为924.71亿元，同比 下降22.08%；归属净利润仅为0.99亿元，同比大幅下降98.67%；扣非净利润更是亏损9.32亿元，同比下 滑113.50%。这一业绩表现与2023年的强劲增长形成鲜明对比，凸显了光伏行业在2024年面临的严峻挑 战。 营收与利润双降，行业寒冬来袭 晶科能源2024年的营收和利润双双大幅下滑，主要原因是光伏行业主产业链价格整体处于低位，叠加海 外贸易政策变化对需求的扰动，导致行业一体化各环节利润水平承压。公司作为全球市场布局的一体化 企业，尽管在保证长期客户履约的前提下，组件交付均价和盈利水平仍同比呈下降趋势。 2024年，晶科能源的组件出货量为92.87GW，同比增长18.28%，但这一增长并未带来相应的利润提升。 公司全年毛利率仅为7.79%，同比减少了5.76个百分点。特别是在硅片和电池片环节，毛利率分别 为-27.24%和-23.41%，这两项业务均处于亏本销售状态，给公司业绩带来了显著的负面影响。 在全球化布局方面，晶科能源2024年海外组件销售额占比接近70%，高毛利市场拓展成效显著 ...

Core Viewpoint - JinkoSolar achieved a record shipment of 92.87GW in 2024, marking an 18.28% year-on-year increase, and maintained its position as the global leader in module shipments for the sixth consecutive year [1][2]. Group 1: Financial Performance - In 2024, JinkoSolar reported total revenue of 92.47 billion yuan and a net profit attributable to shareholders of 0.99 billion yuan [1]. - The company’s global module shipments reached 92.87GW, with N-type modules accounting for 81.29GW, representing approximately 88% of total shipments [2]. Group 2: Technological Advancements - JinkoSolar continued to focus on N-type technology, achieving an average efficiency of over 26.7% for mass-produced cells in its golden wafer area, and a laboratory efficiency of 34.22% for TOPCon perovskite tandem cells [2]. - The company introduced innovative "three superior products" designed for extreme environments, enhancing performance in hail resistance, wind load, and fire safety [3]. Group 3: Global Expansion - In 2024, nearly 70% of JinkoSolar's module sales came from overseas markets, with significant growth in the Middle East and Southeast Asia [3]. - The company is collaborating on a 10GW high-efficiency battery and module project in Saudi Arabia, expected to begin production in the second half of 2026 [3]. Group 4: Energy Storage Development - JinkoSolar's energy storage business emerged as a second growth curve, with system shipments exceeding 1GWh in 2024, reflecting substantial growth [4]. - The company plans to expand its energy storage solutions across various applications, targeting a shipment goal of 6GWh by 2025 [4][6]. Group 5: Future Outlook - The global photovoltaic market is projected to maintain a 17% growth rate in new installations in 2025, with TOPCon technology expected to remain dominant [5]. - JinkoSolar aims to achieve an annual shipment target of 85GW-100GW in 2025 while enhancing its production capacity for monocrystalline silicon wafers, high-efficiency cells, and modules [6].

晶科能源 20250429 摘要 • 晶科能源一季度组件出货量达 17.5GW，储能系统出货 310MWh，同比 增长 34%，但受产业链价格及海外贸易政策影响，归母净利润亏损 13.9 亿元。公司正积极应对，提升技术和产品竞争力。 • 公司 TOPCON 三代产品持续领先，主流版型功率超 670 瓦，发电效率高 于 BCC 组件 2-3%。计划 2025 年底完成 40%以上产能升级，满足市场 对高功率产品的需求。 • 全球化战略稳步推进，沙特项目预计 2026 年下半年投产，美国 2GW 产 能已满产。公司积极推行 GDR 并在德国上市，增强资本实力。 • 公司积极探索光储融合，2024 年储能系统出货突破 1GWh，预计 2025 年将达 6GWh，储能业务成为公司第二增长曲线。 • 公司认为光伏产业价格波动后将趋于理性，企业需平衡开工率与需求，头 部企业凭借竞争优势将逐步修复盈利水平，预计 2025 年三、四季度更多 企业将恢复盈利。 • 公司持续投入研发，聚焦 TOPCON 产品升级，利用 AI 加速叠层电池研发， TOPCON 钙钛矿叠层实验效率已达 34.22%。同时完善轻资产全球化、交 互数字 ...

Group 1 - The core viewpoint of the articles highlights the resilience of JinkoSolar in the face of growing global photovoltaic demand and downward pricing pressure, achieving a record shipment volume and maintaining its leading position in the industry [1][4] - JinkoSolar's photovoltaic module shipment reached 92.87 GW, a year-on-year increase of 18.28%, marking the sixth consecutive year of leading global shipments [1] - The company reported annual revenue of 92.47 billion yuan and a net profit attributable to shareholders of 99 million yuan [1] Group 2 - JinkoSolar's core competitiveness lies in its technological breakthroughs, particularly in N-type technology, with an average mass production efficiency of over 26.7% for battery cells by the end of 2024 [2] - The company plans to complete over 40% of its capacity upgrades by 2025, aiming to establish a high-power TOPCon capacity of 40-50 GW by the end of the year [2] - The third-generation TigerNeo photovoltaic module, based on the TOPCon HOT4.0 technology platform, features a maximum power output of 670W and a conversion efficiency of 24.8% [2] Group 3 - JinkoSolar maintains a high level of R&D investment, adhering to the principle of "exploring one generation, developing one generation, and mass-producing one generation" [3] - The company aims to enhance the efficiency and power of N-type products to maintain competitive advantages in a highly competitive market [3] - TOPCon technology is expected to dominate the market with over 75% market share in the next three years, with JinkoSolar leading the transition from P-type to N-type products [3] Group 4 - In 2024, JinkoSolar plans to drive growth through capacity upgrades and R&D leadership, signaling a strategic focus on increasing R&D intensity and advancing digitalization in the industry [4] - The company aims to maintain a high degree of capacity integration and leverage its first-mover advantage in N-type technology to lead in technology, scale, cost, and quality [4] - JinkoSolar is committed to reinforcing its leadership position in the "N-type era" of the photovoltaic industry [4]

机构指出，目前市场处于修复阶段，预计大盘仍可能延续盘整。 【财经日历】 中国4月制造业PMI； ►►央行召开落实金融"五篇大文章"总体统计制度动员部署会议。会议要求，金融机构要认真落实金融"五篇大文章"相关统计制度，统筹协调本单位资源， 加强相关部门的协调配合，严格落实数据质量主体责任，强化源头数据质量管理，形成从业务到统计的全链条工作保障。 ►►央行数据显示，2025年第一季度全国新发放商业性个人住房贷款加权平均利率为3.11%。 国内成品油将开启新一轮调价窗口； 美国4月ADP就业人数。 | 树 盘前必读 | // 外盘怎么样 // | | | | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 | | 道琼斯工业指数 | 40527.62 | 300.03 | 0.75% | | 纳斯达克指数 | 17461.32 с | 95.19 | 0.55% | 美股周二震荡上扬，财报季进入密集期，多家蓝筹公司业绩优于预期，提振市场信心。道指上涨300.03点，涨幅0.75%，报40527.62点；标普500指数上涨 32.08点，涨幅0.58%，报5560.83点；纳 ...

晶科能源股份有限公司 对外捐赠管理制度 第一章 总则 第一条 为进一步规范晶科能源股份有限公司（以下简称"公司"）的对 外捐赠行为，加强公司对外捐赠事项的管理，在充分维护股东、债权人以及员工 权益的基础上，更好地履行公司社会责任，根据《中华人民共和国公司法》《中 华人民共和国公益事业捐赠法》《中华人民共和国慈善法》《上海证券交易所科 创板股票上市规则》等法律、法规、规范性文件及《晶科能源股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，结合公司实际情况，特制定本制度。 第二条 本制度所称"对外捐赠"，是指公司及下属全资、控股子公司（以 下统称"子公司"）以公司或子公司名义自愿无偿将其有权处分的合法财产赠与 合法的受赠人，用于与公司生产经营活动无直接关系的公益事业的行为。 员工不得将公司拥有的财产以个人名义进行对外捐赠。捐赠财产的使用应当尊重 捐赠人的意愿，符合公益目的，不得将捐赠财产挪作他用。 第八条 量力而行原则。公司应当在力所能及的范围内，积极参加各项社 会公益活动。公司已经发生亏损或者由于对外捐赠将导致亏损或者影响公司正常 生产经营的，除按照内部制度审议决定并已经向社会公众或者受赠对象承诺的捐 ...

晶科能源股份有限公司 2024 年度独立董事述职报告 作为晶科能源股份有限公司（以下简称"公司"）的独立董事，根据《中华 人民共和国公司法》《中华人民共和国证券法》《上市公司独立董事管理办法》《上 海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）《晶科能源股份 有限公司章程》（以下简称"《公司章程》"）《晶科能源股份有限公司独立董事工 作制度》的有关规定，本着对公司及全体股东负责的态度，以关注和维护全体股 东特别是中小股东利益为宗旨，2024 年度，本人诚信、勤勉地履行独立董事的 职责，积极参与公司决策，为公司治理结构的完善和促进规范运作起到了积极作 用。现将具体工作情况汇报如下： 一、独立董事的基本情况 1、个人工作履历、专业背景及兼职情况 施俊琦先生：中国国籍，无境外永久居留权，1976 年出生，博士研究生学 历。1999 年 9 月至 2004 年 7 月，于北京大学博士研究生学习；2004 年 8 月至 2012 年 7 月，任北京大学讲师、副教授；2012 年 8 月至 2020 年 3 月，任中山大 学岭南（大学）学院管理学教授；2020 年 4 月至今，任浙江大学管理学院教授； 20 ...