Core Viewpoint - JinkoSolar (688223) expects a significant decline in net profit for 2025, projecting a loss between 6.9 billion to 5.9 billion yuan, following a modest profit of approximately 98.93 million yuan in 2024, indicating a year-on-year shift to a loss in 2025 [1] Group 1: Financial Performance - The company attributes the anticipated losses to increased price volatility in the global photovoltaic industry and trade protection policies affecting overseas markets, which have pressured profitability across the integrated photovoltaic component supply chain [1] - JinkoSolar's high-power product shipment ratio remains low, and the company is conducting impairment tests on long-term assets, which will lead to asset impairment provisions affecting overall performance [1] Group 2: Strategic Moves - JinkoSolar's subsidiary, JinkoSolar (Haining) Co., Ltd., plans to introduce strategic investors for a capital increase of up to 3 billion yuan, primarily aimed at repaying financial and operational debts [1] Group 3: Market Performance - The company's stock price has seen a decline, with a cumulative drop of 13.44% over the trading period from January 13 to January 21, closing at 5.54 yuan per share, resulting in a total market capitalization of approximately 55.43 billion yuan [1]

Core Viewpoint - JinkoSolar expects a net profit attributable to shareholders of the parent company to be between -6.9 billion and -5.9 billion yuan for the year 2025, primarily due to intensified price fluctuations in the global photovoltaic industry and trade protection policies in overseas markets [1] Group 1: Financial Performance - The company anticipates a significant loss for the year, driven by low overall prices of photovoltaic modules and a low shipment ratio of high-power products [1] - The company is conducting impairment tests on long-term assets showing signs of impairment, which will impact financial performance [1] Group 2: Industry Context - The photovoltaic industry is experiencing increased price volatility and pressure on profitability across various segments of the integrated photovoltaic module supply chain [1] - Trade protection policies in overseas markets are contributing to the challenges faced by the industry [1] Group 3: Company Strategy - Despite industry fluctuations, the company is committed to stable operations and technological leadership, launching the new generation "Tiger 3" high-efficiency module product [1] - The company is actively promoting capacity upgrades and technological improvements, alongside rapid development in its energy storage business, highlighting the synergy between solar and storage [1]

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、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （一）业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 （1）经财务部门初步测算，预计 2025 年年度实现归属于母公司所有者的净 利润为-690,000.00 万元到-590,000.00 万元。 （2）预计 2025 年年度实现归属于母公司所有者的扣除非经常性损益的净利 润为-780,000.00 万元到-670,000.00 万元。 证券代码：688223 证券简称：晶科能源 公告编号：2026-007 债券代码：118034 债券简称：晶能转债 晶科能源股份有限公司 2025 年年度业绩预告 报告期内，全球光伏产业链价格波动加剧，叠加海外市场贸易保护政策扰动， 光伏组件一体化各环节的盈利水平总体承压。面对行业波动，公司坚持稳健经营、 技术引领，发布了行业领先的新一代"飞虎 3"高效组件产品，并持续推动产能 技术升级改造，同时储能业务取得快速发展，光储协同优势成效显著。但报告期 内，光伏组件价格整 ...

格隆汇1月21日丨晶科能源(688223.SH)公布，经财务部门初步测算，预计 2025 年年度实现归属于母公 司所有者的净利润为-69亿元到-59亿元。预计 2025 年年度实现归属于母公司所有者的扣除非经常性损 益的净利润为-780,000.00万元到-670,000.00万元。 ...

每经AI快讯，1月21日，晶科能源(688223.SH)公告称，预计2025年年度实现归属于母公司所有者的净利 润为-69亿元到-59亿元。上年同期为盈利9892.76万元。面对行业波动，公司发布了行业领先的新一 代"飞虎 3"高效组件产品，并持续推动产能技术升级改造，同时储能业务取得快速发展，光储协同优势 成效显著。报告期内，光伏组件价格整体处于低位，公司高功率产品出货占比仍较低，同时基于谨慎性 原则，公司对出现减值迹象的长期资产进行减值测试，经过审慎评估将按照企业会计准则计提资产减值 准备，对业绩有一定影响，综合导致全年经营业绩出现亏损。 ...

Core Viewpoint - JinkoSolar expects a net loss attributable to shareholders of the parent company to be between 5.9 billion to 6.9 billion yuan for the year 2025, compared to a net loss of 77.06 million yuan in the same period last year [1] Group 1: Financial Performance - The primary reason for the significant change in performance is the intensified price fluctuations across the global photovoltaic industry chain [1] - The overall profitability of various segments in the integrated photovoltaic module supply chain is under pressure due to trade protection policies in overseas markets [1] - The company has a low shipment ratio of high-power products, contributing to the expected losses [1] Group 2: Asset Management - The company is conducting impairment tests on long-term assets that show signs of impairment, in line with prudent principles [1] - After careful assessment, the company will recognize asset impairment provisions according to accounting standards, which will impact overall performance [1]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report highlights that the development of reusable rocket technology has significantly reduced launch costs, creating a golden opportunity for space photovoltaics [5] - The competition in commercial space between China and the US is accelerating, with low Earth orbit (LEO) communication satellites driving short-term demand for solar wings [5] - AI giants are increasingly recognizing the potential of deploying computing power in space, which is expected to benefit space photovoltaics [5] - The report emphasizes the importance of gallium arsenide as the current mainstream technology for space photovoltaics, while also highlighting the potential of silicon-based batteries and perovskite technology in the long term [5] - Investment recommendations include focusing on HJT/perovskite equipment suppliers and companies covering various segments of the photovoltaic supply chain [5] Summary by Sections 1. Space Photovoltaics: The Main Energy Source in Space - Space photovoltaics convert solar energy into electrical energy in space environments, which are harsher than ground conditions [12][13] - Solar panels are the core component of spacecraft power systems, essential for converting solar energy into the electricity needed for satellite operations [12][13] 2. Downstream Scenarios: Commercial Space Boom Leading to a Trillion-Dollar Market - The report notes a significant increase in global satellite launches since 2020, with a projected 4000 launches by 2025, driven by reduced costs from reusable rockets [38] - The US currently dominates the satellite market, with 11,688 satellites in orbit, while China and Russia lag behind [38] - The competition for orbital resources is intensifying, with both the US and China making substantial satellite deployment plans [44][45] 3. Technology Pathways: Gallium Arsenide as the Current Mainstream, with Potential for Silicon-Based Batteries and Perovskite Breakthroughs - Gallium arsenide solar cells are currently the most efficient option for space applications, with over 30% efficiency [65] - The report discusses the evolution of solar cell technologies, including silicon and multi-junction cells, and the potential for future advancements in perovskite technology [65] 4. Investment Recommendations: Focus on HJT/Perovskite Core Equipment Suppliers - Companies such as Maiwei, Aotwei, and Jiejia Weichuang are highlighted as key players in the HJT/perovskite equipment supply chain [5] - The report suggests monitoring companies that cover the entire photovoltaic supply chain, including polysilicon, batteries, and modules [5]

Market Overview - US stock indices experienced a significant decline, with the Dow Jones falling by 870 points (1.76%), the S&P 500 down by 143.15 points (2.06%), and the Nasdaq dropping by 561.07 points (2.39%) [1] - The Chicago Board Options Exchange Volatility Index (VIX), known as Wall Street's "fear index," surged above 20, reaching recent highs [1] Technology Sector - Major tech stocks saw substantial losses, with Nvidia and Tesla both dropping over 4%, while Apple and Amazon fell more than 3% [2][3] - Nvidia's stock price was reported at $178.07, down 4.38%, and Tesla at $419.25, down 4.17% [3] Streaming and Media - Netflix's post-market decline expanded to nearly 5% due to disappointing first-quarter earnings outlook and adjustments to its acquisition proposal for Warner Bros. assets to an all-cash offer totaling $82.7 billion [4] Semiconductor Industry - The semiconductor sector faced widespread declines, with Broadcom and Skyworks Solutions dropping over 5%, while TSMC fell more than 4% [4] Banking Sector - Bank stocks also fell across the board, with Citigroup down over 4% and JPMorgan and Morgan Stanley both declining more than 3% [4] Chinese Stocks - Chinese stocks mostly declined, with JinkoSolar down 12.5% and CenturyLink down over 10% [4][5] Bond Market - US Treasury yields rose to a four-month high, while the dollar index fell by 0.41%, marking its worst two-day performance in about a month [6] Precious Metals - Gold and silver prices reached new highs, with spot gold exceeding $4,763 per ounce and silver surpassing $94 per ounce [8][9] Cryptocurrency Market - The cryptocurrency market experienced a significant downturn, with Bitcoin dropping below $90,000 and Ethereum falling below $3,000, affecting approximately 163,000 traders [10][11]

财务数据显示，截至2025年9月30日，海宁晶科资产总额约为205.37亿元，负债总额约为120.61亿元，经 计算，公司资产负债率约为58.73%。2024年及2025年前三季度，海宁晶科营收分别约为213.95亿元、 167.61亿元，净利润分别约为10.44亿元、2882.63万元。 又一家光伏巨头欲借子公司增资扩股进行融资。光伏组件龙头厂商晶科能源近日披露公告称，控股子公 司晶科能源（海宁）有限公司（以下简称"海宁晶科"）拟引入战略投资者实施增资扩股，各方拟合计以 现金增资不超过30亿元。对于增资款项用途，晶科能源方面坦言，将主要用于海宁晶科偿还金融负债或 经营性负债等。晶科能源子公司拟引入战投的背后，截至2025年前三季度末，海宁晶科、晶科能源的资 产负债率分别为58.73%、74.48%。 公告显示，海宁晶科拟实施增资扩股并引入兴银金融资产投资有限公司、中国东方资产管理股份有限公 司等战略投资者，各方拟合计以现金增资不超过30亿元，预计合计取得海宁晶科增资后的股权比例不超 过24.67%。 晶科能源方面告诉北京商报记者，海宁晶科主要涉及公司高效N型TOPCon产能，具有行业领先的技术 和成本优势； ...

Core Viewpoint - The U.S. Patent and Trademark Office has rejected the validity challenges to First Solar's TOPCon patent from Canadian Solar, JinkoSolar, and Mundra Solar [1] Group 1 - The rejection of the patent validity challenges indicates a strengthening of First Solar's intellectual property position in the solar energy sector [1] - Canadian Solar, JinkoSolar, and Mundra Solar are significant competitors in the solar industry, and their challenges reflect ongoing competitive dynamics [1] - The decision may impact future innovation and competition strategies among solar companies, particularly in the area of advanced solar technologies [1]