Core Viewpoint - The patent dispute between Longi Green Energy and JinkoSolar has been resolved, marking a shift from price competition to technology-driven high-quality development in the photovoltaic industry [1][2]. Group 1: Patent Dispute Resolution - Longi Green Energy and JinkoSolar announced a joint statement on September 19, 2023, confirming the settlement of their global patent litigation [1]. - The agreement includes the cessation of all ongoing patent disputes and a cross-licensing arrangement for certain core patents [1]. - The resolution reflects both companies' commitment to intellectual property respect and a willingness to explore deeper cooperation in technology development [1][2]. Group 2: Industry Context - The photovoltaic industry is transitioning from price competition to a focus on technological innovation, which is crucial for breaking through intense market competition [2]. - The patent disputes between the two companies began in the second half of the previous year and escalated in early 2023, with multiple lawsuits filed across various jurisdictions [6][7][8][9]. - The increase in patent disputes in the photovoltaic sector is attributed to the growing importance of intellectual property and the strategic use of patents to limit competitors' market power [11]. Group 3: Technological Focus - Both companies are likely to have reached an agreement regarding the TOPCon and BC technologies, which are key areas of focus for innovation in the photovoltaic sector [12]. - JinkoSolar has applied for over 5,500 patents, with 75% being invention patents, and reported a nearly 50% year-on-year increase in patent fees [13]. - Longi Green Energy has over 3,500 authorized patents and 480 patents related to BC technology, with a production capacity of 24 GW for HPBC2.0 batteries [17]. Group 4: Market Position and Financial Performance - In terms of shipment volume, JinkoSolar led the market with 41.84 GW of photovoltaic module shipments in the first half of the year, surpassing Longi Green Energy's 39.57 GW [17]. - However, JinkoSolar reported a loss of 2.909 billion yuan, while Longi Green Energy's loss was 2.569 billion yuan, indicating a smaller loss compared to its competitors [17]. - As of September 19, 2023, Longi Green Energy's stock price increased by 0.48% to 16.9 yuan per share, with a market capitalization of approximately 128.1 billion yuan, while JinkoSolar's stock price remained stable at 5.35 yuan per share, with a market capitalization of about 53.5 billion yuan [17].

Core Viewpoint - The leading companies in the photovoltaic industry, Longi Green Energy and JinkoSolar, have reached a settlement regarding patent litigation, marking a shift from price competition to technology-driven high-quality development in the industry [1][2]. Group 1: Settlement and Cooperation - Longi Green Energy and JinkoSolar announced a joint statement on September 19, 2023, regarding the resolution of ongoing patent disputes globally [1]. - The companies agreed to end all patent litigation and establish cross-licensing agreements for certain core patents [1][2]. - This settlement reflects both companies' commitment to intellectual property protection and their intention to foster a collaborative and sustainable knowledge ecosystem within the photovoltaic industry [2]. Group 2: Industry Implications - The collaboration between Longi Green Energy and JinkoSolar is expected to encourage more photovoltaic companies to invest in research and development, promoting a healthy competitive environment [2]. - The two companies are leaders in patent reserves for BC and TOPCon technologies, and their partnership is seen as a "strongest combination" covering the two main technological routes in the industry [2]. - The competitive landscape may accelerate the exit of smaller players with insufficient patent reserves, thereby facilitating the elimination of outdated production capacity and creating favorable conditions for cost reduction in BC technology [2].

Core Viewpoint - The resolution of the patent disputes between JinkoSolar and Longi Green Energy reflects a shift towards a healthier business ecosystem in the photovoltaic industry, emphasizing the importance of intellectual property as a competitive tool and the need for collaboration to enhance innovation and market stability [1][2][10]. Group 1: Patent Dispute Resolution - JinkoSolar and Longi Green Energy have reached a settlement agreement to end all ongoing patent disputes globally, including cross-licensing arrangements for core patents [4][5]. - The patent litigation between these two leading companies has been extensive, involving at least 13 cases over the past 10 months across multiple jurisdictions, including China, Japan, the United States, Australia, and Europe [6][7]. Group 2: Industry Implications - The resolution of the disputes is seen as a positive development for the entire photovoltaic industry, indicating a collective move towards protecting intellectual property and fostering a more stable market environment [10][11]. - The industry is currently experiencing a phase of "internal competition," where prolonged disputes could harm both parties and benefit emerging foreign competitors, highlighting the need for constructive engagement and consensus [2][12]. - Future competitiveness in the photovoltaic sector will depend not only on production capacity but also on the ability to create a virtuous cycle in technology, standards, and ecosystem development [2][12].

Core Viewpoint - The domestic photovoltaic industry leaders Longi Green Energy and JinkoSolar have reached a settlement regarding global patent disputes, agreeing to end all ongoing legal proceedings and establish cross-licensing arrangements for certain core patents [1]. Summary by Relevant Sections - **Settlement Details** - Longi Green Energy and JinkoSolar have agreed to terminate all global patent litigation and have made commercial arrangements for cross-licensing of some core patents [1]. - **Market Reaction** - Following the announcement, JinkoSolar's stock in the U.S. pre-market trading rose nearly 4%, with the latest increase recorded at 1.74% [1].

Investment Rating - The report recommends a positive outlook for the photovoltaic (PV) industry, highlighting that the current position is worth close attention as the industry is expected to experience a turnaround due to various favorable factors [2][3]. Core Viewpoints - The report emphasizes that the "anti-involution" measures being implemented by the government are expected to have a very positive impact on the PV sector, leading to a reversal of the current difficulties faced by the industry [2][3]. - The PV industry is currently at a historical low, with significant potential for improvement as policies and performance indicators begin to shift positively [2][3]. Summary by Sections 1. Photovoltaic as a Key Industry for "Anti-Involution" - The government is intensifying efforts to prevent "involution" in the PV sector, which has been characterized by irrational competition and price wars [7][12]. - The report notes that from the beginning of 2025, prices across the PV industry chain have been under pressure, with a continuous decline observed for 10 weeks, indicating a need for stabilization [7][12]. 2. Multi-faceted Approach for Industry Recovery - The industry is expected to benefit from supply-side adjustments, including capacity consolidation and self-regulation to alleviate excess supply [21][22]. - Policy measures are being introduced to regulate industry standards and improve legal frameworks, which will help curb unfair pricing practices [21][22]. - Demand-side mechanisms, such as the introduction of stable electricity pricing, are anticipated to stabilize market expectations [21][22]. 3. Photovoltaic Sector at Historical Low, Worth Attention - The report highlights that the market capitalization of public funds in the PV equipment sector has dropped to 23.94 billion yuan, representing only 2.1% of the circulating market, indicating a significant retreat to levels seen in 2018 [2][3]. - The report suggests that as policy and performance inflection points approach, the valuation of the PV industry is likely to improve, making it a focal point for investors [2][3]. 4. Recommended Stocks - The report provides a list of recommended stocks across various segments of the PV industry, including polysilicon, energy storage, leading companies in each segment, and integrated module manufacturers [2][3].

两家公司表示，结束在全球范围内正在进行的全部专利纠纷法律程序，并就双方各自持有的部分核心专 利的交叉授权许可达成相关商业安排。（第一财经记者 陆如意） 9月19日晚间，第一财经记者从隆基绿能与晶科能源官微获悉，双方及双方关联公司在全球范围内正在 进行的相关专利主张和法律事项已达成和解协议。 ...

9月19日晚间，第一财经记者从隆基绿能与晶科能源官微获悉，双方及双方关联公司在全球范围内正在 进行的相关专利主张和法律事项已达成和解协议。两家公司表示，结束在全球范围内正在进行的全部专 利纠纷法律程序，并就双方各自持有的部分核心专利的交叉授权许可达成相关商业安排。（第一财经记 者 陆如意） ...

Core Viewpoint - Longi Green Energy and Jinko Solar have reached a settlement agreement regarding ongoing patent claims and legal matters globally, agreeing to end all patent dispute legal proceedings and establish commercial arrangements for cross-licensing of certain core patents held by both parties [1] Summary by Relevant Categories Company Developments - Longi Green Energy and Jinko Solar have announced a resolution to their patent disputes, which indicates a significant step towards collaboration in the solar energy sector [1] - The agreement includes the termination of all ongoing patent litigation globally, suggesting a shift in focus from legal battles to potential cooperative ventures [1] Industry Implications - The settlement may lead to enhanced innovation and development within the solar energy industry, as both companies can now leverage each other's patented technologies [1] - This resolution could set a precedent for other companies in the solar sector, promoting a more collaborative environment rather than competitive litigation [1]

根据和解协议，双方同意：结束在全球范围内正在进行的全部专利纠纷法律程序，并就双方各自持有的 部分核心专利的交叉授权许可达成相关商业安排。 （文章来源：新华财经） 新华财经北京9月19日电 新华财经今日获悉，国内光伏行业两大龙头隆基绿能与晶科能源已就全球专利 互诉达成和解。 ...

东方金诚国际信用评估有限公司关于晶科能源股份有限公司 2025 年半年度业绩亏损的关注公告 1 东方金诚公告【2025】0375 号 东方金诚国际信用评估有限公司（以下简称"东方金诚"）受托对晶科能源股份有限公司（以 下简称"晶科能源"或"公司"）及其发行的"晶科能源股份有限公司向不特定对象发行可转换公 司债券"（以下简称"晶能转债"）进行了信用评级。2025 年 6 月 20 日，东方金诚对晶科能源主 体及"晶能转债"进行了定期跟踪评级，维持晶科能源主体信用等级为 AA+，评级展望稳定，维持 "晶能转债"信用等级为 AA+，评级结果自评级报告日起至到期兑付日有效。 东方金诚关注到，晶科能源于 2025 年 8 月 28 日发布《晶科能源 2025 年半年度报告》，数据 显示，2025 年 1～6 月，公司营业收入 318.31 亿元，利润总额-42.16 亿元，归属于上市公司股东的 净利润-29.09 亿元，归属于上市公司股东的扣除非经常性损益的净利润-31.75 亿元。 上述事项发生后，东方金诚通过向企业电话沟通、查询公开资料等方式了解到，公司业绩变动 原因主要为：光伏市场竞争加剧、海外贸易政策变化、光伏 ...