Core Insights - The Zhongzheng Photovoltaic Industry Index (931151) has seen a strong increase of 2.94% as of September 3, 2025, with significant gains in constituent stocks such as Sungrow Power (300274) up 15.26% and Longi Green Energy (601012) up 2.81% [1][3] - The Photovoltaic ETF Fund (516180) has risen by 2.82%, with a latest price of 0.69 yuan, and has accumulated a total increase of 4.66% over the past two weeks [1] - The index reflects the overall performance of listed companies in the photovoltaic industry chain, selecting up to 50 representative stocks [1] Index Composition - As of August 29, 2025, the top ten weighted stocks in the Zhongzheng Photovoltaic Industry Index account for a total of 56.14% of the index [1] - The top ten stocks by weight include: - Sungrow Power (300274) with a weight of 10.51% - Longi Green Energy (601012) with a weight of 9.97% - TCL Technology (000100) with a weight of 9.42% - TBEA Co., Ltd. (600089) with a weight of 6.99% - Tongwei Co., Ltd. (600438) with a weight of 5.24% [3]

Core Insights - The four major photovoltaic companies reported a combined revenue of 119.6 billion yuan in the first half of 2025, a year-on-year decrease of 28% and a quarter-on-quarter decrease of 24.9% [2][5] - Despite ongoing efforts to reduce internal competition, the industry continues to experience "loss-making shipments" and cost-cutting measures remain prevalent [1][29] Revenue and Profit Summary - The four companies collectively recorded a net loss of approximately 10.98 billion yuan, which is 2.5 times the loss from the same period last year [5] - Revenue breakdown for each company shows: - Longi Green Energy: 32.81 billion yuan, down 14.83% year-on-year and down 25.52% quarter-on-quarter [3][7] - Trina Solar: 30.16 billion yuan, down 27.72% year-on-year and down 16.77% quarter-on-quarter [4][7] - JinkoSolar: 31.83 billion yuan, down 32.63% year-on-year and down 29.61% quarter-on-quarter [3][7] - JA Solar: 23.90 billion yuan, down 36.01% year-on-year and down 27.04% quarter-on-quarter [4][7] Shipment Volume Analysis - The total shipment volume for the four companies was approximately 247.9 GW, a 10% increase year-on-year [9] - Shipment volume for each company: - Longi Green Energy: 39.57 GW, up 26.3% year-on-year [10] - Trina Solar: over 32 GW, down 5.9% year-on-year [11] - JinkoSolar: 41.84 GW, down 4.5% year-on-year [12] - JA Solar: 33.79 GW, down 11.1% year-on-year [13] Cost-Cutting Measures - All four companies are implementing cost-cutting strategies, including reductions in sales and management expenses: - Longi Green Energy: Sales expenses down 36.9% year-on-year [18] - Trina Solar: Sales expenses down 27.9% year-on-year [19] - JinkoSolar: Sales expenses down 12.4% year-on-year [20] - JA Solar: Sales expenses down 6.3% year-on-year [20] - Management expenses also decreased across the board, with Longi Green Energy reporting a 22.8% reduction [22] Employment and R&D Adjustments - Significant layoffs have occurred, with Trina Solar reducing its workforce by approximately 17% [25] - R&D expenses have also been cut, with Longi Green Energy reporting a 15.2% decrease [24] Industry Outlook - The industry is facing challenges such as supply-demand imbalance and intensified market competition, with "loss-making shipments" and "cost-cutting" remaining the norm [29] - Recent regulatory changes indicate a potential shift towards curbing low-cost competition, which may impact the industry's dynamics in the second half of 2025 [30][31]

Core Insights - JinkoSolar reported a significant decline in revenue and a shift to net losses in the first half of 2025, reflecting broader challenges in the photovoltaic industry [1][2] Financial Performance - JinkoSolar's revenue for the first half of 2025 was 31.831 billion yuan, a year-on-year decrease of 32.63% [1] - The company recorded a net loss attributable to shareholders of 2.909 billion yuan, a stark contrast to a net profit of 1.2 billion yuan in the same period last year [1] - The gross margin fell to -2%, a decline of 10.6 percentage points year-on-year, while the net profit margin was -9.1%, down 11.7 percentage points [1] - In Q2 2025, revenue was 17.99 billion yuan, a year-on-year decrease of 25.6% but a quarter-on-quarter increase of 29.9% [1] - The net loss for Q2 was 1.52 billion yuan, a staggering year-on-year drop of 6336.8% [1] Industry Context - The photovoltaic industry is experiencing intensified competition and declining product prices, leading to widespread losses among major players [1] - Other significant companies in the sector, such as Longi Green Energy, Trina Solar, JA Solar, and Tongwei, also reported substantial losses in the first half of 2025 [1] Cash Flow and Operational Efficiency - As of June 2025, JinkoSolar's debt-to-asset ratio was 74.07%, an increase of 2.08 percentage points from the end of 2024, with interest-bearing debt rising by 5.92 percentage points [2] - The operating cash flow for the first half of 2025 was -3.81 billion yuan, with a net outflow that doubled year-on-year [2] - Inventory levels increased to 12.89 billion yuan, further straining cash flow and operational efficiency [2] - Accounts receivable turnover days increased to 79.52 days by the end of Q2 2025, indicating declining operational efficiency [2] Market Position - Despite challenges, JinkoSolar maintained its position as the world's largest module supplier with cumulative shipments of approximately 350 GW as of Q2 2025 [3] - The company is facing pressure to adopt a "price for volume" strategy to maintain its market share [3] Comparative Performance - Some companies in the photovoltaic sector, such as Sungrow Power, Zhengtai Electric, and Hengdian East Magnetic, reported growth in net profits, attributed to diversified business strategies or technological advantages [2]

Core Points - The 11th Jin Qilin Golden Secretary Honor List was announced, with Jiang Rui, Secretary of the Board of JinkoSolar, winning the New Horizon Award for his outstanding professional capabilities and performance [1][2] - The Jin Qilin Golden Secretary selection has been held for eleven years, recognizing over 900 excellent secretaries, and is regarded as a highly authoritative award in the industry [1] - The evaluation criteria include information disclosure quality, investor communication effectiveness, corporate governance, ESG construction, and contributions to capital operations [1] Company and Industry Insights - The role of a Secretary of the Board is crucial in corporate governance and development, acting as a key link between the company and the capital market [1][2] - An excellent Secretary can effectively communicate company value in complex market environments, innovate communication methods while adhering to compliance, and demonstrate corporate responsibility [2] - Jiang Rui's recognition reflects both his individual excellence in capital communication and governance, as well as the market's high regard for JinkoSolar's governance level and value growth [2]

Investment Rating - The investment rating for JinkoSolar is "Buy" (maintained) [1] Core Views - The company maintains its leading position in module shipments, with a continuous upgrade of TOPCon technology [1] - Despite short-term price pressures, the company is expected to recover profitability as module prices stabilize and improve due to industry trends [8] - The company has achieved significant advancements in N-type technology, with battery efficiency reaching 27.02% in H1 2025, and plans to upgrade a substantial portion of its existing capacity [8] Financial Performance Summary - For 2023, total revenue is projected at 118.68 billion yuan, with a year-on-year growth of 43.55% [1] - The net profit attributable to shareholders is expected to be 7.44 billion yuan, reflecting a year-on-year increase of 153.20% [1] - In 2025, total revenue is forecasted to decline to 68.47 billion yuan, with a year-on-year decrease of 25.95% [1] - The net profit attributable to shareholders is projected to be -4.23 billion yuan in 2025, a significant decline compared to previous years [1] Shipment and Production Insights - In H1 2025, the company shipped 41.84 GW of modules, maintaining its position as the industry leader [8] - The company anticipates module shipments of approximately 20-23 GW in Q3 2025, with a total expected shipment of 90-100 GW for the year [8] - Energy storage shipments have also exceeded expectations, with H1 2025 shipments reaching 1.5 GWh, surpassing the entire 2024 target [8] Cost Management and Capital Expenditure - The company has successfully reduced operating expenses, with a 5.1% year-on-year decrease in H1 2025 [8] - Capital expenditures in H1 2025 were significantly reduced by 72.3% compared to the previous year [8] - The company is focusing on stringent cost control and reducing capital expenditures to improve cash flow [8]

来源：新浪证券-红岸工作室 机构持仓方面，截止2025年6月30日，晶科能源十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股4.38亿股，相比上期增加5720.66万股。华夏上证科创板50成份ETF（588000）位居第四大 流通股东，持股2.20亿股，相比上期减少573.67万股。易方达上证科创板50ETF（588080）位居第七大 流通股东，持股1.66亿股，相比上期增加470.99万股。 融券方面，晶科能源8月29日融券偿还1.02万股，融券卖出3.43万股，按当日收盘价计算，卖出金额 19.46万元；融券余量44.93万股，融券余额254.75万元，低于近一年50%分位水平，处于较低位。 资料显示，晶科能源股份有限公司位于上海市闵行区申长路1466弄1号晶科中心，成立日期2006年12月 13日，上市日期2022年1月26日，公司主营业务涉及太阳能光伏组件、电池片、硅片的研发、生产和销 售以及光伏技术的应用和产业化,并以此为基础向全球客户提供高效、高质量的太阳能光伏产品。主营 业务收入构成为：光伏组件96.33%，其他(补充)2.62%，光伏电池片0.89%，硅片0.16%。 截至6月3 ...

Core Viewpoint - JinkoSolar's performance has significantly declined in the first half of 2025, with a revenue drop of 32.63% and a net loss of 29.09 billion yuan, attributed to intensified competition and falling prices in the photovoltaic market [3][4][7][8]. Financial Performance - JinkoSolar reported a revenue of 31.831 billion yuan in the first half of 2025, a decrease of 32.63% year-on-year [3][7]. - The company experienced a net loss of 29.09 billion yuan, a decline of 342.38% compared to a profit of 12 billion yuan in the same period last year [3][7]. - The non-recurring net profit was -31.75 billion yuan, a staggering drop of 1560.33% year-on-year [7]. - The net cash flow from operating activities was -3.812 billion yuan, primarily due to reduced sales receipts [9]. Industry Context - The photovoltaic industry is facing severe challenges, with many companies reporting significant losses. In the first quarter of 2025, 31 A-share listed photovoltaic companies collectively lost 12.58 billion yuan, a year-on-year increase of 274.3% in losses [10][11]. - Over 40 companies have announced delistings, bankruptcies, or mergers since the beginning of 2024 [11]. - The industry is experiencing overcapacity, with domestic manufacturers' production capacity exceeding 1100 GW, while the optimistic demand for 2025 is only 600 GW globally [11][12]. Company Strategy - JinkoSolar aims to navigate the industry's downturn by focusing on technological innovation, global market expansion, and efficient management to build a competitive edge [13]. - The company has reduced its R&D expenses to 1.175 billion yuan, a decrease of 56.95% year-on-year, with R&D expenditure accounting for 3.69% of revenue, down from 5.78% [10]. Wealth Impact - The wealth of JinkoSolar's founder, Li Xian De, has significantly decreased, with his family's net worth dropping from 215.1 billion yuan last year to 152 billion yuan this year, a loss of 63.1 billion yuan [5][12].

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company reported a revenue of 31.83 billion yuan in H1 2025, a year-on-year decrease of 32.63%, and a net profit attributable to shareholders of -2.91 billion yuan [1] - The company remains the industry leader in shipment volume, with a cumulative shipment of approximately 200GW for the N-type TigerNeo series high-efficiency modules, which is expected to generate a premium of 0.5-1 cent per watt due to better power generation benefits [2][3] - The company is expanding its global presence, with overseas shipments accounting for about 60% in H1 2025, and the energy storage business is expected to ramp up, with projected shipments of 6GWh for the year [3] Financial Forecasts - Revenue projections for 2025-2027 are 66.62 billion yuan, 85.64 billion yuan, and 96.92 billion yuan respectively, with net profits expected to be -3.87 billion yuan, 2.47 billion yuan, and 4.06 billion yuan [4][9] - The company is expected to achieve a PE ratio of 23x in 2026 and 14x in 2027 based on the closing price on August 29 [4][9]

Core Viewpoint - JinkoSolar reported a significant decline in performance for the first half of 2025, with revenue dropping by 32.63% year-on-year to 31.831 billion yuan and a net loss of 2.909 billion yuan compared to a profit of 1.2 billion yuan in the same period last year, primarily due to intensified competition and falling prices in the photovoltaic market [2][5][6]. Financial Performance - The company achieved revenue of 31.831 billion yuan in the first half of 2025, a decrease of 32.63% year-on-year [5]. - The net profit attributable to shareholders was -2.909 billion yuan, a decline of 342.38% compared to a profit of 1.2 billion yuan in the previous year [5][6]. - The non-recurring net profit was -3.175 billion yuan, a staggering drop of 1560.33% year-on-year [5]. - The net cash flow from operating activities was -3.812 billion yuan, attributed to a decrease in received sales payments [7]. Market Context - The photovoltaic industry is experiencing severe challenges, with many players facing similar performance declines. In the first quarter of 2025, 31 A-share listed photovoltaic companies reported a combined net loss of 12.58 billion yuan, a year-on-year increase of 274.3% [7]. - Over 40 companies have announced delistings, bankruptcies, or mergers since 2024 [7]. - The industry is facing overcapacity, with domestic manufacturers' production capacity exceeding 1100 GW, while optimistic demand for 2025 is projected at 600 GW globally and 250 GW in China [8]. Strategic Response - JinkoSolar is focusing on technological innovation, global market expansion, and efficient operations to address the challenges posed by supply-demand imbalances and price declines [9]. - The company has reduced its R&D expenses to 1.175 billion yuan, a decrease of 56.95% year-on-year, with R&D expenditure accounting for 3.69% of revenue, down from 5.78% [7]. Leadership and Wealth Impact - The wealth of the founder, Li Xian De, has significantly decreased, with the family's net worth dropping by 6.31 billion yuan to 15.2 billion yuan compared to the previous year, and by 20.1 billion yuan from its peak in 2023 [3][10].

（文章来源：证券日报） 证券日报网讯 8月29日晚间，晶科能源发布公告称，公司无逾期对外担保情况。 ...