Summary of Key Points from the Conference Call Industry Overview - The photovoltaic (PV) industry is experiencing significant overcapacity across all segments, with nominal capacity for components approximately double the actual demand, expected to persist for several quarters [1][2][10] - As of Q1 2025, nominal capacities for solar components, batteries, silicon wafers, and silicon materials exceed 1,200 GW, while the expected production for components is only 650-700 GW [2][10] Market Dynamics - Silicon material prices are at a low point, with N-type silicon material prices nearing cash costs, leading to losses for many producers [1][3][4] - The end of the domestic installation rush has limited the downward price movement of silicon materials, prompting some companies to reduce production [1][3] - Demand for PV products is heavily influenced by policy changes, with a slight recovery expected in Q4 2025 due to concentrated domestic demand [1][5][7] Technological Developments - The advancement of battery technologies, particularly TOPCon and BC technologies, is crucial for clearing excess capacity [1][5][7][8] - TOPCon technology is evolving, with potential efficiency improvements, but requires significant investment for equipment upgrades, posing risks for underfunded companies [1][8] - BC technology shows strong performance in distributed markets, with higher average production power compared to TOPCon, particularly in Europe where it commands a premium [1][9][11] Financial Implications - The average production power of BC cells exceeds 650 W, providing a competitive edge in the market [9] - Companies like LONGi and Aiko are expanding their BC production capacity, while TOPCon technology faces challenges due to declining orders and profitability [11][12] - The profitability of BC technology in Europe is significantly higher than that of TOPCon, with potential for positive earnings if overseas shipments increase [11][12] Supply Chain and Inventory - The silicon material market is currently facing a supply-demand imbalance, with production cuts expected to continue as companies respond to low prices [4][14][15] - Inventory levels have decreased from approximately 500,000 tons to around 400,000 tons due to increased component production, with expectations for further reductions by the end of 2025 [16] Cost Structure and Innovations - Silver paste costs have risen to 12% and 39% of the total costs for components and batteries, respectively, making it a significant cost driver [17] - Innovations aimed at reducing silver paste costs include the use of copper-based alternatives, which face technical challenges but offer substantial cost savings [18][19][20] - The market for high-performance silver paste is expected to grow, with advancements in copper paste technology showing promise for future cost reductions [21][22] Conclusion - The PV industry is navigating a complex landscape of overcapacity, technological advancements, and shifting demand dynamics, with significant implications for future profitability and market positioning [1][5][7][10]

Summary of Key Points from the Conference Call on the Photovoltaic Industry Industry Overview - The photovoltaic (PV) industry has been in a loss state since Q4 2023, continuing for approximately 6 quarters, with all companies facing gross margin losses, particularly in the manufacturing segment [1][3][10] - Cash flow is generally tight across the industry, with significant price fluctuations in silicon materials and wafers, and a continuous decline in battery component prices [1][4] - Major layoffs are occurring, with leading companies like Weima Agricultural Machinery reducing their workforce by over half, and many third and fourth-tier companies being taken over by state-owned enterprises [1][5] Core Insights and Arguments - The current holding ratio in the PV industry is below the levels seen in 2020, and even lower than in 2017 and 2019, indicating a lack of confidence among investors [2][10] - The industry is facing a dual bottom in terms of chip structure and fundamentals, with a holding ratio of only 1.83% when excluding inverters [10] - The resolution of supply-demand contradictions in the PV industry requires both policy intervention and natural market clearing, with a focus on eliminating outdated production capacity and enhancing efficiency through technological advancements [11] Future Drivers and Investment Strategies - Key future drivers for the PV industry include policy changes and technological iterations, expected to see significant developments by the end of this year [6][21] - Investment strategies should focus on silicon material companies and battery-related targets, particularly after any policy or technological changes occur [7][19] - The market is anticipated to reach a turning point by the end of 2025, with significant observations expected around July and December regarding policy and technological advancements [16][17] Technical Iteration and Market Dynamics - Technological iteration is crucial for accelerating the clearing of the PV industry, with improvements in Topcon technology potentially increasing power output by 10-15 watts [13][14] - The industry is expected to undergo a phased development model, with initial challenges for second-tier companies while leading companies may turn profitable through demand digestion and technological progress [12] Recommendations for Investors - Investors are advised to gradually position themselves in the market starting from late summer 2025, as the current low attention on the sector presents tactical opportunities [20] - Engaging with industry leaders during events, such as the upcoming PV exhibition in Shanghai, is recommended for gathering insights and formulating strategies [8][20] Additional Considerations - The takeover of third and fourth-tier companies by state-owned enterprises does not necessarily equate to market exit, as these companies may still operate effectively if they can keep up with technological advancements [9] - The overall sentiment in the market remains cautious, with a continuous decline in the number of investors reflecting a lack of confidence in the PV sector [2][10]

Core Insights - The decline in electricity prices is significantly impacting the investment value of photovoltaic (PV) power stations, leading to a situation where these assets are becoming undesirable and are being sold off at low prices [1][8][9] - The value of the PV manufacturing industry is closely tied to the asset value of PV power stations, which is primarily determined by electricity prices rather than hardware costs [1][5] - Recent market trends indicate a drastic drop in electricity prices across various regions, with some areas experiencing prices as low as 0.03 yuan/kWh, which undermines the profitability of PV investments [2][3][5] Summary by Sections Investment Value of PV Power Stations - The investment value of PV power stations is deteriorating due to falling electricity prices, leading to many stations being viewed as low-efficiency or "garbage" assets [1][9] - The market is witnessing a trend where private enterprises are selling off their PV power stations, not due to strategic business models but because of increasing uncertainty in investment returns [1][8] Electricity Price Trends - In November 2024, the average electricity price for PV in Shandong dropped to 0.03 yuan/kWh, while in Shanxi, it was 0.18 yuan/kWh, indicating a downward trend compared to previous years [2][3] - Gansu province's new pricing policies have led to a significant reduction in the comprehensive electricity price for PV projects, dropping from around 0.25-0.28 yuan/kWh in 2023 to an expected 0.2 yuan/kWh in 2024 [5][6] Market Dynamics and Policy Implications - The current market dynamics are characterized by intense competition and a lack of stable policy frameworks, which are contributing to the low electricity prices [7][9] - The introduction of market-oriented trading and pricing policies is creating uncertainty for investors, as seen in the case of Jinko Energy's decision to sell its PV assets to mitigate risks associated with price fluctuations [8][9] Future Outlook - The industry is calling for more stable and predictable policies to enhance investor confidence and ensure the sustainable development of the PV sector [7][10] - The relationship between production capacity and market mechanisms needs to be improved to foster innovation and efficiency in the renewable energy sector [10]

| 专利号 | 专利名称 | 专利权人 | | --- | --- | --- | | ZL202111084159.2 | 一种太阳能电池及其制备方法、光伏组件 | 晶科能源股份有限公司 | 公司注重产品创新和技术开发，在多年的发展中积累了雄厚的研发实力并保 持持续的创新能力。截至 2025 年 4 月 30 日，公司全球专利申请超过 4,400 件， 专利授权超过 3,000 件，在专利申请和授权数量方面位于行业领先，公司还是拥 有 N 型 TOPCon 相关技术专利数量最多的企业之一，同时在电池片及组件等领 域 TOPCon、BC、钙钛矿技术，以及储能等先进技术的专利布局全球领先。本 次获奖，是对公司在 N 型 TOPCon 技术领域研发实力的充分认可，有利于提升 公司技术创新能力和核心竞争力，并提升公司品牌形象、增强行业影响力，对公 司的长远发展具有积极影响。 公司获得"第二十五届中国专利优秀奖"不会对公司近期业绩产生重大影响， 敬请广大投资者注意投资风险。 特此公告。 晶科能源股份有限公司 | 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2025-032 | | --- | --- ...

Investment Rating - The report maintains a "Positive" investment rating for the photovoltaic industry [15]. Core Insights - The report emphasizes the importance of the photovoltaic sector due to a dual bottom in both market sentiment and fundamentals, suggesting that policy changes or new technologies could accelerate supply clearing, with the end of 2025 being a critical observation point [3][10]. - It recommends gradual investment in the sector, particularly in silicon materials and battery components, as stock prices are expected to lead the fundamentals [13]. Summary by Sections Why Focus on Photovoltaics? - Dual Bottom in Sentiment and Fundamentals - The photovoltaic sector is currently experiencing low institutional holdings, with the proportion of heavy positions in A-shares dropping to 1.83% in Q1 2025, a significant decline of 0.59 percentage points [10][20]. - The entire supply chain is near cash loss, with the current situation being more severe than historical lows in industries like steel and coal [10][29]. What Scenarios Could Accelerate Supply Clearing? - Policy Relief or Technological Iteration - Historical cycles show that policy interventions have effectively stimulated demand during downturns. The current cycle may similarly require supply-side policies to address the oversupply situation [11][46]. - Technological advancements, particularly in battery efficiency, could lead to a differentiation in production quality, benefiting leading firms while forcing less competitive ones to exit the market [11][12]. When Will Supply Clear? - Key Observations for 2025 - The report identifies mid-year and year-end as critical observation points for policy direction and market conditions, with expectations of clearer domestic and international demand by mid-2025 [12][13]. When to Invest? - Preferred Segments - The report suggests focusing on silicon materials and battery components, especially if strong policies are introduced. Recommended companies include Tongwei Co., Daqo New Energy, and GCL-Poly Energy [13][20]. - In the absence of strong policies, investment should shift towards new technology segments, with specific recommendations for companies like LONGi Green Energy and JA Solar Technology [13][41].

-广告- 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤储能 资讯~ 近日，全球领先的光储企业晶科储能在德国成功签署150MWh的储能系统解决方案。该项目将部 署30套晶科储能G2蓝鲸系统（Jinko ESS G2 5MWh System），每套系统集成于20英尺标准 集装箱内，计划于2025年10月底至11月中旬分批交付。 晶科储能G2蓝鲸系统以94%的系统级充放电效率成为行业标杆，其长时储能设计可深度参与电 网调频与可再生能源消纳，显著提升能源利用率，增加客户收益。集装箱式结构设计大幅降低用 地需求，尤其契合欧洲土地资源集约化的发展方向。 晶科储能欧洲总经理Roberto表示："此次德国项目印证了欧洲对高安全、高效能储能技术的需 求。晶科储能很荣幸可以通过液冷高效储能解决方案助力德国逐步实现清洁能源转型。" ——The End—— 本文来源： 晶科能源Jinkosola 。 本公众号所发表内容注明来源的，版权归原出处所有（无法查证版权的或 未注明出处的均来源于网络搜集），如有侵权请及时联系删除。转载内容只以信息传播为目的，仅供参考，不 代表本号认同其观点和立场。内容的真实性 ...

Group 1: Event Overview - The 2025 Mexico Solar + Storage Exhibition recently concluded in Guadalajara, Jalisco, featuring 116 suppliers and distributors from Asia, America, and Europe [1] - The exhibition provided opportunities for face-to-face interactions with industry experts and practical business exploration [1] - China had the highest number of exhibitors, with over 40 companies showcasing photovoltaic panels, inverters, and mounting systems [1] Group 2: Chinese Products in Demand - Mexican solar energy distributors have increasingly favored Chinese manufacturers for their cost-effective and high-quality photovoltaic products [2] - The quality of Chinese products has improved significantly, with better materials and assembly processes noted by local distributors [2][3] - Major Mexican companies are primarily sourcing solar panels and components from Chinese brands, which have shown excellent performance in local tests [3] Group 3: Technological Advancements - New technologies from Chinese suppliers, such as Longi Green Energy's HPBC 2.0 technology, allow solar panels to function even when partially covered, enhancing energy production [5] - Chinese companies are recognized for their innovative solutions and competitive pricing, which appeal to Mexican buyers [5][9] - The exhibition attracted interest from distributors in other Latin American countries, indicating the global recognition of Chinese solar technology [11] Group 4: Market Potential and Government Initiatives - Mexico's electricity system faces challenges due to industrial growth and climate change, prompting the government to launch a $22.377 billion plan to enhance power generation and infrastructure [6] - The plan aims to achieve a power generation capacity of 22,674 MW by 2030, with a focus on clean energy sources [6] - Tax incentives and subsidies are being implemented to encourage the adoption of solar energy, making it a more accessible option for consumers [12] Group 5: Local Operations and Future Outlook - Chinese companies are establishing local operations in Mexico to ensure better inventory management, sales support, and customer service [9][10] - The Mexican solar market is expected to see significant growth, with projections indicating that installed solar capacity could exceed 10 GW by 2025 [12] - Companies like Tongwei Solar and Yuhuan Technology are increasing their investments in Mexico, anticipating a surge in demand for photovoltaic products [13]

关于获得政府补助的公告 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、准确性和完整性依法承担法律责任。 | 证券代码：688223 | 证券简称：晶科能源 公告编号：2025-031 | | --- | --- | | 债券代码：118034 | 债券简称：晶科转债 | 晶科能源股份有限公司 公司根据《企业会计准则第 16 号—政府补助》等有关规定，确认上述事项 并划分补助类型。上述政府补助未经审计，具体的会计处理以及对公司损益的影 响情况最终以审计机构年度审计确认后的结果为准，敬请广大投资者注意投资风 险。 特此公告。 晶科能源股份有限公司 董事会 2025 年 5 月 30 日 一、获得补助的基本情况 晶科能源股份有限公司（以下简称"公司"）于 2025 年 5 月 29 日收到政府 补助人民币 9,800 万元，属于与收益相关的政府补助款项。 二、补助的类型及对上市公司的影响 ...

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。 | 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2025-030 | | --- | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | | 晶科能源股份有限公司 关于提供担保的进展公告 Corporation 作为安排行和代理行组建的银团申请流动资金授信敞口额度不超过 45 亿日元，授信期限不超过一年，公司为上述授信额度提供连带责任保证担保 担保本金金额不超过 45 亿日元，具体以签订的担保协议为准。 4、晶科能源（海宁）有限公司（以下简称"海宁晶科"）向广发银行股份 有限公司嘉兴分行申请综合授信敞口额度不超过人民币 2 亿元，授信期限不超过 一年，公司为上述授信额度提供连带责任保证担保，担保金额不超过人民币 2 亿元，具体以签订的担保协议为准。 重要内容提示： 一、担保情况概述 为满足公司及相关子公司经营发展需要，公司为子公司向金融机构申请融资 提供连带责任保证担保，本次公告担保金额合计为人民币 18.69 亿元（外汇汇率 采 ...

晶科能源：公司于5月29日收到政府补助9800万元，属于与收益相关的政府补助款项。 ...