证券代码：688390 证券简称：固德威 公告编号：2025-037 固德威技术股份有限公司 关于股份回购实施结果暨股份变动的公告 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、准确性和完整性承担法律责任。 | 回购方案首次披露日 | 2025/6/4 | | | | | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 月 2025 6 6 3 | 4 日~2026 | 年 | 日 | | 预计回购金额 | 1亿元~1.5亿元 | | | | | 回购价格上限 | 70元/股 | | | | | 回购用途 | √减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | □为维护公司价值及股东权益 | | | | | 实际回购股数 | 297.73万股 | | | | | 实际回购股数占总股本比例 | 1.23% | | | | | 实际回购金额 | 14,997.94万元 | | | | | 实际回购价格区间 | 40.49元/股~55.99元/股 | | | | 重要内容提示 ...

Core Viewpoint - Gudewei (688390.SH) reported a significant increase in revenue for the first half of 2025, but continued to face net losses, indicating ongoing challenges in profitability despite revenue growth [1] Financial Performance - For the first half of 2025, Gudewei achieved operating revenue of 4.086 billion yuan, a year-on-year increase of 29.80% [1] - The net profit attributable to shareholders was -16.598 million yuan, an improvement from -23.8306 million yuan in the same period last year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -48.8367 million yuan, compared to -54.9168 million yuan in the previous year [1] - The net cash flow from operating activities was -43.8514 million yuan, a significant improvement from -908 million yuan in the same period last year [1] Previous Year Comparison - In 2024, Gudewei reported operating revenue of 6.738 billion yuan, a year-on-year decrease of 8.36% [1] - The net profit attributable to shareholders for 2024 was -61.8104 million yuan, down from 855 million yuan in the previous year [1] - The net profit after deducting non-recurring gains and losses was -194 million yuan, compared to 806 million yuan in the previous year [1] - The net cash flow from operating activities in 2024 was -793 million yuan, down from 1.034 billion yuan in the previous year [1] Initial Public Offering (IPO) Details - Gudewei raised a total of 834 million yuan from its IPO, with a net amount of 776 million yuan after deducting issuance costs [2] - The final net amount raised exceeded the original plan by 82.3718 million yuan [2] - The funds were intended for projects including the production of smart photovoltaic inverters and the construction of a new R&D building [2] Dividend Distribution - In 2021, Gudewei distributed a cash dividend of 1.2 yuan per share and transferred 0.4 shares for every share held, resulting in a total distribution of 105.6 million yuan [3] - In 2022, the company increased the cash dividend to 1.60 yuan per share and again transferred 0.4 shares for every share held, totaling 197.12 million yuan [3] - For the 2023 distribution, Gudewei plans to distribute a cash dividend of 7.5 yuan for every 10 shares and transfer 4 shares for every 10 shares held, with a total cash distribution of 129.59 million yuan [4]

Core Viewpoint - The balcony photovoltaic market in China is expected to see significant growth starting in 2025, driven by major companies entering the space and changing market dynamics due to new policies and consumer demand for energy solutions [2][4][9]. Industry Overview - Several leading companies, including Skyworth Photovoltaics, Zhejiang Chint, and Trina Solar, have launched balcony photovoltaic products since July 2025, indicating a shift in focus from traditional rooftop solar to more accessible solutions for consumers [2][3]. - The introduction of the "136 Document" by the National Development and Reform Commission and the National Energy Administration has prompted a need for new business models in the renewable energy sector, as traditional pricing mechanisms have changed [2][3]. Market Dynamics - The expected installation volume for balcony photovoltaic systems is projected to rise from approximately 1,000 units in 2024 to 10,000 units in 2025, and further to 100,000 units by 2026, indicating a transition from niche to mass market [4]. - The domestic market is primarily targeting small and medium-sized commercial users, such as street shops and restaurants, rather than residential consumers, which contrasts with the European market [11][12]. Consumer Insights - The typical consumer demographic for balcony photovoltaic systems in China is middle-class individuals aged 30-55, focusing on household electricity needs [7]. - The initial investment for a balcony photovoltaic system is around several thousand yuan, with a payback period of approximately three years based on current electricity prices [12][13]. Competitive Landscape - Companies are exploring flexible payment options, such as installment plans and leasing services, to make these systems more accessible to consumers [13][15]. - The integration of balcony photovoltaic products into existing home appliance distribution channels is being pursued, with companies like Midea and Haier entering the market with their own offerings [16][17]. Regulatory Environment - Despite the introduction of a mechanism price system, profitability for photovoltaic projects remains uncertain in some provinces, as evidenced by recent bidding results in Gansu Province [3][8]. - The Zhejiang Provincial Development and Reform Commission has proposed a new time-of-use pricing policy, which could further influence the demand for balcony photovoltaic systems [9][10].

Group 1 - Companies such as Sungrow Power Supply, Haiyou New Materials, and others have seen their stock prices drop by over 10% [1] - Tongrun Equipment experienced a previous limit down, indicating significant market pressure [1] - Other companies like Canadian Solar, Shuneng Electric, and GoodWe also reported notable declines in their stock prices [1]

Core Insights - The photovoltaic equipment and energy storage sectors are experiencing a continuous decline, with significant drops in stock prices for several companies [1] Company Performance - Sunshine Power and Haiyou New Materials both saw their stock prices drop by over 10% [1] - Tongrun Equipment previously hit the daily limit down [1] - Other companies such as Canadian Solar, Shuneng Electric, and GoodWe also reported notable declines in their stock prices [1]

Core Insights - The photovoltaic industry is experiencing a decline, with the China Securities Photovoltaic Industry Index down 4.33% as of October 17, 2025, and significant drops in major stocks such as Sungrow Power (down 8.10%) and LONGi Green Energy (down 7.84%) [1][2] - The industry may enter a "de-involution" phase, with key events such as the Fourth Plenary Session of the 20th Central Committee scheduled for October 20-23, which is expected to discuss the "14th Five-Year Plan" and potential policy implications [1] - The upcoming third-quarter earnings reports for listed companies are anticipated to show significant improvements, particularly in the silicon material segment, following price increases since July [1] Industry Overview - The photovoltaic sector is currently characterized by low valuations, which may present investment opportunities in a volatile market environment [2] - The China Securities Photovoltaic Industry Index includes a maximum of 50 representative companies from the photovoltaic industry chain, reflecting the overall performance of listed companies in this sector [2] - As of September 30, 2025, the top ten weighted stocks in the index accounted for 58.02% of the total index, with major players including Sungrow Power, LONGi Green Energy, and TBEA [2]

Group 1 - The core point of the news is that GCL-Poly Energy Holdings Limited experienced a decline of 5.05% in stock price, reaching 55.80 CNY per share, with a trading volume of 210 million CNY and a turnover rate of 1.53%, resulting in a total market capitalization of 13.547 billion CNY [1] - GCL-Poly Energy Holdings Limited, established on November 5, 2010, and listed on September 4, 2020, is primarily engaged in the research, production, and sales of photovoltaic inverters and related products [1] - The revenue composition of GCL-Poly includes 45.41% from household systems, 32.91% from grid-connected photovoltaic inverters, 7.05% from other products, 7.02% from energy storage batteries, 6.85% from photovoltaic energy storage inverters, and 0.76% from other sources [1] Group 2 - Xinhua Fund has one fund heavily invested in GCL-Poly, specifically the Xinhua Stable Return Flexible Allocation Mixed Fund (001004), which held 30,400 shares in the second quarter, accounting for 2.51% of the fund's net value, making it the sixth-largest holding [2] - The Xinhua Stable Return Flexible Allocation Mixed Fund (001004) was established on May 29, 2015, with a latest scale of 52.596 million CNY, achieving a year-to-date return of 18.98% and a one-year return of 29.66% [2] - The fund manager, Yu Jiaying, has been in position for 1 year and 148 days, with the fund's total asset scale at 52.5968 million CNY, achieving a best return of 26.98% and a worst return of 21.96% during her tenure [3]

Group 1 - The company, Goodwe (688390.SH), announced a share buyback of 2.7082 million shares, representing 1.12% of its total share capital [1] - The buyback was conducted through the Shanghai Stock Exchange's centralized bidding system [1] - The total amount spent on the buyback was 135 million yuan, excluding transaction fees [1] Group 2 - The highest price for the shares during the buyback was 55.99 yuan per share, while the lowest price was 40.49 yuan per share [1]

| 回购方案首次披露日 | 2025/6/4 | | | | | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 月 2025 6 4 6 3 | 日~2026 | 年 | 日 | | 预计回购金额 | 1亿元~1.5亿元 | | | | | 回购用途 | √减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | □为维护公司价值及股东权益 | | | | | 累计已回购股数 | 270.82万股 | | | | | 累计已回购股数占总股本比例 | 1.12% | | | | | 累计已回购金额 | 13,531.36万元 | | | | | 实际回购价格区间 | 40.49元/股~55.99元/股 | | | | 一、回购股份的基本情况 2025 年 6 月 3 日，公司召开第三届董事会第三十二次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用自有资金和股票 回购专项贷款通过集中竞价交易方式进行股份回购。回购股份将用于股权激励或 员工持股计划，或用于减少注册资本，回购价格不超过人民币 53 元/股 ...

Market Overview - The photovoltaic equipment sector rose by 1.48% on September 30, with GoodWe leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Key Performers - GoodWe (688390) closed at 64.69, up 12.68% with a trading volume of 178,400 shares and a turnover of 1.094 billion [1] - DeYee (605117) closed at 81.00, up 7.28% with a trading volume of 322,400 shares and a turnover of 2.540 billion [1] - Other notable performers include ST Quanwang (300093) up 5.68%, Star Energy Technology (688348) up 5.45%, and Dike Co. (300842) up 5.45% [1] Decliners - Yicheng New Energy (300080) fell by 7.14% to 5.46, with a trading volume of 2,205,300 shares and a turnover of 126.3 million [2] - ST Muban (603398) decreased by 4.99% to 8.95, with a trading volume of 343,800 shares and a turnover of 310 million [2] - Other notable decliners include Sunshine Power (300274) down 1.83% and Motewei (688516) down 1.69% [2] Fund Flow Analysis - The photovoltaic equipment sector experienced a net outflow of 573 million from institutional investors, while retail investors saw a net inflow of 338 million [2] - Notable net inflows from retail investors were observed in GoodWe (688390) and Dike Co. (300842) [3] - The main net inflow was from Longxi Green Energy (601012) at 253 million, while DeYee (605117) saw a net outflow of 66.3 million from institutional investors [3]