证券日报网讯 9月1日晚间，固德威发布公告称，截至2025年8月31日，公司通过上海证券交易所交易系 统以集中竞价交易方式回购公司股份1，082，490股，占公司总股本242，586，404股的比例为0.45%。 （文章来源：证券日报） ...

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（含），回 购资金总额不低于人民币 1 亿元（含）且不超过人民币 1.5 亿元（含），回购期限 为自董事会审议通过本次回购方案之日起 12 个月内。具体内容详见公司于 2025 年 6 月 4 日在上海证券交易所网站（www.sse.com.cn）披露的《关于以集中竞价交 易方式回购股份方案的公告》（公告编号：2025-021）。 证券代码：688390 证券简称：固德威 公告编号：2025-032 固德威技术股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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。 重要内容提示： | 回购方案首次披露日 | 2025/6/4 | | | | | | --- | --- | --- | ...

Group 1 - The company, Goodwe (688390.SH), announced a share buyback of 1.0825 million shares, representing 0.45% of its total share capital [1] - The highest price for the buyback was 50.00 CNY per share, while the lowest price was 40.49 CNY per share [1] - The total amount spent on the buyback was 46.3503 million CNY, excluding transaction fees such as stamp duty and commission [1]

Group 1 - The core viewpoint of the news is the performance and financial metrics of GCL-Poly Energy Holdings Limited, highlighting its stock price increase and market capitalization [1] - GCL-Poly's main business involves the research, production, and sales of photovoltaic inverters, with revenue composition including 45.41% from household systems and 32.91% from grid-connected inverters [1] - As of the report, GCL-Poly's stock price rose by 5.03% to 52.62 CNY per share, with a trading volume of 413 million CNY and a turnover rate of 3.35%, leading to a total market value of 12.765 billion CNY [1] Group 2 - From the perspective of fund holdings, GCL-Poly is a significant investment for the Yimi Low Carbon Economy Stock Fund, which holds 61,100 shares, accounting for 6.76% of the fund's net value [2] - The Yimi Low Carbon Economy Stock Fund has achieved a year-to-date return of 21.05% and a one-year return of 65.79%, ranking 2221 out of 4222 and 1135 out of 3779 respectively in its category [2] - The fund was established on March 14, 2023, with a current scale of 35.1922 million CNY, and has reported a cumulative loss of 8.32% since inception [2]

Core Viewpoint - GCL-Poly (688390) reported a revenue increase and a narrowing loss in its 2025 mid-year financial report, indicating a positive trend in financial performance despite ongoing challenges [1]. Financial Performance - The total operating revenue reached 4.086 billion yuan, a year-on-year increase of 29.8% [1]. - The net profit attributable to shareholders was -16.598 million yuan, improving by 30.35% year-on-year [1]. - In Q2, the operating revenue was 2.204 billion yuan, up 9.01% year-on-year, with a net profit of 11.4303 million yuan, reflecting a significant increase of 129.02% year-on-year [1]. - Gross margin stood at 19.92%, down 12.49% year-on-year, while net margin improved to 0.38%, up 155.53% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 463 million yuan, accounting for 11.33% of revenue, a decrease of 15.21% year-on-year [1]. Balance Sheet Highlights - Cash and cash equivalents increased to 1.07 billion yuan, a rise of 45.66% year-on-year [1]. - Accounts receivable rose to 1.246 billion yuan, up 33.85% year-on-year [1]. - Interest-bearing debt surged to 1.487 billion yuan, an increase of 136.02% year-on-year [1]. Investment Metrics - The company's return on invested capital (ROIC) was 0.72%, indicating weak capital returns in recent years [3]. - Historical data shows a median ROIC of 16.65% since the company went public, with two years of losses [3]. - The cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 35.27% [3]. Fund Holdings - The largest fund holding GCL-Poly is the GF High-end Manufacturing Stock A, with 6.2816 million shares newly entering the top ten holdings [4]. - Other funds have shown varied interest, with some increasing their positions while others have reduced their holdings [4].

Core Viewpoint - GoodWe Technologies Co., Ltd. reported a significant increase in revenue for the first half of 2025, driven by strong performance in the photovoltaic industry and expansion in both domestic and international markets [3][4][9]. Financial Performance - The company's operating income for the first half of 2025 reached approximately 4.09 billion RMB, representing a 29.80% increase compared to the same period last year [3][4]. - The net profit attributable to shareholders was approximately -16.60 million RMB, an improvement of 7.23 million RMB from the previous year [3][9]. - The total assets of the company stood at approximately 8.02 billion RMB, showing a slight increase of 0.80% from the end of the previous year [3][9]. Market Position and Industry Context - The photovoltaic industry in China has become a global leader, with a significant increase in installed capacity, reaching 211.61 GW in the first half of 2025, a year-on-year growth of approximately 106.49% [7]. - GoodWe's product offerings include photovoltaic grid-connected inverters, energy storage products, and household systems, focusing on reducing electricity costs and improving efficiency [7][8]. - The company has established a strong global presence, with inverter sales of approximately 399,500 units in the first half of 2025, of which about 91.69% were grid-connected inverters [10][20]. Research and Development - GoodWe emphasizes continuous research and development, with a focus on energy conversion, power electronics, and energy management technologies [8][18]. - The company holds 687 authorized intellectual properties, including 105 invention patents, indicating a strong commitment to innovation [12][18]. Awards and Recognition - The company received multiple awards during the reporting period, including recognition as a leading inverter manufacturer by Bloomberg New Energy Finance and various industry awards for its products [10][20]. - GoodWe's products have been certified by international authorities, enhancing its reputation in the photovoltaic sector [19][20].

Core Viewpoint - Goodwe Technology Co., Ltd. reported a significant increase in operating revenue for the first half of 2025, but also faced net losses and a decrease in net assets compared to the previous year [3][4]. Company Overview - The company is listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board with the stock code 688390 [3]. - As of the end of the reporting period, the total assets amounted to approximately 8.02 billion RMB, reflecting a 0.80% increase from the previous year [3]. - The net assets attributable to shareholders decreased by 1.43% to approximately 2.71 billion RMB [3]. Financial Performance - The operating revenue for the first half of 2025 reached approximately 4.09 billion RMB, marking a 29.80% increase compared to the same period last year [3]. - The total profit for the period was a loss of approximately 3.05 million RMB, an improvement from a loss of about 14.30 million RMB in the previous year [3]. - The net profit attributable to shareholders was a loss of approximately 16.60 million RMB, compared to a loss of about 23.83 million RMB in the same period last year [3]. - The net cash flow from operating activities showed a significant improvement, moving from a negative 908.23 million RMB to a negative 43.85 million RMB [3]. Shareholder Information - The total number of shareholders as of the end of the reporting period was 15,971 [4]. - The largest shareholder, Huang Min, holds 30.82% of the shares and is the actual controller of the company [4]. - The top ten shareholders collectively control 33.06% of the company's shares [4].

Core Viewpoint - The company is committed to enhancing operational efficiency, strengthening market competitiveness, and safeguarding investor rights through its action plan released on April 29, 2025, while regularly assessing the execution of this plan [1] Group 1: Business Performance - In the first half of 2025, the company achieved operating income of -16,597,979.91 yuan, an increase of 7,232,622.38 yuan compared to the same period last year [1] - As of the end of the reporting period, total assets amounted to 8,015,958,732.76 yuan, a slight increase of 0.80% from the end of the previous year [1] - The equity attributable to shareholders decreased by 1.43% to 2,710,597,978.81 yuan compared to the end of the previous year [1] Group 2: Intellectual Property and Innovation - As of June 30, 2025, the company held 687 authorized intellectual property rights, including 18 invention patents [2] - During the reporting period, the company added 72 authorized intellectual property rights, including 8 invention patents and 45 utility model patents [2] - The company focuses on technology development and product innovation in the photovoltaic inverter and smart energy sectors [2] Group 3: Product Development and Certifications - The upgraded SDT G4 series of photovoltaic inverters has achieved breakthroughs in performance, design, compatibility, and intelligence [2] - The company became the first globally to receive a low noise performance certification for its commercial photovoltaic inverters from T?V Rheinland [2] Group 4: Smart Energy Management - The company launched a virtual power plant operation management platform, integrating energy storage and controllable loads to support new power system construction [4] - The platform employs a "cloud-edge-end" architecture for efficient data transmission and processing, enhancing resource utilization [4] Group 5: Strategic Partnerships and Collaborations - The company established a joint venture with Guangde City Transportation Investment Co., marking a milestone in urban-level virtual power plant construction [5] - A strategic partnership with Alibaba Cloud aims to explore key technologies in digital energy and provide practical applications for the industry [6] Group 6: Awards and Recognition - The company received multiple awards, including the "Polar Star Cup" for outstanding virtual power plant cases and the "Innovative Product" award for its energy-saving solutions [6][10] - The ESA series of integrated outdoor storage products won the 2024 New Energy Storage Excellent Product Award [10] Group 7: Market Expansion and Sales - In the first half of 2025, the company sold approximately 399,500 inverters, with grid-connected inverters accounting for about 366,300 units [9] - The company also sold approximately 214.47 MWh of energy storage batteries and 647.91 MW of domestic distributed systems [9] Group 8: Corporate Governance and ESG Practices - The company has revised and added several internal regulations to enhance governance structure and ensure compliance [14] - It has published ESG reports for four consecutive years, showcasing its commitment to environmental and social responsibilities [14] Group 9: Investor Relations and Communication - The company emphasizes transparency in information disclosure and has implemented various channels for investor communication [15] - It has conducted multiple investor engagement activities to enhance understanding of the company's value and operations [15] Group 10: Shareholder Returns - The company repurchased 882,246 shares, representing 0.36% of its total share capital, to maintain market value and boost investor confidence [16]

证券代码：688390 证券简称：固德威 公告编号：2025-031 固德威技术股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 重要内容提示： ? 会议召开时间：2025 年 09 月 04 日（星期四）09:00-10:00 ? 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络互动 ? 投资者可于 2025 年 08 月 29 日（星期五）至 09 月 03 日（星期三）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 09 月 04 日（星期四）09:00-10:00 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 三、参加人员 公司董事长兼总经理黄敏先生，董事会秘书王银超先生、财务总监都进利先 生、独立董 ...

Investment Rating - The investment rating for the company is Neutral [2][10]. Core Views - The company is expected to benefit from the growth in household storage demand in Europe and Australia, with a notable recovery in performance [7]. - The company's revenue for Q2 2025 was RMB 2.02 billion, showing a year-on-year increase of 9.0% and a quarter-on-quarter increase of 17.1% [7]. - The net profit for Q2 2025 was RMB 0.11 billion, a significant year-on-year increase of 129% and a return to profitability compared to the previous quarter [7]. - The company has seen strong sales growth in various products, particularly in the domestic market, although the profit contribution remains limited [7]. - Exports to Europe have shown a significant recovery, with a year-on-year increase of 28% in July, while exports to Australia surged by 187% [7]. - The target price for the company has been raised to RMB 49.00, reflecting an adjustment in market valuation [7]. Financial Overview - Revenue projections for the company are as follows: RMB 7,353 million in 2023, RMB 6,738 million in 2024, and expected to rise to RMB 8,022 million in 2025 [6][12]. - The net profit is projected to recover from a loss of RMB 62 million in 2024 to RMB 170 million in 2025, and further to RMB 457 million in 2026 [12]. - The company’s earnings per share (EPS) is expected to improve from a loss of RMB 0.25 in 2024 to RMB 0.70 in 2025 [12]. - The company’s market capitalization is approximately RMB 7,976.76 million, with a year-to-date change of 22.89% [4].