阿特斯阳光电力集团股份有限公司 证券代码：688472 证券简称：阿特斯 公告编号：2025-042 关于参加2025 年半年度科创板新能源行业集体业绩说明会 的公告 1 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。 重要内容提示： （http://roadshow.sseinfo.com/） 投资者可于 2025 年 9 月 2 日（星期二）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 investor@csisolar.com 将需要了解和关 注的问题提前提供给公司。公司将在业绩说明会上对投资者普遍关注的问题进行回 答。 阿特斯阳光电力集团股份有限公司（以下简称"公司"）已于 2025 年 8 月 22 日发布公司《2025 年半年度报告》，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状况、发展理念，公司参与了由上海证券交易所主办的 2025 年半年度科创板新能源行业集体业绩说明会，此次活动将采用网络文字互动 的方式举行，投资者可登录上海证券交易所上证路演中心 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [6][18]. Core Views - The company has a strong order book in the overseas energy storage market, which supports its profit margins. The energy storage business achieved a shipment of approximately 3.1 GWh in the first half of 2025, representing a year-on-year growth of 19.23% [2]. - The company prioritizes profit in its photovoltaic business, limiting production to maintain prices. The shipment of photovoltaic modules was 14.8 GW, remaining stable year-on-year, contributing approximately 143.62 billion yuan in revenue [3]. - The report adjusts the company's revenue forecast for 2025-2027, estimating revenues of 416.74 billion yuan, 452.7 billion yuan, and 525.75 billion yuan, with net profits of 19.08 billion yuan, 26.08 billion yuan, and 31.97 billion yuan respectively [4]. Financial Performance Summary - The company reported a revenue of 47,536 million yuan in 2022, with a projected revenue of 51,310 million yuan in 2023, followed by a decline to 41,674 million yuan in 2024, and a recovery to 45,270 million yuan in 2025 [1]. - The net profit attributable to the parent company was 2,157 million yuan in 2022, expected to rise to 2,903 million yuan in 2023, but forecasted to drop to 1,908 million yuan in 2024 before increasing to 2,608 million yuan in 2025 [1]. - The company's return on equity (ROE) is projected to decline from 18.3% in 2022 to 8.4% in 2024, before recovering to 10.3% in 2025 [1]. Market Position and Strategy - The company has signed contracts worth 30 billion USD in its energy storage segment, with significant projects in the Americas, Australia, and Europe [2]. - The company is actively responding to market conditions by adjusting its production and shipment strategies to maintain a balance between scale and profitability [3].

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the electric equipment and new energy industry [1]. Core Viewpoints - The report highlights that the electric equipment and new energy industry has shown stable market performance over the past year, with key developments including the establishment of national technical standards for humanoid robots led by UBTECH and the ongoing discussions to prevent price wars in the photovoltaic sector [1][3][4]. Summary by Sections Preferred Stocks - The report lists several preferred stocks with their ratings, including: - Aishuo Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Daqian Energy (688303.SH) - Buy - B - Fulete (601865.SH) - Buy - A - Hengdian East Magnet (002056.SZ) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Canadian Solar (688472.SH) - Buy - A - Deyang Co., Ltd. (605117.SH) - Buy - A - Langxin Group (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A [2]. Industry Developments - UBTECH has led the approval of two national standards for humanoid robots, focusing on positioning navigation and human-machine interaction [3]. - A meeting held by the Ministry of Industry and Information Technology emphasized the importance of maintaining fair competition in the photovoltaic industry and called for the orderly exit of outdated production capacity [5]. - The China Photovoltaic Industry Association has proposed initiatives to strengthen industry self-discipline and maintain a fair market order [4]. Price Tracking - The report provides price tracking for various components in the photovoltaic supply chain: - Polysilicon prices remain stable at 44.0 CNY/kg [6]. - Silicon wafer prices are stable, with N-type wafers priced at 1.20 CNY/piece [7]. - Battery cell prices are also stable, with N-type cells priced at 0.290 CNY/W [8]. - Module prices for TOPCon dual-glass components are stable at 0.685 CNY/W [8]. - Glass prices for photovoltaic applications remain unchanged [8]. Investment Recommendations - The report recommends focusing on companies in various strategic directions: - BC new technology: Aishuo Co., Ltd., Longi Green Energy - Supply-side improvement: Daqian Energy, Fulete - Overseas layout: Hengdian East Magnet, Sungrow Power Supply, Canadian Solar, Deyang Co., Ltd. - Market-oriented electricity: Langxin Group - Domestic substitution: Quartz Co., Ltd. [9].

Group 1 - The core business of the company is the research, production, and sales of crystalline silicon photovoltaic modules, and it aims to provide reliable quality, advanced technology, and cost-effective products [2] - As of June 30, 2025, the company reported a revenue of 21.052 billion yuan, a year-on-year decrease of 4.13%, and a net profit attributable to shareholders of 731 million yuan, a year-on-year decrease of 41.01% [3] - The company has diversified its business into photovoltaic application solutions, including photovoltaic system business, large-scale energy storage systems, and EPC services for photovoltaic power plants [2] Group 2 - The company’s stock price has decreased by 19.64% year-to-date, but it has seen a recent increase of 4.16% over the last five trading days [1] - As of August 26, 2023, the company’s market capitalization is 36.956 billion yuan, with a trading volume of 327 million yuan and a turnover rate of 2.38% [1] - The company has distributed a total of 772 million yuan in dividends since its A-share listing [4] Group 3 - The company operates in the electric equipment sector, specifically in photovoltaic equipment and photovoltaic battery modules [3] - The main revenue composition includes 68.22% from photovoltaic module products, 21.04% from energy storage systems, 6.05% from photovoltaic system products, 2.57% from construction contracts, and 2.12% from other income [2] - As of June 30, 2025, the number of shareholders is 48,100, a decrease of 2.41% from the previous period [3]

其他财务指标，2025H1 资产减值损失6.1 亿，其中固定资产减值3.3 亿（预计PERC 产能减值较为充 分），存货跌价损失2.8 亿。2025H1 经营性净现金流37.8 亿，同比增长超150%，得益于光伏业务战略 取舍以及储能业务强势突破。 展望下半年，光伏方面，公司坚持利润优先原则，主动优化出货节奏以应对行业波动，预计Q3 组件出 货5.0-5.3GW，全年出货25-27GW，美国"大而美"法案增强了受限制外国实体限制，公司正在积极研究 应对举措，降低政策对业绩的影响程度；储能方面，公司储能系统已签署合同的在手订单金额达30 亿 美元，为后续业绩增长提供坚实支撑，预计Q3 储能出货2.1-2.3GWh，全年出货7-9GWh，储能毛利率持 续领跑行业，成为利润增长核心引擎。预计2025 年归母净利24 亿元，对应PE 为15 倍，维持"买入"评 级。 风险提示 1、全球产业政策风险； 2、技术升级迭代风险。 事件描述 阿特斯发布2025 年半年报，2025H1 公司实现收入210.52 亿元，同比下降4.13%；归母净利7.31 亿元， 同比下降41.01%；其中，2025Q2 实现收入124.67 ...

丨证券研究报告丨 请阅读最后评级说明和重要声明 公司研究丨点评报告丨阿特斯（688472.SH） [Table_Title] Q2 组件业务盈利修复，储能业务量利表现优异 报告要点 [Table_Summary] 阿特斯发布 2025 年半年报，2025H1 公司实现收入 210.52 亿元，同比下降 4.13%；归母净利 7.31 亿元，同比下降 41.01%；其中，2025Q2 实现收入 124.67 亿元，同比增长 0.85%，环比 增长 45.2%；归母净利 6.84 亿元，同比增长 3.51%，环比增长 1346.82%。 分析师及联系人 [Table_Author] %% %% %% %% research.95579.com 1 邬博华 曹海花 王耀 任佳惠 申浩树 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SAC：S0490524070005 SAC：S0490525060004 SFC：BQK482 阿特斯（688472.SH） cjzqdt11111 [Table_Title2] Q2 组件业务盈利修复，储能业务量利表 ...

Group 1 - The core stock price of Arctech is reported at 9.82 yuan, down 1.41% from the previous trading day, with a trading volume of 928,507 hands and a transaction amount of 921 million yuan as of August 25, 2025 [1] - Arctech's main business includes the research, production, and sales of crystalline silicon photovoltaic modules, as well as the layout of energy storage systems, making it one of the major manufacturers of photovoltaic modules and large-scale energy storage systems globally [1] - According to the company's disclosed semi-annual report for 2025, Arctech achieved an operating income of 21.052 billion yuan in the first half of the year, with energy storage system product revenue accounting for 21.04%, an increase of 2.45 percentage points compared to the same period last year [1] Group 2 - The proportion of overseas revenue for Arctech continues to rise, reaching 82.28% in the first half of the year [1] - Research and development expenses for the company decreased by 16.19% year-on-year to 354 million yuan during the reporting period [1] - On August 25, Arctech experienced a net outflow of main funds amounting to 45.7365 million yuan, with a cumulative net outflow of 133 million yuan over the past five days [1]

在光伏组件企业大面积亏损的情况下，阿特斯（688472）押宝第二增长曲线储能，业绩一直处于光伏行 业前列。不过受市场影响，阿特斯披露2025年半年报显示，公司上半年实现归属净利润约为7.31亿元， 同比下降41.01%。就阿特斯财报来看，公司境外收入占比继续攀升，上半年已有超八成营收来自境 外。另外，阿特斯研发费用降超16个百分点，管理费用、销售费用齐增。 上半年净利降超四成 阿特斯2025年半年度报告显示，公司上半年实现营业收入约为210.52亿元，同比下降4.13%；对应实现 归属净利润约为7.31亿元，同比下降41.01%。 具体来看，2023年以及2024年，阿特斯光伏储能系统产品收入分别约为18.7亿元、97.38亿元，经计算， 占当期营业收入的比例分别约为3.64%、21.09%；进入2025年上半年，阿特斯储能系统产品收入约为 44.3亿元，经计算，占公司当期营业收入比例约为21.04%，相较去年同期的18.59%增长约2.45个百分 点。 知名商业顾问、企业战略专家霍虹屹告诉北京商报记者，储能的市场驱动力正从"配建刚需"转向"电力 市场化收益"，技术路径也从单一锂电走向钠离子、液流与长时储能的 ...

Core Viewpoint - Canadian Solar (CSIQ) has experienced a stock price increase of 2.31% on August 25, reaching $11.326 per share, with a total market capitalization of $759 million [1] Financial Performance - As of June 30, 2025, Canadian Solar reported total revenue of $2.89 billion, reflecting a year-over-year decrease of 2.5% [1] - The company recorded a net loss attributable to shareholders of $26.774 million, which represents a significant year-over-year decline of 265.54% [1] Analyst Ratings - On August 21, Canadian Solar's target price was downgraded by Citigroup to $11, with the latest rating being Neutral [1] Company Overview - Canadian Solar is one of the largest providers of solar photovoltaic products and energy solutions globally, as well as a leading developer of solar power plants [1] - The company's operations span across North America, South America, Europe, South Africa, the Middle East, Australia, and Asia, and are divided into two main business segments: CSI Solar and Global Energy [1]

| 科目 本期数 | | --- | | 营业收入 21,052 | | 营业成本 18.418 | | રવે.' 销售费用 | | 管理费用 وري | | -28 财务费用 | | 研发费用 રેર | | 经营活动产生的现金流量净额 3.781 | | 投资活动产生的现金流量净额 -3.546 | | 1,603 筹资活动产生的现金流量净额 | | 营业收入变动原因说明:主要系光伏组件单位销售价 | | 入增长抵消部分影响。 | 上半年净利降超四成 阿特斯2025年半年度报告显示，公司上半年实现营业收入约为210.52亿元，同比下降4.13%；对应实现归属净利润约为7.31亿元，同比下降41.01%。 对于上半年业绩变动的原因，阿特斯表示，主要由于全球市场竞争加剧，光伏组件销售价格大幅下降，光伏组件、系统产品营收同比下降以及关税成本大幅 增加，同时被储能收入的增长和平均制造成本的下降抵销部分影响。 资料显示，阿特斯2023年登陆A股市场，是全球主要的光伏组件和大型储能系统产品制造商之一，核心业务为晶硅光伏组件的研发、生产和销售。在光伏寒 冬的大背景下，阿特斯上市次年，即2024年便出现营收、净利双降。 ...