Core Viewpoint - The company, Gaoce Co., Ltd., anticipates a significant net loss for the year 2025, with estimates ranging from -35 million to -48 million yuan, and a net profit excluding non-recurring losses projected between -120 million and -140 million yuan, indicating ongoing challenges in the photovoltaic industry [1] Industry Summary - The photovoltaic industry is experiencing a phase of supply surplus, which has not yet been alleviated, leading to low operating rates and a challenging market environment for companies [1] - Despite a year-on-year increase in new photovoltaic installations, the industry continues to face price pressures, with product prices remaining low throughout the reporting period [1] Company Summary - The company has reported a continued loss due to the need to provision for impairment based on cautious accounting principles, despite a growth in the shipment scale of its diamond wire products [1] - The company has achieved a year-on-year increase in the shipment scale of its silicon wafer and cutting processing services, with high operating rates maintained in the second half of the year, contributing to cost reductions through economies of scale [1] - The company plans to increase R&D investment to strengthen its specialized cutting technology barriers, enhance product competitiveness through innovation, and continue to promote the growth of its diamond wire and silicon wafer businesses [1] - The company has successfully achieved profitability in the third and fourth quarters, indicating a sequential improvement in profitability [1]

青岛高测科技股份有限公司 2025 年年度业绩预告 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。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 证券代码：688556 证券简称：高测股份 公告编号：2026-001 三、本期业绩变化的主要原因 （二）业绩预告情况 1、经财务部门初步测算，预计 2025 年年度实现归属于母公司所有者的净利 润为-4,800.00 万元到-3,500.00 万元。 2、归属于母公司所有者的扣除非经常性损益后的净利润为-14,000.00 万元到 -12,000.00 万元。 （三）本次业绩预告未经注册会计师审计。 二、上年同期业绩情况和财务状况 （一）利润总额：-9,232.29 万元。归属于母公司所有者的净利润：-4,422.79 万元。归属于母公司所有者的扣除非经常性损益的净利润：-10,917.22 万元。 （二）每股收益：-0.06 元。（公司 2025 年实施完毕 2024 年度利润分配及 资本公积转增股本方案，为保持 ...

2025年，光伏新增装机量虽同比保持增长，但光伏行业阶段性供应过剩问题尚未缓解，开工率维持低 位，光伏企业依然面临严峻的市场环境。报告期内，光伏产业链产品价格持续处于低位，同时，公司根 据《企业会计准则》及公司会计政策等相关规定，基于谨慎性原则计提相应减值准备，导致公司本报告 期业绩依然出现亏损。 格隆汇1月29日丨高测股份(688556.SH)公布，经财务部门初步测算，预计2025年年度实现归属于母公司 所有者的净利润为-4,800.00万元到-3,500.00万元。归属于母公司所有者的扣除非经常性损益后的净利润 为-14,000.00万元到-12,000.00万元。 ...

Core Viewpoint - The company expects a net loss attributable to shareholders of between -48 million yuan and -35 million yuan for 2025, compared to a net loss of -44.22 million yuan in the same period last year [1] Group 1: Financial Performance - The projected net loss for 2025 is influenced by a phase of oversupply in the photovoltaic industry, low operating rates, and persistently low product prices [1] - The company is also accounting for impairment provisions, which contribute to the continued losses [1] - Despite the losses, the company anticipates profitability in the third and fourth quarters due to increased shipment volumes of diamond wires and silicon wafer processing, along with reduced costs [1]

Core Viewpoint - The company, Gaoce Co., Ltd. (688556.SH), expects a net profit attributable to shareholders to range from -48 million to -35 million yuan for 2025, indicating continued losses due to industry challenges [1] Financial Performance - The previous year's net profit attributable to shareholders was -44.43 million yuan, showing a slight deterioration in expected performance for 2025 [1] - The anticipated losses are attributed to a phase of oversupply in the photovoltaic industry, low operating rates, and persistently low product prices, compounded by impairment provisions [1] Operational Insights - Despite the expected losses, the company anticipates growth in the shipment scale of diamond wire and silicon wafer processing, along with a decrease in costs [1] - The company projects profitability in the third and fourth quarters of 2025, suggesting potential recovery in operational performance [1]

每经AI快讯，1月29日，高测股份公告称，高测股份预计2025年归属于上市公司股东的净利润 为-4800.00万元到-3500.00万元。上年同期归属于上市公司股东的净利润为-4422.79万元。 ...

Investment Rating - The report maintains an "Overweight" rating for the commercial aerospace industry, indicating a positive outlook for the sector in the coming months [1]. Core Insights - The commercial aerospace industry is expected to undergo a significant transformation by 2026, driven by advancements in launch capabilities and the successful deployment of domestic rockets, which will remove previous constraints on industry growth [8][9]. - The competition in commercial aerospace is fundamentally a "land grab" for space sovereignty and resource allocation, emphasizing the need for increased launch frequency to secure China's position in low Earth orbit [10]. - The report highlights the strategic importance of commercial aerospace in national defense and resource acquisition, particularly in the context of lunar resources like Helium-3, which could reshape global energy dynamics [12]. - Key catalysts for the industry include domestic policy support and capital market developments, with significant IPOs expected from leading aerospace companies in 2026 [13][15]. Summary by Sections 1. Why has the domestic commercial aerospace industry reached a qualitative change? - The industry has transitioned from a limited payload capacity to a robust launch capability, marked by the successful launch of the Zhuque-3 rocket, which signifies a shift from speculative themes to a narrative driven by operational capacity [8]. 2. How to understand the importance of commercial aerospace? - The scarcity of low Earth orbit resources has made the commercial aerospace race a critical national strategy, with the need to enhance launch frequency to secure space assets and maintain competitive advantages [10][11]. 3. What subsequent catalysts are worth paying attention to in commercial aerospace? 3.1. Domestic: Accelerated release of policy and capital dividends - The report anticipates significant policy support and capital market activity, with major aerospace companies expected to enter the IPO market in 2026, reflecting the strategic importance of the sector [13]. 3.2. International: Clear policy framework and tight planning timeline - The U.S. has shifted from a public to a private ownership model for space resources, establishing a legal framework that encourages commercial investment in space resource development [15][16]. 4. Investment Recommendations 4.1. SpaceX Concept - Companies that could potentially enter the SpaceX supply chain are highlighted, indicating a strong future in commercial aerospace [17]. 4.2. Rocket Sector: "Many Stars, Few Rockets" Expected to Breakthrough - The report suggests that advancements in large-capacity reusable rocket technology will lead to significant changes and valuation adjustments in the sector [19]. 4.3. Satellite Sector: Certainty in Implementation - The urgency to secure low Earth orbit resources is driving domestic satellite constellations from planning to large-scale deployment [20]. 4.4. Space Computing and Space Photovoltaics: Next-Generation Core Tracks - The report identifies space computing and space photovoltaics as critical future sectors, emphasizing their role in supporting lunar economies and global intelligence ecosystems [22].

Core Viewpoint - The company has successfully launched a 50μm ultra-thin silicon wafer, achieving leading performance metrics and quality standards, which will enhance the production efficiency and application scope of flexible HJT solar cells [2] Group 1: Product Development - The company has developed the ultra-thin silicon wafer through a collaborative approach involving "equipment + consumables + process" [2] - The ultra-thin silicon wafer has passed rigorous performance testing and comprehensive visual inspections, confirming its high quality [2] Group 2: Market Impact - The breakthrough in ultra-thin silicon wafer technology is expected to reduce silicon material waste, contributing to a decrease in production costs [2] - The thinner silicon wafers will improve flexibility, allowing for broader product applications and opening up new potential use cases [2]

证券日报网讯1月28日，高测股份在互动平台回答投资者提问时表示，公司深耕光伏硅片切割细分领 域，充分发挥"设备+耗材+工艺"技术闭环优势，持续引领硅片薄片化进程。2022年公司首发80μm超薄 硅片，2023年首发60μm超薄硅片，并在近期已推出50μm超薄硅片。由于光伏电池技术路线的选择，目 前批量供应的硅片主流厚度仍以100-130μm为主，公司已具备小批量交付60-80μm硅片能力，近期已有 多家电池头部客户及研究机构提出50μm硅片送样测试需求，超薄硅片将随着太空光伏超薄柔性HJT电 池的应用逐步打开。超薄硅片规模化切割技术壁垒相对较高，对切割设备、金刚线及切割工艺都提出了 更高要求，公司已布局并规划超薄硅片良率持续提升路径，助力行业加快超薄硅片量产落地。公司对钙 钛矿等前沿技术保持高度关注并已积极布局相关产品。 ...

Core Viewpoint - The company has successfully expanded its overseas sales of photovoltaic and semiconductor equipment, demonstrating strong market competitiveness [1] Group 1 - The company has achieved overseas sales of its innovative equipment, including photovoltaic and semiconductor devices [1] - Some of the company's equipment has been exported to France and other EU member countries [1] - The sales strategy primarily involves direct sales of the equipment [1]