Performance Forecast - The company expects a net profit attributable to shareholders of the parent company for 2025 to be between -48 million yuan and -35 million yuan [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between -140 million yuan and -120 million yuan [3] - This performance forecast has not been audited by a registered accountant [4] Previous Year Performance - In the same period last year, the total profit was -92.32 million yuan, with a net profit attributable to shareholders of the parent company at -44.23 million yuan [5] - The net profit after deducting non-recurring gains and losses was -109.17 million yuan [5] - The earnings per share for the previous year was -0.06 yuan [5] Reasons for Performance Changes - Despite a year-on-year increase in new photovoltaic installations, the industry is facing a phase of oversupply, resulting in low operating rates and a challenging market environment [6] - The prices of products in the photovoltaic industry chain have remained low, and the company has made provisions for impairment based on prudence principles, leading to continued losses [6] Future Outlook - The company aims to leverage its integrated development of cutting equipment, cutting consumables, and cutting processes to enhance its competitive edge [6] - There is an expected increase in the shipment scale of diamond wire and silicon wafer processing services, with a focus on cost reduction and efficiency improvement [6] - The company plans to increase R&D investment to strengthen its specialized cutting technology and promote the upgrade of innovative business products [6]

Core Viewpoint - The company, Gaoce Co., Ltd. (688556), anticipates a net profit loss of between 48 million to 35 million yuan for 2025, compared to a loss of approximately 44.43 million yuan in the same period last year, 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 photovoltaic companies [1] - Product prices across the photovoltaic supply chain remain low, contributing to the company's continued losses during the reporting period [1] Company Summary - Gaoce Co., Ltd. has reported a year-on-year increase in the shipment scale of its diamond wire, with advancements in tungsten wire technology leading to cost reductions [1] - The company has seen an increase in the shipment scale of its silicon wafer and cutting processing services, maintaining a high operating rate in the second half of the year, which has contributed to cost reductions through economies of scale [1] - The company's profitability has shown a quarter-on-quarter improvement, achieving profitability in both the third and fourth quarters [1]

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]