Major Events - Hualing Cable announced the termination of the acquisition of control over Xingxin Aerospace due to failure to reach consensus on specific agreement terms, stating that this decision will not adversely affect its operations or financial status [1] - Xianglu Tungsten Industry expects a net profit of 125 million to 180 million yuan for 2025, driven by continuous price increases in tungsten raw materials and improved market conditions [1] Company Announcements - Zhongwei Semiconductor is set to launch its first non-volatile memory chip, a low-power SPI NOR Flash with a capacity of 4M bits, filling a product gap in the Flash sector [2] - Nanshan Aluminum plans to invest approximately 437 million USD in a 250,000-ton electrolytic aluminum project in Indonesia [4] - Xinfengming intends to acquire a 35% stake in Dushan Port Development to enhance its supply chain capabilities [5] - Jiangxi Copper signed a cooperation framework agreement with China Ordnance Material Group for the purchase and sale of copper and nickel products [6] Performance Forecasts - Wan Tong Development expects a net loss of 500 million to 750 million yuan for 2025, attributed to strategic shifts and increased impairment losses [12] - Hunan YN anticipates a net profit of 1.15 billion to 1.4 billion yuan for 2025, driven by growth in lithium battery materials [13] - Tianjian Technology forecasts a net loss of 176 million to 250 million yuan for 2025, with potential delisting risk due to financial performance [14] - Leading companies like Guotou Securities and Xiangcai Securities project significant profit growth for 2025, with Guotou expecting 3.42 billion yuan, a 35.18% increase [27][28] Industry Trends - The tungsten market is experiencing improved supply-demand dynamics, benefiting companies like Xianglu Tungsten [1] - The photovoltaic industry continues to face challenges, with companies like Trina Solar projecting substantial losses due to market pressures [19] - The aluminum sector is seeing investment growth, particularly in overseas projects, as indicated by Nanshan Aluminum's plans [4] Stock Movements - Hualing Cable's stock will not be adversely affected by the termination of the acquisition [1] - Companies like Hunan YN and Guotou Securities are expected to see positive stock performance due to favorable profit forecasts [13][27]

报告期内，公司积极把握储能行业发展机遇，公司加速推动储能业务和系统解决方案业务转型发展，持 续加大研发创新投入，加速拓展全球营销网络布局。依托成熟的全球化系统解决方案能力和高效交付服 务体系，公司储能业务海外市场出货量实现快速增长，市场份额显著提升。 天合光能(688599.SH)发布2025年年度业绩预告，经财务部门初步测算，公司预计2025年年度实现归属 于母公司所有者净亏损65亿元至75亿元。 报告期内，光伏行业仍面临阶段性供需失衡，产业链各环节开工率处于低位，市场竞争进一步加剧，叠 加国际贸易保护政策持续影响，上半年光伏产品价格较去年同期普遍承压;尽管下半年光伏产品价格在 行业反内卷工作推进下逐步提升，然而受硅料、银浆等关键原材料成本快速上涨的影响，公司组件业务 全年盈利能力较上年同期有所下滑，2025年度公司经营业绩仍然亏损。同时基于谨慎性原则，公司对出 现减值迹象的长期资产进行减值测试，经过审慎评估将按照企业会计准则计提资产减值准备，对业绩有 一定影响。 ...

北京商报讯1月19日晚间，天合光能（688599）披露公告称，经财务部门初步测算，公司预计2025年年 度实现归属净利润为-75亿元到-65亿元；预计2025年年度实现扣非后归属净利润为-79亿元到-69亿元。 而在2024年，天合光能实现归属净利润约为-34.43亿元，2025年预计大幅增亏。 天合光能表示，报告期内，光伏行业仍面临阶段性供需失衡，产业链各环节开工率处于低位，市场竞争 进一步加剧，叠加国际贸易保护政策持续影响，上半年光伏产品价格较去年同期普遍承压；尽管下半年 光伏产品价格在行业反内卷工作推进下逐步提升，然而受硅料、银浆等关键原材料成本快速上涨的影 响，公司组件业务全年盈利能力较上年同期有所下滑，2025年度公司经营业绩仍然亏损。同时，公司对 出现减值迹象的长期资产进行减值测试，将按照企业会计准则计提资产减值准备，对业绩有一定影响。 （文章来源：北京商报） ...

报告期内，光伏行业仍面临阶段性供需失衡，产业链各环节开工率处于低位，市场竞争进一步加剧，叠 加国际贸易保护政策持续影响，上半年光伏产品价格较去年同期普遍承压；尽管下半年光伏产品价格在 行业反内卷工作推进下逐步提升，然而受硅料、银浆等关键原材料成本快速上涨的影响，公司组件业务 全年盈利能力较上年同期有所下滑，2025年度公司经营业绩仍然亏损。同时基于谨慎性原则，公司对出 现减值迹象的长期资产进行减值测试，经过审慎评估将按照企业会计准则计提资产减值准备，对业绩有 一定影响。 格隆汇1月19日丨天合光能(688599.SH)公布，经财务部门初步测算，公司预计2025年年度实现归属于母 公司所有者的净利润为-75亿元到-65亿元。预计2025年年度实现归属于母公司所有者的扣除非经常性损 益的净利润为-79亿元到-69亿元。 ...

(本文来自第一财经) 天合光能公告，预计2025年年度实现归属于母公司所有者的净利润为-750000万元到-650000万元。预计 2025年年度实现归属于母公司所有者的扣除非经常性损益的净利润为-790000万元到-690000万元。报告 期内，光伏行业仍面临阶段性供需失衡，产业链各环节开工率处于低位，市场竞争进一步加剧，叠加国 际贸易保护政策持续影响，上半年光伏产品价格较去年同期普遍承压；尽管下半年光伏产品价格在行业 反内卷工作推进下逐步提升，然而受硅料、银浆等关键原材料成本快速上涨的影响，公司组件业务全年 盈利能力较上年同期有所下滑，2025年度公司经营业绩仍然亏损。同时基于谨慎性原则，公司对出现减 值迹象的长期资产进行减值测试，经过审慎评估将按照企业会计准则计提资产减值准备，对业绩有一定 影响。 ...

报告期内，光伏行业仍面临阶段性供需失衡，产业链各环节开工率处于低位，市场竞争进一步加剧，叠 加国际贸易保护政策持续影响，上半年光伏产品价格较去年同期普遍承压；尽管下半年光伏产品价格在 行业反内卷工作推进下逐步提升，然而受硅料、银浆等关键原材料成本快速上涨的影响，公司组件业务 全年盈利能力较上年同期有所下滑，2025年度公司经营业绩仍然亏损。同时基于谨慎性原则，公司对出 现减值迹象的长期资产进行减值测试，经过审慎评估将按照企业会计准则计提资产减值准备，对业绩有 一定影响。 格隆汇1月19日丨天合光能(688599.SH)公布，经财务部门初步测算，公司预计2025年年度实现归属于母 公司所有者的净利润为-75亿元到-65亿元。预计2025年年度实现归属于母公司所有者的扣除非经常性损 益的净利润为-79亿元到-69亿元。 ...

Financial Performance - The company expects a net profit attributable to shareholders of the parent company for 2025 to be between -750 million and -650 million yuan[4]. - The expected net profit attributable to shareholders after deducting non-recurring gains and losses for 2025 is projected to be between -790 million and -690 million yuan[4]. - In the same period last year, the net profit attributable to shareholders was -344.32 million yuan, indicating a significant decline in performance[5]. Industry Challenges - The company faced challenges due to a supply-demand imbalance in the photovoltaic industry, leading to increased competition and pressure on product prices[7]. Business Growth - Despite the challenges, the company has seen rapid growth in its energy storage business, with significant increases in overseas market shipments and market share[7]. Technological Advancements - The company maintains a leading position in technology with diverse reserves, including HJT cells and perovskite tandem cells, and plans to apply these innovations in commercial aerospace[8]. R&D Investment - The company is increasing its R&D investment to accelerate the transformation of its energy storage and system solutions business[7]. Asset Impairment - The company has conducted impairment tests on long-term assets due to signs of impairment, which will impact performance[7]. Financial Reporting - The financial data provided is preliminary and has not yet been audited by certified public accountants, emphasizing the need for caution among investors[9][10]. - The company will provide more accurate financial data in its officially audited 2025 annual report[10].

人民财讯1月19日电，天合光能(688599)1月19日公告，预计2025年年度实现归属于母公司所有者的净利 润为亏损65亿元—75亿元。报告期内，光伏行业仍面临阶段性供需失衡，产业链各环节开工率处于低 位，市场竞争进一步加剧，叠加国际贸易保护政策持续影响，上半年光伏产品价格较上年同期普遍承 压；尽管下半年光伏产品价格在行业反内卷工作推进下逐步提升，然而受硅料、银浆等关键原材料成本 快速上涨的影响，公司组件业务全年盈利能力较上年同期有所下滑，2025年度公司经营业绩仍然亏损。 ...

天合光能1月19日公告，经财务部门初步测算，天合光能股份有限公司预计2025年年度实现归属于母公 司所有者的净利润为-750,000.00万元到-650,000.00万元。预计2025年年度实现归属于母公司所有者的扣 除非经常性损益的净利润为-790,000.00万元到-690,000.00万元。公司本期业绩预告未经注册会计师审 计。 ...

Core Insights - Trina Storage has made significant business progress in the Latin American market by signing battery energy storage system (BESS) supply contracts with T-Power and YPF Luz, totaling 1.203 GWh [1] - The company has already delivered 1.2 GWh of storage projects in the region, reinforcing its strategic position as a core supplier of large-scale storage solutions [1] - Trina Storage's integrated product and service capabilities, based on proprietary technology, have contributed to its success and trust among top energy developers and utility companies in South America [1] Group 1: Chile Project - The "Luz del Norte" storage project in Chile, developed in collaboration with T-Power, has a scale of 141 MW/722 MWh, aimed at enhancing the operational efficiency of the associated photovoltaic power station [2] - This project will help reduce photovoltaic curtailment and enable clean electricity dispatch across time periods, showcasing Trina Storage's comprehensive technical capabilities [2] Group 2: Argentina Project - The "Alma Sur" project in Argentina, in partnership with YPF Luz, is part of the significant ALMA GBA storage tender plan, with a scale of 90 MW/481 MWh [3] - This project aims to alleviate seasonal electricity shortages in Buenos Aires Province and enhance the resilience and reliability of the regional power grid [3] - The collaboration extends Trina Storage's business footprint in Argentina, demonstrating its comprehensive strength in providing integrated solutions across the solar and storage value chain [3]