本文字数：2561，阅读时长大约4分钟 作者 | 第一财经 陆如意 8月23日，光伏产业主链企业隆基绿能（601012.SH）、通威股份（600438.SH）、晶澳科技 （002459.SZ）、天合光能（688599.SH）和TCL中环（002129.SZ）发布2025年半年财报，尽 管业绩依旧遇冷，截至今日收盘，除天合光能微跌0.12%，其他四家企业的股价全部飘红。 总市值超3000亿，半年亏超170亿元 虽然市值较巅峰时期普遍回调约六成，但截至第一财经记者今日发稿，隆基绿能、通威股份、晶澳科 技、天合光能和TCL中环的总市值约3359亿元，分别为1264亿元、970亿元、415亿元、366亿 元、344亿元。 不同于今天在二级市场全面飘红的表现，这5家总市值已超3000亿元的光伏企业，上半年均未走出 净亏损的"泥潭"，上半年合计亏损172.64亿元，通威股份和TCL中环两家企业亏损近百亿元。 2025.08. 25 这五家企业中，除了隆基绿能实现同比减亏，其余四家企业未见业绩拐点的"苗头"，均呈同比增亏 或同比盈转亏的态势。 综合各家企业的财报数据，隆基绿能上半年亏损25.69亿元，相较上年同期52.31 ...

8月23日，光伏产业主链企业隆基绿能（601012.SH）、通威股份（600438.SH）、晶澳科技 （002459.SZ）、天合光能（688599.SH）和TCL中环（002129.SZ）发布2025年半年财报，尽管业绩依 旧遇冷，截至今日收盘，除天合光能微跌0.12%，其他四家企业的股价全部飘红。 总市值超3000亿，半年亏超170亿元 虽然市值较巅峰时期普遍回调约六成，但截至第一财经记者今日发稿，隆基绿能、通威股份、晶澳科 技、天合光能和TCL中环的总市值约3359亿元，分别为1264亿元、970亿元、415亿元、366亿元、344亿 元。 不同于今天在二级市场全面飘红的表现，这5家总市值已超3000亿元的光伏企业，上半年均未走出净亏 损的"泥潭"，上半年合计亏损172.64亿元，通威股份和TCL中环两家企业亏损近百亿元。 具体来看，隆基绿能净亏损25.69亿元，通威股份净亏损49.55亿元、晶澳科技净亏损25.8亿元、天合光 能净亏损29.18亿元、TCL中环净亏损42.42亿元。 这五家企业中，除了隆基绿能实现同比减亏，其余四家企业未见业绩拐点的"苗头"，均呈同比增亏或同 比盈转亏的态势。 综合各家 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance despite current challenges [5]. Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 31.056 billion yuan, down 27.72% year-on-year, and a net loss of 2.918 billion yuan, a staggering 654.47% decrease compared to the previous year [1]. - The company remains a leader in the industry with cumulative shipments of 210 components exceeding 200GW, although profitability is under pressure due to declining component prices [2]. - The energy storage business has seen rapid growth, with cumulative shipments surpassing 12GWh, and the company has entered the "GWh era" in overseas project delivery [3]. - The company emphasizes technological innovation, leading the industry in perovskite/silicon tandem technology, with significant R&D investment [4]. Summary by Sections Financial Performance - For H1 2025, the company achieved a revenue of 31.056 billion yuan, a decrease of 27.72% year-on-year, and a net loss of 2.918 billion yuan, reflecting a 654.47% decline [1]. - The Q2 2025 revenue was 16.721 billion yuan, down 32.34% year-on-year, with a net loss of 1.598 billion yuan, indicating an increased loss compared to the previous quarter [1]. Product and Market Position - The company has shipped over 32GW of 210 components in H1 2025, maintaining its position as the industry leader, although revenue from photovoltaic products fell to 20.082 billion yuan, a 33.19% decrease [2]. - The gross margin for photovoltaic products dropped to -2.49%, a decline of 13.62 percentage points year-on-year [2]. Technological Advancements - The company invested 2.262 billion yuan in R&D in H1 2025, accounting for 7.28% of its revenue, and achieved record efficiencies in its perovskite/silicon tandem solar cells [4]. - The company holds the highest number of perovskite patents globally, with 481 applications, significantly outpacing the second-ranked entity [4]. Future Outlook - The report projects net profits for 2025-2027 to be -2.022 billion yuan, 1.763 billion yuan, and 3.641 billion yuan respectively, reflecting a cautious outlook due to current market conditions [5]. - The company is focusing on large-sized photovoltaic components and expanding its business categories, which may provide new growth opportunities despite the challenges in the photovoltaic sector [5].

Group 1 - The core viewpoint of the article highlights the growth of China's solar power generation, with a production volume of 501 billion kilowatt-hours in June 2025, representing an 18.3% year-on-year increase [1] - In the first half of 2025, China's cumulative solar power generation reached 2,666.9 billion kilowatt-hours, marking a cumulative growth of 20% [1] Group 2 - The article lists key companies in the solar energy sector, including Longi Green Energy, Tongwei Co., Sunshine Power, JA Solar, Trina Solar, TBEA, Chint Electric, TCL Zhonghuan, Linyang Energy, and Sungrow Power [1] - The report referenced is the "2025-2031 China Solar Power Station Industry Market Situation Monitoring and Investment Prospects Report" published by Zhiyan Consulting [1]

Investment Rating - The report maintains an "Accumulate" rating for the electric equipment industry [1] Core Views - The AIDC (Artificial Intelligence and Data Center) sector is expected to experience significant growth, with humanoid robots being a key catalyst for this expansion, projected to reach mass production in 2025 [1][4] - The report highlights the strong performance of the electric vehicle sector, with a projected annual growth rate of 25% to reach 16 million units sold in 2025 [4][8] - The energy storage market is anticipated to grow by 30%+ in the U.S. due to increasing demand and favorable policy adjustments, with a compound annual growth rate (CAGR) of 30-40% expected from 2025 to 2028 [4][8] Industry Trends - The humanoid robot market is projected to have a potential market size exceeding 15 trillion yuan, with mass production expected to begin in 2025 [4][12] - The electric vehicle market in Europe is showing strong sales growth, with a 41% year-on-year increase in sales for nine countries [4][8] - The energy storage sector is seeing a surge in demand, particularly in emerging markets, with significant growth expected in both residential and commercial storage solutions [4][8] Company Performance - Companies such as Ningde Times, BYD, and Sunshine Power are highlighted as key players with strong growth potential in their respective sectors [4][7] - The report provides detailed financial performance metrics for various companies, indicating revenue growth and profitability trends [7] - Specific recommendations include investing in leading companies in the AIDC supply chain, electric vehicles, and energy storage sectors, emphasizing their competitive advantages and growth trajectories [4][5][7]

Core Viewpoint - Trina Solar's Chairman Gao Jifan emphasizes the company's commitment to implementing central government directives and actively promoting industry self-discipline to ensure high-quality development in China's photovoltaic industry [1] Group 1: Industry Commitment - The company will firmly support the initiatives of industry associations and work collaboratively with the entire industry to maintain fair competition and protect intellectual property rights [1] - Trina Solar aims to lead and safeguard the photovoltaic market order through decisive actions and a strong commitment [1] Group 2: High-Quality Development - The focus is on guiding the industry towards a path of high-quality development, emphasizing the importance of survival of the fittest within the photovoltaic market [1]

投资建议：公司为光伏一体化头部企业，前瞻性布局钙钛矿技术，分布式光伏、支架、储能等业务有望 提供业绩支撑。预计公司25-27 年实现收入720.48/891.71/1029.39 亿元，归母净利-34.69/17.52/28.66 亿 元，基于8 月22 日收盘价，26-27 年对应PE 为21x/13x，维持"推荐"评级。 风险提示：原材料价格波动、下游行业景气度波动、行业竞争加剧、资产减值风险、国际贸易风险等 出货量稳居行业前列，引领TOPCon 产业升级。25H1 公司组件出货量超过32GW，根据infolink 统计， 上半年天合组件出货量位列行业第三，仍然处于头部位置。在组件产品与市场销售端，公司持续引领 TOPCon 技术进阶，基于i-TOPCon Ultra 技术，全系列产品功率和综合发电能力进一步提升至最高 750W，最大化降低系统BOS 成本与LCOE。700W+至尊N 型组件为代表的全场景化产品持续领先，市 场份额持续扩大，高价值辐射集中式和分布式应用场景。 储能业务稳步向上，海外市场持续突破，打造光储融合解决方案服务商。截至25H1，公司储能系统业 务累计出货量超12GWh，其中海外市场 ...

Group 1 - Greeenmei plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global development and brand image [1] - The move aims to leverage international capital markets for diversified financing and sustainable development [1] - This initiative indicates Greeenmei's focus on the international market and its intent to strengthen its capabilities [1] Group 2 - Trina Solar reported a net loss of 2.918 billion yuan in the first half of the year, with revenue of 31.056 billion yuan, a year-on-year decrease of 27.72% [2] - Despite a growth in photovoltaic module sales, the company faced losses due to supply-demand imbalance and low market prices [2] - The challenges in the photovoltaic industry, particularly regarding market supply and price fluctuations, are highlighted by Trina Solar's performance [2] Group 3 - TCL Zhonghuan announced a net loss of 4.242 billion yuan in the first half of the year, with revenue of 13.398 billion yuan, a year-on-year decline of 17.36% [3] - The company's losses were attributed to declining product prices affecting its photovoltaic materials business [3] - The long-term outlook for the photovoltaic industry remains optimistic despite current challenges, emphasizing TCL Zhonghuan's role as a key player [3]

Group 1 - Greeenme plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global development and brand image [1] - The move aims to leverage international capital markets for sustainable development and improved management [1] - This initiative indicates Greeenme's focus on international markets and its intent to strengthen its capabilities through capital markets [1] Group 2 - Trina Solar reported a net loss of 2.918 billion yuan in the first half of the year, with revenue of 31.056 billion yuan, a decrease of 27.72% year-on-year [2] - Despite an increase in photovoltaic module sales, the company faced losses due to supply-demand imbalance and low market prices [2] - The challenges in the photovoltaic industry, particularly regarding market supply and price fluctuations, are reflected in Trina Solar's performance [2] Group 3 - TCL Zhonghuan announced a net loss of 4.242 billion yuan in the first half of the year, with revenue of 13.398 billion yuan, down 17.36% year-on-year [3] - The company's losses were attributed to declining product prices affecting its photovoltaic materials business [3] - The current challenges in the photovoltaic industry, especially price volatility, significantly impact company performance [3]

Group 1 - The article discusses the planned reduction of shareholding by a major shareholder of Xinqianglian, with a maximum reduction of 3% of shares [1] - It highlights various convertible bonds, including strong redemptions for Zhenghai and Dayuan convertible bonds, and a down adjustment for Ou22 convertible bonds [2][4] - The article mentions the financial performance of Longi Green Energy and Trina Solar, reporting net losses of 2.569 billion and 2.918 billion yuan respectively for the first half of 2025 [3] Group 2 - The article provides detailed information on the current prices, redemption prices, last trading dates, and conversion values of several convertible bonds, indicating their market performance [4][6] - It notes that the fund managed by Gao Entropy Asset Management holds 1,311,820 shares of Fangyuan convertible bonds, accounting for 20.43% of the total issuance [1] - The article also mentions the upcoming listing of Weida convertible bonds on August 27 [3]