智通财经APP讯，天合光能(688599.SH)发布2025年半年度报告，报告期内，公司实现营业收入310.56亿 元，同比下降27.72%。归属于上市公司股东净亏损29.18亿元。归属于上市公司股东的扣除非经常性损 益净亏损29.56亿元。基本每股亏损1.34元。 ...

Core Viewpoint - The China Photovoltaic Industry Association has issued an initiative to strengthen industry self-discipline and maintain fair competition in the photovoltaic market, emphasizing the importance of compliance with laws and regulations to ensure sustainable development of the industry [1][2]. Industry Overview - The photovoltaic industry is recognized as a strategic emerging industry with global competitive advantages, playing a crucial role in achieving China's carbon peak and carbon neutrality goals [2]. - Recent challenges include significant supply-demand imbalances and intensified market competition, which hinder the high-quality development of the industry [2]. Initiative Details - The initiative outlines six key requirements for companies: 1. Strict adherence to relevant laws such as the Price Law and Anti-Monopoly Law, and resisting malicious competition below cost [4]. 2. Commitment to quality and safety standards, avoiding practices that compromise product performance [4]. 3. Rational production planning based on market demand, avoiding blind expansion that disrupts market ecology [4]. 4. Compliance with intellectual property laws to protect others' rights [5]. 5. Transitioning from homogeneous competition to high-quality, innovative competition [6]. 6. Promoting international cooperation while adhering to international rules and maintaining a positive image for the Chinese photovoltaic industry [6]. Government and Institutional Support - Local governments are urged to enforce anti-monopoly laws and fair competition regulations to prevent actions that hinder capacity clearance [6]. - Testing and certification institutions are encouraged to enhance their capabilities and ensure fair quality monitoring [6]. Industry Response - Industry leaders acknowledge the pressure of intense competition leading to below-cost sales, but express confidence that legal frameworks will address these issues [7][8]. - Major companies like Trina Solar and JA Solar are responding positively to the initiative, with JA Solar reporting a revenue of 23.905 billion yuan in the first half of 2025, a year-on-year decline of 36.01% due to market pressures [8].

Core Viewpoint - Trina Solar Co., Ltd. reported a significant decline in financial performance for the first half of 2025, with a 27.72% decrease in revenue and a net loss attributed to various market challenges, despite maintaining a competitive edge in photovoltaic (PV) products [3][4][19]. Financial Performance - Revenue for the first half of 2025 was approximately CNY 31.06 billion, down from CNY 42.97 billion in the same period last year, representing a 27.72% decrease [3]. - Total profit for the period was a loss of CNY 3.29 billion, compared to a profit of CNY 606 million in the previous year, marking a 641.94% decline [3]. - The net profit attributable to shareholders was a loss of CNY 2.92 billion, down 654.47% from a profit of CNY 526 million in the previous year [3]. - Basic earnings per share decreased to -CNY 1.34 from CNY 0.24, reflecting an 858.33% decline [3]. Business Overview - The company operates in the solar photovoltaic industry, focusing on the development, production, and sales of PV products, energy storage solutions, and system integration services [4][19]. - Trina Solar has established a diversified business matrix that includes PV products, energy storage, system solutions, and digital energy services, aiming to transition from a PV manufacturer to a comprehensive energy solution provider [4][19]. Market Position - Trina Solar is recognized as a leading player in the global PV market, with a shipment of over 32 GW of PV modules in the first half of 2025, maintaining its position as the world's largest supplier [6][19]. - The company has received multiple accolades for its PV products, including being named a Tier 1 manufacturer by Bloomberg New Energy Finance (BNEF) and winning various performance awards [5][6]. Industry Trends - The global PV market is experiencing significant growth, with new installations reaching 211.61 GW in the first half of 2025, a 106% increase year-on-year [16]. - The industry is transitioning from a subsidy-driven model to a competitive pricing environment, with a focus on quality and technological advancements [16][18]. - Technological innovations, particularly in TOPCon and perovskite-silicon tandem cells, are expected to drive future growth and efficiency improvements in the PV sector [17][22]. Strategic Initiatives - The company is committed to enhancing its research and development capabilities, focusing on advanced technologies such as TOPCon and perovskite-silicon tandem cells to maintain its competitive edge [15][21]. - Trina Solar aims to strengthen its solution-oriented approach by developing integrated energy systems that cater to diverse customer needs and market scenarios [20].

证券代码：688599 证券简称：天合光能 公告编号：2025-090 转债代码：118031 转债简称：天23转债 天合光能股份有限公司 第三届董事会第三十五次会议决议公告 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、董事会会议召开情况 天合光能股份有限公司（以下简称"公司"）第三届董事会第三十五次会议 于 2025 年 8 月 21 日（星期四）以通讯的方式召开。本次会议由公司董事长高纪 凡先生召集和主持，会议应出席董事 9 人，实际出席董事 9 人，本次会议的召集、 召开符合《公司法》等法律法规和《公司章程》的有关规定。 二、董事会会议审议情况 参会董事审议并以投票表决方式通过了下列议案： （一）审议通过《关于公司 2025 年半年度报告及摘要的议案》 本议案已经公司董事会审计委员会审议通过。 表决结果：9 票同意，0 票反对，0 票弃权。 具体内容详见公司同日披露于上海证券交易所网站(www.sse.com.cn)的《天 合光能股份有限公司 2025 年度"提质增效重回报"行动方案的半年度评估报 告》。 （ ...

Core Viewpoint - Trina Solar (688599) reported a significant decline in financial performance for the first half of 2025, with a notable drop in revenue and a shift to net losses compared to the previous year [1] Financial Performance - The company achieved operating revenue of 31.056 billion yuan, representing a year-on-year decrease of 27.72% [1] - The net profit attributable to shareholders was a loss of 2.918 billion yuan, contrasting with a net profit of 526 million yuan in the same period last year [1] Sales and Market Conditions - Despite an increase in the sales volume of photovoltaic module products compared to the previous year, the company's profitability in the module business declined [1] - The decline in profitability is attributed to an imbalance in supply and demand within the industry chain and persistently low market prices for photovoltaic products [1]

Core Viewpoint - The company is committed to optimizing operations, enhancing governance, and actively returning value to investors through its "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" action plan for 2025, which has been implemented in the first half of 2025 [1]. Group 1: Company Operations and Innovations - The company is a leading global provider of photovoltaic smart energy solutions, focusing on four main business segments: photovoltaic products, energy storage, system solutions, and digital energy services [1]. - The company has achieved a cumulative shipment of over 32GW of components in the first half of 2025, maintaining its position as the industry leader with a total cumulative shipment of over 200GW by June 30, 2025 [3]. - The company has delivered over 12GWh of energy storage solutions, leveraging its self-developed technology and customized solutions for diverse global needs [3]. Group 2: Industry Trends and Market Dynamics - The photovoltaic industry in China is experiencing a recovery phase, with a 107% year-on-year increase in new photovoltaic installed capacity, reaching a cumulative installed capacity of over 1000GW by mid-2025 [2]. - The company is focusing on high-efficiency components driven by TOPCon technology, which has become the mainstream product in the industry, contributing to a decrease in photovoltaic generation costs [2]. Group 3: Research and Development - The company invested 22.62 billion yuan in R&D in the first half of 2025, accounting for 7.28% of its revenue, and filed 896 new patent applications, maintaining a leading position in the industry [4]. - The company has set world records in photovoltaic cell conversion efficiency and output power, with a total of 35 records established [4]. Group 4: Governance and Compliance - The company emphasizes a robust governance structure and effective internal control systems, enhancing risk management and compliance measures [5][6]. - The company has achieved certifications for its compliance management systems, ensuring adherence to international standards [6]. Group 5: Investor Relations and Returns - The company has established a stable and scientific return mechanism for investors, with cumulative cash dividends amounting to approximately 3.487 billion yuan since its listing in June 2020, representing about 27.06% of the cumulative net profit attributable to ordinary shareholders [8][9]. - The company has implemented a share repurchase plan, buying back shares worth approximately 259.83 million yuan in 2024, further enhancing shareholder value [10]. Group 6: Future Outlook - The company plans to continue its "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" action plan, ensuring timely information disclosure and maintaining a focus on sustainable development [7].

限公司 有法人 江苏清海投资有限公 境内非国 司 有法人 上述股东关联关系或一致行动的 公司前十大股东中，江苏盘基投资有限公司、吴春艳、 说明 天合星元投资发展有限公司、江苏清海投资有限公司为公司 控股股东及实际控制人高纪凡先生的一致行动人。 表决权恢复的优先股股东及持股 无 数量的说明 | 天合光能股份有限公司2025 | 年半年度报告摘要 | | --- | --- | | 公司代码：688599 | 公司简称：天合光能 | | 转债代码：118031 | 转债简称：天 23 转债 | | 天合光能股份有限公司 | | | | 天合光能股份有限公司2025 年半年度报告摘要 | | | 第一节 重要提示 | | 规划，投资者应当到 | http://www.sse.com.cn/网站仔细阅读半年度报告全文。 | | 公司已在本报告中详细阐述可能存在的相关风险，敬请查阅本报告第三节"管理层讨论与分析" | | | 中的"四、风险因素"部分内容。 | | | 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | 不适用 | | | □适用 √不适用 | | | | 第二节 公 ...

转债代码：118031 转债简称：天23转债 天合光能股份有限公司 第三届监事会第十七次会议决议公告 本公司监事会及全体监事保证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、监事会会议召开情况 证券代码：688599 证券简称：天合光能 公告编号：2025-091 经审核，监事会认为：公司 2025 年半年度报告及摘要的编制和审议程序符 合相关法律法规和《公司章程》等内部制度的规定，披露的信息真实、准确、完 整，不存在任何虚假记载、误导性陈述或重大遗漏，公允地反映了公司 2025 年 上半年度的财务状况和经营成果等事项。 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的《天 合光能股份有限公司 2025 年半年度报告》及《天合光能股份有限公司 2025 年半 年度报告摘要》。 表决结果：3 票同意，0 票反对，0 票弃权。 （二）审议通过《关于公司 2025 年半年度募集资金存放与实际使用情况的 专项报告的议案》 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的《天 合光能股份有限公司 ...

天合光能股份有限公司 募集资金存放与实际使用情况专项报告 天合光能股份有限公司 根据上海证券交易所《上海证券交易所科创板上市公司自律监管指引第 1 号——规 范运作》的规定，将天合光能股份有限公司（以下简称"本公司"或"公司"）2025 年半年 度募集资金存放与使用情况报告说明如下： 一、 募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会出具的证监许可［2023］157 号《关于同意天合光能股 份有限公司向不特定对象发行可转换公司债券注册的批复》同意，公司获准向不特定对 象发行面值总额为人民币 8,864,751,000.00 元的可转换公司债券，债券期限为 6 年。截 至 2023 年 2 月 17 日，公司发行可转换公司债券共募集人民币 8,864,751,000.00 元，扣 除 各 项 发 行 费 用 合 计 人 民 币 48,650,279.85 元 后 ， 实 际 募 集 资 金 净 额 为 人 民 币 号《验资报告》验证。 （二）募集资金使用及结余情况 截至 2025 年 6 月 30 日，公司募集资金使用及节余情况如下： 金额单位：人民币元 项目 金额 募集资金 ...

天合光能股份有限公司 信息披露管理制度 第一章 总则 第一条 为规范天合光能股份有限公司（以下简称"公司"）的信息披露行为， 正确履行信息披露义务，切实保护公司、股东、债权人及其他利益相关者的合法权益， 根据《中华人民共和国公司法》《中华人民共和国证券法》、中国证券监督管理委员会 （以下简称"中国证监会"）《上市公司信息披露管理办法》《上海证券交易所科创板 股票上市规则》（以下简称"《科创板上市规则》"）等有关规定，结合《天合光能股 份有限公司章程》，制定本制度。 第二条 本制度适用于以下人员和机构（以下统称"信息披露义务人"）： （一）公司董事和董事会； （二）公司董事会秘书和董事会办公室； （三）公司总经理、副总经理、财务总监等其他高级管理人员； （四）公司总部各部门以及各子公司、分公司的负责人； （五）公司收购人，重大资产重组、再融资、重大交易有关各方等自然人、单位及 其相关人员、破产管理人及其成员； （六）公司控股股东和持有公司5%以上股份的股东； （七）其他负有信息披露职责的公司人员和部门。 第三条 公司董事会办公室是负责公司信息披露事务的常设机构，即信息披露事 务管理部门。本制度由董事会办公室制订 ...