格隆汇1月14日丨天合光能(688599.SH)公布，经天合光能股份有限公司财务部门初步测算，预计2025年 年度实现归属于母公司所有者的净利润为负值，公司2025年年度经营业绩将继续出现亏损。 ...

| | | 天合光能股份有限公司 关于 2025 年年度业绩预亏的提示性公告 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。 经天合光能股份有限公司（以下简称"公司"）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负值，公司 2025 年年度经营业 绩将继续出现亏损。 公司将严格遵循《上海证券交易所科创板股票上市规则》等相关法律法规的 规定，加快推进财务核算工作，在规定期限内尽快披露 2025 年年度业绩预告。 最终的财务数据以公司正式披露的经审计后的 2025 年年度报告为准。 公司指定的信息披露媒体为《中国证券报》《上海证券报》《证券时报》《证 券日报》和上海证券交易所网站（http://www.sse.com.cn），公司相关信息以在 上述指定媒体披露的公告为准，敬请广大投资者关注后续公告并注意投资风险。 特此公告。 天合光能股份有限公司董事会 2026 年 1 月 15 日 1 ...

36氪获悉，天合光能公告，公司财务部门初步测算，预计2025年年度实现归属于母公司所有者的净利润 为负值，公司2025年年度经营业绩将继续出现亏损。公司将严格遵循《上海证券交易所科创板股票上市 规则》等相关法律法规的规定，加快推进财务核算工作，在规定期限内尽快披露2025年年度业绩预告。 最终的财务数据以公司正式披露的经审计后的2025年年度报告为准。 ...

天合光能公告，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负值，公司 2025年年度经营业绩将继续出现亏损。 （文章来源：第一财经） ...

Core Viewpoint - The solar energy sector in China is experiencing significant growth, with a notable increase in solar power generation and production figures for 2025, indicating a robust market outlook for the industry [1] Industry Summary - According to the National Bureau of Statistics, China's solar power generation reached 41.2 billion kilowatt-hours in November 2025, representing a year-on-year growth of 23.4% [1] - Cumulatively, from January to November 2025, the total solar power generation in China was 529.09 billion kilowatt-hours, marking a cumulative increase of 24.8% [1] - The report by Zhiyan Consulting forecasts the market trends and investment prospects for the solar power station industry in China from 2026 to 2032, highlighting the sector's potential for continued expansion [1] Company Summary - Key listed companies in the solar energy sector include Longi Green Energy (601012), Tongwei Co., Ltd. (600438), Sungrow Power Supply Co., Ltd. (300274), JA Solar Technology Co., Ltd. (002459), Trina Solar Limited (688599), TBEA Co., Ltd. (600089), Chint Electric Co., Ltd. (601877), TCL Zhonghuan Renewable Energy Technology Co., Ltd. (002129), Linyang Energy Co., Ltd. (601222), and Sungrow Power Supply Co., Ltd. (300827) [1]

Core Viewpoint - The concept of "space photovoltaics" is gaining traction among major solar companies, with a focus on perovskite tandem solar cells as a potential game-changer in the space energy sector [1][3][11] Group 1: Industry Developments - HaiMoxing claims to be a core supplier of laser equipment for JinkoSolar and Trina Solar, actively collaborating on the development of perovskite tandem solar cells [1][13] - JinkoSolar's chairman, Li Xiande, emphasized the need to explore market opportunities in space photovoltaics, while Trina Solar's chairman, Gao Jifan, announced plans to accelerate the commercialization of perovskite technology [3][11] - The Starship rocket is theoretically capable of deploying 300-500 GW per year, with plans to launch 1 million tons of satellites annually, each providing 100 kW of AI computing power, potentially adding 100 GW of computing capacity each year [1][3] Group 2: Technical Advantages of Perovskite - Perovskite solar cells are lightweight, with a weight reduction of over 90% compared to gallium arsenide and 92% compared to crystalline silicon, allowing for significant cost savings in satellite launches [4][12] - The energy output of perovskite cells can reach 10-30 W/g, compared to 3.8 W/g for gallium arsenide and 0.38 W/g for crystalline silicon, making them a more efficient option for space applications [4][12] - Perovskite cells are less affected by environmental factors in space, which could enhance their stability and longevity compared to traditional materials [4][12] Group 3: Collaborations and Industry Alliances - HaiMoxing is deeply involved in R&D partnerships with leading solar companies, positioning itself to capture future market opportunities in perovskite technology [14] - Other companies, such as Junda Co. and Aerospace Hongtu, are forming strategic alliances to develop perovskite applications for space energy solutions [14] - A growing number of laser equipment manufacturers, including Dier Laser and Qinghong Laser, are making advancements in perovskite technology, indicating a competitive landscape in this emerging field [6][14] Group 4: Challenges Ahead - Despite the promising outlook, the large-scale application of perovskite technology in space photovoltaics faces significant challenges, including the need for extensive in-orbit data validation and the development of consistent packaging and aerospace-grade standards [9][18] - The path to achieving substantial orders and revenue contributions remains long for laser equipment manufacturers involved in this sector [18]

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤储能 资讯~ 近日，天合储能顺利完成向亚太地区 1.7GWh 储能项目的发货交付。该项目为公司目前 规模最大的海外储能项目出货 ，标志着天合储能在超大 规模储能项目交付能力上的又一次突破，也进一步彰显了公司在海外储能市场的持续拓展与全球项目交付能力的领先优势。 本次交付项目采用天合储能 Elementa 2 储能系统。该系统搭载天合自研电芯，并配备 AI 仿生液冷技术，可将系统内部电芯温差精准控制在 2.5℃ 以内，在 –30°C 至 55°C 的宽温区间内保持稳定运行，充分适应高温、高负荷等复杂工况，为超大规模储能项目的长期安全与可靠运行 提供坚实保障。 鑫椤报告预售： 2025-2029年全球储能市场运行趋势及竞争策略研究报告 预订电话：18964001371（微信同） 凭借高可靠性与快速部署优势， Elementa 系列储能产品正持续服务于不同区域、不同应用场景的能源需求，在效率、灵活性与系统稳定性之间 实现良好平衡，满足海外市场对储能系统 规模化、工程化、可复制落地 的实际需求。 截至 2025 年底，天合储能全球储能系统累 ...

Core Insights - Trina Solar (688599) announced its distributed market guidance price through its WeChat account "Trina Solar Distributed" on January 13, with the lowest component price reaching 0.85 CNY/W, an increase of 0.03 CNY/W compared to the price on January 1 [2] - The Ministry of Finance and the State Administration of Taxation released an announcement on January 9 regarding adjustments to the export tax rebate policy for photovoltaic products, stating that the VAT export rebate for photovoltaic products will be canceled starting April 1 [2] Company Summary - Trina Solar's component pricing reflects a positive trend, with a notable increase in the lowest price per watt [2] - The company's pricing strategy may be influenced by recent policy changes regarding export tax rebates [2] Industry Summary - The cancellation of VAT export rebates for photovoltaic products could impact the overall market dynamics and pricing strategies within the solar industry [2] - The adjustment in export tax policy may lead to increased costs for manufacturers, potentially affecting their competitiveness in international markets [2]

(相关资料图) 人民财讯1月13日电，企查查APP显示，近日，淮安群创光伏技术有限公司成立，法定代表人为陈奕 峰，注册资本为1000万元，经营范围包含：工业设计服务；新材料技术研发；新材料技术推广服务；机 械设备研发；光伏设备及元器件销售等。企查查股权穿透显示，该公司由天合光能旗下江苏群创光伏技 术有限公司全资持股。 ...

Core Viewpoint - The Ministry of Finance announced the cancellation of export VAT rebates for photovoltaic products starting April 1, 2026, affecting 249 products, which may accelerate the exit of weaker companies and optimize industry capacity structure [1] Group 1: Market Reaction - The A-share "photovoltaic equipment" sector surged by 2.72% following the announcement, with notable increases in stock prices for major companies such as JinkoSolar (3.56%), LONGi Green Energy (4.57%), JA Solar (3.4%), Trina Solar (8.62%), and Tongwei Co. (2.11%) [1] Group 2: Financial Health of Leading Companies - Leading photovoltaic companies exhibit high asset-liability ratios, with JinkoSolar, JA Solar, Trina Solar, and Tongwei Co. all exceeding 70%, and JA Solar and Trina Solar nearing 78% [2] - As of Q3 2025, JinkoSolar reported an asset-liability ratio of 74.48%, LONGi Green Energy at 62.43%, JA Solar at 77.9%, Trina Solar at 77.99%, and Tongwei Co. at 71.95% [3] - JinkoSolar had cash and cash equivalents of 22.18 billion, with 5 billion restricted for guarantees, while LONGi Green Energy maintained a lower short-term borrowing of 300 million [5] Group 3: Accounts Receivable and Payable - The five leading companies collectively had accounts payable nearing 200 billion, with accounts receivable totaling approximately 72.3 billion, resulting in a significant payment demand [8] - The accounts receivable turnover days increased for several companies, with LONGi Green Energy at 69.31 days, JA Solar at 67.02 days, and Trina Solar at 82.38 days [7] Group 4: Profitability Challenges - All leading companies faced significant losses in the first three quarters of 2025, with JinkoSolar, LONGi Green Energy, JA Solar, Trina Solar, and Tongwei Co. reporting net losses of 4.543 billion, 4.454 billion, 3.453 billion, 4.315 billion, and 5.471 billion respectively [10] - The gross profit margins varied, with Trina Solar at 5.09% and JA Solar at -2.6%, indicating a wide disparity in profitability [11] Group 5: Debt Structure and Financing - Tongwei Co. had a notably high long-term debt of 53.78 billion, while JinkoSolar's financial expenses were relatively low due to favorable foreign exchange gains [12] - The actual controllers of LONGi Green Energy and Tongwei Co. had some share pledges, with LONGi at 14.62% and Tongwei at 28.36%, indicating potential financial constraints [14]