Core Viewpoint - Trina Solar's Chairman and CEO Gao Jifan announced that over one-third of the company's business currently comes from solutions, with expectations to increase this proportion to over 50% in the next two to three years [1] Group 1 - Trina Solar is actively expanding its solutions business, indicating a strategic shift towards integrated energy solutions [1] - The company aims to enhance its revenue stream from solutions, reflecting a growing trend in the solar industry towards comprehensive service offerings [1]

Summary of Key Points from the Conference Call on the Photovoltaic Industry Industry Overview - The photovoltaic (PV) industry has been in a loss state since Q4 2023, continuing for approximately 6 quarters, with all companies facing gross margin losses, particularly in the manufacturing segment [1][3][10] - Cash flow is generally tight across the industry, with significant price fluctuations in silicon materials and wafers, and a continuous decline in battery component prices [1][4] - Major layoffs are occurring, with leading companies like Weima Agricultural Machinery reducing their workforce by over half, and many third and fourth-tier companies being taken over by state-owned enterprises [1][5] Core Insights and Arguments - The current holding ratio in the PV industry is below the levels seen in 2020, and even lower than in 2017 and 2019, indicating a lack of confidence among investors [2][10] - The industry is facing a dual bottom in terms of chip structure and fundamentals, with a holding ratio of only 1.83% when excluding inverters [10] - The resolution of supply-demand contradictions in the PV industry requires both policy intervention and natural market clearing, with a focus on eliminating outdated production capacity and enhancing efficiency through technological advancements [11] Future Drivers and Investment Strategies - Key future drivers for the PV industry include policy changes and technological iterations, expected to see significant developments by the end of this year [6][21] - Investment strategies should focus on silicon material companies and battery-related targets, particularly after any policy or technological changes occur [7][19] - The market is anticipated to reach a turning point by the end of 2025, with significant observations expected around July and December regarding policy and technological advancements [16][17] Technical Iteration and Market Dynamics - Technological iteration is crucial for accelerating the clearing of the PV industry, with improvements in Topcon technology potentially increasing power output by 10-15 watts [13][14] - The industry is expected to undergo a phased development model, with initial challenges for second-tier companies while leading companies may turn profitable through demand digestion and technological progress [12] Recommendations for Investors - Investors are advised to gradually position themselves in the market starting from late summer 2025, as the current low attention on the sector presents tactical opportunities [20] - Engaging with industry leaders during events, such as the upcoming PV exhibition in Shanghai, is recommended for gathering insights and formulating strategies [8][20] Additional Considerations - The takeover of third and fourth-tier companies by state-owned enterprises does not necessarily equate to market exit, as these companies may still operate effectively if they can keep up with technological advancements [9] - The overall sentiment in the market remains cautious, with a continuous decline in the number of investors reflecting a lack of confidence in the PV sector [2][10]

Core Viewpoint - Trina Solar Co., Ltd. has been awarded the Silver Prize at the 25th China Patent Awards for its patent on a method for estimating direct irradiance ratio using a dual irradiance meter, marking a significant achievement in photovoltaic technology [1][2]. Group 1 - The awarded patent introduces a sunny index inference algorithm and a corresponding dual irradiance meter design, which can accurately identify weather conditions and dynamically adjust tracking angles to maximize power generation from photovoltaic modules [1]. - This innovation overcomes foreign technological barriers and provides a cost-effective solution to optimize tracking angles in photovoltaic tracking systems, enhancing energy output [1][2]. - The recognition from the patent award signifies a key breakthrough in the field of photovoltaic support technology and injects innovative momentum into the high-quality development of the industry [2]. Group 2 - The award will not have a significant impact on the company's financial status for the current year [2].

近日，国家知识产权局发布了关于第二十五届中国专利奖授奖的决定，天 合光能股份有限公司（以下简称"公司"）以专利"一种双辐照计推测直射辐 照比例方法"荣获第二十五届中国专利银奖。具体情况如下： 关于自愿披露获得第二十五届中国专利银奖的公告 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。 | 证券代码：688599 | 证券简称：天合光能 | | | 公告编号：2025-062 | | --- | --- | --- | --- | --- | | 转债代码：118031 | 转债简称：天 | 23 | 转债 | | 天合光能股份有限公司 | 专利号 | 专利名称 | 专利权人 | 发明人 | | --- | --- | --- | --- | | ZL202010441260.8 | 一种双辐照计推测 | 天合光能股份有 | 孙凯、赵明、高纪凡、全 | | | 直射辐照比例方法 | 限公司 | 鹏、黄国昆、吴军 | 本次获奖专利创新的提出了晴天指数推演算法以及与之匹配的双辐照计设 计方案，并突破国外技术封锁，实现百分等级精确 ...

Investment Rating - The report maintains a "Positive" investment rating for the photovoltaic industry [15]. Core Insights - The report emphasizes the importance of the photovoltaic sector due to a dual bottom in both market sentiment and fundamentals, suggesting that policy changes or new technologies could accelerate supply clearing, with the end of 2025 being a critical observation point [3][10]. - It recommends gradual investment in the sector, particularly in silicon materials and battery components, as stock prices are expected to lead the fundamentals [13]. Summary by Sections Why Focus on Photovoltaics? - Dual Bottom in Sentiment and Fundamentals - The photovoltaic sector is currently experiencing low institutional holdings, with the proportion of heavy positions in A-shares dropping to 1.83% in Q1 2025, a significant decline of 0.59 percentage points [10][20]. - The entire supply chain is near cash loss, with the current situation being more severe than historical lows in industries like steel and coal [10][29]. What Scenarios Could Accelerate Supply Clearing? - Policy Relief or Technological Iteration - Historical cycles show that policy interventions have effectively stimulated demand during downturns. The current cycle may similarly require supply-side policies to address the oversupply situation [11][46]. - Technological advancements, particularly in battery efficiency, could lead to a differentiation in production quality, benefiting leading firms while forcing less competitive ones to exit the market [11][12]. When Will Supply Clear? - Key Observations for 2025 - The report identifies mid-year and year-end as critical observation points for policy direction and market conditions, with expectations of clearer domestic and international demand by mid-2025 [12][13]. When to Invest? - Preferred Segments - The report suggests focusing on silicon materials and battery components, especially if strong policies are introduced. Recommended companies include Tongwei Co., Daqo New Energy, and GCL-Poly Energy [13][20]. - In the absence of strong policies, investment should shift towards new technology segments, with specific recommendations for companies like LONGi Green Energy and JA Solar Technology [13][41].

Market Overview - The A-share and Hong Kong stock markets experienced a rebound in the first week of June, with the Every Day Brand 100 Index rising by 1.3% to close at 1077 points, aiming for the 1100-point mark [1][2] - The three major A-share indices all saw weekly gains of over 1%, with 60 out of 99 constituent stocks rising, indicating a broad-based rally [2] Key Stock Performances - Notable performers included CITIC Bank and Trina Solar, both of which saw weekly gains exceeding 5%, while other companies like Jiangxi Copper, China Life, NetEase, Pinduoduo, Xiaomi Group, and Industrial Bank also recorded gains above 4% [2][3] - Tencent Holdings led the market with a market value increase of 154.46 billion yuan, being the only stock in the Every Day Brand 100 Index to surpass a 100 billion yuan increase in market value for the week [4] Economic Indicators - China's Caixin Services PMI for May was reported at 51.1%, a 0.4 percentage point increase from April, while the composite PMI fell to 49.6%, indicating a contraction for the first time in 2023 [4] - The U.S. job growth slowed in May but was better than expected, alleviating concerns about a U.S. economic slowdown and boosting investor sentiment [4] Company-Specific Developments - CITIC Bank announced the approval to establish a financial asset investment company with a registered capital of 10 billion yuan, which will allow it to invest in early-stage technology companies [5][6] - Trina Solar hosted a research meeting with 58 institutions, projecting that global demand for photovoltaic modules will exceed 660 GW by 2025, driven by energy transition and technological advancements [7] Investment Opportunities - The Hong Kong stock market has outperformed the A-share market this year, making it an attractive option for investors, especially with the potential return of Chinese concept stocks to Hong Kong [8] - The China Overseas Internet 50 Index, which tracks 50 Chinese internet companies listed overseas, reflects the investment opportunities in this sector, with major stocks like Tencent, Alibaba, and Xiaomi being significant components [11][12]

近日，天合光能(688599)披露的投资者关系活动记录表显示，今年5月，公司参与了路演活动、现场调 研、线上电话会议，嘉实基金、泰康基金、景顺长城等机构参加调研，公司董事会秘书吴群及投资者关 系团队接待投资者并回答相关提问。 天合光能表示，公司2024年全年组件出货超过70GW，2025年目标为70—75GW，今年整体销售策略是 在各主要市场都保持头部位置，但不刻意追求市占率绝对领先，在量和盈亏之间做好平衡，并在利润相 对好的市场，如欧洲、澳洲等区域保持更大的市占率。 公司称，在当前光伏产业链供过于求、竞争激烈的环境下，更加看重发展质量和盈利能力，同时加速推 进解决方案转型升级的传略，从客户需求出发，打造公司的产品服务差异化竞争优势，为股东创造更多 价值。 值得注意的是，今年一季度，天合光能毛利率高于其他头部同行，谈及原因，公司称，光伏组件行业的 发展趋势是价值点从产业链上游的生产制造向下游品牌服务转移，企业的发展战略需要与行业的趋势相 匹配，需要前瞻性的思考和布局。 至于今年全球组件市场需求，天合光能判断，随着全球能源转型的持续深化，以及光伏技术进步和成本 下降对光伏组件竞争力的进一步推动，光伏组件市场仍具 ...

| 证券代码：688599 | 证券简称：天合光能 | | 公告编号：2025-060 | | --- | --- | --- | --- | | 转债代码：118031 | 转债简称：天 23 | 转债 | | 天合光能股份有限公司 2025 年 5 月 22 日，公司召开第三届董事会第二十七次会议，审议通过了《关 于调整回购股份方案的议案》，同意将回购股份实施期限延长 9 个月，由原来的 2025 年 6 月 24 日止延期至 2026 年 3 月 24 日止，并同意将回购股份资金来源由"自 有资金"调整为"自有资金和自筹资金"。除上述调整外，回购股份方案的其他 内容不变。具体内容详见公司于 2025 年 5 月 24 日在上海证券交易所网站 （www.sse.com.cn）披露的《天合光能股份有限公司关于调整回购股份方案的公 告》（公告编号：2025-055）。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司在回购期间，应当在每个月的前 3 个交易日 内公告截至上月末的回购进展情况。现将公司回购股份的进展情况公告如下： 2 ...

| 证券代码：688599 | 证券简称：天合光能 | 公告编号：2025-061 | | --- | --- | --- | | 转债代码：118031 | 转债简称：天 23 转债 | | 天合光能股份有限公司 关于公司提供担保的进展公告 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。 重要内容提示： 担保发生时间：2025 年 5 月 1 日至 2025 年 5 月 31 日 被担保人名称：天合光能股份有限公司（以下简称"公司"）及其合并 报表范围内下属子公司 本期担保发生额：人民币 31.48 亿元（包含公司合并报表范围内下属子 公司对公司的担保） 本次担保是否有反担保：是 被担保人中无公司关联方。 对外担保逾期的累计数量：公司无逾期对外担保情况 截至本公告披露日，公司及合并报表范围内下属子公司对外担保余额为 604.56 亿元，占公司最近一期经审计净资产的 229.19%，其中公司对合并报表范 围内下属子公司提供的担保余额为 582.07 亿元。 一、担保情况概述 （一）本期新增担保情况 为满足公司生产经营和流动 ...

Core Viewpoint - The article discusses the transformation of the commercial energy storage industry in China, emphasizing the shift from policy-driven growth to market-driven value creation, particularly following the implementation of new pricing policies in June 2023 [2][3][17]. Group 1: Market Changes and New Policies - The new pricing policy in Jiangsu, effective June 1, 2023, has narrowed the peak-valley price difference, impacting traditional arbitrage strategies in commercial energy storage [2][9]. - The cancellation of mandatory energy storage requirements marks a transition to a market-driven approach, where investment focus shifts to long-term returns rather than short-term subsidies [3][9]. - The new policies are expected to trigger a wave of reforms in commercial time-of-use pricing across the country, leading to a more competitive landscape [2][9]. Group 2: Strategic Shifts in the Industry - Companies are now competing on solutions, services, and operational capabilities rather than just hardware, as the market becomes saturated with similar products [2][7]. - Trina Solar has adopted a "software value-added strategy" to escape the price war, enhancing project investment returns and risk resilience through its integrated solutions [8][20]. - The company plans to launch the "Light Storage Cloud" platform, which utilizes AI algorithms to optimize energy usage and improve investment returns by 5%-8% [8][14]. Group 3: Financial Implications and Market Reactions - The new pricing policy in Jiangsu has led to a significant drop in investment returns for energy storage projects, with returns falling below investment thresholds [9][14]. - The article highlights that the integration of light storage can significantly enhance the economic benefits of distributed photovoltaic projects, with returns improving from 10.97% to 13.55% [14]. - The shift to a four-hour long-duration storage system is anticipated as the market adapts to the new pricing environment, indicating a move towards more flexible energy storage solutions [9][14]. Group 4: Future Outlook and Competitive Landscape - The article suggests that companies with comprehensive lifecycle service capabilities will likely dominate the market, as system costs stabilize around 1 yuan/Wh while software and service premiums exceed 20% [8][20]. - The competitive landscape is evolving, with a focus on operational excellence and the ability to respond quickly to market changes becoming critical for success [17][18]. - The transition to a market-driven model is expected to reshape the competitive dynamics of the energy storage industry, emphasizing the importance of strategic adaptability [17][18].