Group 1 - The company Trina Solar announced a share buyback of approximately 16.55 million shares, representing 0.76% of its total share capital of about 2.179 billion shares, with a total expenditure of approximately RMB 273 million [1] - The highest and lowest prices for the repurchased shares were RMB 24.91 and RMB 13.64 per share, respectively [1] - For the year 2024, the company's revenue composition is heavily weighted towards the photovoltaic industry, accounting for 98.17%, while other businesses contribute only 1.83% [1] Group 2 - As of the report, Trina Solar's market capitalization stands at RMB 34.8 billion [1]

Core Viewpoint - Trina Solar (688599.SH) announced a share buyback program, indicating confidence in its stock value and future prospects [1] Summary by Categories Share Buyback Details - The company repurchased a total of 16.5494 million shares, which represents 0.76% of its total share capital [1] - The highest price paid for the shares was 24.91 CNY per share, while the lowest price was 13.64 CNY per share [1] - The total amount spent on the buyback was 273 million CNY, excluding transaction fees such as stamp duty and commissions [1]

Core Viewpoint - Trina Solar (688599.SH) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1: Share Buyback Details - The company plans to repurchase 16.5494 million shares, representing 0.76% of its total share capital [1] - The highest price for the repurchased shares was 24.91 CNY per share, while the lowest price was 13.64 CNY per share [1] - The total amount spent on the buyback is 273 million CNY, excluding transaction fees such as stamp duty and commissions [1]

一、回购股份的基本情况 | 证券代码：688599 | 证券简称：天合光能 | | 公告编号：2025-094 | | --- | --- | --- | --- | | 转债代码：118031 | 转债简称：天 23 | 转债 | | 天合光能股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | | 2024/6/26 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 6 月 | 2024 年 25 | 日~2026 | 年 | 3 | 月 24 日 | | 预计回购金额 | 100,000万元~120,000万元 | | | | | | | 回购用途 | □减少注册资本 □用于员工持股计划或股权激励 | | | | | | | | √用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计 ...

| 证券代码：688599 | 证券简称：天合光能 | | 公告编号：2025-093 | | --- | --- | --- | --- | | 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 8 月 1 日至 2025 年 8 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 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 604.19 亿元，占公司最近一期经审计净资产的 229.05%，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 582.35 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资金周转需要，在确保运作规范和风险可控的前 提下，公司及下属子公司在 2025 年 8 月 1 日至 2025 年 8 月 31 日期间，公司累 计发生的担保金额为 11.2 ...

格隆汇9月2日丨天合光能(688599.SH)公布，截至2025年8月31日，公司通过上海证券交易所交易系统以集中竞价交易方式回购公司股份16,549,446股，占公司总股本2,179,365,412股的 ...

Core Insights - The four major photovoltaic companies reported a combined revenue of 119.6 billion yuan in the first half of 2025, a year-on-year decrease of 28% and a quarter-on-quarter decrease of 24.9% [2][5] - Despite ongoing efforts to reduce internal competition, the industry continues to experience "loss-making shipments" and cost-cutting measures remain prevalent [1][29] Revenue and Profit Summary - The four companies collectively recorded a net loss of approximately 10.98 billion yuan, which is 2.5 times the loss from the same period last year [5] - Revenue breakdown for each company shows: - Longi Green Energy: 32.81 billion yuan, down 14.83% year-on-year and down 25.52% quarter-on-quarter [3][7] - Trina Solar: 30.16 billion yuan, down 27.72% year-on-year and down 16.77% quarter-on-quarter [4][7] - JinkoSolar: 31.83 billion yuan, down 32.63% year-on-year and down 29.61% quarter-on-quarter [3][7] - JA Solar: 23.90 billion yuan, down 36.01% year-on-year and down 27.04% quarter-on-quarter [4][7] Shipment Volume Analysis - The total shipment volume for the four companies was approximately 247.9 GW, a 10% increase year-on-year [9] - Shipment volume for each company: - Longi Green Energy: 39.57 GW, up 26.3% year-on-year [10] - Trina Solar: over 32 GW, down 5.9% year-on-year [11] - JinkoSolar: 41.84 GW, down 4.5% year-on-year [12] - JA Solar: 33.79 GW, down 11.1% year-on-year [13] Cost-Cutting Measures - All four companies are implementing cost-cutting strategies, including reductions in sales and management expenses: - Longi Green Energy: Sales expenses down 36.9% year-on-year [18] - Trina Solar: Sales expenses down 27.9% year-on-year [19] - JinkoSolar: Sales expenses down 12.4% year-on-year [20] - JA Solar: Sales expenses down 6.3% year-on-year [20] - Management expenses also decreased across the board, with Longi Green Energy reporting a 22.8% reduction [22] Employment and R&D Adjustments - Significant layoffs have occurred, with Trina Solar reducing its workforce by approximately 17% [25] - R&D expenses have also been cut, with Longi Green Energy reporting a 15.2% decrease [24] Industry Outlook - The industry is facing challenges such as supply-demand imbalance and intensified market competition, with "loss-making shipments" and "cost-cutting" remaining the norm [29] - Recent regulatory changes indicate a potential shift towards curbing low-cost competition, which may impact the industry's dynamics in the second half of 2025 [30][31]

Investment Rating - The report maintains a "Recommended" rating for Trina Solar [6] Core Views - Trina Solar's revenue for H1 2025 was 31.06 billion, a year-on-year decline of 27.7%, with a net profit attributable to shareholders of -2.92 billion, down 654.5% year-on-year. The decline is attributed to continuous price drops in components and challenges in the photovoltaic industry, including supply-demand imbalances and intensified market competition [1][3] - The storage segment is expected to see growth in both volume and profit, with global battery storage system shipments projected to increase by over 50% in 2025. Trina Solar aims to achieve over 8GWh in shipments for the year, benefiting from a higher proportion of overseas orders and economies of scale [2][3] - The company is advancing in technology, with new battery component technologies achieving world record efficiencies. This positions Trina Solar to maintain its leading status in the photovoltaic component industry while diversifying its business ecosystem, enhancing its resilience against industry cyclicality [3] Financial Summary - For 2025, Trina Solar's revenue is projected to be 67.15 billion, with a year-on-year decline of 16.36%. The net profit is expected to be -3.97 billion, with an EPS of -1.82. The PE ratios for 2025-2027 are projected to be -9, 94, and 17 respectively [5][3] - The company reported a significant drop in component shipments, with H1 2025 shipments exceeding 32GW, a slight decrease from 34GW in the previous year. Distributed system sales fell by 53% to approximately 1.5GW, while storage shipments remained stable at about 1.7GWh [1][3]

Core Viewpoint - Trina Solar's stock has experienced a decline of 15.91% year-to-date, with a recent drop of 2.05% on September 1, 2023, indicating potential challenges in the market [1] Company Overview - Trina Solar, established on December 26, 1997, and listed on June 10, 2020, is located in Changzhou, Jiangsu Province, China. The company operates in three main business segments: photovoltaic products, photovoltaic systems, and smart energy [1] - The revenue composition of Trina Solar includes: photovoltaic products (64.66%), system solutions (21.23%), other (5.54%), digital energy services (4.42%), and energy storage (4.14%) [1] Financial Performance - For the first half of 2025, Trina Solar reported a revenue of 31.056 billion yuan, a year-on-year decrease of 27.72%, and a net profit attributable to shareholders of -2.918 billion yuan, a significant decline of 654.47% [2] - Since its A-share listing, Trina Solar has distributed a total of 3.487 billion yuan in dividends, with 2.410 billion yuan distributed over the past three years [3] Shareholder Information - As of July 31, 2025, Trina Solar had 44,400 shareholders, a decrease of 3.02% from the previous period, with an average of 49,129 circulating shares per shareholder, an increase of 3.12% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 151 million shares (a decrease of 13.048 million shares), and various ETFs showing changes in their holdings [3]

Summary of Trina Solar (688599.SS) Conference Call Company Overview - **Company**: Trina Solar - **Industry**: Solar Energy Key Financial Highlights - **Net Loss**: Rmb2,918 million in 1H25 compared to Rmb526 million profit in 1H24, with a net loss of Rmb1,598 million in 2Q25 [1][9] - **Operating Cash Inflow**: Rmb1,843 million in 1H25, including Rmb2,679 million in 2Q25 [1] - **Revenue**: Decreased by 27.7% YoY to Rmb31,056 million in 1H25 [9] - **Module Shipment Volumes**: 32GW in 1H25, with 17GW in 2Q25, reflecting a 5.9% YoY decline [2][9] - **Gross Profit Margin**: Dropped to 4.9% in 1H25 from 13.4% in 1H24 [9] Core Insights - **Anti-involution Policy**: Trina Solar emphasized the importance of the Chinese government's anti-involution policy, which aims to prevent selling solar products below cost. This policy is expected to benefit polysilicon makers more than module manufacturers [1][8] - **Module Sales Losses**: The company reported losses of Rmb0.08/W on module sales in the first half of the year, while distributed systems generated a profit of Rmb0.2/W [2] - **Technology Outlook**: Trina Solar downplayed advancements in solar cell technology, indicating that TOPCON will remain the primary technology, with marginal improvements from newer technologies [2] Business Segment Performance - **Energy Storage System (ESS)**: The ESS business turned profitable in 2Q25, earning Rmb7-8 million, with a shipment volume of 1.7GWh in 1H25 [6] - **Export Focus**: 90% of ESS shipments were for exports, with significant orders from the US and a target to double shipment volume to 8GWh in 2025E [6] Market Conditions - **US Market Dynamics**: The US solar market may see sustained module demand due to installation rushes, despite regulatory changes that could limit new project approvals [7] - **Polysilicon Preference**: Analysts prefer polysilicon manufacturers like Tongwei over Trina due to uncertain benefits from anti-involution measures for module sales [8] Valuation and Risks - **Target Price**: Rmb12.00/share based on DCF valuation, indicating a potential decline of 28.3% from the current price of Rmb16.740 [4][16] - **Key Risks**: Include faster-than-expected global solar installation growth and price competition among module companies [17] Additional Notes - **Impairment Losses**: Trina may face impairment losses of Rmb400-500 million from its TOPCon production capacity in Thailand [8] - **Debt Levels**: Total debt increased by 5.8% to Rmb48.9 billion in 1H25, with a net debt to equity ratio rising to 91.1% [9]