证券日报网讯1月12日，横店东磁（002056）在互动平台回答投资者提问时表示，取消出口退税鼓励企 业通过技术创新、产品附加值来消化成本压力，从而推动产业结构向更健康、可持续的方向演进。公司 对此政策变化有相应预期，在与客户谈判中远期订单时也有所考量，目前影响在可控范围内。公司将持 续深化差异化策略、优化成本，提高效率以保持海外市场的竞争力，并获取合理的盈利。 ...

Core Viewpoint - The article discusses the trust crisis faced by Hongdian Dongci, a leading player in the photovoltaic industry, following the revocation of tax benefits for its solar components due to documentation errors related to carbon footprint certification [3][4]. Group 1: Impact of Certification Issues - Certisolis, a French certification body, has canceled the eligibility of four solar components from Hongdian Dongci for a reduced VAT rate of 5.5% due to errors in the documentation provided by the company [3][6]. - The immediate financial impact for Hongdian Dongci includes a shift from a 5.5% VAT rate to a 20% VAT rate, significantly increasing installation costs for end users [6][11]. - Analysts suggest that the repercussions of this incident may extend beyond Hongdian Dongci, potentially affecting the certification applications of other Chinese photovoltaic companies [4][6]. Group 2: Broader Industry Implications - The incident has raised concerns about the credibility of Certisolis, as it may necessitate a comprehensive review of compliance for many applications, increasing the workload for the certification body [6][7]. - Future applications for carbon footprint certification from Chinese manufacturers may face stricter scrutiny and requirements, particularly in light of the upcoming Net Zero Industry Act (NZIA) [7][9]. - The carbon footprint certification process evaluates the carbon emissions of photovoltaic products throughout their lifecycle, making it crucial for market competitiveness in Europe [10]. Group 3: Company Performance and Market Position - Hongdian Dongci's revenue from photovoltaic products has reached 80.54 billion yuan, accounting for 67.47% of its total revenue, with a net profit of 10.20 billion yuan [11]. - The company has maintained profitability with a gross margin of 16.7% in its photovoltaic segment, even as many competitors face losses [11][12]. - The overseas business contributes significantly to Hongdian Dongci's revenue, with 48.24% of its income coming from international markets, particularly North America and Europe [12]. Group 4: Future Market Challenges - The European Union's Net Zero Industry Act aims to increase local manufacturing of clean technologies, which could impact Hongdian Dongci's market access in Europe [12][13]. - The company is also navigating uncertainties in the U.S. market, where trade investigations could affect its operations in Southeast Asia [12][13]. - Rising inventory levels, which reached 49.67 billion yuan by the third quarter, indicate potential challenges in managing supply and demand [13].

Core Viewpoint - The company Hongdian Dongci, known as a "profit king" in the photovoltaic sector, is facing a trust crisis due to the cancellation of tax benefits for its solar components by the French certification body Certisolis, stemming from errors in documentation related to carbon footprint calculations [3][14]. Group 1: Impact on the Company - The cancellation of the 5.5% VAT tax rate for four solar components will lead to increased costs, as these components will now be sold at a 20% VAT rate, significantly raising installation costs for end users [6][16]. - Hongdian Dongci claims that this issue will not affect its overseas market performance, asserting that its financial results remain strong [4][14]. - The company has acknowledged the documentation errors and has withdrawn potentially affected components while notifying distributors that others can continue to be sold at the higher VAT rate [6][15]. Group 2: Broader Industry Implications - The incident may trigger a chain reaction affecting other Chinese photovoltaic companies, as Certisolis may need to reassess compliance for numerous applications, potentially damaging its credibility [5][14]. - The certification process for carbon footprint may become more stringent, complicating future applications for Chinese manufacturers seeking to enter European markets [7][16]. - The European market is increasingly prioritizing local production, as indicated by the upcoming EU "Net Zero Industry Act," which mandates that by 2030, at least 40% of solar panels must be manufactured within Europe [10][19]. Group 3: Financial Performance and Market Position - Hongdian Dongci's revenue from photovoltaic products has reached 80.54 billion yuan, accounting for 67.47% of its total revenue, with a net profit of 10.20 billion yuan [9][18]. - The company reported a 56.8% year-on-year increase in net profit for the first three quarters of 2025, amounting to 14.52 billion yuan [9][18]. - The company's overseas business accounts for 48.24% of its revenue, with North America being a significant profit driver [19]. Group 4: Inventory and Shareholder Actions - Since 2025, Hongdian Dongci's inventory has been rising, reaching 4.967 billion yuan by the third quarter, which is 19.37% of total assets, reflecting a 32.49% increase compared to the end of 2024 [11][20]. - The controlling shareholder, Hongdian Group, plans to reduce its stake by up to 16.26 million shares, representing 1% of the total shares, which could yield over 300 million yuan [12][20].

格隆汇1月9日丨横店东磁(002056.SZ)在投资者互动平台表示，公司出口日本产品未受影响。 ...

Group 1 - The core viewpoint of the article is that Hengdian East Magnetic (002056.SZ) is currently testing non-rare earth metal substitution technology, with small batch deliveries of non-rare earth products already made [1] Group 2 - The company has indicated that the development of the substitution technology is still in the testing phase [1] - Small batch deliveries of non-rare earth products have commenced, indicating progress in the company's product offerings [1]

Core Viewpoint - The company is committed to a dual-driven strategic layout focusing on "magnetic materials" and "new energy" [2] Group 1: Business Strategy - The revenue structure of the company will change according to the different development stages of its business segments [2] - In the magnetic materials segment, the company plans to horizontally expand its multi-material system and vertically develop components to strengthen and grow [2] - The lithium battery segment will focus on cylindrical batteries, continuously enriching product categories and expanding applications across multiple fields [2] Group 2: Competitive Positioning - The company aims to build comprehensive competitiveness that can withstand industry cycles [2]

Core Viewpoint - The company, Hengdian East Magnetic (002056), is committed to deepening its presence in niche markets and enhancing product traceability to provide value-added services to customers [1] Group 1: Company Strategy - The company has extended its employee stock ownership plan multiple times, and the expiration of the plan has led to normal liquidation behavior, with optimistic employees expected to repurchase shares [1] - The major shareholder's reduction in holdings is based on its own strategic planning and operational needs [1] Group 2: Business Outlook - By 2025, the company aims to implement a "magnetic materials + new energy" dual-drive strategy, with stable growth in the magnetic materials and lithium battery sectors [1] - The photovoltaic sector has shown strong resilience during economic downturns, achieving positive profitability [1] - Looking ahead to 2026, the company plans to consolidate confidence amid changes and continue promoting high-quality development to provide stable and sustainable returns to shareholders [1]

Group 1 - The company has established a "long-term, stable, and sustainable" shareholder value return mechanism [2] - In recent years, the company has increased its dividend payout ratio while enhancing operational quality [2] - The frequency of dividend distributions has also increased, allowing shareholders to share in the company's operational achievements [2]

Core Insights - The photovoltaic sector experienced a rebound due to three factors: price bottoming out, policy-driven capacity reduction, and high demand growth [1] - Major silicon wafer companies raised prices significantly, with N-type silicon wafer prices increasing by 2.6% to 9.2% [1] - The National Development and Reform Commission announced plans to eliminate inefficient capacity in the photovoltaic industry, improving long-term profitability expectations [1] - As of the end of November, China's solar installed capacity reached 116 million kilowatts, a year-on-year increase of 41.9% [1] Company Insights - JunDa Co., a leading photovoltaic battery company, focuses on technological innovation and has achieved a laboratory efficiency of over 32% for perovskite tandem batteries, positioning itself for overseas market expansion [1] - The company plans to increase its overseas sales to over 50% by Q3 2025, with North America being a key market for expansion [1] - JunDa is also investing in space perovskite battery technology through its investment in Shangyi Optoelectronics, targeting the aerospace market [1] - Dongfang Risen has developed the Hyper-ion HJT module, achieving a maximum power of 741W and a conversion efficiency of 23.90%, with over 10GW shipped [2] - The company aims to maintain its market advantage through continuous technological advancements and cost control measures [2] - Xiexin Integrated has developed a dual-source heat pump system that operates in extreme low temperatures, improving energy efficiency by approximately 25% compared to traditional systems [4] - The company is focusing on technological innovation and cost reduction to enhance its core competitiveness amid rising material costs [4] - Zhonglai Co. produces TOPCon batteries for high-efficiency photovoltaic modules, which can be applied in various photovoltaic power plants [5] - SunPower has begun exporting photovoltaic products to Europe and plans to expand into overseas markets, particularly along the Belt and Road Initiative [5] - Nanfang Glass has established a photovoltaic glass manufacturing base in Egypt to enhance its international competitiveness and align with the Belt and Road Initiative [7] - The company aims to integrate resources related to "new energy materials" to strengthen its platform functionality and core competitiveness [7][8]

Core Viewpoint - Hengdian East Magnetic (002056.SZ) has completed the sale of all shares held under its second employee stock ownership plan, adhering to market trading rules and regulations regarding insider trading [1] Group 1 - The employee stock ownership plan was executed in compliance with the trading rules of the stock market and the regulations set by the China Securities Regulatory Commission and Shenzhen Stock Exchange [1] - There were no instances of trading based on insider information during the holding period of the employee stock ownership plan [1] - The holding period of the employee stock ownership plan was consistent with the disclosed duration of the plan [1] Group 2 - The company will proceed with the necessary asset liquidation and distribution work as per regulations following the completion of the employee stock ownership plan [1]