（文章来源：每日经济新闻） 每经AI快讯，9月2日，晶澳科技(002459.SZ)公告称，公司拟回购不低于2亿元且不超过4亿元公司发行 的人民币普通股（A股），回购价格不超过17.36元/股。回购的股份将在未来适宜时机全部用于员工持 股计划或者股权激励。回购期限为自董事会审议通过本次回购方案之日起12个月内。 ...

| 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2025-081 | | --- | --- | --- | | 债券代码：127089 | 债券简称：晶澳转债 | | 晶澳太阳能科技股份有限公司 回购报告书 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 2、回购规模：回购资金总额不低于人民币 2 亿元（含）且不超过人民币 4 亿元（含）； 3、回购价格：不超过人民币 17.36 元/股（含），回购价格不高于公司董事 会通过回购决议前 30 个交易日公司股票交易均价的 150%； 4、回购期限：自董事会审议通过本次回购方案之日起 12 个月内； 5、回购资金来源：本次回购股份的资金来源为股票回购专项贷款及自有资 金。 ● 相关股东是否存在减持计划 截至本公告披露日，公司董事、监事、高级管理人员、控股股东、实际控制 人、持股 5%以上股东在未来三个月、未来六个月内尚无明确减持计划。若相关 人员未来拟实施股份减持计划，公司将按照相关规定及时履行信息披露义务。 ● 相关风险提示 1、若回购期限内公司股票价格持续超出回购价格上限，则 ...

| 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2025-082 | | --- | --- | --- | | 债券代码：127089 | 债券简称：晶澳转债 | | 公司于2025年8月23日通过公司OA系统对《2025年股票期权激励计划激励对 象名单》予以公示，公示期自2025年8月23日起至2025年9月1日止，公示期间员 工可向董事会薪酬与考核委员会反馈意见。 在公示期间，董事会薪酬与考核委员会收到个别员工关于激励对象范围标准 等问题的咨询，董事会薪酬与考核委员会、人力资源部门和业务部门就相关问题 向员工进行了解释说明；针对上述名单中激励对象资格的合法合规性，董事会薪 酬与考核委员会未收到相关异议反馈。 2、公司董事会薪酬与考核委员会对激励对象的核查方式 公司董事会薪酬与考核委员会核查了2025年股票期权激励计划（以下简称 "《激励计划》"）拟激励对象的名单、身份证件、拟激励对象与公司及下属子 晶澳太阳能科技股份有限公司 董事会薪酬与考核委员会关于 2025 年股票期权激励计划 激励对象名单的核查意见及公示情况说明 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [4][6]. Core Views - The company is expected to see a revenue recovery from 2025 onwards, with projected revenues of 61.45 billion, 69.65 billion, and 81.27 billion for 2025, 2026, and 2027 respectively, reflecting a growth rate of 23.1%, 128.2%, and 197.0% [4]. - The company has demonstrated a commitment to improving profitability through stock option incentives, aiming for a reduction in net loss by at least 5% in 2025 and achieving positive net profit in 2026 [3]. - The company has maintained a strong market position in solar cell module shipments, achieving 33.79 GW in the first half of 2025, despite a year-on-year revenue decline of 38.35% [2]. Financial Summary - The company's revenue for 2023 is projected at 81.56 billion, with a net profit of 7.04 billion, while 2024 is expected to see a decline in revenue to 70.12 billion and a net loss of 4.66 billion [1]. - The operating cash flow for the reporting period reached 45.1 billion, a significant increase of 342.44% year-on-year, indicating improved cash flow management [3]. - The company’s gross margin for the solar module segment was reported at -5.98%, a decrease of 10.51 percentage points year-on-year, but the company has managed to reduce losses per watt shipped [2].

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 investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a significant recovery in gross margin in Q2 2025, alongside the announcement of a stock option incentive plan and employee stock ownership plan, indicating confidence in its future [4][11] - In H1 2025, the company achieved revenue of 23.905 billion yuan, a year-on-year decrease of 36.01%, with a net profit attributable to shareholders of -2.58 billion yuan [2][4] - The company plans to repurchase 200 to 400 million yuan worth of shares within the next 12 months for employee stock ownership or incentive plans, representing approximately 0.35% to 0.70% of total share capital [3][4] Financial Performance - In Q2 2025, the company reported revenue of 13.232 billion yuan, a year-on-year decline of 38.12%, but a quarter-on-quarter increase of 23.99%, with a net profit of -942 million yuan [2][4] - The company’s battery module shipment volume reached 33.79 GW in H1 2025, with overseas shipments accounting for approximately 45.93% [11] - The gross margin in Q2 2025 improved significantly by 5.76 percentage points to -0.95% due to increased operating rates and price recovery [11] - The company had cash reserves exceeding 26 billion yuan in Q2 2025, with a debt ratio reduced by 0.4 percentage points to 75.9% [11] Incentive Plans - The 2025 stock option incentive plan targets 1,975 individuals, including directors (excluding independent directors), senior management, core technical personnel, and key staff, with the proposed stock options accounting for 4.89% of the total [5] - The employee stock ownership plan for 2025 includes a maximum of 57 participants, with the stock involved representing approximately 1.28% [5]

摩根士丹利将晶澳科技评级下调至平配，目标价13.98元。 ...

Summary of Conference Call Notes on Solar Industry in China Industry Overview - The solar industry in China is experiencing mixed results in 1H25, with major companies like LONGi, JA Solar, and Trina Solar reporting varying performance metrics. [1][2][3][4] - There is optimism regarding anti-involution policies, which are expected to support price increases above total costs in the second half of 2025. [1][4] Company-Specific Insights LONGi Green Energy - Reported a net loss of -RMB2.6 billion in 1H25, consistent with prior profit warnings. [2] - Gross margin improved to 1.6% in 2Q25 from -4.2% in 1Q25. [2] - Module shipment volume increased to 22.6GW in 2Q25, a 23% YoY increase, compared to 16.9GW in 1Q25. [2] - Capital expenditures rose to RMB4.4 billion in 1H25, up from RMB3.4 billion in 1H24, as the company expands its Back-Contact (BC) capacity. [2] - Asset impairments totaled RMB1.2 billion, significantly lower than RMB5.8 billion in 1H24. [2] - Maintains a strong balance sheet with RMB49.3 billion in cash and a net debt to equity ratio of -18.6%. [2] JA Solar - Reported a net loss of -RMB2.6 billion in 1H25, at the lower end of its profit warning range. [3] - Cell and module shipments totaled 33.79GW in 1H25, a 17% YoY decline. [3] - Unit revenue improved by 6% QoQ, likely due to increased installations. [3] - Announced a share repurchase plan of RMB200-400 million, representing approximately 0.5-1% of its current market cap. [3] Trina Solar - Experienced a wider net loss of -RMB1.6 billion in 2Q25, compared to -RMB1.3 billion in 1Q25. [4] - Solar module segment reported a net loss of -RMB3.3 billion on 32GW module shipments, equating to a net loss of -RMB10c/W. [4] - Management is optimistic about US module demand, particularly in the <1.5MW distributed segment, and anticipates price hikes in 2H25. [4] Maxwell Technologies - Reported a 15% YoY decline in net profit to RMB394 million in 1H25, with 2Q earnings rising by 15% YoY due to reduced operating costs. [8] - Revenue fell 14% YoY, primarily due to a 31% decline in solar equipment sales. [8] - R&D expenses increased by 10% YoY to RMB463 million in 1H25. [8] Key Market Trends - Companies are adjusting their production targets in response to market conditions, with CSI Solar reducing its 3Q25 module shipment target to 5-5.3GW from 8GW. [1] - There is an expectation of further consolidation in the industry, with smaller companies likely to exit the market by 2026. [1] - The overall sentiment remains cautiously optimistic regarding US demand and potential price increases due to tariffs. [1][4] Financial Metrics Overview - LONGi's gross profit margin improved to 1.6% in 2Q25, while JA Solar's gross profit margin was -1.0%. [10] - Trina Solar's gross profit margin was reported at 4.5% in 2Q25. [10] - The net income margins for LONGi, JA Solar, and Trina Solar were -5.9%, -7.1%, and -9.6% respectively in 2Q25. [11] Conclusion - The solar industry in China is navigating through a challenging landscape with mixed financial results among major players. [1][2][3][4] - The focus on anti-involution policies and potential price increases in the latter half of 2025 may provide a pathway for recovery and growth in the sector. [1][4]

Core Viewpoint - The article discusses Egypt's initiative to establish a manufacturing facility for solar batteries and components, highlighting the collaboration between the Egyptian government and Chinese companies, particularly focusing on the solar energy and energy storage sectors [2][3][4]. Group 1: Project Overview - The Egyptian government plans to build a manufacturing plant with a capacity of 2GW for solar batteries, 2GW for solar modules, and a 1GWh energy storage system, with a total investment of approximately $220 million [2]. - The project will be constructed in the new Alamein City in the Sohag industrial zone and is expected to create over 800 jobs [3]. Group 2: Company Strategy - JA Solar is actively engaging with the Egyptian market by strengthening its cooperation with the government and local enterprises, aiming to deepen economic ties and create job opportunities [4]. - The strategy of "shared benefits" is expected to reduce operational risks, garner long-term policy support, and enhance brand value, while also improving supply chain responsiveness and market penetration efficiency [5]. Group 3: Market Potential - Egypt is positioned as a significant node for Chinese companies to expand into the overseas energy storage market, especially with the government's push for renewable energy [8]. - The Egyptian government aims to increase the share of renewable energy in its power generation to 58% by 2040, up from 13% in 2023 [8]. - Africa's solar industry is developing 18GWh of energy storage projects, with Egypt planning 1.5GWh, making it the second-largest in the region after South Africa [9]. Group 4: Future Outlook - The World Bank and African Development Bank have projected that Africa's cumulative energy storage capacity could exceed 50GWh by 2030, indicating a growing market [9]. - Egypt is working towards localizing the production of key renewable energy equipment and aims to increase the local content ratio of renewable projects to 60% [9].

Core Viewpoint - The photovoltaic industry is facing significant losses across the supply chain, with major manufacturers reporting substantial deficits in their financial results for the first half of the year [1][4][6]. Financial Performance - The top five manufacturers in terms of module shipments reported a combined loss of approximately 160 billion yuan in the first half of the year [1][6]. - JinkoSolar reported a revenue of 31.83 billion yuan, a year-on-year decrease of 32.63%, with a net loss of 2.91 billion yuan, a year-on-year increase in losses of 342.4% [4]. - Longi Green Energy's revenue was 32.81 billion yuan, down 14.83% year-on-year, with a net loss of 2.57 billion yuan, a reduction in losses of 26.61% compared to the previous year [4]. - Trina Solar and JA Solar both reported significant revenue declines and net losses, with Trina Solar's revenue at 31.06 billion yuan (down 27.72%) and a net loss of 2.92 billion yuan (up 654.47%) [4]. - Tongwei Co. achieved a revenue of 40.51 billion yuan, down 7.51%, with a net loss of 4.96 billion yuan, an increase in losses of 58.35% [5]. Cash Flow Health - Cash flow has emerged as a critical indicator of survival for photovoltaic companies, with several firms reporting improvements in cash flow despite overall losses [8][9]. - TCL Zhonghuan reported a net cash flow from operating activities of 523 million yuan, a year-on-year increase of 308.4% [9]. - Trina Solar's net cash flow was 1.843 billion yuan, with a second-quarter figure of 2.679 billion yuan [9]. - However, companies like Daqo New Energy reported negative cash flow, with a net cash flow of -1.608 billion yuan [9]. Industry Pricing and Competition - The photovoltaic industry is undergoing a "reverse involution" movement, with a reduction in low-price sales and fierce competition [1][10]. - Regulatory bodies have initiated measures to combat low-price, disorderly competition, emphasizing the need for quality improvement and the orderly exit of outdated production capacity [11]. - Recent trends indicate a recovery in prices across various segments of the supply chain, with manufacturers expressing hope for prices to stabilize above cost levels [11][12].