Group 1: WuXi AppTec - WuXi AppTec expects a revenue of approximately RMB 45.456 billion for 2025, representing a year-on-year growth of about 15.84%, with a 21.40% increase in revenue from continuing operations [1] - The adjusted net profit attributable to shareholders is projected to be around RMB 14.957 billion, reflecting a year-on-year growth of approximately 41.33% [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, is expected to be about RMB 13.241 billion, with a year-on-year increase of approximately 32.56% [1] Group 2: Shanghai Port Group - Shanghai Port Group reported a total revenue of RMB 39.44 billion for 2025, which is a year-on-year increase of 3.5% [2][3] - The net profit attributable to shareholders decreased by 10.4% to RMB 13.4 billion [2][3] - The net profit attributable to shareholders, excluding non-recurring gains and losses, fell by 8.1% to RMB 12.2 billion [2][3] Group 3: Zangge Mining - Zangge Mining forecasts a net profit attributable to shareholders between RMB 3.7 billion and RMB 3.95 billion for 2025, indicating a growth of 43.41% to 53.10% year-on-year [4] - The net profit, excluding non-recurring gains and losses, is expected to be between RMB 3.87 billion and RMB 4.12 billion, reflecting a growth of 51.95% to 61.76% [4] Group 4: Sanan Optoelectronics - Sanan Optoelectronics anticipates a net loss attributable to shareholders between RMB -200 million and RMB -400 million for 2025, compared to a profit of RMB 253 million in the previous year [5] - The net profit, excluding non-recurring gains and losses, is expected to be between RMB -750 million and RMB -850 million [5] Group 5: JA Solar Technology - JA Solar Technology projects a net loss attributable to shareholders between RMB -4.5 billion and RMB -4.8 billion for 2025 [12] - The company maintains a leading position in battery module shipments, but faces significant pressure on sales prices and profitability due to industry competition and supply-demand imbalances [12] Group 6: Rongbai Technology - Rongbai Technology expects a net loss attributable to the parent company between RMB -150 million and RMB -190 million for 2025 [18] - The company anticipates a turnaround in the fourth quarter with a projected net profit of approximately RMB 30 million [18] Group 7: Sanxiang New Materials - Sanxiang New Materials forecasts a net profit attributable to shareholders between RMB 100 million and RMB 130 million for 2025, representing a year-on-year growth of 31.99% to 71.58% [21] - The company is focusing on expanding its zirconium product chain and optimizing its customer structure to enhance profitability [21]

格隆汇1月12日｜晶澳科技公告，预计2025年度归属于上市公司股东的净利润亏损45亿元—48亿元，上 年同期亏损46.56亿元。扣除非经常性损益后的净利润亏损48亿元—51亿元，上年同期亏损42.69亿元。 基本每股收益亏损1.37元/股—1.46元/股，上年同期亏损1.42元/股。受近年来光伏主产业链各环节产能 集中释放导致阶段性供需失衡的影响，行业竞争持续加剧，各环节主要产品价格对比同期整体承压下 行，同时国际贸易保护政策加剧，导致公司组件销售均价和盈利能力同比下降。 ...

Core Viewpoint - Jingao Technology (002459.SZ) is expected to report a net loss of 4.5 billion to 4.8 billion yuan for the fiscal year 2025 due to various industry challenges [1] Group 1: Company Performance - The company maintains a leading position in battery module shipments within the industry [1] - The average selling price and profitability of the components have declined year-on-year due to supply-demand imbalance and price drop [1] - The operating performance has shown a phase of loss during the reporting period [1] Group 2: Industry Context - The photovoltaic industry is experiencing capacity release, leading to supply-demand imbalances [1] - International trade protection policies are impacting the company's sales and profitability [1]

（文章来源：每日经济新闻） 每经AI快讯，1月12日，晶澳科技公告，预计2025年度归属于上市公司股东的净利润亏损45亿元~48亿 元，上年同期亏损46.56亿元。扣除非经常性损益后的净利润亏损48亿元~51亿元，上年同期亏损42.69 亿元。基本每股收益亏损1.37元/股~1.46元/股，上年同期亏损1.42元/股。 ...

Core Viewpoint - Jingao Technology (002459) expects a net loss of 4.5 billion to 4.8 billion yuan for 2025, compared to a loss of 4.656 billion yuan in the same period last year [1] Company Performance - The company maintains a leading position in battery module shipments within the industry [1] - The operating performance has shown a temporary loss due to various factors affecting profitability [1] Industry Context - The photovoltaic industry is experiencing a phase of supply-demand imbalance due to the concentrated release of production capacity across the main industry chain [1] - Increased competition within the industry has led to a downward pressure on the prices of major products compared to the same period last year [1] - International trade protection policies have intensified, contributing to a decline in the average sales price and profitability of the company's modules year-on-year [1]

证券代码：002459 证券简称：晶澳科技 公告编号：2026-004 债券代码：127089 债券简称：晶澳转债 本次业绩预告相关的财务数据未经会计师事务所预审计。公司已就 2025 年 度业绩预告有关事项与会计师事务所进行了初步沟通，会计师事务所对公司业 绩预告中披露的预测数据不存在重大分歧。 三、业绩变动原因说明 报告期内，公司持续深化市场拓展，加速推进国际化布局，充分发挥自身的 全球市场营销服务网络优势和品牌优势，并依托于技术领先优势，电池组件出货 量维持行业领先地位。然而受近年来光伏主产业链各环节产能集中释放导致阶段 性供需失衡的影响，行业竞争持续加剧，各环节主要产品价格对比同期整体承压 晶澳太阳能科技股份有限公司 2025 年度业绩预告 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。 一、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日 2、预计净利润为负值 | 项目 | 本报告期 | | | | 上年同期 | | | | --- | --- | --- | --- | --- | --- | - ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the photovoltaic sector [2][7]. Core Insights - The cancellation of the export VAT rebate for photovoltaic products, effective from April 1, 2026, marks the end of over a decade of direct fiscal support for photovoltaic exports, potentially leading the industry towards high-quality development [1][2]. - A "window period" is expected to create a surge in export orders and production increases in Q1 2026, improving the performance of companies heavily reliant on exports [2]. - Following the end of the export rebate, overseas pricing for photovoltaic components is anticipated to rise, benefiting leading companies with strong brand and channel advantages [2]. - The cancellation of the rebate is seen as a response to the industry's call to reduce low-price competition, which may accelerate the exit of inefficient production capacities and allow leading firms to gain market share [2]. - Companies with overseas production capabilities and local market presence are expected to benefit from the reduced cost disadvantage of local manufacturing [2]. Summary by Sections Policy Impact - The export VAT rebate for photovoltaic products will be eliminated, transitioning the industry towards a more sustainable growth model [1][2]. Market Dynamics - A surge in orders and production is expected in Q1 2026 due to the impending policy change, similar to previous "rush to install" phenomena [2]. - The end of the rebate is likely to lead to a reevaluation of overseas component prices, with stronger pricing power for top-tier companies [2]. Competitive Landscape - The cancellation of the rebate is anticipated to facilitate the exit of low-efficiency production capacities, allowing leading companies to enhance their market share through technological and brand advantages [2]. - Companies with advanced technologies and cost advantages, such as those focusing on TOPCon/BC technologies and silicon material upgrades, are highlighted as potential investment opportunities [2]. Valuation of Key Companies - A table of key companies with their respective valuations and projected earnings for 2025-2027 is provided, indicating varying levels of profitability and market performance [3].

Investment Rating - The report rates the photovoltaic industry as "Overweight," indicating that the industry is expected to outperform the overall market [2]. Core Insights - The cancellation of the export VAT rebate for photovoltaic products, effective April 1, 2026, marks the end of over a decade of direct fiscal support for photovoltaic exports, potentially leading the industry into a phase of high-quality development [1]. - A "window period" is anticipated, leading to increased overseas orders and production ramp-up in Q1 2026, similar to previous phases of accelerated installations, which is expected to improve the performance of export-oriented photovoltaic companies [2]. - After the policy window closes, overseas component prices are likely to be renegotiated, as China, being the largest exporter of photovoltaic components, will have stronger pricing power due to the cancellation of the rebate, which is expected to lead to price increases [2]. - The cancellation of the export rebate is seen as a response to the call for reducing low-price competition in the photovoltaic industry, which will accelerate the exit of inefficient production capacities and reshape the market landscape [2]. - Companies with overseas production capacity and strong brand/channel advantages are expected to benefit from the narrowing cost disadvantage of local manufacturing, particularly in regions like the Middle East and North Africa [2]. Summary by Relevant Sections Industry Outlook - The cancellation of the export VAT rebate is expected to enhance the industry's quality of development and reduce fiscal funds being transferred to overseas terminals [2]. - The report suggests that leading companies with technological advantages (TOPCon/BC), strong brands, and distribution channels will continue to gain market share [2]. Investment Recommendations - The report recommends focusing on leading companies with overseas production capabilities, such as Longi Green Energy, JinkoSolar, Trina Solar, and others, which are expected to benefit from the "price adjustment and capacity exit" [2]. - Companies that are advancing new technologies and material upgrades, such as Aiko Solar and Dongfang Risheng, are also highlighted for their potential to enhance product efficiency and pricing power [2]. - Cost-advantaged silicon material companies like Tongwei Co. and Daqo New Energy are recommended for investment consideration [2]. Valuation Table - A valuation table is provided, detailing the estimated net profits and price-to-earnings (PE) ratios for key companies in the industry, indicating varying performance expectations for 2025 to 2027 [3].

Core Viewpoint - The cancellation of the export VAT rebate for photovoltaic products marks the end of the "rebate subsidy era," significantly impacting component manufacturers and potentially leading to a surge in exports before the policy takes effect [1][3][5]. Policy Changes - The Ministry of Finance and the State Taxation Administration announced the cancellation of the export VAT rebate for photovoltaic products effective April 1, 2026, with a reduction in the rebate rate for battery products from 9% to 6% until the end of 2026 [3][4]. - The announcement includes a list of 249 products related to photovoltaic and 22 battery products affected by the policy change [4]. Industry Impact - The cancellation of the export VAT rebate is expected to have a significant impact on component manufacturers, with predictions of a "rush to export" before the policy takes effect [5][6]. - Major manufacturers such as JinkoSolar, Trina Solar, JA Solar, and LONGi Green Energy reported substantial losses in the first three quarters of 2025, with JinkoSolar's overseas revenue exceeding 60% of its total revenue [5][6]. Market Dynamics - The Chinese Photovoltaic Industry Association indicated that the adjustment of export VAT rebates could help stabilize overseas market prices, which have been declining due to fierce competition [4][10]. - The industry is experiencing a shift from "price competition" to "value competition," as companies will need to focus on technological upgrades and high-value segments to maintain competitiveness [10][11]. Regulatory Environment - Recent meetings involving the China Photovoltaic Industry Association and leading polysilicon companies addressed concerns about monopolistic practices and market regulation, indicating a tightening regulatory environment [8][9]. - The cancellation of export rebates and potential changes in the polysilicon storage plan are seen as part of a broader effort to combat "internal competition" within the industry [10].

可以看出，若不能提高光伏产品价格以弥补出口退税政策调整的影响，光伏厂商业绩或将受到冲击。 据了解，2025年上半年，晶科能源海外业务占比超六成。其表示，公司凭借前瞻性的全球布局战略，不 仅深耕海外传统光伏市场，更敏锐捕捉海外高增长市场，实现2025年上半年逾六成的海外出货。公司在 日本光伏组件市场多年保持出货冠军，在沙特地区的市场份额大幅高于同业，在中东、东南亚、拉美区 域的多个光伏新兴市场实现市占率领跑。2025年上半年，公司在巴基斯坦的组件出货量便已达到2024年 全年的出货水平。 2025年上半年，晶科能源应收出口退税款期末账面价值为9.13亿元。 同期，天合光能境外业务收入为147.67亿元，占营收比例约为48%。2025年上半年，天合光能应收增值 税出口退税期初账面价值为0.21亿元。关于期末账面价值，天合光能并未列明。 晶澳科技境外业务占比同样接近五成。据2025年半年报，其境外业务收入118.42亿元，占比约为 49.54%。2025年上半年，晶澳科技应收出口退税款期初账面价值为0.18亿元，期末账面价值为0.25亿 元。 同期，隆基绿能光伏产品分部中，境外业务收入为123.68亿元，占光伏产品 ...