Investment Rating - The report assigns a rating of "Accumulate" to the company, indicating a positive outlook despite a downward adjustment in the rating [6]. Core Insights - The company is facing intense industry competition but is optimistic about industry self-discipline and its overseas expansion, which may lead to an early profit turning point [6]. - In the first half of 2025, the company reported a revenue of 3.63 billion yuan, a year-on-year decrease of 42.5%, and a net profit attributable to shareholders of -260 million yuan, down 58.5% year-on-year [3][4]. - The overseas sales proportion has significantly increased from 23.85% in 2024 to 51.87% in 2025, with overseas gross margin improving to 4.5% [4]. - The company is actively reducing costs and improving efficiency in N-type technology and is preparing for mass production of TBC batteries, with laboratory efficiency reaching 32.08% for perovskite tandem batteries [5]. Summary by Sections Company Overview - The latest closing price is 46.20 yuan, with a total market capitalization of 13.5 billion yuan and a total share capital of 293 million shares [2]. Financial Performance - The company’s revenue for 2025 is projected to be 11.66 billion yuan, with net profits expected to improve to 6.5 billion yuan in 2026 and 10.6 billion yuan in 2027 [6][10]. - The company’s gross margin and net margin for the first half of 2025 were reported at 2.0% and -7.2%, respectively [3]. Future Projections - Revenue growth rates are forecasted at -46.66% for 2024, followed by 17.14% in 2025, 22.05% in 2026, and 21.65% in 2027 [10]. - The company is expected to achieve a positive net profit by 2026, with earnings per share projected to be 2.22 yuan in 2026 and 3.62 yuan in 2027 [10][11].

钧达股份所属申万行业为：电力设备-光伏设备-光伏电池组件。所属概念板块包括：海南自贸区、太阳 能、光伏玻璃、新能源、中盘等。 截至6月30日，钧达股份股东户数4.52万，较上期增加14.62%；人均流通股4976股，较上期减少 12.74%。2025年1月-6月，钧达股份实现营业收入36.63亿元，同比减少42.53%；归母净利润-2.64亿元， 同比减少58.51%。 9月9日，钧达股份盘中下跌2.06%，截至11:18，报47.12元/股，成交2.27亿元，换手率2.12%，总市值 137.87亿元。 资金流向方面，主力资金净流出1736.86万元，特大单买入457.40万元，占比2.01%，卖出1928.25万元， 占比8.49%；大单买入5297.63万元，占比23.31%，卖出5563.64万元，占比24.48%。 钧达股份今年以来股价跌7.79%，近5个交易日涨4.16%，近20日涨8.92%，近60日涨29.17%。 今年以来钧达股份已经2次登上龙虎榜，最近一次登上龙虎榜为3月31日，当日龙虎榜净买入-4419.29万 元；买入总计7158.85万元 ，占总成交额比12.43%；卖出总计1.16 ...

每经AI快讯，9月5日，海南自贸区板块盘中拉升，海汽集团涨超5%，钧达股份涨近3%，海南高速、海 南华铁、海南发展、海南矿业等跟涨。 （文章来源：每日经济新闻） ...

Group 1 - The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued a significant plan to promote high-quality development in the photovoltaic sector, aiming to eliminate "involution" competition and manage low-price competition legally [2] - The report from Huachuang Securities indicates that the installation capacity in the first half of 2025 is expected to double due to a surge in demand, although growth in the second half is anticipated to slow down [2] - The photovoltaic industry is gradually stabilizing, with improved market sentiment driven by policy adjustments and supply-demand expectations, suggesting a focus on leading companies with stable operations and profit recovery [2] Group 2 - A total of 14 photovoltaic concept stocks are held by the social security fund, with Junda Co., Zhengtai Electric, and Li New Energy having the highest shareholding ratios, all exceeding 3% [4] - Among the stocks held by the social security fund, companies like Hengdian East Magnetic, Airo Energy, Zhengtai Electric, and Shangneng Electric reported year-on-year growth in net profit for the first half of the year [4] - The average stock price of photovoltaic concept stocks in the A-share market has increased by 16.44% this year, with nine stocks rising over 50%, led by Xian Dao Intelligent with a 124.47% increase [3]

Market Overview - The Shanghai Composite Index fell by 1.97% to 3738.32 points, while the Shenzhen Component Index decreased by 2.37% to 12176.9 points, and the ChiNext Index dropped by 3.2% to 2806.63 points [2][3] - Over 2600 stocks in the market experienced declines, indicating a broad market downturn [2] Sector Performance - The tourism and hotel sector showed resilience with a gain of 3.21%, while the battery sector increased by 2.27% [4] - Conversely, the semiconductor sector faced significant losses, contributing to the overall market decline [2][7] Trading Volume - The total trading volume of the Shanghai and Shenzhen markets exceeded 1 trillion yuan, marking an increase of over 160 billion yuan compared to the previous day [8] Gold and Silver Prices - Spot gold prices fell below $3520 per ounce, reflecting a daily decrease of 1.27% [5] - Spot silver also saw a decline of 1%, trading at $40.78 per ounce [9] Futures Market - The FTSE China A50 Index futures dropped by over 2% during the trading session [6] Notable Stocks - Significant movements were observed in stocks such as Zhengye Technology, which hit a 20% limit up, and Shengli Precision, which rose by 10.09% [15][16]

Group 1 - The BC battery sector leads the market with an increase of 3.02% [1] - Notable performers include Robert Technology with a rise of 5.84%, Aiko with an increase of 4.55%, and Junda with a gain of 4.3% [1] - Other companies such as JinkoSolar, Dier Laser, and Tongwei also saw increases exceeding 3% [1]

Group 1 - The BC battery sector is leading the market with significant gains, including companies like Robotech up by 5.84% and Aisheng shares up by 4.55% [1][2] - The A-share market shows mixed performance with the Shanghai Composite Index down by 0.15% at 3807.76 points, while the Shenzhen Component Index is up by 0.44% [3][4] - The CPO concept is active in the market, contributing to the overall performance of the battery and precious metals sectors [3][5] Group 2 - The Hang Seng Index opened with a gain of 0.57%, indicating positive sentiment in the Hong Kong market, particularly in technology stocks [6] - The People's Bank of China conducted a reverse repurchase operation of 212.6 billion yuan, maintaining the operation rate at 1.40% [7] - The Chinese yuan's midpoint against the US dollar was adjusted up by 56 basis points to 7.1052, reflecting a strengthening of the currency [8]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 海南鈞達新能源科技股份有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02865 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 63,432,300 | RMB | | 1 RMB | | 63,432,300 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 63,432,300 | RMB | | 1 RMB | | 63,432,300 | | 2. 股份分類 | 普通股 | 股份類別 | A | | ...

Core Viewpoint - The company, Junda New Energy Technology Co., Ltd., is actively expanding its operations in the photovoltaic industry, focusing on technological advancements and overseas market growth amidst favorable industry conditions and policy support [2][3][4]. Group 1: Industry Status and Company Operations - The photovoltaic industry is experiencing significant growth, with China's newly installed photovoltaic capacity reaching 212.21 GW in the first half of 2025, a year-on-year increase of 107.07% [2]. - The company has focused on optimizing N-type battery technology and has eliminated outdated production capacity, while enhancing collaboration with domestic clients and expanding into overseas markets [2]. - The company's overseas sales revenue proportion increased from 23.85% in 2024 to 51.87% [2]. Group 2: Policy Impact and Industry Development - The "anti-involution" policy has led to a rebound in industry prices, with measures implemented to control capacity, prices, and improve standards, which is expected to accelerate the exit of outdated capacity and enhance industry concentration [3]. - As a leading enterprise, the company is positioned to achieve profit recovery and growth due to these favorable conditions [3]. Group 3: Overseas Market Expansion - The company has established itself as a leading supplier of photovoltaic batteries in emerging markets such as India, Turkey, and South America, and plans to continue expanding its overseas market presence [4]. - Strategic cooperation agreements have been signed with local component customers in Turkey to co-develop high-efficiency battery projects, and the company is cautiously advancing a 5 GW high-efficiency battery production base project in Oman [4]. Group 4: Technological Advancements - Since the mass production of N-type batteries in 2022, the company has continuously optimized its technology, achieving an average mass production conversion efficiency increase of over 0.2% in the first half of 2025 [5]. - The company has reduced the non-silicon cost per watt by approximately 20%, maintaining a leading position in actual storage efficiency within the industry [5]. - The TBC battery's pilot conversion efficiency is expected to improve by 1 to 1.5 percentage points compared to mainstream N-type batteries, with laboratory efficiency of perovskite tandem batteries reaching 32.08%, leading the industry [5]. Group 5: Financial Status and Trade Barrier Response - The company raised HKD 1.29 billion through its Hong Kong stock listing on May 8, resulting in a debt-to-asset ratio of approximately 74% and cash reserves exceeding 4.2 billion [6]. - The company has a strong financial position with current assets of 8.5 billion exceeding current liabilities of 7.1 billion [6]. - To address overseas trade barriers, the company plans to leverage its strengths and collaborate with overseas component customers to facilitate capacity expansion abroad [6]. Group 6: Global Demand Outlook - The company anticipates a temporary slowdown in domestic installations in the second half of the year due to policy impacts, but expects growth to resume next year with the implementation of distributed photovoltaic policy details and the initiation of large-scale projects [7]. - Overseas market demand is projected to maintain rapid growth, particularly in emerging markets, benefiting the company as overseas component capacity develops and demand for high-efficiency batteries increases [7].

Industry Overview - Photovoltaic (PV) power generation has become one of the most economical energy sources, with China's newly installed PV capacity reaching 212.21 GW in the first half of 2025, a year-on-year increase of 107.07% [2][4] - Cumulative exports of PV components from China reached 121.78 GW, while PV battery exports totaled 41.48 GW, marking a 43.13% year-on-year growth [2][4] Company Performance - In the first half of 2025, the company focused on optimizing N-type battery technology, leading to a significant increase in overseas sales revenue from 23.85% in 2024 to 51.87% [4][6] - The company successfully completed its Hong Kong IPO, raising HKD 1.29 billion, which improved its liquidity and reduced its debt ratio to approximately 74% [10] Market Dynamics - The "anti-involution" policy has led to a rebound in industry prices, with measures focusing on controlling capacity, prices, and improving standards [5][12] - The company anticipates that the ongoing implementation of these policies will enhance the competitive environment and improve supply-demand relationships in the PV industry [5][12] Overseas Market Strategy - The company has established a strong presence in overseas markets, particularly in India, Turkey, and South America, becoming a leading supplier of PV batteries [6][7] - Future plans include further expansion into high-value overseas markets and building advanced battery production capacity abroad [6][7] Technological Advancements - The company has achieved over a 0.2% increase in average battery conversion efficiency and reduced non-silicon costs by approximately 20% in the first half of 2025 [8][9] - Ongoing R&D efforts focus on enhancing N-type battery technology and exploring new processes to meet market demands for high-efficiency batteries [9] Financial Health - The company maintains a strong cash reserve of over 4.2 billion, with current assets exceeding 8.5 billion, ensuring a solid financial position to navigate industry cycles [10] - The implementation of "anti-involution" measures is expected to lead to continuous improvement in the company's operating performance [10] Future Outlook - Domestic market growth is expected to slow in the second half of 2025 due to regulatory impacts, but long-term growth remains positive with the launch of distributed PV projects [12] - The overseas market is projected to continue its rapid growth, particularly in emerging markets like North America and Latin America, driven by strong demand for high-efficiency batteries [12]