海 南 鈞 達 新 能 源 科 技股份有限公 司 Hainan Drinda New EnergyTechnology Co., Ltd. (於中華人民共和國註冊成立的股份有限公司) 股份代號 : 02865 中期報告 2025 Hainan Drinda New Energy Technology Co., Ltd. 海南鈞達新能源科技股份有限公司 2025 Interim Report 中期報告 目錄 | 公司資料 | 2 | | --- | --- | | 釋義 | 4 | | 財務概要 | 9 | | 管理層討論與分析 | 10 | | 其他資料 | 22 | | 簡明綜合損益及其他全面收益表 | 29 | | 簡明綜合財務狀況表 | 30 | | 簡明綜合權益變動表 | 32 | | 簡明綜合現金流量表 | 33 | | 截至2025年6月30日止六個月的簡明綜合財務報表附註 | 34 | 中國總部及主要營業地點 中國 海南省 海口市 南海大道168 號 海口保稅區 海南鈞達大樓 香港主要營業地點 香港 銅鑼灣 勿地臣街 1號時代廣場 二座31 樓 公司網站 www.jietaisolar.com ...

海南钧达新能源科技股份有限公司 2025年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：海南钧达新能源科技股份有限公司 金额单位：人民币万元 第 1页 共 2页 非经营性资金占 用 资金占用方名称 占用方与上市公 司的关联关系 上市公司核算 的会计科目 2025 年期初占 用资金余额 2025 年半年度 占用累计发生 金额(不含利 息) 2025 年半年度 占用资金的利 息(如有) 2025 年半年度 偿还累计发生 金额 2025 年半年度 期末占用资金 余额 占用形成原 因 占用性质 控股股东、实际控 制人及其附属企 业 - - - - - - - - - 非经营性 小 计 - - - - - - - 前控股股东、实际 控制人及其附属 企业 - - - - - - - - - 非经营性 小 计 - - - - - - - - - - 其他关联方及其 附属企业 - - - - - - - - - 非经营性 小 计 - - - - - - - - - - 总 计 - - - - - - - - - - 其它关联资金往 来 资金往来方名称 往来方与上市公 司的关联关系 上市公司核算 的会计科目 2 ...

1、合并资产负债表 编制单位：海南钧达新能源科技股份有限公司 2025 年 06 月 30 日 单位：元 | 永续债 | | | | --- | --- | --- | | 租赁负债 | 3,422,455.97 | 5,135,505.21 | | 长期应付款 | 3,777,664,008.53 | 3,891,842,342.84 | | 长期应付职工薪酬 | | | | 预计负债 | | | | 递延收益 | 21,364,139.90 | 28,384,500.61 | | 递延所得税负债 | 109,913,757.71 | 127,406,105.21 | | 其他非流动负债 | | | | 非流动负债合计 | 6,467,228,469.85 | 6,194,994,447.28 | | 负债合计 | 13,602,182,963.89 | 12,572,431,929.06 | | 所有者权益： | | | | 股本 | 292,584,052.00 | 229,151,752.00 | | 其他权益工具 | | | | 其中：优先股 | | | | 永续债 | | | | 资本公积 | 4 ...

证券代码：002865 证券简称：钧达股份 公告编号：2025-065 海南钧达新能源科技股份有限公司 根据《公开发行证券的公司信息披露内容与格式准则第 3 号——-半年度报告 的内容与格式》《深圳证券交易所上市公司自律监管指南第 1 号——业务办理》 等相关规定，并结合公司的实际情况，公司编制了《2025 年半年度报告》《2025 年半年度报告摘要》。 根据《香港联合交易所有限公司证券上市规则》等相关规定，并结合公司的 实际情况，编制了《2025 年中期報告》《截至 2025 年 6 月 30 日止六個月的中期 業績公告》。 具体内容详见公司于深圳证券交易所网站(http://www.szse.cn)、巨潮资讯网 （ http://www.cninfo.com.cn ） 及 香 港 联 合 交 易 所 有 限 公 司 网 站 (http://www.hkexnews.hk)同日披露的《2025 年半年度报告》《2025 年半年度报告 摘要》《2025 年中期報告》及《截至 2025 年 6 月 30 日止六個月的中期業績公告》。 第五届董事会第二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、 ...

Investment Rating - The report maintains a "Recommended" investment rating for the renewable energy sector, indicating a positive outlook for the industry [7]. Core Insights - The report highlights significant improvements in the performance of the renewable energy sector, particularly in the photovoltaic (PV) and wind power segments, driven by national strategic initiatives aimed at reducing competition and enhancing industry stability [4][5]. - The photovoltaic industry is currently at the bottom of its cycle, with future policy measures expected to be critical in shaping the industry's trajectory towards high-quality development [4]. - The wind power sector is experiencing a favorable supply-demand structure, with increasing profitability among companies, particularly in offshore wind projects [4]. Weekly Market Review - From August 18 to August 22, 2025, the Shanghai Composite Index rose by 3.49%, while the Shenzhen Component Index and the ChiNext Index increased by 4.57% and 5.85%, respectively. The Shenwan Electric Power Equipment Index rose by 2.28%, underperforming the CSI 300 by 1.90 percentage points [2][13]. - Within sub-sectors, photovoltaic equipment saw a rise of 3.47%, while wind power equipment decreased by 0.90% [2][13]. Key Sector Tracking - Longi Green Energy reported a revenue of 32.8 billion yuan for the first half of 2025, a decline of 14.83% year-on-year, with a net loss of 2.569 billion yuan, significantly reduced from a loss of 5.23 billion yuan in the same period last year [3][34]. - The report emphasizes the importance of government subsidies and the impact of market pricing on operational losses within the photovoltaic sector [3][34]. Investment Recommendations - For the photovoltaic sector, the report suggests focusing on companies with clear alpha potential in the silicon material, glass, and battery segments, as well as new technologies and leading manufacturers [4]. - In the wind power sector, the report recommends attention to companies with strong performance in offshore wind projects and related supply chains, such as Goldwind Technology and Orient Cable [4]. Industry Performance Data - The report notes that the cumulative installed capacity of new energy storage in China reached 101.3 GW by mid-2025, marking a year-on-year growth of 110% [22]. - The average utilization hours of power generation equipment decreased by 188 hours compared to the previous year, indicating challenges in the overall energy market [26]. Company Announcements - EVE Energy reported a revenue increase of 30.06% year-on-year for the first half of 2025, driven by strong performance in both power and energy storage battery segments [24]. - JA Solar's net loss narrowed significantly, reflecting improved operational efficiency and market conditions [24]. Price Trends - The report provides insights into the price trends of key materials in the industry, including polysilicon and battery cells, indicating a general upward trend in prices due to supply constraints and increased demand [22][23].

技术储备方面，公司持续开展N型电池工艺升级及技术储备，通过新工艺的开发与优化，满足市场对于 高转化效率电池的需求，并致力于打造高性价比电池，提升终端电站发电量及收益率。公司中试TBC电 池转化效率较主流N型电池效率可提升1–1.5个百分点，并持续推动TBC电池下一阶段的量产准备。公司 与外部机构合作研发的钙钛矿叠层电池实验室效率达32.08%，居于行业领先水平。未来，公司将持续 加大研发投入，建立领先的研发组织与机制，保障公司始终走在行业前列。 2025年上半年，公司积极践行全球化发展战略，持续开拓海外市场。于报告期间内，公司通过亚洲、欧 洲、北美、拉丁美洲、澳洲等新兴市场客户的持续开拓及认证，不断构建海外销售网络，强化全球客户 服务能力，最终实现海外销售佔比从2024年度的23.9%大幅增长至52.0%。 钧达股份（002865）(02865)公布2025年中期业绩，收入约36.56亿元，同比减少42.48%;净亏损约2.64亿 元，同比扩大58.51%;每股亏损1.07元。 公告称，收入减少主要由于中国大陆市场收入减少67.9%，此乃主要因光伏电池销量减少及现行市场价 格下跌所致。有关减少部分由中国大陆境 ...

Core Insights - The company reported a revenue of RMB 3,655.6 million for the six months ending June 30, 2025, a decrease of approximately 42.5% compared to RMB 6,355.4 million in the same period of 2024 [1] - The decline in revenue was primarily due to a 67.9% decrease in the mainland China market, attributed to reduced sales of photovoltaic cells and a drop in current market prices [1] - This decline was partially offset by a significant increase of 116.2% in revenue from markets outside mainland China, indicating a strategic shift towards globalization, including the expansion of overseas markets and enhancement of international sales networks [1] - The company recorded a loss of RMB 263.7 million for the first half of 2025, compared to a loss of RMB 166.3 million in the same period of 2024 [1] Technology and Efficiency Improvements - In the first half of 2025, the company focused on core photovoltaic technologies, continuously optimizing and upgrading N-type cell processing technology [1] - Various cost-reduction and efficiency-enhancing measures were implemented, including metal composite reduction, improved passivation performance, optimized optical performance, and finer grid lines [1] - The average production conversion efficiency of the company's cells increased by over 0.2%, while the non-silicon cost per watt decreased by approximately 20% [1]

Core Viewpoint - JunDa Co., Ltd. reported a significant decline in revenue and an increase in net loss for the first half of 2025, primarily due to reduced sales in the Chinese market, while overseas market sales showed substantial growth, indicating a strategic shift towards globalization [1][2] Financial Performance - Revenue for the first half of 2025 was approximately 3.656 billion yuan, a year-on-year decrease of 42.48% [1] - Net loss reached about 264 million yuan, an increase of 58.51% year-on-year, with a loss per share of 1.07 yuan [1] Market Dynamics - The decline in revenue was mainly attributed to a 67.9% drop in sales within mainland China, driven by reduced photovoltaic cell sales and falling market prices [1] - However, revenue from overseas markets surged by 116.2%, reflecting the company's strategic focus on global expansion and enhancing international sales networks [1] Technological Advancements - The company has been optimizing N-type battery technology, achieving over 0.2% improvement in average production conversion efficiency and a reduction of approximately 20% in non-silicon costs [1] - The TBC battery's conversion efficiency is reported to be 1-1.5 percentage points higher than mainstream N-type batteries, with preparations for mass production ongoing [2] - Collaboration with external institutions has led to a laboratory efficiency of 32.08% for perovskite tandem batteries, positioning the company at the forefront of the industry [2] Global Expansion Strategy - The company actively pursued a globalization strategy, significantly increasing its overseas sales proportion from 23.9% in 2024 to 52.0% in the first half of 2025 [2] - Continuous development and certification of new market clients across Asia, Europe, North America, Latin America, and Australia have strengthened the company's global customer service capabilities [2]

光伏产业链股15日盘中大幅拉升，截至发稿，捷佳伟创涨超10%，奥特维、英诺激光涨超7%，晶澳科 技、通威股份涨约6%，钧达股份等涨超4%。 （文章来源：证券时报网） 消息面上，据报道，随着"反内卷"趋势的持续发酵，光伏组件市场近期呈现价格回升态势。多家头部经 销商透露，一线组件企业的对外报价已攀升至0.7元/W，部分型号更出现供应短缺，其中710W大版型组 件的缺货现象尤为突出。 中信证券近日指出，"反内卷"在国内已提升至国家战略行动高度，光伏作为当前同质化低价竞争和产能 阶段性过剩问题突出的行业，是本轮"反内卷"的核心阵地。在以市场化为导向的前提下，随着行业回归 规范化有序竞争，以及潜在供给侧改革政策逐步完善和落地，光伏产业链有望迎来价格合理回升和盈利 修复，基本面有望得以夯实和改善。同时，技术创新仍将是光伏走出同质化竞争困境的根本路径，具备 产品差异化、市场高端化、制造品牌化优势的厂商有望迎来业绩率先反转和长期成长。建议重点关注在 光伏"反内卷"不断推进下，具备长期竞争力和量价回升弹性的龙头公司。 ...

Core Viewpoint - The photovoltaic industry is experiencing a positive outlook for the first half of 2023, driven by declining silicon material prices, reduced industry costs, and strong market demand, leading to increased shipment volumes across multiple listed companies [1][2]. Group 1: Company Performance - JunDa Co., Ltd. expects a net profit of 900 million to 1.1 billion yuan for the first half of 2023, representing a year-on-year growth of 230% to 300%, with a shipment volume of 11.4 GW, up 181% [2]. - Yijing Photovoltaic anticipates a net profit increase of 1086% to 1255% year-on-year [2]. - JA Solar forecasts a net profit of 4.2 billion to 4.9 billion yuan, reflecting a year-on-year growth of 146.81% to 187.95% [2]. - GCL-Poly Energy expects a net profit growth of 166.57% to 219.89% year-on-year [2]. - Companies are benefiting from lower silicon material prices, which have significantly improved profitability for photovoltaic cells and modules [3]. Group 2: Market Trends - Silicon material prices have seen a significant decline of 47.5% to 53.4% since June, stabilizing around mid-July [4]. - As of July 13, the average transaction price for N-type silicon was 74,500 yuan per ton, with prices for various types of silicon remaining stable [4]. - The stabilization of silicon prices is attributed to inventory levels approaching reasonable thresholds and an increase in operating rates among downstream silicon wafer companies [4]. - The global photovoltaic direct current installation demand is projected to reach 382 GW in 2023, with a year-on-year growth rate of 58% [5].