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 - The company has focused on optimizing N-type battery technology and has eliminated outdated production capacity, while enhancing collaboration with domestic clients and expanding into overseas markets [2].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measures implemented to control capacity, prices, and improve standards, which is expected to accelerate the exit of outdated capacity and enhance industry concentration [3].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]

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].

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][3][4]. 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][4]. - 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% [3]. - Longi Green Energy's revenue was 32.81 billion yuan, down 14.83%, with a net loss of 2.57 billion yuan, a reduction in losses of 26.61% compared to the previous year [3]. - Trina Solar's revenue was 31.06 billion yuan, down 27.72%, with a net loss of 2.92 billion yuan, a year-on-year increase in losses of 654.47% [3]. - JA Solar reported revenue of 23.90 billion yuan, down 36.01%, with a net loss of 2.58 billion yuan, an increase in losses of 195.13% [3][4]. - Tongwei Co. achieved 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% [4]. Cash Flow Health - Cash flow has become a critical indicator of survival for photovoltaic companies, with some firms reporting improved cash flow despite overall losses [5][6]. - TCL Zhonghuan reported a net cash flow from operating activities of 0.523 billion yuan, a year-on-year increase of 308.40% [5]. - Trina Solar's net cash flow from operating activities was 1.843 billion yuan, with a second-quarter figure of 2.679 billion yuan [5]. - Canadian Solar reported a net cash flow from operating activities of 3.78 billion yuan, a year-on-year increase of over 150% [5]. - However, companies like Daqo New Energy reported a negative cash flow of -1.608 billion yuan [6]. Industry Pricing and Policy - The photovoltaic industry is undergoing a "reverse involution" movement, with a reduction in low-price sales and fierce competition [1][7][8]. - The Chinese government has initiated measures to combat low-price, disorderly competition, emphasizing the need for quality improvement and the orderly exit of outdated production capacity [7]. - Recent meetings and legislative changes have aimed to regulate below-cost sales practices, indicating a shift towards maintaining stable pricing in the industry [7][8].

Company Overview - Hainan Junda New Energy Technology Co., Ltd. is primarily engaged in the research, production, and sales of photovoltaic cells, with its main products including 210-N N-type TOPCon monocrystalline cells, 182/183-N N-type TOPCon monocrystalline cells, and 182-P PERC monocrystalline cells [2] - The company's revenue composition is 99.79% from photovoltaic cells and 0.21% from other sources [2] - Junda is classified under the power equipment industry, specifically in photovoltaic equipment and photovoltaic cell components [2] Financial Performance - For the first half of 2025, Junda reported a revenue of 3.663 billion yuan, a year-on-year decrease of 42.53% [3] - The net profit attributable to shareholders was -264 million yuan, reflecting a year-on-year decline of 58.51% [3] - Cumulative cash dividends since the A-share listing amount to 319 million yuan, with 255 million yuan distributed over the past three years [4] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 14.62% to 45,200, while the average circulating shares per person decreased by 12.74% to 4,976 shares [3] - The top ten circulating shareholders include Wan Jia Quality Life A, which reduced its holdings by 1.3301 million shares, and Hong Kong Central Clearing Limited, which increased its holdings by 280,700 shares [4] Stock Performance - On August 29, Junda's stock price rose by 2.01% to 47.15 yuan per share, with a trading volume of 188 million yuan and a turnover rate of 1.81% [1] - Year-to-date, the stock has decreased by 7.73%, with a 2.20% decline over the last five trading days, an 8.69% increase over the last 20 days, and a 24.70% increase over the last 60 days [1] - The stock has appeared on the trading leaderboard twice this year, with the most recent instance on March 31, where it recorded a net buy of -44.1929 million yuan [1]

证券代码：002865 证券简称：钧达股份 公告编号：2025-067 海南钧达新能源科技股份有限公司 关于为全资子公司提供担保的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、担保情况概述 1、担保事项的基本情况 海南钧达新能源科技股份有限公司（以下简称"公司"）和全资子公司上饶捷 泰新能源科技有限公司（以下简称"上饶捷泰"）共同为全资子公司淮安捷泰新 能源科技有限公司（以下简称"淮安捷泰"）向中国银行股份有限公司涟水支行申 请办理的综合授信敞口额度人民币 15,000 万元整提供连带责任保证担保，具体 担保事项以担保合同中的约定为准。 公司于 2024 年 12 月 17 日召开第四届董事会第七十一次会议、2025 年 1 月 2 日召开 2025 年第一次临时股东会，审议通过了《关于对下属公司担保额度预 计的议案》，同意公司在下属公司申请金融机构信贷业务及日常经营需要时为其 提供对外担保，预计担保总额度为人民币 1,400,000 万元。本次担保事项为对公 司合并报表范围内的下属全资子/孙公司提供担保，在审议批准的额度范围内， 无需再提交董事会 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 3.663 billion yuan in H1 2025, a year-on-year decrease of 42.53%, with a net profit attributable to shareholders of -264 million yuan [3][4]. - In Q2 2025, the company achieved a revenue of 1.788 billion yuan, down 32.76% year-on-year and 4.61% quarter-on-quarter, with a net profit of -158 million yuan [3][4]. - The company has successfully turned positive in operating cash flow, with a significant increase in cash inflow to 469 million yuan in Q2 2025 [9]. - The debt ratio has improved, decreasing to 73.87% due to the completion of the Hong Kong stock listing and repayment of some short-term loans [9]. Summary by Sections Financial Performance - The company’s total revenue for H1 2025 was 3.663 billion yuan, reflecting a 42.53% decline compared to the previous year [3][4]. - The net profit attributable to shareholders for H1 2025 was -264 million yuan, with Q2 2025 showing a net profit of -158 million yuan [3][4]. Operational Efficiency - The company has implemented cost reduction and efficiency enhancement measures, resulting in an average production conversion efficiency increase of over 0.2% and a reduction of approximately 20% in non-silicon costs [9]. - The company has two major N-type battery production bases with a combined capacity exceeding 40GW, maintaining a leading market share in the photovoltaic battery sector [9]. Global Strategy - The company has significantly increased its overseas sales revenue share from 23.85% in 2024 to 51.87% in H1 2025, indicating a strong international market presence [9]. - A strategic cooperation agreement was signed with a local Turkish component customer to jointly develop high-efficiency battery projects, enhancing the company's capacity in the U.S. high-profit market [9]. Capital Operations - The successful completion of the Hong Kong stock listing in May 2025 raised a net amount of 1.29 billion HKD, which will be used for overseas capacity construction and market expansion [9].

Core Viewpoint - The company reported a significant decline in revenue and increased losses in the first half of 2025, while making strides in overseas market expansion and battery technology improvements [1][2][3] Group 1: Financial Performance - In H1 2025, the company achieved revenue of 3.663 billion yuan, a year-on-year decrease of 42.53%, and a net profit attributable to shareholders of -264 million yuan, with losses widening compared to the previous year [1] - In Q2 2025, revenue was 1.788 billion yuan, down 32.76% year-on-year, with a net profit of -158 million yuan, indicating a further increase in losses compared to the previous quarter [1] - Domestic sales revenue fell by 67.91% to 1.763 billion yuan, with a gross margin decrease of 1.70 percentage points to -0.78% [1] Group 2: Overseas Market Expansion - The company significantly increased its overseas sales, with revenue growing by 116.15% year-on-year to 1.900 billion yuan, accounting for 51.87% of total revenue, up from 23.85% in 2024 [1] - The gross margin for overseas sales improved by 2.83 percentage points to 4.50%, demonstrating better profitability despite ongoing price pressures in the industry [1] Group 3: Battery Technology Development - The company is actively enhancing N-type battery technology, achieving an average production conversion efficiency increase of over 0.2% in H1 2025, and reducing non-silicon costs by approximately 20% [2] - The company is collaborating with external institutions to develop perovskite tandem batteries, achieving a laboratory efficiency of 32.08%, which is leading in the industry [2] Group 4: International Capacity Diversification - The company is pursuing a diversified approach to overseas capacity through technology cooperation and investment, signing a strategic cooperation agreement with a local Turkish client to build a high-efficiency battery project [3] - However, the progress of the planned 5GW high-efficiency battery production base in Oman has been affected by changes in international trade conditions and tariff policies, leading to a cautious approach in advancing this project [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of returns exceeding the market benchmark by more than 15% over the next 6-12 months [4][6]. Core Insights - The company reported a significant decline in revenue and increased losses in the first half of 2025, with total revenue of 3.663 billion yuan, down 42.53% year-on-year, and a net profit attributable to shareholders of -264 million yuan, indicating an expanded loss [1]. - Despite domestic market challenges, the company achieved a remarkable 116.15% year-on-year growth in overseas sales, reaching 1.9 billion yuan, which now constitutes 51.87% of total revenue [2]. - The company is actively enhancing its N-type battery technology, achieving over 0.2% improvement in average production conversion efficiency and a 20% reduction in non-silicon costs [3]. - The company is diversifying its overseas production capacity, having signed a strategic cooperation agreement for a high-efficiency battery project in Turkey, although the progress of the Oman 5GW project has been affected by international trade conditions [4]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 3.663 billion yuan, a decrease of 42.53% year-on-year, and a net profit of -264 million yuan, worsening from the previous year [1]. - The Q2 2025 revenue was 1.788 billion yuan, down 32.76% year-on-year, with a net profit of -158 million yuan, indicating a sequential increase in losses [1]. Overseas Market Expansion - The overseas sales revenue grew by 116.15% to 1.9 billion yuan in H1 2025, increasing its share of total revenue from 23.85% in 2024 to 51.87% [2]. - The gross margin for overseas sales improved by 2.83 percentage points to 4.50%, while domestic sales faced a 67.91% decline to 1.763 billion yuan, with a gross margin of -0.78% [2]. Technology Development - The company is focused on improving N-type battery efficiency and reducing costs, with a 0.2% increase in average production conversion efficiency and a 20% decrease in non-silicon costs [3]. - The TBC battery's conversion efficiency is projected to exceed mainstream N-type battery efficiency by 1-1.5 percentage points, with laboratory efficiency for perovskite tandem batteries reaching 32.08% [3]. Strategic Initiatives - The company is pursuing a diversified approach to overseas production capacity, including a strategic partnership in Turkey to address regional battery capacity gaps [4]. - The construction of the Oman 5GW project is being approached cautiously due to fluctuations in international trade and tariff policies [4].