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].

Core Insights - Company reported a significant decline in revenue and an increase in net loss for the first half of 2025, with revenue approximately 3.656 billion and a net loss of about 264 million, marking a year-on-year decrease of 42.48% and an expansion of 58.51% in losses respectively [1] - The revenue drop was primarily attributed to a 67.9% decrease in the Chinese mainland market due to reduced sales of photovoltaic cells and falling market prices, although this was offset by a substantial 116.2% increase in revenue from overseas markets, indicating a strategic shift towards globalization [1][2] Financial Performance - Revenue for the first half of 2025 was approximately 3.656 billion, a decrease of 42.48% year-on-year [1] - Net loss was about 264 million, which is an increase of 58.51% compared to the previous year, resulting in a loss per share of 1.07 [1] Market Strategy - The company is focusing on global expansion, with overseas sales increasing from 23.9% in 2024 to 52.0% in the first half of 2025, reflecting efforts to build a robust international sales network and enhance global customer service capabilities [2] - The company is actively developing and optimizing N-type battery technology to meet market demands for high-efficiency batteries, aiming to improve the performance and cost-effectiveness of its products [2] Technological Advancements - The company has made progress in enhancing the conversion efficiency of its batteries, achieving an average production efficiency increase of over 0.2% and a reduction of approximately 20% in non-silicon costs [1] - The company is also advancing its TBC battery technology, with laboratory efficiencies reaching 32.08%, positioning it as a leader in the industry [2]

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].

Core Viewpoint - The photovoltaic industry in China is experiencing rapid growth, with significant increases in installed capacity and production across the supply chain, leading to strong performance among listed companies in the sector [1][2][3]. Group 1: Industry Growth - As of June 30, the cumulative installed capacity of photovoltaic power generation reached approximately 470 million kilowatts, surpassing hydropower to become the second-largest power source in China [1]. - In the first half of the year, the production of polysilicon, silicon wafers, cells, and modules all reached new highs, with year-on-year growth exceeding 65% [1]. - The newly added photovoltaic capacity in the first half of the year was 78.42 GW, a year-on-year increase of 154% [2]. - Investment in photovoltaic power reached 134.9 billion yuan, up 113.6% compared to the same period last year [2]. Group 2: Company Performance - Many photovoltaic listed companies are expected to see significant year-on-year profit growth, with companies like JinkoSolar, LONGi Green Energy, and others forecasting profit increases of over 300% [1][3]. - The top five companies by net profit include LONGi Green Energy, JA Solar, TCL Zhonghuan, Daqo New Energy, and Sungrow Power Supply [3]. - Companies in the module sector, such as JA Solar and JinkoSolar, reported net profit growth exceeding 100%, with some like JinkoSolar achieving around 300% growth [3]. Group 3: Price Dynamics - The price of polysilicon has dropped from 170,000 yuan/ton at the beginning of the year to around 60,000 yuan/ton currently, leading to a decrease in prices across the entire supply chain [2]. - The decline in polysilicon prices has stimulated significant growth in installed capacity and overall demand within the photovoltaic industry [2]. Group 4: Upstream and Downstream Performance - Upstream polysilicon companies have seen a decline in profits due to falling prices, with Daqo New Energy reporting a revenue of 9.325 billion yuan and a net profit of 4.426 billion yuan, down 42.93% and 53.53% year-on-year, respectively [5]. - The performance disparity between upstream and downstream companies is notable, with profits shifting from upstream to midstream and downstream sectors [3][5]. Group 5: N-Type Product Development - The introduction of N-type products is accelerating, with companies like Junda Co. expecting a net profit increase of 230% to 300% due to high demand and limited supply of N-type battery capacity [5][6]. - The price difference between N-type and P-type products is narrowing, making N-type products more attractive due to their higher efficiency [6].

Investment Rating - The report maintains a "Buy" rating for the photovoltaic and wind power sectors, indicating a positive outlook for these industries in the near to medium term [4][5]. Core Insights - The photovoltaic industry is undergoing a "de-involution" movement at the national strategic level, focusing on capacity integration in the silicon material segment and strengthening price regulation across the supply chain. The industry is currently at the bottom of the cycle, with future policy strength being a key variable influencing its trajectory. In the medium to long term, the photovoltaic sector is expected to enter a phase of high-quality development, with technological upgrades and market structure optimization becoming core competitive factors [4]. - The wind power sector in China has a strong global competitive advantage, with a relatively reasonable supply-demand structure and robust profitability among companies. The year 2025 is anticipated to be a significant year for offshore wind power development in China, with accelerated construction and favorable export trends [4]. Weekly Market Review - From August 4 to August 8, 2025, the Shanghai Composite Index rose by 2.11%, while the Shenzhen Component Index and the ChiNext Index increased by 1.25% and 0.49%, respectively. The Shenwan Electric Power Equipment Index rose by 1.94%, outperforming the CSI 300 by 0.71 percentage points. Within sub-sectors, photovoltaic equipment, wind power equipment, batteries, and grid equipment experienced changes of +1.29%, +4.50%, +0.99%, and +3.08%, respectively [12][18]. Key Sector Tracking - **Photovoltaic Sector**: The report highlights a significant project where JA Solar is the candidate for a 50MW photovoltaic component procurement project in Tibet, with a bid amount of approximately 36 million CNY and a unit price of 0.7215 CNY/W [3][21]. - **Wind Power Sector**: The report emphasizes the strong profitability of domestic wind power companies in the first half of the year and suggests focusing on leading companies such as Goldwind Technology and Dongfang Cable [4]. Investment Recommendations - **Photovoltaic**: Focus on segments that have undergone sufficient corrections, such as silicon materials, glass, and battery cells. Recommended companies include Aiko Solar, Flat Glass Group, GCL-Poly Energy, and Junda Technology [4]. - **Wind Power**: Maintain a positive outlook on the domestic wind power supply chain, with recommendations for companies like Goldwind Technology and Zhongtian Technology [4]. - **New Energy Vehicles**: The sector continues to grow rapidly, with recommendations to focus on battery and structural components benefiting from low upstream raw material prices, including companies like CATL and EVE Energy [5]. Industry Price Data - The report includes price trends for key materials in the photovoltaic supply chain, indicating fluctuations in silicon material, battery cell, and module prices, which are critical for assessing market dynamics [35][36][38].

格隆汇8月11日丨钧达股份(02865.HK)公告，董事会会议将于2025年8月25日(星期一)举行，藉以(其中包 括)审议及批准公司及其附属公司截至2025年6月30日止6个月未经审计中期业绩及其刊发。 ...