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].

Group 1: Pinduoduo (PDD US) - 2Q profit exceeded expectations mainly due to interest income and better-than-expected marketing expenses. Advertising revenue grew by 13% year-on-year, in line with expectations, while commission income slowed due to the contraction of full-service business and reduced growth in merchant support programs [1] - Despite maintaining support for merchants and user investments in the second half of the year, the impact of merchant support programs and national subsidies is expected to improve marginally. The overseas business disruptions are also anticipated to be less severe than in 2Q [1] - Based on the better-than-expected 2Q performance, the profit forecast for 2025 has been raised by 4%, and the valuation has been adjusted to 2026, with the target price increased from $135 to $150, corresponding to an 11x P/E ratio for 2026 [1] Group 2: Yadea Group Holdings (1585 HK) - In 1H25, two-wheeler sales returned to normal rhythm, and gross margin reached a record high. Revenue for 1H25 was CNY 19.19 billion, up 33.1% year-on-year, aligning with market expectations [4] - The sales volume of electric bicycles and scooters increased to 8.794 million units, surpassing the same period in 2024. The gross margin improved by 1.6 percentage points to 19.6%, setting a historical high [5] - The new national standard will be implemented on September 1, 2025, marking the start of a new industry cycle. Revenue forecasts for 2025-27 have been raised by 2%-4%, and net profit estimates have been adjusted upward by 1%-2% [5] Group 3: Deqi Pharmaceutical (6996 HK) - CLDN18.2 ADC data further confirms its potential as a best-in-class treatment, with larger sample clinical data showing improved response rates. The drug has received breakthrough therapy designation in mainland China for treating CLDN18.2 positive, HER2 negative gastric cancer [8] - The management maintains a forecast for global peak sales exceeding $5 billion, with ongoing development plans for various indications [8][9] - The target price has been raised to HKD 8.80, reflecting a nearly 30% increase in long-term sales forecasts for ATG022 [9] Group 4: Rongchang Biopharmaceutical (9995 HK) - In 1H25, the company reported a revenue increase of 47.6% to CNY 1.09 billion, with a gross margin improvement of 7.3 percentage points to 84.4%. The loss in 2Q was narrowed compared to previous periods [10] - The management expects product sales to grow by over 30% for the full year, aiming for breakeven in 2026 and profitability in 2027 [10][11] - The target price has been raised to HKD 103, reflecting the strong growth trajectory and potential of core assets [11] Group 5: Sunshine Power (300274 CH) - The company reported 2Q25 revenue and profit of CNY 24.5 billion and CNY 3.91 billion, respectively, with year-on-year growth of 33% and 37%, significantly exceeding market expectations [16] - The improvement in the US tariff situation since May has positively impacted the company's outlook, particularly for energy storage demand [16][17] - The target price has been raised to CNY 119, indicating a potential upside of 16% [17] Group 6: Junda Co., Ltd. (002865 CH) - The company reported a loss of CNY 158 million in 2Q25, slightly exceeding the forecasted median loss, with a gross margin of -2.1% [18] - Recent government initiatives to regulate the photovoltaic industry signal increased certainty in supply-side reforms, which may benefit the company [18] - The target price has been raised to CNY 57.70, reflecting improved market conditions and valuation [18]

Group 1 - The company's stock closed at 47.36 yuan on August 26, down 2.32 yuan, a decline of 4.67% from the previous trading day [1] - The company specializes in the research, production, and sales of photovoltaic cells [1] - In the first half of 2025, the company achieved total operating revenue of 3.663 billion yuan, a year-on-year decrease of 42.53% [1] Group 2 - The company's net profit attributable to shareholders was a loss of 264 million yuan, with the loss margin widening compared to the same period last year [1] - Notably, the company's overseas revenue increased by 116.15%, with its revenue share rising to 51.87% [1] - On August 26, the net outflow of main funds was 92.218 million yuan, with a cumulative net outflow of 21.959 million yuan over the past five days [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's short-term profitability is under pressure, but it is expanding its overseas production capacity [1] - The company has experienced a significant increase in overseas sales, which accounted for 51.87% of total sales in H1 2025, doubling from 2024 [8] - The company is focusing on cost reduction and efficiency improvement through technological research and development [8] - The company has reported a positive operating cash flow and a significant decrease in inventory levels [8] - The profit forecast has been adjusted downwards due to intensified industry competition and low pricing, with expected net profits for 2025-2027 being -3.9 billion, 7.6 billion, and 13.1 billion respectively [8] Financial Summary - Total revenue for 2023 is projected at 18,657 million, with a year-on-year growth of 60.90% [1] - The net profit attributable to shareholders for 2023 is expected to be 815.64 million, with a year-on-year increase of 13.77% [1] - The earnings per share (EPS) for 2023 is estimated at 2.79 yuan, with a P/E ratio of 17.82 [1] - The company’s operating cash flow for H1 2025 is reported at 1.6 billion, a decrease of 70.8% year-on-year [8] - The company’s total assets are projected to reach 17,503 million by 2025, with a debt-to-asset ratio of 76.38% [9]

Investment Rating - The report maintains a "Buy" rating for the company, Junda Co., Ltd. (002865 CH), with a target price raised to RMB 57.70, indicating a potential upside of 16.1% from the current price of RMB 49.68 [9][10][14]. Core Insights - The company reported a slight loss exceeding the forecast median, with a 2Q25 loss of RMB 158 million, attributed to a decline in battery prices and a decrease in overseas revenue share [2][10]. - The government has increased the certainty of supply-side reforms in the photovoltaic industry, aiming to regulate competition and eliminate below-cost sales practices [10]. - The company is positioned to benefit from the U.S. market due to its unique production capacity in the Middle East, with a joint venture expected to commence exports to the U.S. early next year [10]. Financial Overview - Revenue projections for the company show a significant decline in 2024 to RMB 9,952 million, followed by a gradual recovery to RMB 15,397 million by 2027 [16]. - The net profit is expected to turn positive in 2026, reaching RMB 1,427 million, with a projected earnings per share of RMB 4.88 [16]. - The company’s market capitalization is approximately RMB 11,085.10 million, with a 52-week high of RMB 80.40 and a low of RMB 34.80 [4]. Performance Metrics - The company’s gross margin is projected to improve significantly by 2026, with a net profit margin of 11.2% anticipated [18]. - The price-to-earnings ratio is expected to decrease from 13.9 in 2023 to 8.4 by 2027, indicating a more attractive valuation over time [16]. - The company’s return on equity (ROE) is projected to recover to 25.8% by 2027, reflecting improved profitability [18].

Core Viewpoint - Company has significantly increased its overseas sales proportion from 23.9% in 2024 to 52.0% in the first half of 2025, demonstrating the effectiveness of its global strategy despite challenges in the photovoltaic industry [1][3]. Financial Performance - For the six months ending June 30, 2025, the company reported revenue of RMB 3.66 billion and a gross profit of RMB 900,000, indicating recovery compared to the same period last year [1]. - The company faces pressure on overall profitability due to domestic electricity price adjustments and overseas trade barriers, despite a gradual recovery in the photovoltaic industry chain prices [1]. Market Trends - The global photovoltaic market is experiencing strong demand, with the European Photovoltaic Industry Association predicting global installations could reach 655 GW in a neutral scenario and up to 774 GW in a high scenario by 2025 [2]. - Emerging markets in the Middle East, Africa, and India are developing rapidly, contributing to the growth of the photovoltaic industry [2]. Technological Advancements - The company has achieved a 0.2% increase in average production conversion efficiency and a 20% reduction in non-silicon costs through N-type battery technology optimization [1][4]. - The company is also advancing in new technologies, with a lab efficiency of 32.08% for perovskite tandem batteries, positioning itself at the forefront of the industry [4]. Strategic Initiatives - The company has signed a strategic cooperation agreement with a local Turkish component customer to establish a high-efficiency battery project, addressing regional capacity gaps [3]. - The company is evaluating the feasibility of a planned 5 GW high-efficiency battery production base in Oman, considering international trade and tariff policies [3]. Future Outlook - The company aims to continue focusing on N-type and next-generation high-efficiency battery technologies while accelerating overseas capacity deployment [5]. - The company is committed to driving technological innovation and contributing to global energy transition efforts, aligning with carbon neutrality goals [5].

Investment Rating - The report maintains a "Buy" rating for the company, anticipating significant profit recovery in the coming years [5]. Core Views - The company's revenue for the first half of 2025 was 3.66 billion RMB, a year-on-year decrease of 42.5%, with a net profit attributable to shareholders of -260 million RMB, down 58.5% year-on-year [2]. - The "anti-involution" strategy has been elevated to a national strategic level, leading to a recovery in battery prices towards covering costs. The price of 183N battery cells dropped to 0.24 RMB/W in Q2, a decline of 23%, but has since recovered to 0.29 RMB/W by August 20, 2025, due to supply-side reforms and industry consolidation [3]. - The company's overseas sales ratio increased significantly from 23.85% in 2024 to 51.87% in the first half of 2025, indicating a strong international market presence and strategic partnerships, such as with Turkish local component customers [4]. Summary by Sections Performance Review - In the first half of 2025, the company achieved a revenue of 3.66 billion RMB, with a net profit of -260 million RMB, aligning with expectations [2]. Operational Analysis - The decline in battery prices and rising costs due to silver paste price increases have pressured profitability in Q2. However, government policies aimed at reducing low-price competition are expected to benefit the company in the long run [3]. Product Expansion - The company is expanding its overseas sales and has established strategic partnerships to enhance its international production capabilities, which is expected to contribute to future profitability [4]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted to -385 million RMB, 619 million RMB, and 1.68 billion RMB respectively, reflecting anticipated recovery in profitability due to improved market conditions and overseas capacity expansion [5].

Core Viewpoint - Junda Co., Ltd. reported a significant decline in revenue and net profit for the first half of 2025, primarily due to a drop in domestic sales, while international sales showed substantial growth, indicating a shift in market strategy towards overseas expansion [1][2][4]. Financial Performance - The company achieved a revenue of 3.663 billion yuan, a year-on-year decrease of 42.53% [1]. - The net profit attributable to shareholders was -264 million yuan, with losses widening compared to the previous year [2]. - Government subsidies accounted for 214 million yuan of the reported profit, highlighting reliance on external support [2]. Market Dynamics - Despite a decline in domestic revenue, international sales surged, with the overseas revenue share increasing from 23.85% in 2024 to 51.87% in 2025, and revenue from international markets growing by 116.15% [1][4]. - The company’s main product, photovoltaic cells, saw a significant drop in sales price and volume, leading to a 42.48% decrease in revenue from this segment [1][2]. Industry Trends - The global photovoltaic industry is experiencing a supply-demand mismatch, with a shift towards a de-capacity cycle starting in the second half of 2023 [3]. - N-type TOPCon cells are projected to dominate the market, with an expected market share of approximately 71.1% in 2024 [3]. - The industry is anticipated to focus on inventory reduction and capacity cuts through 2025, while maintaining market share remains a priority [3]. Strategic Initiatives - Junda Co., Ltd. successfully listed on the Hong Kong Stock Exchange, raising 1.29 billion HKD for overseas market expansion and production capacity development [4]. - The company is actively building a global sales network and enhancing customer service capabilities across various regions, including Asia, Europe, North America, and Latin America [4]. - The company is exploring diverse strategies for overseas market development, including technology cooperation and investment partnerships [4].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002865 证券简称：钧达股份 公告编号：2025-066 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 3、公司股东数量及持股情况 单位：股 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 4、控股股东或实际控制人变更情况 控股股东报告期内变更 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 □适用 √不适用 公司报告期控股股东未发生变更。 实际控 ...

Core Viewpoint - JunDa Co., Ltd. reported a significant decline in revenue and an increase in net loss for the first half of 2025, despite a notable growth in overseas sales of photovoltaic products [1][4]. Financial Performance - The company achieved a revenue of 3.663 billion yuan, a year-on-year decrease of 42.53% [1][4]. - The net profit attributable to shareholders was a loss of 264 million yuan, compared to a loss of 166 million yuan in the same period last year, indicating an expanded loss [1][4]. - The majority of revenue came from the sale of photovoltaic cells, which saw a decline of 42.48% due to falling sales prices and volumes [4]. - Government subsidies accounted for 214 million yuan of the reported non-recurring gains, while the adjusted net profit loss was 465 million yuan [4]. Market Dynamics - JunDa Co., Ltd. is a leading player in the photovoltaic cell industry, with a significant increase in overseas sales, which rose from 878 million yuan to 1.9 billion yuan, representing a growth of 116.15% [1][6]. - The company’s overseas sales now account for 51.87% of total revenue, up from 23.85% in 2024 [1][6]. - The gross margin for overseas business reached 4.50%, an increase of 2.83 percentage points year-on-year, contributing to an overall gross margin of 1.75% for photovoltaic cells [6]. Industry Trends - The photovoltaic industry is experiencing a phase of supply-demand mismatch, leading to a capacity reduction cycle starting in the second half of 2023 [5]. - The market share of TOPCon (Tunnel Oxide Passivated Contact) cells is expected to stabilize, while the market share of BC (Back Contact) cells is anticipated to grow rapidly [6]. - The N-type TOPCon cell market share is projected to be approximately 71.1% in 2024 [5]. Strategic Initiatives - JunDa Co., Ltd. successfully listed on the Hong Kong Stock Exchange, raising 1.29 billion HKD for overseas market expansion and capacity building [2][6]. - The company is actively exploring diverse strategies for overseas market development, including technology cooperation and capacity construction [7]. - A strategic cooperation agreement was signed with a local component customer in Turkey, indicating a focus on local partnerships [7].