Core Viewpoint - Guolian Minsheng's recent report highlights that Dongfang Risen is optimizing its product structure and accelerating the iteration of N-type high-efficiency capacity, which is expected to enhance its core competitiveness by mid-2025 [1] Company Summary - As of August 27, 2025, Dongfang Risen's HJT cell conversion efficiency has surpassed 26.60%, while HJT module conversion efficiency has exceeded 24.70%. The non-silicon cost of HJT cells has been reduced to 0.15 yuan/W [1] - Dongfang Risen's energy storage system business is advancing in tandem with its photovoltaic power station operations, focusing on large-scale energy storage systems primarily targeting key markets in Europe and the United States, maintaining a global record of zero safety incidents [1] - The company is actively expanding its commercial distributed photovoltaic power station business, with integrated solutions for "solar storage" and "solar storage charging," as well as smart microgrid solutions that have achieved commercial application [1] Industry Outlook - The report suggests that Dongfang Risen is a leading player in the HJT sector, with superior technology research and capacity reserves compared to the industry, and is expected to gradually recover its performance as the fundamentals of the photovoltaic industry improve, warranting attention [1]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in the solar energy market and increased competition [1][4]. Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 7.44 billion yuan, a year-on-year decrease of 28.8%, and a net profit attributable to shareholders of -680 million yuan, an improvement from -960 million yuan in the same period last year [1]. - For Q2 2025, the company reported operating revenue of 4.45 billion yuan, a year-on-year decrease of 19.4%, but a quarter-on-quarter increase of 48.9%, with a net profit of -410 million yuan [1]. - The gross profit margin for H1 2025 was 3.1%, down 5.9 percentage points year-on-year, while Q2's gross profit margin was 1.5%, down 8.3 percentage points year-on-year and 3.9 percentage points quarter-on-quarter [1]. Group 2: Business Segments - The solar cell and module business generated revenue of 3.81 billion yuan in H1 2025, a year-on-year decrease of 54.0%, with a gross margin of -4.5%, down 11.5 percentage points [2]. - The module business alone accounted for 3.75 billion yuan in revenue, also down 54.1% year-on-year, with sales volume of 5.7 GW, a decrease of 28% [2]. - The company is a leader in the HJT sector, optimizing product structure and accelerating the iteration of N-type high-efficiency capacity, achieving a cell conversion efficiency of over 26.60% and module efficiency of over 24.70% by August 27, 2025 [2]. Group 3: Energy Storage and Photovoltaic Integration - The energy storage system, lighting, and auxiliary photovoltaic products generated revenue of 480 million yuan in H1 2025, a year-on-year increase of 0.3%, with a gross margin of 18.2%, down 8.0 percentage points [3]. - The energy storage integration business focuses on large-scale systems primarily targeting the European and American markets, maintaining a record of zero safety incidents globally [3]. - The company is actively developing commercial distributed photovoltaic power station businesses, with integrated "solar-storage" and "solar-storage-charging" solutions already commercialized [3]. Group 4: Profit Forecast and Investment Suggestions - The company faces intensified industry competition, impacting shipment scale and profitability, with projected revenues of 16.19 billion yuan, 21.53 billion yuan, and 28.20 billion yuan for 2025-2027, reflecting year-on-year growth rates of -20.0%, 33.0%, and 31.0% respectively [4]. - Expected net profits for the same period are -830 million yuan, 430 million yuan, and 1.20 billion yuan, indicating a narrowing loss, a return to profitability, and a growth rate of 176.2% [4]. - The company is positioned as a leading HJT enterprise with advanced R&D and capacity reserves, likely to benefit from improvements in the photovoltaic industry fundamentals [4].

Group 1 - The HIT battery sector leads the market with an increase of 3.52% [1] - Zhengye Technology saw a significant rise of 20.02% [1] - Yabo Co., Ltd. increased by 10.22% [1] - Dongfang Risheng experienced a growth of 6.36% [1] - Robotech, JA Solar, and JinkoSolar all rose by over 5% [1]

（文章来源：证券日报） 证券日报网讯 9月2日晚间，东方日升发布公告称，控股股东林海峰先生将其持有的部分股份进行质押 及解除质押。本次质押股份数量为26，450，000股，占公司总股本的2.32%，占其所持股份的9.35%， 用途为融资。同时，林海峰先生解除了之前质押给兴业银行股份有限公司宁波分行的18，000，000股股 份，占其所持股份的6.36%，占公司总股本的1.58%。 ...

东方日升新能源股份有限公司 关于股东部分股份质押及解除质押的公告 证券代码：300118 证券简称：东方日升 公告编号：2025-070 质押股份不涉及负担重大资产重组等业绩补偿义务。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 东方日升新能源股份有限公司（以下简称"本公司"）于近日接到控股股东 林海峰先生的通知，获悉林海峰先生将其所持有的本公司部分股份进行质押及解 除质押，具体事项如下： 一、股东股份质押及解除质押基本情况 | 是否为 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 控股股 | 占 | 公 | 是否 | | | | | | | | | | 东或第 | 占其所 | 是否 | 股东 | 本次质押 | 司 | 总 | 为补 | 质押起 | 质押到 | 质押 | | | 一大股 | 持股份 | 为限 | 质权人 | 名称 | 数量 | 股 | 本 | 充质 | 始日 | 期日 | 用途 | | 东 ...

Core Viewpoint - The company, Dongfang Risen, reported significant growth in its solar energy business, with a notable increase in revenue and net profit, indicating a strong performance in the photovoltaic sector amidst industry reforms aimed at optimizing competition and enhancing profitability [1][2]. Financial Performance - In the first half of 2025, Dongfang Risen achieved a revenue of 7.443 billion yuan, with the solar power station EPC and transfer business generating 2.642 billion yuan, a year-on-year increase of 127.85% [1] - The company's net profit attributable to shareholders rose by 29.49% year-on-year, with a 39.69% increase in the second quarter [1]. Industry Trends - The Ministry of Industry and Information Technology, along with multiple departments, held a meeting to address the photovoltaic industry, focusing on eliminating backward production capacity and establishing a pricing monitoring and product pricing mechanism [1]. - The global solar EPC market is projected to reach a value of $407.6 billion by 2024, with a compound annual growth rate (CAGR) of 8.1% from 2025 to 2034 [3]. Technological Advancements - Dongfang Risen has a production capacity of 40 GW for photovoltaic modules and is actively engaged in cutting-edge technologies such as heterojunction and perovskite [2]. - The company has developed proprietary technologies, including the 0BB battery technology and ultra-thin silicon wafer technology, which enhance production efficiency and reduce costs [6][7]. Business Model and Strategy - The company has established a comprehensive business model covering the entire solar power station value chain, including development, construction, operation, and transfer [4]. - Dongfang Risen is expanding its business into distributed solar power stations while integrating energy storage solutions to enhance project profitability and efficiency [4]. Market Position and Recognition - Dongfang Risen has received multiple global certifications, including from Germany's T V and the EU, establishing a strong foundation for international sales [9]. - The company ranks among the top photovoltaic module manufacturers globally, consistently appearing in BloombergNEF's Tier 1 list [9]. Global Expansion - The company has strategically set up production bases across China, particularly in the Yangtze River Delta region, to optimize logistics and supply chain efficiency [10]. - Dongfang Risen is implementing a "four globalizations" strategy, focusing on market, manufacturing, capital, and talent globalization to enhance its competitive edge in the global market [11].

Financial Performance - The company reported a total revenue of 7.443 billion yuan for the first half of 2025, a year-on-year decrease of 28.84% [1] - The net profit attributable to shareholders was -679 million yuan, showing a year-on-year improvement of 29.49% [1] - In Q2 2025, the total revenue was 4.452 billion yuan, down 19.43% year-on-year, while the net profit was -412 million yuan, an increase of 39.69% year-on-year [1] - The gross margin was 3.1%, a decline of 65.58% compared to the previous year, while the net margin was -9.09%, an increase of 1.11% year-on-year [1] Key Financial Ratios - The company's total expenses (selling, administrative, and financial) amounted to 853 million yuan, accounting for 11.47% of revenue, which is an increase of 9.04% year-on-year [1] - The earnings per share (EPS) was -0.61 yuan, an increase of 28.55% year-on-year [1] - The operating cash flow per share was 0.36 yuan, a significant increase of 109.27% year-on-year [1] Business Model and Cash Flow - The company's performance relies heavily on research and marketing efforts, necessitating a thorough examination of the underlying drivers [2] - The cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 20.68%, and the average operating cash flow over the past three years being negative [2] - The debt situation is also critical, with interest-bearing debt ratio reaching 30.46% and negative average operating cash flow over the past three years [2] Fund Holdings - The largest fund holding the company’s shares is HSBC Jintrust Low Carbon Pioneer Stock A, with 22.9884 million shares held [3] - HSBC Jintrust Core Growth A increased its holdings to 10.4836 million shares [3] - The fund's current size is 3.4 billion yuan, with a recent net value of 2.4916, reflecting a 1.97% decline from the previous trading day but a 44.52% increase over the past year [3]

Core Insights - Dongfang Risen (300118.SZ) reported its 2025 semi-annual results, revealing that as of August 27, 2025, 21 institutional investors held a total of 154 million shares, accounting for 13.53% of the company's total equity [1] - The top ten institutional investors collectively held 13.48% of the shares, with a decrease of 1.36 percentage points compared to the previous quarter [1] Institutional Holdings - The top institutional investors include Guanghua Sunshine Asset Management, Bank of Communications, Hong Kong Central Clearing Limited, China Construction Bank, and others [1] - The number of institutional investors holding shares has remained stable, but the proportion held by the top ten has decreased [1] Public Fund Activity - One public fund, HSBC Jintrust Core Growth Mixed A, increased its holdings by 0.11% compared to the previous period [2] - One public fund, the Photovoltaic ETF, saw a slight decrease in holdings [2] - Eleven new public funds disclosed their holdings this period, including HSBC Jintrust Dynamic Strategy Mixed A and others [2] - Four public funds that were previously disclosed have not reported this period [2] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.73% compared to the previous period [2]

Core Viewpoint - Brazil's energy storage industry is on the verge of explosive growth, driven by the implementation of regulatory frameworks and increasing demand for solar energy storage solutions [2][3]. Group 1: Market Overview - Brazil's solar power generation is expected to increase its share in the total energy mix from 22.2% at the end of 2024 to 32.9% by 2029, with installed capacity rising from 51.7 GW to 88.2 GW, a net increase of 36.5 GW [2]. - The Brazilian Energy Storage Association (ABSAE) predicts that the solar energy storage sector will attract approximately 44 billion Brazilian Reais (around 8.46 billion USD) in investments by 2030, with off-grid systems, grid-level projects, and commercial/industrial storage each accounting for one-third of total investments [2]. - In 2024, battery storage demand in Brazil surged by 89%, with some regions experiencing over 190 hours of power outages annually, highlighting the urgent need for storage solutions among households and agricultural users [2]. Group 2: Regulatory and Policy Environment - The urgency of integrating battery storage systems into Brazil's electricity structure was emphasized by Rodrigo Sauaia, Executive Chairman of the Brazilian Solar Energy Association (ABSOLAR), noting that approximately 1 billion Brazilian Reais of renewable energy in the Northeast market remains unused due to a lack of infrastructure and planning [3]. - The development of storage solutions is currently hindered by pending regulatory policies, but the market is expected to flourish once these policies are established [3]. Group 3: Company Developments - CATL showcased its TENER Stack, a 9MWh modular energy storage system that improves land use efficiency by 45% and energy density by 50% compared to traditional systems [6]. - Trina Solar presented its Elementa series, which combines components, brackets, and storage to address grid stability challenges in Latin America, with a total shipment of 9 GW in Brazil and 19 GW in Latin America [10]. - Risen Energy introduced its Risen Sunease system and Risen Stack1, emphasizing safety and rapid deployment capabilities [12]. - Kehua Tech displayed its 1500V energy storage solution, designed to operate reliably in diverse climatic conditions across South America [15]. - Sungrow launched its integrated solar-storage solutions, addressing the structural electricity shortages in Brazil [17]. Group 4: Strategic Collaborations - During the exhibition, several companies, including Sungrow and DONG Energy, signed strategic cooperation agreements with local renewable energy firms to deepen collaboration in the storage sector [20].

Core Viewpoint - The company held its 21st meeting of the fourth board session on August 27, 2025, where several important resolutions were passed, including the approval of the semi-annual report and adjustments to the management structure [1] Group 1: Approval of Reports - The board unanimously approved the "2025 Semi-Annual Report and Summary" and the "Special Report on the Storage and Use of Raised Funds for the 2025 Semi-Annual Period" [2] - The company confirmed compliance with regulatory requirements in managing raised funds, stating there were no violations in the use of these funds [2] Group 2: Management Structure Adjustment - The board unanimously approved the proposal to adjust the company's management structure, eliminating the supervisory board and transferring its responsibilities to the audit management committee of the board [3] - This adjustment will not affect the internal supervision mechanism, and related rules will be abolished [3] Group 3: Amendments to Articles of Association - The board unanimously approved the proposal to amend the company's articles of association and related internal regulations to align with the latest laws and operational needs [4] - The amendments will require approval at the second extraordinary general meeting of shareholders in 2025 [4] Group 4: Extraordinary General Meeting - The board unanimously approved the proposal to convene the second extraordinary general meeting of shareholders in 2025, scheduled for September 16, 2025, combining in-person and online voting [5]