Core Viewpoint - Zhonglai Co., Ltd. (300393.SZ) expects a net loss attributable to shareholders of the listed company between 1 billion to 1.5 billion yuan for the year 2025, with a net loss of 1.07 billion to 1.57 billion yuan after deducting non-recurring gains and losses [1] Industry Summary - The photovoltaic industry is still in a phase of adjustment in 2025, with ongoing supply-demand mismatches and low-price competition [1] - Despite initiatives to counteract internal competition within the industry, the fundamental imbalance in supply and demand has not yet improved [1] - The prices of major photovoltaic products remain at relatively low levels during the reporting period, compounded by significant increases in the prices of upstream raw materials such as silicon materials and silver paste, leading to a decline in overall gross profit levels for companies [1] - Some existing orders are expected to incur losses, resulting in anticipated liabilities [1] - The company has made provisions for impairment based on the requirements of the "Enterprise Accounting Standards" and financial management, considering market and industry conditions and adhering to the principle of prudence, which significantly impacts net profit [1]

Core Viewpoint - Zhonglai Co., Ltd. (300393.SZ) expects a net loss attributable to shareholders of the listed company between 1 billion to 1.5 billion yuan for the year 2025, with a net loss of 1.07 billion to 1.57 billion yuan after deducting non-recurring gains and losses [1] Industry Summary - The photovoltaic industry is still in a phase of adjustment in 2025, with ongoing supply-demand mismatches and low-price competition persisting [1] - Despite initiatives to counteract internal competition within the industry, the fundamental imbalance in supply and demand has not yet improved [1] - The prices of major photovoltaic products remain at relatively low levels during the reporting period, compounded by significant increases in the prices of upstream raw materials such as silicon materials and silver paste, leading to a decline in overall gross profit levels for companies [1] Company Summary - The company anticipates that some of its existing orders will incur losses, resulting in expected liabilities [1] - The company has made provisions for impairment based on the requirements of the "Enterprise Accounting Standards" and financial management, taking into account market and industry conditions and adhering to the principle of prudence [1] - These factors are expected to have a significant impact on the company's net profit [1]

公司业绩亏损的主要原因如下：2025年光伏行业整体仍处于阶段性调整期，供需错配与低价竞争的态势 依然延续，尽管行业启动反内卷举措，但供需失衡的局面尚未根本改善。报告期内，光伏主要产品价格 仍处于相对低位，叠加行业上游硅料、银浆等主要原材料价格大幅上涨等相关因素，导致公司整体毛利 水平下降，部分在手订单出现亏损形成预计负债。同时，公司按照《企业会计准则》及财务管理相关要 求，结合市场及行业情况并基于谨慎性原则计提减值准备。 2026年，公司将继续以技术创新为引擎、以产品质量为基石、以市场需求为导向，坚持科技创新与增收 降本，扩展产品技术应用领域研究，持续提升公司发展韧性，保持光伏高效电池和组件、材料技术的先 进性，同时积极拓展综合能源管理新业务范式，加快推进公司应收账款的回收工作，进一步提升公司抗 风险能力，强化穿越行业周期的实力。 格隆汇1月26日丨中来股份(300393.SZ)公布，预计2025年1月1日至2025年12月31日归属于上市公司股东 的净利润亏损：10亿元-15亿元，扣除非经常性损益后的净利润亏损：10.7亿元-15.7亿元。 ...

每经AI快讯，1月26日，中来股份公告，预计2025年度归属于上市公司股东的净亏损为10亿元~15亿 元，上年同期为亏损8.56亿元。 （文章来源：每日经济新闻） ...

Group 1 - The company Zhonglai Co., Ltd. expects a net profit loss attributable to shareholders of 1 billion to 1.5 billion yuan for 2025, compared to a loss of approximately 856 million yuan in the same period last year [1] - The photovoltaic industry is still in a phase of adjustment in 2025, with ongoing supply-demand mismatches and low-price competition, despite initiatives to reduce internal competition [1] - The prices of major photovoltaic products remain relatively low, and the significant increase in raw material prices, such as silicon and silver paste, has led to a decline in the company's overall gross profit level [1] Group 2 - The company has recognized expected liabilities due to some existing orders resulting in losses, and has made provisions for impairment based on cautious principles in accordance with accounting standards and financial management requirements [1] - The aforementioned factors have a significant impact on the company's net profit [1]

证券代码：300393 证券简称：中来股份 公告编号：2026-005 苏州中来光伏新材股份有限公司 2025 年度业绩预告 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。 一、本期业绩预计情况 （一）业绩预告期间：2025年1月1日至2025年12月31日。 （二）业绩预告情况：预计净利润为负值 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司股 | 亏损：100,000万元-150,000万元 | 亏损：85,639.76万元 | | 东的净利润 | | | | 扣除非经常性损益 | 亏损：107,000万元-157,000万元 | 亏损：91,773.32万元 | | 后的净利润 | | | 公司业绩亏损的主要原因如下：2025年光伏行业整体仍处于阶段性调整期， 供需错配与低价竞争的态势依然延续，尽管行业启动反内卷举措，但供需失衡的 局面尚未根本改善。报告期内，光伏主要产品价格仍处于相对低位，叠加行业上 游硅料、银浆等主要原材料价格大幅上涨等相关因素，导致公司整体毛利水平下 降，部分在手订单出现亏损形成 ...

消息面上，1月22日，达沃斯世界经济论坛年会期间，特斯拉CEO埃隆·马斯克在与贝莱德CEO拉里·芬克的对谈中明确力挺太空 光伏，并披露关键产能规划。他表示，SpaceX与特斯拉正同步推进太阳能产能提升，目标在未来三年内实现每年100GW的太阳 能制造能力。 商业航天崛起打开太空光伏新空间 太空光伏走红的背后是我国商业航天产业的快速崛起。当前，我国商业航天已迈入规模化、商业化新阶段，产业红利逐步释 放，驱动太空光伏从技术探索逐步迈向产业探索阶段。 近年来，低轨卫星星座建设明显提速，通信、遥感、导航等下游应用需求持续释放，而商业火箭发射成本的下降与发射能力的 提升，也让航天器在轨运行时间更长、载荷更复杂成为常态。在此背景下，可靠的能源支撑系统成为保障航天器稳定运行的关 键，太空光伏凭借其独特优势成为业内关注的焦点。 《证券日报》援引商业航天业内人士观点称，太空极端环境对能源供应提出极为严苛的要求，太空任务的特殊性也决定了能源 系统须具备长期稳定性与可靠性。而光伏技术可将太阳能直接转化为电能，兼具持续性、稳定性和轻量化等优势，目前已成为 航天器最成熟、应用最广泛的能源形式，有效适配太空场景需求。 据中信证券预测，2 ...

Core Viewpoint - The commercial aerospace industry in China is entering a new phase of scaled and commercial development, driving the exploration of space photovoltaics due to the increasing demand from low Earth orbit satellite constellations [1] Market Space - The construction of low Earth orbit satellite constellations has accelerated, with ongoing demand in communication, remote sensing, and navigation applications [2] - The reduction in commercial rocket costs and improvements in launch capabilities have made longer operational times and more complex payloads the norm, highlighting the importance of reliable energy support systems [2] - Space photovoltaics are gaining attention due to their ability to convert solar energy into electricity, offering sustainability, stability, and lightweight advantages, making them the most mature energy form for spacecraft [2] Long-term Potential - Perovskite tandem battery technology holds significant potential in space photovoltaics due to its high theoretical efficiency, lightweight, and flexibility, although it still requires validation in stability, lifespan, and radiation resistance [3] - The replacement cycle for space photovoltaics is generally 5 to 8 years, much shorter than the 25 years or more typical for ground-based solar power plants [3] - From 2025 to 2040, the global annual satellite launch quantity is expected to increase from 5,000 to 50,000, with the total demand for photovoltaic batteries projected to rise from 0.024 GW to 1.8 GW, indicating a market space growth of over 30 times by 2035-2040 [3] Company Layout - A-share listed companies are accelerating their layout in the space photovoltaic field, leveraging their experience in materials, components, and system integration to develop efficient batteries and lightweight components [4] - Recent collaborations, such as the strategic partnership between Aerospace Hongtu Information Technology Co., Ltd. and Wuxi Zhongneng Energy Technology Co., Ltd., focus on new energy technologies for space applications [4] - Companies like Zhonglai Co., Ltd. and Trina Solar have reported ongoing developments in adapting their products for space photovoltaic applications, including perovskite and silicon tandem products [4][5] Industry Opportunities - The explosion of commercial aerospace provides photovoltaic companies with cross-industry opportunities, opening a second growth curve [5] - While space photovoltaics may not replace the scale advantages of ground photovoltaics in the short term, their technological leadership and strategic value are expected to shift the industry focus from price competition to technology competition [5]

格隆汇1月23日丨中来股份(300393.SZ)公布，公司控股子公司苏州中来民生能源有限公司（简称"中来 民生"）持有上海源烨新能源有限公司（简称"上海源烨"）19.01%的股权。近日，上海源烨的控股股东 上海能源科技发展有限公司（简称"上海能科"）根据其集团公司的整体战略部署及专业化整合要求，拟 将其持有的上海源烨44.35%的股权全部转让给国家电投集团综合智慧能源有限公司（简称"国电投智慧 能源"），拟转让价格约为11.86亿元，股权转让款以现金方式分三期支付，股权转让协议签署完成支付 60%，交割完成后支付30%，交割完成后1月内支付10%。上海能科就该事项征询中来民生是否行使优先 购买权。基于业务发展和资金安排等情况的综合考虑，中来民生拟放弃本次股权转让的优先购买权。本 次股权转让完成后，中来民生仍持有上海源烨19.01%股权。此外，上海能科与中来民生签署的合资协 议等的履行主体将由上海能科变更为国电投智慧能源。 ...

格隆汇1月23日丨中来股份(300393.SZ)公布，公司控股子公司苏州中来民生能源有限公司（简称"中来 民生"）持有上海源烨新能源有限公司（简称"上海源烨"）19.01%的股权。近日，上海源烨的控股股东 上海能源科技发展有限公司（简称"上海能科"）根据其集团公司的整体战略部署及专业化整合要求，拟 将其持有的上海源烨44.35%的股权全部转让给国家电投集团综合智慧能源有限公司（简称"国电投智慧 能源"），拟转让价格约为11.86亿元，股权转让款以现金方式分三期支付，股权转让协议签署完成支付 60%，交割完成后支付30%，交割完成后1月内支付10%。上海能科就该事项征询中来民生是否行使优先 购买权。基于业务发展和资金安排等情况的综合考虑，中来民生拟放弃本次股权转让的优先购买权。本 次股权转让完成后，中来民生仍持有上海源烨19.01%股权。此外，上海能科与中来民生签署的合资协 议等的履行主体将由上海能科变更为国电投智慧能源。 ...