公司代码：688472 公司简称：阿特斯 阿特斯阳光电力集团股份有限公司 阿特斯阳光电力集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 报告期内，不存在对公司生产经营产生实质性影响的特别重大风险。公司在经营过程中可能面临 的风险，敬请查阅本报告第三节"管理层讨论与分析"中的"四、风险因素"部分内容。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人Xiaohua Qu（瞿晓铧）、主管会计工作负责人潘乃宏及会计机构负责人（会计 主管人员）郐国锋声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 九、 是否存在被控股股东及 ...

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Group 1: Earnings Performance - Canadian Solar reported a quarterly loss of $0.53 per share, missing the Zacks Consensus Estimate of $0.76, and compared to earnings of $0.02 per share a year ago, representing an earnings surprise of -169.74% [1] - The company posted revenues of $1.69 billion for the quarter ended June 2025, missing the Zacks Consensus Estimate by 11.72%, and compared to year-ago revenues of $1.64 billion [2] - Over the last four quarters, Canadian Solar has surpassed consensus EPS estimates two times and topped consensus revenue estimates just once [2] Group 2: Stock Performance and Outlook - Canadian Solar shares have increased approximately 14.7% since the beginning of the year, outperforming the S&P 500's gain of 8.7% [3] - The company's earnings outlook, including current consensus earnings expectations for upcoming quarters, will be crucial for investors [4] - The current consensus EPS estimate for the coming quarter is -$0.82 on $1.64 billion in revenues, and -$1.74 on $6.25 billion in revenues for the current fiscal year [7] Group 3: Industry Context - The Zacks Solar industry is currently in the bottom 31% of over 250 Zacks industries, indicating that the outlook for the industry can significantly impact stock performance [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] - The estimate revisions trend for Canadian Solar was unfavorable ahead of the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6]

Financial Data and Key Metrics Changes - In Q2 2025, the company delivered 7.9 gigawatts of modules and 2.2 gigawatt hours of storage, with total revenue of $1.7 billion, impacted by project sales delays [7][8][32] - Gross margin was 29.8%, exceeding guidance, driven by a higher mix of North American module shipments [8][32] - Net income attributable to shareholders was $7 million, resulting in a net loss of $0.08 per diluted share due to preferred shareholder accounting [8][34] Business Line Data and Key Metrics Changes - CSI Solar achieved module shipments of 7.9 gigawatts and energy storage deliveries of 2.2 gigawatt hours, with revenue reaching $1.7 billion and gross margin expanding to 22.3% [16][17] - Recurrent Energy generated $106 million in revenue, with a gross margin of 32.4%, but faced an operating loss of $74 million due to elevated operating expenses [25][26] Market Data and Key Metrics Changes - The company reported a contracted backlog of $3 billion as of June 30, 2025, with a total pipeline of 27 gigawatts of solar and 80 gigawatt hours of storage globally [21][27] - The U.S. market remains a focus, with ongoing commitments to domestic manufacturing and project development [12][30] Company Strategy and Industry Competition - The company is committed to sustainability, having reduced greenhouse gas emissions and waste intensities significantly [13] - The long-term outlook for the solar industry remains strong, driven by rising electricity demand from AI and cryptocurrency applications [11] Management's Comments on Operating Environment and Future Outlook - Management highlighted challenges from the One Big Beautiful Bill Act, affecting both supply and demand in the U.S. market [9][10] - Despite near-term uncertainties, the company believes in the potential for new opportunities arising from industry challenges [11] Other Important Information - The company is expanding its battery storage capacity from 10 gigawatt hours to 24 gigawatt hours by the end of 2026 [21] - The company has received multiple design awards for its residential energy storage system, indicating strong market recognition [23] Q&A Session Summary Question: Impact of PERC write-down on margins - The company wrote off $46 million related to PERC equipment, significantly impacting margins [41] Question: Safe harboring strategy - The company is familiar with safe harboring strategies and expects to achieve a strong pipeline of projects in the U.S. [44][45] Question: Compliance with OBBA - The company confirmed compliance with OBBA requirements and has plans to maintain compliance in future years [51][52] Question: Upstream supply chain strategies - The company is actively monitoring the supply chain and believes polysilicon should not be a national security concern [56] Question: Storage backlog and cancellations - The company clarified that while some projects were pushed to the second half due to tariffs, the overall pipeline value increased [87][88] Question: Current storage margins - The company is targeting 20% margins for storage solutions, despite normalization pressures [90]

Financial Performance - Q2 2025 - Total module shipments reached 7.9 GW[4] - Total storage shipments amounted to 2.2 GWh[4] - Revenue was $1.7 billion[4] - Gross margin stood at 29.8%[4] - Net income attributable to Canadian Solar Inc was $7 million[4] Segment Performance - CSI Solar's revenue was $1.59 billion[5], with a gross margin of 22.3%[20] - Recurrent Energy's revenue was $106 million[5], with a gross margin of 32.4%[35] Energy Storage - The contracted backlog for energy storage reached $3 billion as of June 30, 2025[21] - 2025 shipments guidance for Utility-Scale Battery Energy Storage is 7 – 9 GWh[21] Regional Shipment Breakdown - North America accounted for 36% of shipments[5] - Latin America accounted for 17% of shipments[5] - EMEA accounted for 2% of shipments[5] - China accounted for 30% of shipments[5] - Asia ex China accounted for 15% of shipments[5] Sustainability - The company achieved a 54% reduction in GHG emissions intensity from 2017 to 2024[13]

智通财经APP获悉，阿特斯太阳能(CSIQ.US)公布了第二季度财务业绩。Q2营收同比增长3.7%至17亿美 元，低于市场预期的19亿美元。非GAAP每股亏损为0.53美元，逊于市场预期。第二季度确认为收入的 组件总出货量为7.9GW，环比增长14%。业绩公布后，截至发稿，该公司股价盘前下跌10.59%。 展望未来，在 2025 年第三季度，该公司预计总收入将在 13 亿美元至 15 亿美元之间;确认为收入的总组 件出货量预计在 5.0 GW至 5.3 GW之间。 该公司将2025财年的销售指引从61亿至71亿美元下调至56亿至63亿美元，低于63.3亿美元的预期。 与此同时，光伏板块还受到特朗普言论的冲击。当地时间周三，美国总统特朗普表示，他的政府将不会 批准光伏或风力发电项目，即便在那些电力供应不足的地区。此番表态之前，联邦政府已于上月收紧可 再生能源的联邦许可流程。目前，所有审批权被收归内政部长道格·伯格姆办公室。 可再生能源企业担心，原本按部就班即可获批的项目，如今可能将无法获得许可。特朗普周三的言论， 预计会进一步加剧这些担忧。 ...

KITCHENER, ON, Aug. 21, 2025 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) today announced financial results for the second quarter ended June 30, 2025. Second Quarter Highlights Dr. Shawn Qu, Chairman and CEO, commented, "We delivered a second quarter largely in line with expectations. While revenue came in below guidance due to storage shipments shifting to the second half and delays in certain project sales, gross margin exceeded expectations, driven by a higher m ...

Core Points - On August 21, Canadian Solar Inc. (CSIQ) saw a stock price increase of 2.15%, reaching $12.81 per share, with a trading volume of $6.92 million and a total market capitalization of $858 million [1] - Financial data indicates that as of March 31, 2025, Canadian Solar's total revenue is projected to be $1.197 billion, representing a year-over-year decrease of 9.97%, while the net profit attributable to shareholders is expected to be -$33.971 million, a significant decline of 375.02% year-over-year [1] Company Overview - Canadian Solar Inc. is recognized as one of the largest solar photovoltaic product and energy solution providers globally, as well as one of the largest solar power plant developers [2] - The company's operations span across North America, South America, Europe, South Africa, the Middle East, Australia, and Asia, with its business divided into two segments: CSI Solar and Global Energy [2]

Core Insights - Canadian Solar Inc. (CSIQ) experienced a 2.44% increase in stock price, reaching $13.00 per share with a total market capitalization of $871 million as of August 19 [1] - Financial data indicates that as of March 31, 2025, the total revenue for Canadian Solar is projected to be $1.197 billion, reflecting a year-over-year decrease of 9.97% [1] - The company reported a net loss attributable to shareholders of $33.971 million, which represents a significant year-over-year decline of 375.02% [1] - Canadian Solar is set to release its fiscal year 2025 mid-term report on August 21, prior to market opening [1] - The company is recognized as one of the largest solar photovoltaic product and energy solution providers globally, as well as a leading developer of solar power plants [1] - Canadian Solar operates across multiple regions including North America, South America, Europe, South Africa, the Middle East, Australia, and Asia, with its business divided into two segments: CSI Solar and Global Energy [1]

Analysts forecast 'CSI Solar Revenues- Solar system kits' to reach $236.75 million. The estimate indicates a change of +106.1% from the prior-year quarter. Analysts predict that the 'CSI Solar Revenues- Battery storage solutions' will reach $354.88 million. The estimate indicates a change of +57.2% from the prior-year quarter. In its upcoming report, Canadian Solar (CSIQ) is predicted by Wall Street analysts to post quarterly earnings of $0.76 per share, reflecting an increase of 3700% compared to the same ...