协鑫集成(002506) - 2025 Q2 - 季度财报

Part I Important Notice, Table of Contents and Definitions Important Notice The company's board of directors, directors, senior management, and head of accounting department guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume legal responsibility[4] - Company's responsible person Zhu Yufeng, head of accounting Fang Jiancai, and head of accounting department Fang Jiancai declare: they guarantee the truthfulness, accuracy, and completeness of the financial report in this semi-annual report[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6] Table of Contents This report features a clear table of contents, divided into nine chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data, providing a comprehensive information index for investors - The report comprises nine main chapters, from important notices to financial reports and reference documents[8][9][10] Definitions This section provides detailed explanations of key terms used in the report, particularly technical terms related to the photovoltaic industry and company entity names, ensuring accurate understanding of the report's content - The reporting period refers to January 1, 2025, to June 30, 2025[11] - Detailed definitions are provided for photovoltaic cell and module technologies, such as PERC, TOPCon, bifacial technology, 0BB technology, SMBB technology, perovskite cell technology, GPC cells, and GTC cells[11][12] - The IPD R&D model is explained, emphasizing customer-centric product development[12] Part II Company Profile and Key Financial Indicators I. Company Profile GCL System Integration Technology Co., Ltd. is listed on the Shenzhen Stock Exchange under stock code 002506, with Zhu Yufeng as its legal representative - Company stock abbreviation: GCLSI, stock code: 002506[14] - The company's legal representative is Zhu Yufeng[14] - The company's English name abbreviation is GCLSI[14] II. Contact Persons and Contact Information This section provides contact information for the company's Board Secretary Ma Junjian and Securities Affairs Representative Zhang Ting, including address, telephone, fax, and email - The Board Secretary is Ma Junjian, and the Securities Affairs Representative is Zhang Ting[15] - Contact address: 5th Floor, GCL Energy Center, No. 28 Xinqing Road, Suzhou Industrial Park, Jiangsu Province[15] - Telephone: 0512-69832889, Email: gclsizqb@gclsi.com[15] III. Other Information During the reporting period, there were no changes in the company's contact information, information disclosure, or document storage locations; specific details can be found in the 2024 annual report - The company's registered address, office address, website, and email address remained unchanged during the reporting period[16] - Information disclosure and document storage locations remained unchanged during the reporting period[17][18] IV. Key Accounting Data and Financial Indicators The company's key financial indicators for the first half of 2025 show a year-on-year decrease in operating revenue, a shift from profit to loss in net profit attributable to shareholders, a decline in net cash flow from operating activities, and negative growth in both total assets and net assets Key Accounting Data and Financial Indicators (H1 2025 vs. Prior Year Period) | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 7,694,202,076.89 | 8,112,724,046.01 | -5.16% | | Net Profit Attributable to Shareholders of Listed Company | -326,867,153.27 | 43,334,355.96 | -854.29% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | -343,571,375.40 | 11,955,172.79 | -2,973.83% | | Net Cash Flow from Operating Activities | 811,395,784.10 | 931,494,634.35 | -12.89% | | Basic Earnings Per Share (RMB/share) | -0.056 | 0.007 | -900.00% | | Diluted Earnings Per Share (RMB/share) | -0.056 | 0.007 | -900.00% | | Weighted Average Return on Net Assets | -15.12% | 1.77% | -16.89% | | End of Current Period | 17,878,305,106.73 | 19,202,636,205.53 | -6.90% | | Total Assets | 2,007,684,801.59 | 2,383,126,603.98 | -15.75% | | Net Assets Attributable to Shareholders of Listed Company | | | V. Differences in Accounting Data Under Domestic and International Accounting Standards During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or foreign accounting standards and Chinese Accounting Standards - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[20] - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese Accounting Standards[21] VI. Non-Recurring Gains and Losses and Amounts The company's total non-recurring gains and losses for the reporting period amounted to RMB 16,704,222.13, primarily from government subsidies and gains/losses on disposal of non-current assets, after deducting income tax impact Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 120,572.40 | See VII. Notes to Consolidated Financial Statement Items 51 | | Government Subsidies Included in Current Period Profit/Loss | 20,862,573.24 | See VII. Notes to Consolidated Financial Statement Items 47, 52; XI. Government Grants | | Other Non-Operating Income and Expenses Apart from the Above | -1,491,816.37 | See VII. Notes to Consolidated Financial Statement Items 52, 53 | | Less: Income Tax Impact | 2,787,107.14 | | | Total | 16,704,222.13 | | - The company has no other profit/loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[23][24] Part III Management Discussion and Analysis I. Principal Business Activities During the Reporting Period The company aims to be a global leader in green energy system integration, offering high-efficiency cells, large-size PV modules, energy storage systems, and smart PV-storage integrated solutions. During the reporting period, its main business and operating model remained largely unchanged, with the global PV market continuing to grow and domestic installations significantly increasing, despite industry challenges like overcapacity and price competition, alongside accelerating technological iteration - The company is committed to becoming a global leading green energy system integrator, with products covering high-efficiency cells, large-size PV modules, and energy storage systems[26] - The company's business model is an integrated 'design + product + service' provider, based on technology R&D, expanding global strategic partnerships[26][27] - During the reporting period, there were no significant changes in the company's principal business activities and operating model compared to 2024[28] (I) Principal Business Activities During the Reporting Period The company focuses on green energy system integration, providing high-efficiency cells, large-size PV modules, energy storage systems, and smart PV-storage integrated solutions, driven by core technology R&D, global layout, and differentiated product strategies to meet diverse market demands - Adhering to the philosophy of 'bringing green energy into life,' the company's products cover high-efficiency cells, large-size PV modules, energy storage systems, and provide smart PV-storage integrated solutions[26] - The company aims to become an integrated 'design + product + service' provider, based on technology R&D, supported by design optimization, carried by system integration, linked by financial service support, and underpinned by intelligent operation and maintenance services[26] - The company has established subsidiaries in multiple countries and regions, including Japan, North America, Singapore, and Germany, with products and solutions covering nearly a hundred countries and regions worldwide[27] (II) Industry Overview Despite overcapacity and technological iteration pressures, the global PV market maintains a long-term growth trend, with installations projected to exceed 5400GW by 2030. China's H1 new installations surged 107% to 212.21GW, surpassing 1000GW cumulative, yet manufacturing output growth slowed, prices hit bottom, and N-type TOPCon cells dominate, with perovskite technology making breakthroughs - The International Energy Agency (IEA) predicts that by 2027, new PV installed capacity will account for nearly 50% of all power sources, further increasing to 70% by 2030[30] - In the first half of 2025, China's new PV installed capacity reached 212.21 GW, a year-on-year increase of 107%; as of the first half, China's cumulative PV installed capacity exceeded 1000 GW[32] - In the first half of 2025, the growth rate of China's PV industry manufacturing output slowed, with polysilicon output decreasing by 43.8% year-on-year, silicon wafer output decreasing by 21.4% year-on-year, cell output increasing by 7.7% year-on-year, and module output increasing by 14.4% year-on-year[42] - N-type TOPCon technology accounts for over 75%, with average mass production efficiency reaching 25.5%, and some leading enterprises exceeding 26%. Perovskite cells have a theoretical conversion efficiency of 33%[48] 1. Long-Term Growth Trend in the Global Photovoltaic Industry Global PV market's long-term growth trend remains unchanged, with installations projected to exceed 5400GW by 2030, and renewable energy expected to meet 95% of global electricity demand growth, despite facing overcapacity and technological iteration pressures - According to IRENA's forecast, global PV installed capacity will exceed 5400 GW by 2030[30] - The IEA predicts that renewable energy will meet 95% of global electricity demand growth between 2025 and 2027[30] - The China Photovoltaic Industry Association has raised its forecast for global new PV installed capacity in 2025 to 570-630 GW[30] 2. Installation Rush Leads to Significant Domestic Capacity Growth in H1 2025, Supported by Stable Expectations and Expanded Applications Driven by an installation rush, China's new PV capacity in H1 2025 increased by 107%, with cumulative installations exceeding 1000GW. Policy measures, including clear development rules, consumption responsibility weights, and direct green power connections, stabilize industry expectations and expand application scenarios - In the first half of 2025, China's new PV installed capacity reached 212.21 GW, a year-on-year increase of 107%[32] - As of the first half of 2025, China's cumulative PV installed capacity exceeded 1000 GW, entering the terawatt era[32] - Policy actively promotes direct green power connections, providing PV green electricity for high-energy-consuming industries and data centers, expanding application scenarios[36] 3. China's PV Module Exports Slightly Decline, Overseas Traditional Markets Saturate, Manufacturers Actively Explore Emerging Markets, and Localized Capacity Intensifies International Competition In H1 2025, China's PV module exports slightly decreased by 3%, with Europe down 6.8% and the Americas down 15.8%, while Africa saw a significant 45.4% increase. The surge in overseas localized capacity and trade barriers intensifies international competition, requiring companies to flexibly deploy in emerging markets - In the first half of 2025, China's cumulative PV module exports reached 127.3 GW, a 3% decrease compared to the same period last year[38] - European market imports of Chinese modules decreased by 6.8% year-on-year, the Americas market decreased by 15.8% year-on-year, while the African market saw a significant year-on-year increase of 45.4%[38][39] - The US IRA act has driven a surge in local module capacity to 51 GW, intensifying international competition[39] 4. Significant Decline in PV Manufacturing Output Growth, Negative Growth in Some Segments, Industry Chain Prices Stabilize Then Fall, Central Government Takes Strong Action to Rectify 'Involution' and Guide High-Quality Industry Development In H1 2025, China's PV manufacturing output growth slowed, with polysilicon and silicon wafer production seeing negative growth, and cell and module output growth declining. Industry chain prices are generally at the bottom, and the central government continues to address industry 'involution,' promoting the exit of outdated capacity and guiding high-quality industry development - In the first half of 2025, polysilicon output decreased by 43.8% year-on-year, silicon wafer output decreased by 21.4% year-on-year, cell output increased by 7.7% year-on-year, and module output increased by 14.4% year-on-year[42] - Prices across all segments of the industry chain are generally at the bottom, with polysilicon prices falling to RMB 35/kg and N-type TOPCon cell prices dropping to RMB 0.26/W[43] - The central government continues to focus on addressing 'involution' in the PV industry, promoting the exit of outdated capacity, and guiding high-quality industry development[46] 5. Continuous Breakthroughs in Advanced PV Cell and Module Technologies, N-Type TOPCon Dominates, Leading Enterprises Pioneer Next-Generation Perovskite Technology PV cell and module technologies are diversifying, with N-type TOPCon dominating the industry, achieving an average mass production efficiency of 25.5%. Perovskite technology has repeatedly set world records, with single-junction theoretical conversion efficiency reaching 33%. Technological advancements also drive cost reduction and product diversification for various application scenarios - N-type technology has fully iterated PERC, with TOPCon technology accounting for over 75% and average mass production efficiency reaching 25.5%[48] - Perovskite technology's single-junction cell theoretical conversion efficiency reaches 33%, surpassing the theoretical limit of crystalline silicon cells[48] - Technological advancements drive cost reduction across the industry chain, including N-type silicon wafer thinning, LIF technology replacing LSE process, 0BB/SMBB technology, and the commencement of GW-level mass production lines for perovskite cells[49] II. Analysis of Core Competencies The company maintains a leading position in the PV industry through its strengths in crystalline silicon product manufacturing, R&D innovation, efficient multi-scenario product ecosystem, brand and global channels, and low-carbon advantages. It boasts 16GW of high-efficiency TOPCon cell capacity and over 30GW of high-efficiency module capacity, with 759 authorized patents, and has launched the world's first blockchain-based full-link carbon footprint platform for the PV industry - The company has established 16 GW of high-efficiency TOPCon cell capacity at its Wuhu base, compatible with 182/210R sizes, with yield, in-warehouse efficiency, and non-silicon costs reaching industry-leading levels[50] - The company owns 4 high-tech enterprises, 1 national postdoctoral workstation, and as of June 2025, has accumulated 759 authorized patents, including over 100 invention patents[52] - The company launched its new generation GPC PV modules, with cell efficiency reaching 28.1%, and established a four-in-one product management system encompassing 'market management + demand management + product development + platform technology'[53][54] - In the first half of 2025, the company's module shipments consistently ranked among the industry's TOP8, and it has received PVEL's 'Top Performer' award for product reliability for 6 consecutive years[56] - The company completed the establishment and application of the world's first blockchain-based full-link carbon footprint platform for the PV industry – the 'GCL Carbon Chain Platform'[57] 1. Crystalline Silicon Product Manufacturing Advantage The company employs a prudent capacity control strategy, focusing on intelligence and efficiency, having established 16GW of high-efficiency TOPCon cell capacity and over 30GW of high-efficiency module capacity, achieving industry-leading levels in product yield, efficiency, and cost control - As of June 2025, the company has established 16 GW of high-efficiency TOPCon capacity at its Wuhu base, compatible with 182/210R sizes, with yield, in-warehouse efficiency, and non-silicon costs reaching industry-leading levels[50] - The company has established over 30 GW of high-efficiency module capacity across its Hefei and Funing bases, primarily featuring 182/210 TOPCon high-efficiency technology, and has reserved high-efficiency BC module technology[50] 2. R&D Innovation Advantage The company has deep roots in the PV industry, possessing strong R&D capabilities and a technical team, with four high-tech enterprises and multiple provincial/municipal R&D platforms, 759 authorized patents, and actively improving testing capabilities and international certification systems - The company owns 4 high-tech enterprises, 1 national postdoctoral workstation, 5 provincial/municipal engineering technology research centers, and 4 provincial/municipal enterprise technology centers[52] - As of June 2025, the company has accumulated 759 authorized patents, including over 100 invention patents, and has participated in compiling over 30 industry technical standards[52] - Hefei GCLSI's Smart PV Laboratory has obtained TÜV SÜD TMP witnessed laboratory accreditation and multiple national and regional certifications[52] 3. High-Efficiency, Multi-Scenario Product Ecosystem Advantage The company adheres to technology leadership and innovation, launching the new generation GPC PV modules with 28.1% cell efficiency, and building a user-demand-oriented differentiated product system, including N-type TOPCon cell upgrades, 210R 48-cell/54-cell modules, Carbon Chain modules, and Lotus modules Pro, to meet diverse application scenarios - The company's new generation GPC PV modules utilize self-developed FBR granular silicon, achieving a cell efficiency of 28.1%, excellent shading resistance, and a low temperature coefficient of -0.25%/℃[53] - The company's new high-efficiency GTC cell technology has reached industry-leading levels, compatible with existing cell and module processes, achieving low investment and high gains[53] - The company has established a four-in-one product management system encompassing 'market management + demand management + product development + platform technology,' launching new generation standard size 210R and 210N modules, with power entering the 600W+ era[54] - Innovative products include Carbon Chain modules (achieving full-link carbon footprint traceability based on blockchain technology) and Lotus modules Pro (featuring a raised frame design for full-screen self-cleaning, with power generation gains up to 12%)[54][55] 4. Brand and Global Channel Advantage, Shipments Rank Among Top Eight in the Industry The 'GCL' brand has entered the world's top 500 brands, and as a GCL A-share listed company, it has received PVEL's 'Top Performer' award for six consecutive years, enjoying widespread global recognition. In H1 2025, the company's module shipments consistently ranked among the industry's TOP8 - 'GCL' officially entered the ranks of world-class brands, joining the World's Top 500 Brands, and has been ranked among the Global New Energy Top 500 for many consecutive years[56] - The company has received PVEL's 'Top Performer' award for product reliability for 6 consecutive years and has obtained multiple national and regional certifications[56] - In the first half of 2025, the company's module shipments consistently ranked among the industry's TOP8[56] 5. Low-Carbon Advantage The company has established and implemented the world's first blockchain-based full-link carbon footprint platform for the PV industry, the 'GCL Carbon Chain Platform,' achieving deep carbon footprint traceability from raw materials to products, enhancing the competitiveness of its low-carbon products - The company completed the establishment and application of the world's first blockchain-based full-link carbon footprint platform for the PV industry – the 'GCL Carbon Chain Platform'[57] - This platform covers product supply chain traceability, product carbon footprint management, and organizational carbon management, providing customers with a carbon value trading model[57] III. Analysis of Principal Business Facing industry challenges, GCLSI optimized capacity, refined operations, and implemented global marketing strategies, securing its position among the top eight in module shipments and third in winning large-scale state-owned enterprise tenders. The company continuously improves efficiency and reduces costs in cell and module manufacturing, steadily develops its system integration business, and drives differentiation through technological and product innovation, while achieving significant progress in ESG - In the first half of 2025, the company secured the third largest share in large-scale state-owned enterprise tenders and achieved significant year-on-year growth in module shipments, maintaining its position among the industry's TOP8[58] - The company's non-silicon costs decreased by over 20% year-on-year, per capita output efficiency increased by over 25%, and inventory turnover efficiency and cash turnover efficiency are industry-leading[60] - The company has established over 30 GW of high-efficiency large-size module capacity and 16 GW of high-efficiency TOPCon cell capacity[60] - The company achieved a comprehensive upgrade in its ESG ratings both domestically and internationally, receiving a 'Five-Star Outstanding' rating and a Wind AA rating domestically, and in its first international assessment, it entered the top 15% globally with an EcoVadis Silver Medal and a CDP Climate Change B rating[74] Overview GCLSI demonstrated operational resilience amidst PV industry fluctuations, achieving top eight module shipments and third in state-owned enterprise project tenders through refined management and cost reduction, narrowing its loss. H1 operating revenue was RMB 7.694 billion, with net profit attributable to parent company of RMB -327 million - In the first half of 2025, the company secured the third largest share in large-scale state-owned enterprise tenders and maintained its position among the industry's TOP8 in module shipments[58] - The company's self-produced cell and module non-silicon costs, capacity utilization rate, inventory turnover days, and cash turnover efficiency are industry-leading, improving operational efficiency and narrowing the loss margin[58] Key Financial Data for H1 2025 | Indicator | Amount (RMB 10,000) | | :--- | :--- | | Operating Revenue | 769,420.21 | | Net Profit Attributable to Shareholders of Listed Company | -32,686.72 | I. Forging a New Core of Resilience Amidst PV Industry Fluctuations The company achieved over 20% year-on-year reduction in non-silicon costs and over 25% increase in per capita output efficiency through capacity optimization, smart manufacturing upgrades, and supply chain efficiency improvements. It now boasts over 30GW module capacity and 16GW cell capacity, actively expanding domestic and international markets, ranking third in state-owned enterprise project tenders, and extending its overseas channel network to over 20 countries - The company's non-silicon costs decreased by over 20% year-on-year, per capita output efficiency increased by over 25%, and inventory turnover efficiency and cash turnover efficiency are industry-leading[60] - The company has established over 30 GW of high-efficiency large-size module capacity and 16 GW of high-efficiency TOPCon cell capacity[60] - In the first half of 2025, the company successively won large module procurement orders, including 1.5 GW from CGN and 1.81 GW from China Resources Power, with the中标规模 for large state-owned enterprise projects ranking third in the industry[60] - The overseas channel network newly covers over 20 countries, including Dubai, Pakistan, and Colombia, with products and solutions promoted to nearly a hundred countries and regions worldwide[60] II. Module Business Unit Continuously Improves Operational Efficiency and Builds Operational Resilience The Module Business Unit continuously upgrades its capacity structure, achieving over 30GW of high-efficiency module capacity and a comprehensive capacity utilization rate exceeding 80%. Through the IPD R&D model, it creates a differentiated product matrix, strengthens supply chain and process cost management, resulting in an inventory turnover of 25 days and a single-digit cash conversion cycle - As of the end of June 2025, high-efficiency module capacity exceeded 30 GW, with a comprehensive capacity utilization rate of over 80%[61] - The Module Business Unit successfully achieved breakthroughs from 0 to 1 in scenario-based products such as multi-form floating modules, lightweight foldable modules, and desert container modules[61] - In the first half, inventory turnover days were only 25 days, and the cash conversion cycle was in single digits, demonstrating significant industry comparative advantages[61] - By strengthening supply chain and process cost management, core indicators such as processing costs and yield are ensured to be industry-leading[62] III. Focusing on Cost Control and Capacity Enhancement, Cell Business Unit's Core Competitiveness Significantly Strengthened The Cell Business Unit's output reached 7.63GW in H1 2025, a year-on-year increase of over 40%, significantly expanding its capacity. Through technological innovation and management efficiency, cell in-warehouse efficiency improved by over 0.1%, paste consumption decreased by over 8%, non-silicon costs significantly reduced by over 10%, and the unit accelerated its layout in GPC technology and stacked cell industrialization - In the first half of 2025, the Cell Business Unit achieved an output of 7.63 GW, a year-on-year increase of over 40%, with full-year mass production expected to exceed 16 GW[63] - Through screen optimization, process improvement, and the introduction of high-efficiency materials, cell in-warehouse efficiency increased by over 0.1%, paste consumption decreased by over 8% compared to the beginning of the year, and cell non-silicon costs significantly decreased by over 10%[63][64] - Successfully completed the technical upgrade of TOPCon 182N to 210R/210N products, and accelerated the layout of high-end products based on GPC technology and the industrialization of stacked cells[64] [IV. Focusing on Strategic Transformation and