研报掘金丨民生证券：爱旭股份业绩有望持续改善，维持“推荐”评级

Core Viewpoint - Aixiang Co., Ltd. has shown significant improvement in profitability, achieving a net profit of -238 million yuan in the first half of 2025, with a notable turnaround in Q2 2025, where the net profit reached 63 million yuan and the net profit after deducting non-recurring items was 42 million yuan [1] Financial Performance - The company reported a total operating cash inflow of 1.855 billion yuan in the first half of the year, ensuring operational liquidity and financial security for future development [1] - The profitability has improved significantly, with the company reversing losses at the industry bottom [1] Market Position and Product Performance - The sales of BC products are robust, with an increasing share of overseas markets and notable pricing power [1] - The company has successfully entered multiple centralized projects this year, including winning a bid for a 1GW BC photovoltaic module segment from Datang Group, indicating a positive outlook for the penetration rate of BC products in centralized scenarios [1] Future Outlook - The company is expected to continue improving its performance due to the realization of scale effects, ongoing cost reduction and efficiency enhancement, and increased emphasis from management on "anti-involution" [1] - The continuous expansion into overseas markets is also anticipated to contribute positively to the company's future performance [1]