WXSJ(SH:603185) Xin Lang Cai Jing·2025-08-19 14:43Core Viewpoint - The photovoltaic industry is experiencing a trend of capacity clearance and narrowing losses among enterprises, with Hongyuan Green Energy reporting a significant reduction in losses in its mid-year report [1][2]. Group 1: Company Performance - Hongyuan Green Energy reported a revenue of 3.229 billion yuan for the first half of the year, a year-on-year decrease of 19.52% [1]. - The net profit attributable to shareholders was -296 million yuan, an improvement from -1.157 billion yuan in the same period last year, indicating a loss reduction of over 70% [1][2]. - The company has been impacted by inventory impairment, with a provision for asset impairment losses of 95.09 million yuan, including inventory depreciation losses of 87.40 million yuan, which is significantly lower than the 403 million yuan recorded in the previous year [2]. Group 2: Industry Trends - The photovoltaic industry is still facing overcapacity, with low product prices expected to persist into the first half of 2025 [1]. - The price of N-type M10 silicon wafers dropped by 31% from the peak in April to the end of June, reflecting significant price volatility in the industry [2]. - Despite the overall losses in the photovoltaic industry, there are signs of improvement among leading companies, with some like Longi Green Energy and JA Solar showing reduced losses, and Aiko achieving profitability in the second quarter [3]. Group 3: Market Dynamics - Since early July, prices for silicon materials and wafers have been on the rise, leading to a recovery in prices for battery cells and modules [3]. - Manufacturers are responding to supply chain fluctuations and policy adjustments by reducing shipments priced below 0.7 yuan/W, with new orders for TOPCon modules being signed at 0.68-0.72 yuan/W [3].