费控提效驱动Q2环比减亏超40%，晶澳科技现金流稳步改善，三重举措蓄力复苏

Core Viewpoint - The company, JA Solar Technology (002459.SZ), reported a revenue of 23.905 billion yuan for the first half of 2025, with a corresponding net profit attributable to shareholders of -2.58 billion yuan, indicating a trend of operational improvement despite industry adjustments [1] Financial Performance - The company showed a significant improvement in its financial performance in Q2 2025, with revenue and net profit attributable to shareholders increasing by 23.99% and 42.54% year-on-year, respectively, alongside a notable improvement in gross margin [2] - The company has maintained positive operating cash flow for 15 consecutive years, showcasing its strong financial management capabilities [3] Cost Control and Cash Flow Management - JA Solar is recognized for its cost control capabilities, with selling and administrative expense ratios at 6.59% and 7.84% for Q1 2024 and Q1 2025, respectively, and a further reduction in the expense ratio to 5.23% in Q2 2025 [2] - The company achieved a net cash inflow of 3.7 billion yuan in Q2 2025, contributing to a total of over 4.5 billion yuan in operating cash flow for the first half of the year [2] Strategic Initiatives - The company launched a stock incentive plan and a share repurchase plan, aiming for a net profit reduction of no less than 5% in 2025 and achieving profitability in 2026 [4] - The share repurchase plan involves an investment of no less than 200 million yuan and no more than 400 million yuan over the next 12 months, indicating management's confidence in the company's intrinsic value [4][5] Industry Context and Opportunities - Recent supply-side structural reforms and procurement trends from state-owned enterprises are injecting new momentum into the photovoltaic industry, with signs of price recovery for key products [6] - The company is well-positioned to benefit from the industry's transition from a "low-price driven" model to a "value-driven" model, aligning with its technological advancements [6][7] - By the end of 2024, the company is expected to have a production capacity of 100 GW for modules, with silicon wafer and cell capacities exceeding 80% and 70% of module capacity, respectively, allowing for effective quality control and risk reduction [7]