晶澳科技(002459)：亏损显著收窄 股权激励彰显信心

Group 1 - The company reported a significant decline in revenue and deepening losses for the first half of 2025, with revenue of 23.9 billion yuan, down 36% year-on-year, and a net loss attributable to shareholders of 2.58 billion yuan [1] - In Q2, the company achieved revenue of 13.2 billion yuan, a 38% year-on-year decrease but a 24% increase quarter-on-quarter, with a net loss of 942 million yuan, showing significant improvement compared to Q1 [1] - The company announced a stock option incentive plan for 2025, with conditions tied to reducing net losses and achieving positive net profit by 2026, alongside a share buyback plan of 200-400 million yuan [1][3] Group 2 - The photovoltaic industry is experiencing a "de-involution" trend, leading to price increases across various segments, which is expected to help restore profitability [2] - The company’s management confidence is reflected in the stock option incentive and share buyback plans, with expectations of reduced losses in the second half of the year [3] - The company reported a positive operating cash flow of 3.72 billion yuan in Q2, with sufficient cash reserves of 26.1 billion yuan, supporting its ability to navigate through market cycles [3] Group 3 - The international trade environment is deteriorating, leading to lower-than-expected demand and intensified competition within the industry [4]