一图读懂钧达股份2025年半年报

Core Viewpoint - The photovoltaic industry is experiencing a significant demand increase, with domestic installations surpassing 200 GW in the first half of 2025, marking a historical high. The localization trend of overseas components is driving strong battery demand, leading to a 43.13% year-on-year increase in battery exports. The industry is transitioning towards high-quality development as supply-demand dynamics improve and prices begin to recover [2]. Industry Overview - In the first half of 2025, the photovoltaic industry has seen a continuous rise in demand, with domestic installations exceeding 200 GW, a record high [2]. - The trend of localization in overseas components is stimulating robust battery demand, resulting in a 43.13% year-on-year growth in battery exports [2]. - The industry is moving towards high-quality development as the supply-demand relationship improves and prices in the supply chain start to rebound [2]. Company Performance - The company reported an operating income of 3.663 billion yuan in the first half of 2025 [3]. - The net profit attributable to shareholders was -264 million yuan, indicating a loss [4]. - Total assets reached 18.414 billion yuan, with net assets of 4.812 billion yuan, reflecting an 11.88% and 23.80% increase compared to the previous year, respectively [4]. Global Strategy - The company is adhering to a global development strategy, capitalizing on the localization trend of overseas components and targeting high-efficiency battery gaps in overseas markets [4]. - The proportion of overseas sales has been steadily increasing, reaching 51.87% in the first half of 2025, up from 23.85% in 2023 [4]. - A strategic cooperation agreement has been signed with local component customers in Turkey to jointly build high-efficiency battery projects, addressing regional capacity gaps [4]. Capital Market Activities - The company successfully listed on the Hong Kong Stock Exchange on May 8, 2025, becoming the first photovoltaic company to achieve dual listing (A+H) [5]. - The net amount raised from the listing was 1.29 billion Hong Kong dollars [5]. - The funds will be used for overseas capacity construction, market expansion, and the establishment of a global R&D center [6]. Technological Focus - The company is committed to specializing in core photovoltaic battery technologies, focusing on developing high-cost performance batteries [9]. - In the first half of 2025, the company optimized the N-type battery technology, achieving a more than 0.2% increase in average production conversion efficiency and a 20% reduction in non-silicon costs per watt [9]. - The laboratory efficiency of perovskite tandem batteries reached 32.08%, leading the industry [9]. ESG Commitment - The company is deepening its ESG management and has published its second ESG report, achieving a Wind ESG rating of A, ranking among the industry leaders [10]. - Sustainability goals include a 40% reduction in greenhouse gas emissions intensity by 2030 and a 40% increase in renewable energy electricity usage by 2030 [10]. - The company has engaged in five large investor communication activities, enhancing its image in the capital market [10].