CSI Solar(SH:688472) Bei Jing Shang Bao·2025-08-25 14:16Core Viewpoint - The company, Aters, is focusing on its second growth curve in energy storage while maintaining a leading position in the photovoltaic industry, despite facing a significant decline in net profit and revenue in the first half of 2025 [1][3]. Financial Performance - In the first half of 2025, Aters reported a net profit of approximately 731 million yuan, a year-on-year decrease of 41.01% [3]. - The company's operating revenue was about 21.052 billion yuan, down 4.13% year-on-year [3]. - The decline in performance is attributed to intensified global market competition, a significant drop in the sales price of photovoltaic components, and increased tariff costs, although this was partially offset by growth in energy storage revenue and a decrease in average manufacturing costs [3]. Revenue Breakdown - Aters' revenue from energy storage systems has been increasing, with the revenue for the first half of 2025 reaching approximately 4.43 billion yuan, accounting for about 21.04% of total operating revenue, up from 18.59% in the same period last year [4][6]. - The company sold 14.8 GW of photovoltaic products and 3.1 GWh of energy storage products globally in the first half of 2025, maintaining a leading scale in the market [3]. International Revenue - Aters' overseas revenue has been on the rise, exceeding 80% of total revenue in the first half of 2025, with approximately 17.322 billion yuan coming from international sales [5][6]. - The overseas revenue proportions for 2023 and 2024 were approximately 68.97% and 77.78%, respectively, indicating a consistent upward trend [6]. Research and Development Expenses - The company's R&D expenses for the first half of 2025 were about 354 million yuan, a decrease of 16.19% year-on-year, attributed to reduced R&D investments [7]. - Management and sales expenses increased, with management expenses rising by 37.36% to approximately 979 million yuan and sales expenses increasing by 8.8% to 548 million yuan [7]. Market Performance - Despite Aters' strong position in the photovoltaic industry, its stock performance has been underwhelming, with a year-to-date decline of approximately 20% as of August 25, 2025 [8]. - The company's stock price closed at 9.82 yuan per share, with a total market capitalization of 36.22 billion yuan [8].