协鑫集成持续稳健发展 上半年出货量同比增长超40%

Core Viewpoint - GCL-Poly Energy reported a net loss of approximately 326.87 million yuan in the first half of 2025, but showed signs of stabilization with a reduced loss in the second quarter, indicating resilience in a challenging industry environment [1] Financial Performance - The company achieved operating revenue of 7.69 billion yuan in the first half of 2025, with a net profit attributable to shareholders of -326.87 million yuan [1] - The second quarter net loss narrowed to about 129 million yuan, a decrease of nearly 34.8% compared to the first quarter [1] Production and Sales - GCL-Poly's module shipment exceeded 14 GW and battery production reached 7.63 GW, both showing over 40% year-on-year growth [1] - The company secured significant procurement orders, including 1.5 GW from China General Nuclear Power Group and 1.81 GW from China Resources Power, maintaining a strong position in large-scale projects [1] Cost Management and Efficiency - The company has focused on refined management and cost reduction, achieving a more than 20% reduction in non-silicon costs and over 25% improvement in per capita output efficiency [2] - GCL-Poly has established over 30 GW of efficient module production capacity and 16 GW of TOPCon capacity, reaching industry-leading levels in product yield and inventory turnover [2] Technological Advancements - The company completed the technical upgrade of TOPCon products, enhancing competitiveness in the mainstream market [2] - GCL-Poly is advancing high-end product development based on GPC technology, significantly improving product premium capabilities [2] Research and Development - The company is accelerating the construction of a global high-efficiency photovoltaic battery R&D center, focusing on GPC3.0 mass production processes and layered battery industrialization [3] - Collaboration with top institutions aims to strengthen innovation capabilities in response to future technological competition in the photovoltaic industry [3] Sustainability and ESG Performance - GCL-Poly has made significant progress in sustainable governance, achieving high ratings in ESG assessments, including a five-star rating from a domestic supplier platform and a silver medal from EcoVadis [3] - The company’s "NEXT" sustainable development strategy and ongoing technological innovations in the carbon chain platform have enhanced its standing in environmental governance and low-carbon technology [3] Industry Outlook - The photovoltaic industry is expected to accelerate supply-side reforms, optimizing supply structure and potentially reaching an industry turning point [3] - GCL-Poly aims to improve management efficiency and enhance market competitiveness while addressing industry challenges [3]