协鑫集成：上半年出货量同比增长超40%

Core Viewpoint - GCL-Poly Energy reported a revenue of 7.694 billion yuan for the first half of 2025, with a net loss attributable to shareholders of 327 million yuan, although the net loss in the second quarter narrowed to approximately 129 million yuan [1] Group 1: Financial Performance - The company achieved a revenue of 7.694 billion yuan in the first half of 2025 [1] - The net profit attributable to shareholders was a loss of 327 million yuan [1] - The second quarter's net loss was approximately 129 million yuan, indicating a reduction in losses [1] Group 2: Operational Highlights - GCL-Poly's module shipment exceeded 14 GW and battery production reached 7.63 GW, both showing a year-on-year growth of over 40% [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, ranking third in the industry for large state-owned enterprise project bids [1] Group 3: Cost Management and Efficiency - The company has focused on refined management and cost reduction, achieving a more than 20% year-on-year decrease in non-silicon costs and over 25% improvement in per capita output efficiency [1] - As of June 2025, GCL-Poly established over 30 GW of efficient module production capacity at its Hefei and Funing bases, and 16 GW of efficient TOPCon capacity at its Wuhu base, reaching industry-leading levels in product yield, inventory efficiency, and non-silicon cost control [1] - The company leads the industry in self-produced battery and module non-silicon costs, capacity utilization, inventory turnover days, and cash turnover efficiency, enhancing operational efficiency and reducing loss margins [1]