JA SOLAR(SZ:002459) Zheng Quan Shi Bao Wang·2025-08-27 12:52Core Viewpoint - Jingao Technology reported a significant decline in net profit due to intensified competition and price pressures in the photovoltaic industry, while expressing optimism about future demand recovery and strategic adjustments in product offerings [1][2]. Financial Performance - In the first half of the year, Jingao Technology achieved operating revenue of 23.905 billion yuan and a net profit attributable to shareholders of -2.580 billion yuan [1]. - As of the end of the reporting period, total assets amounted to 105.598 billion yuan, with net assets attributable to shareholders at 24.800 billion yuan [1]. Industry Context - The photovoltaic industry is experiencing a phase of supply-demand imbalance due to concentrated capacity release, leading to increased competition and downward pressure on product prices [1]. - National policies aimed at optimizing market conditions and ensuring fair competition are being implemented, which may take time to fully materialize [1]. Market Outlook - Jingao Technology anticipates a recovery in component order prices and expects continued growth in photovoltaic demand as the industry transitions to high-quality development [2]. - The company projects a 15%-18% increase in installation demand from 2024 to 2025, primarily driven by China, with modest growth expected in 2026 [2]. Product Strategy - The company is focusing on differentiated products and scenario-based applications to capture premium market segments while maintaining stringent cost control measures [2]. - Jingao Technology is committed to advancing high-efficiency TOPCon products and is investing in new battery technologies, including BC, HJT, and perovskite [3].