光伏半年报密集出炉，六大主链企业亏损超180亿元，逆变器企业业绩大爆发

Core Insights - The performance of photovoltaic companies in the first half of 2025 shows significant divergence, with 35 out of 57 listed companies reporting profits while 22 incurred losses [1] - Major factors affecting performance include overcapacity, overall industry losses, policy governance, technological iteration, financial strength, and market demand [1] Group 1: Inverter and Equipment Companies - Inverter companies reported strong profits, with Sungrow Power achieving a net profit of 77.35 billion, a year-on-year increase of 55.97% [2] - Other notable performers include Jinlang Technology with a profit of 6.02 billion (up 70.96%) and Hewei Electric with a profit of 2.43 billion (up 56.79%) [2] - Sungrow Power's revenue from energy storage systems surged by 127.78% to 178.03 billion, with 58.30% of revenue coming from overseas [2] Group 2: Equipment Companies - Equipment companies, except for Dier Laser, experienced declines in both revenue and net profit, with Jing Sheng Machinery's revenue down 42.85% to 57.99 billion and net profit down 69.52% to 6.39 billion [3] - Maiwei's revenue decreased by 13.48% to 42.13 billion, with net profit down 14.59% to 3.94 billion [3] - The decline in performance is attributed to cyclical adjustments in the photovoltaic industry and a slowdown in customer expansion [3] Group 3: Auxiliary Material Companies - Auxiliary material companies faced significant challenges, with Mingguan New Materials reporting a net loss of 0.53 billion, a drop of 713.54% [5] - Other companies like Swei Technology forecasted a net loss of 0.82 billion to 0.70 billion due to overcapacity and intensified competition [6] - The price of photovoltaic auxiliary materials continues to be under pressure, with sales revenue for encapsulation films declining by 15% [6] Group 4: Glass Industry - The glass industry is also struggling, with Nanfang A reporting a revenue drop of 19.75% to 64.84 billion and a net profit decline of 89.83% [7] - Jin Jing Technology's revenue decreased by 32.56%, and An Cai Gao Ke reported a net loss of 2.15 billion, a staggering decline of 2194.75% [7] - Despite short-term demand spikes, the overall market remains under pressure, with potential price declines expected [7] Group 5: Main Chain Enterprises - Major chain enterprises are largely in a loss position, with six leading companies reporting a combined net loss exceeding 180 billion [8] - Notably, Trina Solar's profit plummeted by 654.47% to a loss of 29.18 billion, while TCL Zhonghuan reported a net loss of 42.42 billion [8] - Some companies, like Hongyuan Green Energy, showed signs of improvement, significantly reducing their losses compared to the previous year [9]