Jolywood(SZ:300393) Xin Lang Cai Jing·2025-09-10 02:14Core Viewpoint - The company held an online performance briefing to discuss its business situation in the first half of 2025 and future development plans, addressing investor concerns regarding accounts receivable, overseas revenue, and subsidiary business layout [1][2]. Accounts Receivable Growth and Risk Control - The increase in accounts receivable is primarily due to the growth in the photovoltaic application sector, particularly from household distributed photovoltaic EPC business, which has longer project cycles. The company implements measures such as bad debt risk estimation, risk level identification, and strengthened accounts management to control risks [3]. Decline in Overseas Revenue and Response Strategy - The company's overseas revenue decreased in the first half of 2025 due to supply-demand mismatches, intense competition, and low prices in the photovoltaic industry. The company is upgrading its overseas business model from "product output" to a full value chain output of "technology + brand + service" to enhance brand influence and accelerate global expansion [4]. Role of Subsidiaries and Development Plans - The company's photovoltaic auxiliary materials, high-efficiency batteries, and components, as well as photovoltaic application businesses, are mainly handled by its subsidiaries. The company will monitor market dynamics and adjust its strategies accordingly during the current cyclical adjustment in the photovoltaic industry [5]. Growth and Outlook of Photovoltaic Application Systems - The company continues to expand its EPC business client base, winning multiple household photovoltaic EPC projects, leading to rapid growth in the photovoltaic application systems sector. This sector is expected to leverage its core competitive advantages, although it may still be affected by policies and industry conditions [6]. Customization and Cost of Household Distributed Business - Due to differences in residential housing types between northern and southern China, the company has introduced diversified installation solutions for household distributed photovoltaic power stations, with customization having a minimal impact on operational costs [7]. Industry Consolidation Trends and Company Plans - The national and industry associations are promoting the reduction of "involution" in the photovoltaic industry, with capacity consolidation being a key approach. The company will focus on strengthening its technological advantages, expanding its market presence, and enhancing competitiveness [8]. Full-Year Performance Expectations - The company has narrowed its loss margin in the first half of the year, but the photovoltaic industry remains in a cyclical adjustment phase, leading to potential performance volatility for the full year. The company will concentrate on its core business and enhance competitiveness [9]. Wind Power and Energy Storage Layout - The company is primarily focused on distributed and centralized photovoltaic power station businesses, while wind power and energy storage projects are in the exploratory layout stage, with some wind power project resources already acquired [10]. Lightweight Component Production Planning - The existing component production lines are compatible with the production of lightweight components. The company plans to rationally design the production capacity for lightweight component packaging based on market demand [11]. Challenges and Responses in Backing Business - The backing business faces challenges such as intensified market competition and increased overseas trade barriers. The company will promote research and development innovation, improve quality and reduce costs, and focus on market trends to address trade barriers [13].