通威股份Q3亏损收窄超六成，光伏产业链价格回升带来改善 | 财报见闻

Core Insights - The company is experiencing a significant narrowing of losses in Q3, driven by a recovery in prices across the photovoltaic industry chain [1][4] - Despite the improvement in losses, revenue continues to face pressure, reflecting a complex situation of volume and price dynamics [1][4] Financial Performance - The net profit attributable to shareholders for the first three quarters is a loss of 5.27 billion yuan, a year-on-year reduction of 32.64% [1][4] - In Q3 alone, the loss was 315 million yuan, showing a year-on-year decrease of 62.69% and a clear improvement trend [1][4] - Revenue for the first three quarters was 64.599 billion yuan, down 5.38% year-on-year, while Q3 revenue was 24.091 billion yuan, with a reduced decline of 1.57% [1][4] Cost and Expense Analysis - Management expenses decreased significantly by 34.47% to 2.287 billion yuan, primarily due to a reduction in employee compensation [2][4] - Financial expenses surged by 57.06% to 2.072 billion yuan, with interest expenses reaching 2.181 billion yuan, driven by a 41.84% increase in short-term borrowings [2][4] - Construction in progress decreased from 7.251 billion yuan at the beginning of the year to 4.351 billion yuan, a decline of 40% [2] Cash Flow and Liquidity - Operating cash flow net amount was 2.825 billion yuan, only down 5.46% year-on-year, indicating a relatively stable cash recovery stance [3][4] - As of the end of the period, cash and cash equivalents totaled 20.547 billion yuan, an increase of 24.9% from the beginning of the year [3] Debt Structure Changes - Short-term borrowings increased by 41.84%, and other current liabilities surged by 188.10% due to the issuance of ultra-short-term financing bonds and sale-leaseback transactions [2][5] - Non-current liabilities due within one year reached 12.164 billion yuan, indicating a rapid rise in short-term debt levels [5]