能辉科技：毛利率下降及员工数量有所减少系光伏行业内卷竞争原因

Core Viewpoint - Nenghui Technology (301046) reported a decline in gross margin and a reduction in employee numbers due to intense competition in the photovoltaic industry, alongside increased upfront investments and market development costs in new businesses such as distributed photovoltaic and overseas energy storage [1] Group 1: Financial Performance - The company has implemented a series of cost reduction and efficiency enhancement measures, including organizational restructuring, refined management, and optimization of business lines to improve profitability [1] - The measures taken have shown effectiveness, with net profit actually increasing in the first half of 2025 when excluding stock incentive expenses [1] Group 2: Industry Context - The decline in gross margin is attributed to the competitive environment within the photovoltaic industry, indicating a trend of "involution" among industry players [1] - The company is focusing on accelerating the implementation of new technologies to enhance its profit structure amidst the competitive landscape [1]