晶澳科技：2025年预亏45亿元—48亿元

Core Viewpoint - Jingao Technology (002459) expects a net loss of 4.5 billion to 4.8 billion yuan for 2025, compared to a loss of 4.656 billion yuan in the same period last year [1] Company Performance - The company maintains a leading position in battery module shipments within the industry [1] - The operating performance has shown a temporary loss due to various factors affecting profitability [1] Industry Context - The photovoltaic industry is experiencing a phase of supply-demand imbalance due to the concentrated release of production capacity across the main industry chain [1] - Increased competition within the industry has led to a downward pressure on the prices of major products compared to the same period last year [1] - International trade protection policies have intensified, contributing to a decline in the average sales price and profitability of the company's modules year-on-year [1]