锦浪科技的数学题：逆变器少卖三万台，净利润多出两亿五

Core Viewpoint - The profit growth of Jinlang Technology in the first half of 2025 is attributed to a combination of product adjustments and stable income from its photovoltaic power station operations [9]. Group 1: Financial Performance - In the first half of 2025, Jinlang Technology achieved operating revenue of 3.794 billion yuan, a year-on-year increase of 13.09%, and a net profit attributable to shareholders of 602 million yuan, with a year-on-year growth of 70.96% [2]. - The total sales volume of inverters was approximately 466,200 units, reflecting a year-on-year decline of 6.98% [2]. - The net profit in the second quarter reached 407 million yuan, with a quarter-on-quarter growth of 109.27% [2]. Group 2: Product and Market Dynamics - The profit increase is primarily driven by a shift in product mix, with the revenue from energy storage inverters rising from 192 million yuan in the same period of 2024 to 793 million yuan, marking a growth of 313.51% [4]. - The revenue from the traditional grid-connected inverter business decreased by 11.22%, while the cost of this business fell by 19.53%, leading to a 7.62 percentage point increase in gross margin [5]. - The overseas market contributed significantly to revenue growth, with overseas sales (including Hong Kong, Macau, and Taiwan) reaching 1.778 billion yuan, a year-on-year increase of 25.26% [6]. Group 3: Business Model and Future Growth - Jinlang Technology's photovoltaic system business generated revenue of 808 million yuan, and the new energy power generation business contributed 304 million yuan, with gross margins of 58.02% and 52.78%, respectively [7]. - The company plans to issue 1.694 billion yuan in convertible bonds, with a significant portion allocated for upgrading inverter capacity, particularly targeting the commercial energy storage market [13]. - The expected internal rate of return for the new energy storage projects is approximately 33.04%, with a payback period of about 4.75 years [14]. Group 4: Operational Challenges - Despite the positive financial results, the core inverter sales are still declining, and the domestic market may face cooling demand in the second half of the year due to the end of a "rush installation" phase driven by policy changes [11][12]. - Jinlang Technology's inventory turnover and accounts receivable turnover rates have been declining and are below industry averages, indicating potential operational inefficiencies [15][16].