（编辑 袁冠琳） 证券日报网讯 TCL科技9月26日在互动平台回答投资者提问时表示，在光伏行业严峻的下行和过度内卷 竞争的周期下，公司正采取积极有效的措施，应对当期的经营挑战和布局未来的发展，公司有信心持续 改善TCL中环光伏业务的经营状况，增强相对竞争力，夯实持续发展能力，度过行业周期低谷。 ...

Core Viewpoint - JinkoSolar, a leading integrated photovoltaic company, has been active in the capital market, recently announcing a high-premium sale of subsidiary equity and a share transfer by its controlling shareholder and concerted parties [1][3]. Group 1: Share Transfer Details - On September 16, JinkoSolar announced the share transfer price of 4.90 CNY per share, which represents a discount of approximately 10% compared to the closing price of 5.46 CNY [3]. - The shares being transferred account for 4% of JinkoSolar's total equity, with the transfer motivated by the shareholders' funding needs [3]. - The share transfer has been fully subscribed, with 25 institutional investors participating, and 22 institutional investors preliminarily selected as buyers [3]. Group 2: Subsidiary Sale - On September 9, JinkoSolar announced the sale of 80% of its subsidiary, Zhejiang Jinko New Materials, to Dike Co., Ltd. for 80 million CNY, with a premium rate of 299.08% [4]. - The sale aims to optimize the company's asset structure and resource allocation, improving operational efficiency and reducing management costs [4]. - Following the transaction, JinkoSolar will no longer consolidate Zhejiang Jinko New Materials into its financial statements [4]. Group 3: Financial Performance - In the first half of 2025, JinkoSolar achieved a record shipment of 41.8 GW of photovoltaic modules, ranking first globally [5][6]. - The company reported revenue of 31.831 billion CNY and a net loss attributable to shareholders of 2.909 billion CNY for the same period, with an asset-liability ratio of approximately 74.08% [5][6]. - Despite a slight improvement in second-quarter performance, the company continues to face financial risks due to industry cycles and declining photovoltaic product prices [5][6]. Group 4: Future Outlook - JinkoSolar anticipates a modest growth in global market demand in 2026 compared to 2025, with conservative growth expected in the Chinese market and healthier growth in regions like the Middle East, Europe, and Latin America [6].

Core Viewpoint - Wuxi Suntech, known as the "first stock in photovoltaic," has experienced significant turmoil over the past two decades, including two bankruptcies and is now undergoing a pre-restructuring process with new leadership [1][2][3] Group 1: Company Overview - Wuxi Suntech has transitioned from a leading enterprise to facing bankruptcy twice, highlighting the volatility of the photovoltaic industry [1][2] - The company was the first private enterprise from China to be listed on the New York Stock Exchange in 2005, with its founder becoming a billionaire shortly thereafter [3] Group 2: Recent Developments - On September 11, 2023, Wuxi Suntech appointed a new chairman, Wan Yingzi, as part of its restructuring efforts [1] - In July 2023, Hongyuan Green Energy expressed intentions to participate in Wuxi Suntech's pre-restructuring and signed a cooperation agreement with Jiangsu Shunfeng Photovoltaic Technology Co., Ltd. to stabilize operations [2] - The pre-restructuring process was officially initiated by a court decision on May 26, 2023, marking the company's second entry into bankruptcy proceedings [3]

Core Viewpoint - Foster's profitability in the photovoltaic film segment is under pressure, but its competitive advantages may help it navigate through the cycle smoothly [1][2]. Financial Performance - In H1 2025, the company reported revenue of 7.959 billion yuan, a year-on-year decrease of 26.06%, and a net profit of 496 million yuan, down 46.60% year-on-year [1]. - In Q2 2025, revenue was 4.334 billion yuan, a decrease of 20.36% year-on-year but an increase of 19.58% quarter-on-quarter; net profit was 95 million yuan, down 76.75% year-on-year and 76.41% quarter-on-quarter [1]. Photovoltaic Film Segment - In H1 2025, the company sold 1.386 billion square meters of photovoltaic film, maintaining sales volume year-on-year, but revenue fell to 7.215 billion yuan, a decrease of 26.97% [2]. - The sales volume of photovoltaic backsheet was 33.6994 million square meters, down 50.28% year-on-year, with revenue of 175 million yuan, a decline of 57.78% [2]. - The company aims to enhance R&D investment and expand overseas production capacity to meet high demand in emerging markets [2]. Electronic Materials Segment - The electronic materials division saw significant growth, with sales of photosensitive dry film reaching 89.5948 million square meters, up 21.62% year-on-year, generating revenue of 325 million yuan, an increase of 17.93% [3]. - The aluminum-plastic film sales volume was 6.6584 million square meters, up 18.77% year-on-year, with revenue of 64.4174 million yuan, a growth of 9.37% [3]. Investment Outlook - Revenue projections for 2025-2027 are 17.585 billion yuan, 20.152 billion yuan, and 23.163 billion yuan, with corresponding growth rates of -8.2%, 14.6%, and 14.9% [4]. - Net profit forecasts for the same period are 1.323 billion yuan, 1.836 billion yuan, and 2.339 billion yuan, with growth rates of 1.2%, 38.8%, and 27.4% [4]. - The company is positioned as a leading player in the photovoltaic film market, expected to navigate the industry cycle effectively [4].

长江商报记者 沈右荣 福莱特对未来较为乐观。公司认为，新增供给逐步走向理性，落后产能逐步淘汰出清，光伏行业在短期 波动和阵痛之后，将再次焕发新的活力。 福莱特的底气是，作为行业龙头，公司具备技术优势、先发优势、客户资源优势等。公司是通过自主研 发成为国内第一家打破国际巨头对光伏玻璃的技术和市场垄断的企业，成功实现了光伏玻璃的国产化。 出人意料的是，福莱特的实际控制人领衔，11名股东拟合计减持所持公司约4998万股股份。 时隔2年净利再度下降 押注光伏领域，福莱特因此遭周期反噬，业绩承压。 深耕光伏玻璃领域的福莱特（601865.SH）遭遇光伏行业周期，经营业绩大幅调整。 8月27日晚，福莱特披露了2025年半年度业绩报告。上半年，公司实现营业收入约77亿元，同比下降幅 度接近28%；归母净利润为2.61亿元，同比下降幅度近83%。 福莱特是国内领先的玻璃制造企业，光伏玻璃是公司核心产品。近三年，光伏玻璃为公司贡献90%左右 的营业收入。 2025年上半年，光伏产业链仍处于深度调整阶段，受光伏行业周期影响，福莱特的主要产品量减价跌， 业绩承压不可避免。 2022年、2023年和2024年，公司光伏玻璃的收入贡献 ...

Core Viewpoint - Company is experiencing significant operational pressure due to the cyclical downturn in the photovoltaic industry, leading to a substantial decline in both revenue and net profit in the first half of 2025 [1][2][3] Financial Performance - In the first half of 2025, the company reported revenue of approximately 77 billion yuan, a year-on-year decrease of nearly 28% [1][2] - The net profit attributable to shareholders was 2.61 billion yuan, reflecting a year-on-year decline of about 83% [1][2] - The company’s revenue and net profit have shown a rapid decline, with net profit and non-recurring net profit decreasing at a rate significantly higher than revenue [2][3] Industry Context - The photovoltaic industry is undergoing a deep adjustment phase, characterized by overcapacity and intensified competition, which has led to a significant drop in the sales price of photovoltaic glass [2][3] - The company’s main product, photovoltaic glass, has contributed approximately 90% of its revenue over the past three years, indicating a heavy reliance on this segment [1][3] Future Outlook - Despite current challenges, the company remains optimistic about the future, believing that supply will gradually stabilize and outdated capacity will be eliminated, allowing the photovoltaic industry to regain vitality [1][8] - The company has established itself as a leader in the photovoltaic glass market, having broken the technological and market monopoly of international giants through independent research and development [8] Shareholder Actions - The actual controller and 11 shareholders plan to collectively reduce their holdings by approximately 49.98 million shares, which is about 2.13% of the company's total shares, due to personal financial needs [9][10] - Since 2020, the company’s executives and major shareholders have cumulatively cashed out over 800 million yuan through secondary market transactions [10]

京运通（601908）公告，经公司财务部门初步测算，预计2025年半年度实现归属于母公司所有者的净利 润为-1.65亿元到-2.25亿元，预计归属于母公司所有者的扣除非经常性损益后的净利润为-1.75亿元到-2.3 亿元。报告期内，受光伏行业周期整体影响，公司的参股企业经营业绩亏损，在权益法核算下确认的投 资损失对公司净利润产生不利影响。同时，公司新材料业务所涉及的硅片环节利润依然为负，对公司整 体盈利能力产生负面影响。 ...

Core Viewpoint - The company, Qingdao High-tech Technology Co., Ltd. (referred to as "High-tech Co."), is facing significant financial challenges due to the downturn in the photovoltaic industry, leading to losses in 2024 and the first quarter of 2025. The founder, Zhang Xu, announced plans to diversify into the screw grinding equipment sector to explore new business opportunities [1][3]. Financial Performance - High-tech Co. experienced a net profit of 1.461 billion yuan in 2023, but the company has since entered a deep adjustment phase in the photovoltaic industry, resulting in a substantial decline in performance. By the fourth quarter of 2024, the company reported a single-quarter loss that wiped out profits from the first three quarters, leading to an annual loss and a net cash flow from operating activities dropping to -1.261 billion yuan [3]. - As of the end of 2024, accounts receivable aged 1-2 years surged 13 times to 886 million yuan, with bad debt provisions reaching 261 million yuan [3]. Industry Context - The photovoltaic industry is currently experiencing a severe downturn, exacerbated by oversupply in the silicon wafer segment, which has caused prices to plummet. High-tech Co.'s market value has decreased from over 23 billion yuan at its peak in 2022 to less than 6 billion yuan [3]. - The company has previously navigated industry challenges, such as the 2018 "531 photovoltaic policy," which temporarily led to losses. However, it managed to recover due to increased demand and product orders [3]. Strategic Shift - High-tech Co. is now focusing on the development of precision grinding technology for humanoid robots, aiming to enhance its research and development capabilities in this area. The company plans to develop screw grinding products that meet international standards, hoping to support domestic replacements in the industry [3]. - The market for screw grinding equipment is projected to reach 50 billion yuan over the next five years, indicating a significant opportunity for High-tech Co. in this new sector [3]. Industry Response - The challenges faced by High-tech Co. reflect broader pressures on photovoltaic equipment manufacturers. To alleviate accounts receivable pressure, the company has recently engaged in a debt-to-equity swap worth 100 million yuan with Runyang Co. This strategy has been adopted by other peers in the industry as well [4]. - The shift towards new business avenues is becoming a common consensus among industry players, with High-tech Co. aiming to replicate its previous successful transitions from tire testing to photovoltaic cutting and now to robot grinding [4].

Core Viewpoint - The photovoltaic industry is facing unprecedented challenges, with Tongwei Co., Ltd. experiencing significant financial pressure and a decline in market value, dropping from a peak of over 1 trillion yuan to 826.1 billion yuan as of May 13, 2025 [1][3]. Financial Performance - In 2024, Tongwei reported a revenue of approximately 919.94 billion yuan, a year-on-year decrease of 33.87%, and a net profit attributable to shareholders of approximately -70.39 billion yuan, marking the company's first annual net loss since its listing [3][5]. - For Q1 2025, the company recorded a revenue of about 159.33 billion yuan, down 18.58% year-on-year, with a net profit of approximately -25.93 billion yuan, indicating a worsening financial situation [4][5]. Debt and Financial Pressure - As of the end of 2024, Tongwei's long-term borrowings reached 558 billion yuan, with short-term borrowings increasing from approximately 18.78 billion yuan to 35.31 billion yuan in Q1 2025 [6][7]. - The company's financial expenses rose significantly, with Q1 2025 financial costs reaching 6.71 billion yuan, including interest expenses of about 7.11 billion yuan [6]. Asset and Liquidity Position - As of the end of Q1 2025, Tongwei had approximately 291.46 billion yuan in cash and cash equivalents, up from 164.48 billion yuan at the end of 2024 [8][9]. - The company is seeking to enhance its financial structure by introducing strategic investors, aiming to raise up to 100 billion yuan for its subsidiary, Sichuan Yongxiang Co., Ltd. [9]. Industry Context - The photovoltaic sector is undergoing a "cold winter," characterized by overcapacity, intense price competition, and declining profitability, which is reflected in Tongwei's financial struggles [5][10]. - The industry is expected to enter a "淘汰赛" (elimination round) phase, focusing on high-quality competition rather than rapid growth [10].

Core Viewpoint - Longi Green Energy, once hailed as the "king of photovoltaics," is currently navigating through a challenging period in the solar industry, facing significant losses due to supply-demand mismatches and price declines [1][3]. Financial Performance - Longi reported losses of 8.617 billion yuan for the fiscal year 2024 and 1.436 billion yuan for Q1 2025 [1]. - In 2024, the company’s operating costs were 76.44 billion yuan, a decrease of 27.54% year-on-year, with management expenses dropping to 3.43 billion yuan, down 30.22% from 4.915 billion yuan in 2023 [5]. Industry Context - The solar industry is experiencing its most challenging period in nearly a decade, with over 500 billion yuan in combined losses reported by 30 listed solar companies in 2024 [3]. - The market is characterized by intense competition and price declines, with many companies facing operational challenges, including production cuts and layoffs [4]. Strategic Initiatives - Longi has committed to developing BC technology as the mainstream for silicon solar cells over the next 5-6 years, launching several upgraded BC products in 2024 [1][7]. - The company has undergone organizational restructuring and efficiency reforms to enhance its operational capabilities and customer focus [5][6]. Market Position - Despite the industry's downturn, Longi remains a leader in global silicon wafer and module production, with shipments of 108.46 GW of silicon wafers and 82.32 GW of solar modules in 2024 [4]. - The company has accumulated orders of 30 GW for its HPBC series components, with a target of 80-90 GW in total shipments by 2025, expecting over 25% of that to be BC components [8][10]. Future Outlook - Longi's leadership anticipates a turnaround in 2025, with expectations of returning to profitability by Q3 2025, driven by advancements in BC technology and organizational improvements [12][14]. - The company is focusing on maintaining financial stability, with a debt ratio of 59.83% and cash reserves of 53.157 billion yuan, positioning itself favorably against competitors [6][14].