9月19日下午2点至5点，广东泉为科技股份有限公司通过全景网"投资者关系互动平 台"（https://ir.p5w.net）以网络远程的方式召开业绩说明会，众多投资者通过网上提问参与此次活动。 公司董事长褚一凡、总经理雷心跃、财务总监徐珍英、副总经理许海成以及证券代表胡海漫接待了投资 者。 此次业绩说明会，投资者围绕公司发展的多个关键问题展开提问。在摘帽问题上，公司回应称将积极采 取有效措施，消除不确定性因素影响，董事会和管理层会持续提升公司治理水平、完善内部控制机制， 并结合市场情况推进战略计划改善经营，争取早日撤销其他风险警示完成摘帽。 对于财务纠纷，公司表示正在积极处理相关问题，回收账款。而面对资金紧张问题，公司透露正在通过 多种渠道积极解决，具体情况投资者可关注后续相关公告。 在公司后续发展方面，尽管存在负面消息，但公司凭借异质结技术领先性以及光伏电站一体化战略前瞻 性，通过提升产品内在价值、拓展销售渠道、加强品牌效应等方式提高产品竞争力，并将根据市场情况 适时调整经营计划，管理层对公司未来发展充满信心，致力于改善公司经营状况。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布 ...

Financial Performance - The company achieved a revenue of 4.213 billion yuan, a year-on-year decrease of 13.48% [2] - The net profit attributable to shareholders was 394 million yuan, down 14.59% year-on-year [2] - The gross profit margin increased from 26.92% in the same period last year to 33.74% [2] Semiconductor Sector Strategy - The company has established a strategic layout in the semiconductor field, focusing on three key technology platforms: vacuum, laser, and precision equipment [3] - The rapid progress is attributed to a differentiated development path, targeting areas with less competition and collaborating with customers on key technological nodes [3] - The company emphasizes future technology trends in its product differentiation strategy, particularly in selective etching and atomic layer deposition [4] Selective Etching Applications - Selective etching is widely used in 3D flash memory, DRAM, and advanced logic applications [5] - The company's selective etching technology minimizes physical damage and meets customer demands for precision and low-damage etching processes [5] HJT Battery Technology - The company is making significant progress in HJT battery technologies, with goals to achieve an average power of 780W and a maximum power close to 800W by the end of the year [6] - The silver content in HJT battery back-side paste has been reduced to below 15%, with plans to transition to pure copper paste without a seed layer [8] Future Trends in Photovoltaics - The company anticipates a shift towards silver-free or low-silver technologies in battery cell back-side materials [8] - HJT technology is seen as advantageous in overseas markets due to its high automation and manufacturing yield [8] - The company believes that silicon-based perovskite tandem solar cells represent a sustainable development direction for the photovoltaic industry [8]

Core Insights - The 18th SNEC PV+ International Solar Energy and Smart Energy Exhibition showcased Huasheng's leadership in heterojunction technology, highlighting its innovative products and solutions in the green energy sector [1][3][23] Product Innovations - Huasheng launched three strategic product solutions focused on energy transition, including the Kunlun series heterojunction vertical modules, which achieve nearly 100% bifacial efficiency and are designed for urban and high-density environments [3][10] - The company introduced automotive photovoltaic products in collaboration with Jinpeng Group, featuring a rooftop solar solution that generates 1.2 kWh daily and extends vehicle range by approximately 25 kilometers [5] - A colorful balcony photovoltaic system was unveiled for urban households, allowing for quick deployment in just 15 minutes, promoting green energy accessibility [6] - Huasheng also showcased anti-glare modules and heterojunction-perovskite tandem modules, with the latter expected to exceed 800W in power, indicating advancements towards industrialization [8] Technological Advancements - At the global photovoltaic technology conference, Huasheng's chief scientist presented on efficiency breakthroughs and cost optimization strategies, achieving over 26% efficiency in heterojunction cells and over 740W in module power [10][21] - The company aims to reduce silver usage to below 1 mg/W through innovative materials and techniques, balancing high efficiency with low costs [10][21] Awards and Recognition - Huasheng received multiple prestigious awards at the exhibition, including the SNEC Top 10 Highlights "Gigawatt Gold Award" and recognition in the "Global New Energy ESG Top 100," reflecting its commitment to innovation and sustainability [13][14] Strategic Collaborations - The company established strategic partnerships with several key enterprises to create a collaborative ecosystem for the heterojunction supply chain, focusing on cost reduction and integrated energy management solutions [16][18] - International collaborations include manufacturing partnerships in Italy for BIPV products and joint efforts to standardize new photovoltaic scenarios [18] Market Positioning - Huasheng has built the world's largest heterojunction production capacity, with cumulative shipments exceeding 12GW, positioning itself for significant market penetration [21] - The company is committed to continuous innovation and global expansion, aiming to make photovoltaic energy the primary energy source and contribute to global green development [23]

Core Viewpoint - Gansu King Kong Photovoltaic Co., Ltd. (*ST King Kong*) has entered a critical phase in its restructuring process, with Guangdong Ouhao Group confirmed as the industrial investor to aid in its debt resolution and operational recovery [2][3]. Group 1: Restructuring Details - The restructuring investment agreement was signed on June 9, with Ouhao Group committing to invest between 268 million yuan and 402 million yuan at a price of 4.96 yuan per share, which is 50% of the average stock price over the previous 60 trading days [3][4]. - Following the transaction, Ouhao Group's shareholding will be between 20% and 25%, solidifying its control over *ST King Kong* [3][4]. - The restructuring process was initiated after creditors filed for bankruptcy due to *ST King Kong*'s inability to repay debts, highlighting the company's significant financial distress [3][4]. Group 2: Financial Performance and Challenges - *ST King Kong* has faced continuous losses, with net losses of 202 million yuan in 2021, 269 million yuan in 2022, and 362 million yuan in 2023. In 2024, the company reported a revenue drop of 78.69% to 124 million yuan and a net loss of 795 million yuan, marking a 119.83% increase in losses year-on-year [6][7]. - The company's total assets were reported at 2.711 billion yuan, with total liabilities of 3.635 billion yuan, resulting in a debt ratio of 134.08% and a negative net asset value of 921 million yuan [6][7]. Group 3: Future Prospects and Contracts - If the restructuring is successful, *ST King Kong* could potentially turn its net assets positive and avoid delisting risks. However, failure to restructure could lead to delisting based on its current financial status [7]. - A significant sales contract was signed with a South Asian customer for 194 MW of HJT solar cells, expected to account for over 50% of the company's audited revenue for 2024, indicating a potential boost to future performance [7].

Core Viewpoint - The solar industry, particularly companies like Huasheng New Energy, is facing significant challenges due to a sharp decline in prices across the entire photovoltaic supply chain in 2024, leading to production cuts and layoffs among first and second-tier firms [2][3]. Group 1: Company Performance and Adjustments - Huasheng New Energy has achieved operational profitability in 2023 and raised over 4 billion yuan in financing, totaling over 5 billion yuan since its establishment three years ago [1]. - The company is adjusting its strategies by reducing production, joining industry alliances, and exploring new markets to navigate the current challenges [3]. - The establishment of the "760W+ Club" aims to stabilize pricing and address internal competition among HJT manufacturers, with current pricing around 0.85 yuan/W for HJT products [3][5]. Group 2: Market Dynamics and Technology - HJT technology is gaining traction, with a reported 333% year-on-year increase in HJT component bidding capacity, reaching 13.56 GW [6]. - HJT components are priced higher than TOPCon, with a potential profit increase of 1.356 billion yuan for every penny increase in price [6]. - The company is transitioning to 0BB technology to reduce production costs while maintaining competitive pricing with TOPCon products [7]. Group 3: Innovation and Market Expansion - Huasheng New Energy is exploring vertical installation of solar panels, which maximizes the efficiency of HJT technology while minimizing land use [8]. - The company has established a dedicated solutions department to promote vertical power generation, which is expected to gain traction post-531 policy [8]. - The carbon footprint of HJT technology is currently around 366 gCO2eq/W, with plans to reduce it below 300 gCO2eq/W [9].

Core Viewpoint - The company is currently facing significant financial challenges and is in the process of restructuring and optimizing its operations to ensure sustainability and growth in the photovoltaic industry [4][5][6]. Group 1: Company Operations and Financial Status - The company is in the preliminary planning stage for a major asset sale, with further details to be disclosed in accordance with legal and regulatory requirements [2]. - The company is actively working to control its debt levels and optimize its debt structure while continuing to focus on the photovoltaic sector and exploring other business growth opportunities [5]. - The company has been issued a risk warning for its stock due to negative net profit figures, but it does not currently face any immediate delisting risks [4][6]. Group 2: Management and Governance - The company is in the process of recruiting new independent directors and a board secretary following the departure of some board members due to personal reasons [3]. - The company has confirmed that its current management, including the general manager, remains in place despite rumors of potential resignations [9]. Group 3: Strategic Direction and Technology - The company is committed to green development and is focusing on advancing its photovoltaic technology, particularly in heterojunction technology and cost-reduction techniques [4][13]. - The company has established a competitive advantage through its high-efficiency heterojunction technology and plans to expand its market presence internationally, with 45% of its revenue coming from overseas in 2024 [13]. Group 4: Shareholder and Market Engagement - The company acknowledges the low number of shareholders and the impact of its financial performance on investor confidence, emphasizing its commitment to improving future growth prospects [5][6]. - The company is actively engaging with investors and has maintained a 100% response rate to inquiries during its recent performance briefing [1].

Group 1: Business Overview - The company primarily focuses on the research, production, and sales of solar cell modules, with related businesses in photovoltaic power station EPC, operation, and energy storage. In 2024, the revenue from solar power station-related businesses reached 12.43 billion yuan, accounting for 25% of total revenue [1][2]. Group 2: Smart Manufacturing Initiatives - The company has implemented smart manufacturing initiatives, integrating IoT, 5G, and big data technologies. This includes automation and digitalization of production lines, resulting in a 50% reduction in logistics costs and a 30% increase in efficiency through the AGV intelligent scheduling system [2]. Group 3: Financing and Investment - The company is progressing with a 500 million euro financing project, preparing materials and maintaining communication with potential investors [3]. Group 4: Project Developments - Key projects include the "5GWN ultra-low carbon high-efficiency heterojunction battery and 10GW high-efficiency solar module project" in Ninghai and a "4GW high-efficiency solar cell and 6GW high-efficiency solar module project" in Jiangsu [3]. Group 5: Cost Control and Efficiency - In response to industry challenges, the company is enhancing the efficiency of existing photovoltaic power stations and optimizing procurement and logistics costs through long-term purchasing agreements and supplier collaborations [4][10]. Group 6: Technological Advancements - The company is focusing on heterojunction technology, which has shown significant cost advantages. The 210 HJT series products utilize innovative techniques to maintain high power and conversion efficiency while controlling costs [5][19]. Group 7: Market Expansion Strategies - The company has established 24 marketing service centers globally, focusing on market globalization, manufacturing globalization, capital globalization, and talent globalization to enhance customer service and core competitiveness [7][9]. Group 8: Future Growth and Sustainability - The company aims to leverage its expertise in energy storage and photovoltaic integration as a key growth driver, targeting commercial and large-scale energy storage systems [11].

Core Viewpoint - Panasonic has announced the closure of its solar and energy storage business, shifting focus to areas with greater strategic impact while expressing confidence in solar and energy storage technologies [1]. Summary by Sections Business Closure - Panasonic plans to terminate its solar and energy storage business line, which has been operational for over 25 years, previously serving as a major supplier for SolarCity/Tesla [1]. - The decision is driven by financial considerations, as the company aims to outsource production and concentrate on product design and sales [1]. Market Dynamics - The solar industry has undergone significant changes in the past two to three years, with declining costs for components and batteries, alongside the emergence of new technologies [1]. - Panasonic's solar business director highlighted that manufacturing has become a low-margin business, making it challenging for manufacturers to invest in new equipment [1]. Historical Context - In 2013, Panasonic partnered with Power-One to develop energy storage systems and utility-scale photovoltaic inverter businesses [1]. - By 2020, Panasonic held a significant position in the global lithium battery market for energy storage, second only to CATL [1].

Core Viewpoint - Trina Solar believes that despite the current pressure on profitability across the photovoltaic (PV) industry chain, all segments have reached a price bottom, and terminal market demand continues to be released [1][5]. Financial Performance - In 2024, Trina Solar reported revenue of 80.282 billion yuan, a year-on-year decrease of 29.21%, with a net loss of 3.443 billion yuan, a year-on-year increase in loss of 162.30% [1]. - In Q1 2025, Trina Solar, along with major competitors, reported net losses, with Trina Solar's loss at 1.32 billion yuan, the lowest among its peers [1]. Reasons for Loss - The decline in PV module prices and the provision for credit and asset impairments are the two main reasons for Trina Solar's losses [3]. - In Q1 2025, Trina Solar made provisions for credit and asset impairments totaling 359 million yuan, including credit impairment losses of 73 million yuan and asset impairment losses of 285 million yuan [3]. - In 2024, the total provision for credit and asset impairments was 3.106 billion yuan, with credit impairment losses of 508 million yuan and asset impairment losses of 2.598 billion yuan [3]. Strategic Initiatives - To meet overseas localization demands, Trina Solar is strategically investing in overseas light manufacturing, establishing a smart tracking manufacturing plant in Saudi Arabia, and securing multiple GW-level orders to enhance local delivery and service efficiency [3]. - The company has achieved over 5.7 GW in domestic wind-solar-storage project indicators and has shipped 7.3 GW of mounting systems, ranking among the top five in Europe, Latin America, and the Middle East [4]. Industry Competition and Future Outlook - The PV industry is currently divided into three technology camps: the TOPCon camp represented by Trina Solar and Jinko Solar, the BC camp represented by Longi Green Energy, and the heterojunction camp represented by Huasun and Dongfang Risheng [5]. - Trina Solar expects TOPCon technology to maintain its dominant position in the coming years, with potential efficiency improvements through various technological advancements [5]. - The company is also focusing on new perovskite PV technology to enhance the efficiency of perovskite-silicon tandem cells, with theoretical conversion efficiencies exceeding 30% [5]. - The competition in the PV industry is anticipated to shift from a focus on single PV module supply to the delivery of integrated solar-storage system solutions and comprehensive management capabilities [5]. - According to the China Photovoltaic Industry Association (CPIA), the Chinese market is expected to add 215 GW to 255 GW of new installations in 2025, with global new installations projected to reach 531 GW to 583 GW, driven by rapid demand growth in emerging markets [6].

Core Viewpoint - Jiangsu Baoxin Technology Co., Ltd. reported a revenue of 336 million yuan for the fiscal year 2024, driven by its "smart manufacturing + new energy" dual strategy [1] Group 1: Financial Performance - The company achieved a total revenue of 336 million yuan, with the smart manufacturing segment contributing 253 million yuan, accounting for 75.42% of total revenue [1] - Sales of equipment accessories were the main product, generating 248 million yuan, which represents 73.88% of total revenue [1] - The company invested 18.519 million yuan in research and development during the reporting period [1] Group 2: Market Expansion - Baoxin Technology's overseas market revenue reached 141 million yuan, reflecting a year-on-year growth of 23%, and accounted for 41.84% of total revenue [1] - The company is actively exploring the overseas market for charging and swapping equipment, targeting high-power, multi-vehicle compatible ultra-fast charging devices for the European and American markets [2] Group 3: Technological Development - The company is focusing on technology reserves and capacity optimization, particularly in exploring HJT and HJT/perovskite tandem technology routes aimed at the next generation of high-efficiency batteries [1] - Baoxin Technology has completed several R&D projects, including high-strength reliable new energy storage cabinets and long-life moisture-proof storage cabinets [1][2] - The commercialization of the HJT technology coincides with the TOPCon technology iteration window, potentially allowing the company to achieve a competitive advantage by 2025 [2]