2025年12月30日，晶科能源披露接待调研公告，公司于12月30日接待淡水泉资管、汇添富基金、交银施 罗德基金、永赢基金、华商基金、大成基金等22家机构调研。 调研情况显示，公司电池效率通过整合新型钝化接触技术、超低光学寄生吸收技术、新型金属化方案等 多项自主研发核心技术创新，提升至27．79％新高，夯实TOPCon技术主流地位，其与钙钛矿叠层电池 转化效率达34．76％，为空间能源应用奠定基础。针对白银等大宗商品涨价，公司推进银包铜等贱金属 技术研发，预计明年规模放量以形成成本领先优势，并通过套期保值应对价格波动。 受宏观环境影响，以白银为代表的贵金属短期价格波动较大。白银占组件整体成本上升，公司根据日常 生产经营的需要进行必要的套期保值，并持续推动贱金属的研发和导入，如银包铜浆料方案等，有望在 一定程度上抵消原材料价格上涨的影响。公司目前贱金属方案预计明年实现规模放量，在行业中有望形 成显著成本领先优势。 3．如何看待太空算力中光伏市场空间潜力和技术路线展望？ 业内分析指出，未来低轨通信卫星、轨道式太阳能电站及地外数据中心等空间能源应用场景，均需依托 超高效率、轻质化的光伏技术。第三方研究机构表示，钙钛 ...

光伏巨头晶科能源，获马斯克"点赞"!公司回应 晶科能源(5.720. 0.10. 1.78%)日前宣布，其基于TOPCon技术平台的高效电池最高光电转换效率达 27.79%，经德国哈梅林太阳能(4.540. 0.04. 0.89%)研究所(ISFH)权威认证，刷新世界(8.450. -0.10. -1.17%)纪录。近日，社交平台X上的一位用户分享了有关晶科能源这项新纪录的报道，并评论称："这 真是令人疯狂地印象深刻。"北京时间12月25日，马斯克对此帖回应称："确实如此。" 12月25日，晶科能源相关负责人对上海证券报记者确认了上述信息。该负责人表示，随着美国AI算力 的蓬勃发展和加速建设，美国电力日益紧缺。以科技创新打破局限著称的马斯克也日益关注能源技术进 步，畅享未来太空算力并宣布4至5年内通过星舰实现每年100GW太空算力部署，并利用光伏技术实现 能源供应。"我们认为，本次电池效率纪录是晶科能源以TOPCon技术为核心，持续深耕、厚积薄发的新 高度和集中体现。TOPCon技术平台具有持续提效可行性与巨大潜力，且可与下一代钙钛矿叠层技术完 美融合，助力公司持续引领光伏行业技术创新。"晶科能源相关负责人表 ...

有投资者在互动平台向晶科能源提问："近日世界首富马斯克点赞贵公司光电转换效率新纪录：'令人印 象深刻'。考虑到马斯克旗下有特斯拉、The Boring Company、SpaceX等都有可能用上贵公司的产品， 贵公司应积极主动联系这些公司推广贵公司产品。名人效应的正面影响是很大的，比如某新能源轿车巨 头在推出轿车初期就总是宣传巴菲特投资该公司。贵公司也应利用好本次马斯克点赞的名人效应，甚至 可考虑联系马斯克投资贵公司。供参考。" 本文源自：市场资讯 针对上述提问，晶科能源回应称："尊敬的投资者您好，感谢您的诚挚建议，公司将认真考虑。公司本 次基于TOPCon技术平台高效电池效率纪录的取得，源于在TOPCon技术上的持续深耕，且TOPCon技术 能够与下一代钙钛矿叠层技术无缝衔接，公司N型TOPCon/钙钛矿叠层电池的转化效率经认证已突破 34.76%。公司在光伏技术上的连续突破，为未来在题述更多场景的应用奠定了坚实的技术基础。感谢 您的关注！" 作者：公告君 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 晶科能源日前宣布，其基于TOPCon技术平台的高效电池最高光电转换效率达27.79%，经德国哈梅林太 阳能研究所（ISFH）权威认证，刷新世界纪录。近日，社交平台X上的一位用户分享了有关晶科能源这 项新纪录的报道，并评论称："这真是令人疯狂地印象深刻。"北京时间12月25日，马斯克对此帖回应 称："确实如此。" 12月25日，晶科能源相关负责人对上海证券报记者确认了上述信息。该负责人表示，随着美国AI算力 的蓬勃发展和加速建设，美国电力日益紧缺。以科技创新打破局限著称的马斯克也日益关注能源技术进 步，畅享未来太空算力并宣布4至5年内通过星舰实现每年100GW太空算力部署，并利用光伏技术实现 能源供应。"我们认为，本次电池效率纪录是晶科能源以TOPCon技术为核心，持续深耕、厚积薄发的新 高度和集中体现。TOPCon技术平台具有持续提效可行性与巨大潜力，且可与下一代钙钛矿叠层技术完 美融合，助力公司持续引领光伏行业技术创新。"晶科能源相关负责人表示。 晶科能源曾在11月21日宣布，经德国哈梅林太阳能研究所（ISFH）权威认证，基于TOPC ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：观察君 晶科能源近日宣布，其基于TOPCon技术平台的高效电池最高光电转换效率已达到27.79%。该数据获得 了德国哈梅林太阳能研究所（ISFH）的认证，刷新了该领域的世界纪录。根据晶科能源方面发布的信 息，这已是该公司第31次打破电池效率与组件功率的纪录。 在社交平台X上，有用户分享了关于这一新纪录的报道，并评论称"这真是令人疯狂地印象深刻"。特斯 拉首席执行官埃隆·马斯克随后在该用户的帖文下留言回应，表示"确实如此"。 资料显示，TOPCon技术作为下一代主流电池技术路线，其效率潜力的持续挖掘，对于降低光伏发电的 度电成本、推动全球能源绿色转型具有重要作用。近期，晶科能源在海外市场持续获得订单，已相继与 法国、波兰、乌兹别克斯坦、荷兰、瑞士、约旦等国的分销客户签署了多份飞虎3高效光伏组件的供货 协议。 ...

Summary of Foster's Conference Call Company Overview - Foster has a healthy balance sheet with a debt-to-asset ratio below 20% and no bank debt, holding approximately 8 billion yuan in cash reserves to support business development and return value to investors. The cash dividend ratio exceeded 50% last year, with over 600 million yuan distributed, and this trend will continue this year [2][5]. Industry Insights - The price of EVA films is expected to rebound by 2026, with Foster maintaining low inventory levels of about one month. The proportion of white EVA films is decreasing, with EVA and POE films each accounting for nearly half of the production [2][7]. - The photovoltaic new materials sector is anticipated to remain stable, with overseas markets maintaining high demand, potentially increasing market share. Electronic materials are expected to grow by over 30%, and the aluminum-plastic film business is also projected to grow by over 30%, driven by solid-state battery applications [2][11]. Business Performance - In the photovoltaic sector, Foster's film production is clearing quickly, with a stable market share. The overseas market, particularly in Thailand and Vietnam, accounts for about 20% of sales. A market reversal is expected in the second half of 2026 [3]. - The electronic materials segment is experiencing explosive demand, especially in high-end electronic materials for servers, leading to significant sales growth [3]. - The aluminum-plastic film business is rapidly developing, with current production capacity at 30 million square meters, expanding to 50 million square meters, and expected to achieve profitability next year [4][23]. Future Projections - The company anticipates a steady increase in shipments in the photovoltaic new materials sector in 2026, with uncertainties in the domestic market but high expectations for overseas markets. The growth in electronic materials and aluminum-plastic films is expected to contribute significantly to overall business growth [11]. - The solid-state battery market is projected to drive demand for aluminum-plastic films due to their lightweight and extensibility advantages [3][11]. Production and Expansion Plans - Foster's overseas production capacity is nearly fully utilized, with production and sales doubling, primarily serving clients in India and the Middle East. The company is evaluating plans for a factory in the U.S. to adapt to policy changes [16]. - A domestic project worth 250 million yuan has been delayed until the end of next year, with strategic adjustments based on market demand [16]. Product Development and Innovations - Foster is advancing in the sensitive area of photonic films for space applications, showcasing the company's ability to innovate by combining materials from different fields [9]. - The company is also focusing on high-end electronic materials, with a significant push into advanced substrate applications, particularly in the automotive and server sectors [18]. Financial Health and Risk Management - The company maintains a strong financial position with a low risk of impairment due to increasing overseas sales, which are less likely to default [24]. - The average price of dry films is around 5 yuan, with high-end products reaching up to 30 yuan, and the overall gross margin is currently at 24% [20]. Conclusion - Foster is well-positioned for growth in the photovoltaic, electronic materials, and aluminum-plastic film sectors, with a strong financial foundation and strategic plans for expansion and innovation. The company is expected to continue delivering value to investors while navigating market challenges and opportunities.

2025年，美国光伏市场正迎来"需求爆发+产能回流"的双重拐点。AI算力扩张催生的电力缺口、降息周期提升的项目收益率，推动美国光伏装机量持续高 增，2024年达50GW，2025年预计突破60GW，年复合增长率维持20%。随着26年的到来，美国光伏本土产能将迎来更大规模的释放。 01 美国光伏市场 美国光伏市场的崛起，并非单一因素驱动，而是下游需求刚性增长与政府产业政策引导形成的共振，为本土产能扩张奠定了坚实基础。 需求端 美国可再生能源发电占比长期偏低，仅约10%，远低于全球30%的平均水平，能源结构转型空间巨大。 而近年来AI算力中心、制造业复苏带来的电力缺口，成为光伏需求的核心催化剂——数据中心24小时高负荷运行对电力的持续消耗，以及传统化石能源 发电的不稳定性，使得光伏作为清洁、可快速部署的能源形式，成为补能首选。 降息周期的到来进一步放大了需求潜力。光伏项目的内部收益率（IRR）与利率高度相关，美国进入降息通道后，项目融资成本下降，IRR显著提升，刺 激了开发商的投资意愿。 政策端 与中国相比，美国光伏制造面临"高人工、高能耗、高合规成本"的三重压力，传统技术路线难以适配本土市场，倒逼行业选择更高效 ...

Core Viewpoint - Dongfang Risen is accelerating its energy storage business to find new growth opportunities amid a decline in its photovoltaic (PV) business, as evidenced by its recent achievements and partnerships in the energy storage sector [1][12]. Group 1: Company Background and Historical Performance - Dongfang Risen, established in December 2002, is one of the earliest companies in China's solar energy sector, transitioning from solar lighting to solar cells and modules, becoming a leading PV module manufacturer [1][4]. - The company has faced challenges, including significant losses in 2012 due to anti-dumping measures in Europe and a strategic pivot towards PV project development, which helped boost its module shipments [4][6]. - After a shift in focus to heterojunction technology (HJT) in 2018, Dongfang Risen struggled to capitalize on the TOPCon technology boom, leading to a decline in its global module shipment ranking [1][5][9]. Group 2: Financial Performance and Challenges - Dongfang Risen's financial performance has been under pressure, with net losses reported in 2020 and 2021, while competitors like Longi Green Energy achieved substantial profits [6][7]. - The company's total liabilities surged from 10.4 billion to 25.5 billion, with a debt-to-asset ratio increasing to approximately 71% [11]. - Despite some recovery in 2022 and 2023, the company faced another round of losses in 2024, marking seven consecutive quarters of losses totaling 4.369 billion [9][10]. Group 3: Energy Storage Business Development - Dongfang Risen has made significant strides in the energy storage sector, launching a comprehensive product matrix that includes large-scale, commercial, and residential storage solutions [12][14]. - The company ranked 8th globally in direct current energy storage system shipments and 4th in user-side storage systems in 2023, with a notable increase in shipments in the first half of 2025 [12][14]. - The energy storage segment has shown promising growth, with a gross margin of 22.15% in 2024, making it the second most profitable business after PV electricity sales [14]. Group 4: Future Outlook and Opportunities - The global energy storage market is experiencing rapid growth, with a year-on-year increase of 192% in overall shipments in the first half of 2025, presenting a significant opportunity for Dongfang Risen [12][14]. - The company has secured multiple international contracts, indicating a strong demand for its energy storage solutions and the potential for further expansion in this sector [13][14]. - To capitalize on the growing energy storage market, Dongfang Risen must accelerate its efforts to establish this segment as a core business, which could significantly improve its financial standing [14].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [3][9]. Core Insights - The company reported a revenue of 48 billion yuan for the first three quarters of 2025, a year-on-year decrease of 33%. The net profit attributable to shareholders was -3.92 billion yuan, with a non-recurring net profit of -4.54 billion yuan, indicating a significant loss compared to the previous year [2]. - In Q3, the company achieved a revenue of 16.2 billion yuan, down 34% year-on-year and 10% quarter-on-quarter. However, the gross profit margin turned positive at 3.75%, reflecting a 4.77 percentage point increase from the previous quarter [2]. - The company is experiencing a significant improvement in operating cash flow, with a net cash flow from operating activities of 2.47 billion yuan in Q3, marking a substantial turnaround [3]. - The company is focusing on technology upgrades, particularly with its TOPCon products, which are expected to enhance power output and profitability, potentially generating a premium of 0.5-1 cent per watt [3]. - The energy storage systems are entering a growth phase, with a target of 6 GWh in shipments for 2025, which is anticipated to contribute positively to the company's profitability [3]. Summary by Sections Performance Review - The company reported a revenue of 48 billion yuan for the first three quarters of 2025, down 33% year-on-year. The net profit attributable to shareholders was -3.92 billion yuan, with a non-recurring net profit of -4.54 billion yuan, indicating a significant loss compared to the previous year [2]. - In Q3, the revenue was 16.2 billion yuan, down 34% year-on-year and 10% quarter-on-quarter, with a gross profit margin of 3.75%, reflecting a recovery from previous losses [2]. Operational Analysis - The average delivery price of photovoltaic components has increased, leading to improved profitability. The company shipped 61.85 GW of photovoltaic components in the first three quarters, with Q3 shipments estimated at around 20 GW [2]. - The company has reported a significant improvement in operating cash flow, achieving a net cash flow from operating activities of 2.47 billion yuan in Q3 [3]. Technology and Growth Prospects - The company is continuously upgrading its TOPCon technology, with expectations that 40%-50% of its capacity will achieve power outputs above 640W by the end of 2025 [3]. - The energy storage systems are entering a growth phase, with a target of 6 GWh in shipments for 2025, which is expected to enhance profitability [3]. Profit Forecast and Valuation - The company's net profit forecasts for 2025-2027 have been adjusted to -4.92 billion yuan, 1.96 billion yuan, and 4.28 billion yuan, respectively, with expectations of gradual improvement in profitability due to technological advantages and the growth of energy storage systems [3].

Core Insights - Longi Green Energy held a launch event for the Hi-MO X10 "three-proof" module in Xi'an, Shaanxi, on September 26, where the module received official recognition as a "three-proof" product from the National Solar Photovoltaic Product Quality Inspection and Testing Center (CPVT) [1] Group 1 - The Hi-MO X10 module was independently evaluated by three authoritative organizations: CPVT, TÜV Rheinland, and Beijing Jianheng Certification Center, focusing on safety and overall power generation performance [3] - The evaluation results indicated that under shading conditions, the BC technology outperformed others, demonstrating significant advantages in safety and power generation performance [3] - The BC components maintained a comprehensive lead in power generation capabilities across various scenarios, outperforming TOPCon components in both laboratory tests and outdoor validations [3] Group 2 - Longi announced the establishment of a global verification platform, which includes a three-dimensional verification station network comprising self-owned, third-party cooperative, and client verification stations [3] - Currently, there are 20 client verification stations located in Inner Mongolia, Shandong, Hunan, and Guangdong, along with 3 third-party cooperative verification stations and 4 self-owned verification stations [3] - These verification stations, situated in different climate zones and application scenarios, utilize the "Longi Global Verification Platform" and "Distributed Photovoltaic Verification Station Monitoring Platform" for data collection and analysis [3]