Core Viewpoint - Yingfa Ruineng Technology Co., Ltd. is focusing on producing high-quality solar cells, positioning itself as a specialized player in the photovoltaic industry amidst a trend of vertical integration [1][5]. Group 1: Company Background - Founded in 2016 by Zhang Fayou, Yingfa Ruineng has quickly become the third-largest solar cell supplier globally [1][5]. - The company has undergone significant changes, including a name change and relocation of its headquarters to Yibin, Sichuan, in 2025 [4]. - Zhang Fayou and his family control 49.1% of the company's shares, with significant backing from Yibin state-owned enterprises [4][5]. Group 2: Financial Performance - In the first four months of 2025, Yingfa Ruineng reported revenues of 2.408 billion yuan and a net profit of 355 million yuan [5]. - The company experienced a revenue drop to 4.359 billion yuan in 2024, with losses exceeding 800 million yuan due to a downturn in the photovoltaic industry [5][11]. Group 3: Market Position and Strategy - Yingfa Ruineng has shifted its focus to N-type TOPCon solar cells, which have gained significant market share, becoming a mainstream technology by 2024 [5][9]. - The company plans to use 60% of the funds raised from its upcoming IPO for the construction and upgrade of its manufacturing base in Indonesia, aiming to enhance its production capacity [8]. - Yingfa Ruineng's customer base is concentrated, with Longi Green Energy being its largest client, contributing 19.7% to 12.2% of its revenue over the reporting period [9][10]. Group 4: Future Outlook - The company's future performance is closely tied to the procurement needs of major integrated enterprises in the photovoltaic sector, particularly Longi Green Energy [9][10]. - Yingfa Ruineng aims to maintain its position as a specialized battery manufacturer while avoiding direct competition in module production [8][9].

Group 1 - The Zhongzheng Photovoltaic Industry Index (931151) increased by 0.53% as of September 1, 2025, with notable gains from companies such as Maiwei Co., Ltd. (300751) up 13.09%, Jiejia Weichuang (300724) up 9.79%, and JinkoSolar (601778) up 6.92% [1] - The Photovoltaic ETF Fund (516180) rose by 0.29%, marking its third consecutive increase, with the latest price reported at 0.69 yuan [1] - Over the week leading up to August 29, 2025, the Photovoltaic ETF Fund accumulated a rise of 2.86%, ranking 2nd out of 10 comparable funds [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the Zhongzheng Photovoltaic Industry Index accounted for 56.14% of the index, including companies like Sunshine Power (300274) and Longi Green Energy (601012) [2] - The top ten stocks are selected from listed companies involved in the photovoltaic industry chain, reflecting the overall performance of these securities [2]

Group 1 - The core viewpoint of the article highlights the increasing investment in photovoltaic assets, as evidenced by a net inflow of 16 million units into the Photovoltaic 50 ETF (159864) [1] - According to Huachuang Securities, cost support has strengthened, leading to a potential ongoing negotiation on transaction prices. Since late August, prices for silicon materials, silicon wafers, and battery cells have risen, along with increases in auxiliary materials like photovoltaic film and glass, providing cost support [1] - The Photovoltaic 50 ETF tracks the photovoltaic industry index (931151), which selects listed companies involved in the solar photovoltaic power generation industry chain, reflecting the overall performance of related securities [1] Group 2 - The index focuses on themes of new energy and environmental protection, exhibiting high growth potential and volatility, effectively representing the overall development trend of the photovoltaic industry [1]

Group 1 - The core point of the article is that the high-purity silicon project in Haixi Prefecture, Qinghai Province, which started construction in June 2022 and was expected to be completed by June 2024, is currently in the trial production phase instead of being fully operational [2][3]. Group 2 - The project has an annual production capacity of 50,000 tons of high-purity silicon [2]. - The construction period for the project is set for two years, indicating a timeline that extends into mid-2024 for full production [2].

Industry Overview - Photovoltaic (PV) power generation has become one of the most economical energy sources, with China's newly installed PV capacity reaching 212.21 GW in the first half of 2025, a year-on-year increase of 107.07% [2][4] - Cumulative exports of PV components from China reached 121.78 GW, while PV battery exports totaled 41.48 GW, marking a 43.13% year-on-year growth [2][4] Company Performance - In the first half of 2025, the company focused on optimizing N-type battery technology, leading to a significant increase in overseas sales revenue from 23.85% in 2024 to 51.87% [4][6] - The company successfully completed its Hong Kong IPO, raising HKD 1.29 billion, which improved its liquidity and reduced its debt ratio to approximately 74% [10] Market Dynamics - The "anti-involution" policy has led to a rebound in industry prices, with measures focusing on controlling capacity, prices, and improving standards [5][12] - The company anticipates that the ongoing implementation of these policies will enhance the competitive environment and improve supply-demand relationships in the PV industry [5][12] Overseas Market Strategy - The company has established a strong presence in overseas markets, particularly in India, Turkey, and South America, becoming a leading supplier of PV batteries [6][7] - Future plans include further expansion into high-value overseas markets and building advanced battery production capacity abroad [6][7] Technological Advancements - The company has achieved over a 0.2% increase in average battery conversion efficiency and reduced non-silicon costs by approximately 20% in the first half of 2025 [8][9] - Ongoing R&D efforts focus on enhancing N-type battery technology and exploring new processes to meet market demands for high-efficiency batteries [9] Financial Health - The company maintains a strong cash reserve of over 4.2 billion, with current assets exceeding 8.5 billion, ensuring a solid financial position to navigate industry cycles [10] - The implementation of "anti-involution" measures is expected to lead to continuous improvement in the company's operating performance [10] Future Outlook - Domestic market growth is expected to slow in the second half of 2025 due to regulatory impacts, but long-term growth remains positive with the launch of distributed PV projects [12] - The overseas market is projected to continue its rapid growth, particularly in emerging markets like North America and Latin America, driven by strong demand for high-efficiency batteries [12]

Core Insights - Qingyuan Co., Ltd. reported a net profit attributable to shareholders of approximately 86.78 million yuan for the first half of 2025, representing a year-on-year increase of over 60% [1] - The company achieved an operating revenue of approximately 1.205 billion yuan in the first half of 2025, reflecting a year-on-year growth of 37.98% [1] - Qingyuan Co., Ltd. is engaged in the research, design, production, and sales of distributed photovoltaic brackets, fixed photovoltaic brackets, and intelligent photovoltaic trackers, as well as investment, development, construction, and operation of photovoltaic power plants [1]

Core Insights - The company reported a decline in revenue and significant losses in the first half of 2025, with a revenue of 7.694 billion yuan, down 5.16% year-on-year, and a net profit attributable to shareholders of -327 million yuan, down 854.29% year-on-year [1] - Despite the financial challenges, the company maintained a strong position in the industry, ranking among the top eight globally in component shipments, with a production capacity exceeding 30 GW and an overall capacity utilization rate above 80% [1] - The company is actively expanding its global marketing strategy, focusing on both domestic and international markets, and has secured significant procurement orders from major state-owned enterprises in China [2] Financial Performance - In Q2 2025, the company achieved a revenue of 4.539 billion yuan, a year-on-year decrease of 12.13%, but a quarter-on-quarter increase of 43.85% [1] - The net profit attributable to shareholders for Q2 was -129 million yuan, showing a reduction in losses compared to the previous quarter [1] - The company’s non-silicon costs decreased by over 20% year-on-year, and labor productivity improved by over 25%, indicating enhanced operational efficiency [1] Market Strategy - The company has developed a clear global marketing strategy, tailoring sales approaches to the unique characteristics of domestic and international markets [2] - In the domestic market, the company focused on large-scale project tenders from state-owned enterprises, securing significant contracts totaling 5.1 GW [2] - Internationally, the company expanded its sales network to over 20 new countries, promoting its products and solutions to nearly 100 countries and regions [2] Business Development - The system integration business showed steady growth, with successful project connections and new business models being developed [3] - The company is advancing its zero-carbon park business, with projects in the pipeline expected to be connected to the grid in the third quarter [3] - Collaborations with international partners, such as Saudi Aramco, are underway, focusing on solar system projects in various regions [3] Future Outlook - Revenue projections for 2025-2027 are estimated at 16.882 billion, 20.858 billion, and 23.827 billion yuan, respectively, with net profits expected to improve over the same period [3] - The company’s component business is expected to develop steadily, with overseas sales anticipated to continue growing [3]

Core Insights - The company TBEA (特变电工) reported a total revenue of 48.401 billion yuan for the first half of 2025, reflecting a year-on-year increase of 1.12% and a net profit attributable to shareholders of 3.184 billion yuan, up 5.0% year-on-year [1] Financial Performance - Total revenue for Q2 2025 reached 25.018 billion yuan, marking a 2.96% increase year-on-year, while net profit for the same period was 1.584 billion yuan, showing a significant rise of 52.5% year-on-year [1] - The gross profit margin decreased to 18.52%, down 6.83% year-on-year, while the net profit margin increased to 7.04%, up 2.91% year-on-year [1] - Total operating expenses (sales, management, and financial expenses) amounted to 3.852 billion yuan, accounting for 7.96% of revenue, which is an increase of 1.28% year-on-year [1] - Earnings per share (EPS) increased to 0.63 yuan, a rise of 5.0% year-on-year, while operating cash flow per share decreased to 0.92 yuan, down 12.56% year-on-year [1] Balance Sheet Highlights - Accounts receivable increased to 18.369 billion yuan, up 6.13% year-on-year, with accounts receivable to net profit ratio at 444.25% [1] - Cash and cash equivalents rose to 30.819 billion yuan, reflecting a 27.40% increase year-on-year [1] - Interest-bearing liabilities increased to 52.648 billion yuan, up 11.03% year-on-year [1] Changes in Financial Items - Prepayments increased by 53.97% due to higher raw material reserves and project prepayments [2] - Short-term borrowings rose by 40.93% to meet business needs [2] - The company reported a significant increase in investment income by 13,177.83% due to the sale of part of its renewable energy assets [3] Other Financial Metrics - The company’s return on invested capital (ROIC) was reported at 3.67%, indicating weak capital returns historically [4] - The net cash flow from financing activities increased by 254.99%, attributed to expanded bond issuance and reduced bank loan repayments [4] Fund Holdings - The largest fund holding TBEA shares is the Huatai-PB CSI Photovoltaic Industry ETF, with a current scale of 9.984 billion yuan and a recent net value increase of 0.36% [6]

Core Viewpoint - The company reported a significant decline in revenue and an increase in net loss for the first half of 2025, indicating challenges in the market due to intensified competition and price drops [1] Financial Performance - The company achieved a revenue of 1.673 billion yuan, a year-on-year decrease of 43.82% [1] - The net loss attributable to shareholders was 449 million yuan, an increase of 719.59% year-on-year [1] - Basic loss per share was 0.7 yuan [1] - Total assets reached 13.631 billion yuan, a growth of 10.8% compared to the end of the previous year [1] - Net assets attributable to shareholders decreased by 11.2% to 3.568 billion yuan [1] Operational Strategy - The company is implementing a strategy to phase out small, outdated kilns while increasing the proportion of large-tonnage production capacity to enhance efficiency and reduce manufacturing costs [2] - The company completed the acquisition of 74.60% of Jiangsu Kaisheng New Material Co., Ltd., which has a project for producing 1.5 million tons of ultra-thin encapsulation materials for photovoltaic modules [2] - The first 1200t/d ultra-thin rolled photovoltaic glass production line at Jiangsu Kaisheng has been successfully put into operation [2] - The 1200t/d ultra-thin rolled photovoltaic glass production line at Qinhuangdao Northern Glass Co., Ltd. was also ignited and achieved production and sales in the same month [2] - As of the end of the reporting period, large-tonnage production capacity accounted for approximately 70% of total capacity [2] - The company is planning a new generation of large-tonnage photovoltaic glass production lines, with the 2000t/d ultra-thin encapsulation materials project at Kaisheng (Zigong) New Energy Co., Ltd. nearing completion of preliminary procedures and expected to start construction in the second half of the year [2]

浦银安盛中证光伏产业交易型开放式指数 证券投资基金 基金管理人：浦银安盛基金管理有限公司 基金托管人：国泰海通证券股份有限公司 送出日期：2025 年 8 月 30 日 浦银安盛中证光伏产业 ETF2025 年中期报告 基金管理人的董事会、董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带的法律责任。本中期报告已经三分之二以 上独立董事签字同意，并由董事长签发。 基金托管人国泰海通证券股份有限公司根据本基金合同规定，于 2025 年 8 月 29 日复核了本 报告中的财务指标、净值表现、利润分配情况、财务会计报告、投资组合报告等内容，保证复核 内容不存在虚假记载、误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本 基金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告期自 2025 年 1 月 1 日起至 2025 年 6 月 30 日止。 第 2 页 共 50 页 浦银安盛中证光伏产业 ETF2025 ...