(本文来自第一财经) 天合光能公告，预计2025年年度实现归属于母公司所有者的净利润为-750000万元到-650000万元。预计 2025年年度实现归属于母公司所有者的扣除非经常性损益的净利润为-790000万元到-690000万元。报告 期内，光伏行业仍面临阶段性供需失衡，产业链各环节开工率处于低位，市场竞争进一步加剧，叠加国 际贸易保护政策持续影响，上半年光伏产品价格较去年同期普遍承压；尽管下半年光伏产品价格在行业 反内卷工作推进下逐步提升，然而受硅料、银浆等关键原材料成本快速上涨的影响，公司组件业务全年 盈利能力较上年同期有所下滑，2025年度公司经营业绩仍然亏损。同时基于谨慎性原则，公司对出现减 值迹象的长期资产进行减值测试，经过审慎评估将按照企业会计准则计提资产减值准备，对业绩有一定 影响。 ...

消息面上，1月16日晚，钧达股份发布公告称，预计2025年度归属于上市公司股东的净亏损12亿元-15亿 元，上年同期亏损5.91亿元。公告指出，全球光伏装机量延续高增长态势，海外市场光伏电池需求尤为 旺盛，但行业供需失衡仍处周期底部，叠加主产业链价格传导不畅等多重因素影响，公司经营承压，业 绩出现阶段性亏损。同时，公司依据谨慎性原则拟计提资产减值准备，对本期业绩有一定影响。 智通财经APP获悉，钧达股份(02865)跌超3%，截至发稿，跌3.2%，报24.2港元，成交额1.54亿港元。 ...

消息面上，1月16日晚，钧达股份发布公告称，预计2025年度归属于上市公司股东的净亏损12亿元-15亿 元，上年同期亏损5.91亿元。公告指出，全球光伏装机量延续高增长态势，海外市场光伏电池需求尤为 旺盛，但行业供需失衡仍处周期底部，叠加主产业链价格传导不畅等多重因素影响，公司经营承压，业 绩出现阶段性亏损。同时，公司依据谨慎性原则拟计提资产减值准备，对本期业绩有一定影响。 钧达股份（002865）(02865)跌超3%，截至发稿，跌3.2%，报24.2港元，成交额1.54亿港元。 ...

Group 1 - The company forecasts a net profit attributable to shareholders of the parent company for 2025 to be between -358 million and -298 million yuan, representing a reduction in losses of 29.1 million to 35.1 million yuan compared to the previous year, which is a year-on-year reduction of 44.83% to 54.08% [2] - The expected net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, is projected to be between -388 million and -328 million yuan, indicating a reduction in losses of 27.4 million to 33.4 million yuan compared to the previous year, a year-on-year reduction of 41.40% to 50.46% [2] - The previous year's net profit attributable to shareholders of the parent company was -648.95 million yuan, with a total profit of -779.22 million yuan [4] Group 2 - The increase in photovoltaic installations continues, but the industry faces significant supply-demand imbalances. The company remains committed to interdisciplinary integrated research and development, driven by independent innovation [6] - During the reporting period, the sales volume of photovoltaic cells and equipment increased, leading to higher sales revenue. Last year's financials were negatively impacted by asset impairment provisions related to 2GW PERC silicon wafers and battery equipment [6] - The company plans to continue increasing investment in product research and development to achieve business breakthroughs through technological innovation and to maintain its leading position in the industry [6]

报告期内，全球光伏装机量延续高增长态势，海外市场光伏电池需求尤为旺盛，但行业供需失衡仍处周 期底部，叠加主产业链价格传导不畅等多重因素影响，公司经营承压，业绩出现阶段性亏损。同时，公 司依据谨慎性原则拟计提资产减值准备，对本期业绩有一定影响。 人民财讯1月16日电，钧达股份（002865）1月16日公告，预计2025年度归属于上市公司股东的净利润亏 损12亿元—15亿元，上年同期亏损5.91亿元。 ...

钧达股份公告，预计2025年度归属于上市公司股东的净利润亏损12亿元～15亿元，上年同期亏损5.91亿 元。扣除非经常性损益后的净利润亏损14亿元～18亿元，上年同期亏损11.18亿元。基本每股收益亏损 4.54元/股～5.67元/股，上年同期亏损2.6元/股。全球光伏装机量延续高增长态势，海外市场光伏电池需 求尤为旺盛，但行业供需失衡仍处周期底部，叠加主产业链价格传导不畅等多重因素影响，公司经营承 压，业绩出现阶段性亏损。同时，公司依据谨慎性原则拟计提资产减值准备，对本期业绩有一定影响。 ...

格隆汇1月16日｜钧达股份公告，预计2025年度归属于上市公司股东的净利润亏损12亿元~15亿元，上 年同期亏损5.91亿元。扣除非经常性损益后的净利润亏损14亿元~18亿元，上年同期亏损11.18亿元。基 本每股收益亏损4.54元/股~5.67元/股，上年同期亏损2.6元/股。全球光伏装机量延续高增长态势，海外 市场光伏电池需求尤为旺盛，但行业供需失衡仍处周期底部，叠加主产业链价格传导不畅等多重因素影 响，公司经营承压，业绩出现阶段性亏损。同时，公司依据谨慎性原则拟计提资产减值准备，对本期业 绩有一定影响。 ...

Core Viewpoint - TCL Zhonghuan forecasts a net loss of 8.2 billion to 9.6 billion yuan for 2025, showing a narrowing of losses compared to the previous year's loss of 9.818 billion yuan [2] Financial Performance - The expected net profit loss, excluding non-recurring gains and losses, is projected to be between 8.6 billion and 9.8 billion yuan, compared to a loss of 10.9 billion yuan in the previous year [2] - Basic earnings per share are anticipated to be a loss of 2.0535 to 2.4041 yuan, down from a loss of 2.4629 yuan per share in the prior year [2] Industry Context - Despite growth in new photovoltaic installations, the industry continues to face an imbalance in supply and demand, remaining at the bottom of the cycle [2] - The prices of main industry chain products are adjusting at low levels, leading to ongoing operational pressure for the company [2] Strategic Response - The company aims to address industry challenges by adhering to a philosophy of "solving problems in development and finding opportunities in overcoming difficulties" [2] - TCL Zhonghuan is implementing a demand-driven production model to assist in the restoration of supply-demand relationships [2] - The company is committed to moderate integration and globalization strategies to strengthen its photovoltaic materials business and enhance the competitiveness of its battery component products [2] Operational Improvements - During the reporting period, the company focused on improving operational management efficiency, optimizing product structure, and driving technological innovation [2] - Efforts are being made to strengthen organizational changes and cost control measures, maintaining a solid operational baseline [2] - The company has achieved positive operating cash flow, indicating improved relative competitiveness [2] Future Outlook - TCL Zhonghuan plans to continue strengthening its competitive position in photovoltaic materials and enhance the competitiveness of its new energy battery components [3] - The company aims to optimize its overseas business layout and global marketing capabilities, guided by technological innovation, product development, and quality improvement [3] - The goal is to achieve significant operational improvement by 2026 [3]

Core Viewpoint - TCL Zhonghuan, known as a leader in the silicon wafer industry, has forecasted a net profit loss of 8.2 billion to 9.6 billion yuan for 2025, indicating a slight improvement compared to the previous year's loss of 9.818 billion yuan [1][2]. Financial Performance - The expected net profit loss for 2025 is between 820 million to 960 million yuan, compared to a loss of 981.836 million yuan in the same period last year [2]. - The anticipated loss for the adjusted net profit (excluding non-recurring gains and losses) is projected to be between 860 million to 980 million yuan, down from a loss of 1.090 billion yuan in the previous year [2]. - For the first three quarters of 2025, the company reported a net profit loss of 5.777 billion yuan, with an estimated loss of approximately 2.423 billion to 3.823 billion yuan in the fourth quarter, significantly widening from a loss of 1.534 billion yuan in the third quarter [2]. Industry Context - Despite an increase in new photovoltaic installations, the overall supply and demand remain imbalanced, causing the industry to linger at the bottom of the cycle. Product prices in the main supply chain are adjusting at low levels, which continues to pressure the company's operations [2][3]. Operational Strategy - The company is focusing on improving operational management efficiency, optimizing product structure, and driving technological innovation while maintaining cost control and organizational changes to enhance competitive strength [3]. - The company reported positive operating cash flow during the reporting period [3]. Corporate Developments - The CFO of TCL Zhonghuan, Zhang Changxu, has submitted his resignation from the CFO position but will continue as a board member and take on the role of Senior Vice President, focusing on power station business and assisting the CEO with strategic projects [4]. - As of January 13, the company's stock price closed at 8.83 yuan per share, down 3.29%, with a total market capitalization of approximately 35.701 billion yuan, reflecting a 7% increase in stock price over the past year [4].

Group 1 - The company TCL Zhonghuan (002129.SZ) forecasts a net loss attributable to shareholders of between 8.2 billion to 9.6 billion yuan for the fiscal year 2025 [1] - The photovoltaic industry continues to experience growth in new installed capacity, but overall supply and demand remain imbalanced, indicating that the industry is still at the bottom of the cycle [1] - The main product prices in the industry chain are adjusting at low levels, and the transmission of these price changes is insufficient, leading to continued operational pressure on the company [1]