阿特斯（688472.SH）2025 年半年报点评 25Q2 业绩亮眼，储能成为新增长级 2025 年 08 月 24 日 事件：2025 年 8 月 21 日，公司发布 2025 年半年报。2025H1，公司实现营 业收入 210.52 亿元，同比-4.13%；归母净利润 7.31 亿元，同比-41.01%； 扣非归母净利润 8.36 亿元，同比-31.95%。2025H1，公司经营性净现金流 37.8 亿元，同比增长超 150%；计提信用及资产减值准备共 6.62 亿元，其中 计提资产减值损失 6.12 亿元，计提信用减值损失 0.50 亿元。 2025Q2，公司实现营业收入 124.67 亿元，同比+0.85%，环比+45.20%； 实现归母净利润 6.84 亿元，同比+3.51%，环比+1346.82%；实现扣非净利 润 7.49 亿元，同比+26.92%，环比+757.26%。 ➢ 组 件 坚持利润优先， 深耕 高 毛 利 市 场 。 2025H1， 公司组件销售 14.8GW，较去年同期基本持平，通过高毛利市场布局，光伏业务毛利率保 持健康状态；组件出货量排名前三的地区分别为中国、美洲、欧洲，其中 ...

Core Viewpoint - The company, Hoshine Silicon Industry (合盛硅业), continues to face a decline in profits despite a slight increase in revenue, primarily due to falling product prices and high inventory levels, leading to significant financial strain [1][5]. Group 1: Performance Decline - In 2024, Hoshine Silicon achieved revenue of 26.692 billion yuan, a slight increase of 0.41% year-on-year, but the net profit attributable to shareholders dropped by 33.64% to 1.74 billion yuan, influenced by economic fluctuations and price declines [2][5]. - The average prices for key products in 2024 showed significant declines, with industrial silicon prices down 16.36% to 11,174.75 yuan/ton [3][4]. - The company has experienced three consecutive years of revenue growth coupled with profit declines, with net profit reductions exceeding 30% each year [5]. Group 2: High Inventory Impact - Hoshine Silicon's inventory reached 9.509 billion yuan by the end of 2024, a 33.02% increase year-on-year, primarily due to production outpacing sales in industrial silicon and organic silicon [7][8]. - The company recorded asset impairment losses totaling 894 million yuan in 2024, with 933 million yuan attributed to inventory write-downs [8][9]. - The high inventory levels have created financial pressure, as the company faces challenges in liquidating excess stock while maintaining production levels [6][9]. Group 3: Debt Burden - As of the first quarter of 2024, Hoshine Silicon's total debt reached approximately 298 billion yuan, with short-term debts posing significant pressure [1][10]. - The company has been actively seeking financing solutions, including issuing asset-backed securities and bringing in strategic investors to alleviate cash flow issues [10][11]. - Nearly half of the shares held by the controlling family are pledged, indicating a reliance on external financing to manage the company's financial challenges [11][12].

Core Viewpoint - Trina Solar reported a significant decline in revenue and profit for 2024, with a focus on transitioning from a photovoltaic product manufacturer to a smart energy solution provider, emphasizing downstream applications in the photovoltaic market [1][6]. Financial Performance - In 2024, Trina Solar's revenue was 80.282 billion yuan, a year-on-year decrease of 29.20% - The net profit attributable to shareholders was -3.443 billion yuan, a decline of 162.25% - The net profit excluding non-recurring items was -5.232 billion yuan, down 190.91% - For Q1 2025, the net profit was -1.32 billion yuan [1]. Business Strategy - Trina Solar's strategy focuses on system solutions and digital energy services, which generated approximately 20 billion yuan in revenue, accounting for 25% of total revenue with high gross margins [1][6]. - The company plans to enhance its production capacity for silicon wafers, battery cells, and modules from 55/75/95 GW to 60/105/120 GW, maintaining flexibility between self-production and outsourcing [5]. Market Dynamics - The "136 Document" issued by the National Development and Reform Commission and the National Energy Administration aims to promote high-quality development in the renewable energy sector, impacting distributed power stations [2][6]. - Trina Solar is adapting to market changes by potentially outsourcing components when prices are low, ensuring a strategy of "moderate integration" to avoid capacity burdens during supply fluctuations [3][4]. Industry Context - The photovoltaic industry faced significant price declines in 2024, with polysilicon prices dropping over 39%, silicon wafer prices down over 50%, and module prices decreasing by over 29% [4]. - Major competitors in the industry, such as JinkoSolar and LONGi Green Energy, also reported substantial losses, indicating a challenging market environment [3]. Future Outlook - Trina Solar aims for a year-on-year growth of no less than 20% in its system solutions and digital energy services business [7]. - The company has approximately 24.4 billion yuan in inventory, with expectations of significant reductions as the market for photovoltaic installations ramps up [7].