2月27日，晶科能源（688223.SH）披露2025年年度业绩快报，预计全年营业总收入654.92亿元，同 比减少29.18%；利润总额-91.09亿元，上年同期-0.77亿元；归属于上市公司股东的净利润-67.86亿元， 同比减少6959.50%；归属于上市公司股东的扣除非经常性损益的净利润-76.43亿元。 去年，光伏组件均价跌至0.7-0.78元/W，较2023年高点（约1.5元/W）腰斩，部分时段甚至跌破0.65 元/W，导致"量增价跌利亏"局面，这是公司业绩变化的主因。 原材料成本逆势上涨也在吞噬利润。比如，多晶硅现货价格在2025年年内涨幅超60%，白银价格上 涨140%，铜价上涨近40%，推高银浆、焊带等关键材料成本，组件生产成本与销售价格形成倒挂。 在上述困境下，晶科能源在2025年上半年的业绩表现已经让投资者震惊。其营业收入同比骤 降-32.63%，仅实现318.31亿元。归母净利润更是从2024年同期的盈利12亿元，断崖式暴跌后巨亏-29.09 亿元，同比降幅高达-342.38%。 冰冻三尺非一日之寒。实际上，晶科能源主营业务早在2024年就显露颓势，造血能力衰退在当时已 见端倪。202 ...

2月27日晚间，晶科能源公告称，2025年度营业总收入为654.92亿元，较上年同期减少29.18%；归属于 母公司所有者的净利润为-67.86亿元，同比盈转亏。 2025年末，公司总资产1191.59亿元，较期初减少1.61%；归属于母公司的所有者权益254.62亿元，较期 初减少21.19%。 晶科能源表示，报告期内，全球光伏产业链价格波动加剧，叠加海外市场贸易保护政策扰动， 光伏组 件一体化各环节的盈利水平总体承压。面对行业波动，公司坚持稳健经营、 技术引领，发布了行业领 先的新一代"飞虎3"高效组件产品，并持续推动产能技术升级改造，同时储能业务取得快速发展，光储 协同优势成效显著。 但报告期内，光伏组件价格整体处于低位，公司高功率产品出货占比仍较低，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，综合导致全年经营业绩出现亏损。 在2月27日最新的投资者关系活动上，晶科能源介绍，高功率组件是行业未来发展趋势，可显著提升电 站发电能力，降低度电成本，提升电站项目收益率，并加速行业落后产能出清， 从而引导行业走向高 质量发展 ...

北京商报讯（记者 马换换 李佳雪）2月27日晚间，晶科能源（688223）发布2025年业绩快报显示，报告 期内，公司实现营业总收入约为654.92亿元，较上年同期减少29.18%；对应实现归属净利润约为-67.86 亿元，同比转亏。 晶科能源表示，报告期内，全球光伏产业链价格波动加剧，叠加海外市场贸易保护政策扰动，光伏组件 一体化各环节的盈利水平总体承压。此外，光伏组件价格整体处于低位，公司高功率产品出货占比仍较 低，同时，公司对出现减值迹象的长期资产进行减值测试，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。 ...

格隆汇2月27日｜晶科能源公告，公司2025年实现营业总收入6,549,191.74万元，较上年同期减少 29.18%；营业利润-910,556.34万元，较上年同期减少1,248.29%；实现归属于母公司所有者的净利 润-678,593.24万元，较上年同期减少6,959.50%；基本每股收益-0.68元，较上年同期减少6,900.00%。报 告期内，全球光伏产业链价格波动加剧，叠加海外市场贸易保护政策扰动，光伏组件一体化各环节的盈 利水平总体承压。 ...

Core Viewpoint - JinkoSolar has announced a profit warning, projecting a net loss attributable to shareholders of the parent company for the year 2025 to be between -6.9 billion and -5.9 billion yuan [1] - The company also expects a net loss of -7.8 billion to -6.7 billion yuan after deducting non-recurring gains and losses for the same period [1] Group 1: Financial Projections - The projected net profit loss for 2025 is significant, indicating a challenging financial outlook for the company [1] - The anticipated losses reflect a deterioration in profitability due to various market pressures [1] Group 2: Reasons for Loss - The primary reasons for the expected losses include intensified price fluctuations across the global photovoltaic industry chain [1] - Trade protection policies in overseas markets have further disrupted the profitability of various segments within the photovoltaic component integration [1] - The overall low pricing of photovoltaic components has led the company to adopt a cautious approach, resulting in the recognition of asset impairment provisions for long-term assets showing signs of impairment [1]

Group 1 - The company forecasts a net profit attributable to shareholders of the parent company for 2025 to be between -690 million and -590 million yuan [3] - The expected net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is projected to be between -780 million and -670 million yuan [3] - The previous year's net profit attributable to shareholders was 9.89 million yuan, with a total profit of -77.06 million yuan [5] Group 2 - The company attributes the expected losses to increased price volatility in the global photovoltaic industry and trade protection policies in overseas markets, which have pressured profitability across the photovoltaic component integration [7] - The company has launched a new generation of high-efficiency components, "Flying Tiger 3," and is focusing on capacity upgrades and rapid development in the energy storage business [7] - Looking ahead to 2026, the industry is expected to shift towards high-quality development centered on technology and quality, with a potential rebalancing of supply and demand [7]

Core Viewpoint - JinkoSolar (688223) expects a significant decline in net profit for 2025, projecting a loss between 6.9 billion to 5.9 billion yuan, following a modest profit of approximately 98.93 million yuan in 2024, indicating a year-on-year shift to a loss in 2025 [1] Group 1: Financial Performance - The company attributes the anticipated losses to increased price volatility in the global photovoltaic industry and trade protection policies affecting overseas markets, which have pressured profitability across the integrated photovoltaic component supply chain [1] - JinkoSolar's high-power product shipment ratio remains low, and the company is conducting impairment tests on long-term assets, which will lead to asset impairment provisions affecting overall performance [1] Group 2: Strategic Moves - JinkoSolar's subsidiary, JinkoSolar (Haining) Co., Ltd., plans to introduce strategic investors for a capital increase of up to 3 billion yuan, primarily aimed at repaying financial and operational debts [1] Group 3: Market Performance - The company's stock price has seen a decline, with a cumulative drop of 13.44% over the trading period from January 13 to January 21, closing at 5.54 yuan per share, resulting in a total market capitalization of approximately 55.43 billion yuan [1]

Core Viewpoint - JinkoSolar expects a net profit attributable to shareholders of the parent company to be between -6.9 billion and -5.9 billion yuan for the year 2025, primarily due to intensified price fluctuations in the global photovoltaic industry and trade protection policies in overseas markets [1] Group 1: Financial Performance - The company anticipates a significant loss for the year, driven by low overall prices of photovoltaic modules and a low shipment ratio of high-power products [1] - The company is conducting impairment tests on long-term assets showing signs of impairment, which will impact financial performance [1] Group 2: Industry Context - The photovoltaic industry is experiencing increased price volatility and pressure on profitability across various segments of the integrated photovoltaic module supply chain [1] - Trade protection policies in overseas markets are contributing to the challenges faced by the industry [1] Group 3: Company Strategy - Despite industry fluctuations, the company is committed to stable operations and technological leadership, launching the new generation "Tiger 3" high-efficiency module product [1] - The company is actively promoting capacity upgrades and technological improvements, alongside rapid development in its energy storage business, highlighting the synergy between solar and storage [1]

Core Viewpoint - JinkoSolar expects a net loss attributable to shareholders of the parent company to be between 5.9 billion to 6.9 billion yuan for the year 2025, compared to a net loss of 77.06 million yuan in the same period last year [1] Group 1: Financial Performance - The primary reason for the significant change in performance is the intensified price fluctuations across the global photovoltaic industry chain [1] - The overall profitability of various segments in the integrated photovoltaic module supply chain is under pressure due to trade protection policies in overseas markets [1] - The company has a low shipment ratio of high-power products, contributing to the expected losses [1] Group 2: Asset Management - The company is conducting impairment tests on long-term assets that show signs of impairment, in line with prudent principles [1] - After careful assessment, the company will recognize asset impairment provisions according to accounting standards, which will impact overall performance [1]

Group 1: Polysilicon Market - The average transaction price of N-type polysilicon rebounded to 59,200 yuan/ton, a week-on-week increase of 9.83%, while N-type granular silicon reached 55,800 yuan/ton, with a week-on-week increase of 10.5% [1] - The price increase is driven by three main factors: a decrease in the operating rate of silicon material production, rising prices in downstream silicon wafer and battery segments, and a certain tolerance for upstream price increases from the component side [1][2] - The industry association predicts that the traditional off-season demand in Q1 remains unchanged, and without stronger demand, the current price trend lacks sustainability [1] Group 2: Silicon Wafer Market - Silicon wafer prices continued to rise, with 183N single crystal wafers averaging 1.31 yuan/piece (up 9.17%), 210RN at 1.42 yuan/piece (up 8.40%), and 210N at 1.66 yuan/piece (up 9.21%) [2] - The supply side has seen significant production cuts from silicon wafer manufacturers, leading to reduced output and lower inventory levels [2] - Despite strong pricing intentions from wafer manufacturers, the terminal component prices have not followed suit, and battery manufacturers are planning to reduce production to alleviate supply-demand pressure [2] Group 3: Battery Cell Market - The average price of battery cells for models 183N, 210RN, and 210N has risen to 0.39 yuan/W, but the transaction volume has significantly decreased [3] - Major integrated component manufacturers have paused battery cell purchases or are only accepting sporadic orders due to rising costs from silver prices exceeding 19,000 yuan/kg [3] - The overall transaction volume remains low, and it is expected that the reduction in battery production will continue into February to address cost pressures and weak demand [3] Group 4: Market Demand - Overall market demand has been weakening since the end of last year, with a gradual decline in order execution and limited visibility for new orders [4] - The overseas market has also experienced a slowdown in shipment pace, leading to a cautious procurement attitude in the first quarter [4] - The combination of seasonal demand weakness and recent price increases in components has resulted in insufficient visibility for orders in Q1 [4]