2025年6月20日，东方金诚对晶科能源主体及"晶能转债"定期跟踪评级，维持主体和债项信用等级为 AA+，评级展望稳定。8月28日晶科能源发布的半年度报告显示，1 - 6月营收318.31亿元，利润总额 - 42.16亿元，归母净利润 - 29.09亿元等。业绩变动主因光伏市场竞争加剧、海外贸易政策变化、产品价 格下跌。不过上半年公司组件出货量仍居行业第一，未来将推进多项举措改善盈利。东方金诚将持续关 注后续进展及对信用等级等可能产生的影响。 ...

来源：新浪财经 日前，晶科能源披露的2025年半年度报告显示，公司上半年实现营业收入318.31亿元，同比减少 32.63%；归母净利润为-29.09亿元，较去年同期12亿元的净利润，大幅转亏。 这份成绩单在光伏行业并非个例。2025年上半年，多家光伏企业陷入亏损或亏损扩大，包括隆基绿能亏 损25.69亿元、天合光能亏损29.18亿元、晶澳科技亏损25.80亿元和通威股份亏损49.55亿元等行业巨头。 晶科能源的盈利指标全面恶化，上半年毛利率为-2%，同比下降10.6个百分点，罕见跌入负值，归母净 利率为-9.1%，同比下降11.7个百分点。 细分来看，第二季度单季营收179.9亿元，同比减少25.6%，环比增长29.9%；但归母净利润仍亏损15.2 亿元，同比暴跌6336.8%。 不过，并非所有光伏企业都陷入困境。2025年上半年，阳光电源净利润77.35亿元，同比增长56%；正 泰电器净利润25.54亿元，同比增长33%；横店东磁净利润10.2亿元，同比增长59%。 这些企业能够逆势增长，主要得益于多元化业务布局或技术方面的优势。相比之下，单纯依靠组件销售 的企业则普遍陷入困境。 截至2025年第二季度， ...

Core Viewpoint - JinkoSolar (688223.SH) reported a significant decline in revenue and a shift to net loss in the first half of 2025, primarily due to intensified competition and falling prices in the photovoltaic market [1] Financial Performance - The company achieved operating revenue of 31.831 billion yuan in the first half of 2025, a year-on-year decrease of 32.63% [1] - The net profit attributable to shareholders was -2.909 billion yuan, compared to a net profit of 1.2 billion yuan in the same period last year, indicating a shift from profit to loss [1] - Basic earnings per share were -0.29 yuan [1] Market Conditions - The decline in operating revenue is attributed to increased competition in the photovoltaic market and a continuous drop in the prices of photovoltaic products, leading to a decrease in main business income [1]

人民财讯8月27日电，晶科能源(688223)8月27日晚间披露半年报，2025年上半年，公司实现营业收入为 318.31亿元，同比下降32.63%；归母净利润-29.09亿元，去年同期净利润12亿元，同比由盈转亏；基本 每股收益-0.29元。报告期内，营业收入同比减少，主要原因是光伏市场竞争加剧，光伏产品价格持续 下跌导致主营业务收入下降。 ...

Core Viewpoint - The solar industry has reported significant losses in 2024, with major companies like TCL Zhonghuan, Longi Green Energy, Tongwei Co., and Aiko Solar facing substantial net losses. However, there are signs of improvement in Q1 2025 due to self-regulatory measures in the industry [1][2]. Group 1: Financial Performance of Major Companies - TCL Zhonghuan, Longi Green Energy, Tongwei Co., and Aiko Solar reported net losses of 9.818 billion, 8.618 billion, 7.039 billion, and 5.319 billion respectively in 2024, marking the highest losses in the industry [1]. - JinkoSolar, in contrast, achieved a net profit of 0.99 billion in 2024, but reported a loss of 1.39 billion in Q1 2025, indicating a year-on-year decline of 218.20% [2][4]. - JinkoSolar's revenue in 2024 was 92.47 billion, down 22.08% year-on-year, with a net profit decline of 98.67% [4]. Group 2: Market Dynamics and Competitive Landscape - The solar market is experiencing intensified competition, leading to a significant drop in product prices: polysilicon prices fell over 39%, silicon wafer prices over 50%, battery prices over 30%, and module prices over 29% in 2024 [5]. - JinkoSolar's strategy to maintain market share involved signing numerous low-price orders, which contributed to its losses, while competitors like Longi Green Energy adopted a "volume control for profit" strategy [8][9]. - The TopCon technology, which JinkoSolar initially capitalized on, has become increasingly commoditized, diminishing its pricing power and leading to a decline in profitability [10][13]. Group 3: Future Outlook and Strategic Considerations - JinkoSolar aims to balance shipment volume and profitability, projecting a component shipment target of 20-25 GW for Q2 2025, while maintaining its position as the leading component supplier with 92.9 GW shipped in 2024 [9][19]. - The competition between TopCon and emerging technologies like BC and HJT is expected to intensify, with BC technology anticipated to surpass TopCon in market share by 2026 [17][18]. - JinkoSolar is considering a shift towards TBC or perovskite tandem cells to regain competitive advantage, although the latter may not see large-scale production for several years [18].