公司发布2025年中报，2025H1实现营业收入405.09亿元，同比-7.51%，实现归母净利润-49.55亿元，亏损 幅度同比扩大；2025Q2实现营业收入245.75亿元，同比+1.44%，实现归母净利润-23.63亿元，环比亏损幅 度收窄。 硅料销量全球市占率约30%，产品各项指标维持行业领先 2025H1公司实现多晶硅销售16.13万吨，全球市占率约30%保持行业第一，N型出货比例达90%以上，硅耗 降至1.04kg/kg.si 以内，蒸汽基本实现零消耗，同时产品质量进一步提升，N型料体金属降至0.1ppbw以 内，表金属降至0.2ppbw以内，显著领先行业。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 事件： 2025H1公司实现组件销售24.52GW，单 ...

专利摘要显示，本申请涉及光伏技术领域，公开了一种太阳能电池及其制备方法、光伏组件。太阳能电 池包括：硅衬底，具有相对设置的第一表面和第二表面；第一本征非晶硅层，位于所述硅衬底的第一表 面的至少部分区域；第一掺杂微晶硅层，位于所述第一本征非晶硅层背离所述硅衬底的一侧；第一掺杂 非晶硅层，位于所述第一掺杂微晶硅层背离所述第一本征非晶硅层的一侧，所述第一掺杂非晶硅层与所 述第一掺杂微晶硅层的掺杂类型相同；第一透明导电层，位于所述第一掺杂非晶硅层背离所述第一掺杂 微晶硅层的一侧。 金融界2025年8月16日消息，国家知识产权局信息显示，嘉兴阿特斯技术研究院有限公司申请一项名 为"太阳能电池及其制备方法、光伏组件"的专利，公开号CN120500118A，申请日期为2025年07月。 天眼查资料显示，嘉兴阿特斯技术研究院有限公司，成立于2020年，位于嘉兴市，是一家以从事电力、 热力生产和供应业为主的企业。企业注册资本31000万人民币。通过天眼查大数据分析，嘉兴阿特斯技 术研究院有限公司参与招投标项目99次，专利信息256条，此外企业还拥有行政许可8个。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4][15]. Core Views - The company achieved steady revenue growth, with H1 2025 revenue reaching 1.17 billion yuan, a year-on-year increase of 29.2%, and a net profit of 327 million yuan, up 38.37% year-on-year [1]. - The company has made significant technological breakthroughs in the BC battery sector, particularly in laser micro-etching technology, which has replaced traditional photolithography processes, thereby reducing costs and enhancing production efficiency [4]. - The company is expected to continue its growth trajectory, with projected net profits of 615 million yuan, 675 million yuan, and 717 million yuan for 2025, 2026, and 2027, respectively [4]. Financial Performance - In H1 2025, the company's laser processing equipment for batteries generated revenue of 1.156 billion yuan, a 29.64% increase year-on-year, with a gross margin of 47.57% [2]. - The company has effectively controlled costs during the industry downturn, reducing its expense ratio by 6.05 percentage points to 13.84% [2]. - As of the end of Q2 2025, the company's contract liabilities decreased by 17.09% year-on-year to 1.58 billion yuan, primarily due to slowed capital expenditures in the downstream sector [3]. Research and Development - The company maintained high R&D investment levels, with H1 2025 R&D expenses amounting to 121 million yuan, accounting for 10.31% of revenue [4]. - The company achieved breakthroughs in the photovoltaic sector, enhancing the quality and efficiency of component production through innovative laser welding solutions [4]. Profitability and Valuation - The company is projected to have a P/E ratio of 34 for 2025, with expected revenue growth rates of 15.10% for 2025 and 5.28% for 2026 [5][4]. - The report forecasts a steady increase in net profit margins, with a projected return on equity (ROE) of 15.47% for 2025 [5][13].

Group 1 - The core viewpoint of the news is that JA Solar (Yangzhou) Technology Co., Ltd. has applied for a patent related to perovskite solar cells, aiming to improve the photoelectric conversion efficiency of these cells [1] - The patent application, titled "A Perovskite Photovoltaic Cell and Its Preparation Method, Stacked Battery," was filed on April 2025 and has been published with the number CN120456721A [1] - The perovskite solar cell includes a perovskite light-absorbing layer and a hole transport layer stacked on one side of the perovskite layer, which contains hole transport materials and phenyl sulfonates [1] Group 2 - JA Solar (Yangzhou) Technology Co., Ltd. was established in 2006 and is located in Yangzhou, primarily engaged in the manufacturing of computers, communications, and other electronic devices [2] - The company has a registered capital of 634,087.0275 thousand RMB and has invested in five enterprises while participating in 159 bidding projects [2] - The company holds 12 trademark registrations and 461 patent records, along with 127 administrative licenses [2]

Core Insights - A group of companies under the name "爱旭" has obtained a patent for a technology related to back-contact solar cell components and photovoltaic systems, indicating a focus on innovation in the solar energy sector [1] Group 1: Patent Information - The patent titled "背接触电池组件及光伏系统" was authorized with announcement number CN223168612U, and the application date was August 2024 [1] - The patent describes a configuration involving first and second battery strings and a junction box, designed to optimize space for installation [1] Group 2: Company Profiles - Zhejiang Aisxu Solar Technology Co., Ltd. was established in 2016 with a registered capital of 5691.89 million RMB, focusing on electrical machinery and equipment manufacturing, and has 1869 patent records [2] - Zhuhai Fushan Aisxu Solar Technology Co., Ltd. was founded in 2021 with a registered capital of 4500 million RMB, primarily engaged in power and heat production, holding 1028 patents [2] - Guangdong Aisxu Technology Co., Ltd. was established in 2009 with a registered capital of 2823.47 million RMB, also in electrical machinery manufacturing, with 1752 patents [2] - Tianjin Aisxu Solar Technology Co., Ltd. was founded in 2018 with a registered capital of 1300 million RMB, focusing on chemical raw materials manufacturing, holding 1185 patents [3] - Shenzhen Aisxu Digital Energy Technology Co., Ltd. was established in 2022 with a registered capital of 650 million RMB, primarily in retail, with 454 patents [3] - Chuzhou Aisxu Solar Technology Co., Ltd. was founded in 2024 with a registered capital of 500 million RMB, focusing on technology promotion and application services, holding 151 patents [3] - Shandong Aisxu Solar Technology Co., Ltd. was established in 2023 with a registered capital of 4500 million RMB, engaged in other manufacturing, with 139 patents [4]

Group 1 - JinkoSolar has been awarded the highest "AAA" rating by PV Tech for the second consecutive quarter, achieving a score of 9.6, the highest globally, reinforcing its leading position in the photovoltaic industry [1] - The company has maintained its top position in global module shipments, with a cumulative shipment of over 320GW by the end of Q1 2025, and has been the global leader in module shipments for six consecutive quarters [1] - In the first half of 2025, JinkoSolar achieved a shipment volume of over 41GW, further solidifying its market leadership [1] Group 2 - JinkoSolar plans to strengthen its global market position with the launch of the new Tiger Neo 3.0 module, which features advanced N-type TOPCon technology, with a maximum power output of 670W and an efficiency of 24.8% [2] - The Tiger Neo 3.0 module boasts a high bifacial rate of 85%-90% and a back-side energy gain of 10%-30% in high-reflective ground scenarios, contributing to optimized levelized cost of electricity [2] - The module has a low temperature coefficient of -0.26%, with first-year degradation below 1% and an average annual linear degradation of only 0.35%, ensuring high returns over its lifecycle [2]

Group 1 - The core achievement in solar technology is the development of perovskite micro-modules by NREL and CubicPV, which have achieved a world record efficiency of 24.0% for photovoltaic conversion [1] - The performance of the photovoltaic industry is reflected in the 中证光伏产业指数 (CSI Photovoltaic Industry Index), which has seen a decline of 0.58% as of July 15, 2025, with mixed performance among constituent stocks [1] - The top-performing stocks include 横店东磁 (9.98% increase), 科华数据 (6.85% increase), and 罗博特科 (1.75% increase), while the worst performers include 协鑫集成 (4.83% decrease) and 双良节能 (3.98% decrease) [1] Group 2 - As of June 30, 2025, the top ten weighted stocks in the CSI Photovoltaic Industry Index account for 55.39% of the index, with major companies including 阳光电源, 隆基绿能, and TCL科技 [2]

Group 1 - The core achievement is the development of perovskite micro-modules with a certified photovoltaic conversion efficiency of 24.0%, setting a new world record in the field [1] - The micro-generating device consists of multiple interconnected units, indicating a significant advancement in photovoltaic technology [1]

Core Insights - The forum on space solar power stations was held in Beijing, focusing on key innovative technologies and applications in the field [1] - Experts from various disciplines discussed technological routes, new production capabilities, and innovative models to promote collaboration among researchers and support national industrial upgrades [1] Group 1: Key Presentations - Li Ming presented on the technological innovations and applications of space solar power stations, outlining China's preliminary plans and key technological achievements [3] - Huang Kama discussed significant advancements in microwave wireless energy transmission technology and its applications, including multi-target microwave charging solutions [3] - Ding Jianning provided an overview of the current status and future trends of photovoltaic technology, highlighting breakthroughs in new battery technologies and flexible components [3] - Liu Rongqiang summarized the composition and deployment principles of large space structures, discussing future development trends in construction technology [3] - Liu Zhigang addressed the demand for ultra-high power and high-voltage space power systems, presenting key technologies and research outcomes in this area [3] Group 2: High-Level Paper Discussions - Young scholars presented on topics such as optimization of microwave energy transmission systems, dynamics of large space structures, and efficient solar cells for space applications [4]

Group 1: Space Solar Power Station Innovations - The "Space Solar Power Station Innovation Technology and Application" forum focuses on key innovative technologies in the field of space solar power stations, aiming to facilitate national industrial upgrades [3][4] - Reports presented include advancements in microwave wireless energy transmission, developments in photovoltaic technology, and construction techniques for large space structures [3][4] - Experts emphasize the forum's role in transitioning China's space solar power station from theoretical concepts to engineering practices, supporting the country's energy transformation and achieving carbon neutrality goals [5] Group 2: National Water Network Construction Innovations - The "National Water Network Construction Innovation Technology" forum addresses key technological breakthroughs and frontiers in water network construction, aiming to provide innovative ideas and technical support for building a modern high-quality water security system [7] - The forum features discussions on digital twin technology, the South-to-North Water Diversion Project, and critical scientific issues related to the national water network [7]