奥特维8月25日披露2025年半年度报告。今年上半年，奥特维实现营业收入33.79亿元，同比下降23.57%；归母净利润 3.08亿元，同比下降59.54%；扣非净利润2.89亿元，同比下降62.21%。 | 主要会计数据 | 本报告期 | 上年同期 | 本报告期比上年 | | --- | --- | --- | --- | | | (1-6月) | | 同期增减(%) | | 营业收入 | 3,379,377,117.38 | 4,421,762,104.90 | -23.57 | | 利润总额 | 358,559,444.14 | 920,026,536.33 | -61.03 | | 归属于上市公司股东的净利润 | 307.618.012.48 | 760,300,707.78 | -59.54 | | 归属于上市公司股东的扣除非经常性 损益的净利润 | 288.565.474.41 | 763,529,522.42 | -62.21 | | 经营活动产生的现金流量净额 | 474.844.879.94 | -40.469.855.63 | 不适用 | | | 本报告期末 | 上年度末 | 本报告期末比 ...

Core Viewpoint - Goldman Sachs warns that the photovoltaic glass industry is expected to face deeper downturns in profitability from the second half of 2025 to 2026 due to high production costs and weak demand [1][2]. Industry Summary - The photovoltaic glass industry is experiencing significant challenges, including difficulties in production cuts and high costs, leading to further declines in glass prices [1][3]. - Inventory levels among production companies have rapidly decreased since mid-July, driven by expectations of price increases and preemptive stockpiling by component manufacturers [2]. - Weekly glass shipment volumes surged to approximately 22 GW in the last week of July, nearly doubling from the average of 12 GW in early July, resulting in a reduction of inventory days from 33.4 to 22.6 [2]. Price and Cost Forecast - Due to the average age of industry furnaces, supply reductions will primarily occur through shutdowns rather than cold repairs, leading to increased production costs [3]. - A 15% reduction in capacity is projected to increase unit production costs by 10%, with costs rising significantly depending on the number of production lines shut down [3]. - Price forecasts for photovoltaic glass have been revised downwards by 9%-20% for Q3 2025 to 2026, now expected to be between 10-11 yuan per square meter, while maintaining a long-term price target of 13 yuan per square meter for late 2026 [3]. Company Performance - Both major players in the photovoltaic glass sector, Xinyi Solar and Flat Glass, reported disappointing earnings, prompting Goldman Sachs to maintain a "sell" rating [4]. - Xinyi Solar's revenue for H1 2025 fell by 7% to 10.9 billion yuan, with net profit plummeting 59% to 746 million yuan, significantly below Goldman Sachs' forecast [4]. - Flat Glass's preliminary net profit for Q2 2025 is expected to decline by 81%-88%, also falling short of expectations [4]. - Consequently, EBITDA forecasts for Xinyi Solar and Flat Glass for 2025-26 have been drastically reduced by 73% and 58%, respectively [4].