光伏大厂集中披露"成绩单"！ 8月22日晚间，一批A股光伏上市公司集中披露半年报。时代财经注意到，不少此前预计在8月30日披露 半年报的光伏企业，都调整至8月22日晚披露。目前，光伏一线梯队中除晶科能源（688223.SH）外， 其余大厂均在同日披露半年报。 隆基绿能（601012.SH）曾在业绩预告中表示，报告期内，公司持续加大以客户为中心的产品与服务投 入，实现了组件销量的增长，但受光伏行业主要产品市场销售价格跌破行业成本线的竞争环境影响，公 司经营仍为亏损、增量不增收。 2025年上半年以来，光伏新增装机规模继续维持较快增长。中国光伏新增装机同比大幅增长107%，达 到212.21GW，其中分布式光伏成为装机增长主力，集中式电站增速略有放缓。但价格方面，根据 InfoLinkConsulting数据，多晶硅、硅片、电池、组件产品均价分别较年初降幅约10%、20%、15%、 2%，行业主要企业均仍处于亏损状态。 隆基绿能便是上半年光伏企业中"增量不增收"的一员。 "国内组件销量实现同比超70%强劲增长；上半年硅片海外销量同比大幅增长70%以上。"隆基绿能在半 年报中表示。具体来看，上半年隆基绿能实现硅片出 ...

Core Viewpoint - The company, JA Solar Technology (002459.SZ), reported a revenue of 23.905 billion yuan for the first half of 2025, with a corresponding net profit attributable to shareholders of -2.58 billion yuan, indicating a trend of operational improvement despite industry adjustments [1] Financial Performance - The company showed a significant improvement in its financial performance in Q2 2025, with revenue and net profit attributable to shareholders increasing by 23.99% and 42.54% year-on-year, respectively, alongside a notable improvement in gross margin [2] - The company has maintained positive operating cash flow for 15 consecutive years, showcasing its strong financial management capabilities [3] Cost Control and Cash Flow Management - JA Solar is recognized for its cost control capabilities, with selling and administrative expense ratios at 6.59% and 7.84% for Q1 2024 and Q1 2025, respectively, and a further reduction in the expense ratio to 5.23% in Q2 2025 [2] - The company achieved a net cash inflow of 3.7 billion yuan in Q2 2025, contributing to a total of over 4.5 billion yuan in operating cash flow for the first half of the year [2] Strategic Initiatives - The company launched a stock incentive plan and a share repurchase plan, aiming for a net profit reduction of no less than 5% in 2025 and achieving profitability in 2026 [4] - The share repurchase plan involves an investment of no less than 200 million yuan and no more than 400 million yuan over the next 12 months, indicating management's confidence in the company's intrinsic value [4][5] Industry Context and Opportunities - Recent supply-side structural reforms and procurement trends from state-owned enterprises are injecting new momentum into the photovoltaic industry, with signs of price recovery for key products [6] - The company is well-positioned to benefit from the industry's transition from a "low-price driven" model to a "value-driven" model, aligning with its technological advancements [6][7] - By the end of 2024, the company is expected to have a production capacity of 100 GW for modules, with silicon wafer and cell capacities exceeding 80% and 70% of module capacity, respectively, allowing for effective quality control and risk reduction [7]