证券代码：300316 证券简称：晶盛机电 浙江晶盛机电股份有限公司投资者关系活动记录表 编号：2025-4 | 投资者关系活动 | √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | 类别 | □新闻发布会 □路演活动 □现场参观 □电话会议 □其他 | | 参与单位名称及 | 参见附件：参会投资者清单。 | | 人员姓名 | | | 时间 | 2025 年 8 月 25 日 | | 地点 | 杭州 | | 上市公司接待人 | 董事长 曹建伟 | | | 董事会秘书 陆晓雯 | | 员姓名 | 投资者关系 林婷婷 | | | 1、公司 2025 年半年度业绩情况？ | | | 答：报告期内，公司实现营业收入 579,895.11 万元，归属于上 | | | 市公司股东的净利润 万元。受光伏行业周期性调整影响， 63,900.63 | | | 公司光伏设备和材料收入及盈利同比下滑。受益于半导体行业持续 | | | 发展及国产化进程加快，公司半导体业务持续发展，截至 年 2025 6 | | | 月 30 日，公司未完成集成电路及化合物半导体装备合同超 37 亿元 | | ...

Group 1: Business Strategy and Resource Allocation - The company is balancing resource allocation across its photovoltaic auxiliary materials, high-efficiency batteries, and components to maximize overall efficiency amid industry adjustments [1][2]. - In response to declining product prices, the company plans to enhance its sales team's capabilities and adopt diversified product strategies to expand both domestic and international markets [2][3]. Group 2: Supply Chain and Investment Strategy - The company is cautious about external investments due to the cyclical adjustments in the photovoltaic industry, focusing on improving operational performance instead [2][3]. - There are no immediate plans to extend upstream in the supply chain, but the company will disclose any future investment plans as per regulations [2][3]. Group 3: Customer Experience and Product Development - The company emphasizes high-quality products and services to enhance user experience and retention in the distributed household business [2][3]. - The "Solar Town" service offers comprehensive lifecycle management for solar power stations, catering to diverse user needs [2][3]. Group 4: Market Expansion and Certifications - The company is actively expanding into emerging overseas markets, particularly in the Middle East, Europe, and Asia-Pacific, while monitoring international policies and market conditions [3]. - As of now, the company has obtained multiple international certifications, including CE in Europe and BIS in India, to facilitate market entry [3]. Group 5: Technological Advancements - The TOPCon battery's average conversion efficiency has exceeded 26%, positioning the company at a competitive level within the industry [3]. - Continuous research and development efforts are aimed at further enhancing conversion efficiency through innovative technologies and process optimizations [3]. Group 6: Product Performance and Market Feedback - The "Yufeng" components have received positive market feedback, showcasing advantages such as low temperature coefficients and high resistance to extreme weather conditions [3]. - The year 2024 is designated as the initial promotion year for the "Yufeng" components, with plans for increased market outreach in the future [3].

Core Viewpoint - The photovoltaic industry is experiencing a downturn, significantly impacting all segments of the supply chain, including upstream material suppliers like Meichang Co., Ltd. [1][4] Financial Performance - Meichang Co., Ltd. reported a 49.66% year-on-year decline in revenue for 2024, totaling approximately 2.27 billion yuan, and a staggering 90.84% drop in net profit, amounting to about 145.52 million yuan [2][10][17] - In Q1 2025, the company continued to face substantial declines, with total revenue down 50.61% year-on-year to 423 million yuan and net profit down 86.46% to approximately 26.47 million yuan [3][11] Market Conditions - The company's main product, diamond wire, has seen a significant price drop from 37.64 yuan/km in 2023 to around 17 yuan/km in 2024, while silicon wafer prices only fell by 30% during the same period [7][8] - The competitive landscape has intensified, leading to a "price war" that has severely eroded profit margins [8][21] Customer Dependency - Meichang Co., Ltd. has a high customer concentration, with the top five customers accounting for 68.02% of sales in 2024, indicating a reliance on a few large clients [18][19] - The largest customer’s sales proportion decreased from over 53% in 2023 to 34.01% in 2024, yet it remains a significant contributor to revenue [19][20] Industry Dynamics - The global diamond wire production capacity is projected to exceed 300 million kilometers in 2024, while the growth rate of new photovoltaic installations is expected to slow to about 25%, leading to an oversupply situation [21] - Technological advancements in the industry, particularly the shift towards N-type batteries and larger silicon wafers, are increasing the demand for higher-quality diamond wire, presenting both challenges and opportunities for Meichang Co., Ltd. [22][23] Research and Development - The company plans to accelerate its focus on tungsten wire technology, with a 230 million yuan investment in expanding tungsten wire production capacity, although current capacity remains limited [24][28] - Despite facing challenges, the company has seen a reduction in R&D expenses by 49.86% to approximately 59.85 million yuan in 2024, with a decrease in the number of R&D personnel [24][28]