光伏行业龙头企业2025年业绩预亏潮继续蔓延。1月18日，通威股份和隆基绿能相继披露年度业绩预告，分别预计净亏损90—100亿元和60—65亿元，标志着 行业深度调整仍在持续。 此前，硅料龙头大全能源、组件巨头晶科能源、天合光能已相继披露2025年全年业绩预亏。这些头部企业的集中亏损，直接反映出光伏产业在产能过剩、价 格竞争激烈、海外贸易壁垒加剧等多重压力下，仍处于周期下行的深度调整阶段。 从二级市场表现看，大全能源、通威股份等龙头股纷纷创下近半年新低，反映出资金对光伏板块估值的谨慎态度。隆基绿能在业绩预告中指出，四季度银 浆、硅料成本大幅上涨，显著推升了产品成本，使得企业经营进一步承压。 市场监管总局1月6日的专题约谈会，直指光伏硅料行业"自律联盟"涉嫌垄断，要求暂停所有限产、限价相关的自律行为，意味着行业短暂建立的"反内卷防 线"被击穿，市场重新回到自由竞争状态。 亏损来源各异，产业链全线承压 从具体业务看，龙头企业亏损来源呈现差异化特征。通威股份披露，工业硅业务在产能投产爬坡调试及产品价格持续低迷影响下，导致净利润亏损同比加剧 约9亿元；电池及组件业务销售均价受市场行情影响进一步下跌，硅片-电池-组件业 ...

Core Viewpoint - The photovoltaic industry is undergoing a deep adjustment period, with significant changes in market demand growth trends. Companies like Canadian Solar (阿特斯) are adjusting their production strategies in response to these industry-wide developments [1][4]. Industry Summary - The growth rate of photovoltaic demand is slowing, becoming a consensus within the industry. The domestic photovoltaic installation market has shown a pattern of high growth followed by a decline. In the first half of the year, the newly installed capacity reached 212 GW, setting a historical record. The China Photovoltaic Industry Association has raised its forecast for new installations this year to a range of 270 GW to 300 GW. However, after the surge in installations in the first half, the pace is expected to slow down in the second half [3]. - The overseas market exhibits different development characteristics. Changes in U.S. policies have a relatively limited short-term impact on demand, while emerging markets continue to show stable growth. Rapid development in regions such as the Indo-Pacific and Middle East-Africa is providing significant support for global photovoltaic demand, with these areas gradually releasing market potential and becoming new drivers for industry growth [3]. Company Summary - In response to profound market changes, Canadian Solar has adopted a flexible production adjustment strategy. The company's third-quarter production was dynamically adjusted based on market demand, showing a decrease compared to the second quarter. This adjustment reflects the company's accurate judgment of market conditions and its ability to respond quickly [4]. - The company has stated that its component business will not solely pursue shipment scale but will prioritize profit stability. By balancing supply and demand, the company aims to ensure stable profitability. This strategic shift indicates a transition in photovoltaic manufacturing enterprises from scale expansion to high-quality development [4]. - Starting in the first half of 2024, Canadian Solar has established a "balance of quantity and profit" development strategy. The company is proactively optimizing its shipment structure and focusing on high-value markets to regulate production capacity. This forward-looking strategy is proving valuable in the current market environment, laying a foundation for maintaining competitive advantages during the industry adjustment period [4].

鉴于公司2024年末未分配利润为负值，综合考虑公司长远发展战略及短期经营状况，结合宏观经济环境 形势下经营资金周转安排，结合公司目前实际情况，凯盛新能拟定2024年度不进行利润分配，也不进行 资本公积转增股本和其他形式的利润分配。 凯盛新能主要从事新能源材料的研发、生产及销售。主营产品包括用于太阳能光伏组件的前板玻璃(超 白压花玻璃)、光伏双玻组件背板玻璃。目前，公司已在华东、华中、华北及西南地区建立了七大智能 化光伏玻璃生产基地。截至2024年末，公司在产光伏玻璃原片产能4550吨/日；现有深加工前板、背板 生产线47条，年产量约3.4亿平方米。 凯盛新能在年报中指出，2024年对公司而言是困难与挑战交织的一年。受供需矛盾和产能错配的影响， 内卷式竞争加剧，光伏产业链价格持续下跌，全行业进入深度调整期。 凯盛新能4月23日晚间披露2024年度报告。去年公司实现营业总收入45.94亿元，同比下降30.34%；净亏 损6.1亿元，同比下降254.52%。 凯盛新能指出，2024年光伏玻璃市场竞争加剧，市场行情持续走低，同时整体出货量同比有所回落，造 成营业收入同比有较大幅度下降。去年虽然主要大宗原料采购价格同比 ...