2025年8月25日，TCL中环新能源科技股份有限公司在天津举行业绩说明会，接受了南方基金、建信基 金、景顺长城基金等24家机构的调研。公司CEO、COO、CFO、董秘及相关产业负责人等参与接待。 上半年业绩承压，现金流逆势增长 2025年上半年，受市场抢装影响，Q1供需改善带来涨价潮，公司业绩呈现阶段性改善。但抢装透支 下，需求快速回落，5 - 6月份硅片价格持续下降。受价格波动及供过于求等因素影响，光伏主链价格逐 步跌至历史低位，多环节仍处于亏损阶段。 上半年公司实现营业收入134亿元，同比下降17%；净利润 - 48亿元，同比下降52%；归母净利润 - 42亿 元，同比下降38%。不过，在公司亏损的情况下，含汇票的经营性净现金流达11亿元，同比增加 177%。 硅片海外销售上，因需求和政策变化，东南亚、印度、中亚、欧洲、土耳其等地需求增长。公司在非壁 垒型市场合作稳定，对新增需求积极配合，同时布局海外产能机会。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资 ...

Summary of Key Points from the Conference Call on the Photovoltaic Industry Industry Overview - The photovoltaic (PV) industry faced challenges in Q2 and Q3 of 2024, with 52 surveyed companies reporting no losses in Q2 but only marginal profits in Q3 [2][3] - The industry began self-regulated production cuts in December 2024, indicating that the worst period has passed, with component prices starting to rise by the end of February 2025 due to a surge in commercial distributed power station installations [2][3] Price Trends and Market Dynamics - Component prices are expected to fluctuate, with a forecasted drop to around 0.65 yuan in June-July 2025, but not below previous lows, indicating a seasonal fluctuation pattern [2][3] - The overall trend for 2025 is anticipated to be high at the beginning and lower towards the end of the year, but new lows are unlikely [3][4] Demand Forecast - Future demand for PV is expected to stabilize, with government measures in place to prevent significant declines despite market trading impacts [4] - The explosive demand growth in 2023 and 2024 was driven by falling component prices, and the government is expected to intervene to maintain stability post-2025 [4] Supply-Side Measures - The supply side is currently executing self-regulated production cuts, with potential energy consumption restrictions expected to stabilize prices and promote healthy development [5][6] - The industry is in a low supply phase, with many companies reducing production or exiting the market, which is expected to optimize competition [6][7] Technological Advancements - BC battery technology is gaining attention, with companies like Aiko Solar rapidly developing their capacity, expected to exceed 10GW in orders [8][9] - High-efficiency BBC batteries are popular in the European high-end market, and the acceptance of BC batteries in large ground-mounted power stations is increasing [9][10] Market Opportunities and Risks - The transition from silver paste to copper paste in PV production is a significant cost-reduction strategy, with companies like Tongwei leading the way [14][15] - If all silver paste were replaced with copper, companies like Dike would see a drop in revenue but potentially an increase in profit due to lower material costs [16] Company-Specific Insights - Aiko Solar's rapid development in the BC battery sector positions it well for future market share growth, especially in light of patent disputes surrounding TOPCon technology [9] - Longi Green Energy is upgrading its BC2 production capacity, with significant output expected in Q2 2025 [11] Investment Considerations - Many PV companies are opting to lower their convertible bond prices, indicating a belief that the industry cycle is nearing its bottom [18] - The impact of convertible bonds on future development is notable, with companies like Longi and JA Solar adjusting their bond prices to provide a safety margin for investors [19] Recommended Stocks - In the PV materials sector, recommended stocks include: - Point Sequence for high-efficiency new technologies - Boqian New Materials for cost reduction and efficiency - Dike for convertible bonds [20]