证券代码：688223 证券简称：晶科能源 公告编号：2026-011 债券代码：118034 债券简称：晶能转债 一、2025年度主要财务数据和指标 单位：人民币万元 ■ 注：1、本报告期初数同法定披露的上年年末数。 2、以上财务数据及指标以合并报表数据填列，但未经审计，最终结果以公司2025年年度报告为准。 3、上表中基本每股收益的普通股股数为总股本扣除回购股份的加权平均数。归属于母公司所有者的每 股净资产中期末通股股数为总股本扣除回购证券账户的股份数。 二、经营业绩和财务状况情况说明 晶科能源股份有限公司 2025年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内 容的真实性、准确性和完整性依法承担法律责任。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以晶科能源股份 有限公司（以下简称"公司"）2025年年度报告为准，敬请投资者注意投资风险。 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 报告期内，公司实现营业总收入6,549,191.74万元，较上年同期减少29.18%；营业利润-910,556 ...

Core Viewpoint - YN Technology (688348.SH) has experienced a decline contrary to the sector, primarily due to deteriorating fundamentals and insufficient market confidence [1] Business Performance - The company announced on January 30, 2026, that it expects a net loss attributable to shareholders of 115 to 140 million yuan for 2025, a shift from a profit of 140 million yuan in 2024. The main reason for the loss is a significant drop in revenue from micro-inverters due to a downturn in the European residential photovoltaic market, alongside increased R&D and sales expenses. This result deviates significantly from some institutions' previous profit forecast of 120 million yuan, raising concerns about profitability [1] Business Development - In the first half of 2025, revenue from micro-inverters declined by 42.07%, while the growth rate of the energy storage business was only 6.74%, significantly lower than peers like Deye Technology, which saw its energy storage business nearly double. The company's energy storage business mainly relies on the domestic commercial market, with slow overseas expansion and less than 7% investment progress in self-produced capacity projects, failing to fully realize the synergy between solar and storage [2] Project Progress - As of the end of the third quarter of 2025, the company had a total of 1.826 billion yuan in cash and financial products, with a debt-to-asset ratio of only 20%. However, the progress of fundraising projects is slow, such as the R&D center project, which is only 36.33% complete and has been delayed until 2027. The contrast between ample cash and slow strategic implementation has intensified market doubts about execution capability [3] Stock Performance - On February 13, 2026, YN Technology's stock price fell by 3.43%, while the photovoltaic equipment sector declined by 3.59% and the new energy index dropped by 2.18%. Although the decline was slightly smaller than the sector, the company's market value has evaporated by nearly 50 billion yuan since its peak in 2022, representing a reduction of over 85%, highlighting individual risk amid a prolonged weak trend [4]

Core Viewpoint - The article discusses the evolving landscape of the photovoltaic (PV) industry, emphasizing the importance of integrating energy storage with solar power systems to enhance project value and long-term returns. The introduction of Tongwei's TNC 3.0 series solar modules is highlighted as a response to market demands for higher efficiency and reliability in energy generation [2][4][13]. Group 1: Industry Trends - By 2025, China's cumulative photovoltaic installed capacity is expected to reach 315 GW, with new energy storage installations growing by 85% year-on-year to 144.7 GW [2]. - The era of merely pursuing installation scale is ending; future success will depend on the effective integration of photovoltaic systems with energy storage to achieve greater system benefits [2]. - The industry consensus is shifting towards the necessity of energy storage for project value enhancement and the selection of high-quality, adaptable solar modules for securing long-term returns [2]. Group 2: Tongwei TNC 3.0 Module Features - The TNC 3.0 series features a maximum power output of 770W and an efficiency of 24.8%, supported by a comprehensive reliability solution that includes high power output, high bifaciality, and improved performance in high-temperature and low-light conditions [4][6]. - The TNC 3.0 modules utilize a 360° passivated cell technology, achieving over 26.3% efficiency, which enhances energy output and reduces losses [6]. - The design includes a four-slice structure that minimizes micro-damage and optimizes electrical performance, resulting in a temperature coefficient of -0.26%/°C, ensuring stable power output even in high-temperature conditions [6][11]. Group 3: Performance Enhancements - The TNC 3.0 modules demonstrate significant advantages in energy generation across various climates, with performance improvements of 1.23% to 1.90% compared to conventional half-cell TOPCon modules [6]. - The bifaciality of the TNC 3.0 modules reaches 85±5%, enhancing energy capture in reflective environments such as sandy or snowy areas, which is crucial for maximizing overall system efficiency [8][9]. - The modules are designed to maintain high power output even under low light conditions, addressing the challenge of energy generation during peak pricing periods [10]. Group 4: Reliability and Long-term Performance - The TNC 3.0 modules incorporate a dual-channel circuit design that mitigates the impact of shading or faults, thereby reducing energy loss and enhancing performance under non-ideal conditions [11]. - The four-slice design distributes stress more evenly, reducing the risk of micro-cracks by 50% compared to traditional half-cell structures, which enhances long-term reliability [11]. - The modules achieve a first-year degradation of ≤1% and a linear annual degradation of ≤0.35%, ensuring stable output and meeting investor demands for predictable returns [11]. Group 5: Future Outlook - The TNC 3.0 series is positioned to play a critical role in the integration of photovoltaic and energy storage systems, responding to the industry's need for high power output, comprehensive generation capabilities, and reliability [13]. - The launch of TNC 3.0 reflects Tongwei's ongoing technological advancements and provides a model for the industry as it navigates the transition into a "value deep water zone" [13].

公告称，报告期内，全球光伏产业链价格波动加剧，叠加海外市场贸易保护政策扰动，光伏组件一体化 各环节的盈利水平总体承压。报告期内，光伏组件价格整体处于低位，公司高功率产品出货占比仍较 低，同时基于谨慎性原则，公司对出现减值迹象的长期资产进行减值测试，经过审慎评估将按照企业会 计准则计提资产减值准备，对业绩有一定影响，综合导致全年经营业绩出现亏损。 晶科能源表示，面对行业波动，公司坚持稳健经营、技术引领，发布了行业领先的新一代"飞虎3"高效 组件产品，并持续推动产能技术升级改造，同时储能业务取得快速发展，光储协同优势成效显著。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 王凯丰）晶科能源1月21日晚披露业绩预告，经财务部门初步测算，预计 2025年实现归母净利润为亏损59亿元至69亿元，上年同期为盈利9892.76万元；预计2025年实现扣非净 利润为亏损67亿元至78亿元。 上证报中国证券网讯（记者 王凯丰）晶科能源1月21日晚披露业绩预告，经财务部门初步测算，预计 2025年实现归母净利润为亏损59亿元至69亿元，上年同期为盈利9892.76万元；预计2025年实现扣非净 利润为亏损67亿元至78 ...

每经AI快讯，1月21日，晶科能源(688223.SH)公告称，预计2025年年度实现归属于母公司所有者的净利 润为-69亿元到-59亿元。上年同期为盈利9892.76万元。面对行业波动，公司发布了行业领先的新一 代"飞虎 3"高效组件产品，并持续推动产能技术升级改造，同时储能业务取得快速发展，光储协同优势 成效显著。报告期内，光伏组件价格整体处于低位，公司高功率产品出货占比仍较低，同时基于谨慎性 原则，公司对出现减值迹象的长期资产进行减值测试，经过审慎评估将按照企业会计准则计提资产减值 准备，对业绩有一定影响，综合导致全年经营业绩出现亏损。 ...

Core Viewpoint - The performance forecasts of leading A-share photovoltaic companies, Longi Green Energy and Aiko Solar, indicate a significant reduction in losses for 2025, suggesting potential industry recovery amidst supply-demand imbalances and price competition [1][4]. Group 1: Company Performance - Longi Green Energy expects a net loss of 6 billion to 6.5 billion yuan for 2025, a decrease from a loss of 8.618 billion yuan in the previous year [4]. - Aiko Solar anticipates a net loss of 1.2 billion to 1.9 billion yuan for 2025, significantly improved from a loss of approximately 5.319 billion yuan in the prior year [4]. - The performance of these leading companies reflects structural changes within the photovoltaic industry [4]. Group 2: Industry Dynamics - The photovoltaic industry is facing supply-demand imbalances and intensified low-price competition, compounded by rising raw material costs and trade barriers [4]. - The cancellation of export tax rebates for photovoltaic products, effective April 1, is expected to shift competition from price-based to value-based, benefiting larger manufacturers [5]. - There are indications of a potential "export rush" before the rebate cancellation, with some manufacturers reportedly raising prices [5]. Group 3: Technological Advancements - Longi Green Energy emphasizes product leadership with its HPBC 2.0 modules, which are noted for their high efficiency and commercial viability, establishing a competitive edge in the distributed high-end market [4]. - The industry is witnessing a trend where leading companies leverage technological advancements to improve profitability amidst competitive pressures [5]. Group 4: Strategic Moves - Longi Green Energy is optimizing its global business layout in response to international trade conditions and is enhancing its system solution capabilities through collaboration in energy storage [5]. - The company has recently acquired a stake in Suzhou Jingkong Energy Technology Co., marking its entry into the energy storage sector [5][6].

Core Viewpoint - Longi Green Energy (601012.SH) is expected to report a net loss attributable to shareholders of 6 billion to 6.5 billion yuan for the year 2025, with a net loss excluding non-recurring gains and losses projected to be between 6.8 billion and 7.4 billion yuan [1] Industry Summary - The photovoltaic industry is facing a mismatch in supply and demand, with ongoing low-price competition leading to sustained low operating rates [1] - Domestic electricity market reforms are deepening, while overseas trade barriers are intensifying, creating a challenging and complex operating environment for photovoltaic companies [1] Company Summary - In the fourth quarter, the costs of silver paste and silicon materials surged significantly, which has increased the costs of silicon wafers, batteries, and module products, further pressuring the company's operations [1] - Due to persistently low product prices and cost pressures, the company's operational performance is expected to remain in the red for 2025 [1] - The company is focusing on high-value, scenario-based solutions to create a differentiated competitive advantage, leveraging its long-standing leading products, global channels, and brand strength [1] - The company maintains a leading market share in module products, achieving expected yield rates for its high-efficiency BC second-generation products, and has successfully scaled up production with rapid shipment growth [1] - The company has completed pilot testing for the technology that substitutes silver paste with cheaper metals and is beginning to construct large-scale production capacity [1] - The company is optimizing its global business layout in response to changes in international trade conditions and enhancing its system solution capabilities through coordinated solar and storage strategies, while continuously improving organizational efficiency and reinforcing sustainable development resilience [1]

Core Viewpoint - Traditional manufacturing enterprises are accelerating their energy transition driven by dual factors: "dual carbon" goals and the wave of smart manufacturing [1] Group 1: Company Collaboration - Jiangsu-listed photovoltaic company GoodWe (688390.SH) has partnered with Shandong Mingyu Heavy Industry Co., Ltd. to create a demonstration energy storage project that integrates solar energy and storage [1] - The project utilizes GoodWe's smart energy WE platform to address various electricity usage challenges and establish a replicable model for green and smart transformation in manufacturing [1][4] Group 2: Energy Transition Benefits - Mingyu Heavy Industry has experienced significant benefits from green energy, with its early photovoltaic power station generating approximately 12 million kWh annually, leading to substantial savings on electricity costs [3] - The company has expanded its energy solutions by developing a 120 kW solar-storage integration project to meet increasing electricity demands and ensure stable power supply [3] Group 3: GoodWe's Market Position - GoodWe, established in November 2010 and listed in September 2020, specializes in the research, production, and sales of solar and energy storage equipment, reporting a revenue of 6.194 billion yuan in the first three quarters of the year, a year-on-year increase of 25.30% [4] - The company provides a multi-supply guarantee system for Mingyu Heavy Industry, enhancing the stability of electricity supply across various scenarios [4][6] Group 4: Strategic Expansion - GoodWe has been actively expanding its presence in Shandong, focusing on photovoltaic power station construction and smart energy solution promotion, covering various scenarios including distributed and integrated building photovoltaic systems [6] - The company has previously collaborated on a building-integrated photovoltaic project in Tai'an, marking a significant step in comprehensive energy demonstration projects [6]

Core Insights - The report emphasizes the importance of AI as a driving force in the semiconductor industry, predicting significant capital expenditure growth in the future [4] - It highlights the expanding infrastructure gap in AI, driven by surging demand for training and inference [5] - The report notes that the endpoint AI singularity is approaching, with short-term focus on mobile phones and glasses, and long-term on robotics [5] Summary by Sections AI and Semiconductor Industry - AI has significantly boosted the semiconductor sector over the past two years, with expectations for continued high capital expenditure [4] - The infrastructure gap in AI is widening due to increased demand for training and inference capabilities [5] Market Opportunities - The report identifies key market opportunities in the semiconductor industry, particularly in AI-related applications [4] - It suggests that the upcoming trends in endpoint AI will focus on mobile devices and wearable technology, with a long-term view towards robotics [5]

Group 1 - The core viewpoint of the report emphasizes the steady progress of "anti-involution" in the photovoltaic industry, highlighting the potential of new technologies and the synergy between solar energy and storage [1] - The report predicts that China's newly installed photovoltaic capacity in 2025 will reach 270-300 GW, maintaining a year-on-year growth of -3% to 8% [2][7] - The report indicates that the photovoltaic industry in China will directly influence global installation expectations, with China's share of global new installations expected to remain above 50% in 2024 and 2025 [7][10] Group 2 - The report outlines the trend of market-oriented electricity production, noting that the introduction of market mechanisms has led to a decrease in photovoltaic grid connection prices, impacting investment decisions [13][14] - It highlights that the photovoltaic supply-demand mismatch is being addressed through self-discipline and legal reforms, which are expected to improve the industry's overcapacity situation [18][29] - The report discusses the profitability recovery of the photovoltaic sector, with net profits of the photovoltaic equipment sector reaching historical peaks in 2023, followed by a forecasted recovery in 2026 as supply-side reforms take effect [22][56] Group 3 - The report emphasizes the importance of differentiated competition in the photovoltaic market, suggesting that technological and regional sales differentiation will be key to future competitiveness [42][44] - It notes that the TOPCon technology is expected to lead the next generation of photovoltaic products, with significant efficiency improvements anticipated [47][50] - The synergy between solar energy and storage is highlighted as a crucial path for future transformation, with both the Chinese and U.S. markets showing strong growth potential in energy storage [51][55] Group 4 - The report identifies key investment opportunities in the photovoltaic sector, including companies involved in polysilicon production, new technologies, solar-storage integration, and overseas capacity expansion [56] - It suggests that companies like LONGi Green Energy, Trina Solar, and JinkoSolar are well-positioned to benefit from the growing energy storage market [55][56] - The report concludes that the overall photovoltaic industry is expected to recover from previous losses, with a focus on sustainable growth driven by technological advancements and market reforms [56]