（记者 胡玲） 每经AI快讯，有投资者在投资者互动平台提问：请问帝尔激光的"去银化"技术在帮助下游客户显著降低 成本、解决痛点方面，有哪些具体的突破和量化数据？这种技术价值在多大程度上是推动近期订单增长 的核心因素？此外，随着BC电池成为行业新趋势，公司在BC电池'去银化'技术路径中扮演什么角色， 预计何时能实现规模化应用？ 帝尔激光（300776.SZ）12月29日在投资者互动平台表示，公司基于BC（背接触）电池技术的"去银 化"战略布局，已成功将激光高精超细图形化设备应用于电镀铜工艺环节。该设备可精准配合客户在电 池片端实现电镀铜方案的图形化制备，目前相关技术已实现量产订单。在组件端，公司的激光焊接工艺 可良好适配铜浆。其优势主要体现在更低的电池损伤、更高的焊接精度、更高的良率等方面。使用公司 组件焊接方案，可以减少银浆耗用量，也可以用更细的焊带，有助于下游客户进一步提升双面率。 ...

Core Viewpoint - The company is making significant progress in reducing silver content in its products, with a focus on maintaining technological leadership in the industry [2] Group 1: Production and Technology - The company's subsidiary, Suzhou Jinyin, continues to maintain a leading position in industry technology [2] - The company has achieved mass production of copper products with a silver content of 10% [2] Group 2: Cost Management - The company is addressing high silver metal costs through its de-silvering research and development efforts [2]

Core Viewpoint - Jianbang High-Tech, a leading silver powder manufacturer in the photovoltaic industry, has re-submitted its IPO application to the Hong Kong Stock Exchange after its initial submission expired in May 2023. The company faces challenges due to declining demand for silver paste as photovoltaic cell manufacturers pursue "de-silvering" strategies to reduce costs, impacting Jianbang's low profit margins and leading to a projected stagnation in growth post-2025 [1][6]. Group 1: Company Overview - Jianbang High-Tech began commercial production of silver powder for photovoltaic applications in 2012 and ranks third among domestic manufacturers in China with a market share of 9.8% as of 2024 [2]. - The company’s revenue primarily comes from direct sales of silver powder, with minimal income from processing services [2]. - The actual controller of Jianbang is Chen Zichun, the son of the founder of Shandong Jianbang Group [2]. Group 2: Market Dynamics - Silver paste is the largest non-silicon cost in photovoltaic cells, accounting for approximately 12% of total costs, and about 35% of non-silicon costs when excluding silicon wafer costs [3][4]. - The trend of "de-silvering" in the photovoltaic industry aims to reduce silver paste usage, with projections indicating a continuous decline in silver paste consumption due to advancements in technology [4]. Group 3: Financial Performance - Jianbang's revenue and profit growth from 2022 to 2024 is expected to stagnate in 2025, with a reported revenue decline of 3.6% and a profit decline of 32.1% in the first eight months of 2025 [6]. - The company's gross margin has fallen below 3% for the first time, indicating a low-profit margin business model [8]. Group 4: Competitive Landscape - The photovoltaic industry is facing overcapacity risks, leading manufacturers to lower raw material costs and impose stricter pricing and payment terms on suppliers, intensifying competition in the silver powder sector [9]. - Jianbang has experienced significant increases in inventory and receivables, with inventory growing over 65% year-on-year to 121 million yuan by the end of 2024 [9]. Group 5: Future Strategies - Jianbang plans to explore new business directions, including non-silver materials in the photovoltaic sector and expansion into the Middle East market, aiming for higher profit margins [10][11]. - The company intends to allocate part of its fundraising to enhance R&D capabilities, focusing on non-photovoltaic applications and establishing a research base in East Asia [11].

Core Viewpoint - Jianbang High-Tech has re-submitted its IPO application to the Hong Kong Stock Exchange after its initial submission in May 2023 became invalid, facing challenges due to declining demand for silver paste in the photovoltaic industry and a significant drop in its profit margins [1][6]. Group 1: Company Overview - Jianbang High-Tech specializes in the production of silver powder for photovoltaic applications, ranking third among domestic manufacturers in China with a market share of 9.8% as of 2024 [2]. - The company has been operational in the silver powder industry since 2012 and primarily generates revenue from direct sales of silver powder, with minimal income from processing services [4]. Group 2: Financial Performance - The company experienced continuous revenue and profit growth from 2022 to 2024, but its growth stagnated in 2025, with revenue declining by 3.6% and profit dropping by 32.1% in the first eight months of 2025 compared to the previous year [1][6]. - Jianbang High-Tech's gross margin has fallen below 3% for the first time in 2023, indicating a low-profit margin business model [8]. Group 3: Market Dynamics - The photovoltaic industry is undergoing a trend of "de-silvering," where manufacturers are reducing silver paste usage to cut costs, impacting demand for Jianbang High-Tech's products [4][9]. - The company faces increased competition due to overcapacity in the photovoltaic battery sector, leading to stricter pricing and payment terms imposed by battery manufacturers [9]. Group 4: Strategic Initiatives - Jianbang High-Tech aims to expand into the Middle East market and explore new business directions, including non-silver materials and applications outside the photovoltaic sector, to achieve higher profit margins [1][11]. - The company plans to allocate part of its fundraising towards enhancing R&D capabilities, focusing on non-photovoltaic silver powder and conductive materials [11].

Core Viewpoint - Dike Co., Ltd. has pledged its newly acquired 60% stake in Zhejiang Sote Materials Technology Co., Ltd. to secure a loan of up to 400 million RMB, highlighting ongoing cash flow issues despite high sales volumes in the photovoltaic silver paste market [1][2]. Group 1: Acquisition Details - Dike Co., Ltd. announced two significant acquisitions: a 60% stake in Zhejiang Sote for 696 million RMB and an 80% stake in Zhejiang Jinko New Materials for 8 million RMB [2]. - The valuation for Zhejiang Sote was set at 1.16 billion RMB, representing a 74% premium over its net assets of 667 million RMB, while the valuation for Jinko New Materials reached 100 million RMB, indicating a staggering 299.08% premium over its net assets of 25.06 million RMB [2]. Group 2: Financial Performance - Dike Co., Ltd. has faced negative operating cash flow each quarter since 2019, raising concerns about its financial health [1]. - The company reported a net profit of 360 million RMB in 2024, a decline of 6.66% year-on-year, and a significant drop of 70.03% in net profit to 69.81 million RMB in the first half of 2025 [7][8]. Group 3: Market Position and Challenges - Dike Co., Ltd. is a leading player in the photovoltaic silver paste market, achieving a global market share of 26.9% in 2024, ranking first [7]. - The company faces intense competition in the silver paste market, with supply exceeding demand, particularly for front-side silver paste [9]. - Rising silver prices have increased production costs, while demand from downstream battery manufacturers has decreased due to inventory pressures [9]. Group 4: Debt and Cash Flow Management - Dike Co., Ltd.'s debt has surged from 784 million RMB in 2020 to 7.438 billion RMB in mid-2025, with a debt ratio of 80.42% [12][15]. - The company has implemented various measures to manage cash flow, including focusing on high-quality customers and improving accounts receivable management [13]. - Legal actions have been initiated against clients with outstanding debts, amounting to approximately 214 million RMB, which is 12.76% of the company's latest audited net assets [15].

Core Viewpoint - Aiko's performance in the photovoltaic industry is highlighted by its ability to achieve profitability in Q2 2025, marking it as the first silicon photovoltaic company to report a single profitable quarter amidst a challenging market environment [1][2]. Group 1: Company Performance - Aiko expects a net profit of -170 million to -280 million CNY for H1 2025, but achieved a profit of 20 million to 130 million CNY in Q2 2025, indicating a successful turnaround [1]. - The company's strategy focuses on technological innovation to enhance product competitiveness, particularly through its copper interconnection technology [1][2]. Group 2: Industry Challenges - The photovoltaic industry faces a paradox of being a green energy sector while being heavily reliant on silver, which has limited availability and increasing prices [2][5]. - China's photovoltaic industry has a significant silver consumption gap, with demand expected to rise sharply, leading to potential supply crises [5][6]. Group 3: Technological Breakthroughs - Aiko has pioneered the mass production of silver-free ABC cells, overcoming significant technical challenges associated with using copper instead of silver [7][10]. - The company has developed advanced techniques to ensure the stability and reliability of copper interconnections under extreme environmental conditions, which is crucial for long-term performance [12][13]. Group 4: Market Implications - The increasing reliance on copper interconnection technology positions Aiko as a leader in the industry, providing a sustainable alternative to silver and addressing supply chain vulnerabilities [6][9]. - Aiko's copper interconnection technology has demonstrated superior performance in terms of resilience to damage and efficiency in energy generation compared to traditional silver-based technologies [20][22].