聚和材料（688503.SH）2025 年半年报点评 光伏浆料龙头，铜浆实现小规模出货 2025 年 08 月 28 日 事件：2025 年 8 月 26 日，公司发布 2025 年半年报。2025H1，公司实现营 业收入 64.35 亿元，同比-4.87%；实现归母净利润 1.81 亿元，同比- 39.58%；实现扣非净利润 1.56 亿元，同比-52.66%。 25Q2 公司实现营业收入 34.41 亿元，同比-9.72%，环比+14.94%；实现归 母净利润 0.91 万元，同比-59.22%，环比+1.51%；实现扣非净利润 0.68 亿 元，同比-72.53%，环比-23.60%。 ➢ 光伏浆料龙头，重视研发和创新。公司是光伏浆料龙头企业，依靠长期 自主研发，已构筑品类丰富、迭代迅速的产品体系：1）TOPCon 领域，成功 实现 TOPCon 电池 LECO 烧结银浆、TOPCon 电池密栅窄线宽背面细栅银 浆、P+型 Poly 接触银浆系列产品量产；2）HJT 领域，实现 HJT 银包铜浆料 产品的体电阻、接触电阻率和银含量大幅降低，20%及其以下银含低成本浆 料实现大批量量产，完成金属网版印刷技 ...

全球白银市场掀起狂潮：供需失衡引爆价格暴涨 伦敦金属交易所的警报声刺耳地鸣响，白银库存暴跌62%，仅剩2.8亿盎司，创下十年来的最低水平。上海保税区仓库内，现货溢价已飙升至12美元/盎 司，"加钱也难提货"的传真在贸易公司间飞速流传。 这种前所未有的紧缺，并非个案。湖南某冶炼厂的零库存状况，正成为整个产业链的缩影。下游工厂 的采购总监们甚至带着现金蹲守在车间门口，争抢刚下线的银锭，"今天出的银锭我全包！现款现结！" 货车还没装完，银锭就被三家光伏企业瓜分殆尽。 这种白银短缺的疯狂，从终端市场一路蔓延至生产源头。在湖南永兴县，号称"白银帝国"的三层银楼，用5万两白银打造的宏伟建筑，每天早上8点就被汹涌 的游客挤满。游客们举着刚购买的银镯子，兴奋地讲述着"去年买才7元/克，晚半年多花500块"的经历。 当地一家白银矿厂老板刘晓伟的柜台更是人满为 患，"每天500人起跳，投资银条半天卖空，珐琅银梳子订单涨了20%！"他身后的货车上，镀金生肖银锁正准备发往全国各地。 同在湖南，郴州一家白银门 店单日客流量突破800人，而上海豫园的商家每月销售新中式银饰则超过1万件。陈韵，一位上海豫园白银批发店的老板，指着仓库感叹道： ...

Market Performance - On the first trading day of August, the pharmaceutical sector showed strong performance, with traditional Chinese medicine stocks surging, including companies like Weikang Pharmaceutical and Xintian Pharmaceutical reaching their daily limit [2] - The Shanghai Composite Index fell by 0.19%, the Shenzhen Component Index by 0.15%, and the ChiNext Index by 0.16%, while sectors like photovoltaic, logistics, paper, and automotive saw gains [2] Photovoltaic Sector - Photovoltaic concept stocks rebounded, with significant increases in the photovoltaic equipment sector, including companies like Jiejia Weichuang and Haiyou New Materials [5] - Jiejia Weichuang announced a mid-year earnings forecast, expecting a net profit of 1.7 billion to 1.96 billion yuan for the first half of 2025, representing a year-on-year growth of 38.65% to 59.85% [6] - The increase in silicon wafer prices continued, with average prices rising approximately 0.1 yuan per piece, driven by rising raw material costs and increased downstream orders [7] Logistics Sector - The logistics sector experienced an uptick, with companies like Huapengfei, Shentong Express, and Yunda Holdings seeing significant stock price increases [9] - Shentong Express has seen a cumulative increase of over 52% since its rebound on July 10 [9] - The State Post Bureau held a meeting to address "involution" competition in the express delivery industry, promoting high-quality development [9] - The integration of the domestic express delivery industry is accelerating, with Shentong Express planning to acquire Zhejiang Dan Niao Logistics for 362 million yuan [9] - The introduction of unmanned logistics vehicles is entering a phase of large-scale commercial use, with major players like SF Express and Zhongtong expected to introduce thousands of vehicles this year [10]

Investment Rating - The report indicates a positive investment outlook for the photovoltaic industry, highlighting the increasing market share of leading companies and the ongoing trends in production and pricing [2][4][9]. Core Insights - The competitive landscape of the photovoltaic module market is improving, with the market share of the top five companies (CR5) rising from 55% in February to nearly 65%, and the top ten companies (CR10) exceeding 80% [2][4]. - The supply of silicon materials is approximately 100,000 tons, with wafer production scheduled at around 50GW, while both battery and module production exceed 55GW, indicating bottlenecks primarily in the wafer segment [2][6]. - New technologies such as silver-free and copper plating are gaining attention, with companies like Guodian and Tongwei actively promoting these innovations [2][7][9]. - Glass prices are currently between 13.5 and 14 RMB per square meter, with slight upward adjustments expected in April due to supply-demand dynamics and cost increases [2][14][15]. - The report anticipates that the photovoltaic industry will continue to concentrate around leading companies, with new technologies playing a crucial role in cost reduction and efficiency improvements [2][9][10]. Summary by Sections Photovoltaic Industry Developments - The photovoltaic industry has seen significant production increases, with March production estimated to have grown by over 35% compared to February, aligning with annual strategy forecasts [3]. - The competitive dynamics are shifting, with leading companies gaining market share while smaller firms face challenges in large-scale projects and overseas markets [4][5]. Pricing Trends - Downstream component prices are rising, with silicon material supply remaining stable, leading to expectations of gradual inventory depletion [6]. - The glass market is expected to stabilize at prices between 14 and 14.5 RMB per square meter, contingent on demand recovery [15][16]. Technological Innovations - Key innovations in the industry include silver-free and copper plating technologies, which are expected to drive future growth and efficiency [7][9][10]. - The report highlights the importance of monitoring developments in various segments to assess their impact on market dynamics and pricing trends [9]. Market Outlook - The report suggests that the photovoltaic industry will continue to evolve, with a focus on leading companies and the adoption of new technologies [9][10]. - The overall sentiment is optimistic, with expectations of stable growth and potential price increases as inventory levels adjust [18].