销量方面，2025年上半年集团独立新能源（001258）品牌汽车销量达到10312台，同比上升49.0%。其 中经销模式销量4455台，直销模式销量5857台。由于集团代理的产品在进一步向高端领域发展，今年上 半年新车平均售价达到了26.73万元，尊界S800等车辆在下半年规模交付，集团相信届时会进一步增 长，单台新车综合毛利率也维持稳定，保持在了4%以上。截止到今年上半年结束，独立新能源品牌留 存订单达到近六千张，为下半年业务持续增长奠定了基础。 公告称，2025年上半年新车销量72501辆，同比下降13.4%。新车销售及相关服务收入为205.32亿元、同 比下降14.4%;新车销售及相关服务毛利率为1.03%，同比下降0.61个百分点。上半年行业竞争白热化， 部分品牌及经销商为抢占市场份额，采取激进的降价促销策略，导致新车销售价格持续下探，单车毛利 受损。鉴于现阶段的市场竞争环境，集团于上半年主动调整了新车经营策略，核心目标从'以量取胜'转 向'量利平衡'，在一定程度上影响了短期销量规模。集团通过积极与厂方沟通，实现批零售考核任务目 标的调减，并通过加大在短视频、直播、社交媒体等新媒体获客渠道的投入，以及 ...

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].

Core Viewpoint - The company emphasizes the importance of the "anti-involution" policy in guiding the photovoltaic industry towards high-quality development, avoiding disorderly competition, and promoting rational growth and long-term health [1] Group 1: Industry Trends - The "anti-involution" policy is seen as beneficial for transitioning the photovoltaic industry from scale expansion to high-quality development [1] - In the first half of the year, China added 212 GW of new photovoltaic installations, setting a historical record, with the forecast for new installations in 2023 adjusted to between 270 GW and 300 GW [1] - A slowdown in domestic installations is expected in the second half of the year after a surge in the first half [1] Group 2: Company Strategy - The company has adopted a "quantity-profit balance" strategy since the first half of 2024, focusing on optimizing shipment structure and targeting high-value markets to self-regulate capacity [1] - The production strategy for the third quarter has been adjusted downward compared to the second quarter, prioritizing profit over sheer shipment volume while balancing supply and demand [2] - The company has a diversified supply chain to address U.S. trade tariffs and policy restrictions, leveraging its international capabilities and optimizing overseas production structure [2] Group 3: Storage Business Development - As of the end of Q1 2025, the company has approximately 91 GWh of energy storage system orders, with signed contracts amounting to $3.2 billion (approximately 229.8 billion RMB) [2] - The company has developed a comprehensive product matrix for energy storage, including large-scale storage (SolBank), commercial storage (KuBank), and residential storage (EPcube), becoming a leading supplier of energy storage system solutions in key overseas markets [2]