TCL 中环（002129.SZ）2025 年半年报点评 成本与运营持续优化，组件业务亏损收窄 2025 年 08 月 26 日 ➢ 事件 8 月 23 日，公司发布 2025 年半年报，根据公告，25H1 公司实现营业收入 133.98 亿元，同比-17.36%，归母净利润-42.42 亿元，扣非归母净利润-44.76 亿元。 分季度来看，25Q2 公司实现营业收入 72.97 亿元，同比+16.18%，环比 +19.60%，归母净利润-23.36 亿元，扣非归母净利润-25.00 亿元。公司业绩承 压主要原因系行业需求波动，叠加供给过剩带来的产品价格下行所致。 ➢ 成本控制能力持续优化，运营效率提升 25H1 公司持续通过用料结构优化、细线化推进、供应链管理及技术革新等方式， 进一步强化公司成本控制能力，单瓦工费实现同比下降 40%，公司推进技术创新 和工艺进步，上半年单炉成本下降超过 20%；公司以销定产，加速库存去化，优 化存货结构，运营效率有所提升，库存维持健康水平。 ➢ 电池、组件短板逐步补齐，打造 BC 生态圈 25H1 公司在电池组件方面持续发力，产能已达到 24GW，组件出货规模持续提 升， ...

Core Viewpoint - Longi Green Energy is strategically focusing on Back Contact (BC) technology, which is expected to play a crucial role in the future of the photovoltaic industry [3][4]. Group 1: BC Technology Development - Longi Green Energy has established BC technology as the core product line for future development, emphasizing its competitive advantages such as higher power output and efficiency [4][5]. - The company has reported that the maximum mass production power of its HPBC second-generation components has reached 670W, which is over 30W higher than the mainstream TOPCon components [4][5]. - Longi's commitment to R&D is evident, with a planned investment of 5 billion yuan in 2024, representing 6.07% of its revenue, focusing on BC batteries and other advanced technologies [5][11]. Group 2: Industry Challenges and Responses - The photovoltaic industry is currently facing significant challenges, including a price war that has led to a more than 40% drop in component prices and a squeeze on profit margins [4]. - Longi Green Energy views the current crisis as an opportunity for transformation, launching deep structural changes in product, cost, and capacity investments [4][10]. Group 3: BC Ecosystem and Collaboration - Longi Green Energy has initiated the construction of a BC innovation ecosystem, aiming for open collaboration and mutual benefits with partners [7][9]. - The establishment of the Global BC Collaborative Innovation Center is intended to enhance cooperation and accelerate technological breakthroughs within the industry [10][11]. - The "Crowd Walker Plan" has attracted multiple partners, including Laplace and Shaanxi Xingbei New Energy Technology, to collaborate on R&D and production [8][9]. Group 4: Future Outlook - The BC technology is projected to have significant growth potential, with estimates suggesting that the domestic production capacity could increase from 25GW last year to 45-50GW this year [11]. - Experts believe that there is still over ten times the development space for BC technology, indicating a promising future for companies that can capitalize on this trend [11].

Core Viewpoint - Aiko Solar is focusing on building a sustainable BC ecosystem while maintaining stable pricing amidst intense competition in the photovoltaic industry [1][4]. Group 1: Strategic Collaborations - Since the second half of last year, Aiko Solar has engaged in strategic partnerships with upstream and downstream companies in the BC industry chain, such as Gaojing Solar and Skyworth Photovoltaics [1][4]. - During the SNEC exhibition, Aiko Solar signed over 600MW of centralized cooperation agreements and 1.6GW of distributed cooperation agreements, with a significant portion aimed at overseas markets [2]. Group 2: Market Position and Pricing Strategy - Aiko Solar's chairman emphasized the company's commitment to avoiding price wars and maintaining profitability, stating that no suppliers or distributors in the N-type BC ecosystem are currently selling at a loss [1]. - The average price of centralized BC components in the domestic market is 0.78 yuan/W, while commercial distributed BC components are priced at 0.8 yuan/W, which is higher than the average price of TOPCon components by over 0.1 yuan/W [1]. Group 3: Product Development and Cost Competitiveness - Aiko Solar's ABC components currently have slightly higher costs compared to TOPCon components, but the company expects to achieve cost parity by the second half of this year [2]. - The company plans to mass-produce solar modules with over 25% efficiency starting in the third quarter of this year, with a target of increasing overseas market share to 65% [2]. Group 4: Production Challenges and Technological Advancements - The large-scale production of BC technology faces high barriers, with Aiko Solar taking significant time to improve production yield from 70% to over 97% at its 10GW facility [3]. - The production cycle for ABC technology is longer than that of traditional TOPCon technology, posing challenges in maintaining yield and product quality [3].

Core Viewpoint - The company aims to build a new ecosystem in the photovoltaic industry, distinct from the past decade, by focusing on technological breakthroughs and collaboration with capable partners [1][2]. Group 1: Leadership Changes and Focus - Li Zhengguo has stepped down as CEO of Longi Green Energy but continues to lead the Central Research Institute and serves as Chief Technology Officer [1]. - The transition in leadership is seen as a strategic move to concentrate efforts on research and development, which Li believes is crucial for both the company and the industry [1][2]. Group 2: Technological Innovations - Longi Green Energy has introduced the HIBC (Hybrid Interdigitated Back-Contact) technology, achieving a module efficiency close to 26% through large-scale production [1]. - The company is collaborating with partners like Yingfa to enhance battery line management and production efficiency, aiming to create a more robust BC ecosystem [2]. Group 3: Industry Dynamics and Strategy - The photovoltaic industry is undergoing a deep adjustment phase, with a shift from a shortage to a surplus, which necessitates protecting technological innovations [2]. - Longi Green Energy has established partnerships to enhance BC technology standards and aims to increase its HPBC 2.0 production capacity to 50GW by the end of 2025 [3]. Group 4: Production and Market Outlook - In 2024, Longi Green Energy achieved a silicon wafer shipment of 108.46GW and expects to reach 120GW in 2025, with over 25% of component shipments being BC components [3]. - The cost gap between BC and TOPCon technologies has narrowed to 0.05 yuan/W, with expectations of cost parity by 2025 [3].

Core Viewpoint - The SNEC PV Power Expo 2025 highlighted the solar industry's transition to becoming a primary energy source, emphasizing the need for innovation and collaboration to address challenges in the sector [1][2]. Group 1: Industry Trends - The solar industry is at a critical turning point in 2025, with a historical mission to drive global energy transition [2]. - Key themes at the expo included "deep adjustment," "capacity clearing," and "innovative breakthroughs" [1]. - The industry is experiencing a deep adjustment phase, with significant changes in various business models and a mismatch between supply and demand affecting innovation [3]. Group 2: Company Initiatives - Longi Green Energy aims to build a BC ecosystem by collaborating with various partners in the industry to promote innovation and sustainable development [4][6]. - The company emphasizes an open ecosystem, encouraging collaboration with partners who share similar values while protecting intellectual property [4][6]. - Longi Green Energy's founder, Li Zhenguo, expressed the goal of creating a development model based on "independent innovation + collaborative cooperation + intellectual property protection + business protection" [6]. Group 3: Collaborations and Partnerships - Longi Green Energy is collaborating with leading companies in the photovoltaic sector, such as Emperor Laser and Xiaoniu Automation, to foster innovation [2][6]. - The BC ecosystem is open to any valuable innovative ideas, promoting genuine cooperation that benefits both parties [6]. - The importance of a robust supply chain and collaborative partnerships is highlighted as essential for the success of new technologies in the industry [4].