1月27日晚，东方日升（300118.SZ）发布2025年业绩预告，预计2025年全年归属于上市公司股东的净亏 损为23亿—29亿元；预计2025年全年归属于上市公司股东的扣除非经常性损益的净亏损为26亿—32亿 元。 过去一年，东方日升试图从"以组件为主"向"光储协同"战略转型，但期间遭遇了组件业务持续亏损、高 层变动、储能业务不及预期等多重问题，其业绩下滑在预期之内。 相比之下，HJT技术虽然在电站全生命周期发电量方面表现突出——其高转换效率、低光致衰减率及优 异双面发电特性，能够有效降低平准化度电成本，但现阶段生产成本仍高于TOPCon。这主要源于两大 不过，就在近期，随着SpaceX星链计划等商业航天项目的推进，太空光伏概念爆火，拥有异质结 （HJT）技术的东方日升股价在1月23日、26日收盘价格涨幅偏离值累计超过30%。公司在异动公告中 紧急澄清，直言"商业航天、太空光伏应用场景尚处于探索阶段，产业化进程仍面临不确定性"，并明确 表示"公司光伏产品未直接向商业航天卫星公司供货"。这份澄清，犹如一盆冷水，试图浇灭市场无端的 热情。1月27日，其收盘价22.93元/股，涨幅1.82%，总市值261亿元。 ...

Core Viewpoint - JinkoSolar has achieved a record battery efficiency of 27.79%, solidifying its position in the TOPCon technology mainstream and paving the way for future advancements in solar energy applications, particularly in space [1][2]. Group 1: Battery Efficiency and Technology Innovations - The company has integrated multiple core technological innovations, including new passivated contact technology and ultra-low optical parasitic absorption technology, to reach a new high in battery efficiency [2]. - The conversion efficiency of the perovskite tandem battery has reached 34.76%, establishing a strong foundation for space energy applications [4]. Group 2: Commodity Price Impact and Cost Reduction Strategies - The recent rise in silver and other commodity prices has prompted the company to accelerate the development of silver-coated copper technology, which is expected to provide a significant cost advantage in the industry [3]. - The company is implementing hedging strategies to mitigate the impact of raw material price fluctuations while pushing for the adoption of cheaper metal solutions [3]. Group 3: Market Demand and Pricing Dynamics - Domestic demand remains resilient, with approximately 60-70GW of large-scale projects not subject to mechanism pricing, supported by policies for green electricity direct connection [8]. - The company has adjusted its component pricing to account for raw material price increases, with short-term price stabilization expected and a long-term outlook for improved supply-demand dynamics and profitability recovery [5]. Group 4: High-Power Product Performance - The company has begun delivering high-power products (640W and above), achieving a premium of 1-2 cents per watt compared to non-upgraded products [6]. - With the anticipated release of high-power production capacity in the first half of next year, the company expects that high-power product shipments will account for no less than 60% of total shipments by 2026 [7].

Core Insights - JinkoSolar has achieved a new world record for solar cell efficiency, reaching 27.79% based on its TOPCon technology platform, certified by the German Institute for Solar Energy Research (ISFH) [1][3][6] - Elon Musk acknowledged this achievement on social media, highlighting the significance of energy technology advancements in the context of increasing energy demands in the U.S. [1][3][8] Technology and Innovation - The record-breaking efficiency is attributed to a series of innovative advancements in the TOPCon technology, including new passivation contact techniques, ultra-low optical parasitic absorption, and novel metallization methods [6][7] - The integration of these technological breakthroughs has significantly enhanced the solar cell's performance, demonstrating the ongoing potential of the TOPCon platform to lower the levelized cost of electricity (LCOE) and support global energy transition efforts [6][7] Future Developments - JinkoSolar is also developing perovskite-TOPCon tandem solar cells, which have achieved a conversion efficiency of 34.76%, further solidifying the company's leadership in next-generation solar technology [7] - The company plans to scale up production of these advanced technologies, aiming to provide more efficient and reliable solar products to global customers [7]

有投资者在互动平台向晶科能源提问："近日世界首富马斯克点赞贵公司光电转换效率新纪录：'令人印 象深刻'。考虑到马斯克旗下有特斯拉、The Boring Company、SpaceX等都有可能用上贵公司的产品， 贵公司应积极主动联系这些公司推广贵公司产品。名人效应的正面影响是很大的，比如某新能源轿车巨 头在推出轿车初期就总是宣传巴菲特投资该公司。贵公司也应利用好本次马斯克点赞的名人效应，甚至 可考虑联系马斯克投资贵公司。供参考。" 本文源自：市场资讯 针对上述提问，晶科能源回应称："尊敬的投资者您好，感谢您的诚挚建议，公司将认真考虑。公司本 次基于TOPCon技术平台高效电池效率纪录的取得，源于在TOPCon技术上的持续深耕，且TOPCon技术 能够与下一代钙钛矿叠层技术无缝衔接，公司N型TOPCon/钙钛矿叠层电池的转化效率经认证已突破 34.76%。公司在光伏技术上的连续突破，为未来在题述更多场景的应用奠定了坚实的技术基础。感谢 您的关注！" 作者：公告君 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 ...

Core Viewpoint - JinkoSolar has achieved a new world record for solar cell efficiency, reaching a maximum photoelectric conversion efficiency of 27.79% based on its TOPCon technology platform, certified by the German Institute for Solar Energy Research (ISFH) [1][3][9] Group 1: Technological Advancements - The record-breaking efficiency is attributed to a series of forward-looking layouts and deep cultivation in the core technology of TOPCon, which employs new passivation contact technology and ultra-low optical parasitic absorption techniques to enhance light utilization [6][15] - The integration of these technological breakthroughs has significantly improved the collection efficiency of photogenerated carriers, contributing to the new efficiency milestone [7][15] - JinkoSolar's Chief Technology Officer, Jin Hao, emphasized that this achievement reflects the company's long-term commitment to R&D in the TOPCon technology route, which will be gradually introduced into mass production [15] Group 2: Future Prospects - The company is also developing perovskite-TOPCon tandem solar cells, which can achieve even higher photoelectric conversion efficiencies [8][16] - JinkoSolar believes that the continuous exploration of efficiency potential in the TOPCon platform is crucial for reducing the levelized cost of electricity (LCOE) and promoting global energy transition [7][15] - Elon Musk has shown interest in energy technology advancements, linking solar energy to future space computing capabilities, which may further enhance the relevance of solar technology in various applications [11][16]

Core Viewpoint - JinkoSolar has achieved a record photovoltaic conversion efficiency of 27.79% for its high-efficiency batteries based on the TOPCon technology platform, certified by the German Institute for Solar Energy Research (ISFH) [1] Group 1: Technological Advancements - The TOPCon technology is recognized as the next-generation mainstream battery technology, with significant potential to reduce the levelized cost of electricity (LCOE) for solar power and promote global energy transition [1] Group 2: Market Developments - JinkoSolar has recently secured multiple supply agreements for its Tiger 3 high-efficiency photovoltaic modules with distributors in various countries, including France, Poland, Uzbekistan, the Netherlands, Switzerland, and Jordan [1]

Summary of Foster's Conference Call Company Overview - Foster has a healthy balance sheet with a debt-to-asset ratio below 20% and no bank debt, holding approximately 8 billion yuan in cash reserves to support business development and return value to investors. The cash dividend ratio exceeded 50% last year, with over 600 million yuan distributed, and this trend will continue this year [2][5]. Industry Insights - The price of EVA films is expected to rebound by 2026, with Foster maintaining low inventory levels of about one month. The proportion of white EVA films is decreasing, with EVA and POE films each accounting for nearly half of the production [2][7]. - The photovoltaic new materials sector is anticipated to remain stable, with overseas markets maintaining high demand, potentially increasing market share. Electronic materials are expected to grow by over 30%, and the aluminum-plastic film business is also projected to grow by over 30%, driven by solid-state battery applications [2][11]. Business Performance - In the photovoltaic sector, Foster's film production is clearing quickly, with a stable market share. The overseas market, particularly in Thailand and Vietnam, accounts for about 20% of sales. A market reversal is expected in the second half of 2026 [3]. - The electronic materials segment is experiencing explosive demand, especially in high-end electronic materials for servers, leading to significant sales growth [3]. - The aluminum-plastic film business is rapidly developing, with current production capacity at 30 million square meters, expanding to 50 million square meters, and expected to achieve profitability next year [4][23]. Future Projections - The company anticipates a steady increase in shipments in the photovoltaic new materials sector in 2026, with uncertainties in the domestic market but high expectations for overseas markets. The growth in electronic materials and aluminum-plastic films is expected to contribute significantly to overall business growth [11]. - The solid-state battery market is projected to drive demand for aluminum-plastic films due to their lightweight and extensibility advantages [3][11]. Production and Expansion Plans - Foster's overseas production capacity is nearly fully utilized, with production and sales doubling, primarily serving clients in India and the Middle East. The company is evaluating plans for a factory in the U.S. to adapt to policy changes [16]. - A domestic project worth 250 million yuan has been delayed until the end of next year, with strategic adjustments based on market demand [16]. Product Development and Innovations - Foster is advancing in the sensitive area of photonic films for space applications, showcasing the company's ability to innovate by combining materials from different fields [9]. - The company is also focusing on high-end electronic materials, with a significant push into advanced substrate applications, particularly in the automotive and server sectors [18]. Financial Health and Risk Management - The company maintains a strong financial position with a low risk of impairment due to increasing overseas sales, which are less likely to default [24]. - The average price of dry films is around 5 yuan, with high-end products reaching up to 30 yuan, and the overall gross margin is currently at 24% [20]. Conclusion - Foster is well-positioned for growth in the photovoltaic, electronic materials, and aluminum-plastic film sectors, with a strong financial foundation and strategic plans for expansion and innovation. The company is expected to continue delivering value to investors while navigating market challenges and opportunities.

Core Insights - The U.S. photovoltaic (PV) market is experiencing a dual turning point of "demand explosion + capacity return" in 2025, driven by AI computing power expansion and a declining interest rate cycle, leading to a projected installation capacity of over 60GW in 2025 with a compound annual growth rate of 20% [1][2]. Demand Side - The U.S. renewable energy generation share is low at approximately 10%, significantly below the global average of 30%, indicating substantial room for energy structure transformation [2]. - The demand for PV is catalyzed by the electricity gap created by AI data centers and manufacturing recovery, as these centers operate continuously and require stable power sources, making PV a preferred clean energy option [2]. - The arrival of a declining interest rate cycle has amplified demand potential, as the internal rate of return (IRR) for PV projects is highly correlated with interest rates, leading to lower financing costs and increased investment willingness from developers [2]. Policy Support - The U.S. government is promoting domestic PV production through a combination of "manufacturing subsidies + trade protection," establishing a solid foundation for local capacity expansion [2]. - Although the Investment Tax Credit (ITC) for distributed projects will gradually phase out after 2027, subsidies for manufacturing remain strong, with 4 cents per cell and 7 cents per module, reducing cost pressures for domestic manufacturers [2]. Domestic Capacity and Challenges - The planned domestic PV capacity in the U.S. is set to reach 60-70GW, with approximately 40GW already in production for modules, but only single-digit capacity for cells, highlighting a significant supply gap [3]. - The U.S. PV manufacturing faces challenges such as high labor, energy, and compliance costs compared to China, necessitating the adoption of more efficient and lower-cost technologies like HJT (Heterojunction Technology) [3][4]. HJT Technology Advantages - HJT technology requires only four core processes, resulting in lower operational costs (OPEX) of $5.4-5.5 million per GW, compared to $7.2 million for TOPCon technology, with a cost difference of 2 cents per watt [4]. - Even without government subsidies, HJT can achieve a profit of 1.6 cents per watt, indicating sustainable profitability post-subsidy reduction [5]. Patent Landscape - HJT technology has a patent advantage, as its core patents expired in 2015, allowing U.S. companies to expand capacity without the risk of patent litigation, unlike TOPCon and BC technologies [8]. - Several U.S. companies have announced HJT capacity expansion plans, totaling over 30GW, expected to materialize between 2026 and 2028, providing certainty for the supply chain [8][9]. Equipment Supply Chain - The surge in HJT capacity in the U.S. will benefit Chinese equipment manufacturers, who dominate the global HJT equipment market with over 70% market share, providing a competitive edge in terms of cost and service [10]. - U.S. companies prefer Chinese equipment due to significant cost advantages (60%-70% cheaper than overseas options) and faster service response times, which are crucial for meeting rapid production ramp-up needs [10]. Investment Opportunities - The expansion of domestic PV capacity and the adoption of HJT technology create clear investment themes focused on "equipment leaders + technology support," balancing performance certainty with growth potential [11]. - Key players include: - Maiwei Co., which leads in HJT equipment with over 70% market share, benefiting from U.S. capacity expansion [11]. - Aotwei, a leader in module packaging equipment, with ongoing demand from the 40GW of installed capacity [11]. - Gaomei Co., a core supplier of HJT wafer cutting equipment, benefiting from technology upgrades and U.S. capacity expansion [11]. Auxiliary Investment Themes - The demand for low-temperature silver paste and TCO targets will rise with HJT technology, driving exports of related materials [12]. - Companies producing photovoltaic glass and encapsulants are well-positioned to meet the supply chain needs of U.S. module production, leveraging global presence and cost advantages [12].

Core Viewpoint - Dongfang Risen is accelerating its energy storage business to find new growth opportunities amid a decline in its photovoltaic (PV) business, as evidenced by its recent achievements and partnerships in the energy storage sector [1][12]. Group 1: Company Background and Historical Performance - Dongfang Risen, established in December 2002, is one of the earliest companies in China's solar energy sector, transitioning from solar lighting to solar cells and modules, becoming a leading PV module manufacturer [1][4]. - The company has faced challenges, including significant losses in 2012 due to anti-dumping measures in Europe and a strategic pivot towards PV project development, which helped boost its module shipments [4][6]. - After a shift in focus to heterojunction technology (HJT) in 2018, Dongfang Risen struggled to capitalize on the TOPCon technology boom, leading to a decline in its global module shipment ranking [1][5][9]. Group 2: Financial Performance and Challenges - Dongfang Risen's financial performance has been under pressure, with net losses reported in 2020 and 2021, while competitors like Longi Green Energy achieved substantial profits [6][7]. - The company's total liabilities surged from 10.4 billion to 25.5 billion, with a debt-to-asset ratio increasing to approximately 71% [11]. - Despite some recovery in 2022 and 2023, the company faced another round of losses in 2024, marking seven consecutive quarters of losses totaling 4.369 billion [9][10]. Group 3: Energy Storage Business Development - Dongfang Risen has made significant strides in the energy storage sector, launching a comprehensive product matrix that includes large-scale, commercial, and residential storage solutions [12][14]. - The company ranked 8th globally in direct current energy storage system shipments and 4th in user-side storage systems in 2023, with a notable increase in shipments in the first half of 2025 [12][14]. - The energy storage segment has shown promising growth, with a gross margin of 22.15% in 2024, making it the second most profitable business after PV electricity sales [14]. Group 4: Future Outlook and Opportunities - The global energy storage market is experiencing rapid growth, with a year-on-year increase of 192% in overall shipments in the first half of 2025, presenting a significant opportunity for Dongfang Risen [12][14]. - The company has secured multiple international contracts, indicating a strong demand for its energy storage solutions and the potential for further expansion in this sector [13][14]. - To capitalize on the growing energy storage market, Dongfang Risen must accelerate its efforts to establish this segment as a core business, which could significantly improve its financial standing [14].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [3][9]. Core Insights - The company reported a revenue of 48 billion yuan for the first three quarters of 2025, a year-on-year decrease of 33%. The net profit attributable to shareholders was -3.92 billion yuan, with a non-recurring net profit of -4.54 billion yuan, indicating a significant loss compared to the previous year [2]. - In Q3, the company achieved a revenue of 16.2 billion yuan, down 34% year-on-year and 10% quarter-on-quarter. However, the gross profit margin turned positive at 3.75%, reflecting a 4.77 percentage point increase from the previous quarter [2]. - The company is experiencing a significant improvement in operating cash flow, with a net cash flow from operating activities of 2.47 billion yuan in Q3, marking a substantial turnaround [3]. - The company is focusing on technology upgrades, particularly with its TOPCon products, which are expected to enhance power output and profitability, potentially generating a premium of 0.5-1 cent per watt [3]. - The energy storage systems are entering a growth phase, with a target of 6 GWh in shipments for 2025, which is anticipated to contribute positively to the company's profitability [3]. Summary by Sections Performance Review - The company reported a revenue of 48 billion yuan for the first three quarters of 2025, down 33% year-on-year. The net profit attributable to shareholders was -3.92 billion yuan, with a non-recurring net profit of -4.54 billion yuan, indicating a significant loss compared to the previous year [2]. - In Q3, the revenue was 16.2 billion yuan, down 34% year-on-year and 10% quarter-on-quarter, with a gross profit margin of 3.75%, reflecting a recovery from previous losses [2]. Operational Analysis - The average delivery price of photovoltaic components has increased, leading to improved profitability. The company shipped 61.85 GW of photovoltaic components in the first three quarters, with Q3 shipments estimated at around 20 GW [2]. - The company has reported a significant improvement in operating cash flow, achieving a net cash flow from operating activities of 2.47 billion yuan in Q3 [3]. Technology and Growth Prospects - The company is continuously upgrading its TOPCon technology, with expectations that 40%-50% of its capacity will achieve power outputs above 640W by the end of 2025 [3]. - The energy storage systems are entering a growth phase, with a target of 6 GWh in shipments for 2025, which is expected to enhance profitability [3]. Profit Forecast and Valuation - The company's net profit forecasts for 2025-2027 have been adjusted to -4.92 billion yuan, 1.96 billion yuan, and 4.28 billion yuan, respectively, with expectations of gradual improvement in profitability due to technological advantages and the growth of energy storage systems [3].