Investment Rating - The investment rating for Longi Green Energy is "Buy" (maintained) [1] Core Views - The report highlights that in Q2 2025, the company has reduced its losses compared to previous quarters, and the mass production of BC (Bifacial Cell) technology is progressing steadily [1][8] - The company is expected to face challenges due to intensified industry competition and declining prices for photovoltaic modules, leading to a downward adjustment in profit forecasts for 2025-2027 [8] Financial Performance Summary - Total revenue for 2023 is projected at 129,498 million RMB, with a slight increase of 0.39% year-on-year. However, a significant decline of 36.23% is expected in 2024, followed by a further decrease of 20.16% in 2025, before recovering in subsequent years [1][9] - The net profit attributable to shareholders is forecasted to be 10,751 million RMB in 2023, with a drastic loss of 8,618 million RMB in 2024 and a continued loss of 4,484 million RMB in 2025, before returning to profitability in 2026 and 2027 [1][9] - The earnings per share (EPS) is expected to be 1.42 RMB in 2023, dropping to -1.14 RMB in 2024 and -0.59 RMB in 2025, with a recovery to 0.41 RMB in 2026 and 0.96 RMB in 2027 [1][9] Production and Sales Insights - In the first half of 2025, the company produced 52.08 GW of silicon wafers and shipped 41.85 GW of battery modules, with Q2 shipments showing a significant increase [8] - The report indicates that the company’s second-generation BC technology is progressing well, with a production capacity of 24 GW by the end of Q2 2025 [8] Financial Health Indicators - The company maintains a healthy financial position with a debt-to-asset ratio of 60.72% and a low interest-bearing debt ratio of 21.45% as of the end of H1 2025 [8] - Operating cash flow for Q2 2025 was reported at 12.6 billion RMB, showing a significant improvement compared to previous quarters [8]

Core Viewpoint - The A-share market is entering a peak period for the disclosure of mid-year performance reports, with all reports expected to be completed by August 29. The market's focus on performance has significantly increased recently [2][5]. Group 1: Performance Overview - As of August 26, 3,233 listed companies have disclosed their mid-year performance reports, achieving a disclosure rate of 60.85% [2]. - The net profit growth rates for the first half of 2025 for all A-shares, non-financial A-shares, and the main board are 9.85%, 6.74%, and 9.23% respectively, indicating sustained economic vitality in the second quarter [7][11]. - The second quarter performance growth is primarily concentrated in cyclical industries, brokerage firms, agriculture, forestry, animal husbandry, and power equipment [10][12]. Group 2: Industry Insights - The industries with high growth in Q2 include cyclical sectors (steel, non-ferrous metals, building materials), brokerage firms, agriculture, forestry, animal husbandry, and power equipment [10][12]. - Other sectors showing performance potential include TMT (Technology, Media, and Telecommunications), consumer goods, and manufacturing [11][12]. - The current low-priced high-performing sectors are mainly in consumer goods, as well as certain cyclical and manufacturing sectors, including agriculture, new consumption (beverages, personal care products), and medical services [12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's short-term profitability is under pressure, but it is expanding its overseas production capacity [1] - The company has experienced a significant increase in overseas sales, which accounted for 51.87% of total sales in H1 2025, doubling from 2024 [8] - The company is focusing on cost reduction and efficiency improvement through technological research and development [8] - The company has reported a positive operating cash flow and a significant decrease in inventory levels [8] - The profit forecast has been adjusted downwards due to intensified industry competition and low pricing, with expected net profits for 2025-2027 being -3.9 billion, 7.6 billion, and 13.1 billion respectively [8] Financial Summary - Total revenue for 2023 is projected at 18,657 million, with a year-on-year growth of 60.90% [1] - The net profit attributable to shareholders for 2023 is expected to be 815.64 million, with a year-on-year increase of 13.77% [1] - The earnings per share (EPS) for 2023 is estimated at 2.79 yuan, with a P/E ratio of 17.82 [1] - The company’s operating cash flow for H1 2025 is reported at 1.6 billion, a decrease of 70.8% year-on-year [8] - The company’s total assets are projected to reach 17,503 million by 2025, with a debt-to-asset ratio of 76.38% [9]

Core Insights - The company, Laplace, reported a total revenue of 3.062 billion yuan for the first half of 2025, representing a year-on-year growth of 20.49% [1] - The net profit attributable to shareholders was 397 million yuan, an increase of 12.94% compared to the same period last year [1] - Basic earnings per share stood at 0.98 yuan [1] Industry Overview - The global energy transition is ongoing, with solar installation demand continuing to grow; in the first half of 2025, domestic solar installations reached 212 GW, a year-on-year increase of 107% [1] - Despite the growth in downstream installations and solar product demand, the industry faces structural challenges, with prices in key segments remaining low and competition being intense [1] Company Developments - The company is actively pursuing technological innovation in the photovoltaic sector, focusing on N-type battery technologies such as TOPCon and XBC, and expanding into the semiconductor equipment market [2] - In the photovoltaic equipment sector, the company is enhancing product competitiveness through continuous product iteration and customized solutions, while also making progress in key equipment technologies [2] - The company filed 194 new patent applications during the reporting period, bringing the total authorized patents to 905, covering various critical areas [3] Project Progress - The company is advancing its fundraising project for the "High-end Photovoltaic Equipment R&D and Production Headquarters," with construction officially underway after obtaining the necessary permits [3] - During the reporting period, the company conducted impairment tests on various assets, resulting in a total impairment loss of 179 million yuan [3]

北京商报讯（记者 马换换 王蔓蕾）8月26日晚间，拉普拉斯（688726）发布2025年半年度报告显示，公 司上半年实现归属净利润约为3.97亿元，同比增长12.94%。 财报显示，2025年上半年，拉普拉斯实现营业收入约为30.62亿元，同比增长20.49%；对应实现归属净 利润约为3.97亿元，同比增长12.94%。公司表示，报告期内，营业收入同比增长20.49%，主要得益于公 司在新型高效光伏电池片设备领域的技术优势及公司产品良好的竞争能力，随着公司产品在客户端不断 交付和验收，营业收入相应增长。 据了解，拉普拉斯主营业务为光伏电池片制造所需高性能热制程、镀膜及配套自动化设备等的研发、生 产与销售，并可为客户提供半导体分立器件设备、设备的配套零部件及服务。 交易行情显示，8月26日，拉普拉斯股价收涨2.49%，收于49.79元/股，总市值201.8亿元。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - "Anti - involution" related convertible bonds are cost - effective absolute - return assets. The position and bond selection of "anti - involution" sector convertible bonds are the "decisive factors" for the future market due to three reasons: large capital capacity, high cost - performance of underlying stocks, and low bond prices with debt - bottom value support [1][9]. - Five convertible bonds are recommended: Youfa Convertible Bond, Wankai Convertible Bond, Keshun Convertible Bond, Feng 22 Convertible Bond, and Tian 23 Convertible Bond [3][11]. 3. Summary According to the Directory 3.1 Overall Logic and Layout Ideas - **Large capital capacity**: "Anti - involution" sector has a large number of convertible bonds. Industries such as power equipment and basic chemicals have many convertible bonds in existence. If "anti - involution" progresses beyond expectations, it may drive up the underlying stocks and the convertible bond index [1][9]. - **High cost - performance of underlying stocks**: Some industries' underlying stocks, like those in steel, basic chemicals, and power equipment, are under pressure. But "anti - involution" may improve supply - demand, and the leading enterprises may have stronger profit elasticity after industry clearance. Also, the stock prices are low, so there is potential for valuation repair [2][10]. - **Low bond prices with debt - bottom value support**: Most "anti - involution" related convertible bonds have conversion values below 120 yuan, and many are in the 60 - 90 yuan and 90 - 120 yuan ranges. Debt - type/balanced convertible bonds have better debt - bottom protection, suitable for absolute - return funds [2][10]. 3.2 Individual Bond Selection 3.2.1 Youfa Group/Youfa Convertible Bond - Youfa Group is the largest domestic welded - steel pipe enterprise. In 2025, the welded - pipe price declined. With the improvement of downstream demand and the new supply - side reform in the steel industry, the company plans to expand its domestic and overseas layouts [14][15]. 3.2.2 Wankai New Materials/Wankai Convertible Bond - Wankai New Materials is a leading domestic polyester material enterprise. In 2024, the domestic polyester bottle - chip market had increased production but decreased prices. New applications may bring new demand. Many enterprises in the industry are reducing production, which may optimize the supply - demand pattern and increase the company's profitability [20][23]. 3.2.3 Keshun Co., Ltd./Keshun Convertible Bond - Keshun focuses on building waterproofing solutions. The domestic waterproofing industry is highly fragmented, but the new regulations may benefit leading enterprises. Keshun will expand its retail, non - real - estate, and overseas businesses, and improve profitability through R & D and cost reduction [26][31]. 3.2.4 Xin Fengming/Feng 22 Convertible Bond - Xin Fengming is a major player in the polyester fiber industry. The upstream raw material supply is abundant, which is beneficial for the polyester end. Due to environmental policies and industry integration, some small enterprises are being eliminated, and the industry structure is being optimized [32][33]. 3.2.5 Trina Solar/Tian 23 Convertible Bond - Trina Solar is involved in photovoltaic products, energy storage, and system solutions. The Chinese photovoltaic industry faces challenges, but the "anti - involution" action and policy support may bring price recovery, technology premium, and industry integration, and improve the company's profitability and stock valuation [38][39].

Core Viewpoint - The company, Hema Electric Power Electronics Co., Ltd., is experiencing positive market dynamics due to its focus on photovoltaic inverters and energy storage products, benefiting from the depreciation of the RMB and plans for share repurchase and increase in holdings by major shareholders [2][3]. Company Overview - Hema Electric Power Electronics Co., Ltd. specializes in the research, manufacturing, and sales of photovoltaic inverters, energy storage products, and electrical equipment [2][7]. - The company's main products include micro-inverters, monitoring equipment, distributed photovoltaic power generation systems, modular inverters, and energy storage systems [2][7]. - The company has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, indicating its strong market position and innovation capabilities [2]. Financial Performance - For the first quarter of 2025, the company reported a revenue of 336 million, representing a year-on-year growth of 1.46%, while the net profit attributable to the parent company was a loss of 10.36 million, a decrease of 115.39% year-on-year [8]. - As of March 31, the company had 10,400 shareholders, with an average of 11,875 circulating shares per person, reflecting a slight decrease in shareholder numbers but an increase in average shares held [8]. Market Dynamics - The company's overseas revenue accounted for 64.25% of total revenue, benefiting from the depreciation of the RMB [3]. - The stock price of Hema shares increased by 0.79% on August 26, with a trading volume of 178 million and a turnover rate of 1.26%, leading to a total market capitalization of 14.12 billion [1][3]. Shareholder Activity - On March 5, 2025, Hangkai Holdings Group announced plans to increase its holdings in Hema shares, with an investment amount between 111.5 million and 223 million, funded by its own resources and special loans [3].

从资金流向上来看，当日光伏设备板块主力资金净流出20.22亿元，游资资金净流入6.48亿元，散户资金 净流入13.74亿元。光伏设备板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600151 | 航天机电 | 8.73 | 9.95% | 94.27万 | 7.96亿 | | 603398 | *ST沐邦 | 5.78 | 5.09% | 16.47万 | 9461.91万 | | 300751 | 迈为股份 | 88.13 | 4.43% | 10.81万 | 9.44(乙 | | 688516 | 圆特维 | 41.38 | 3.55% | 12.07万 | 4.98亿 | | 300724 | 捷佳伟创 | 86.77 | 3.22% | 33.54万 | 29.23亿 | | 688680 | 海优新材 | 50.45 | 2.81% | 5.06万 | 2.58亿 | | 688726 | 拉普拉斯 | 49.79 | 2.49% | 4.62万 | 2.3 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a global leader in photovoltaic storage with strong growth and is expanding into AIDC to create a third growth curve [7] - The company's revenue for the first half of 2025 reached 43.53 billion yuan, a year-on-year increase of 40.3%, with a net profit of 7.73 billion yuan, up 56% year-on-year [7] - The report anticipates continued high growth in the energy storage sector and stable growth in the inverter business, reflecting the company's strong global leadership [7] Financial Performance Summary - Total revenue forecast for 2023A is 72.25 billion yuan, with a year-on-year growth of 79.47%, and projected to reach 113.05 billion yuan by 2027E [1] - Net profit attributable to shareholders is expected to grow from 9.44 billion yuan in 2023A to 17.89 billion yuan in 2027E, representing a year-on-year growth of 162.69% in 2023A [1] - The latest diluted EPS is projected to increase from 4.55 yuan in 2023A to 8.63 yuan in 2027E [1] Revenue and Profitability Insights - The company's revenue from photovoltaic inverters in the first half of 2025 was 15.3 billion yuan, a year-on-year increase of 17.1%, while the energy storage system revenue surged to 17.8 billion yuan, up 127.8% year-on-year [7] - The gross margin for the energy storage system was 39.9%, indicating strong profitability despite a slight decrease [7] Future Outlook - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 14 billion yuan, 16.2 billion yuan, and 17.9 billion yuan respectively, with corresponding growth rates of 27.2%, 15.4%, and 10.5% [7] - The target price is set at 140 yuan per share based on a 2026 PE of 18 times [7]

Group 1 - The A-share market saw a significant rise on August 26, 2025, with all three major indices turning positive, and the Carbon Neutrality ETF (159790) increasing by 0.32% with a trading volume exceeding 74 million yuan [1] - The Carbon Neutrality ETF (159790) is the largest carbon neutrality-themed ETF in the market, tracking the China Securities Low Carbon Economy Theme Index, focusing on companies in battery, electricity, and photovoltaic equipment sectors [2] - The ETF benefits from the national "3060" carbon peak and carbon neutrality goals, indicating a broad growth potential for related new energy and energy-saving environmental protection companies [2]