中报显示，报告期内，中来股份积极开展光伏辅材、高效电池及组件、光伏应用业务。2025年上半年， 公司实现营业收入约为33.04亿元，同比增长7.25%；对应实现归属净利润约为-1.69亿元，同比减亏。 北京商报讯（记者 马换换 王蔓蕾）8月23日，中来股份（300393）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-1.69亿元，同比减亏。 ...

Group 1: Business Strategy and Resource Allocation - The company is balancing resource allocation across its photovoltaic auxiliary materials, high-efficiency batteries, and components to maximize overall efficiency amid industry adjustments [1][2]. - In response to declining product prices, the company plans to enhance its sales team's capabilities and adopt diversified product strategies to expand both domestic and international markets [2][3]. Group 2: Supply Chain and Investment Strategy - The company is cautious about external investments due to the cyclical adjustments in the photovoltaic industry, focusing on improving operational performance instead [2][3]. - There are no immediate plans to extend upstream in the supply chain, but the company will disclose any future investment plans as per regulations [2][3]. Group 3: Customer Experience and Product Development - The company emphasizes high-quality products and services to enhance user experience and retention in the distributed household business [2][3]. - The "Solar Town" service offers comprehensive lifecycle management for solar power stations, catering to diverse user needs [2][3]. Group 4: Market Expansion and Certifications - The company is actively expanding into emerging overseas markets, particularly in the Middle East, Europe, and Asia-Pacific, while monitoring international policies and market conditions [3]. - As of now, the company has obtained multiple international certifications, including CE in Europe and BIS in India, to facilitate market entry [3]. Group 5: Technological Advancements - The TOPCon battery's average conversion efficiency has exceeded 26%, positioning the company at a competitive level within the industry [3]. - Continuous research and development efforts are aimed at further enhancing conversion efficiency through innovative technologies and process optimizations [3]. Group 6: Product Performance and Market Feedback - The "Yufeng" components have received positive market feedback, showcasing advantages such as low temperature coefficients and high resistance to extreme weather conditions [3]. - The year 2024 is designated as the initial promotion year for the "Yufeng" components, with plans for increased market outreach in the future [3].

Group 1 - The company proposes a cash dividend of 2.90 yuan (including tax) for every 10 shares for the year 2024, with remaining undistributed profits carried forward to future years [4] - The company achieved a total power generation of 1739.52 billion kWh and a grid-connected power generation of 1647.11 billion kWh in 2024, representing year-on-year increases of 6.56% and 6.60% respectively [8] - The company reported total assets of 1540.85 billion yuan and a net profit attributable to shareholders of 77.53 billion yuan, reflecting a year-on-year growth of 18.92% [8] Group 2 - The national electricity consumption is projected to reach 9.85 trillion kWh in 2024, with a year-on-year growth of 6.8%, slightly up by 0.1 percentage points from the previous year [4] - The total installed power generation capacity in the country is expected to reach 3.35 billion kW by the end of 2024, marking a year-on-year increase of 14.6% [4] - The share of coal-fired power generation in the total generation is projected to be 54.8% in 2024, with significant contributions from hydropower, nuclear power, wind, and solar energy [4] Group 3 - The photovoltaic industry in China is experiencing continuous growth, with polysilicon production reaching 1.82 million tons in 2024, a year-on-year increase of 23.6% [6] - The market share of n-type TOPCon solar cells has risen to 71.1%, while PERC cells have decreased to 20.5% in 2024 [7] - The prices of various photovoltaic products have significantly declined, with polysilicon prices dropping over 39% and silicon wafer prices falling over 50% in 2024 [8]

Investment Rating - The report rates the electricity energy industry as "Outperforming the Market" [1][53]. Core Viewpoints - The industry is expected to outperform the CSI 300 index over the next six months due to favorable fundamentals [1][53]. - Recent performance shows that the electricity equipment index has outperformed the CSI 300 index by 1.40 percentage points, with a decline of 0.83% compared to a 2.22% drop in the CSI 300 [5][11]. Market Performance - During the period from February 24 to February 28, 2025, the CSI 300 index fell by 2.22%, while the electricity equipment index decreased by 0.83%, ranking 15th among 31 first-level industries [5][12]. - The top-performing sub-sectors within the electricity energy category included batteries and photovoltaic materials, with increases of 8.32%, 4.93%, and 2.83% respectively [15]. Electricity Industry Operations - In December 2024, the total electricity consumption reached 883.5 billion kWh, marking a year-on-year growth of 3.27%. The cumulative electricity consumption for the entire year was 9,852.1 billion kWh, reflecting a 6.81% increase [17][18]. - The newly added power generation capacity for the year 2024 was 43,323 MW, which is a year-on-year increase of 17.38% [20]. New Power System Situation Photovoltaics - As of February 26, 2025, the prices of upstream raw materials for photovoltaics are at a low point, with signs of a turning point for components and photovoltaic glass [30]. Energy Storage - By the end of 2024, China's operational energy storage projects had a cumulative installed capacity of 137.9 GW, a year-on-year increase of 59.9% [36]. Lithium Batteries - As of February 28, 2025, the price of lithium carbonate was 74,700 RMB per ton, showing a slight decrease [39]. Charging Infrastructure - By the end of January 2025, the total number of charging facilities in the country reached 13.21 million, a year-on-year increase of 49.12% [43].