Core Viewpoint - The photovoltaic industry continues to face significant challenges, with many companies reporting losses in their 2025 semi-annual reports, indicating that the industry's deep adjustment may not be over yet [1][3][6]. Industry Performance - As of August 26, 30 listed photovoltaic companies have released their 2025 semi-annual reports, with 20 companies experiencing a year-on-year decline in revenue and 15 companies reporting net losses [3][4]. - Notable companies such as Longi Green Energy reported a revenue decline of 14.83% and a net loss of 2.569 billion yuan, while Tongwei reported a revenue decline of 7.51% and a net loss of 4.955 billion yuan [3][4]. Market Dynamics - The industry has seen some positive effects from self-regulation efforts initiated in the second half of last year, with prices for polysilicon and silicon wafers stabilizing [8]. - However, the pace of inventory reduction remains below expectations, and the overall market demand is showing signs of slowing down due to the end of the "rush installation" trend [8][9]. Demand and Supply Challenges - The demand side is expected to face negative impacts from demand exhaustion as the "rush installation" trend subsides [6][8]. - The industry is experiencing a significant decline in production growth rates, with battery cell and module production growth dropping below 15% [8]. International Market Uncertainties - The global photovoltaic market is slowing down, with traditional overseas markets shrinking and emerging markets like Latin America and the Middle East growing but not significantly impacting overall growth [9][10]. - Recent changes in U.S. clean energy policies have raised concerns among companies about expanding into international markets [10]. Technological Innovation - Companies are increasingly relying on technological innovation to navigate the industry's challenges, with some focusing on next-generation photovoltaic technologies like perovskite [11][12]. - However, the current low profit margins and intense competition in the crystalline silicon market are hindering the promotion and application of new technologies [12]. Regulatory and Market Support - Industry insiders emphasize the need for stronger regulatory measures to address issues like "virtual power" and "lowering quality control," which are detrimental to innovation [12]. - There is a call for government intervention to facilitate market consolidation and support the exit of outdated production capacities [12].

进入8月末，多家光伏企业接连发布2025半年报。记者梳理发现，"亏损"依旧是全行业面临的难题。 多位业内人士告诉记者，去年下半年以来的行业自律有成效，但企业去库存进度不及预期；上半年"抢 装潮"透支市场需求叠加美加征关税，致使国内外需求增长整体呈现放缓迹象；二级市场虽有回暖，但 可持续性有待检验，行业深度调整或仍尚未结束。 多位受访者表示，当前行业困境已非行业自律可以破解，亟需"有形之手"与"无形之手"协同发力。 | 证券代码 | 证券名称 | 営收[亿元] | 宫收同比增长率[%] | 净利润[亿元] | 康利润目比查到[%] | | --- | --- | --- | --- | --- | --- | | 600438.SH | 通咸股份 | 405.09 | -7.51 | -61.02 | -58.35 | | 002129.SZ | TCL中环 | 133.98 | -17.36 | -48.36 | -38.48 | | 688599.SH | 天合光能 | 310.56 | -27.72 | -28.45 | -654.47 | | 002459.SZ | 品澳科技 | 239.05 | -3 ...