隆基绿能 摘要 2025 年上半年光伏产业链价格触底，虽有短暂回升，但随后快速回落， 行业大面积亏损持续。隆基绿能通过改善内部运营，期间费用和资产减 值损失大幅下降，净亏损同比收窄约 51%，经营性现金流净额同比改善 达 92%。 隆基绿能 2025 年第二季度营收 191.6 亿元，环比增长约 40%，净亏 损环比收窄 21%，经营性现金流净额和综合毛利率转正。硅片出货量同 比增长 17%至 52.08GW，组件出货量同比增长 26%至 39.57GW，高 效 HPBC2.0 组件上半年出货约 4GW。 隆基绿能持续技术创新，截至 2025 年 6 月末，已获专利超 3,500 项， BC 电池组件专利 480 项。Hibc 电池研发效率达 27.81%，BC 组件效 率突破 26%，晶硅钙钛矿叠层电池转换效率达 33%，技术优势显著。 隆基绿能认为应通过技术进步鼓励先进产能，淘汰落后产能，以保持产 业持续技术进步。BC 产品在分布式场景中具有节约屋顶资源、可靠性、 美观等多重优势，全场景均具备一定溢价能力。 Q&A 2025 年上半年全球光伏市场的需求和发展态势如何？ 2025 年上半年，全球光伏市场需求 ...

Group 1 - The technology and manufacturing sectors continue to gain traction, with accelerated integration of AI technology driving smart manufacturing upgrades [1] - Recent financing activities highlight a structural vibrancy in the market, particularly in semiconductor, artificial intelligence, robotics, and advanced manufacturing sectors [1][4] - The medical device sector remains hot, with Suzhou Meichuang Medical Technology Co., Ltd. completing a significant B round financing [1][7] Group 2 - From June 9 to June 15, 37 financing events occurred in the domestic primary market, with a total scale of approximately RMB 2.646 billion [2] - The majority of financing activities were concentrated in Shanghai, Zhejiang, Jiangsu, and Guangdong provinces, with 7, 7, 6, and 6 financing events respectively [6] Group 3 - The semiconductor sector completed 6 financing rounds with disclosed amounts exceeding RMB 500 million, while the artificial intelligence sector also completed 6 rounds with amounts over RMB 846 million [4][5] - Robotics and advanced manufacturing sectors each completed 5 financing rounds, with disclosed amounts exceeding RMB 250 million and RMB 550 million respectively [4][5] Group 4 - Notable active investment institutions include Xiaomi Industrial Investment and HongShan Sequoia China, completing 3 and 2 financing rounds respectively, primarily in technology and manufacturing sectors [9][10] Group 5 - Shanghai Wastada Technology Co., Ltd. secured tens of millions of dollars in Pre-A+ financing led by the Beijing Artificial Intelligence Industry Investment Fund [42] - Suzhou Meichuang Medical Technology Co., Ltd. completed a B round financing of over RMB 100 million, marking a significant milestone in the medical device sector [22]