Group 1: Company Performance - The company achieved a revenue of 23.905 billion CNY and a net profit attributable to shareholders of -2.580 billion CNY during the reporting period [2] - The total assets at the end of the reporting period were 105.598 billion CNY, with net assets attributable to shareholders amounting to 24.800 billion CNY [2] - The battery module shipment volume reached 33.79 GW, with overseas shipments accounting for approximately 45.93% [2][3] Group 2: Innovation and R&D - R&D investment for the first half of 2025 was 1.388 billion CNY, representing 5.81% of revenue [4] - The company holds a total of 2,072 valid patents, including 1,109 invention patents [4] - New product solutions were launched for various extreme environments, including "Desert Blue" and "Ocean Blue" products, enhancing product competitiveness [5] Group 3: Cost Management - The company established teams focused on cost reduction and efficiency improvement across various operational aspects [6] - Strategies include optimizing design costs, improving manufacturing costs, and enhancing supply chain collaboration [6] Group 4: Capacity and Technology Development - Current module capacity stands at 100 GW, with silicon wafer and battery capacities exceeding 80% and 70% of module capacity, respectively [7] - The N-type Bycium+ battery has achieved a maximum conversion efficiency of 27% [7] - The company is exploring various battery technology paths, including BC and perovskite technologies [7] Group 5: Global Strategy and Supply Chain - The company is optimizing its global logistics network to mitigate risks associated with international trade policies [8] - An international capital operation platform is being developed to enhance the company's global brand image and capital strength [9] Group 6: Market Outlook and Pricing - The overall component order prices are on an upward trend, with strategies tailored to different markets and scenarios [11] - The global installation demand is expected to increase by 15-18% in 2025 compared to 2024, primarily driven by China [12] - The company anticipates a gradual improvement in performance as the industry shifts towards high-quality development [14]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, attributed to intensified industry competition and price pressures in the photovoltaic sector [6][7]. Financial Performance - The company's operating revenue for the reporting period was CNY 23,904,547,738.48, a decrease of 36.01% compared to the same period last year [6]. - The net profit attributable to shareholders was CNY -2,580,036,902.77, representing a 195.13% decline year-on-year [6]. - The net cash flow from operating activities improved to CNY 4,507,744,337.20, a 342.44% increase compared to the previous year [6]. - Basic and diluted earnings per share were both CNY -0.79, down 192.59% from CNY -0.27 in the previous year [6]. Asset and Equity Position - Total assets at the end of the reporting period were CNY 105,598,096,155.52, down 6.52% from the previous year [3]. - The net assets attributable to shareholders decreased by 11.10% to CNY 24,800,325,903.62 [3]. Market and Operational Strategy - The company maintained its leading position in battery module shipments, with a total of 33.79 GW shipped during the reporting period, of which approximately 45.93% were exported [6][7]. - The company emphasized technological innovation, investing CNY 1,388 million in R&D, which accounted for 5.81% of its operating revenue [7]. - The company launched various high-performance products tailored for different environmental conditions, enhancing its competitive edge [7]. Global Expansion and Supply Chain Strategy - The company is advancing its internationalization strategy and optimizing its global logistics network to mitigate risks associated with international trade policies [9]. - Plans to issue H-shares and list on the Hong Kong Stock Exchange are underway to strengthen its capital structure and enhance its international brand image [9].