Core Viewpoint - The company, Dongfang Risen, reported a decline in revenue and gross profit due to a mismatch in supply and demand in the photovoltaic market, but continues to pursue its "new energy, new materials" strategy to enhance competitiveness in various business areas [1]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 20.239 billion yuan and total assets of 43.094 billion yuan [1]. - The revenue and gross profit levels have decreased due to the impact of falling product prices in the photovoltaic industry [1]. Group 2: Industry Overview - The global photovoltaic industry is experiencing stable development despite macroeconomic adjustments, with a cumulative installed capacity of 1624 GW in 2023, representing over a 101-fold increase since 2008 [2]. - The market is primarily driven by long-term industrial capital, with competition shifting towards performance and technology [2]. Group 3: Global Expansion and Production Capacity - Dongfang Risen is focused on global expansion in new energy and new materials, with significant sales in photovoltaic modules, achieving 18.07 GW in 2024, including 6.79 GW in overseas sales [3]. - The company has established production bases in multiple locations, including China and Malaysia, and has branches in various international markets, creating a global marketing network [3]. Group 4: Technological Advancements - The company has achieved breakthroughs in heterojunction technology and has a strong patent portfolio with 878 authorized patents as of 2024 [4]. - The average production efficiency of heterojunction batteries has surpassed 26.2%, and the company has developed high-power modules with significant performance advantages [5][6]. Group 5: Strategic Response to Industry Challenges - In the short term, the photovoltaic industry is facing structural capacity mismatches, leading to a reshaping of the competitive landscape and stabilization of profitability for manufacturers [7]. - In the long term, the decline in industry prices is expected to lower installation costs and improve investment returns, with continued growth in downstream demand for photovoltaic installations [7].

附调研内容：问题一:请问公司美国收入情况,美国对等关税政策对公司有何影响? 答:公司海外业务广泛 布局于非洲、欧洲、亚太、美洲等区域,其中2024年海尔生物的美国市场收入占公司整体收入比例不足 2%。依托美国当地化体系,公司在本次加征关税前已对意向订单进行了提前备货,因此关税对公司业务的 影响有限。 面对复杂的国际形势,公司认为应对挑战的关键在于自身能力的构建。公司通过"一国一 策"策略,持续提升本地化能力以应对风险。在本土化产品布局方面,公司高度重视区域性的产品企划,例 如超能系列产品在美国能源之星排名中位居前两位,充分展现了产品优势。在产品认证方面,公司今年陆 续完善了血站、制药、医院以及实验室系列产品的认证工作,显著提升了公司在海外市场的区域竞争 力。此外,公司还在传统业务场景基础上不断拓展新用户场景,进一步拓展全球市场的布局。 问题二:公 司2024年海外市场的业务进展情况? 答:2024年,海外市场实现收入7.15亿元,同比下降8.73%,剔除太阳能 疫苗方案影响后实现双位数增长。自进入三季度以来太阳能疫苗方案订单交付速度加快,四季度实现同 比正增长,已经基本消化了订单执行周期延长对海外收入造成的扰 ...