1月25日晚间，全球领先的新能源智能制造解决方案服务商先导智能发布2025年度业绩预告。公告显 示，先导智能预计2025年度实现归属于上市公司股东的净利润15-18亿元，同比大幅增长 424.29%-529.15%。其中，第四季度预计实现归属于上市公司股东的净利润3.14-6.14亿元，去年同期亏 损3.22亿元，同比大幅增长197.52%-290.68%。先导智能业绩逐季加速向好，展现出强劲的增长势头。 公司预告中称，随着锂电行业持续复苏，下游加快扩产，公司订单快速回升，订单交付与项目验收节奏 的同步提速，推动了公司经营业绩的筑底回升与快速增长，整体盈利能力明显提升。业绩预告显示，四 季度公司毛利率已同环比回升，公司通过全流程降本增效提升了盈利水平，且2025年全年经营现金流回 款情况显著改善，公司经营韧性进一步增强。 近期，先导智能赴港上市事项已完成证监会备案，今日先导通过香港联交所聆讯，正式进入最后招股发 行阶段。此次若成功登陆港股，将大幅提升公司全球化发展能级，持续深化国际化战略布局；而海外高 毛利业务的稳步拓展，也将进一步增厚公司盈利空间，强化综合竞争实力，稳固行业龙头地位。 2025年，先导智能业 ...

Group 1 - The photovoltaic industry showed marginal improvement in Q2 performance, with expectations for measures to curb low-price competition and improve industry standards in the second half of the year [1] - The Ministry of Industry and Information Technology emphasized the need to curb low-price disorderly competition and promote the orderly exit of backward production capacity during a recent industry meeting [1] - The photovoltaic industry is currently at a historically low valuation level, presenting an opportunity for valuation recovery under the backdrop of anti-involution policies [1] Group 2 - After the end of the domestic photovoltaic installation rush, new installation demand has significantly declined, with July's new capacity down 47.55% year-on-year [2] - The export of photovoltaic components remains weak, with a 3% month-on-month decrease in June [2] - The demand in the Asia-Pacific market continues to decline, while imports in the Middle East, Americas, and Africa are increasing [2] Group 3 - The supply of polysilicon has increased month-on-month, but the overall supply-demand situation remains unbalanced [3] - Major manufacturers are reducing production to alleviate inventory pressure, leading to a decrease in the supply of silicon wafers [3] - The inventory days for photovoltaic glass have returned to previous low levels due to production cuts by leading companies [3] Group 4 - Prices in the photovoltaic industry chain have remained stable, with slight increases in polysilicon prices and minor rebounds in silicon wafer and solar cell prices [4] - The "anti-involution" policy has not yet been formally implemented, leading to moderate price increases [4] - Short-term price trends are expected to remain stable [4]