高功率组件需求强劲 对于业绩波动的原因，公司表示，报告期内全球光伏产业链价格波动加剧，叠加海外市场贸易保护政策 扰动，光伏组件一体化各环节盈利水平总体承压。同时，光伏组件价格整体处于低位，公司高功率产品 出货占比仍较低，叠加基于谨慎性原则计提的长期资产减值准备，导致全年经营业绩出现亏损。 尽管短期承压，公司仍坚持稳健经营、技术引领，发布新一代"飞虎3"高效组件产品，持续推动产能技 术升级，储能业务也取得快速发展，光储协同优势初步显现。 高功率组件是行业未来发展趋势，可显著提升电站发电能力，降低度电成本，提升电站项目收益率，并 加速行业落后产能出清，从而引导行业走向高质量发展。据了解，晶科能源最新飞虎3产品可实现最高 功率670W，组件转化效率24.8%，且具备优异的弱光响应能力，全年公司640W以上高功率产品出货占 比预计可达六成。 "近期公司国内外组件产品报价均明显上升，相较于前期低点平均涨幅约30%-40%，彰显了市场对高效 率、高性能的飞虎3产品需求强劲，和公司在全球光伏市场的议价能力与技术领先优势。"此前，晶科能 源相关负责人表示。 2月28日，晶科能源股份有限公司(以下简称"晶科能源")发布2025 ...

2月27日晚间，晶科能源公告称，2025年度营业总收入为654.92亿元，较上年同期减少29.18%；归属于 母公司所有者的净利润为-67.86亿元，同比盈转亏。 2025年末，公司总资产1191.59亿元，较期初减少1.61%；归属于母公司的所有者权益254.62亿元，较期 初减少21.19%。 晶科能源表示，报告期内，全球光伏产业链价格波动加剧，叠加海外市场贸易保护政策扰动， 光伏组 件一体化各环节的盈利水平总体承压。面对行业波动，公司坚持稳健经营、 技术引领，发布了行业领 先的新一代"飞虎3"高效组件产品，并持续推动产能技术升级改造，同时储能业务取得快速发展，光储 协同优势成效显著。 但报告期内，光伏组件价格整体处于低位，公司高功率产品出货占比仍较低，同时基于谨慎性原则，公 司对出现减值迹象的长期资产进行减值测试，经过审慎评估将按照企业会计准则计提资产减值准备，对 业绩有一定影响，综合导致全年经营业绩出现亏损。 在2月27日最新的投资者关系活动上，晶科能源介绍，高功率组件是行业未来发展趋势，可显著提升电 站发电能力，降低度电成本，提升电站项目收益率，并加速行业落后产能出清， 从而引导行业走向高 质量发展 ...

证券代码：688223 证券简称：晶科能源 公告编号：2026-011 债券代码：118034 债券简称：晶能转债 一、2025年度主要财务数据和指标 单位：人民币万元 ■ 注：1、本报告期初数同法定披露的上年年末数。 2、以上财务数据及指标以合并报表数据填列，但未经审计，最终结果以公司2025年年度报告为准。 3、上表中基本每股收益的普通股股数为总股本扣除回购股份的加权平均数。归属于母公司所有者的每 股净资产中期末通股股数为总股本扣除回购证券账户的股份数。 二、经营业绩和财务状况情况说明 晶科能源股份有限公司 2025年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内 容的真实性、准确性和完整性依法承担法律责任。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以晶科能源股份 有限公司（以下简称"公司"）2025年年度报告为准，敬请投资者注意投资风险。 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 报告期内，公司实现营业总收入6,549,191.74万元，较上年同期减少29.18%；营业利润-910,556 ...

Group 1 - A total of 1123 A-share listed companies have released their 2025 performance forecasts, with 602 companies expecting profits and 521 companies anticipating losses [1][2] - Among the companies predicting profits, Zijin Mining leads with a forecasted net profit of 52 billion yuan, followed by Luoyang Molybdenum with 20.8 billion yuan [2][3] - The automotive sector, represented by SAIC Motor, is expected to see a significant profit increase of 438%-558%, the highest growth rate among the top ten profit forecast companies [2][3] Group 2 - The real estate sector dominates the list of companies forecasting significant losses, with China Fortune Land Development expected to lose between 16 billion and 24 billion yuan [3][4] - Other sectors facing losses include the photovoltaic industry, with Tongwei Co., TCL Zhonghuan, and Trina Solar among the top ten companies predicting losses [4][5] - JinkoSolar is projected to experience the largest decline in net profit, with a decrease of 6063.96%-7074.8% due to price fluctuations in the global photovoltaic industry [9][10] Group 3 - Companies like *ST Weir and Tonghua Dongbao are expected to see substantial profit growth, with *ST Weir forecasting a net profit increase of 8303.8%-9599.14% [6][8] - Approximately 260 companies are expected to have a net profit growth rate exceeding 100%, accounting for about one-fifth of the companies that have released forecasts [7][8] - The performance of companies in the photovoltaic sector is under pressure due to market conditions, impacting their profitability despite efforts to innovate and upgrade technology [9][10]

Core Viewpoint - JinkoSolar, a leading company in the photovoltaic industry, is expected to report a significant loss for the year 2025, marking its first annual loss in nearly a decade, despite a rise in its stock price on the announcement day [1] Group 1: Company Performance - JinkoSolar forecasts a net profit loss of between 59 billion to 69 billion yuan for 2025, with a non-recurring net profit loss estimated between 67 billion to 78 billion yuan, compared to a net profit of 0.99 billion yuan in the same period last year [1] - The company attributes its expected losses to intensified price fluctuations in the global photovoltaic supply chain and a general decline in profitability across various segments [1] - Other companies in the photovoltaic sector, including Trina Solar, LONGi Green Energy, and Tongwei Co., have also reported similar forecasts, indicating a trend of expected losses across the industry [2][4] Group 2: Industry Trends - As of January 22, 2023, 20 photovoltaic companies have disclosed their 2025 performance forecasts, with many expecting significant losses, highlighting a broader industry downturn [2] - Tongwei Co. anticipates losses of 90 billion to 100 billion yuan, citing ongoing supply surplus and price declines, while TCL Zhonghuan expects losses between 82 billion to 96 billion yuan due to persistent low prices [3][4] - The industry is facing challenges such as rising raw material costs and insufficient price transmission to downstream markets, which are squeezing profit margins for major players [4] Group 3: Positive Signals - Only Hongyuan Green Energy is expected to turn a profit, with a forecasted net profit of 1.8 billion to 2.5 billion yuan, attributed to its vertically integrated supply chain and strategic asset sales [5] - Some companies, like Aiko Solar, report a narrowing of loss margins compared to the previous year, indicating potential improvements in operational efficiency and cost management [5] - Analysts suggest that the space photovoltaic sector may emerge as a new growth area, driven by the demand for satellite internet and advancements in photovoltaic technologies [6]

Group 1 - The company forecasts a net profit attributable to shareholders of the parent company for 2025 to be between -690 million and -590 million yuan [3] - The expected net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is projected to be between -780 million and -670 million yuan [3] - The previous year's net profit attributable to shareholders was 9.89 million yuan, with a total profit of -77.06 million yuan [5] Group 2 - The company attributes the expected losses to increased price volatility in the global photovoltaic industry and trade protection policies in overseas markets, which have pressured profitability across the photovoltaic component integration [7] - The company has launched a new generation of high-efficiency components, "Flying Tiger 3," and is focusing on capacity upgrades and rapid development in the energy storage business [7] - Looking ahead to 2026, the industry is expected to shift towards high-quality development centered on technology and quality, with a potential rebalancing of supply and demand [7]

Core Viewpoint - JinkoSolar expects a net profit attributable to shareholders of the parent company to be between -6.9 billion and -5.9 billion yuan for the year 2025, primarily due to intensified price fluctuations in the global photovoltaic industry and trade protection policies in overseas markets [1] Group 1: Financial Performance - The company anticipates a significant loss for the year, driven by low overall prices of photovoltaic modules and a low shipment ratio of high-power products [1] - The company is conducting impairment tests on long-term assets showing signs of impairment, which will impact financial performance [1] Group 2: Industry Context - The photovoltaic industry is experiencing increased price volatility and pressure on profitability across various segments of the integrated photovoltaic module supply chain [1] - Trade protection policies in overseas markets are contributing to the challenges faced by the industry [1] Group 3: Company Strategy - Despite industry fluctuations, the company is committed to stable operations and technological leadership, launching the new generation "Tiger 3" high-efficiency module product [1] - The company is actively promoting capacity upgrades and technological improvements, alongside rapid development in its energy storage business, highlighting the synergy between solar and storage [1]