在本次签署的协议中，晶澳科技将提供产品信息、结构与制造工艺、测试样品等，为德国莱茵T V在多分片测试标准研究、测试验证、认证流程与质量评 估等方面提供有力支撑。 此次合作不仅是晶澳技术创新实力的体现，也是光伏行业"产研检"协同推进的重要范本。双方将依托各自在技术研发与质量认证领域的优势，共同构建更 严谨、更先进的技术评价体系，为光伏产品的高水平发展持续注入动力。未来，晶澳科技将继续携手产业链伙伴，推动光伏科技迭代与产业升级，助力全 球绿色能源事业迈向新高度。 12月15日，晶澳科技与国际权威检测认证机构德国莱茵T V在北京签署《新一代多分片技术联合验证框架协议》。该协议旨在共同构建多分片技术评价体 系，对该技术及其创新价值进行权威界定与评估，进而建立行业范本，引领光伏产业持续升级。仪式上，双方代表共同签署了协议。 当今，光伏产业正立足于新质生产力发展潮头，政策层、企业层、市场层皆聚焦深化创新，以期拓展新趋势、塑造新格局、突破新前景。在电池组件领 域，针对常规半片设计在功率提升、美观程度、防遮挡性、线缆损耗及安装便捷性等方面的不足，行业逐步形成新一代多分片设计的共识与创新思潮。 12月15日，晶澳科技与国际权威 ...

Summary of JA Solar Technology Conference Call Company Overview - **Company**: JA Solar Technology - **Date**: Q3 2025 Key Financial Metrics - Q3 2025 revenue decreased by 32% year-on-year, totaling **12.904 billion CNY** [2][3] - Net profit attributable to shareholders was a loss of **9.73 billion CNY** [3] - Total assets reached **105.38 billion CNY**, with net assets of **23.174 billion CNY** [2][3] - Cumulative battery component shipments reached **51.96 GW**, with nearly 50% from overseas markets [2][3] Strategic Measures - The company adjusted the convertible bond price from **38.22 CNY** to **11.66 CNY** per share to enhance risk resilience [4] - A stock buyback plan was initiated, with an amount between **200 million CNY** and **400 million CNY** to support employee stock ownership plans [5] - Plans for a 2025 stock option incentive and employee shareholding plan were announced to attract talent and enhance core competitiveness [4][5] Market Outlook - Global photovoltaic installed capacity is expected to be between **580 GW and 600 GW** in 2025, with the Chinese market around **310 GW** [6] - A potential market adjustment in 2026 could see Chinese installed capacity drop to **270 GW to 300 GW** [6] - Short-term terminal prices are under pressure but are expected to recover after adjustments [6] Business Development - JA Solar has begun small-scale shipments of energy storage products across various sectors, adopting a light-asset model [7] - Significant growth in energy storage business is anticipated in 2026, with a cautious approach to risk management [7] Industry Dynamics - The government is promoting anti-involution policies in the photovoltaic industry, leading to price fluctuations but an overall upward trend [8] - The company is adjusting its order strategy in response to these policies to ensure healthy industry development [8] Technological Advancements - JA Solar is focused on high-efficiency battery technology, planning to upgrade to **20 GW** of high-power Topcon products [9] - The company is also researching BC batteries and perovskite technologies, with plans to introduce new products when appropriate [9] Supply Chain and Trade Policy - A robust supply chain has been established to address the complexities of the U.S. market, with expected shipment growth of **15%** in 2026 [13] - The company is preparing for the upcoming 232 policy by predicting its direction and adjusting supply chain strategies accordingly [14] Inventory Management - The company maintains stable inventory levels for components and silicon materials, focusing on flexible adjustments based on market demand [17] Price Trends and Future Projections - In the context of anti-involution, component prices are gradually recovering, with expectations for further increases in 2026 as demand rises [18] - Emerging markets such as Europe, Africa, and Latin America are expected to see significant growth, prompting JA Solar to adopt differentiated strategies [19] Product Performance - The newly launched high-power product DeepBlue 5.0 has shown promising efficiency improvements, with expected premium pricing of **2-4 CNY** per unit in 2026 [20]

单季度数据显示，第三季度公司实现营业收入129.04亿元，同比下降24.05%；归属于上市公司股东的净 利润-9.73亿元，亏损较二季度进一步收窄，呈现减亏趋势。 据披露，2025年前三季度，晶澳科技实现营业收入368.09亿元，较上年同期下降32.27%；归属于上市公 司股东的净利润为-35.53亿元。截至三季度末，公司总资产1053.80亿元，归属于上市公司股东的净资产 231.74亿元。 11月3日，晶澳太阳能科技股份有限公司（下称"晶澳科技"）以电话会议形式召开业绩说明会，接待了 泰信基金、高盛、瑞银、富瑞、长江证券、国泰海通、中金公司等13家机构的调研。公司董事、副总经 理杨爱青，财务负责人李少辉，光伏事业群总裁郭亚菲，董事会秘书秦世龙出席会议，就2025年前三季 度经营业绩、行业趋势及公司战略布局等核心问题与机构投资者展开交流。 经营业绩：三季度亏损环比收窄 出货量稳居行业前列 储能业务方面，公司今年已实现出货突破，产品覆盖户用、工商业及大型储能全场景。目前已组建自主 设计团队及售前售后团队，经营模式上选择战略合作伙伴，通过联合开发等方式推进业务落地，加速储 能板块布局。 组件价格逐步改善 明年二 ...

Group 1: Company Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 36.809 billion, a decrease of 32.27% compared to the same period last year [2] - The net profit attributable to shareholders was CNY -3.553 billion, indicating a significant loss [2] - As of the end of Q3 2025, total assets amounted to CNY 105.38 billion, with net assets of CNY 23.174 billion [2] - In Q3 2025, revenue was CNY 12.904 billion, down 24.05% year-on-year, with a net profit of CNY -0.973 billion [2] Group 2: Shipment and Market Position - The company shipped 51.96 GW of battery modules in the first three quarters of 2025, maintaining a leading position in the industry [3] - Overseas shipments accounted for 49.78% of total shipments [3] - In Q3 2025, the company shipped 18.17 GW of battery modules [3] Group 3: Financial Strategies - The company adjusted the conversion price of its convertible bonds from CNY 38.22 to CNY 11.66 per share, effective from July 23, 2025, to enhance risk resistance [3] - A share repurchase plan was established, with a budget of CNY 200 million to CNY 400 million to buy back shares for employee stock ownership plans [3] Group 4: Market Outlook and Demand - Global new installations are projected to be between 580 GW and 600 GW in 2025, with China's new installations expected around 270 GW to 300 GW [4] - The company has begun shipping energy storage products and is focusing on strategic partnerships while utilizing existing sales channels [4] Group 5: Product Development and Pricing - The efficiency ceiling for Topcon technology is targeted between 650W and 670W, with potential for further improvements [5] - Component prices are expected to rise due to increased demand in domestic and overseas markets, particularly in the Middle East and Europe [5] - The company plans to upgrade one-third of its production capacity by the end of the year, enhancing efficiency across all production lines [5]

Group 1: Box Office and Tourism - On October 1, 2025, the first-day box office exceeded 300 million yuan, with top films including "The Volunteer Army: Blood and Peace," "Assassination Novelist 2," and "731" [1] - The expected cross-regional personnel flow on the first day of the Mid-Autumn Festival and National Day holiday is 336.79 million people, a month-on-month increase of 43.1% and a year-on-year increase of 1.7% [1] Group 2: Automotive Industry Sales Data - BYD sold 396,300 new energy vehicles in September, down from 419,400 units in the same month last year [3] - NIO delivered 34,749 new cars in September, achieving a historical high [3] - Xpeng Motors delivered 41,581 new cars in September, also setting a new monthly delivery record [3] - Other companies like Great Wall Motors, Geely, and Li Auto reported significant sales figures, with Great Wall selling 133,600 new cars and Geely's sales reaching 15,700 units [3] Group 3: Healthcare Insurance Fund - From January to August 2025, the total income of China's basic medical insurance fund was 1,880.994 billion yuan, while total expenditure was 1,543.220 billion yuan, indicating stable operation [2] - The income from employee basic medical insurance was 1,195.462 billion yuan, and from urban and rural residents' basic medical insurance was 685.532 billion yuan [2] Group 4: Renewable Energy Developments - The world's first 16-megawatt floating offshore wind power system, led by the Three Gorges Group, was successfully assembled in Beihai, Guangxi, marking a significant advancement in offshore wind power equipment manufacturing [2] Group 5: Technology and Semiconductor Sector - CITIC Securities reports that the market maintains a high-level fluctuation, focusing on the technology sector, particularly the semiconductor industry, with increased certainty in areas like AI applications and offshore wind power [5]