Report Industry Investment Rating - Unilateral: Neutral for polysilicon; short - term range operation for polysilicon [5][7] - Inter - period: None for both industrial silicon and polysilicon [2][5][7] - Inter - commodity: None for both industrial silicon and polysilicon [2][5][7] - Spot - futures: None for both industrial silicon and polysilicon [2][5][7] - Options: None for both industrial silicon and polysilicon [2][5][7] Core View - Industrial silicon's short - term supply - demand fundamentals are average. The intraday sharp rise and then fall of the industrial silicon futures are mainly affected by the rise of coking coal. The short - term industrial silicon futures are affected by the overall commodity sentiment and policy - related news. If there are policies to promote, the futures may have room to rise as the current valuation is low [2] - The supply - demand fundamentals of polysilicon are average. The current futures are affected by the anti - involution policy and weak reality. The policy is still in progress, and the futures fluctuate greatly. In the medium - to - long - term, it is suitable to go long on polysilicon at low prices [7] Market Analysis Industrial Silicon - On September 15, 2025, the industrial silicon futures price was strong. The main contract 2511 opened at 8,725 yuan/ton and closed at 8,800 yuan/ton, up 0.86% from the previous settlement. The position of the main contract 2511 was 290,948 lots, and the number of warehouse receipts was 49,905 lots, down 93 lots from the previous day [1] - The spot price of industrial silicon rose slightly. The price of East China oxygen - passing 553 silicon was 9,100 - 9,300 yuan/ton, and 421 silicon was 9,400 - 9,600 yuan/ton. The price of Xinjiang oxygen - passing 553 silicon was 8,600 - 8,700 yuan/ton, up 50 yuan/ton, and 99 silicon was also 8,600 - 8,700 yuan/ton, up 50 yuan/ton. The silicon prices in Kunming, Huangpu Port, Northwest, Tianjin, Xinjiang, Sichuan, and Shanghai regions rose slightly, and the price of 97 silicon was slightly adjusted up [1] - The quotation of silicone DMC was 10,700 - 10,900 yuan/ton, up 100 yuan/ton. The monomer factory's pre - sales orders were sufficient, and the inventory pressure was not large. Downstream enterprises' procurement rhythm remained unchanged, mainly replenishing stocks at low prices, with limited support for the market. Silicone is expected to stabilize in the short term [1] Polysilicon - On September 15, 2025, the main contract 2511 of polysilicon futures fluctuated. It opened at 53,630 yuan/ton and closed at 53,545 yuan/ton, down 0.34% from the previous trading day. The position of the main contract was 132,212 lots (134,898 lots the previous day), and the trading volume was 237,981 lots [4] - The spot price of polysilicon remained stable. The price of N - type material was 49.10 - 54.00 yuan/kg, and n - type granular silicon was 48.00 - 49.00 yuan/kg. The inventory of polysilicon manufacturers increased, and the inventory of silicon wafers decreased. The latest polysilicon inventory was 21.90 (a month - on - month change of 3.79%), the silicon wafer inventory was 16.55GW (a month - on - month change of - 1.78%), the weekly polysilicon output was 31,200 tons (a month - on - month change of 3.31%), and the silicon wafer output was 13.88GW (a month - on - month change of 0.73%) [4] - The price of domestic N - type 18Xmm silicon wafers was 1.33 yuan/piece (up 0.05 yuan/piece), N - type 210mm was 1.68 yuan/piece (up 0.05 yuan/piece), and N - type 210R silicon wafers were 1.43 yuan/piece (up 0.05 yuan/piece) [4] - Silicon wafer enterprises may raise prices. N - type silicon wafers - 183mm may rise to 1.35 yuan/piece, N - type silicon wafers - 210R to 1.45 yuan/piece, and N - type silicon wafers - 210mm to 1.7 yuan/piece. The price increase of 183mm is likely to be accepted by downstream, while the other two sizes need to pay attention to the transaction situation [6] - The price of high - efficiency PERC182 battery cells was 0.27 yuan/W, PERC210 battery cells were about 0.28 yuan/W, TopconM10 battery cells were about 0.32 yuan/W (up 0.01 yuan/W), Topcon G12 battery cells were 0.31 yuan/W (up 0.01 yuan/W), Topcon210RN battery cells were 0.29 yuan/W, and HJT210 half - cell battery was 0.37 yuan/W [6] - The mainstream transaction price of PERC182mm components was 0.67 - 0.74 yuan/W, PERC210mm was 0.69 - 0.73 yuan/W, N - type 182mm was 0.67 - 0.69 yuan/W, and N - type 210mm was 0.67 - 0.69 yuan/W [6] Strategy Industrial Silicon - The spot price rose slightly following the futures. The short - term supply - demand fundamentals are average. The short - term industrial silicon futures are affected by the overall commodity sentiment and policy - related news. Attention should be paid to whether there are policies for capacity withdrawal. If there are policies to promote, the futures may have room to rise [2] Polysilicon - The supply - demand fundamentals are average. The current futures are affected by the anti - involution policy and weak reality. Participants should pay attention to risk management. They need to continuously follow up on the implementation of policies and the downward transmission of spot prices. In the medium - to - long - term, it is suitable to go long on polysilicon at low prices. Short - term range operation is recommended [7]

Core Viewpoint - Guolian Minsheng's recent report highlights that Dongfang Risen is optimizing its product structure and accelerating the iteration of N-type high-efficiency capacity, which is expected to enhance its core competitiveness by mid-2025 [1] Company Summary - As of August 27, 2025, Dongfang Risen's HJT cell conversion efficiency has surpassed 26.60%, while HJT module conversion efficiency has exceeded 24.70%. The non-silicon cost of HJT cells has been reduced to 0.15 yuan/W [1] - Dongfang Risen's energy storage system business is advancing in tandem with its photovoltaic power station operations, focusing on large-scale energy storage systems primarily targeting key markets in Europe and the United States, maintaining a global record of zero safety incidents [1] - The company is actively expanding its commercial distributed photovoltaic power station business, with integrated solutions for "solar storage" and "solar storage charging," as well as smart microgrid solutions that have achieved commercial application [1] Industry Outlook - The report suggests that Dongfang Risen is a leading player in the HJT sector, with superior technology research and capacity reserves compared to the industry, and is expected to gradually recover its performance as the fundamentals of the photovoltaic industry improve, warranting attention [1]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in the solar energy market and increased competition [1][4]. Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 7.44 billion yuan, a year-on-year decrease of 28.8%, and a net profit attributable to shareholders of -680 million yuan, an improvement from -960 million yuan in the same period last year [1]. - For Q2 2025, the company reported operating revenue of 4.45 billion yuan, a year-on-year decrease of 19.4%, but a quarter-on-quarter increase of 48.9%, with a net profit of -410 million yuan [1]. - The gross profit margin for H1 2025 was 3.1%, down 5.9 percentage points year-on-year, while Q2's gross profit margin was 1.5%, down 8.3 percentage points year-on-year and 3.9 percentage points quarter-on-quarter [1]. Group 2: Business Segments - The solar cell and module business generated revenue of 3.81 billion yuan in H1 2025, a year-on-year decrease of 54.0%, with a gross margin of -4.5%, down 11.5 percentage points [2]. - The module business alone accounted for 3.75 billion yuan in revenue, also down 54.1% year-on-year, with sales volume of 5.7 GW, a decrease of 28% [2]. - The company is a leader in the HJT sector, optimizing product structure and accelerating the iteration of N-type high-efficiency capacity, achieving a cell conversion efficiency of over 26.60% and module efficiency of over 24.70% by August 27, 2025 [2]. Group 3: Energy Storage and Photovoltaic Integration - The energy storage system, lighting, and auxiliary photovoltaic products generated revenue of 480 million yuan in H1 2025, a year-on-year increase of 0.3%, with a gross margin of 18.2%, down 8.0 percentage points [3]. - The energy storage integration business focuses on large-scale systems primarily targeting the European and American markets, maintaining a record of zero safety incidents globally [3]. - The company is actively developing commercial distributed photovoltaic power station businesses, with integrated "solar-storage" and "solar-storage-charging" solutions already commercialized [3]. Group 4: Profit Forecast and Investment Suggestions - The company faces intensified industry competition, impacting shipment scale and profitability, with projected revenues of 16.19 billion yuan, 21.53 billion yuan, and 28.20 billion yuan for 2025-2027, reflecting year-on-year growth rates of -20.0%, 33.0%, and 31.0% respectively [4]. - Expected net profits for the same period are -830 million yuan, 430 million yuan, and 1.20 billion yuan, indicating a narrowing loss, a return to profitability, and a growth rate of 176.2% [4]. - The company is positioned as a leading HJT enterprise with advanced R&D and capacity reserves, likely to benefit from improvements in the photovoltaic industry fundamentals [4].

Core Viewpoint - Jingang Photovoltaic reported significant revenue growth in the first half of 2025, driven by successful overseas orders, despite a net loss due to industry cycle fluctuations [1][4] Group 1: Financial Performance - The company achieved operating revenue of 140 million yuan, a year-on-year increase of 169.02% [1] - The net profit attributable to shareholders was -282 million yuan, primarily impacted by industry cycle fluctuations [1] - The sales volume of photovoltaic products reached 318.90 MW, a year-on-year increase of 371.26%, indicating a significant improvement in capacity utilization [1] Group 2: Business Expansion and Product Development - Jingang Photovoltaic successfully expanded its overseas market presence, securing multiple orders from countries such as Germany, Morocco, and South Africa [1] - The company launched various new products, including high-efficiency solar cells and components, which received high recognition from customers [2] - The N-type monocrystalline heterojunction cell produced by the company achieved a conversion efficiency of 26%, with module power reaching over 735W [2] Group 3: New Business Ventures - The company entered the "computing power+" sector, establishing a subsidiary focused on cloud computing and data processing services [3] - A significant contract worth 399 million yuan was signed for providing computing power services over five years [3] - The initiative aims to create a second growth curve for the company, leveraging green energy and computing power [3] Group 4: Industry Outlook - The domestic photovoltaic industry is experiencing a rebound, transitioning from scale expansion to quality and efficiency improvement [4] - Industry price recovery has been observed, with materials like silicon and cells achieving price stability [4] - Jingang Photovoltaic is well-positioned to benefit from the industry's recovery and the ongoing development of its computing power business [4]

Group 1 - *ST Jingan has announced its entry into the intelligent computing power sector by establishing Beijing Jingang Shuhai Intelligent Computing Technology Co., Ltd. with a registered capital of 10 million yuan, fully funded by its subsidiary Shanghai Jingang Glass Fireproof Technology Co., Ltd. [2] - The company's debt-to-asset ratio has surged to 134.08% as of the end of Q1 2025, indicating significant financial pressure as it ventures into this new industry [2][6]. - The move into the computing power sector is seen as a strategic attempt to diversify from its primary focus on the photovoltaic industry, which has been subject to volatility [2][5]. Group 2 - The restructuring process for *ST Jingan was initiated after a court application by creditors due to the company's inability to repay debts, leading to the appointment of Shanghai Hongqi Cloud Creation Technology Group Co., Ltd. as a restructuring investor [3][5]. - Hongqi Cloud Creation, established in December 2010, has invested in various sectors including artificial intelligence and computing power infrastructure, although it reported minimal revenue and losses in recent years [4]. - The restructuring agreement allows Hongqi Cloud Creation to acquire approximately 3% of *ST Jingan's shares post-restructuring, with an investment of 105.3 million yuan at a price of about 6.5 yuan per share [5]. Group 3 - *ST Jingan has faced continuous losses since its transition to the photovoltaic sector, with net profits of -202 million yuan, -269 million yuan, and -362 million yuan from 2021 to 2023 [6]. - The company is currently undergoing restructuring for its subsidiaries, with the potential risk of losing significant operational assets if the restructuring fails [7]. - Despite the financial challenges, the company has secured a sales contract for 194 MW of HJT solar cells, which is expected to account for over 50% of its audited revenue for 2024 [9].

Group 1 - Sichuan Province plans to invest 135.3 billion yuan in a comprehensive photovoltaic industry chain, including 35 signed projects and 36 upstream and downstream companies [1] - The investment aims to establish a world-class crystalline silicon photovoltaic industry cluster in Yibin City, covering the entire photovoltaic production process from silicon materials to components [1] Group 2 - Argentina's first solar panel factory is set to open, with an initial capacity of 450 MW and plans to double to 1 GW in the near future [2] - The factory will initially use imported materials to produce solar panels, with future plans to manufacture batteries, silicon ingots, and silicon wafers [2] Group 3 - Pakistan's government plans to impose an 18% tax on imported solar panels and photovoltaic cells, expected to generate approximately 20 billion rupees (about 500 million yuan) in tax revenue [3] - The new tax aims to support local manufacturers and create a fair competitive environment, as previously imported solar panels were exempt from taxes [3] - Despite concerns from the solar industry about potential slowdowns in solar adoption, the government is committed to this tax policy as part of broader fiscal goals [3] Group 4 - ST King Kong signed a sales contract for 194 MW of HJT solar cells, which is expected to account for over 50% of the company's audited revenue for 2024 [4] - The total value of contracts signed with this customer in the last 12 months exceeds 100% of the company's projected revenue for 2024, highlighting the company's technological strength and global operational capabilities [5]

Core Viewpoint - Gansu King Kong Photovoltaic Co., Ltd. (*ST King Kong*) has entered a critical phase in its restructuring process, with Guangdong Ouhao Group confirmed as the industrial investor to aid in its debt resolution and operational recovery [2][3]. Group 1: Restructuring Details - The restructuring investment agreement was signed on June 9, with Ouhao Group committing to invest between 268 million yuan and 402 million yuan at a price of 4.96 yuan per share, which is 50% of the average stock price over the previous 60 trading days [3][4]. - Following the transaction, Ouhao Group's shareholding will be between 20% and 25%, solidifying its control over *ST King Kong* [3][4]. - The restructuring process was initiated after creditors filed for bankruptcy due to *ST King Kong*'s inability to repay debts, highlighting the company's significant financial distress [3][4]. Group 2: Financial Performance and Challenges - *ST King Kong* has faced continuous losses, with net losses of 202 million yuan in 2021, 269 million yuan in 2022, and 362 million yuan in 2023. In 2024, the company reported a revenue drop of 78.69% to 124 million yuan and a net loss of 795 million yuan, marking a 119.83% increase in losses year-on-year [6][7]. - The company's total assets were reported at 2.711 billion yuan, with total liabilities of 3.635 billion yuan, resulting in a debt ratio of 134.08% and a negative net asset value of 921 million yuan [6][7]. Group 3: Future Prospects and Contracts - If the restructuring is successful, *ST King Kong* could potentially turn its net assets positive and avoid delisting risks. However, failure to restructure could lead to delisting based on its current financial status [7]. - A significant sales contract was signed with a South Asian customer for 194 MW of HJT solar cells, expected to account for over 50% of the company's audited revenue for 2024, indicating a potential boost to future performance [7].

Core Viewpoint - Jingang Photovoltaic has made significant progress in its restructuring process by finalizing a restructuring investment agreement with Ouhao Group, enhancing the certainty of its restructuring efforts [1][2]. Group 1: Restructuring and Investment - Ouhao Group has been confirmed as the restructuring industrial investor for Jingang Photovoltaic, having signed the restructuring investment agreement on June 9 [1]. - Ouhao Group holds a 21.99% stake in Jingang Photovoltaic, with a combined holding of 25.01% when including its concerted actions [2]. - The restructuring investment agreement aims to mitigate risks and enhance the sustainable development capabilities of Jingang Photovoltaic, while protecting the interests of all stakeholders [2][4]. Group 2: Company Background and Strategic Support - Jingang Photovoltaic, formerly known as Jingang Glass, has transitioned to focus on photovoltaic products, particularly heterojunction solar cells and modules, since Ouhao Group became the controlling shareholder in 2021 [3]. - The company has faced challenges due to industry downturns, including overcapacity and price competition, leading to net profit losses [3]. - Ouhao Group has provided significant financial support, including a debt waiver of 336 million yuan in 2023, to bolster Jingang Photovoltaic's operations [3]. Group 3: Market Position and Future Prospects - Jingang Photovoltaic has emerged as a leader in HJT technology, achieving mass production of high-efficiency N-type heterojunction solar cells with conversion efficiencies reaching 26% and module power exceeding 730W [5]. - The company has secured a 194MW sales contract with a South Asian client, expected to account for over 50% of its audited revenue for 2024 [6]. - The global photovoltaic market is anticipated to rebound, with projected growth in new installations of 15%-20% by 2025, benefiting companies like Jingang Photovoltaic as they expand into international markets [6].

Summary of Conference Call Notes Industry Overview: Photovoltaic Equipment Industry - The photovoltaic equipment industry is expected to see a decline in revenue in 2024, with one company reporting a 20% year-over-year revenue drop in Q1 and a 57% decrease in net profit attributable to shareholders [1][3] - Overall gross and net profit margins in the industry have decreased, with leading companies maintaining gross margins of 30%-35% and net margins of 15%-20%, while the industry average has fallen to 10% [1][5] - Significant impairment losses have been reported, with inventory write-down losses increasing substantially in 2024 [1][5] - New order growth has slowed, as evidenced by companies like Aotwei and Jingsheng, which reported new orders of only 100 billion and 50 billion respectively [1][6] Market Dynamics - Domestic market expansion pressures are high, but overseas demand, particularly in the Middle East, is growing significantly [1][7] - Countries like Saudi Arabia are transitioning to clean energy, with expected annual installations reaching 30-35 GW [1][8] - China’s Zhonghuan plans to invest $2 billion in a silicon wafer project in the Middle East, anticipating new orders of around 3 billion [1][8] - The U.S. market has a high demand for battery cell capacity, but domestic production is insufficient, leading to a preference for HJT technology due to its lack of patent risks and suitability for U.S. production environments [1][9][10] Financial Performance - The photovoltaic equipment industry is under significant financial pressure, with 2024 revenue projected at 85 billion, a mere 2% increase compared to the previous year [3][4] - The first quarter of 2025 saw a revenue drop of approximately 20%, with net profit down 40% year-over-year [4][5] - Impairment losses are a major concern, with inventory write-downs reaching over 3 billion in Q1 2025 due to slow receivables recognition and poor customer performance [5][6] Competitive Landscape - The bankruptcy of Wolf Speed is attributed to poor management and competition from Chinese manufacturers, which has led to a significant drop in its market share from 45% in 2020 to around 30% in 2024 [14][15] - The bankruptcy is expected to release about 30% of market share, benefiting domestic silicon carbide suppliers [14] Jingsheng's Developments - Jingsheng has made significant strides in the silicon carbide sector, focusing on both equipment and materials [12][13] - The company aims to achieve a monthly production capacity of 300,000 pieces by the end of 2025, with a focus on 8-inch rather than 6-inch wafers [13] Aotwei's Strategy - Aotwei has established a strong presence in both photovoltaic and semiconductor sectors, with overseas orders constituting over 30% of its total [11][22] - The company is expanding its semiconductor equipment offerings, including multi-wire saws and other advanced technologies [22][23] Maiwei's Business Layout - Maiwei is focusing on three main areas in the semiconductor sector: front-end equipment, back-end packaging, and display technologies [19][20] - The company is gaining traction in the domestic market, with significant growth in order volumes expected [21] Conclusion - The photovoltaic equipment industry is facing challenges with declining revenues and increasing competition, particularly from Chinese manufacturers - However, opportunities exist in overseas markets, especially in the Middle East and the U.S., where demand for advanced technologies like HJT is rising - Companies like Jingsheng, Aotwei, and Maiwei are strategically positioning themselves to capitalize on these trends while navigating the competitive landscape

Core Viewpoint - Liansheng Technology reported significant revenue growth in Q1 2025, with a revenue of 99.73 million yuan, an increase of 80.88% year-on-year, although it still recorded a net loss of 23.30 million yuan, improving from a loss of 28.49 million yuan in the same period last year [1][2]. Financial Performance Summary - Q1 2025 revenue reached 99.73 million yuan, up 80.88% from 62.03 million yuan in Q1 2024 [2]. - Net profit attributable to shareholders was -23.30 million yuan, an improvement of 18.23% from -28.49 million yuan in the previous year [2]. - The net cash flow from operating activities was -58.61 million yuan, a decline of 252.05% compared to 38.55 million yuan in the previous year [2]. - Basic and diluted earnings per share were both -0.06 yuan, a 25% improvement from -0.08 yuan in the same period last year [2]. - Total assets at the end of Q1 2025 were 3.15 billion yuan, down 4.62% from 3.30 billion yuan at the end of the previous year [2]. 2024 Performance Overview - For the full year 2024, Liansheng Technology achieved a revenue of 500.55 million yuan, representing a year-on-year increase of 121.79% from 225.69 million yuan in 2023 [3][5]. - The net profit attributable to shareholders for 2024 was -110.32 million yuan, worsening from -39.74 million yuan in 2023 [3]. - Revenue from solar cells and modules reached 343.11 million yuan, a remarkable increase of 437.75%, accounting for 68.55% of total revenue [3][5]. Strategic Acquisition - Liansheng Technology announced plans to acquire 69.71% of Xingshu Century Technology Co., Ltd., aiming to enhance its business synergy and leverage Xingshu's advanced technology in photovoltaic energy storage systems [5][7]. - The acquisition is expected to strengthen Liansheng's position in the high-efficiency heterojunction technology supply chain and expand its overseas market opportunities [7].