Core Viewpoint - Aikang Co., Ltd. (爱旭股份) has shown significant improvement in its financial performance in the first half of 2025, driven by the success of its ABC components and cost reduction strategies [1][2][3]. Financial Performance - In the first half of 2025, Aikang Co., Ltd. achieved operating revenue of 8.446 billion yuan, a year-on-year increase of 63.63% [1]. - The net profit attributable to shareholders was -238 million yuan, an improvement from a loss of -1.745 billion yuan in the same period last year [1]. Component Sales and Market Strategy - The company reported that its ABC component shipments reached 8.57 GW, a year-on-year increase of over 400%, with ABC component revenue accounting for approximately 74% of total revenue, up from 32.96% in the previous year [2]. - Aikang Co., Ltd. is transitioning from a third-party battery supplier to a producer of advanced N-type ABC components and scenario-based products [2]. - In the second quarter of 2025, overseas sales of components accounted for over 40% of total sales, with ABC components commanding a price premium of 10% to 50% over traditional TOPCon components in high-value distributed markets [2]. Cost Management - The company has successfully reduced management expenses by 37.42% and R&D expenses by 65.60%, attributing these reductions to decreased personnel costs [3]. - Financial expenses shifted from 280 million yuan in the previous period to -37 million yuan, due to increased exchange gains and interest income [3]. Industry Outlook and Fundraising - Aikang Co., Ltd. noted that the industry is stabilizing due to self-regulatory production limits and improved pricing conditions, although potential risks remain if policy measures fall short [4]. - The company received approval for a revised fundraising plan, aiming to raise 3.5 billion yuan, with 3 billion yuan allocated for a new high-efficiency solar cell project and 500 million yuan for working capital [4]. - The fundraising is expected to enhance the supply capacity of N-type ABC cells and solidify the company's competitive advantage in the BC cell sector [4].

General Information - Report Date: June 24, 2025 [2][6][14] - Report Provider: Guotai Junan Futures [2] Industry Investment Ratings - Not provided in the report Core Views - The cease - fire between Israel and Iran has been agreed upon, which will have a significant impact on the prices of commodities such as crude oil and precious metals [7][24][30][32][35][39] - Crude oil prices have dropped significantly due to the geopolitical cooling, and the upward trend may end, but short - term positives may limit the decline speed [8][9] - Different commodities have different trends, such as silver continuing to rise, copper being supported by inventory reduction, etc. [16][25] Summary by Commodity Crude Oil - Geopolitical cooling led to a sharp drop in prices, with both Brent and WTI falling below $70/barrel, a cumulative decline of over 10% from the previous high [8] - The upward trend may end, and the market may shift from an upward trend to a wide - range shock and then a downward trend. It is recommended to clear long positions and consider reverse arbitrage [8][9] Gold and Silver - Gold: Geopolitical cease - fire situation. Gold trend strength is - 1 [16][23] - Silver: Continuing to rise. Silver trend strength is - 1 [16][23] Copper - Inventory reduction supports the price. Copper trend strength is 1 [16][25][27] Aluminum, Alumina, and Aluminum Alloy - Aluminum: Waiting for direction selection, trend strength is 0 [16][28][30] - Alumina: Range - bound, trend strength is 0 [16][28][30] - Aluminum Alloy: Under pressure, trend strength is 0 [16][28][30] Zinc - Short - term reduction in positions leads to an upward movement, trend strength is 0 [16][31][32] Lead - Medium - term is relatively strong, trend strength is 0 [16][34][35] Tin - Tight current situation but weak expectations, trend strength is 0 [16][37][40] Stainless Steel and Nickel - Stainless Steel: Supply and demand are both weakly marginal, and steel prices are oscillating at a low level. Stainless steel trend strength is 0 [16][42][45] - Nickel: The expectation of the distal nickel ore end is loose, and the smelting end limits the upward elasticity. Nickel trend strength is 0 [16][42][45] Carbonate Lithium - Weakly oscillating, and the warehouse receipt reduction continues. Carbonate lithium trend strength is 0 [16][46][48] Polysilicon and Industrial Silicon - Polysilicon: The idea is mainly to short on rallies. Polysilicon trend strength is - 1 [16][50][52] - Industrial Silicon: Pay attention to the changes in warehouse receipts. Industrial silicon trend strength is 0 [16][50][52] Iron Ore - Expectations are fluctuating, and it is oscillating within a range. Iron ore trend strength is 0 [16][53] Rebar and Hot - Rolled Coil - Rebar: Wide - range oscillation. Rebar trend strength is 0 [16][55][58] - Hot - Rolled Coil: Wide - range oscillation. Hot - rolled coil trend strength is 0 [16][56][58] Ferrosilicon and Silicomanganese - Ferrosilicon: Plate sentiment resonance, wide - range oscillation. Ferrosilicon trend strength is 0 [16][59][61] - Silicomanganese: Ore quotes are firm, wide - range oscillation. Silicomanganese trend strength is 0 [16][59][61] Coke and Coking Coal - Coke: The fourth round of price cuts has been implemented, wide - range oscillation. Coke trend strength is 0 [16][62][64] - Coking Coal: Wide - range oscillation. Coking coal trend strength is 0 [16][62][64] Steam Coal - Demand is yet to be released, wide - range oscillation. Steam coal trend strength is 0 [16][66][69]

2025 年 06 月 24 日 多晶硅：逢高空配思路为主 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 研 究 工业硅：关注仓单变化信息 工业硅、多晶硅基本面数据 | | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | Si2509收盘价（元/吨） Si2509成交量（手） | 7,420 292,932 | 30 -285,562 | 50 -214,347 | -445 57,153 | | | | | Si2509持仓量（手） | 303,119 | -2,437 | -20,244 | 110,317 | | 工业硅、多晶硅期货市场 | | | PS2507收盘价（元/吨） | 30,615 | -1,085 | -3,705 | - | | | | | PS2507成交量（手） | 88,450 | 334 | 25,615 | - | | | | | PS2507持仓量（手） | 78,183 | 52,0 ...