8月25日晚，阳光电源（300274.SZ，股价102.6元，市值2127亿元）披露2025年半年报，上半年公司营 业收入435.33亿元，归母净利润77.35亿元，分别同比增加40.34%和55.97%。 这是阳光电源自上市以来交出的最强半年报。公司半年度营收首度跨越400亿元大关，比2024年上半年 增加约125亿元，归母净利润增加约28亿元。营收体量是2020年中期业绩的6倍多，归母净利润是2020年 中期业绩的17倍多。 现金流方面，因本期销售回款增加，公司经营活动产生的现金流量净额34.34亿元，同比由负转正，增 幅231.91%。 将启动H股上市 同日，公司宣布，将筹划发行H股股票并在香港联交所上市，以深化全球化战略布局，打造多元化融资 渠道，进一步提升公司核心竞争力。 储能行业收入增长128% 分行业看，阳光电源今年上半年在光伏行业收入225.13亿元，占比51.72%，同比增长4.84%；储能行业 收入178.03亿元，占比40.89%，同比增长127.78%；其他业务收入32.17亿元，占比7.39%，同比增长 85.96%。 具体产品上，公司储能系统产品的销售收入超过光伏逆变器。 上半年， ...

8月25日晚，阳光电源（300274）（300274.SZ，股价102.6元，市值2127亿元）披露2025年半年报，上 半年公司营业收入435.33亿元，归母净利润77.35亿元，分别同比增加40.34%和55.97%。 这是阳光电源自上市以来交出的最强半年报。公司半年度营收首度跨越400亿元大关，比2024年上半年 增加约125亿元，归母净利润增加约28亿元。营收体量是2020年中期业绩的6倍多，归母净利润是2020年 中期业绩的17倍多。 同日，公司宣布，将筹划发行H股股票并在香港联交所上市，以深化全球化战略布局，打造多元化融资 渠道，进一步提升公司核心竞争力。 据介绍，报告期内，公司最新发布了PowerTitan3.0 AC智储平台，推出不同尺寸和容量的三款型号，采 用684Ah叠片电芯、碳化硅PCS，搭载PowerBidder电力交易辅助决策软件、PowerDoctor电站智能运维 平台，延续AC存储架构优势，plus版能量密度超500kWh/㎡，为目前全球最高。 报告期内，阳光电源推出面向工商业储能的PowerStack 255CS系统，功率125kW，容量升级至 257kWh，支持2/4h方案， ...

Core Viewpoint - The photovoltaic and energy storage industry has transitioned from being a "substitute energy" to one of the "main power sources," but faces challenges such as price wars and irrational competition, leading to a pessimistic sentiment in the industry [1] Policy and Market Changes - Recent government policies, including the cancellation of mandatory energy storage and the promotion of a comprehensive electricity spot market, have catalyzed the photovoltaic and energy storage industry into a phase of market-oriented competition [1] Shift from Price Competition to Value Competition - Industry consensus is forming that competition must evolve from a focus on price to a focus on "system overall value," although challenges remain, such as the contradiction between increasing installed capacity and insufficient grid absorption [3][4] - Experts emphasize the need for technological innovation and collaboration among policies, industries, and enterprises to balance system economy and reliability [3] Technological Innovations and System Integration - The inverter, as the "intelligent hub" of the system, has evolved significantly, with companies like Sungrow leading the way in creating comprehensive solutions that enhance system value [4] - Continuous technological innovation and product upgrades are essential for companies to solidify their market position and competitiveness [4] Industry Growth and Diversification - As of the end of 2024, China's operational energy storage projects are expected to reach a cumulative installed capacity of 137.9 GW, accounting for 37.1% of the global market, with a year-on-year growth of 59.9% [5] - The energy storage industry is characterized as a long-term "marathon," where only companies with sustainable value creation capabilities can thrive [5] Platformization as a Key Strategy - The industry is moving towards a "platformization" approach to meet diverse regional and scenario demands, as standardized products are no longer sufficient [5][6] - Major companies are actively developing platforms, but challenges such as interoperability issues and high initial investment costs may hinder widespread adoption among smaller firms [6] Future Outlook - The future of the photovoltaic and energy storage industry is shifting from "low-price competition" to "value innovation" and "platform collaboration," necessitating a focus on unique technological advantages [6] - Companies must enhance their technical density and scenario adaptability to improve cost-effectiveness and support capabilities, thereby building a solid competitive barrier [6]