本报讯 （记者张文湘）8月26日，协鑫集成（002506）科技股份有限公司（以下简称"协鑫集成"）发布 2025年半年度报告。今年上半年，公司实现营业收入76.94亿元；实现归属于上市公司股东的净利 润-3.27亿元。其中，第二季度，公司净亏损约1.29亿元，环比第一季度减亏近34.8%，释放出企稳信 号。 协鑫集成相关负责人表示，公司直面行业挑战，以战略定力锚定高质量发展航道，在复杂环境中展现出 强劲的经营韧性。2025年上半年，公司组件出货量超14GW，电池产量7.63GW，两项指标同比增长均 超40%；公司相继中标中广核1.5GW、华润电力1.81GW、武汉天源（301127）1.18GW、四川华电 767MW、宁夏交通建设700MW等大额组件采购订单，央国企大型项目中标规模稳居行业第三。 协鑫集成公告称，公司持续加强精细化管理、极致降本增效，其中非硅成本同比降低超20%，人均产出 效率提升超25%，费用管控成效显著。截至今年6月份，公司已形成"合肥基地+阜宁基地"超30GW高效 组件产能以及芜湖基地16GW高效TOPCon（隧穿氧化层钝化接触电池）产能，在产品良率、入库效率 及非硅成本控制方面已达到行 ...

买入（维持） 证券研究报告·公司点评报告·光伏设备 钧达股份（002865） 2025 中报点评：盈利短期承压，海外产能多 元布局 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 18,657 | 9,952 | 10,518 | 16,627 | 19,695 | | 同比（%） | 60.90 | (46.66) | 5.69 | 58.08 | 18.45 | | 归母净利润（百万元） | 815.64 | (591.11) | (387.25) | 758.75 | 1,310.93 | | 同比（%） | 13.77 | (172.47) | 34.49 | 295.93 | 72.77 | | EPS-最新摊薄（元/股） | 2.79 | (2.02) | (1.32) | 2.59 | 4.48 | | P/E（现价&最新摊薄） | 17.82 | (24.59) | (37.54) | 19.16 | 11.0 ...

Core Viewpoint - Junda Co., Ltd. reported a significant decline in revenue and net profit for the first half of 2025, primarily due to a drop in domestic sales, while international sales showed substantial growth, indicating a shift in market strategy towards overseas expansion [1][2][4]. Financial Performance - The company achieved a revenue of 3.663 billion yuan, a year-on-year decrease of 42.53% [1]. - The net profit attributable to shareholders was -264 million yuan, with losses widening compared to the previous year [2]. - Government subsidies accounted for 214 million yuan of the reported profit, highlighting reliance on external support [2]. Market Dynamics - Despite a decline in domestic revenue, international sales surged, with the overseas revenue share increasing from 23.85% in 2024 to 51.87% in 2025, and revenue from international markets growing by 116.15% [1][4]. - The company’s main product, photovoltaic cells, saw a significant drop in sales price and volume, leading to a 42.48% decrease in revenue from this segment [1][2]. Industry Trends - The global photovoltaic industry is experiencing a supply-demand mismatch, with a shift towards a de-capacity cycle starting in the second half of 2023 [3]. - N-type TOPCon cells are projected to dominate the market, with an expected market share of approximately 71.1% in 2024 [3]. - The industry is anticipated to focus on inventory reduction and capacity cuts through 2025, while maintaining market share remains a priority [3]. Strategic Initiatives - Junda Co., Ltd. successfully listed on the Hong Kong Stock Exchange, raising 1.29 billion HKD for overseas market expansion and production capacity development [4]. - The company is actively building a global sales network and enhancing customer service capabilities across various regions, including Asia, Europe, North America, and Latin America [4]. - The company is exploring diverse strategies for overseas market development, including technology cooperation and investment partnerships [4].

在全球能源结构加速转型、中国"双碳"目标深入推进的背景下，中国光伏产业历经多年跨越式发展，已 成为全球能源变革的核心引擎。作为光伏领域的深度参与者，能环宝持续追踪中国国际清洁能源博览会 (CEEC)等行业风向标，从技术迭代、市场变革与政策调整中提炼战略洞察，为自身在"十五五"期间的 战略布局提供关键指引。 一、技术迭代：见证主流路线更替，锚定前沿领域布局 光伏产业的技术竞争始终是行业发展的核心主线。从"十二五"期间多晶硅BSF电池以15%-18%转换效率 主导市场，到"十三五"单晶硅PERC电池效率突破20%、成本十年降七成，再到"十四五"TOPCon电池量 产效率达25.4%、钙钛矿叠层电池实验室效率逼近34.6%，技术路线的快速迭代既展现了行业创新活 力，也对企业战略定力提出更高要求。 能环宝启示：技术领先需兼顾商业化可行性与产业链协同性。公司通过持续跟踪CEEC展出的新型电池 技术、智能逆变器及储能系统，认识到TOPCon电池凭借成熟的产业链基础与成本优势，短期内仍将占 据主流市场;而钙钛矿叠层电池虽面临稳定性挑战，但其"光伏终极形态"的潜力不可忽视。 二、市场变革：洞察应用场景升级，构建综合服务能力 ...

Group 1 - The stock price of Juhe Materials closed at 52.37 yuan on August 18, 2025, down 1.76% from the previous trading day [1] - The trading volume on that day reached 557 million yuan, with a turnover rate of 5.75% [1] - Juhe Materials is primarily engaged in photovoltaic equipment-related businesses, with products including TOPCon batteries and HIT batteries [1] Group 2 - The company is headquartered in Jiangsu and is classified as a specialized and innovative enterprise [1] - A semi-annual performance briefing is scheduled for August 26, 2025, to inform investors about the company's operational status [1] - On August 18, there was a net outflow of 7.4263 million yuan in main funds, but over the past five days, there has been a cumulative net inflow of 156 million yuan [1]

Company Overview - Dongfang Risen's stock price is reported at 10.24 yuan, down 1.44% from the previous trading day, with an intraday fluctuation range of 10.14 yuan to 10.39 yuan and a trading volume of 265 million yuan [1] - The company operates in the photovoltaic equipment industry, primarily engaged in solar cell modules and photovoltaic power plants, covering TOPCon cells, perovskite cells, and energy storage sectors [1] Shareholder Activity - The controlling shareholder, Lin Haifeng, pledged 7.5 million shares, accounting for 2.65% of his holdings. As of the announcement date, he has cumulatively pledged 124 million shares, representing 10.89% of the company's total share capital [1] Financial Performance - For the first quarter of 2025, the company reported revenue of 2.991 billion yuan, with a net loss attributable to shareholders of 267 million yuan [1] Capital Flow - Dongfang Risen experienced a net outflow of main funds amounting to 34.17 million yuan, with a cumulative net outflow of 61.49 million yuan over the past five days [1]

Core Viewpoint - The company *ST Lingda is facing significant financial and operational challenges, including a lack of actual control, ongoing litigation, and a substantial decline in revenue and profit, which raises concerns about its future viability and potential bankruptcy [1][5][6]. Financial Performance - In 2024, *ST Lingda reported a revenue of 61.15 million yuan, a year-on-year decrease of 92.71% [3]. - The net profit attributable to shareholders was -950 million yuan, representing a 262.42% year-on-year decline [3]. Corporate Governance and Control - The company has no actual controlling shareholder following the judicial transfer of shares from its original major shareholder to settle debts [5][6]. - Wang Mingsheng, the legal representative, has significant stakes in related entities but is indirectly linked to *ST Lingda [2][3]. Legal and Operational Issues - The company is under consumption restrictions due to a financing lease dispute with Haier Financing Leasing Co., Ltd., involving an amount of approximately 11.69 million yuan [2]. - *ST Lingda is involved in multiple lawsuits and has been subject to regulatory scrutiny for information disclosure violations [1][2]. Restructuring Efforts - The pre-restructuring process for *ST Lingda has been ongoing for over a year, with no clear resolution in sight [1][5]. - The company is coordinating financial arrangements to address its obligations and mitigate impacts on its reputation and financing capabilities [2]. Subsidiary Challenges - The subsidiary Jinzhai Jiayue has faced operational difficulties, including cash flow issues and halted production of PERC-type solar cells [4]. - Jinzhai Jiayue has also been involved in legal disputes and has announced the termination of its second-phase TOPCon battery production project [4].

Core Viewpoint - The article discusses the ongoing patent wars in the photovoltaic (PV) industry, emphasizing the shift from an incremental growth phase to a competitive landscape where companies are focusing on retaining advanced production capacity and eliminating outdated capacity. Patents are seen as a crucial tool in this "anti-involution" strategy [1]. Group 1: Patent Litigation Overview - The patent litigation between JinkoSolar and LONGi Green Energy is highlighted as a significant ongoing conflict in the PV sector, with a need to assess the patent situations of the top 10 companies in terms of module shipments [3]. - Since 2019, the patent wars in the PV industry have been continuous, with only two companies, GCL-Poly and Hengdian East Magnetic, not involved in any patent litigation [3]. - Tongwei Co., while rapidly rising in the top 10, has had minimal patent litigation exposure, primarily due to its dual leadership in silicon materials and cells [3]. Group 2: Patent Application Statistics - Trina Solar leads in patent applications with 7,219 patents, followed by JinkoSolar and LONGi Green Energy in second and third places, respectively [7]. - Canadian Solar, despite facing multiple patent infringement lawsuits, has a substantial patent application count of 4,669, placing it among the top tier of PV companies [7]. - GCL-Poly has a relatively low patent application count, while Hengdian East Magnetic has over 3,700 patents, but only 681 are related to PV technology, making it the lowest among the top 10 [7]. Group 3: Patent Validity and Status - LONGi Green Energy holds the highest number of valid patents at 3,900, while Trina Solar has 3,448 valid patents, and JinkoSolar has 2,449 [10]. - The analysis shows that Yida New Energy has the lowest percentage of expired patents at 3%, while GCL-Poly and Canadian Solar have high expiration rates of 40% and 32%, respectively [10]. - The proportion of pending patents indicates that Trina Solar has over 33% pending, while Hengdian East Magnetic and JinkoSolar have around 30% [10]. Group 4: Patent Types and Quality - JinkoSolar and Trina Solar have the highest number of invention patents, with JinkoSolar's invention patents making up 70% of its total applications [12]. - GCL-Poly's patent applications are primarily domestic, with minimal international presence, indicating a focus on the domestic market [17]. - GCL-Poly has a total of 1,138 patent applications, with 519 being valid, but a significant number of low-value patents have been abandoned or rejected [19]. Group 5: Legal Events and Patent Management - GCL-Poly has engaged in various legal events related to its patents, including transfers and acquisitions, indicating active management of its patent portfolio [25]. - Hengdian East Magnetic has also seen significant patent pledges, with over 75 patents pledged for financing, reflecting a strategic approach to leveraging its patent assets [38]. - The company has a relatively high number of invention patents, with 445 out of 681 total patents, indicating a focus on high-quality innovations [35]. Group 6: Strategic Insights and Recommendations - Both GCL-Poly and Hengdian East Magnetic have lower overall patent strengths compared to leading companies like JinkoSolar and LONGi Green Energy, which may impact their competitive positioning [42]. - GCL-Poly's strategy of acquiring external patents could enhance its litigation capabilities, while Hengdian East Magnetic's effective maintenance of patent validity is crucial for future legal defenses [42]. - The article suggests that PV companies should enhance innovation and proactively manage patent risks to minimize litigation exposure [45].

Core Viewpoint - JinkoSolar emphasizes the importance of addressing "involution" in the photovoltaic industry, advocating for controlled capacity expansion and rational pricing to promote high-quality development [1][2]. Group 1: Industry Insights - The company highlights the central government's focus on resolving "involution" in the photovoltaic sector, indicating a commitment to curbing disorderly competition and fostering high-quality growth [1]. - JinkoSolar believes that to reshape industry order, it is essential to strictly control new capacity and guide prices back to rational levels while promoting technological innovation [1]. - The China Photovoltaic Industry Association has revised its global photovoltaic installation forecast for 2025 from 531-583 GW to 570-630 GW, and the forecast for China has been adjusted from 215-255 GW to 270-300 GW [2]. Group 2: Company Developments - JinkoSolar has completed technical upgrades at two facilities, with an expected production capacity of 40%-50% for products over 640W by the end of this year, and most capacity will reach 650-670W next year [1][2]. - The company has begun partial deliveries of high-power products over 640W in Q3, with larger-scale deliveries expected in Q4, and anticipates that most orders will switch to these high-power products next year [2]. - JinkoSolar aims to enhance the efficiency of its TOPCon technology, targeting a production efficiency of over 28% within the next 2-3 years [2]. Group 3: Market Demand - The company assesses that after a surge in demand in the first half of the year, the Chinese market is returning to normal, primarily driven by centralized projects [3]. - The U.S. market faces uncertainties due to policy disruptions, while emerging markets in the Middle East, Africa, and the Indo-Pacific are experiencing rapid growth, supporting stable global demand for photovoltaics [3]. - Overall market demand in the second half of the year is expected to align with cautious supply under the industry's "involution," leading to stable component prices [3].

Core Viewpoint - The photovoltaic sector is experiencing a strong rebound driven by national policies and improved industry fundamentals, with significant stock price increases among leading companies [1] Group 1: Market Performance - Jiejia Weichuang surged by 20%, while Shuangliang Energy also hit the daily limit, indicating a robust market sentiment [1] - The overall photovoltaic installed capacity in China exceeded 1.1 billion kilowatts by the end of June, marking a year-on-year growth of 54.1% [1] Group 2: Policy Impact - The National Development and Reform Commission has allocated 69 billion yuan for the third batch of old-for-new funds, with a total of 300 billion yuan planned for the year, emphasizing the importance of photovoltaic equipment updates [1][2] - The "anti-involution" policy has reached a national strategic level, signaling a formal recovery in profitability across the photovoltaic industry chain [1] Group 3: Sector Analysis - The photovoltaic equipment manufacturing sector is expected to see a market scale breakthrough due to technological iterations, with N-type battery technologies like TOPCon and HJT achieving over 40% penetration [2] - The price recovery of polysilicon and auxiliary materials is anticipated to enhance profitability, with leading companies accelerating the integration of smaller capacities [2] - The old-for-new policy is expected to activate a trillion-yuan market, prompting logistics companies to enhance their renewable energy logistics networks [2] Group 4: Investment Trends - There is a surge in funds flowing into the photovoltaic sector, with institutional holdings in leading companies on the rise as investors seek exposure through index products [2]