隆基、晶澳减亏，光伏企业二季度业绩现转机

界面2025-07-15

图片来源：视觉中国界面新闻记者｜马悦然光伏企业仍在亏损，但多家企业业绩在二季度环比有所改善。7月14日，多家光伏企业发布2025年半年业绩预告。界面新闻统计了11家主产业链上市公司业绩，它们上半年均陷入亏损，但有四家企业在二季度出现明显转好迹象。部分光伏企业半年业绩制图：马悦然通威股份(600438.SH)成了上半年光伏行业“亏损王”，其预计净亏损49亿-52亿元，上年同期净利润亏损31.29...

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制图：马悦然通威股份(600438.SH)成了上半年光伏行业“亏损王”，其预计净亏损49亿-52亿元，上年同期净利润亏损31.29亿元。环比来看，二季度该公司亏损额与一季度相差不大，几近持平，亏损值在23.07亿-26.07亿元间。通威股份是全球最大硅料和电池生产商。其在公告中表示，国内外光伏新增装机规模持续增长，但行业供需失衡状况仍未显著改善，各环节产品价格持续低迷，受此影响，公司报告期内经营录得亏损。该公司认为，其核心业务仍维持稳健经营，其中光伏业务持续保持多个环节核心竞争优势，饲料业务稳定为公司贡献业绩。通威股份还在公告中指出，虽然行业当前面临阶段性显著的供需失衡矛盾，但产业各相关方已高度重视，着眼行业长远发展，全力探索解决方案。硅片TCL中环(002129.SZ)在上半年亏损40亿-45亿元。其中二季度亏损20.94亿-25.94亿元，相较于一季度亏损额仍在扩大。除行业下行因素外，该公司还在公告中表示，5-6月，产业链需求逐步降温后，价格持续下跌对其业绩造成影响。作为组件龙头的隆基绿能(601012.SH)和晶澳科技(002459.SZ)，二季度亏损额均环比收窄。协鑫集成(002506.SZ)和爱旭股份(600732.SH)当期业绩也实现环比好转。其中，隆基绿能上半年同比减亏24.43亿-28.43亿元。“隆基提前三年的技术路线调整正在显现出战略前瞻性。”隆基绿能对界面新闻表示，受光伏行业主要产品市场销售价格跌破成本线影响，公司经营仍为亏损，但通过加强内部运营管理，销售和管理费用下降明显、减值大幅下降。该公司称，其HPBC2.0组件产品自逐步投放市场，迅速获市场认可，签单量及出货量增长。HPBC2.0组件为BC产品，属于新一代光伏技术BC技术对业绩的加持也体现在了爱旭股份身上，该公司成为目前唯一一家单季度扭亏为盈的光伏主材企业。二季度，爱旭股份实现0.2亿-1.3亿元的净利润。爱旭股份对界面新闻回应称，单季实现盈利的主要原因是其ABC组件保持满产满销，且其通过深耕欧澳日等高价值市场、高价值场景，海外销售占比显著提升，整体毛利率持续向好。根据地区和产品不同，其ABC组件相比于其他N型竞品溢价10%-50%。此外，二季度业绩环比实现好转的企业中，还包括其他企业中，双良节能(600481.SH)、弘元绿能(603185.SH)是两家亏损较多的硅片企业，尤其是前者，二季度亏损额环比翻倍。相较之下，硅片企业京运通(601908.SH)亏损较少，半年净亏损1.65亿-2.25亿元。该公司称，正积极实施各项降本增效措施，及时调控产能利用率，加快库存周转，公司新材料业务经营情况同比好转，带动整体经营情况同比大幅改善。另外值得一提的是，近日京运通连续涨停，已经三连板。截至7月14日收盘，该公司报4.64元/股，总市值约112亿元。在发布业绩的同时，京运通亦提醒投资者注意交易风险。虽然亏损是光伏主产业链主旋律，但也有企业能盈利。今年上半年，横店东磁(002056.SZ)凭借“磁材+新能源”双主业，实现净利润为9.6亿-10.5亿元，同比增长49.6%-63.6%。横店东磁在光伏领域主要涉及电池、组件环节。关于光伏业务，横店东磁称，正稳步推进国际化，海外产能实现满产释放，出货量持续提升。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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