On August 27, Jingao Technologies released the "Investor Relations Activity Record Form". In view of the future market trend and performance growth, Jingao Technologies said that under the implementation of anti-involution in the whole industry, there are signs of price recovery in the upstream and downstream of the supply chain, and the company's performance in the second quarter has also improved compared with the first quarter. When the industry returns to the orderly development of high quality, " for the layout of new technology lines, Jingao Technology believes that at present, the conversion efficiency of TOPCon can be improved. TOPCon still has a long life cycle and will be the mainstream technology path for a long time in the future. At this stage, the company will continue to promote the launch of high-power Topcon products, on the other hand, the company has BC, HJT, perovskite and other test lines.
reporting period, the Company realized an operating income of RMB23.905 billion, realized a net profit attributable to shareholders of the listed company of RMB-2.580 billion, and the total assets of the Company at the end of the reporting period was RMB105.598 billion. The net assets attributable to the shareholders of the listed company was 248.In
the first half of 2025, the company's battery module shipments were 33.79 GW (including 119 MW for self-use), of which the overseas module shipments accounted for about 45. The shipments continued to be in the forefront of the industry.
2. Differentiated innovation to enhance product competitiveness
The Company has always adhered to the drive of technological innovation, continuously strengthened R & D and innovation, and continuously improved the level of product technology. In the first half of 2025, the Company invested RMB1.388 billion in research and development, accounting for the operating revenue. 5. As at the end of the reporting period, the Company had 2,072 valid patents, including 1,109 invention patents. Relying
on its own R & D advantages, in order to achieve better client value and meet the needs of customers in various application scenarios, the company has released full-scene solutions such as extreme cold, plateau, dry heat, sand and dust, hot and humid, ocean and so on. Among them, "Molan" Shagohuang . Strengthen operation management, further control costs
, establish cost reduction and efficiency enhancement teams, sales efficiency enhancement teams and cost optimization teams, and promote improvement from design cost optimization, component power enhancement, manufacturing cost improvement, production, supply and marketing coordination, cost control, digital and intelligent construction, etc. Make concerted efforts, strengthen measures, further reduce costs, and effectively enhance the competitiveness of all links.
At present, the module production capacity of the Company has reached 100GW, the production capacity of silicon wafers and batteries has reached more than 80% and 70% of the module production capacity respectively, and the battery production capacity has completed the switch from p-type to n-type. At present, the highest conversion efficiency of the company's n-type Bycium + battery in mass production has reached 27%. Through the improvement of front low-doped boron diffusion technology, back local poly technology, advanced printing technology and other processes, the efficiency of Bycium + battery has been further improved, and the core competitiveness of the product has been maintained and enhanced.
Explore different battery technology paths, accelerate the development of BC battery technology through the combination of independent R & D and cooperative R & D, and reserve perovskite and stacked high-efficiency battery technology.
5. To build a global supply chain and promote the global layout
, the trend of international trade protection is becoming increasingly severe, and the demand for diversification of supply chain is imminent. Under the guidance of the company's "globalization" development strategy, the company comprehensively evaluates logistics costs, supply capacity and stability, trade policies and other factors. Optimize the layout of the global logistics network, reshape the diversified supply path, and reduce the risk of trade policy fluctuations.
6. Build an international capital operation platform and enhance the international brand image
In order to further promote the company's global development strategy, accelerate the global construction of the trinity of market, supply chain and capital, build an international capital operation platform, enhance the international brand image, and improve the company's capital strength and comprehensive competitiveness. The Company has initiated the issuance of overseas listed foreign shares (H shares) and applied for listing on the Main Board of The Stock Exchange of Hong Kong Limited.
2. Question and answer session
1. The impact on the industry and the company under the continuous promotion of anti-introversion in the industry? The state has promulgated relevant laws and regulations from the aspects of price law, anti-monopoly law and so on, and at the same time, combined with the law of economic development, let the industry return to high-quality development. The company will actively cooperate with the corresponding laws and regulations, but the whole will need a certain landing time.
2. What is the current component price? What is the pricing strategy at home and abroad? The Company actively responded to the national implementation of anti-involution and complied with relevant laws and regulations. Meanwhile, the Company formulated different delivery strategies for different markets and scenarios, and closely tracked the upstream changes and market demand for price adjustment in the process of industry supply chain adjustment.
3. What is the demand of the global market? As for the forecast of installed capacity for next year, according to the research of the three parties and the company's judgment on downstream customers, the market demand will maintain a slight increase in 2026. In addition to China, Europe and the United States and other countries with stable installed capacity, emerging countries such as Asia-Pacific will contribute to the increase of installed capacity.
4, the company's future performance improvement node? It is believed that as an enterprise with the characteristics of multi-technology differentiated products, complete global layout and good cost control, the company will take the lead in seeing the improvement of its performance.
5. The promotion route of TOPCon's high-power products?
6. Views on the new technology route? At this stage, the company will continue to promote the launch of high-power TOPCon products. On the other hand, the company always adheres to the reserve of new generation battery technology and sets up special funds for R & D investment of new technologies. At present, the company has BC, HJT, perovskite and other test lines. The company controls the mass production node of new products and puts new products into production at an appropriate time.
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