财报解读|上游报喜下游“失血”,光伏主链企业三季度业绩分化

第一财经
Oct 31, 2025

2025年第三季度,光伏产业链呈现上游接连“报喜”,下游继续“失血”的分化格局。  以一线企业业绩表现为例,主营上游多晶硅业务的通威股份(600438.SH)、协鑫科技(03800.HK)、大全能源(688303.SH)均在三季度实现单季度盈利改善。其中,大全能源自2024年二季度以来首次实现利润转正,第三季度实现净利润7347.90万元。  通威股份的高纯晶硅市占率全球第一,该公司第三季度净亏损...

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