Group 1 - The core viewpoint of the news highlights a collective rise in Hong Kong solar stocks, with significant gains for companies like Xinyi Solar and Fuyao Glass, driven by positive developments in the photovoltaic sector [1][2] - As of August 20, 2023, there are 32 new proposed expansion projects in China's photovoltaic sector, with 14 manufacturing projects already underway [1] - According to the National Energy Administration, from January to July 2025, China's newly installed photovoltaic capacity reached 223.25 GW, representing an 81% year-on-year increase [1] Group 2 - CPIA forecasts that China's newly installed photovoltaic capacity could reach 270-300 GW in 2025, reflecting a year-on-year growth of approximately 3% [1] - Emerging markets such as India, the Middle East, and Latin America are experiencing rapid growth in demand for photovoltaic products, while traditional markets in Europe and the US are maturing [1] - Global newly installed photovoltaic capacity is expected to reach 570-630 GW in 2025, with a year-on-year increase of about 13% [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 凱盛新能源股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01108 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 250,000,000 | RMB | | 1 RMB | | 250,000,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 250,000,000 | RMB | | 1 RMB | | 250,000,000 | FF301 II. 已發行股份及/或庫存股份變動 ...

Core Insights - The financial report of Kaisheng New Energy (600876) for the first half of 2025 shows a significant decline in performance, with net profit dropping by 719.59% year-on-year and total revenue decreasing by 43.82% [1] Financial Performance - Total revenue for the first half of 2025 was 1.673 billion yuan, down from 2.979 billion yuan in the same period of 2024, representing a decline of 43.82% [1] - The net profit attributable to shareholders was -449 million yuan, a drastic decrease from -54.78 million yuan in the previous year, marking a decline of 719.59% [1] - The gross margin fell to -15.13%, a decrease of 316.95% year-on-year, while the net margin dropped to -30.08%, down 1766.91% [1] - Total expenses (selling, administrative, and financial) amounted to 123 million yuan, accounting for 7.33% of revenue, which is an increase of 63.61% compared to the previous year [1] Cash Flow and Debt - Cash and cash equivalents decreased to 148 million yuan, down 41.47% from 252 million yuan [1] - Interest-bearing liabilities increased to 6.244 billion yuan, a rise of 29.10% from 4.836 billion yuan [1] - The company reported a negative operating cash flow per share of -1.15 yuan, a significant decline of 3890.11% year-on-year [1] Historical Performance and Business Model - The company's historical financial performance has been weak, with a median Return on Invested Capital (ROIC) of 5.37% over the past decade, and a particularly poor ROIC of -16.56% in 2015 [3] - The business model relies heavily on capital expenditures, necessitating careful evaluation of the effectiveness and necessity of these investments [3] - The company has reported losses in 9 out of 29 annual reports since its listing, indicating a challenging financial history [3]

Core Insights - The company, Kai Sheng New Energy (600876.SH), reported a significant decline in revenue and an increase in net loss for the first half of 2025 compared to the previous year [1] Financial Performance - The total operating revenue for the first half of 2025 was 1.673 billion yuan, representing a year-on-year decrease of 43.82% [1] - The net profit attributable to shareholders of the parent company was -449 million yuan, which is an increase in loss of 394 million yuan compared to the same period last year [1] - The basic earnings per share were -0.7 yuan [1]

Core Viewpoint - The company reported a significant decline in revenue and an increase in net loss for the first half of 2025, indicating challenges in the market due to intensified competition and price drops [1] Financial Performance - The company achieved a revenue of 1.673 billion yuan, a year-on-year decrease of 43.82% [1] - The net loss attributable to shareholders was 449 million yuan, an increase of 719.59% year-on-year [1] - Basic loss per share was 0.7 yuan [1] - Total assets reached 13.631 billion yuan, a growth of 10.8% compared to the end of the previous year [1] - Net assets attributable to shareholders decreased by 11.2% to 3.568 billion yuan [1] Operational Strategy - The company is implementing a strategy to phase out small, outdated kilns while increasing the proportion of large-tonnage production capacity to enhance efficiency and reduce manufacturing costs [2] - The company completed the acquisition of 74.60% of Jiangsu Kaisheng New Material Co., Ltd., which has a project for producing 1.5 million tons of ultra-thin encapsulation materials for photovoltaic modules [2] - The first 1200t/d ultra-thin rolled photovoltaic glass production line at Jiangsu Kaisheng has been successfully put into operation [2] - The 1200t/d ultra-thin rolled photovoltaic glass production line at Qinhuangdao Northern Glass Co., Ltd. was also ignited and achieved production and sales in the same month [2] - As of the end of the reporting period, large-tonnage production capacity accounted for approximately 70% of total capacity [2] - The company is planning a new generation of large-tonnage photovoltaic glass production lines, with the 2000t/d ultra-thin encapsulation materials project at Kaisheng (Zigong) New Energy Co., Ltd. nearing completion of preliminary procedures and expected to start construction in the second half of the year [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （前稱「LUOYANG GLASS COMPANY LIMITED洛陽玻璃股份有限公司」） （在中華人民共和國註冊成立之股份有限公司） （股份編號：01108） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列凱盛新能源股份有限公司在上海證券交易所網站(www.sse.com.cn) 刊 登 之《凱 盛 新 能 源 股 份 有 限 公 司 關 於 在 中 國 建 材 集 團 財 務 有 限 公 司 開 展金融業務的風險持續評估報告》，僅 供 參 閱。 特 此 公 告。 承董事會命 凱盛新能源股份有限公司 謝 軍 董事長 中 國 • 洛 陽 二零二五年八月二十九日 於 本 公 告 日 期，董 事 會 包 括 四 名 執 行 董 事：謝 軍 先 生、章 榕 先 生、陳 鵬 先 生 及 何 清 波 ...

（前稱「LUOYANG GLASS COMPANY LIMITED洛陽玻璃股份有限公司」） （在中華人民共和國註冊成立之股份有限公司） （股份編號：01108） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列凱盛新能源股份有限公司在上海證券交易所網站(www.sse.com.cn) 刊 登 之《凱 盛 新 能 源 股 份 有 限 公 司 董 事 會 決 議 公 告》，僅 供 參 閱。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 特 此 公 告。 承董事會命 凱盛新能源股份有限公司 謝 軍 董事長 中 國 • 洛 陽 二零二五年八月二十九日 於 本 公 告 日 期，董 事 會 包 括 四 名 執 行 董 事：謝 軍 先 生、章 榕 先 生、陳 鵬 先 生 及 何 清 波 先 生；兩 名 非 執 行 董 事：吳 丹 女 士 及 楊 建 強 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 二. 主要財務數據及股東情況 （一）主要財務數據 單 位：元 幣 種：人 民 幣 | | 本報告期 | | 本報告期比 | | --- | --- | --- | --- | | 主要會計數據 | （1-6月） | 上年同期 | 上年同期增減 | | | | | (%) | | 營業收入 | 1,673,393,688.48 | 2,978,823,318.67 | -43.82 | | 利潤總額（虧損總額以「-」號填列） | -503,384,113.63 | -69,733,769.81 | 不適用 | | 歸屬於 本 公司股東的淨利潤 | | | | | （淨虧損以「-」號填列） | -448,984,121.51 | -54,781,826.93 | 不適用 | | 歸屬於 本 公司股東的扣除非 | | | | | 經常性損益的 ...

证券代码：600876 证券简称：凯盛新能 编号:临 2025-020 号 凯盛新能源股份有限公司 董事会决议公告 公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏,并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 凯盛新能源股份有限公司（以下简称"公司"）第十一届董事会 第二次会议于 2025 年 8 月 29 日以通讯会议方式召开。本次会议由公 司董事长谢军先生主持，会议应到董事 9 人，实到董事 9 人。会议召 开符合《公司法》《证券法》等法律法规及《公司章程》的相关规定， 合法有效。 二、董事会会议审议情况 会议采用投票表决方式，审议了以下议案： 1.审议通过《2025 年半年度报告全文及其摘要》。 具体内容见公司于同日披露的《凯盛新能源股份有限公司 2025 年半年度报告》《凯盛新能源股份有限公司 2025 年半年度报告摘要》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 本议案已经公司董事会审计与风险委员会审议通过，并同意提交 董事会审议。 3.审议通过《凯盛新能源股份有限公司 2025 年度工资总额预算 方案》。 表决结果：同 ...

Financial Performance - The company's operating revenue for the first half of 2025 was ¥1,673,393,688.48, a decrease of 43.82% compared to ¥2,978,823,318.67 in the same period last year[22]. - The total profit for the reporting period was -¥503,384,113.63, compared to -¥69,733,769.81 in the previous year, indicating a significant loss[22]. - The net profit attributable to shareholders was -¥448,984,121.51, a substantial decline from -¥54,781,826.93 year-on-year[22]. - The net cash flow from operating activities was -¥744,824,029.69, a drastic drop from -¥18,666,750.36 in the previous year, reflecting a decrease of 3,890.11%[22]. - The basic earnings per share for the reporting period was -¥0.70, compared to -¥0.08 in the same period last year[23]. - The weighted average return on net assets was -11.84%, a decrease of 10.65 percentage points from -1.19% in the previous year[23]. - The company reported a significant increase in non-recurring losses, impacting overall financial performance[23]. - The company reported a net loss attributable to shareholders of 449 million yuan, further widening the loss compared to the previous period[29]. - The company reported a net loss of ¥909,622,409.07 for the period, compared to a loss of ¥460,638,287.56 in the previous year[95]. - The total comprehensive income for the first half of 2025 was a loss of CNY 13,860,814.47, compared to a loss of CNY 14,418,411.61 in the first half of 2024[105]. Assets and Liabilities - The total assets at the end of the reporting period were ¥13,630,832,349.93, an increase of 10.77% from ¥12,305,210,394.10 at the end of the previous year[22]. - The company's total assets reached ¥13,630,832,349.93, compared to ¥12,305,210,394.10 at the end of 2024, reflecting a growth of approximately 10.8%[95]. - The company's total liabilities increased by 24.97% to 6,375,817,860.88 RMB compared to the end of 2024[53]. - The company's total liabilities as of June 30, 2025, were ¥9,707,668,518.98, up from ¥7,931,063,000.39 at the end of 2024, marking an increase of around 22.4%[95]. - The company's total equity decreased to ¥3,923,163,830.95 from ¥4,374,147,393.71, reflecting a decline of about 10.3%[95]. - The total equity attributable to the parent company at the end of the reporting period is CNY 5,005,258,239.05, reflecting a decrease of CNY 54,781,826.93 compared to the previous period[116]. Cash Flow - The net cash flow from operating activities for the first half of 2025 was -744,824,029.69 RMB, compared to -18,666,750.36 RMB in the same period of 2024, indicating a significant decline[106]. - Total cash inflow from operating activities decreased to 1,015,098,696.33 RMB in 2025 from 2,363,111,855.16 RMB in 2024, a drop of approximately 57.0%[106]. - Cash outflow from operating activities was 1,759,922,726.02 RMB in 2025, down from 2,381,778,605.52 RMB in 2024, reflecting a decrease of about 26.0%[106]. - The net cash flow from investing activities was -224,435,507.70 RMB in the first half of 2025, compared to -303,774,360.51 RMB in the same period of 2024, showing an improvement[107]. - Cash inflow from financing activities increased to 2,240,306,030.38 RMB in 2025 from 1,167,683,229.98 RMB in 2024, representing an increase of approximately 91.8%[107]. Investments and Acquisitions - The company completed the acquisition of 74.60% of Jiangsu Kaisheng, which has a production capacity of 1.5 million tons of photovoltaic component ultra-thin packaging materials[30]. - The company acquired a 74.60% stake in Jiangsu Kaisheng, with an initial investment of RMB 150 million, expanding its consolidation scope[41]. - The total investment for the Zigong New Energy 2000t/d photovoltaic component project is approximately RMB 1.399 billion, expected to commence in 2025[42]. Industry Challenges - The photovoltaic industry is facing severe challenges, with a significant decline in product prices and a drop in export value for two consecutive years[28]. - The company faces industry risks due to the cyclical nature of the photovoltaic sector, which is influenced by global economic conditions and policy factors[49]. Corporate Governance - The company strictly adheres to the corporate governance code and has regularly reviewed its governance practices to ensure compliance[62]. - The company will no longer have a supervisory board starting from June 27, 2025, with its powers transferred to the audit and risk committee of the board[57]. - The audit and risk committee has reviewed the interim financial statements for the six months ending June 30, 2025, and agreed with the accounting principles adopted[61]. Employee and Management Information - The company has 2,780 employees as of June 30, 2025, with a salary system based on position and skills, and all employees enjoy benefits such as social insurance and paid leave[62]. - The company has not implemented any employee stock ownership plans or other incentive measures during the reporting period[59]. Research and Development - The company's research and development expenses decreased by 42.12% to RMB 66,853,874.80 from RMB 115,510,391.60 in the previous year[35]. - Research and development expenses for the first half of 2025 were CNY 66,853,874.80, down 42.2% from CNY 115,510,391.60 in the same period of 2024, suggesting a potential shift in focus or budget allocation[100]. Shareholder Information - Total number of ordinary shareholders as of the end of the reporting period is 30,369[81]. - The largest shareholder, Hong Kong Central Clearing Limited, holds 248,238,789 shares, representing 24.82% of total shares[83]. - China Luoyang Float Glass Group holds 111,195,912 shares, accounting for 17.22% of total shares, with 55,597,956 shares pledged[83].