Core Viewpoint - The release of the "Power Equipment Industry Stabilization Growth Work Plan (2025-2026)" by three government departments is a significant positive development for the industry, aiming to ensure steady growth and quality improvement in the power equipment sector [1][7]. Summary by Sections Overall Requirements - The plan emphasizes the need to adhere to the new development philosophy, promote high-quality development, and support the green and low-carbon transition in the energy sector [8]. Main Goals - The primary objectives for 2025-2026 include maintaining an average revenue growth rate of around 6% for traditional power equipment, ensuring stable revenue growth for new energy equipment, and achieving a 10% average revenue growth rate for leading enterprises [5][9]. Work Measures - **Improving Equipment Supply Quality**: Focus on enhancing the supply level of power equipment through technological breakthroughs and innovation in key components [10]. - **Expanding Domestic Effective Demand**: Leverage major energy projects to stabilize demand for power equipment and promote the development of wind and solar energy projects [10]. - **International Market Expansion**: Strengthen cooperation with emerging market countries in the wind, solar, and energy storage sectors, encouraging enterprises to explore overseas markets [11]. - **Accelerating Equipment Promotion and Application**: Implement policies to support the promotion of innovative products in the power equipment sector [12]. - **Optimizing Industry Development Environment**: Foster a competitive environment and establish industry standards to enhance quality and service [12]. - **Strengthening Standard Support**: Improve the standard system in the power equipment sector to drive quality enhancement and equipment updates [13]. - **Promoting Green and Intelligent Transformation**: Integrate new information technologies with power equipment to enhance efficiency and sustainability [13]. - **Enhancing Industry Chain Collaboration**: Support advanced manufacturing clusters in the power equipment sector to stabilize industry growth [14]. Guarantee Measures - **Strengthening Organizational Support**: Encourage collaboration between departments and local governments to stabilize growth in the power equipment industry [15]. - **Enhancing Monitoring and Analysis**: Establish mechanisms for monitoring industry data and addressing growth challenges [15]. - **Reinforcing Financial and Tax Support**: Implement tax incentives and financial services to support the high-quality development of the power equipment sector [16].

2025 年第四次临时股东大会会议资料 第 1 页 共 9 页 双良节能系统股份有限公司 2025 年第四次临时股东大会 会议文件 二〇二五年九月 2025 年第四次临时股东大会会议资料 目 录 | 目 录 | ---------------------------------------------------------------------2 | | | | | --- | --- | --- | --- | --- | | 双良节能系统股份有限公司 | | 2025 | 年第四次临时股东大会会议须知 | -----------------3 | | 双良节能系统股份有限公司 | | 2025 | 年第四次临时股东大会会议议程 | -----------------5 | | 议案一：关于变更注册资本、取消监事会并重新制定《公司章程》及其附件的议案 | | | | --6 | | 议案二：关于董事会换届选举的议案 | ------------------------------------------8 | | | | 第 2 页 共 9 页 2025 年第四次临时股东大会会议资料 双良节能系统股份有 ...

9月10日，双良节能跌0.80%，成交额4.16亿元。两融数据显示，当日双良节能获融资买入额3008.67万 元，融资偿还3367.61万元，融资净买入-358.94万元。截至9月10日，双良节能融资融券余额合计4.13亿 元。 分红方面，双良节能A股上市后累计派现40.89亿元。近三年，累计派现11.60亿元。 机构持仓方面，截止2025年6月30日，双良节能十大流通股东中，光伏ETF（515790）位居第六大流通 股东，持股1310.51万股，相比上期减少3.61万股。香港中央结算有限公司位居第七大流通股东，持股 1098.92万股，相比上期增加43.38万股。天弘中证光伏A（011102）位居第十大流通股东，持股845.73万 股，为新进股东。万家新兴蓝筹A（519196）退出十大流通股东之列。 融资方面，双良节能当日融资买入3008.67万元。当前融资余额4.12亿元，占流通市值的3.55%，融资余 额低于近一年40%分位水平，处于较低位。 融券方面，双良节能9月10日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量8.30万股，融券余额51.38万元，低于近一 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - In the first half of 2025, the company reported a revenue of 4.388 billion yuan, a year-on-year decrease of 37.13%, and a net profit attributable to shareholders of -597 million yuan. In Q2 2025, the revenue was 2.309 billion yuan, down 15.46% year-on-year but up 11.1% quarter-on-quarter, with a net profit of -435 million yuan [4][10]. Financial Performance - The company’s Q2 2025 expense ratio was 11.94%, a decrease of 2.42 percentage points quarter-on-quarter, attributed to scale effects as the company's shipment volume gradually recovered. The R&D expense ratio increased by 0.69 percentage points in Q2 2025, with ongoing projects in the carbon neutrality research center [10]. - The company recorded a net cash flow from operating activities of 335 million yuan in Q2 2025, continuing to maintain positive cash flow [10]. - The company recognized an asset impairment loss of 166 million yuan in H1 2025, primarily due to inventory depreciation [10]. Market Outlook - Looking ahead, with the recent supply-side reforms in the photovoltaic sector, silicon wafer prices have started to rise, indicating potential recovery in profitability. There is also a possibility of reversing inventory depreciation losses [10]. - The company has established a direct sales network for its green hydrogen systems across various regions in China and is gradually expanding sales channels in Europe, the Middle East, South Asia, and Southeast Asia, suggesting a positive outlook for the new energy equipment segment [10].

Core Viewpoint - The company, Shuangliang Energy Systems Co., Ltd., is set to hold a half-year performance briefing on September 15, 2025, to discuss its operational results and financial status for the first half of 2025, allowing investors to engage in Q&A sessions [2][3][4]. Group 1: Meeting Details - The performance briefing will take place on September 15, 2025, from 09:30 to 10:30 [5]. - The meeting will be held at the Shanghai Stock Exchange Roadshow Center and will feature video recording and online interaction [5]. - Investors can participate by logging into the Shanghai Stock Exchange Roadshow Center website [4][5]. Group 2: Participation and Interaction - Investors can submit questions from September 8 to September 12, 2025, via the Roadshow Center's "Pre-Question Collection" section or through the company's email [2][4]. - The company will address commonly asked questions during the briefing [3][4]. - Contact information for inquiries includes a designated contact person and email address [6].

Core Viewpoint - Shuangliang Energy (600481) announced plans to hold a semi-annual performance briefing on September 15, 2025, from 09:30 to 10:30 [1] Company Summary - The company is preparing for a performance explanation meeting to discuss its financial results for the first half of 2025 [1]

Group 1 - The core viewpoint of the article highlights the strong performance of polysilicon futures, which reached a record high of 56,735 yuan/ton, driven by favorable policies and price recovery in the photovoltaic industry [1][2] - The A-share market for silicon materials and wafers saw collective gains, with notable increases in stocks such as Daqo Energy (up 8.86%) and Tongwei Co. (up 6.18%) [1] - The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued a plan to promote high-quality development in the photovoltaic sector, aiming to eliminate low-price competition [1][2] Group 2 - Analysts indicate that the price control measures, including the Price Law, have led to polysilicon prices being maintained above production costs, providing a supportive floor for futures prices [2] - Recent price increases in downstream products like silicon wafers and battery cells are attributed to rising polysilicon costs and recovering overseas demand [2] - The current spot market for polysilicon has also seen price increases, with quotes rising from 35,000 yuan/ton to 47,000 yuan/ton in July, and further increases noted in August [2] Group 3 - The operating rate of polysilicon enterprises has improved, currently at 40%, reflecting a 6 percentage point increase from the previous month [3] - Despite the positive trends, there are concerns about supply-demand imbalances as production is expected to increase by approximately 7,000 tons in September [3] - The market is sensitive to policy developments, with potential for futures prices to continue rising if the "anti-involution" policies are effectively implemented [3]

Core Viewpoint - The photovoltaic equipment sector has gained significant attention in the capital market, with a notable increase of 6.10% on September 5, driven primarily by the rise in polysilicon futures prices [1][2]. Group 1: Market Performance - The surge in the photovoltaic equipment sector was catalyzed by the increase in polysilicon futures, leading to a strong performance in A-share silicon material and wafer stocks [1]. - Key stocks such as JinkoSolar, TCL Zhonghuan, Daqo New Energy, and Shuangliang Eco-Energy have attracted significant institutional interest, reflecting a positive market outlook for the photovoltaic equipment sector [1]. - Individual stock performances included JinkoSolar's stock price soaring to 89.24 yuan with a 19.99% increase, and other notable gains from Jingcheng Machinery, Sungrow Power Supply, and others, resulting in a total net inflow of 5.207 billion yuan into the sector [1]. Group 2: Industry Dynamics - As the world's largest solar cell producer, China's solar cell industry is a powerful engine driving the growth of the entire photovoltaic industry, creating a large and promising photovoltaic equipment sector [2]. - Chinese photovoltaic equipment companies benefit from extensive technical experience in semiconductor equipment manufacturing, providing a solid foundation for technological research and innovation, which enhances their competitive position in the global market [2]. Group 3: Polysilicon Price Impact - Polysilicon, as a key upstream raw material in the photovoltaic industry chain, has a direct impact on profit distribution and market expectations across the entire industry [3]. - The rise in polysilicon prices is expected to boost order volumes and product prices for downstream photovoltaic equipment companies, leading to improved profit expectations and attracting significant capital into the sector [3]. - However, there are concerns that excessively high polysilicon prices could increase the construction costs of photovoltaic power stations, potentially suppressing downstream demand and affecting order volumes and profitability for photovoltaic equipment companies in the long term [3].

证券代码：600481 证券简称：双良节能 公告编号：2025-054 转债代码：110095 转债简称：双良转债 双良节能系统股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本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法律责任。 重要内容提示： ? 会议召开时间：2025 年 09 月 15 日（星期一）09:30-10:30 ?会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心视频录播和网络互动 ? 投资者可于 2025 年 09 月 08 日（星期一）至 09 月 12 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 的问题进行回答。 双良节能系统股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日发 布了公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度的经营成果、财务状况，公司计划于 2025 年 09 月 15 日（星期一） 一、 ...

| 证券代码：600481 | 证券简称：双良节能 | 公告编号：2025-054 | | --- | --- | --- | | 转债代码：110095 | 转债简称：双良转债 | | 双良节能系统股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本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法律责任。 重要内容提示： 投资者可于 2025 年 09 月 08 日（星期一）至 09 月 12 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 600481@shuangliang.com 进行提问。公司将在说明会上对投资者普遍关注 的问题进行回答。 双良节能系统股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日发 布了公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度的经营成果、财务状况，公司计划于 2025 年 09 月 15 日（星期一） 09:30-10:30 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 （一 ...