Group 1 - The core point of the announcement is that the controlling shareholder, Shuangliang Group, and its concerted actors have engaged in the pledge and release of shares, with specific details on the number of shares involved and their respective percentages of the total share capital [2][3][6] - As of December 19, 2025, Shanghai Tongsheng holds 319,222,403 shares, representing 17.04% of the total share capital, and has pledged 84,000,000 shares, which is 26.31% of its holdings and 4.48% of the total share capital [2] - Shuangliang Group holds 329,370,517 shares, accounting for 17.58% of the total share capital, and has pledged 230,000,000 shares, which is 69.83% of its holdings and 12.27% of the total share capital [2] Group 2 - The total shares held by Shuangliang Group and its concerted actors amount to 860,655,852 shares, representing 45.93% of the total share capital, with a cumulative pledge of 314,000,000 shares, which is 36.48% of their holdings and 16.76% of the total share capital [3][4] - The announcement indicates that the pledged shares are not used as collateral for major asset restructuring or performance compensation, and there are no potential performance compensation obligations associated with these shares [4][5] - The credit status of Shuangliang Group and Shanghai Tongsheng is reported to be good, indicating a controllable pledge risk [6] Group 3 - The company has announced a change in accounting estimates regarding the provision for bad debts, which will be applied prospectively without retrospective adjustment, starting from the date of the announcement [9][10] - The change in accounting estimates was approved by the company's board and audit committee, and it is stated that this change will not affect the financial status and operating results of the company in previous years [9][10] - The new accounting estimate involves conducting impairment tests on receivables from related parties, rather than using an aging analysis method, to provide a more accurate reflection of the company's financial status [12][13]

| 证券代码：600481 | 证券简称：双良节能 | 编号：2025-075 | | --- | --- | --- | | 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 关于会计估计变更的公告 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个别及连带责任。 重要内容提示： 本次会计估计变更采用未来适用法，无需追溯调整，拟自公告之日起开 始执行，本次变更不会对双良节能系统股份有限公司（以下简称"公司"）以前 年度财务状况和经营成果产生影响。 本次会计估计变更已经公司九届董事会 2025 年第二次临时会议和九届 董事会审计委员会 2025 年第二次会议审议通过，无需提交公司股东会审议。 一、会计估计变更概述 随着公司各板块业务规模的扩大、内部交易的频率和规模不断增长，为了更 加客观、公允地反映个别报表的财务状况和经营成果,向投资者提供更为可靠、 准确的会计信息，公司拟变更往来款项计提坏账准备的会计估计。公司基于自身 基本情况的变化及未来发展的需要对会计估计进行变更，本次会计估计变更符合 《企业会计准则 ...

| 证券代码：600481 | 证券简称：双良节能 | 编号：2025-074 | | --- | --- | --- | | 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 关于控股股东及其一致行动人解质押及部分股份质押的公告 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个别及连带责任。 重要内容提示： 截至目前，上海同盛永盈企业管理中心（有限合伙）（以下简称"上海 同盛"）持有双良节能系统股份有限公司（以下简称"公司"）股份数量为 319,222,403 股，占公司总股本 1,873,774,608 股（截至 2025 年 12 月 19 日） 的 17.04%，是公司控股股东双良集团有限公司（以下简称"双良集团"）的一 致行动人；此前，上海同盛累计质押股份数量为 84,000,000 股，占其持股数量 319,222,403 股的 26.31%，占公司总股本的 4.48%；本次上海同盛办理了解除质 押及相同股数的再质押，股份解质押及再质押后，上海同盛累计质押股份数量仍 为 84,000,000 ...

Group 1 - The core point of the article is that Shuangliang Energy has announced significant share pledges by its controlling shareholder, Shuangliang Group, which holds approximately 17.58% of the company's total shares [1] - As of now, Shuangliang Group has pledged 23 million shares, which accounts for 69.83% of its holdings and 12.27% of the total shares of the company [1] - The total shares held by Shuangliang Group and its concerted parties amount to approximately 861 million shares, representing 45.93% of the company [1] Group 2 - After the share pledges, the total pledged shares by the controlling shareholder and its concerted parties reached 31.4 million shares, which is 36.48% of their total holdings and 16.76% of the company's total shares [1] - For the first half of 2025, Shuangliang Energy's revenue composition is projected to be 68.99% from photovoltaic new energy and 31.13% from energy-saving and water-saving sectors, with inter-segment offsets at -0.12% [1] - The current market capitalization of Shuangliang Energy is 10.8 billion yuan [1]

双良节能公告称，近日收到控股股东双良集团及其一致行动人上海同盛通知。截至2025年12月19日，公 司总股本为1,873,774,608股。12月25日，上海同盛解质押84,000,000股并再质押，占其持股的26.31%， 占总股本4.48%；12月23日，双良集团质押230,000,000股，占其持股的69.83%，占总股本12.27%。本次 质押后，控股股东及其一致行动人累计质押314,000,000股，占其持股的36.48%，占总股本16.76%。目 前二者资信良好，质押风险可控。 ...

Core Insights - The year 2025 marks a pivotal point for China's photovoltaic (PV) industry, transitioning from chaotic competition to rational collaboration, as stated by Wang Bohua, honorary chairman of the China Photovoltaic Industry Association [2] - The fixed electricity price era has ended, leading to a new market-oriented phase for the PV sector, with significant changes in pricing and production dynamics [2] Group 1: Market Dynamics - The price of polysilicon has rebounded, with futures prices soaring from over 30,000 yuan/ton to above 60,000 yuan/ton, nearly doubling [3] - Major upstream companies like Daqo Energy and Tongwei have reported profitability in Q3, indicating a recovery in the industry [3] - The profitability of 31 key companies in the PV main industry chain has improved, with Q3 losses narrowing to 64.22 billion yuan, a reduction of approximately 46.7% from Q2 [4] Group 2: Sector Challenges - Despite improvements, the industry still faces supply-demand imbalances, particularly in the equipment sector, where many leading companies reported declines in revenue and net profit [5] - The inverter sector shows a mixed performance, with some companies experiencing profit growth while others face declining profits [5] - The auxiliary materials sector is under pressure, with leading companies in quartz crucibles and glass reporting significant losses [5] Group 3: Industry Restructuring - The PV industry is witnessing a dual trend of cross-industry expansion and exits, with companies like Longi Green Energy entering the energy storage market [6] - Several companies have exited the PV sector through asset sales and project terminations, indicating a consolidation trend [6] - The restructuring signals are strengthening, with companies like Jingang Photovoltaic undergoing reorganization to focus on specific technologies [7] Group 4: Future Outlook - The competition in PV technology is entering a new phase, with BC technology products rapidly gaining market share, potentially reaching 100GW in production by next year [8] - The price of silicon is expected to regain its central role in the industry, with a projected recovery in silicon prices linked to upstream polysilicon prices [9] - The demand for auxiliary materials is anticipated to weaken further, but supportive policies may help stabilize the market [10]

Market Overview - The Shanghai Composite Index closed at 3940.67 points, above the annual line, with a gain of 0.53% [1] - The total trading volume of A-shares reached 15,224.97 million yuan [1] Stocks Breaking Annual Line - A total of 145 A-shares have surpassed the annual line today, with notable stocks including: - Supcon Test (300887) with a deviation rate of 15.30% - New Jingang (300629) with a deviation rate of 10.60% - Yongyue Technology (603879) with a deviation rate of 9.68% [1] Deviation Rate Rankings - The top stocks with significant deviation rates from the annual line include: - Supcon Test: Today's price increased by 19.95% with a turnover rate of 15.61% [1] - New Jingang: Today's price increased by 20.02% with a turnover rate of 23.76% [1] - Yongyue Technology: Today's price increased by 10.09% with a turnover rate of 5.48% [1] Additional Notable Stocks - Other stocks that have recently crossed the annual line include: - Zhenzhen Technology (003007) with a deviation rate of 8.41% and a price increase of 9.99% [1] - Jun Da Co., Ltd. (002865) with a deviation rate of 6.95% and a price increase of 10.01% [1] - Daye Co., Ltd. (603278) with a deviation rate of 6.60% and a price increase of 9.98% [1]

Investment Rating - The industry rating is "Overweight" (maintained) [6] Core Viewpoints - The establishment of Beijing Guanghe Qiancheng Technology Co., Ltd., a national-level operation platform for polysilicon capacity integration and strategic storage, is expected to fundamentally change the competitive landscape of the polysilicon industry [6] - The main mission of this platform is to adjust and stabilize industry capacity and products through market-oriented methods, with mainstream polysilicon prices expected to stabilize above 60,000 RMB per ton [6] - Major photovoltaic companies are optimistic about profitability in 2026, as indicated by Longi Green Energy's employee stock ownership plan [6] Summary by Sections Industry Performance - In the past 12 months, the industry has shown a relative return of -9.36% over one month, 6.86% over three months, and 0.92% over twelve months, with absolute returns of -11.56%, 10.16%, and 15.84% respectively [3] Market Dynamics - The polysilicon market is entering a new phase characterized by "market-oriented operations + industry collaborative regulation" [6] - In November, domestic polysilicon production was approximately 114,900 tons, a significant decrease of 15.9% month-on-month, with expectations for December production to remain below 120,000 tons [6] Investment Recommendations - Suggested stocks to focus on include Tongwei Co., Daqo New Energy, TCL Zhonghuan, and Shuangliang Eco-Energy for supply-demand improvement [6] - For new technology routes in BC batteries, recommended stocks include Longi Green Energy, Aiko Solar, Dier Laser, Juhua Materials, and Boqian New Materials [6]

Core Viewpoint - The A-share market is experiencing fluctuations, with the Fujian sector showing strength and the Korean National Pension Service selling US dollars to support the Korean won [1][2]. Group 1: Market Performance - On December 9, the A-share market showed mixed results, with the Shanghai Composite Index down by 0.37%, the Shenzhen Component Index down by 0.39%, and the ChiNext Index up by 0.61% [5][20]. - The computing hardware stocks continued to perform strongly, with companies like Dekeli and Yueling shares hitting the daily limit [6][21]. Group 2: Fujian Sector - The Fujian sector is gaining momentum, with over ten stocks, including Anji Food and Longzhou Co., hitting the daily limit. This is driven by the release of the 15th Five-Year Plan for economic and social development in Quanzhou, which emphasizes the construction of new infrastructure and digital transformation [20][22]. - The plan includes initiatives to optimize the layout of new infrastructure related to networks, computing power, and data, aiming to create a modern, efficient information network [22][23]. Group 3: Korean National Pension Service - The Korean National Pension Service (NPS) has been selling US dollars as part of a tactical foreign exchange hedging strategy to counter the recent depreciation of the Korean won. As of the end of September, NPS held approximately $542 billion in overseas assets [2][18]. - The maximum hedging ratio for NPS is about 15%, equivalent to approximately $81.3 billion, with tactical foreign exchange hedging allowing for adjustments within a ±5% range of its overseas asset portfolio [2][18]. Group 4: Polysilicon Market - On December 9, polysilicon futures contracts saw a significant increase, indicating a bullish trend in the market [26][28]. - The establishment of Beijing Guanghe Qiancheng Technology Co., Ltd., with a registered capital of 3 billion yuan, aims to explore strategic cooperation opportunities within the industry, potentially impacting polysilicon supply and pricing dynamics [29].

Core Viewpoint - The photovoltaic (PV) sector is experiencing significant stock declines, with over 120 stocks dropping on November 21, and the PV equipment index falling by 15.7% from its peak on November 11 [1][2]. Group 1: Market Performance - The PV equipment index reached a high of 592.03 points on November 11 but fell to 499.24 points by December 3, marking a decline of 15.7% [1]. - On December 3, 76 PV stocks closed lower, with notable declines in companies such as Guosheng Technology, Shuangliang Energy, and Aiko Solar, all dropping over 3% [1]. - The overall market sentiment has shifted from optimism earlier in the year, where many stocks had doubled in value by September 5, to a current state of pessimism [1][3]. Group 2: Industry Challenges - The PV industry is facing a downturn due to persistent overcapacity, leading to price competition and a lack of confidence in the market [2][4]. - Silicon material prices have not increased for nine consecutive weeks since late September, and prices for silicon wafers and battery cells have been declining since mid-October [2]. - Recent reports indicate that five companies have begun price promotions, reversing the earlier price increases seen in the second half of the year [2]. Group 3: Policy and Regulatory Environment - The Chinese government has recognized the need to address low-price competition in the PV sector, with the central economic committee emphasizing the importance of quality and orderly production [3][4]. - The Ministry of Industry and Information Technology has initiated several measures to regulate the industry, including a focus on product quality and the exit of outdated production capacity [3][6]. - Despite the ongoing efforts, skepticism remains regarding the effectiveness of these policies, as some companies continue to expand capacity, undermining the intended regulatory impact [4][6]. Group 4: Silicon Material Storage Initiatives - The PV industry is attempting to address the oversupply of silicon materials through a storage initiative, with plans to consolidate and reduce production capacity [8][10]. - A proposed platform for silicon material storage aims to acquire approximately 100,000 tons of capacity, with an initial funding target of 100 billion yuan [8][10]. - However, the implementation of this initiative has faced delays, and there are concerns about the feasibility of achieving the necessary industry cooperation [10][11]. Group 5: Future Outlook - Despite current challenges, there is a belief that the underlying logic for a recovery in the PV sector remains intact, with expectations for future policy support and market stabilization [12]. - The Chinese government's commitment to renewable energy, including ambitious targets for solar and wind power, provides a long-term growth outlook for the PV industry [12].