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。 | 证券代码：600481 | 证券简称：双良节能 | 公告编号：2025-073 | | --- | --- | --- | | 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 2025年第五次临时股东会决议公告 (五)公司董事和董事会秘书的出席情况 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 11 月 11 日 (二)股东会召开的地点：江苏省江阴市西利路 88 号双良节能系统股份有限公司 五楼会议室。 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 830 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 909,028,265 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 48.5132 | (四)表决方式是否符合《公司法》及《 ...

Core Viewpoint - The financing activities of Shuangliang Energy (600481) indicate a positive trend, with a net buying of 2.14 million yuan on November 10, 2025, and a cumulative net buying of 66.03 million yuan over the past three trading days [1][2]. Financing Summary - On November 10, 2025, the financing buy-in amounted to 94.05 million yuan, while the financing repayment was 91.91 million yuan, resulting in a net buy of 2.14 million yuan [1]. - The financing balance reached 502 million yuan, representing an increase of 0.47% compared to the previous day [3][4]. - The financing balance as a percentage of the circulating market value was 3.66% on November 10, 2025 [2]. Margin Trading Summary - On the same day, the margin trading saw a sell-off of 30,900 shares, with a repayment of 800 shares, leading to a net sell of 30,100 shares, leaving a margin balance of 112,200 shares [2]. - The total margin trading balance was 502 million yuan, with a change of 2.36 million yuan, reflecting a 0.47% increase [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 6.076 billion yuan for the first three quarters of 2025, a year-on-year decrease of 41.27%. The net profit attributable to shareholders was -544 million yuan. In Q3 2025, the revenue was 1.688 billion yuan, down 49.86% year-on-year and 26.89% quarter-on-quarter, while the net profit was 53 million yuan, indicating a turnaround from losses [3][4]. - The company plans to raise no more than 1.292 billion yuan through a private placement, with funds allocated for the construction of a zero-carbon intelligent manufacturing plant, the production of 700 sets of green electricity intelligent hydrogen production equipment, R&D projects, and to supplement working capital [3][4]. - The company announced a 119 million USD order for air-cooled systems, with a delivery period of 39 months [4]. Financial Performance - In Q3 2025, the company achieved a net profit turnaround primarily due to an increase in silicon wafer prices since August, alongside ongoing improvements in lean management and cost reductions in photovoltaic products [9]. - The company’s inventory impairment losses decreased to 18 million yuan, benefiting from a recovery in industry prices. The debt ratio decreased by 2.44 percentage points to 81.91% due to the repayment of some payables [9]. - The company’s financial outlook indicates stable growth in energy-saving and water-saving businesses, with new overseas orders reflecting product strength. The hydrogen production segment is expected to gradually contribute to profits, while photovoltaic profitability is anticipated to recover with rising silicon wafer prices [9].

Core Insights - The photovoltaic industry has shown signs of improvement in Q3 2025, with a significant reduction in net losses across the main industry chain, attributed to price stabilization and cost-cutting measures by companies [1][2][6] - Despite the reduction in losses, overall revenue for the industry remains under pressure due to weak installation demand, with a year-on-year revenue decline of 17.05% for the 21 listed companies in the sector [4][6] Group 1: Financial Performance - In Q3 2025, 14 out of 21 photovoltaic companies reported a quarter-on-quarter increase in net profit, with major players like Daqo Energy and Shuangliang Energy turning losses into profits [1][2] - Daqo Energy reported Q3 revenue of 1.773 billion yuan, a year-on-year increase of 24.75% and a quarter-on-quarter increase of 214.93%, while Shuangliang Energy achieved a revenue of 1.688 billion yuan with a net profit of 83 million yuan [3] - The overall revenue for the 21 companies totaled 381.67 billion yuan in the first three quarters, reflecting a decrease of 78.47 billion yuan compared to the previous year [4] Group 2: Market Dynamics - The price stabilization in the photovoltaic supply chain, particularly in the silicon material and silicon wafer segments, has contributed to the recovery of gross margins for manufacturers [2][3] - The average price of monocrystalline silicon wafers increased by at least 40% from the beginning to the end of Q3, while the average price of polysilicon rose by 8.6% [3] - Despite the positive price trends, the overall market remains characterized by an oversupply situation, with inventory pressures still present, particularly in polysilicon [6] Group 3: Demand and Future Outlook - The demand for photovoltaic installations has been weak, with domestic new installations dropping significantly, leading to a decline in revenue for many companies [4][6] - The market is shifting focus to Q4, traditionally a slow season for photovoltaic installations, with expectations of limited order growth for battery components [6] - Companies like Trina Solar have reported a quarter-on-quarter revenue increase of 13.11%, supported by growth in energy storage business and increased overseas shipments [5]

Core Viewpoint - The photovoltaic industry is experiencing a mixed recovery, with some segments showing signs of improvement while others continue to struggle with significant losses [3][12]. Group 1: Industry Performance - The photovoltaic industry has seen an average price increase of nearly 35% across the core segments of the supply chain in Q3, marking the best quarterly performance in three years [3][4]. - Many listed companies in the photovoltaic sector have reported reduced losses or even turned profitable in Q3, indicating a potential recovery from previous downturns [3][6]. - The total market capitalization of Yangguang Electric surpassed 400 billion yuan by the end of October, reflecting positive investor sentiment in the sector [3]. Group 2: Company-Specific Performance - TBEA reported a profit of 2.3 billion yuan in Q3, an increase of 81.51% compared to the same period last year [4][6]. - Tongwei's net loss decreased significantly from 2.36 billion yuan in Q2 to 315 million yuan in Q3, showing an improvement of over 80% quarter-on-quarter [6]. - Hongyuan Green Energy and Shuangliang Energy both transitioned from losses in the previous year to profits of 532 million yuan and 53 million yuan, respectively, in Q3 [7][8]. Group 3: Segment Analysis - The upstream segment of the photovoltaic supply chain has shown the most significant recovery, with companies like GCL-Poly and Daqo Energy returning to profitability [6][8]. - The module segment, traditionally the most profitable, is experiencing a mixed performance, with some companies like LONGi Green Energy and Aiko Solar showing improved results, while others like JinkoSolar and GCL-Integrated are facing substantial declines in profits [9][10]. - The inverter segment is highlighted by the strong performance of Sungrow Power, which achieved a net profit of 4.147 billion yuan in Q3, a 57.04% increase year-on-year [11][12]. Group 4: Challenges and Risks - Despite some companies reporting reduced losses, many still face significant challenges, including high accounts receivable and cash flow issues, particularly in the equipment manufacturing sector [11][12]. - The overall sentiment in the photovoltaic industry remains cautious, as the recovery is not uniform across all companies and segments, with some still feeling the effects of previous downturns [12][13].

Core Viewpoint - The stock prices of Yicheng Optoelectronics and Yihua Co., Ltd. have both reached the daily limit, indicating strong market interest and positive sentiment in the sector [1] Company Performance - Yicheng Optoelectronics and Yihua Co., Ltd. experienced a significant increase in stock prices, reaching the daily limit [1] - Other companies such as Daqo New Energy, Tongwei Co., Ltd., Ailuo Energy, TCL Zhonghuan, and Shuangliang Energy also saw their stock prices rise, reflecting a broader positive trend in the industry [1]

Group 1 - The photovoltaic sector is experiencing a strong performance, with the China Securities Photovoltaic Industry Index rising by 2.09% as of the report date, and key stocks such as Keda, Tongwei, and others increasing by over 6% [1] - The Photovoltaic 50 ETF (516880) also saw a rise of 2.01% during trading, with a trading volume exceeding 26 million yuan, indicating active market participation [1] - As of November 6, the Photovoltaic 50 ETF (516880) has achieved a year-to-date share growth rate of 95%, closely tracking the China Securities Photovoltaic Industry Index [1] Group 2 - A consortium platform for the restructuring of polysilicon is being planned, with an estimated fund size of around 70 billion yuan, utilizing a leveraged acquisition strategy [2] - The photovoltaic industry chain is expected to undergo a value reconstruction, with Q3 showing a trend of reduced losses in the photovoltaic main chain, indicating potential performance improvements [2] - The industry is currently at the bottom of the cycle, and there are recommendations to actively position for the "anti-involution" market, focusing on supply-side structural reforms and opportunities from new technological changes [2]

Core Viewpoint - Shuangliang Energy is facing severe challenges due to high debt levels, with 90% of its cash being restricted, a complex network of overlapping customer and supplier identities, and ongoing performance pressures [1][2]. Group 1: Liquidity Crisis - As of June 30, 2025, Shuangliang Energy reported 5.612 billion yuan in cash, of which 5.052 billion yuan (90%) is restricted, primarily as bank acceptance bill guarantees [2]. - The company's short-term borrowings and long-term borrowings due within one year total 8.903 billion yuan, with a repayment requirement of 5.339 billion yuan, significantly exceeding its available cash [2]. - The asset-liability ratio has risen to 84.35%, with a bank acceptance bill guarantee ratio of 95.13%, far exceeding industry peers [2]. Group 2: Performance Challenges - For the first half of 2025, Shuangliang Energy reported revenue of 4.388 billion yuan, a year-on-year decline of 37.13%, with a gross margin of only 1.45% [3]. - The total revenue for 2024 was 13.038 billion yuan, down 43.68%, with a gross margin of -2.22% [3]. - In the first three quarters of 2025, the company recorded cumulative revenue of 6.076 billion yuan, a 41.27% decrease, and a net loss of 544 million yuan [3]. - The only positive note was a net profit of 53.18 million yuan in the third quarter, a significant year-on-year increase of 164.75% [3]. Group 3: Complex Transaction Network - Shuangliang Energy's largest customer, referred to as "Company B," is also its second-largest supplier, indicating a complex interrelationship [4]. - "Company A," another major customer, has deeper capital ties with Shuangliang Energy, involving joint investments and partnerships [4]. - The company asserts that these transactions are commercially reasonable and fairly priced, with no other related party relationships identified [4]. Group 4: Strategic Shift to Hydrogen Energy - To overcome its current challenges, Shuangliang Energy is pivoting towards the hydrogen energy sector, announcing a new fundraising plan to raise up to 1.292 billion yuan for various projects [6]. - The company has already secured a 450 million yuan order for a green hydrogen system and claims to have developed a high-performance alkaline electrolyzer [6]. - Industry experts express caution regarding the company's transition, citing potential competition from PEM technology and the impact of its financial constraints on future production and order sustainability [6].

关于双良节能系统股份有限公司 2025 年半年度报告的信息披露监管问询函 的回复 天衡会计师事务所（特殊普通合伙） 关于双良节能系统股份有限公司 2025 年半年度报告的信息披露监管问询函的回复 上海证券交易所上市公司管理一部: 贵部门于 2025年9月 25 目间询了 2025 年半年度报告的信息披露监管问询 函(上证公函【2025】1391号】,天衡会计师事务所(特殊普通合伙)(以下简 称"年审机构"或"天衡所")作为双良节能系统股份有限公司(以下简称"公 司"或"双良节能")的 2024年年审机构,我们该问询函中的相关问题逐项进行 了认真核查落实,现将有关问题回复如下: 问题 2. 半年度报告及前期公告显示,截至 2025年 6 月末,公司资产负债 率为84.35%,货币资金余额 56.12 亿元,其中受限货币资金 50.52亿元,受限 原因主要为银行承兑汇票保证金;同期末公司短期借款及一年内到期的长期借 款合计为 89.03 亿元,剔除已贴现未到期票据后余额为 53.39 亿元,远超可自 由使用的货币资金规模。公司于 2024年向全资孙公司双良硅材料(包头)有限 公司、恒利晶硅新材料(内蒙古)有限公司 ...

Core Viewpoint - The company, Shuangliang Energy, reported significant declines in revenue and gross margin for 2024 and the first half of 2025, primarily due to capacity mismatches in the photovoltaic industry and adherence to industry self-discipline [1][2]. Revenue and Profitability - In 2024, the company achieved revenue of 13.038 billion yuan, a year-on-year decrease of 43.68%, with a gross margin of -2.22% - For the first half of 2025, revenue was 4.388 billion yuan, down 37.13% year-on-year, with a gross margin of 1.45% [1]. Asset and Liability Structure - As of June 30, 2025, the company's asset-liability ratio stood at 84.35%, with cash and cash equivalents of 5.612 billion yuan, of which 5.052 billion yuan was restricted cash primarily for bank acceptance bill guarantees - The total short-term borrowings and current portion of long-term borrowings amounted to 8.903 billion yuan, with a net balance of 5.339 billion yuan after discounting [2]. Inventory and Impairment - The company's inventory balance as of June 30, 2025, was 1.623 billion yuan, with an inventory impairment provision ratio of 10.13%, a decrease of 15.36 percentage points year-on-year - Asset impairment losses for the first half of 2025 decreased from 675 million yuan to 166 million yuan, attributed to improved gross margins in the silicon wafer business [3]. Accounts Receivable and Contract Liabilities - As of June 30, 2025, accounts receivable amounted to 2.491 billion yuan, with a bad debt provision of 372 million yuan, resulting in a provision ratio of 14.30% - Contract liabilities increased by 65.49% compared to the beginning of the period, reaching 1.496 billion yuan, driven by increased orders in large cooling island projects and prepayments for overseas power station projects [3].