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].

Core Viewpoint - The company, Shuangliang Energy, is under regulatory scrutiny from the Shanghai Stock Exchange regarding its financial disclosures, particularly concerning its high debt levels and restricted cash [1][2]. Financial Health - As of June 30, 2025, the company's asset-liability ratio reached 84.35%, with restricted cash amounting to 5.612 billion yuan, of which 5.052 billion yuan is restricted [1]. - The total interest-bearing liabilities due within one year amounted to 10.143 billion yuan, including short-term loans of 7.776 billion yuan and long-term loans due within one year of 1.127 billion yuan [2]. - The company reported a net cash inflow from operating activities of 693 million yuan in the first half of 2025 and 1.056 billion yuan in the third quarter [2]. Investment Activities - The company has increased its investment in its wholly-owned subsidiary, Shuangliang Silicon Materials, by 3.3 billion yuan, with plans for an additional investment of up to 2 billion yuan in August 2025 [2]. - Investments in joint ventures and new companies are based on strategic planning, with a total of 450 million yuan added to a joint venture and 600 million yuan allocated to establish a new investment company [2].

Core Insights - The photovoltaic industry has shown significant improvement in Q3 2025, with many companies turning losses into profits, indicating a positive trend that is expected to continue [1][22] - The future evolution of the photovoltaic industry is determined by "storage capacity" for mid-term valuation and the integration of AI in data centers for long-term success [1][23] Industry Overview 1. Silicon Material - GCL-Poly's Q3 profit from photovoltaic materials reached approximately 960 million yuan, a significant recovery from a loss of 1.81 billion yuan in the same period last year [2] - Tongwei and Daqo New Energy also reported substantial improvements, with Daqo achieving a profit of 73 million yuan in Q3 [2] - The silicon material sector has seen a price surge, with futures prices rising from 30,000 yuan/ton in Q2 to 58,000 yuan/ton in Q3, indicating a strong recovery [2][4] 2. Silicon Wafer - Second-tier silicon wafer companies like Hongyuan Green Energy and Shuangliang Energy have turned profitable, with Hongyuan reporting a profit of 500 million yuan in Q3 [7] - Longi Green Energy has also shown a notable reduction in losses, approaching breakeven [8] 3. Battery Components - Battery component manufacturers, including Longi, Jinko, Trina, and Tongwei, have reported improvements, except for JA Solar, which saw a decline in Q3 performance [10] 4. Inverters - Most inverter companies have experienced profit growth, driven by the expanding energy storage market, with Sungrow reporting a net profit of 11.8 billion yuan [14] - However, companies like Hemai and YN Energy faced losses due to weak demand in the European residential market [12][14] 5. Auxiliary Materials - The auxiliary materials sector, particularly the film industry, faced a challenging period in Q3, but prices have started to recover, indicating a potential turnaround [15][16] - Foster's overseas market share has increased significantly, contributing to its revenue growth [16] 6. Photovoltaic Equipment - Overall profits in the photovoltaic equipment sector are declining, but many companies still maintain good profitability [18] - Companies like Jiejia Weichuang and Maiwei are actively expanding into overseas markets, which is becoming a new growth point [19] Key Recognitions from Q3 Reports - The darkest period for the photovoltaic industry appears to be over, with most companies showing improved performance [22] - The demand for energy storage has exceeded expectations, with significant growth projected for the global storage market [23][25] - The residential market is showing signs of weakness, prompting companies to shift focus towards commercial markets [26][27] - Leading companies are beginning to demonstrate robust operational performance, indicating a shift towards a more competitive landscape [28][29] - New technologies that align with the AI era are expected to gain traction, enhancing the commercial value of photovoltaic products [31]

| 证券代码：600481 | 证券简称：双良节能 | 公告编号：2025-072 | | --- | --- | --- | | 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 关于回复上海证券交易所《2025 年半年度报告的信息披露监 管问询函》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。 双良节能系统股份有限公司（以下简称"双良节能"或"公司"或"上市公 司"）于 2025 年 9 月 25 日收到上海证券交易所出具的《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》（上证公函【2025】1391 号）（以下简称"《工作函》"），收到《工作函》后，公司高度重视，针对《工 作函》中提到的问题积极组织公司相关部门进行了细致的研究与分析，结合公司 实际情况，现将工作函的回复公告如下： 问题 1 半年度报告及前期公告显示，2024 年及 2025 年上半年公司实现营业收入 130.38 亿元、43.88 亿元，分别同比下降 43.68%、37.13%， ...

双良节能系统股份有限公司 2025 年第五次临时股东会 会议文件 二〇二五年十一月 第 1 页 共 18 页 2025 年第五次临时股东会会议资料 | | | | 目 ------------------------------------------------------------------------ 2 | 录 | | | | --- | --- | --- | --- | | 双良节能系统股份有限公司 2025 年第五次临时股东会会议须知 ---------------------- 3 | | | | | 双良节能系统股份有限公司 2025 年第五次临时股东会会议议程 ---------------------- 5 | | | | | 议案一：关于公司符合向特定对象发行股票条件的议案 ----------------------------- 6 | | | | | 议案二：关于公司 年度向特定对象发行股票方案的议案 ------------------------ 7 | | 2025 | | | 议案三：关于公司 年度向特定对象发行股票方案论证分析报告的议案 ----------- | ...

Core Viewpoint - The earthquake in Hualien, Taiwan, caused unexpected production disruptions in crystalline silicon companies located in Baotou, Inner Mongolia, highlighting the vulnerability of the industry to distant seismic events [1][2][3] Group 1: Impact of Earthquake - The earthquake registered a magnitude of 7.3 and occurred at 7:58 AM, leading to production disturbances at crystalline silicon companies, including Shuangliang Silicon Materials, which has a production capacity of 100 GW [1][2] - The production process of pulling single crystal silicon is highly sensitive to vibrations, and even minor disturbances can affect the quality of the silicon rods being produced [1][3] Group 2: Response and Mitigation - Following the incident, the company sought technical assessment from earthquake authorities to establish a link between the earthquake and production losses, marking a unique case for the industry [2][3] - An expert group was formed to analyze the situation, concluding that the equipment displacement was indeed related to the distant earthquake due to the long-period seismic waves affecting the production line [3][4] - The Inner Mongolia Earthquake Administration has initiated a comprehensive support system for crystalline silicon companies, including the installation of earthquake early warning systems and monitoring stations to provide real-time data and enhance safety [3][4][5] Group 3: Technological Advancements - A research team involving earthquake system experts has been established to develop rapid alert systems and data analysis software for long-distance seismic events, aiming to improve the resilience of the crystalline silicon industry [5] - The advancements in earthquake monitoring technology are expected to facilitate a "zero earthquake damage" production environment, transforming industry challenges into opportunities for technological innovation [5]

Core Viewpoint - The stock of Shuangliang Energy has shown significant price movements and trading activity, reflecting investor interest and market dynamics [1][2]. Group 1: Stock Performance - As of November 5, Shuangliang Energy's stock price increased by 2.12%, reaching 7.24 CNY per share, with a trading volume of 338 million CNY and a turnover rate of 2.55%, resulting in a total market capitalization of 13.566 billion CNY [1]. - Year-to-date, Shuangliang Energy's stock has risen by 31.64%, with a 3.43% increase over the last five trading days, 19.67% over the last 20 days, and 20.67% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Shuangliang Energy reported a revenue of 6.076 billion CNY, a year-on-year decrease of 41.27%, while the net profit attributable to shareholders was -544 million CNY, reflecting a year-on-year increase of 59.42% [2]. - The company has distributed a total of 4.089 billion CNY in dividends since its A-share listing, with 1.16 billion CNY distributed over the past three years [3]. Group 3: Shareholder Structure - As of September 30, 2025, Shuangliang Energy had 112,800 shareholders, an increase of 4.93% from the previous period, with an average of 16,611 circulating shares per shareholder, a decrease of 4.70% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 27.8148 million shares, an increase of 16.8256 million shares from the previous period, and new entrants such as Changxin Jinli Trend Mixed A and Everbright Prudential Credit Benefit Bond A [3].

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, indicating the effectiveness of "anti-involution" measures [1][2][3] Financial Performance - In Q3 2025, 14 out of 21 listed photovoltaic companies reported a quarter-on-quarter increase in net profit, with major players like Daqo Energy and Shuangliang Eco-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%, with a net profit of 73 million yuan [3] - The overall revenue of the 21 companies in the first three quarters of 2025 was 381.67 billion yuan, a year-on-year decrease of 17.05% [5] Market Dynamics - The photovoltaic industry is experiencing a price stabilization phase, particularly in the upstream sectors of silicon materials and wafers, which has contributed to the reduction in losses [2][3] - Despite the reduction in losses, the overall revenue decline is attributed to weak demand for new installations, with a significant drop in domestic installation capacity [4][5] Demand and Supply Outlook - The market is transitioning into Q4, traditionally a slow season for photovoltaic installations, with expectations of limited order growth for battery components [7] - The cumulative inventory pressure in silicon materials remains a concern, with expectations that industry inventory levels will exceed 400,000 tons by the end of 2025 [6][7]

Core Viewpoint - The photovoltaic industry is showing signs of recovery as companies' performance improves in the third quarter, driven by policy guidance and strategic adjustments within firms [1][2][3] Group 1: Performance Recovery - Several companies in the photovoltaic supply chain have reported improved performance, particularly in the silicon material sector, which has rebounded quickly [1] - Daqo New Energy Corp reported a revenue of 1.773 billion yuan in Q3, a year-on-year increase of 24.75%, and a net profit of 73.48 million yuan, recovering from a loss of 429 million yuan in the same period last year [1] - Doublegood Energy Systems Co. achieved a quarterly revenue of 1.688 billion yuan, a year-on-year decrease of 49.86%, but a net profit of 53.18 million yuan, up 164.75% [1][2] Group 2: Price and Cost Factors - The rise in polysilicon prices and a decrease in production costs are key factors driving the improved performance of silicon material companies in Q3 [2] - Tongwei Co. reduced its losses to 315 million yuan in Q3 from 2.363 billion yuan in Q2, indicating significant improvement [2] - GCL-Poly Energy Holdings Ltd. reported a profit of 960 million yuan in its photovoltaic materials business, contrasting sharply with a loss of 1.81 billion yuan in the same period last year [2] Group 3: Shift to Value Competition - The industry is transitioning from a "price war" to "value competition," with downstream component and integrated companies also showing signs of performance recovery [3][4] - LONGi Green Energy Technology Co. reported a 47.52% reduction in losses in the first three quarters of the year, focusing on customer-centered value creation and cost reduction [3] - JA Solar Technology Co. improved its gross margin to -0.88% in Q3, continuing a trend of improvement throughout the year [3] - Hongyuan Green Energy Co. achieved a revenue of 5.685 billion yuan in the first three quarters, a year-on-year increase of 6.54%, and a net profit of 235 million yuan, indicating a turnaround [4]

| 证券代码：600481 | 证券简称：双良节能 | 编号：2025-071 | | --- | --- | --- | | 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 关于接待机构调研情况的公告 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。 双良节能系统股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日至 2025 年 10 月 31 日通过现场走访交流的形式接待了机构调研，现将主要情况公 告如下： 一、调研情况 1.调研时间：2025 年 10 月 29 日至 2025 年 10 月 31 日 2.调研形式：现场调研 3.调研地点：江苏省江阴市利港镇西利路 88 号公司总部 4.调研机构（按首字母拼音排序）：博道基金、长江证券、光合未来、古木 投资、国金证券、国信证券、禾昇投资、华泰证券、华商基金、磐厚动量、兴全 基金、鑫元基金、永赢基金、中海基金、中银证券 5.公司接待人员：董事长缪文彬、副总经理兼董事会秘书杨力康以及公司各 业务板块相关负责人 二、调研的 ...