Core Viewpoint - Shuangliang Energy System Co., Ltd. disclosed that it has not faced any penalties from regulatory authorities in the past five years, but received a verbal warning from the Shanghai Stock Exchange in January 2024 for failing to timely perform review and disclosure procedures related to related party transactions [1][2]. Group 1 - The company has not been penalized by securities regulatory authorities or exchanges in the last five years [1]. - In January 2024, the company received a verbal warning from the Shanghai Stock Exchange due to two related party transactions that were not timely reviewed and disclosed [1]. - The company increased its daily related party transaction limit with Chengli New Materials (Baotou) Co., Ltd. from 350 million to 500 million yuan, with 448 million yuan already transacted by the announcement date, exceeding the review and disclosure standards [1]. Group 2 - The Shanghai Stock Exchange identified that the company's actions violated several provisions of the Stock Listing Rules, and the then Secretary of the Board, Wang Lei, was held responsible for the lack of diligence in information disclosure [2]. - The company has taken the verbal warning seriously and has organized relevant departments to study regulations on related party transactions and information disclosure, aiming to enhance compliance awareness and ensure timely, truthful, accurate, and complete information disclosure [2].

Core Viewpoint - The company reported a significant decline in revenue and incurred losses in the first three quarters of 2025, indicating financial challenges ahead [1] Financial Performance - The company achieved a revenue of 6.076 billion yuan in the first three quarters, representing a year-on-year decrease of 41.27% [1] - The net profit attributable to shareholders was a loss of 544 million yuan [1] - The non-recurring net profit also showed a loss of 600 million yuan [1] - The basic earnings per share were reported at -0.2901 yuan [1]

双良节能10月23日晚间公告，2025年第三季度实现营业收入16.88亿元，同比下降49.86%；归属于上市 公司股东的净利润5317.79万元；基本每股收益0.0284元。前三季度实现营业收入60.76亿元，同比下降 41.27%；归属于上市公司股东的净利润亏损5.44亿元；基本每股收益-0.2901元。 ...

Core Viewpoint - The company, Shuangliang Energy, announced a plan to raise up to RMB 1,291.99 million through a private placement of shares, with the specific amount to be determined by the board of directors upon authorization from the shareholders' meeting [1]. Fund Utilization - The raised funds will be allocated entirely to several projects after deducting issuance costs, including: - Construction of a zero-carbon intelligent manufacturing factory - Development of efficient air-cooled and liquid-cooled intelligent equipment systems - Production of medium and high-temperature heat pumps and efficient heat exchangers - Establishment of a facility for the annual production of 700 sets of green electricity intelligent hydrogen production equipment - Research and development projects - Establishment of a research center for intelligent hydrogen production equipment and materials - Research and development of efficient energy-saving and carbon-reduction equipment systems - Supplementing working capital [1].

Group 1 - The core point of the article is that Shuangliang Energy has signed a supply contract worth $11.9 million with Ust-Kamenogorsk CHP LLP for equipment and services related to modernization and expansion projects from 2024 to 2038 [1] - Shuangliang Energy's revenue composition for the first half of 2025 shows that photovoltaic new energy accounts for 68.99%, while energy-saving and water-saving solutions account for 31.13%, with inter-segment offsets at -0.12% [1] - As of the report, Shuangliang Energy has a market capitalization of 12.2 billion yuan [2]

Core Viewpoint - The company, Shuangliang Energy, has announced a plan to issue shares to specific investors, aiming to raise up to approximately 1.292 billion yuan for various projects, including zero-carbon manufacturing and intelligent hydrogen production equipment [1] Group 1: Share Issuance Details - The share issuance plan was approved by the board on October 23, 2025, and will be submitted for shareholder approval [1] - The issuance will target no more than 35 specific investors, with the number of shares not exceeding 30% of the company's total shares prior to the issuance, equating to approximately 562 million shares [1] - The issuance price will be no less than 80% of the average trading price over the 20 trading days prior to the pricing date [1] Group 2: Fundraising Allocation - The total amount to be raised is approximately 1.292 billion yuan, allocated as follows: - Zero-carbon intelligent manufacturing factory project: total investment of approximately 690 million yuan, with about 493 million yuan from the raised funds [1] - Efficient air-cooling and liquid-cooling intelligent equipment system project: total investment of 423 million yuan, with about 300 million yuan from the raised funds [1] - Medium and high-temperature heat pump and efficient heat exchanger equipment project: total investment of 267 million yuan, with about 193 million yuan from the raised funds [1] - Annual production of 700 sets of green electricity intelligent hydrogen production equipment: total investment of 584 million yuan, with about 200 million yuan from the raised funds [1] - R&D projects: total investment of 245 million yuan, with about 214 million yuan from the raised funds [1] - Intelligent hydrogen equipment and materials R&D center project: total investment of 192 million yuan, with about 174 million yuan from the raised funds [1] - Efficient energy-saving and carbon-reduction equipment system R&D project: total investment of 52.6 million yuan, with about 40 million yuan from the raised funds [1] - Supplementing working capital: total investment of 385 million yuan, with the entire amount from the raised funds [1] Group 3: Revenue Composition - For the first half of 2025, the company's revenue composition is as follows: - Photovoltaic new energy: 68.99% - Energy-saving and water-saving: 31.13% - Inter-segment elimination: -0.12% [2] Group 4: Market Capitalization - As of the latest report, the company's market capitalization stands at 12.2 billion yuan [3]

| 量净额 | | | | | | --- | --- | --- | --- | --- | | 基本每股收益(元/股) | 0.0284 | 164.75 | -0.2901 | 59.48 | | 稀释每股收益(元/股) | 0.0254 | 180.61 | -0.2497 | 59.25 | | 加权平均净资产收益率 | 1.26 | 增加2.91个 | -12.06 | 增加 9.08 个百 | | (%) | | 百分点 | | 分点 | | | 本报告期末 | 上年度末 | | 本报告期末比 上年度末增减 | | | | | | 变动幅度(%) | | 总资产 | 25,496,915,262.81 | | 27,731.165,581.57 | -8.06 | | 归属于上市公司股东的 | 4,310,137,200.92 | | 4,773,125,048.53 | -9.70 | | 所有者权益 | | | | | 格隆汇10月23日｜双良节能公告，第三季度营收为16.88亿元，同比下降49.86%；净利润为5317.79万 元，同比增长164.75%。前三季度营收为60.76亿元，同比 ...

Core Viewpoint - Shuangliang Energy (600481) reported a significant decline in revenue for Q3 2025, with a year-on-year decrease of 49.86%, while achieving a net profit of 53.18 million yuan, marking a turnaround from previous losses [1] Financial Performance - Q3 2025 revenue was 1.688 billion yuan, down 49.86% year-on-year [1] - Net profit for Q3 2025 was 53.18 million yuan, indicating a return to profitability [1] - Revenue for the first three quarters of 2025 totaled 6.076 billion yuan, a decrease of 41.27% year-on-year [1] - The company incurred a loss of 544 million yuan in the first three quarters of 2025 [1] Operational Factors - The performance changes are attributed to ongoing lean management initiatives, quality improvement, and cost reductions in photovoltaic products [1] - A recovery in the price of monocrystalline silicon has also contributed to the financial results [1]

证券代码：600481 证券简称:双良节能 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 年度向特定对象发行股票方案论证分析报告 二〇二五年十月 双良节能系统股份有限公司（以下简称"双良节能"、"公司"或"发行人"） 是在上海证券交易所主板上市的公司，为满足公司经营战略的实施和业务发展的 资金需求，进一步增强公司资金实力，优化资本结构，提升盈利能力和市场竞争 力，根据《公司法》《证券法》《上市公司证券发行注册管理办法》（以下简称"《注 册管理办法》"）等有关法律、法规和规范性文件的规定，公司拟向特定对象发行 股票，募集资金总额不超过 129,199.00 万元（含本数）。 本论证分析报告中如无特别说明，相关用语具有与《双良节能系统股份有限 公司 2025 年度向特定对象发行股票预案》中相同的含义。 一、本次发行的背景和目的 （一）本次向特定对象发行股票的背景 1、大力发展节能降碳及绿电制氢氨醇技术，是构建零碳园区、清洁低碳、 安全高效的能源体系及实现"碳中和"战略目标的重要措施和途径 长期以来，全球能源消费高度依赖化石能源，导致资源紧张、气候变化、环 境污染等问题日益突出。2 ...

证券代码：600481 证券简称：双良节能 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 年度向特定对象发行股票预案 二〇二五年十月 公司声明 本公司及董事会全体成员保证预案内容真实、准确、完整，并确认不存在虚 假记载、误导性陈述或重大遗漏。 本预案按照《中华人民共和国公司法》《中华人民共和国证券法》《上市公司 证券发行注册管理办法》等要求编制。 本次向特定对象发行股票完成后，公司经营与收益的变化由公司自行负责； 因本次向特定对象发行股票引致的投资风险由投资者自行负责。 本预案是公司董事会对本次向特定对象发行股票的说明，任何与之相反的声明 均属不实陈述。 投资者如有任何疑问，应咨询自己的股票经纪人、律师、专业会计师或其他专业 顾问。 本预案所述事项并不代表审批机关对于本次向特定对象发行股票相关事项 的实质性判断、确认、批准，本预案所述本次向特定对象发行股票相关事项的生 效和完成尚待公司股东会审议通过、上海证券交易所审核通过并经中国证监会同 意注册。 第 1 页 共 54 页 特别提示 1、双良节能向特定对象发行股票方案已经于 2025 年 10 月 23 日召开的九届 董事会 ...