上海市通力律师事务所 关于双良节能系统股份有限公司 2023 年年度股东大会的法律意见书 致:双良节能系统股份有限公司 上海市通力律师事务所(以下简称"本所")接受双良节能系统股份有限公司(以下简称 "公司")的委托,指派本所纪宇轩律师、杨怡玟律师(以下简称"本所律师")根据《中华人 民共和国公司法》《中华人民共和国证券法》《上市公司股东大会规则》等法律法规和规范 性文件(以下统称"法律法规")及《双良节能系统股份有限公司章程》(以下简称"公司章 程")的规定就公司 2023 年年度股东大会(以下简称"本次股东大会")相关事宜出具法律 意见。 本所律师已经对公司提供的与本次股东大会有关的法律文件及其他文件、资料予以了 核查、验证。在进行核查验证过程中,公司已向本所保证,公司提供予本所之文件中的所有 签署、盖章及印章都是真实的,所有作为正本提交给本所的文件都是真实、准确、完整和有 效的,且文件材料为副本或复印件的,其与原件一致和相符。 在本法律意见书中,本所仅对本次股东大会召集和召开的程序、出席本次股东大会人员 资格和召集人资格及表决程序、表决结果是否符合法律法规和公司章程的规定发表意见,并 不对本次股东大会所 ...

Investment Rating - The report maintains a "Recommend" rating for the company [12][29]. Core Views - The company achieved a revenue of 231.49 billion yuan in 2023, representing a year-on-year increase of 59.91%. The net profit attributable to shareholders was 15.02 billion yuan, up 57.06% year-on-year [13]. - The company's silicon wafer business is expanding rapidly, with a projected shipment of 65GW in 2024. The overall revenue from photovoltaic products reached 172.73 billion yuan in 2023, a year-on-year increase of 100.41% [30]. - The company is expected to see a recovery in profitability, with net profits projected at 8.09 billion yuan, 11.80 billion yuan, and 14.36 billion yuan for 2024, 2025, and 2026 respectively [30]. Financial Summary - Total revenue (million yuan): - 2023A: 23,149 - 2024E: 25,041 - 2025E: 31,302 - 2026E: 38,632 - Year-on-year growth rates (%): - 2023: 59.9% - 2024: 8.2% - 2025: 25.0% - 2026: 23.4% [3][30] - Net profit attributable to shareholders (million yuan): - 2023A: 1,502 - 2024E: 809 - 2025E: 1,180 - 2026E: 1,436 - Year-on-year growth rates (%): - 2023: 57.1% - 2024: -46.1% - 2025: 45.8% - 2026: 21.7% [3][30] - Earnings per share (yuan): - 2023A: 0.80 - 2024E: 0.43 - 2025E: 0.63 - 2026E: 0.77 [3][30] Market Position and Future Outlook - The company maintains a leading market share in the reduction furnace equipment sector, with over 65% market share. The electrolyzer equipment is expected to contribute to new growth due to the rapid development of the hydrogen production market [30]. - The company has a strong order backlog in energy-saving and water-saving equipment, with total revenue from this segment reaching 29.62 billion yuan in 2023, a year-on-year increase of 8.21% [30].

硅片盈利阶段性承压，行业底部逆势扩张 行业低谷保持正现金流入、逆势扩产锚定行业前三。2023 年、2024Q1 公司经 营活动产生的现金流量净额分别为 13.30、2.33 亿元。虽然 2024Q1 硅片行业 几乎全行业亏损，但公司仍保持正现金流入，行业低谷期体现较强抗风险能力。 2023 年上半年，公司单晶硅二期产能完成爬坡，同时目前公司单晶硅三期产能 已进入产能爬坡阶段，预计全部产能达产后公司产能将进入行业前三位。 盈利预测与投资建议。2024Q1硅片几乎全行业亏损，公司盈利阶段性承压同时， 保持正现金流入。公司在行业底部逆势扩张产能，若后续硅片行情回暖，公司 业绩弹性较大。预计公司 2024~2026年归母净利润分别为 10.21、13.94、19.33 亿元，对应 PE 分别为 12、9、6倍。参考同行业可比公司，给予 24年 14倍估 值，目标价 7.70 元，维持"买入"评级。 | --- | --- | --- | --- | --- | |----------------------------------|----------|----------|----------|---------- ...

2023 年年度股东大会会议资料 双良节能系统股份有限公司 2023 年年度股东大会 会议文件 二〇二四年五月 1 2023 年年度股东大会会议资料 目 录 | 目 录 | ----------------------------------------------------------------------- | 2 | | --- | --- | --- | | 双良节能系统股份有限公司 | 2023 年年度股东大会会议须知-------------------------- | 3 | | 双良节能系统股份有限公司 | 2023 年年度股东大会会议议程-------------------------- | 5 | | 议案一：2023 | 年度董事会工作报告 ---------------------------------------------- | 6 | | 议案二：2023 | 年度监事会工作报告 --------------------------------------------- | 23 | | 议案三：2023 | 年度财务决算报告 --------------------- ...

中国国际金融股份有限公司 关于双良节能系统股份有限公司 2022 年度非公开发行股票之持续督导保荐总结报告书 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准双良节能系统 股份有限公司非公开发行股票的批复》（证监许可〔2022〕122 号）核准，双良节能系 统股份有限公司（以下简称"双良节能"、"公司"或"上市公司"）于 2022 年非公开 发行 243,405,443 股人民币普通股（A 股）（以下简称"2022 年度非公开发行股票"）， 募集资金总额为人民币 3,487,999,998.19 元，扣除发行费用后的募集资金净额为人民币 3,460,953,771.78 元。 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为双良节 能 2022 年度非公开发行股票的保荐机构，履行持续督导职责期间截至 2023 年 12 月 31 日，持续督导期限已满。根据《证券发行上市保荐业务管理办法》《上海证券交易所上 市公司自律监管指引第 11 号——持续督导》等有关法律法规和规范性文件的要求，出具 本持续督导保荐总结报告书，具体情况如下： 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和 ...

| 证券代码：600481 | 证券简称：双良节能 公告编号：2024-031 | | --- | --- | | 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 2023 年度暨 2024 年第一季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个别及连带责任。 重要内容提示： 会议召开时间：2024 年 05 月 16 日(星期四)上午 11:00-12:00 会议召开地点：上海证券交易所上证路演中心（请登录网站地址： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2024 年 05 月 09 日(星期四)至 05 月 15 日(星期三)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。 （一）会议召开时间：2024 年 05 月 16 日上午 11:00-12:00 （二 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [17]. Core Views - The company reported a revenue of 23.149 billion yuan in 2023, representing a year-on-year growth of 59.91%. The net profit attributable to shareholders was 1.502 billion yuan, up 57.07% year-on-year. However, in Q4 2023, revenue decreased by 23.9% year-on-year to 4.361 billion yuan, and net profit fell by 21.64% to 99 million yuan. In Q1 2024, revenue further declined by 22.25% year-on-year to 4.248 billion yuan, with a net loss of 295 million yuan, a significant drop of 158.74% year-on-year [17][18]. Summary by Sections Financial Performance - In 2023, the company's silicon wafer business expanded rapidly, and the equipment segment saw improved profitability. The photovoltaic new energy segment achieved a revenue of 17.273 billion yuan, a year-on-year increase of 100.41%, with a gross margin of 8.23%. The new energy equipment segment's revenue decreased by 7.82% to 2.678 billion yuan, but the gross margin increased by 10.05 percentage points to 44.79% due to lower raw material costs and an increase in large furnace products. The energy-saving and water-saving segment grew steadily, with revenue of 2.962 billion yuan, an 8.21% increase year-on-year, and a slight gross margin increase of 2.41 percentage points to 25.92% [18]. Future Outlook - Looking ahead, the equipment business is expected to have high certainty, and silicon wafer profitability is anticipated to recover. The equipment segment, particularly the reduction furnace and its components, continues to generate stable income and profits, leading the industry towards larger and higher-quality reduction furnace systems. The energy-saving and water-saving business is expected to see rapid growth due to increased demand from flexible adjustments in thermal power policies. The hydrogen energy segment's green hydrogen equipment project is progressing smoothly, with ongoing breakthroughs in domestic and overseas markets, becoming a new growth point for performance. The silicon wafer prices are nearing the bottom, and with the rapid decline in silicon material prices, profitability is expected to recover as demand improves and inventory is reduced. The company's joint venture silicon wafer factory with a capacity of 44GW is expected to be operational in 2024, with the company holding a 45% stake, further enhancing its profitability [19].

Summary of the Conference Call for Shuangliang Energy's 2023 Annual Report and 2024 Q1 Report Company Overview - **Company**: Shuangliang Energy - **Date of Conference**: April 26, 2024 - **Industry**: Energy-saving and renewable energy equipment Key Points Overall Performance - In 2023, Shuangliang Energy achieved operating revenue of **23.149 billion** (231.49亿), a year-on-year increase of **59.91%** [1][3] - The net profit attributable to shareholders was **1.502 billion** (15.02亿), up **57.07%** year-on-year [1][3] - Total daily production reached **30.09 billion** (300.9亿), a **36.99%** increase [1][3] - Cash flow from operating activities was **1.33 billion** (13.30亿), up **138.93%** [1][3] - In Q1 2024, operating revenue was **4.248 billion** (42.48亿), down **22.25%** year-on-year, with a net profit of **-295 million** (-2.95亿), a decline of **158.74%** [1][3] Water and Energy Saving Equipment - Revenue from energy-saving and water-saving equipment was **2.962 billion** (29.62亿), up **8.21%**, with a gross margin of **25.92%**, an increase of **2.41%** [1][4] - The company has over **4 billion** (40亿) in unfulfilled orders, expected to convert in Q2 and Q3 [1][4] New Energy Equipment - Revenue from new energy equipment was **2.678 billion** (26.78亿), down **7.82%**, but gross margin increased to **44.79%** [1][4] - The company has a production capacity of **300 units** for its 2000Nm³/h electrolyzer, with an additional **700 units** under construction [1][4] Photovoltaic Products - Revenue from photovoltaic products reached **17.273 billion** (172.73亿), a **100.41%** increase, with a gross margin of **8.33%**, up **0.43%** [1][4] - The production capacity at the Baotou base has reached over **90GW**, with silicon wafer cutting capacity at **70GW** and additional **20GW** expected to be operational this year [1][4] Inventory and Operational Metrics - Q1 saw a slight reduction in silicon wafer inventory, but the industry still holds around **40-50GW** in total inventory [2][5] - The company's operating rate was around **70-80%** in Q1, down from previous levels [2][5] - A total impairment loss of **270 million** (2.7亿) was recorded in Q1, primarily from inventory devaluation [2][5] Market Dynamics and Future Outlook - The company anticipates a stabilization in silicon material prices in Q2, as many producers are unable to sustain current low prices [7] - The new energy equipment segment aims for sales of **80-100 units** this year, with a focus on domestic and international orders [7][8] - The company is adjusting its procurement strategy to mitigate inventory risks and optimize raw material costs [7][10] Cost Management and Profitability - The company is focused on reducing costs through improved manufacturing processes and raw material management, aiming for a reduction of **2-3 cents** per watt in costs [7][10] - The gross margin for the reduction furnace segment is expected to maintain around **45%** [6][9] Sales and Management Efficiency - The company has successfully reduced sales and management expenses, attributed to increased revenue and improved personnel efficiency [12] Conclusion Shuangliang Energy has demonstrated strong growth in 2023, particularly in its photovoltaic segment, despite facing challenges in Q1 2024. The company is strategically positioned to capitalize on its order backlog and market demand while focusing on cost management and operational efficiency.

1 Shuangliang Eco-energy Systems Co., Ltd. 2023 Environmental, Social and Governance (ESG) Report 2 CONTENTS | About This Report | 01 | | --- | --- | | Message from the Chairman | 03 | | About Shuangliang Eco-energy | 05 | 1 Consolidate the Foundation and Put Governance First Innovate Products and Develop Technology Work with Partners for Mutual Benefits and Win-win Results Standardize the Governance Structure Cooperation Joint Progress with Peers Join Hands with Employees for Mutual Growth Environmental Pr ...

双良节能系统股份有限公司 2023 年度募集资金存放与使用情况鉴证报告 天衡专字(2024)00804 号 天衡会计师事务所(特殊普通合伙) "。 报告编 双良节能系统股份有限公司 2023 年度募集资金存放与使用情况鉴证报告 天衡专字(2024)00804 号 双良节能系统股份有限公司全体股东: 我们审核了后附的双良节能系统股份有限公司（以下简称"双良节能公司"）《关于 2023 年度募集资金存放与使用情况的专项报告》(以下简称"募集资金专项报告")。 一、董事会的责任 双良节能公司董事会的责任是提供真实、合法、完整的相关材料,按照中国证券监督 管理委员会《上市公司监管指引第２号 -- 上市公司募集资金管理和使用的监管要求(2022 年修订 >>(证监会公告[2022]15 号)、《上海证券交易所上市公司自律监管指引第 1 号-规范 运作》、《上海证券交易所上市公司自律监管指南第1 号-公告格式(2023年 4 月修订)》的相 关规定编制募集资金专项报告,并保证其内容真实、准确、完整,不存在虚假记录、误导性 陈述或重大遗漏。 二、注册会计师的责任 我们的责任是在实施鉴证工作的基础上对募集资金专项报告发表鉴证 ...