Investment Rating - The investment rating for the company is not explicitly stated in the report, but it suggests to "focus on" the company due to its potential in the energy-saving equipment business and its leading technology in silicon wafer equipment [4][6]. Core Viewpoints - The company reported a significant decline in revenue and profit in H1 2024, with operating income of 6.98 billion yuan, down 42.5% year-on-year, and a net profit attributable to shareholders of -1.26 billion yuan, indicating a shift from profit to loss [2][6]. - The energy-saving and water-saving equipment business showed stable growth, achieving revenue of 1.72 billion yuan, up 12.7% year-on-year, with a gross margin of 24.6% [6]. - The photovoltaic product business faced challenges due to intensified competition, resulting in a revenue drop of 45.8% year-on-year to 4.85 billion yuan and a negative gross margin of -20.5% [6]. Financial Performance Summary - In H1 2024, the company experienced a significant decrease in revenue and profitability, with a gross margin of -6.0%, down 19.8 percentage points year-on-year [2][6]. - The company’s financial forecasts for 2024-2026 indicate expected revenues of 21.01 billion yuan, 27.07 billion yuan, and 33.27 billion yuan, with year-on-year growth rates of -9.2%, 28.8%, and 22.9% respectively [6][7]. - The projected net profit for 2024 is -424 million yuan, with subsequent years showing a recovery to 1.45 billion yuan in 2025 and 2.01 billion yuan in 2026 [6][7]. Business Segment Analysis - The energy-saving and water-saving equipment segment is expected to support the company's performance, leveraging its diverse equipment types and strong customer relationships in high-energy-consuming industries [2][6]. - The photovoltaic segment is under pressure due to price declines and increased competition, but the report notes that the industry supply-side structure is gradually optimizing, which may improve profitability in the future [6][7].

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15%[13]. - The net profit attributable to shareholders reached RMB 200 million, up 10% compared to the same period last year[13]. - The company's operating revenue for the first half of 2024 was approximately ¥6.98 billion, a decrease of 42.45% compared to the same period last year[14]. - The net profit attributable to shareholders was approximately -¥1.26 billion, representing a decline of 303.47% year-over-year[14]. - The basic earnings per share for the first half of 2024 was -¥0.6721, down 302.39% from ¥0.3321 in the same period last year[15]. - The company reported a significant reduction in employee compensation payable, down to ¥84,756,043.14 from ¥224,342,884.07, a decrease of 62.25%[85]. - The company reported a total comprehensive income attributable to the parent company of CNY -1,258.12 million for the first half of 2024, compared to CNY 682.17 million in the same period of 2023[92]. Market Expansion and Strategy - The company has expanded its user base by 20%, now serving over 500,000 customers across various sectors[13]. - Future guidance indicates an expected revenue growth of 12% for the second half of 2024, driven by new product launches and market expansion efforts[13]. - Market expansion efforts include entering two new provinces, which are projected to contribute an additional RMB 150 million in revenue by year-end[13]. - The company has completed the acquisition of a local competitor, which is expected to increase market share by 5%[13]. - The company is actively expanding its international presence, focusing on markets in Europe, the Middle East, and Southeast Asia to enhance its global influence[20]. Research and Development - The company is investing RMB 100 million in R&D for new energy technologies, aiming to enhance product efficiency and sustainability[13]. - The company maintains a strong R&D advantage with over 300 patents and has developed semiconductor-grade polysilicon reduction furnaces, positioning itself as a leader in the photovoltaic equipment sector[21]. - The company has established a three-tier R&D innovation system, focusing on carbon neutrality and integrating resources from research institutions and universities[20]. - Research and development expenses decreased by 39.76% to ¥149,665,894.31, primarily due to reduced investment in the photovoltaic industry[25]. Environmental and Sustainability Efforts - The company has maintained compliance with environmental regulations, achieving ISO certifications for quality, environmental management, and occupational health and safety[40]. - The company has established effective measures to control and reduce pollutant emissions during production, ensuring compliance with environmental standards[40]. - The company has implemented a waste transfer system for hazardous waste, ensuring compliance with national environmental regulations[41]. - The company has established a long-term mechanism for environmental protection and pollution control[45]. - The company has installed a photovoltaic project with a capacity of 1,157.58 kWp, contributing to a total electricity generation of approximately 1,193 MWh, reducing CO2 emissions by about 1,189 tons[54]. Financial Position and Liabilities - The total assets at the end of the reporting period were approximately ¥30.36 billion, an increase of 0.89% compared to the previous year[14]. - The net assets attributable to shareholders at the end of the reporting period were approximately ¥5.61 billion, down 20.78% from the end of the previous year[14]. - The company's debt-to-asset ratio is relatively high within the industry, raising concerns about potential solvency risks if the operating environment deteriorates[33]. - Short-term loans increased by 51.78% to ¥7,376,912,236.81, accounting for 24.30% of total assets[26]. - Long-term loans rose by 89.86% to ¥1,310,303,708.34, representing 4.32% of total assets[26]. Risks and Challenges - The company faces risks related to product and raw material price fluctuations, particularly for materials like steel, stainless steel pipes, aluminum strips, and silicon, which can significantly impact profitability[33]. - Increased market competition in the photovoltaic industry poses a risk, as the company must enhance product quality and reduce production costs to maintain market share and profit levels[33]. - Inventory depreciation risk exists due to reliance on raw materials and finished goods, which may require increased provisions if market conditions change adversely[33]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 90,075[71]. - The largest shareholder, Shuangliang Group Co., Ltd., holds 329,370,517 shares, accounting for 17.61% of the total shares[71]. - The company has not provided guarantees to shareholders, actual controllers, or their related parties during the reporting period[67]. Accounting Policies and Financial Reporting - The company follows the enterprise accounting standards, ensuring the financial statements reflect its financial position accurately[112]. - The company has specific accounting policies for bad debt provisions, fixed asset depreciation, and revenue recognition[111]. - The company recognizes revenue when control of goods or services is transferred to customers, with specific criteria for domestic and international sales[160]. - The company assesses expected credit losses based on all reasonable and supportable information, including forward-looking information[125].

双良节能系统股份有限公司 舆情管理制度 第一章 总则 第一条 为提高双良节能系统股份有限公司（以下简称"公司"）应对各类 舆情的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情对公司股 价、公司商业信誉及正常生产经营活动造成的影响，切实保护投资者合法权益， 根据《上海证券交易所股票上市规则》等相关法律法规规定及《双良节能系统股 份有限公司章程》（以下简称"公司章程"），结合公司实际情况，制定本制度。 第二条 本制度所称舆情包括： （四）负责做好向江苏证监局的信息上报工作及上海证券交易所的信息沟通 工作； （一）报刊、电视、网络等媒体对公司进行的负面报道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信 息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生较 大影响的事件信息。 第二章 舆情管理的组织体系及工作职责 第三条 公司应对各类舆情实行统一领导、统一组织、快速反应、协同应对。 第四条 公司成立应对舆情处理工作领导小组（以下简称"舆情工作组"）， 由公司董事长、董事会秘书办公室及市场部等相关职能部门负 ...

双良节能系统股份有限公司（以下简称"公司"）于 2024 年 8 月 30 日召开 八届五次董事会和八届十五次监事会，分别审议通过了《关于计提资产减值准备 的议案》，具体情况如下： 一、本次计提资产减值准备情况概述 为公允反映公司各类资产的价值，按照企业会计准则的相关规定，公司对截 至 2024 年 6 月 30 日公司及下属子公司存在减值迹象的资产进行减值测试，经过 确认和计量，计提资产减值损失及信用减值损失。经测试，2024 年 1-6 月计提 各类资产减值损失及信用减值损失（损失以"-"列示，下同）-699,203,072.39 元（未经审计），具体如下： | 项目 | 金额（元） | | --- | --- | | 信用减值损失 | -24,511,727.78 | | 其中：应收票据坏账损失 | 2,704,269.18 | | 应收账款坏账损失 | -19,128,873.69 | | 其他应收款坏账损失 | -8,384,997.29 | | 长期应收款坏账损失 | 297,874.02 | | 资产减值损失 | -674,691,344.61 | | 其中：合同资产减值损失 | 2,905,2 ...

| 证券代码：600481 | 证券简称：双良节能 | 公告编号：2024-059 | | --- | --- | --- | | 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 关于会计政策变更的公告 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： 本次会计政策变更为双良节能系统股份有限公司（以下简称"公司"）执行 中华人民共和国财政部新颁布或修订的企业会计准则的相关规定，对公司会计政 策和相关会计科目核算进行相应的变更和调整，执行变更后的会计政策能够客 观、公允地反映公司的财务状况和经营成果，不会对公司财务状况、经营成果和 现金流量产生重大影响。 一、会计政策变更情况概述 （一）会计政策变更的原因及时间 中华人民共和国财政部（以下简称"财政部"）于 2024 年 3 月发布了《企业 会计准则应用指南汇编 2024》，规定保证类质保费用应计入营业成本。由于上述 会计准则的修订,公司需对原采用的相关会计政策进行相应调整。 （二）变更前采用的会计政策 本次会计政策变更前， ...

本议案已经公司八届董事会审计委员会 2024 年第二次会议审议通过。 | 证券代码：600481 | 证券简称：双良节能 | 公告编号：2024-056 | | --- | --- | --- | | 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 八届五次董事会决议公告 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 2024 年 8 月 23 日以书 面送达及口头方式向公司全体董事发出召开八届五次董事会的通知，会议于 2024 年 8 月 30 日在江阴国际大酒店以现场结合通讯方式召开，会议应到董事 8 名，实到董事 8 名。本次会议的召集和召开符合《公司法》和《公司章程》的有 关规定，会议决议为有效决议。会议由董事长缪文彬先生主持,审议并通过了如 下议案： （1）审议通过《关于审议并披露公司 2024 年半年度报告及其摘要的议案》 表决结果：同意：8 票，反对：0 票，弃权：0 票 表决结果：同意：8 票，反对：0 票，弃权：0 票 ...

| 证券代码：600481 | 证券简称：双良节能 | 公告编号：2024-060 | | --- | --- | --- | | 转债代码：110095 | 转债简称：双良转债 | | 本公司监事会及全体监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。 为深入贯彻党的二十大和中央金融工作会议精神，落实国务院《关于进一步提高上 市公司质量的意见》要求，积极响应上海证券交易所发布的《关于开展沪市公司"提质 增效重回报"专项行动的倡议》，践行"以投资者为本"理念，推动公司高质量可持续 发展与投资价值提升，切实保护投资者尤其是中小投资者合法权益，双良节能系统股份 有限公司（以下简称"公司"）结合公司实际的经营情况和发展战略，制定了公司 2024 年度"提质增效重回报"行动方案，具体举措如下： 一、聚焦做强主业，提升经营质量 "改善人类生存环境拓展人类生存空间、提升人类生活品质、提升人类生活品质" 是公司的使命，公司的愿景是"健康双良、国际双良、始终做一家受人尊敬的企业集团"。 公司主要从事溴化锂冷热机组、换热器、空冷系统、多晶硅还原炉、单晶硅产品 ...

证券代码：600481 证券简称：双良节能 公告编号：2024-057 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 八届十五次监事会决议公告 本公司监事会及全体监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 2024 年 8 月 23 日以书面送达 及口头方式向公司全体监事发出召开八届十五次监事会的通知，会议于 2024 年 8 月 30 日在江阴国际大酒店以现场结合通讯方式召开，会议应到监事 3 名，实到监事 3 名。本 次会议的召集和召开符合《公司法》和《公司章程》的有关规定，会议决议为有效决议。 会议由监事会主席马培林先生主持,审议并通过了如下议案： （1）审议通过《关于审议并披露公司 2024 年半年度报告及其摘要的议案》 表决结果：同意：3 票，反对：0 票，弃权：0 票 公司监事会根据《证券法》第 68 条的规定，对董事会编制的 2024 年半年度报告进 行了认真审核，出具书面意见如下： 1）公司 2024 年半年度报告的编制和审议程序符合法律、法规、公 ...

股票代码：600481 股票简称：双良节能 债券代码：110095 债券简称：双良转债 双良节能系统股份有限公司 向不特定对象发行可转换公司债券 第六次临时受托管理事务报告 （2024 年度） 债券受托管理人 二〇二四年八月 重要声明 本报告依据《公司债券发行与交易管理办法》《关于双良节能系统股份有限 公司向不特定对象发行可转换公司债券之债券受托管理协议》（以下简称"《受 托管理协议》"）《双良节能系统股份有限公司向不特定对象发行可转换公司债 券募集说明书》（以下简称"《募集说明书》"）等相关规定，由本次债券受托管 理人中国国际金融股份有限公司（以下简称"中金公司"）编制。中金公司编制 本报告的内容及信息均来源于双良节能系统股份有限公司提供的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为中金公司所作的承诺 或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，中金公 司不承担任何责任。 1 中国国际金融股份有限公司（以下简称"中金公司"）作为双良节能系统股 份有限公司（以下简称"双良节能"、"发行人"或"公司"） ...

| 证券代码：600481 | 证券简称：双良节能 公告编号：2024-052 | | --- | --- | | 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"双良转债"2024 年付息公告 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。 经中国证券监督管理委员会《关于同意双良节能系统股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可〔2023〕1351 号）同意注册， 公司于 2023 年 8 月 8 日向不特定对象发行可转债 2,600 万张，每张面值人民币 100 元，募集资金总额为 260,000 万元，可转换公司债券期限为自发行之日起六 年，票面利率为第一年 0.2%、第二年 0.5%、第三年 1.0%、第四年 1.5%、第五年 1.8%、第六年 2.0%。 经上海证券交易所自律监管决定书[2023]208 号文同意，公司发行的 260,000.00万元可转换公司债券于2023年9月8日在上海证券交易所挂牌交易， 债券简称"双良转债"，债券代码"11009 ...