Core Viewpoint - Shuangliang Eco-Energy Systems Co., Ltd. has issued convertible bonds totaling 2.6 billion yuan, with a six-year maturity and a tiered interest rate structure, reflecting the company's ongoing financial strategies and market conditions [2][3][4]. Group 1: Bond Issuance Details - The convertible bond code is 110095.SH, with a total issuance scale of 2.6 billion yuan [2]. - The bond has a tiered interest rate starting from 0.2% in the first year, increasing to 2.0% in the sixth year [2]. - The bond is unsecured and rated AA at issuance [2][3]. Group 2: Financial Performance - For the first nine months of 2024, the company reported a net loss of approximately 1.34 billion yuan, a 195.47% decrease compared to the previous year [10][12]. - The total assets decreased by 7.84% to approximately 2.77 billion yuan, while total liabilities remained relatively stable at around 2.30 billion yuan [12]. - The company's operating income for 2024 was reported at approximately 1.30 billion yuan, down from 2.31 billion yuan in 2023, indicating a significant decline in revenue [15]. Group 3: Corporate Governance and Management - The company has established a special account for managing the funds raised from the bond issuance, ensuring compliance with regulatory requirements [12][13]. - The board of directors has proposed to adjust the conversion price of the bonds from 11.81 yuan to 7.20 yuan, reflecting the company's strategic response to market conditions [10][11]. - The company has maintained a strong willingness to repay its debts, having made timely interest payments without any defaults [15].

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 （住所：江苏省无锡市江阴市利港镇） 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 受托管理事务报告 （2024 年度） 债券受托管理人 （住所：北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称《管理办法》）、 《公司债券受托管理人执业行为准则》（以下简称《执业行为准则》）、证券交 易所公司债券上市规则（以下简称"上市规则"）、发行人与中国国际金融股份 有限公司（以下简称"中金公司"或"受托管理人"）签订的债券受托管理协议 （以下简称"受托管理协议"）及其它相关信息披露文件以及双良节能系统股份 有限公司（以下简称"发行人"或"公司"）出具的相关说明文件和提供的相关 资料等，由受托管理人中金公司编制。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 事宜作出独立判断，而不应将本报告中的任何 ...

Group 1: Core Insights - The focus on "innovation" has emerged as a key theme at this year's photovoltaic exhibition, contrasting with previous years where rapid growth overshadowed this aspect [1] - The photovoltaic industry is currently facing a cyclical downturn, necessitating a shift from price competition to innovation for survival [1] - New technologies such as N-type TOPCon, HJT, and BC batteries are opening high-end markets, while new applications like household, offshore, and agricultural photovoltaics are creating additional growth opportunities [1] Group 2: Technological Innovation - The photovoltaic industry is engaged in a continuous technological arms race, with a strategic shift towards battery structure iterations and the dominance of N-type technology over P-type [2] - TOPCon technology has achieved a mass production efficiency of 25.8%, while laboratory efficiency for perovskite tandem cells has reached 33.9% [2] - Cost reduction strategies are focusing on both process improvements to reduce silver paste usage and exploring alternative conductive materials to replace silver [2] Group 3: Business Model Innovation - Photovoltaic companies are encouraged to transition from being mere manufacturers to comprehensive energy service providers, moving away from one-time sales to long-term service models [3] - Successful examples of this transition include partnerships like the one between Shuangliang Energy and Hongyang New Energy, which aims to provide a green hydrogen production solution [3][4] - The integration of energy storage with photovoltaic systems is becoming essential for stabilizing revenue and enhancing product value [4] Group 4: Industry Chain Collaborative Innovation - Collaborative innovation across the photovoltaic industry chain is crucial in the current context of overcapacity, with leading companies urged to create an "innovation ecosystem" [5] - Stronger partnerships among industry players can help mitigate market challenges and reduce internal competition through shared technology and capacity [5] - The shift towards market-based pricing mechanisms for new projects emphasizes the need for efficient photovoltaic components and smart operation solutions [5] Group 5: Future Outlook - The photovoltaic industry is at a critical juncture, where the focus must shift from mere capacity expansion to deep and broad innovation [6] - Companies that can maintain their commitment to innovation during crises are likely to emerge as leaders in the high-quality development of the photovoltaic sector [6]

Core Viewpoint - The company has decided not to adjust the conversion price of its convertible bonds, despite meeting the conditions for a downward adjustment due to stock price performance [1][5]. Group 1: Convertible Bond Issuance Overview - The company issued convertible bonds totaling 2.6 billion RMB, with a maturity of 6 years, approved by the China Securities Regulatory Commission [2]. - The bonds were listed on the Shanghai Stock Exchange on September 8, 2023, under the name "双良转债" and code "110095" [2]. Group 2: Conversion Price Adjustment History - The initial conversion price was set at 11.81 RMB per share, which was later adjusted to 7.20 RMB per share on October 25, 2024 [3][4]. - A further adjustment brought the conversion price down to 6.18 RMB per share on March 25, 2025 [4]. Group 3: Decision on Downward Adjustment - As of June 16, 2025, the company's stock price had been below the conversion price for at least 15 trading days within a 30-day period, triggering the conditions for a downward adjustment [1][5]. - The board decided not to exercise the right to adjust the conversion price, citing confidence in the company's long-term value and the impact of macroeconomic factors [5]. - The board will reassess the situation after July 17, 2025, should the conditions for adjustment be met again [1][5].

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： ● 截至 2025 年 6 月 16 日，双良节能系统股份有限公司（以下简称"公司"）股 价已出现任意连续三十个交易日中至少有十五个交易日的收盘价低于当期转股价格的 85%（5.25 元/股）之情形，触及"双良转债"转股价格向下修正条款。 | 证券代码：600481 | 证券简称：双良节能 | 公告编号：2025-039 | | --- | --- | --- | | 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 关于不向下修正"双良转债"转股价格的公告 一、可转债发行上市概况 （一）可转换公司债券发行上市情况 经中国证券监督管理委员会（以下简称"中国证监会"）《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 ...

Core Viewpoint - Double Good Energy has secured a significant contract in the renewable energy sector, marking a key achievement in its "photovoltaic + hydrogen" dual-driven strategy, with a contract amount of 450 million yuan [1][2]. Group 1: Contract Details - The contract signed with Hongyang New Energy Development Group involves the supply of a green hydrogen production system for the integrated project in Fuhai County, with a hydrogen production capacity of 72,000 Nm³/h [2]. - The contract amount of 450 million yuan accounts for 3.45% of the company's audited revenue for 2024 [2]. - Successful implementation of the project is expected to enhance the company's technical experience and project case studies in green hydrogen production, positively impacting total assets, net assets, and net profit in the current and future years [2]. Group 2: Business Strategy and Performance - The company aims to achieve breakthroughs in its energy-saving and water-saving segment, enhance the quality and cost control of its monocrystalline silicon business, and strive for leading market share in green hydrogen production [3]. - Despite a 48.7% year-on-year decline in photovoltaic product revenue to 8.862 billion yuan in 2024, the company has maintained strong market competitiveness by ramping up production capacity in the monocrystalline silicon segment [4]. - The company plans to increase its silicon wafer production capacity to 100 GW by 2025, leveraging scale effects and technological upgrades to reduce costs and improve efficiency [4]. Group 3: Growth in Hydrogen Business - The hydrogen business has seen explosive growth, with order amounts exceeding 800 million yuan since 2025, representing a 300% year-on-year increase [4]. - The company has also signed a strategic cooperation agreement with Junrui Green Hydrogen Energy Group to promote the large-scale development and application of hydrogen energy [4]. - With a production capacity of 300 units, the company plans to invest 1.61 billion yuan to accelerate the construction of a project for producing 700 sets of intelligent green hydrogen production equipment annually [4]. Group 4: Research and Development - The company has invested a total of 1.332 billion yuan in research and development over the past five years, focusing on breakthroughs in core technologies for hydrogen energy [5]. - The company is collaborating with universities on research projects related to efficient low-cost AEM catalysts and membrane electrodes, as well as direct electrolysis of ammonia for hydrogen production [5]. - The ongoing global push for carbon neutrality is expected to drive significant growth in the company's green hydrogen business [5].

Core Viewpoint - The article emphasizes the importance of innovation in the renewable hydrogen production industry, highlighting the upcoming 2025 Renewable Energy Hydrogen Production Industry Development Forum in Jiangsu, which will focus on advancements in hydrogen production technologies and applications [1]. Group 1: Forum Overview - The forum will take place on July 10-11, 2025, in Jiangsu, focusing on ALK/PEM/AEM hydrogen production technologies and their market development [1]. - It will feature five key activities, including technical discussions, youth forums, and supply-demand matching [1]. - The event aims to facilitate high-quality development in the renewable hydrogen production industry by bringing together top experts and representatives from various sectors [1]. Group 2: Supporting Organizations - The forum is organized by DT New Energy, with support from the Shanghai Hydrogen Science and Technology Research Association and Bosch Intelligent Manufacturing Solutions [2]. - Various companies, such as Syensqo and Sichuan Dongcai Technology Group, are involved, showcasing their contributions to hydrogen production technologies [2]. Group 3: Agenda Highlights - The agenda includes discussions on seawater electrolysis technology, advancements in PEM and AEM hydrogen production materials, and the challenges faced in the industry [7][9]. - Notable speakers include professors from Tsinghua University and Fudan University, as well as executives from leading hydrogen energy companies [7][9]. - The forum will also feature a youth forum aimed at fostering innovation and addressing technical challenges in hydrogen production [13]. Group 4: Exhibition and Networking Opportunities - The forum will host an exhibition area showcasing key components and technologies related to alkaline, PEM, and AEM electrolysis systems [11]. - Networking opportunities will be available for participants to connect with industry leaders and explore collaboration possibilities [18][22].

Core Viewpoint - The company, Shuangliang Energy, has shown a positive stock performance with a recent closing price of 4.59 yuan, reflecting a 1.77% increase from the previous week, and has important announcements regarding project bids and financial activities [1][2][3] Group 1: Stock Performance - As of June 13, 2025, Shuangliang Energy's stock closed at 4.59 yuan, up from 4.51 yuan the previous week, marking a 1.77% increase [1] - The stock reached a weekly high of 4.9 yuan on June 12 and a low of 4.45 yuan on June 10 [1] - The company's current total market capitalization is 8.601 billion yuan, ranking 35th out of 63 in the photovoltaic equipment sector and 1832nd out of 5150 in the A-share market [1] Group 2: Company Announcements - Shuangliang Energy has won a bid for the Gansu Energy Chemical Qinyang 2×660MW coal power project, with a bid amount of 236.98 million yuan [3] - The company plans to engage in a non-recourse accounts receivable factoring business with a maximum amount of 2.3 billion yuan [3] - The "Shuangliang Convertible Bond" is expected to meet conditions for a downward adjustment of the conversion price, currently set at 6.18 yuan per share, with a potential adjustment if the stock price remains below 85% of the conversion price for a specified period [3]

Core Viewpoint - The SNEC PV+ 2025 International Photovoltaic and Energy Storage Conference in Shanghai highlighted the importance of zero-carbon parks as a key strategy for industrial carbon neutrality, with Double Good Energy showcasing its comprehensive zero-carbon park solutions and signing a 450 million yuan contract for green hydrogen systems [2][5]. Group 1: Zero-Carbon Park Solutions - Double Good Energy presented its zero-carbon park solutions, which include a customized "solar-hydrogen-storage" system that utilizes rooftop solar power for direct supply, green hydrogen production for industrial use, and energy storage for grid peak shaving [3][4]. - The company aims to enhance energy efficiency through over 40 years of energy-saving technology, utilizing electric cooling, heat pumps, and waste heat recovery [3][4]. - The zero-carbon park solutions are supported by Double Good Energy's leading capabilities in photovoltaic modules, with over 65% market share in polysilicon reduction furnaces and nearly 100 GW capacity in monocrystalline silicon wafers [3][4]. Group 2: Green Hydrogen Production - Double Good Energy has established a 5 GW electrolyzer manufacturing base and developed the world's largest single hydrogen production alkaline water electrolyzer with a capacity of 5000 Nm³/h [4][5]. - The company signed a 450 million yuan contract to provide a green hydrogen production solution with a capacity of 72,000 Nm³/h for the Hongyang Fuhai project, marking a significant industry milestone [5]. Group 3: Energy Efficiency and Management - The centralized immersion liquid cooling system for energy storage applications achieves over 50% energy savings and maintains temperature control within ±0.2°C, enhancing battery safety and lifespan [4]. - Double Good Energy's energy management platform utilizes AI to analyze energy and carbon data in real-time, optimizing energy use and management across the park [5][6]. - The company's products and solutions have been well-received in over 100 countries, including Southeast Asia, the Middle East, and Europe, and have led to strategic partnerships with various international firms [5][6].

Group 1 - Company GuoDeWei plans to repurchase shares with a total investment of between 100 million to 150 million yuan, with a maximum repurchase price of 53 yuan per share, expecting to buy back between 1.89 million to 2.83 million shares, accounting for 0.78% to 1.17% of total share capital [1] - Company Shuangliang Energy has won a bid for the Gansu Energy Chemical Qinyang 2×660MW coal power project, with a total bid amount of 237 million yuan, representing 1.82% of the company's projected revenue for 2024 [1] - Company China Pacific Insurance reported a total premium income of 227.17 billion yuan from its two subsidiaries in the first five months, with a year-on-year growth of 10.2% for its life insurance subsidiary and 0.5% for its property insurance subsidiary [1][2] Group 2 - Company LuKang Pharmaceutical has received a drug registration certificate for injectable Cefoperazone Sodium, a third-generation cephalosporin with broad-spectrum antibacterial properties [3] - Company 吉祥航空 reported a 4.97% year-on-year increase in passenger turnover in May, with a seat occupancy rate of 86.14%, up 3.70% year-on-year [4][5] - Company DuRui Pharmaceutical's subsidiary has also received a drug registration certificate for injectable Cefoperazone Sodium [6] Group 3 - Company KeLan Software announced that part of the shares held by its controlling shareholder will be auctioned, involving 5.09 million shares, accounting for 1.07% of the total share capital [7] - Company HuaCan Optoelectronics received a government subsidy of 87.84 million yuan, which is expected to positively impact the company's pre-tax profit for 2025 [8] - Company JinZhi Technology has won a bid for projects from the State Grid and China Resources New Energy, with a total bid amount of 84.41 million yuan [9] Group 4 - Company Vision China completed a capital increase for its subsidiary, raising 100 million yuan to accelerate its layout in the AI field [11] - Company Youa Co. received a profit distribution of 96.03 million yuan from its investment in Changsha Bank [13] - Company WanBangde's subsidiary obtained a patent for a deuterated compound, enhancing the chemical stability and reducing toxicity [16] Group 5 - Company DongCheng Pharmaceutical completed the enrollment of all 488 participants in the Phase III clinical trial for Fluorine-18 PSMA peptide injection, aimed at prostate cancer diagnosis [17] - Company China Merchants Expressway announced that its first phase of medium-term notes for 2024 will pay interest on July 2, 2025, with a total issuance of 2.5 billion yuan and an interest rate of 2.35% [18] - Company JinPu Titanium's subsidiary has temporarily suspended production for maintenance due to falling product prices and high production costs [20] Group 6 - Company BeiLu Pharmaceutical received a marketing authorization for Iodinated Contrast Injection in Hungary, marking another approval in the EU [22] - Company LiXing Co. obtained an overseas investment certificate for its wholly-owned subsidiary in Singapore, with a total investment of 2.16 million yuan [24] - Company LangKun Technology won a garbage collection service project with a bid amount of 21.57 million yuan [26] Group 7 - Company KeRui International plans to transfer 55% of its subsidiary Tianjin ZhiRui's equity for 41.96 million yuan [28] - Company Nanjing JuLong intends to invest 130 million yuan to build a production project for special materials with an annual output of 40,000 tons [30] - Company NanShan Intelligent plans to use up to 50 million yuan of idle funds for cash management in safe and liquid financial products [32] Group 8 - Company GuangLian Aviation completed the business change registration for its subsidiary, involving the introduction of strategic investors [34] - Company XiaoFang Pharmaceutical signed a cooperation agreement to develop a new drug for hair loss treatment [36] - Company GuiZhou SanLi plans to sign a 150 million yuan technology transfer and development contract with Guangdong Pharmaceutical University [38] Group 9 - Company ST SiLong's subsidiary received a drug registration certificate for Famotidine injection, used for treating upper gastrointestinal bleeding [52] - Company ZhongKe Information's executive plans to reduce holdings of up to 180,000 shares, accounting for 0.06% of total share capital [53] - Company KeLun Pharmaceutical's injectable Cefoperazone Sodium/Chloride Sodium injection received drug registration approval [54] Group 10 - Company LuXin Investment plans to transfer 10.06% of its stake in LuXin HuiJin for 203 million yuan, aiming to focus on its main business [56] - Company Western Gold plans to acquire 100% of Xinjiang MeiSheng for 1.655 billion yuan [58] - Company JinTou City Development intends to swap assets worth 5.862 billion yuan, changing its main business to urban centralized heating [60]