股票简称：爱旭股份 股票代码：600732.SH 上海爱旭新能源股份有限公司 （Shanghai Aiko Solar Energy Co., Ltd.） （上海市浦东新区秋月路 26 号 4 幢 201-1 室） 2023 年度向特定对象发行 A 股股票 发行情况报告书 保荐人（牵头主承销商） 联席主承销商 公告日期：2025 年 9 月 | 一、本次发行履行的相关程序 9 | | | --- | --- | | 二、本次发行概要 | 12 | | 三、本次发行对象情况 19 | | | 四、本次发行相关机构情况 30 | | | （三）发行人律师 | 31 | | 第二节 发行前后相关情况对比 33 | | --- | | 一、本次发行前后前十名股东情况对比 33 | | 二、本次发行对公司的影响 34 | | 第三节 主承销商关于本次向特定对象发行过程和发行对象合规性的结论意见 36 | | 第四节 发行人律师关于本次向特定对象发行过程和发行对象合规性的结论意见 37 | | 第五节 有关中介机构的声明 38 | | 保荐人（牵头主承销商）声明 39 | | 联席主承销商声明 40 | | 联席主承销商 ...

Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7 层 邮编：100005 电话（Tel）：010-88004488/66090088 传真（Fax）：010-66090016 北京国枫律师事务所 关于上海爱旭新能源股份有限公司 向特定对象发行股票之 发行过程及认购对象合规性的 专项法律意见书 国枫律证字[2023]AN136-42 号 北京国枫律师事务所 北京国枫律师事务所 关于上海爱旭新能源股份有限公司 向特定对象发行股票之 发行过程及认购对象合规性的 专项法律意见书 国枫律证字[2023]AN136-42 号 致：上海爱旭新能源股份有限公司（发行人） 根据本所与发行人签订的《律师服务协议书》，本所接受发行人的委托，担 任发行人本次向特定对象发行股票（以下称"本次发行"）的专项法律顾问，并 据此对发行人本次发行的发行过程和认购对象合规性发表法律意见。 本所律师根据《中华人民共和国证券法》（以下称"《证券法》"）、《中 华人民共和国公司法》（以下称"《公司法》"）、《上市公司证券发行注册管 理办法》（以下称"《注册管理办法》"）、《证券发行与承销管理办法》《上 海证券交 ...

主承销商关于上海爱旭新能源股份有限公司 2023 年度向特定对象发行 A 股股票并在主板上市 发行过程和认购对象合规性审核报告 上海证券交易所： 经中国证券监督管理委员会（以下简称"中国证监会"）证监许可〔2025〕1549 号文同意注册，上海爱旭新能源股份有限公司（以下简称"爱旭股份"、"发行人" 或"公司"）向符合中国证监会、上海证券交易所（以下简称"上交所"）规定条件 的不超过 35 名的特定对象发行 A 股股票（以下简称"本次发行"或"本次向特定 对象发行"）。本次发行的保荐人（牵头主承销商）华泰联合证券有限责任公司（以 下简称"华泰联合证券"、"牵头主承销商"或"保荐人（牵头主承销商）"）、联 席主承销商中国国际金融股份有限公司（以下简称"中金公司"）和联席主承销 商中信建投证券股份有限公司（以下简称"中信建投证券"，华泰联合证券、中 金公司、中信建投证券以下合称"主承销商"）按照《中华人民共和国公司法》 （以下简称"《公司法》"）《中华人民共和国证券法》（以下简称"《证券法》"） 《上市公司证券发行注册管理办法》《证券发行与承销管理办法》和《上海证券 交易所上市公司证券发行与承销业务实施细则》等有 ...

RSM 容诚 验资报告 上海爱旭新能源股份有限公司 容诚验字[2025]518Z0118 号 容诚会计师事务所(特殊普通合伙) 验 资 报 告 容诚验字[2025]518Z0118 号 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://zc.cnof.cov.cn）" 近行重 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://zc.cnof.com/s.cn）" 近行重 目 | 序号 | 内 容 | 页码 | | --- | --- | --- | | | 验资报告 | 1-3 | | 2 | 新增注册资本实收情况明细表 | | | 3 | 注册资本及股本变更前后对照表 | 2 | | 4 | 验资事项说明 | 3-2 | 上海爱旭新能源股份有限公司: 我们接受委托,审验了贵公司截至 2025年9月 10 日止新增注册资本及股本 情况。按照法律法规以及协议、章程的要求出资,提供真实、合法、完整的验资资 料,保护资产的安全、完整是全体股东及贵公司的责任。我们的责任是对贵公司新 增注册资本及股本情况发表审验意见。我们的审验是依据《中国注册会计师审计准 则 ...

Investment Rating - Industry Investment Rating: Overweight [1] Core Insights - The report highlights the solid demand for energy storage driven by recent policy initiatives and the launch of Nvidia's Rubin CPX, which presents investment opportunities in the AIDC power equipment sector [4][40] - The offshore wind power sector is seeing significant international cooperation and domestic investment, with major projects being signed, which enhances the investment landscape [16][17] - The energy storage market is expected to grow significantly, with a target of 180GW+ installed capacity by 2027, supported by new policies and market mechanisms [19][21][32] Summary by Sections Energy Storage - Recent policies have been introduced to boost the independent energy storage market, with a notable increase in the share of independent storage in July's procurement [19][21] - The report suggests focusing on large-scale storage and overseas household storage expectations, as demand continues to recover [32] Offshore Wind Power - Major projects such as the 700MW offshore wind power project in Ningde and the 500MW Taenan project in South Korea have been signed, indicating a robust investment environment [16][17] - The report emphasizes the importance of these projects in driving investment and improving the supply chain [4] Power Equipment - Nvidia's introduction of the Rubin CPX GPU is expected to create investment opportunities in the AIDC power equipment sector, particularly in liquid cooling and external power supply systems [40][43] - The report recommends monitoring companies involved in these technologies for potential growth [40] Hydrogen Energy - The hydrogen energy sector is experiencing positive growth, with significant orders for hydrogen electrolyzers and government support for new technologies [33][39] - The report advises focusing on hydrogen production, storage, and application segments as key investment areas [39] Electric Vehicles - The revival of the Ningde Times lithium mine is anticipated to enhance the supply chain for battery production, with a focus on solid-state battery technology [44][45] - The report highlights the importance of stable earnings in the battery and structural components sectors [44]

Group 1 - The core viewpoint of the news is that Aishuo Co., Ltd. has experienced fluctuations in stock price and trading volume, with a notable increase in revenue and profit year-on-year [1][2][3] - As of September 12, Aishuo's stock price was 15.87 yuan per share, with a market capitalization of 28.984 billion yuan and a trading volume of 3.90 billion yuan [1] - The company has seen a year-to-date stock price increase of 44.01%, but a recent decline of 4.74% over the last five trading days [1] Group 2 - Aishuo's main business involves the research, production, and sales of solar cells, with revenue composition being 74.44% from solar modules, 18.58% from solar cells, and 5.63% from entrusted processing [1] - For the first half of 2025, Aishuo achieved operating revenue of 8.446 billion yuan, a year-on-year increase of 63.63%, while the net profit attributable to shareholders was -238 million yuan, an increase of 86.38% [2] - The company has distributed a total of 9.21 billion yuan in dividends since its A-share listing, with 7.15 billion yuan distributed in the last three years [3]

上海爱旭新能源股份有限公司 关于开设募集资金专户并签订募集资金专户存储 四方监管协议的公告 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法律责任。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意上海爱旭新能源股份有限公司向特定对 象发行股票注册的批复》（证监许可[2025]1549 号）同意，上海爱旭新能源股份有 限公司（以下简称"公司"）本次向特定对象发行股票共募集资金总额人民币 3,499,999,995.54 元，扣除不含税的发行费用人民币 41,761,672.15 元，公司实际募集 资金净额为人民币 3,458,238,323.39 元。保荐机构、主承销商华泰联合证券有限责任 公司（以下简称"华泰联合证券"）已于 2025 年 9 月 10 日将本次发行募集资金总 额扣除其承销费用和保荐费用后的资金划入公司在银行开立的募集资金专户内，实 际到账募集资金为 3,468,999,995.54 元。容诚会计师事务所（特殊普通合伙）对公司 截至 2025 年 9 月 10 日的募集资金到账情况进行了审验确认，并出具了容诚验 ...

Core Viewpoint - The photovoltaic industry is still in a bottoming phase in the first half of the year due to a year-on-year decline in industry chain prices, with significant revenue and profit reductions reported by listed companies [1][3]. Financial Performance - A total of 110 photovoltaic listed companies achieved a combined revenue of 615.28 billion yuan in the first half of the year, a decrease of approximately 65 billion yuan compared to the same period last year [1]. - The net profit attributable to shareholders was 7.64 billion yuan, down from 17.01 billion yuan in the previous year [1]. - Among the listed companies, 47 reported losses, an increase from 39 in the same period last year [4]. Company-Specific Performance - Notable companies such as Longi Green Energy and Aiko Solar reported significant reductions in losses, with Longi's net profit at -2.569 billion yuan (a 50.88% improvement) and Aiko's at -238 million yuan (an 86.38% improvement) [4]. - Aiko Solar attributed its performance improvement to a 400% year-on-year increase in ABC component shipments, reaching 8.57 GW [4]. Market Dynamics - The demand side saw high growth in new domestic photovoltaic installations, particularly during the second quarter's "rush installation" period, which boosted revenue despite ongoing price pressures [3][5]. - The component segment remains a key area of loss, with major manufacturers like Tongwei, Trina Solar, and JinkoSolar collectively losing nearly 16 billion yuan [5]. Cash Flow and Operational Trends - The net cash flow from operating activities for the 110 listed companies turned positive, totaling 29.451 billion yuan, a significant improvement from the previous year [8]. - The second quarter alone saw a net cash flow of 28.988 billion yuan, marking a 60-fold increase from the first quarter [8]. Industry Outlook - The industry is experiencing a shift towards maintaining stable cash flow and seeking high-value orders, moving away from irrational competition [8][9]. - Regulatory efforts are underway to address non-rational competition, with a focus on capacity adjustment and resisting low-price competition [9].

Core Viewpoint - Aixiang Co., Ltd. has experienced significant stock price fluctuations and growth in revenue and profit, indicating a strong performance in the solar energy sector [1][2]. Financial Performance - As of June 30, Aixiang Co., Ltd. achieved a revenue of 8.446 billion yuan, representing a year-on-year growth of 63.63% [2]. - The company reported a net profit attributable to shareholders of -238 million yuan, showing a year-on-year increase of 86.38% [2]. - The stock price has increased by 47.64% year-to-date, with a 9.27% rise over the last five trading days and a 15.23% increase over the last 20 days [1]. Shareholder Information - The number of shareholders decreased by 2.05% to 78,200 as of June 30 [2]. - The average number of circulating shares per shareholder increased by 1.26% to 20,272 shares [2]. - Aixiang Co., Ltd. has distributed a total of 9.21 billion yuan in dividends since its A-share listing, with 7.15 billion yuan distributed in the last three years [3]. Stock Market Activity - The stock experienced a net outflow of 36.24 million yuan from main funds, with large orders accounting for 19.23% of purchases and 24.53% of sales [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the last occurrence on February 7 [1]. Business Overview - Aixiang Co., Ltd. specializes in the research, production, and sales of solar cells, with its main revenue sources being solar modules (74.44%) and solar cells (18.58%) [1]. - The company is categorized under the photovoltaic equipment sector, with concepts including BC batteries, TOPCon batteries, and solar energy [1].

Core Points - Aixi Co., Ltd. announced a guarantee contract with CITIC Bank Yiwu Branch for a credit facility of 650 million yuan for its subsidiary Zhejiang Aixi [1] - The total amount of guarantees provided by the company and its subsidiaries is 23.331 billion yuan, which accounts for 656.42% of the company's latest audited net assets [1] - The actual debt balance under the aforementioned guarantees is 14.096 billion yuan [1]