Core Viewpoint - Aishuo Co., Ltd. has completed the registration of restricted stock grants as part of its 2025 incentive plan, with a total of 3.9345 million shares reserved for granting [1] Group 1 - The announcement was made on the evening of November 18, detailing the completion of the registration work for the restricted stock grants [1] - The registration date for the reserved restricted stock grants is November 17, 2025 [1] - The total number of restricted stock grants registered is 3.9345 million shares [1]

证券代码：600732 股票简称：爱旭股份 编号：临 2025－104 上海爱旭新能源股份有限公司 关于 2025 年限制性股票与股票期权激励计划 预留授予限制性股票登记完成的公告 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。 重要内容提示： 2、实际授予数量：393.45 万股 3、实际授予人数：75 人 4、授予价格：5.68 元/股 5、股票来源：公司从二级市场回购的本公司人民币 A 股普通股股票 人调整为 75 人。 上海爱旭新能源股份有限公司（以下简称"公司"）于 2025 年 9 月 26 日召开 第九届董事会第四十一次会议，审议通过了《关于向激励对象预留授予限制性股票 与股票期权的议案》。根据《上海爱旭新能源股份有限公司 2025 年限制性股票与股 票期权激励计划》（以下简称"本次激励计划"或"《2025 年激励计划》"）的规 定和公司 2025 年第一次临时股东会的授权，公司董事会已完成《2025 年激励计划》 中预留授予限制性股票的登记工作，有关具体情况公告如下： 一、限制性股票的授予结果 1、授予日：20 ...

Investment Rating - The report indicates a positive outlook for the photovoltaic sector, with signs of recovery in profitability and stable growth in the wind power sector [1][5]. Core Insights - The renewable energy sector reported a revenue of 11,722 billion yuan for Q1-3 2025, a year-on-year decrease of 1%, and a net profit of 242 billion yuan, down 19% year-on-year. In Q3 2025, revenue was 4,138 billion yuan, up 2% year-on-year, and net profit was 118 billion yuan, up 41% year-on-year [2][7]. - The photovoltaic segment experienced a significant reduction in losses, with Q3 2025 revenue at 2,315 billion yuan, down 8% year-on-year, but net profit surged to 28.4 billion yuan, a year-on-year increase of 1,495% [2][37]. - The wind power segment showed robust growth, with Q3 2025 revenue of 1,135 billion yuan, up 22% year-on-year, and net profit of 50 billion yuan, up 33% year-on-year [2][16]. Summary by Sections Revenue and Profitability - The renewable energy sector's revenue for Q1-3 2025 was 11,722 billion yuan, with a net profit of 242 billion yuan. Q3 2025 saw a revenue of 4,138 billion yuan and a net profit of 118 billion yuan, marking a significant recovery [2][15]. - The photovoltaic sector's revenue for Q1-3 2025 was 6,640 billion yuan, with a net loss of 43 billion yuan. In Q3 2025, revenue was 2,315 billion yuan, and net profit was 28.4 billion yuan, indicating a strong recovery [2][37]. Segment Performance - The photovoltaic segment's Q3 2025 performance showed a revenue decline of 8% year-on-year but a remarkable net profit increase of 1,495%. The wind power segment continued to grow, with a 22% revenue increase year-on-year [2][16][37]. - The report highlights that the profitability of the wind power segment is improving, with a notable increase in gross margins due to price adjustments and operational efficiencies [2][16]. Market Trends - The report notes a gradual recovery in demand for household energy storage, with significant growth expected in commercial and large-scale storage solutions. The anticipated installation capacity for 2025 is around 150 GWh, representing a year-on-year increase of over 40% [2][6]. - The photovoltaic industry is undergoing a restructuring process, with upstream profitability recovering as prices for silicon materials rise. This trend is expected to continue into 2026, leading to a reshaped industry ecosystem [2][6]. Recommendations - The report recommends focusing on high-growth areas such as inverters and mounting systems, as well as leading photovoltaic companies with cost advantages and strong distribution channels [2][6].

证券代码：600732 证券简称：爱旭股份 公告编号：临 2025－103 上海爱旭新能源股份有限公司 关于召开 2025 年第三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法律责任。 重要内容提示： 会议召开时间：2025 年 11 月 21 日(星期五) 下午 14:00-15:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 14 日(星期五)至 11 月 20 日(星期四)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 IR@aikosolar.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。 上海爱旭新能源股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年三季度经营成 ...

根据上海爱旭新能源股份有限公司（以下简称"公司"）2025年第一次临时股 东会的授权，公司于2025年9月26日召开第九届董事会第四十一次会议，审议通过了 《关于向激励对象预留授予限制性股票与股票期权的议案》，同意以2025年9月26日 为预留授予日，向符合条件的76名激励对象授予398.25万股限制性股票，授予价格为 5.68元/股。具体详见公司于2025年9月27日在上海证券交易所网站（www.sse.com.cn） 披露的《关于向激励对象预留授予限制性股票与股票期权的公告》（公告编号：临 2025-093）。 目前预留授予限制性股票的激励对象已完成缴款。在缴款过程中，因1名激励对 象放弃出资，涉及调减4.80万股限制性股票，实际共有75名激励对象完成认购393.45 万股限制性股票。容诚会计师事务所（特殊普通合伙）于2025年10月24日出具了《上 海爱旭新能源股份有限公司验资报告》（容诚验字[2025]518Z0136号），截至2025 年10月20日止，公司已收到激励对象缴纳的限制性股票认购款合计人民币2,234.7960 万元。 本次授予75名激励对象限制性股票共计393.45万股，股份来源为公司 ...

Group 1 - The core viewpoint of the articles revolves around the recent rumors regarding the photovoltaic industry, which led to a significant decline in stock prices of major companies in the sector, with some experiencing a drop of over 5% in a single day [1] - The rumors included claims about a company secretary stating that certain industry self-regulation initiatives were failing, raising concerns about the progress of self-regulatory mechanisms within the photovoltaic industry [1] - In response to the rumors, major companies like JA Solar issued urgent clarifications, denying the statements attributed to them and emphasizing the importance of relying on official channels for accurate information [1] Group 2 - The photovoltaic industry has faced significant losses over the past two years due to supply-demand mismatches and low-price competition, prompting a "anti-involution" initiative that began in the second half of 2024 [2] - The initiative includes measures such as production cuts and price controls to ensure that prices do not fall below production costs, with a focus on the upstream polysilicon segment, which is critical for the overall supply-demand balance [2] - Despite some leading polysilicon companies like GCL-Poly and Daqo Energy achieving profitability by Q3 2025, many downstream companies in the silicon wafer, cell, and module sectors continue to report losses [2]

Core Viewpoint - Recent rumors regarding the failure of the silicon material storage platform have caused significant turmoil in the photovoltaic industry, leading to a sharp decline in the stock prices of various solar companies [3][4]. Group 1: Market Reaction - On November 12, stock prices of major photovoltaic companies dropped significantly, with notable declines including: - Aiko Technology down 14.33% - Tongwei Co. down 6.06% - Longi Green Energy down 7.35% - JA Solar down 6.84% - Daqo New Energy down 8.76% [3]. Group 2: Industry Response - The China Photovoltaic Industry Association issued a statement on November 12, refuting the rumors and emphasizing that the industry is working steadily towards its goals, urging caution against misinformation [4]. - JA Solar representatives expressed confidence in the photovoltaic industry's policies against "internal competition" and support for the establishment of the storage platform, while acknowledging the need for collaboration to overcome challenges [4].

Core Insights - The perovskite solar cell sector has seen significant stock price increases, with companies like Zhonglai Co. rising by 20% and several others experiencing gains of over 10% due to advancements in perovskite solar technology [1][2]. Industry Developments - A research team from the Chinese Academy of Sciences has developed a perovskite solar cell prototype with a conversion efficiency of 27.2%, marking a critical step towards industrialization [2]. - The first GW-level perovskite photovoltaic module production line has commenced operations in Wuxi, Jiangsu, capable of producing approximately 1.8 million perovskite solar modules annually [2]. Market Trends - The perovskite solar cell technology is recognized as a potential next-generation photovoltaic technology due to its high theoretical conversion efficiency and low material costs [3]. - The industry is experiencing a shift towards supply chain autonomy and technological advancements, with significant milestones being achieved in production capabilities [4]. Investment Opportunities - Analysts suggest focusing on companies benefiting from supply-side reforms and technological upgrades, including Longi Green Energy, JA Solar, and JinkoSolar [4]. - The ongoing development of perovskite technology is expected to create long-term growth opportunities for firms like Maiwei Co. and Aisxu Co. [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - In the first three quarters of 2025, the company achieved a revenue of 11.597 billion yuan, representing a year-on-year growth of 46.86%. The net profit attributable to the parent company was -532 million yuan, showing a significant reduction in losses compared to the previous year [2][6]. - For Q3 2025, the company reported a revenue of 3.151 billion yuan, which is a year-on-year increase of 15.22% but a quarter-on-quarter decline of 26.91%. The net profit attributable to the parent company for Q3 was -295 million yuan, also indicating a significant reduction in losses year-on-year but a shift to a loss compared to the previous quarter [2][6]. Financial Performance - The company's financial expenses increased to 125 million yuan in Q3 2025, primarily due to reduced foreign exchange gains compared to Q2. The successful completion of a capital increase led to a significant reduction in the debt ratio by 8.15 percentage points to 77.6% [13]. - The gross profit margin for Q3 2025 was 7.4%, remaining stable quarter-on-quarter, demonstrating operational resilience despite industry challenges [13]. Market Outlook - The company has completed most product upgrades during the market off-season in Q3 2025 and is expected to begin mass production of new high-efficiency components in Q4 2025. This positions the company to capitalize on strategic opportunities in the high-power segment [13]. - The company’s contract liabilities increased by over 30% to 1.187 billion yuan in Q3, reflecting strong customer demand for its products [13].

Core Insights - The China International Import Expo (CIIE) serves as a significant platform for multinational companies to showcase their core strengths and deepen global cooperation, with Weichai being a prominent representative of China's equipment manufacturing industry [2][6] - Weichai has gathered seven major overseas brands at the expo, highlighting its achievements in high-end marine equipment, smart logistics, and new energy power through overseas acquisitions and integrations [2][6] Group 1: Weichai's Participation and Strategy - Weichai has been a consistent participant in the CIIE since its inception, showcasing a strong lineup of international brands including Ferretti from Italy and Baudouin from France [2][3] - The company emphasizes a global strategy that focuses on "merger, integration, and collaboration," aiming to fill gaps in its supply chain by acquiring leading technology firms [6][7] Group 2: Product Innovations and Technologies - Ferretti showcased five yacht models, including the INFYNITO90, which made its debut at the expo, allowing visitors to experience luxury yacht designs through interactive displays [3] - Baudouin presented its new generation 16M23 high-end marine engine, featuring advanced technologies for improved efficiency and reduced noise, suitable for various marine applications [3][4] - Linde Material Handling highlighted its digital logistics solutions, including AGV robots and a digital fleet management system, aimed at enhancing supply chain efficiency [3][4] Group 3: Globalization and Ecosystem Building - Weichai's globalization strategy is characterized by building an ecosystem rather than merely acquiring brands, focusing on local adaptation and technological integration [6][7] - The company has established a "super family" of 11 high-tech enterprises across various sectors, contributing to a dual-cycle model of "Chinese production serving the world and global technology empowering China" [7] - Weichai aims to continue gathering top global technologies and increasing investment in innovation to promote high-end products and solutions worldwide [7]