北京国枫律师事务所 关于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 注销部分限制性股票与股票期权相关事项的 法律意见书 国枫律证字[2025]AN046-4号 GRANDWAY 北京国枫律师事务所 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 2025 年限制性股票与股票期权激励计划 注销部分限制性股票与股票期权相关事项的 法律意见书 国枫律证字[2025] AN046-4 号 致:上海爱旭新能源股份有限公司 北京国枫律师事务所接受上海爱旭新能源股份有限公司委托,担任公司实行 2025 年限制性股票与股票期权激励计划的专项法律顾问。本所已根据相关法律、法 规、规章和规范性文件的规定并按照律师行业公认的业务标准、道德规范和勤勉尽 责精神,对公司提供的文件和有关事实进行了查验,并就本次股权激励计划事宜出 具了《北京国枫律师事务所关于上海爱旭新能源股份有限公司 20 ...

Core Viewpoint - Aiko Technology Co., Ltd. reported a significant increase in revenue for the first three quarters of 2025, but still faced a net loss due to industry supply-demand dynamics [1] Financial Performance - The company achieved a revenue of 11.597 billion yuan, representing a year-on-year growth of 46.86% [1] - The net profit attributable to shareholders was a loss of 532 million yuan [1] Factors Influencing Performance - The loss was primarily attributed to the impact of supply-demand relationships in the industry [1] - Despite an increase in component sales and rising sales prices contributing to revenue growth, the overall profitability has not yet reversed [1] - Improvements in gross profit and a reduction in inventory impairment were noted, but these were insufficient to achieve profitability [1]

上海爱旭新能源股份有限公司 （600732） 2025 年第三季度报告 证券代码：600732 证券简称：爱旭股份 上海爱旭新能源股份有限公司 2025 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的 真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | | | 本报告期 | | 年初至报告 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 比上年同 | 年初至报告期末 | 期末比上年 | | | | 期增减变 | | 同期增减变 | | | | 动幅度(%) | | 动幅度(%) | | 营业收入 | 3,150,520,030.5 ...

Core Insights - The company reported a third-quarter revenue of 3.151 billion yuan, representing a year-on-year increase of 15.22% [1] - The company incurred a net loss of 295 million yuan in the third quarter [1] - For the first three quarters, the company achieved a revenue of 11.597 billion yuan, reflecting a year-on-year growth of 46.86% [1] - The net loss for the first three quarters amounted to 532 million yuan [1]

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the photovoltaic sector [4]. Core Insights - The photovoltaic industry is experiencing significant price recovery and profit restoration due to supply-side reforms, particularly in the polysilicon segment, which is crucial for the entire supply chain [4]. - A joint platform involving 17 major companies is expected to be established by the end of 2025, aimed at addressing supply-side issues and preventing disorderly expansion in the industry [4]. - The third quarter of 2025 saw notable profit recovery for companies like Daqo New Energy and GCL-Poly Energy, marking an end to a prolonged period of losses [4]. Summary by Sections Industry Overview - The photovoltaic sector is undergoing supply-side reforms with a focus on polysilicon, which is essential for controlling costs and profit distribution across the supply chain [4]. - The establishment of a joint platform is a key step in addressing the oversupply and price wars that have plagued the industry [4]. Market Performance - Following the announcement of the joint platform, the photovoltaic sector saw a significant stock price increase, with companies like LONGi Green Energy and Trina Solar reaching new highs [2][4]. - The price recovery in the polysilicon market has led to improved profitability for several companies, indicating a positive trend for the industry [4]. Investment Recommendations - The report suggests focusing on polysilicon companies such as Tongwei Co., Daqo New Energy, and GCL-Poly Energy as key investment opportunities [4]. - Additionally, companies in the BC segment like Aiko Solar and LONGi Green Energy are highlighted for their potential independent market performance [4]. - As the supply-side reforms progress, attention is also drawn to auxiliary material companies like Foster and Xinyi Glass, which may benefit from the overall recovery in the sector [4].

Investment Rating - The report rates the photovoltaic industry as "Overweight," indicating an expectation for the industry to outperform the overall market [4]. Core Insights - The establishment of a joint platform involving 17 major companies is expected to accelerate supply-side reforms in the polysilicon sector, which is crucial for addressing the industry's overcapacity and price wars [4]. - The "anti-involution" initiative has led to significant price recovery and profit restoration across the industry, with companies like Daqo New Energy and GCL-Poly Energy reporting a return to profitability in Q3 2025 [4]. - The report suggests that the joint platform will be completed by the end of 2025, supported by top-level policies, industry self-discipline, and technological advancements, which will further stabilize prices and profits [4]. Summary by Sections Industry Overview - The photovoltaic industry is experiencing a significant shift with the formation of a joint platform aimed at addressing supply-side issues, particularly in polysilicon production [4]. - The industry has faced severe price competition leading to losses, but recent collaborative efforts are expected to restore profitability [4]. Company Analysis - Key companies to watch include: 1. Polysilicon leaders: Tongwei Co., Daqo New Energy, and GCL-Poly Energy [4]. 2. Companies with independent alpha performance: Aiko Solar and LONGi Green Energy [4]. 3. Companies in auxiliary materials: Foster and Xinyi Glass, which are expected to benefit from the overall recovery in the sector [4]. Financial Metrics - The report includes a valuation table for key companies, highlighting their market capitalization and projected net profits for 2025 and beyond [5]. - For instance, Tongwei Co. has a market cap of 112 billion yuan with a projected net profit of -5.23 billion yuan for 2025, while Daqo New Energy is projected to recover to a profit of 1.36 billion yuan in 2026 [5].

Core Insights - The photovoltaic equipment sector experienced a significant increase of 8.27% on October 29, with Canadian Solar leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Sector Performance - Canadian Solar (688472) saw a closing price of 14.84, with a remarkable increase of 19.97% and a trading volume of 1.6277 million shares, amounting to a transaction value of 22.65 billion [1] - Sungrow Power (300274) closed at 191.49, up 15.44%, with a trading volume of 1.4529 million shares and a transaction value of 264.10 billion [1] - Trina Solar (6658889) closed at 19.72, up 11.04%, with a trading volume of 0.08859 million shares and a transaction value of 16.85 billion [1] - GoodWe (688390) closed at 59.20, up 10.34%, with a trading volume of 135,200 shares and a transaction value of 7.66 billion [1] - Aiko Energy (688717) closed at 77.13, up 10.09%, with a trading volume of 70,100 shares and a transaction value of 5.22 billion [1] - Jiangxi Green Energy (601012) and Tongwei Co. (600438) both saw a 10% increase, closing at 20.79 and 24.87 respectively, with transaction values of 78.52 billion and 44.03 billion [1] Capital Flow - The photovoltaic equipment sector experienced a net inflow of 7.248 billion in main funds, while retail investors saw a net outflow of 3.603 billion and 3.645 billion respectively [2]

Core Viewpoint - The photovoltaic industry chain experienced a collective surge in stock prices, with several companies reaching their daily limit up, indicating strong market performance and investor interest [1][2]. Group 1: Stock Performance - Longi Green Energy reached the daily limit up with a trading volume exceeding 6 billion yuan [1]. - Other companies such as Canadian Solar, Tongrun Equipment, and Hongyuan Green Energy also hit the daily limit up, while Trina Solar saw an increase of over 10% [1]. - Notable stock price increases include: - Canadian Solar: +19.97% to 14.84 yuan - Trina Solar: +10.53% to 19.63 yuan - Tongrun Equipment: +10.01% to 19.34 yuan - Longi Green Energy: +10.00% to 20.79 yuan - Hongyuan Green Energy: +9.99% to 26.32 yuan [2].

Core Viewpoint - The photovoltaic industry chain experienced a collective surge on October 29, with several companies reaching their daily limit up, indicating strong market performance and investor interest in the sector [1]. Group 1: Company Performance - Longi Green Energy (隆基绿能) reached a limit up with a price increase of 10% to 20.79 [2]. - Canadian Solar (阿特斯) saw a significant rise of 19.97%, reaching a price of 14.84 [2]. - Trina Solar (天合光能) increased by 10.53%, with a current price of 19.63 [2]. - Tongrun Equipment (通润装备) also rose by 10.01%, reaching 19.34 [2]. - Hongyuan Green Energy (弘元绿能) increased by 9.99%, with a price of 26.32 [2]. - Other notable companies included Sungrow Power Supply (阳光电源) with a 9.70% increase to 181.97 and Aiko Solar (爱旭股份) with a 9.50% rise to 16.37 [2][3]. Group 2: Market Trends - The overall trend in the photovoltaic sector indicates a robust recovery and investor confidence, as evidenced by the significant price increases across multiple companies [1][2]. - The collective performance suggests a positive outlook for the industry, potentially driven by favorable market conditions and increasing demand for solar energy solutions [1].

Core Viewpoint - The photovoltaic sector experienced a significant rally, with stocks such as Longi Green Energy and Canadian Solar hitting their daily limit up, following a notable increase in China's solar power installations in September [1] Group 1: Market Performance - The photovoltaic concept saw a strong upward movement in the afternoon session, with Longi Green Energy, Canadian Solar, and Hongyuan Green Energy reaching their daily limit up [1] - Sunshine Power surged over 8%, reaching a historical high, while other companies like Trina Solar, JinkoSolar, Aiko Solar, and Tongwei also saw gains [1] Group 2: Industry Data - According to the National Energy Administration, China's newly installed photovoltaic capacity in September was 9.7 GW, representing a month-on-month increase of 31.79% compared to August [1]