Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2] Core Viewpoints - The "14th Five-Year Plan" emphasizes strong support for the development of the new energy industry, aiming to eliminate barriers to the construction of a unified national market and accelerate the establishment of a new energy system [4][35] - The report highlights the recent performance of the power equipment sector, which has outperformed the CSI 300 index, with a year-to-date increase of 46.13% [11][12] - The report suggests focusing on leading companies benefiting from the robust development of new energy storage technologies [40] Market Review - As of October 30, 2025, the power equipment sector has risen by 4.66% over the past two weeks, outperforming the CSI 300 index by 2.68 percentage points, ranking 3rd among 31 sectors [11] - The wind power equipment sector decreased by 0.30%, while the photovoltaic equipment sector increased by 5.86% [19] - The top three performing stocks in the power equipment sector over the past two weeks were Fangyuan Co., Tongguan Copper Foil, and Penghui Energy, with increases of 46.23%, 36.88%, and 35.39% respectively [20] Valuation and Industry Data - As of October 30, 2025, the price-to-earnings (PE) ratio for the power equipment sector is 34.61 times, with sub-sectors such as motors and batteries showing higher PE ratios of 62.48 and 35.09 respectively [24] - The report provides detailed valuation metrics for various sub-sectors, indicating significant variations in PE ratios compared to historical averages [24] Industry News - The report discusses the recent publication of the "14th Five-Year Plan" which aims to enhance the supply of new energy and promote the safe and orderly replacement of fossil energy [35] - It notes that in September 2025, the national electricity market transaction volume reached 573.2 billion kWh, a year-on-year increase of 9.8% [35] - The report also highlights the competitive bidding for new energy pricing mechanisms in Chongqing, with a total scale of 4.86 billion kWh for wind and photovoltaic projects [36] Company Announcements - The report includes financial performance updates from several companies, such as Guodian NARI and Mingyang Smart Energy, detailing their net profit changes for the first three quarters of 2025 [38]

Core Points - The company, Shanghai Aisxu New Energy Co., Ltd., has ensured the accuracy and completeness of its quarterly report, with all board members and senior management taking legal responsibility for the content [2][3][6] Financial Data - The financial statements for the third quarter of 2025 are unaudited, covering the period from the beginning to the end of the quarter [3][6] - The report includes major accounting data and financial indicators, although specific figures are not provided in the excerpts [3][4] Shareholder Information - There is no change in the number of shareholders or the top ten shareholders' holdings compared to the previous period [4][5] Other Important Information - The company has not identified any significant non-recurring gains or losses during the reporting period [3][5] - The company will begin implementing new accounting standards starting in 2025, which may affect the financial statements [7]

Group 1 - The core point of the article is that Aishuo Co., Ltd. (SH 600732) held its 42nd meeting of the 9th Board of Directors on October 30, 2025, where it reviewed proposals including the cancellation of certain restricted stocks and stock options [1] - For the year 2024, Aishuo Co., Ltd.'s revenue composition indicates that the new energy sector accounts for 98.49% of its total revenue, while other businesses contribute 1.51% [1]

Core Viewpoint - Aikang Co., Ltd. is a significant player in the global photovoltaic battery manufacturing sector, focusing on solar cell research, production, and sales, with a strong emphasis on high-efficiency battery technology and large-scale production capabilities [1] Group 1: Business Performance - In Q3 2025, Aikang achieved a revenue of 11.597 billion yuan, ranking 8th in the industry, with the top competitor, Longi Green Energy, generating 50.915 billion yuan [2] - The company's net profit for the same period was -0.556 billion yuan, placing it 18th in the industry, while the industry average was -0.744 billion yuan [2] - The main business composition included solar modules generating 6.288 billion yuan (74.44% of revenue) and solar cells contributing 1.569 billion yuan (18.58% of revenue) [2] Group 2: Financial Ratios - Aikang's debt-to-asset ratio in Q3 2025 was 77.60%, down from 82.90% year-on-year, exceeding the industry average of 70.17% [3] - The gross profit margin for the same period was 4.94%, a significant improvement from -8.71% year-on-year, and higher than the industry average of 1.80% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 9.57% to 70,700, while the average number of circulating A-shares held per account increased by 10.58% to 22,400 [5] - Notable changes among the top ten circulating shareholders included an increase in holdings by Hong Kong Central Clearing Limited and Invesco Great Wall New Energy Industry Fund [5] Group 4: Management Compensation - The chairman and general manager, Chen Gang, saw his compensation decrease from 1.5704 million yuan in 2023 to 1.1654 million yuan in 2024, a reduction of 405,000 yuan [4] Group 5: Future Outlook - Aikang's revenue for the first half of 2025 was 8.446 billion yuan, reflecting a year-on-year growth of 63.63%, with a significant reduction in net loss by 86.38% [6] - The company is focusing on expanding its N-type ABC component production, with an expected capacity of 35 GW by the end of 2025, and anticipates revenues of 21.9 billion yuan, 24.6 billion yuan, and 31 billion yuan for 2025, 2026, and 2027 respectively [6]

证券代码：600732 证券简称：爱旭股份 公告编号：临 2025－098 上海爱旭新能源股份有限公司 第九届监事会第三十四次会议决议公告 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法律责任。 一、会议召开情况 上海爱旭新能源股份有限公司（以下简称"公司"）第九届监事会第三十四次 会议的通知于 2025 年 10 月 24 日以电子邮件方式送达。会议于 2025 年 10 月 30 日 以通讯方式召开，应参会监事 3 名，实际参会监事 3 名。本次会议的召集召开符合 《公司法》、《公司章程》及其他有关法律、法规的相关规定，形成的决议合法有 效。 二、会议决议情况 会议经记名投票表决形成如下决议： 1. 审议并通过了《2025 年第三季度报告》 表决结果：同意 3 票，反对 0 票，回避 0 票，弃权 0 票。 （1）公司《2025 年第三季度报告》的编制和审议程序符合法律、法规和《公司 章程》的各项规定； （2）公司《2025 年第三季度报告》的内容和格式符合中国证券监督管理委员会 和上海证券交易所的各项规定，所包含的信息能从各方面 ...

证券代码：600732 证券简称：爱旭股份 编号：临 2025－097 公司全体董事及高级管理人员对公司《2025 年第三季度报告》签署了书面确认 意见。 本议案已经董事会审计委员会事前审议通过。 第九届董事会第四十二次会议决议公告 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法律责任。 一、会议召开情况 上海爱旭新能源股份有限公司（以下简称"公司"）第九届董事会第四十二次 会议的通知于 2025 年 10 月 24 日以电子邮件方式送达。会议于 2025 年 10 月 30 日 以现场结合通讯方式召开，应参会董事 7 名，实际参会董事 7 名。会议由董事长陈 刚先生主持，本次会议的召集召开符合《公司法》、《公司章程》及其他有关法律、 法规的规定，形成的决议合法有效。 二、会议决议情况 会议经记名投票表决形成如下决议： 1、审议并通过了《2025 年第三季度报告》 表决结果：同意 7 票，反对 0 票，回避 0 票，弃权 0 票。 具体内容详见同日披露的《2025 年第三季度报告》。 上海爱旭新能源股份有限公司 2、审议并通过了《关于 ...

证券代码：600732 股票简称：爱旭股份 编号：临 2025－099 上海爱旭新能源股份有限公司 关于注销部分限制性股票与股票期权的公告 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、相关激励计划本次注销已经履行的决策程序 2025 年 10 月 30 日，上海爱旭新能源股份有限公司（以下简称"公司"）召开 第九届董事会第四十二次会议和第九届监事会第三十四次会议，审议通过了《关于 注销部分限制性股票与股票期权的议案》。因 22 名激励对象离职以及部分期权行权 期满，公司拟将 2023 年限制性股票与股票期权激励计划（以下简称"2023 年激励计 划"）中 18,330 股限制性股票予以回购注销、2,948,455 份股票期权予以注销；以及 将 2025 年限制性股票与股票期权激励计划（以下简称"2025 年激励计划"）中 17,500 股限制性股票予以回购注销、107,500 份股票期权予以注销。 二、本次限制性股票回购注销/股票期权注销的情况 本次应当完成回购注销的已获授但尚未解除限售的限制性股票的数量共计 35,8 ...

证券代码：600732 股票简称：爱旭股份 编号：临 2025－100 上海爱旭新能源股份有限公司 关于回购注销部分激励对象限制性股票通知债权人暨 减资的公告 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、通知债权人的原由 上海爱旭新能源股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召开 了第九届董事会第四十二次会议和第九届监事会第三十四次会议，审议通过了《关 于注销部分限制性股票与股票期权的议案》。 二、需债权人知晓的相关信息 由于公司本次回购注销部分限制性股票将减少公司注册资本，根据《中华人民 共和国公司法》等相关法律、法规的规定，公司特此通知债权人，债权人自接到公 司通知起 30 日内、未接到通知者自本公告披露之日起 45 日内，均有权凭有效债权 文件及相关凭证要求公司清偿债务或者提供相应担保。 鉴于公司《2023 年限制性股票与股票期权激励计划》《2025 年限制性股票与股 票期权激励计划》中部分授予限制性股票的激励对象离职，不再具备激励对象资格， 因此由公司对上述激励对象已获授但尚未解除限 ...

北京市中伦（深圳）律师事务所 关于上海爱旭新能源股份有限公司 2023 年限制性股票与股票期权激励计划 回购注销部分限制性股票与股票期权的 北京市中伦（深圳）律师事务所 关于上海爱旭新能源股份有限公司 2023 年限制性股票与股票期权激励计划 回购注销部分限制性股票与股票期权的 法律意见书 二〇二五年十月 法律意见书 致：上海爱旭新能源股份有限公司 北京市中伦（深圳）律师事务所（以下简称"本所"或"中伦"）接受上 海爱旭新能源股份有限公司（以下简称"爱旭股份"或"公司"）的委托，担 任爱旭股份实施 2023 年限制性股票与股票期权激励计划（以下简称"2023 年 激励计划"）相关事宜的专项法律顾问。本所律师根据《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》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）等有 关法律、法规、规范性文件和《上海爱旭新能源股份有限公司 2023 年限制性股 票与股票期权激励计划（草案）》（以下简称"《2023 年激励计划》"）的规定， 对爱旭股份提供的有关文件进行了核查和验证，就公司 2023 年激励计划部分限 ...

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 ...