减持计划的主要内容：义乌奇光计划自本公告披露之日起 15 个交易日后的 三个月内，通过集中竞价、大宗交易方式合计减持公司股份数量不超过公司股份总 数的 3%（按照公司当前股份总数计算，拟减持数量为 63,517,497 股，但如公司于拟 减持期间有送股、资本公积金转增股本、定向增发、发行新股等股份变动事项，将 对拟减持股份数量进行相应调整）。 证券代码：600732 证券简称：爱旭股份 公告编号：2025-107 上海爱旭新能源股份有限公司 关于持股 5%以上非控股股东减持股份计划公告 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： 股东持股的基本情况：截至本公告披露日，义乌奇光股权投资合伙企业（有 限合伙）（以下简称"义乌奇光"）持有上海爱旭新能源股份有限公司（以下简称"公 司"）168,549,617 股股份，占公司总股本的 7.96%，为公司持股 5%以上的非控股股 东或其一致行动人，与公司实际控制人、董事、监事或高级管理人员无关联关系。 义乌奇光当前股份系通过重大资产重组发行股份购买资产及资本公积金转增 ...

Group 1 - The core point of the announcement is that Yiwugui Investment Partnership holds approximately 169 million shares of Aishuxin Energy, accounting for 7.96% of the total share capital, and plans to reduce its holdings by up to 3% within three months after the announcement [1] - Yiwugui's shares were acquired through a major asset restructuring and are not related to the company's actual controllers or senior management [1] - The planned reduction in shares amounts to approximately 63.52 million shares, subject to adjustments based on any changes in the company's share structure during the reduction period [1] Group 2 - For the year 2024, Aishuxin's revenue composition is 98.49% from the new energy sector and 1.51% from other businesses [2] - As of the latest report, Aishuxin's market capitalization is 28 billion yuan [2]

人民财讯12月5日电，爱旭股份（600732）12月5日公告，持股7.96%的股东义乌奇光股权投资合伙企业 (有限合伙)(简称"义乌奇光")计划15个交易日后的3个月内，通过集中竞价、大宗交易方式合计减持公司 不超3%的股份。 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the solar energy sector, with specific ratings of "Buy-A" and "Buy-B" assigned to various stocks [1]. Core Insights - In October 2025, the domestic solar photovoltaic (PV) new installed capacity decreased by 38.3% year-on-year, while the cumulative installed capacity from January to October increased by 39.5% year-on-year [2][12]. - The export value of solar modules in October was 16.08 billion yuan, showing a year-on-year increase of 4.9% but a month-on-month decrease of 19.5% [2][15]. - The inverter export value in October was 4.82 billion yuan, reflecting a year-on-year growth of 3.4% but a month-on-month decline of 5.2% [3][25]. - Solar power generation in October increased by 5.9% year-on-year, accounting for 4.77% of the total national power generation [4][38]. Summary by Sections Domestic Solar New Installed Capacity - In October 2025, the new installed capacity was 12.6 GW, down 38.3% year-on-year but up 30.4% month-on-month. The cumulative installed capacity from January to October reached 252.87 GW [2][12]. Export Data - Solar module exports in October totaled 16.08 billion yuan, with a year-on-year increase of 4.9% and a month-on-month decrease of 19.5%. Cumulative exports from January to October were 168.26 billion yuan, down 11.8% year-on-year [2][15]. - Inverter exports in October were valued at 4.82 billion yuan, with a year-on-year increase of 3.4% and a month-on-month decrease of 5.2%. Cumulative inverter exports from January to October reached 53.31 billion yuan, up 7.2% year-on-year [3][25]. Solar Power Generation - The solar power generation in October was 39.37 billion kWh, representing a year-on-year growth of 5.9% and a slight decrease in its share of total power generation [4][38]. Investment Recommendations - The report recommends focusing on companies such as Aishuo Co., Longi Green Energy, and Daqian Energy for new technology and supply-side directions. It also highlights companies like Haibo Sichuang and Sunshine Power for energy storage, and suggests attention to various other companies in the solar sector [4][42].

Core Viewpoint - The photovoltaic (PV) sector is experiencing significant stock declines, with over 120 stocks dropping on November 21, and the PV equipment index falling by 15.7% from its peak on November 11 [1][2]. Group 1: Market Performance - The PV equipment index reached a high of 592.03 points on November 11 but fell to 499.24 points by December 3, marking a decline of 15.7% [1]. - On December 3, 76 PV stocks closed lower, with notable declines in companies such as Guosheng Technology, Shuangliang Energy, and Aiko Solar, all dropping over 3% [1]. - The overall market sentiment has shifted from optimism earlier in the year, where many stocks had doubled in value by September 5, to a current state of pessimism [1][3]. Group 2: Industry Challenges - The PV industry is facing a downturn due to persistent overcapacity, leading to price competition and a lack of confidence in the market [2][4]. - Silicon material prices have not increased for nine consecutive weeks since late September, and prices for silicon wafers and battery cells have been declining since mid-October [2]. - Recent reports indicate that five companies have begun price promotions, reversing the earlier price increases seen in the second half of the year [2]. Group 3: Policy and Regulatory Environment - The Chinese government has recognized the need to address low-price competition in the PV sector, with the central economic committee emphasizing the importance of quality and orderly production [3][4]. - The Ministry of Industry and Information Technology has initiated several measures to regulate the industry, including a focus on product quality and the exit of outdated production capacity [3][6]. - Despite the ongoing efforts, skepticism remains regarding the effectiveness of these policies, as some companies continue to expand capacity, undermining the intended regulatory impact [4][6]. Group 4: Silicon Material Storage Initiatives - The PV industry is attempting to address the oversupply of silicon materials through a storage initiative, with plans to consolidate and reduce production capacity [8][10]. - A proposed platform for silicon material storage aims to acquire approximately 100,000 tons of capacity, with an initial funding target of 100 billion yuan [8][10]. - However, the implementation of this initiative has faced delays, and there are concerns about the feasibility of achieving the necessary industry cooperation [10][11]. Group 5: Future Outlook - Despite current challenges, there is a belief that the underlying logic for a recovery in the PV sector remains intact, with expectations for future policy support and market stabilization [12]. - The Chinese government's commitment to renewable energy, including ambitious targets for solar and wind power, provides a long-term growth outlook for the PV industry [12].

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the power equipment and new energy industry [1] Core Viewpoints - The power equipment and new energy industry has shown significant market performance over the past year, with a focus on enhancing the utilization of renewable energy through new pricing mechanisms [1][4] - The report highlights the recent order of 143 million yuan received by UBTECH for humanoid robots, indicating strong demand in the robotics sector [3] - The National Development and Reform Commission (NDRC) is actively addressing issues of price disorder in certain industries, which may impact market dynamics [3] Summary by Relevant Sections Market Performance - The power equipment and new energy industry has experienced notable developments, including the introduction of new pricing methods aimed at promoting renewable energy consumption [4] Company Orders - UBTECH's total order amount for humanoid robots in 2025 has reached 1.3 billion yuan, showcasing robust growth in this segment [3] Pricing Trends - The report provides insights into the pricing of polysilicon, silicon wafers, battery cells, and modules, indicating stability in polysilicon prices and a downward trend in silicon wafer and battery cell prices due to high inventory levels [5][7][8] Investment Recommendations - The report recommends several companies for investment based on their strategic positioning in the industry, including Aikang Co., Longi Green Energy, and Daqo New Energy, among others [6][9]

Core Viewpoint - On December 2, a total of 5 listed companies will have their restricted shares unlocked, with a total market value of approximately 2.135 billion yuan [1] Summary by Category Restricted Share Unlocking Details - Company: Aishu Co., Ltd. (爱旭股份), Stock Code: 600732, Type: Equity Incentive Restricted Circulation, Unlocking Shares: 345,800 [1] - Company: 263 Network (二六三), Stock Code: 002467, Type: Equity Incentive Restricted Circulation, Unlocking Shares: 5,070,000 [1] - Company: Hangzhou Oxygen Plant (杭氧股份), Stock Code: 002430, Type: Equity Incentive Restricted Circulation, Unlocking Shares: 319,800 [1] - Company: Yuxin Co., Ltd. (宇新股份), Stock Code: 002986, Type: Equity Incentive Restricted Circulation, Unlocking Shares: 3,289,200 [1] - Company: Sanwei Xinan (三未信安), Stock Code: 688489, Type: Not specified, Unlocking Shares: 62,770,300 [1]

Core Viewpoint - Aixiang Co., Ltd. has experienced a stock price increase of 22.69% this year, but has recently faced declines in the short term, with a 9.26% drop over the last five trading days and a 15.66% drop over the last 20 days [2] Company Overview - Aixiang Co., Ltd. is located in Yiwu, Zhejiang Province, and was established on August 12, 1996, with its listing date on August 16, 1996. The company specializes in the research, production, and sales of solar cells [2] - The main revenue composition includes solar modules (74.44%), solar cells (18.58%), entrusted processing (5.63%), technical consulting services (0.69%), and other (0.65%) [2] Financial Performance - For the period from January to September 2025, Aixiang Co., Ltd. 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, with a year-on-year increase of 81.20% [2] - Cumulative cash dividends since the A-share listing amount to 921 million yuan, with 715 million yuan distributed over the last three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders is 70,700, a decrease of 9.57% from the previous period. The average circulating shares per person increased by 10.58% to 22,418 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 36.76 million shares, and Invesco Great Wall New Energy Industry Stock A, which holds 26.22 million shares, both showing increases in holdings [3]

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： 证券代码：600732 股票简称：爱旭股份 编号：临 2025－106 上海爱旭新能源股份有限公司 关于为子公司提供担保的进展公告 担保对象及基本情况 担保对象 被担保人名称 珠海富山爱旭太阳能科技有限公司 （以下简称"珠海爱旭"）、天津爱 旭太阳能科技有限公司（以下简称 "天津爱旭"） 本次担保金额 2.50 亿元 实际为其提供的担保余额 118.98 亿元（含本次） 是否在前期预计额度内 是 □否 □不适用：_________ 本次担保是否有反担保 □是 否 □不适用：_________ 累计担保情况 | 对外担保逾期的累计金额（万元） | 0.00 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（亿元） | 236.41 | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 665.14 | | 特别风险提示 产 | 对外担保总额超过最近一期经审计净资 100% | | | 对资产负债率超过 70%的 ...

Core Viewpoint - The global BC technology innovation summit held in Yiwu, China, highlights the importance of innovation in the photovoltaic industry, particularly focusing on the advancements in BC technology and its potential to lead the market in the coming years [1][19]. Group 1: Event Overview - The global BC technology innovation summit and the 14th bifi PV workshop took place in Yiwu, attracting over 600 participants from leading photovoltaic companies and research institutions worldwide [1]. - This summit is part of a series of prestigious academic gatherings that have previously been held in various international locations, emphasizing the global nature of the photovoltaic industry [3]. Group 2: BC Technology Insights - BC technology is recognized as the ultimate technology in the single crystal silicon era, with the potential to achieve conversion efficiencies close to the theoretical limits [3]. - Aiko Solar, a key player in the industry, has achieved GW-level mass production of N-type BC technology, showcasing its commitment to innovation and efficiency [3][5]. Group 3: Industry Perspectives - Liu Yiyang, Executive Secretary of the China Photovoltaic Industry Association, emphasized that innovation is crucial for the healthy development of the photovoltaic industry, aligning with national strategic directions [5]. - Radovan Kopecek, founder of ISC Konstanz, projected that BC technology will gain significant market share and customer recognition, with production efficiency reaching 25% and expected to dominate the market by 2027-2028 [8]. Group 4: Future Projections - Aiko Solar's Chairman, Chen Gang, discussed the transition of the photovoltaic industry towards a value competition era, highlighting the need for continuous technological innovation to meet diverse customer demands [10]. - The company aims to increase mass production efficiency to 26% by 2026 and eventually reach 35% within 14 years, indicating a strong commitment to advancing BC technology [10]. Group 5: Collaborative Efforts - The summit facilitated discussions among industry leaders on the necessity of collaborative innovation across the entire supply chain to foster a healthy ecosystem for BC technology [14]. - Various companies and research institutions participated in the summit, contributing to a comprehensive analysis of BC technology across design, production, testing, and application [14]. Group 6: Safety and Standards - TÜV Rheinland awarded Aiko Solar and Longi Green Energy with certificates for "component-level fire risk resistance," highlighting the safety advantages of BC components in high-temperature and shaded environments [16]. Group 7: Market Positioning - Aiko Solar's ABC components have maintained the highest production efficiency ranking for 33 consecutive months, demonstrating their market leadership and commitment to delivering high-quality products [18]. - The company focuses on providing differentiated products and services to meet the evolving needs of customers in the photovoltaic market [18].