Group 1: Stock Suspension and Resumption - Huamao Technology plans to acquire 57.84% equity of Fuchuang Youyue, and its stock will resume trading [1] - Bangji Technology intends to purchase 100% equity of Shandong Beixi Agricultural and Animal Husbandry Co., Ltd. and 80% equity of Paistong Livestock Technology Consulting (Shanghai) Co., Ltd., resulting in stock suspension [1] - Honghe Technology is planning a change in control, leading to stock suspension [1] - *ST Jinbi's controlling shareholder and actual controller are planning a share transfer, causing stock suspension [1] Group 2: Mergers and Acquisitions - Feiyada plans to acquire the controlling stake in Shaanxi Changkong Gear Co., Ltd. [2] - Guangku Technology intends to acquire 100% equity of Wuhan Jiepai for $17 million, with the target company having complete manufacturing and packaging capabilities for optical devices [2] Group 3: Investment Cooperation and Operational Status - Zhongke Electric plans to invest up to 8 billion yuan to build an integrated base for lithium-ion battery anode materials [3] - Wantai Biological's nine-valent HPV vaccine has received approval for market access, being the first domestically approved nine-valent HPV vaccine and the second globally [3] - Hongxun Technology's subsidiary EEI has over 20 years of project experience in nuclear fusion and has participated in multiple projects [3] - Huapei Power received a project bid notification from a new energy vehicle company, with a total expected amount of approximately 100 million yuan over the product lifecycle [3] - Konggang Co., Ltd.'s subsidiary won a bid for a high-end intelligent equipment manufacturing standard factory project worth approximately 396 million yuan [3] - China Power Construction's subsidiary led a consortium that won a 6.282 billion yuan energy storage project [4] - Guangsheng Nonferrous Metals has gained increased attention in the rare earth industry due to changes in international tariff policies and rare earth regulations, leveraging its full industry chain advantages [4] - Tianceng Automation received a notification for a project to supply passenger car seat assemblies, with an expected total of 215,800 vehicles over the project lifecycle [4] - Aixi New Energy plans to invest approximately 750 million yuan to construct a 112.5MW wind power project in Linyi [4] - Hainan Huatie is planning to list on the Singapore Stock Exchange [4]

Core Viewpoint - The company plans to invest approximately 750 million yuan in the development of a 112.5MW wind power project in Linyi County, which is expected to be completed and connected to the grid by 2027 [1][3][6]. Group 1: Investment Overview - The total investment for the Linyi 112.5MW wind power project is estimated at around 750 million yuan [1][3]. - The project will be developed in collaboration with the Linyi County People's Government, and the company will sign a resource development agreement [2][4]. - The project aims to enhance the company's renewable energy portfolio and is expected to generate stable cash flow once operational [7][8]. Group 2: Project Feasibility and Necessity - The project aligns with the sustainable development principles and national energy policies, addressing the increasing energy demand in Shandong Province [6][7]. - The site for the wind farm is characterized by favorable geographical conditions, including flat terrain and rich wind resources, making it suitable for wind energy development [6][7]. Group 3: Financial and Operational Impact - The project is anticipated to have a limited short-term impact on the company's asset-liability ratio and return on equity during the construction phase [8]. - Once operational, the project will provide a new revenue stream and enhance the company's competitive position in the renewable energy sector [7][8].

证券代码：600732 股票简称：爱旭股份 编号：临 2025－051 上海爱旭新能源股份有限公司 关于签署开发协议并投资建设临邑 112.5MW 风电项目的公告 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： 1. 本项目的实施，尚需政府有关主管部门立项核准及报备，以及办理环评审批、 建设规划许可、施工许可等前置审批手续，如遇国家或地方有关政策调整、项目审 批等实施程序条件发生变化等情形，本项目实施可能存在变更、延期、中止或终止 的风险。 2. 本次项目投资是基于公司战略发展的需要及对行业市场前景的判断，亦是公 司围绕济南 ABC 生产基地与山东省内新能源发电集群资源协同发展的模式探索，宏 观环境、行业政策、市场和技术变化等外部因素及公司内部管理、团队业务拓展能 力等均存在一定的不确定性，可能导致公司投资计划及收益不达预期的风险。 3. 鉴于上述项目投资建设在短期内可能会对公司现金流及资产负债水平带来一 定压力，公司将审慎规划项目开发节奏，统筹资金安排，优选具备较强资金实力的 合作方在项目开发期间开展全流程综 ...

证券代码：600732 股票简称：爱旭股份 编号：临 2025－050 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 首次授予股票期权登记完成的公告 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： ? 首次授予股票期权登记日：2025 年 5 月 30 日 ? 首次授予股票期权登记数量：519.00 万份 上海爱旭新能源股份有限公司（以下简称"公司"）于 2025 年 5 月 12 日召开 第九届董事会第三十五次会议，审议通过了《关于调整公司 2025 年限制性股票与股 票期权激励计划相关事项的议案》与《关于向激励对象首次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》中首次 授予股票期权的登记工作，有关具体情况公告如下： 一、首次授予股票期权的授予结果 个行权期及第三 ...

证券代码：600732 股票简称：爱旭股份 编号：临 2025－050 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 首次授予股票期权登记完成的公告 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： 上海爱旭新能源股份有限公司（以下简称"公司"）于 2025 年 5 月 12 日召开 第九届董事会第三十五次会议，审议通过了《关于调整公司 2025 年限制性股票与股 票期权激励计划相关事项的议案》与《关于向激励对象首次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》中首次 授予股票期权的登记工作，有关具体情况公告如下： 一、首次授予股票期权的授予结果 1、授予日：2025 年 5 月 12 日 5、股票来源：本次激励计划首次授予的股票期权分三期行权，第一个行权期 259.5 ...

Investment Rating - The report does not provide specific investment ratings for the sub-industries within the power equipment and new energy sector [6]. Core Viewpoints - The overall strategy for the industry emphasizes the AI upgrade of electric vehicles and the establishment of a solid foundation for photovoltaics, with new energy and AI being the primary focus [3][4]. Summary by Relevant Sections New Energy Vehicle Industry Chain - The electric vehicle sector is undergoing a transformation characterized by electrification, intelligence, and AI integration, benefiting companies like Xiaomi and XPeng. Xiaomi's YU7 model boasts a maximum range of 835 km, with a net profit of 10.7 billion yuan in Q1 2025, a year-on-year increase of 64.5%. The revenue from smart electric vehicles and AI-related innovations reached 18.6 billion yuan [4]. - Battery companies are continuously upgrading, with a focus on ecosystem development and solid-state technology, benefiting firms like CATL. Recently, CATL signed an agreement with the Lanzhou government to collaborate on new energy battery markets and zero-carbon city initiatives [4]. Photovoltaic and Energy Storage Industry Chain - The energy storage market is accelerating, with leading companies like Haibo Si Chuang benefiting from rapid development. From January to April 2025, the new energy storage bidding market in China saw a significant increase, with a scale of 27.1 GW/132.3 GWh, a year-on-year surge of 281% [5]. - It is currently viewed as an opportune time to invest in leading photovoltaic companies, as Aisui Co. reported a significant sales premium for its ABC components, with a shipment volume of 4.54 GW in Q1, reflecting a more than 40% quarter-on-quarter growth [5]. AI and New Energy, Wind Power Industry Chain - The integration of new energy with humanoid robotics presents new opportunities. The CEO of OpenAI has indicated that humanoid robots are on the horizon, which could significantly alter human perspectives and work-life patterns [6]. - The first batch of solid-state batteries for construction robots has been successfully mass-produced and delivered, marking a significant advancement in the application of solid-state technology [6]. Industry News Tracking - The report highlights that the new energy and AI sectors are experiencing a transformative phase, with significant implications for technology upgrades and market competition dynamics [22]. - The photovoltaic market is expected to stabilize, with recent data indicating that the new installed capacity for solar power reached 104.93 GW in the first four months of 2025, with April alone contributing 45.22 GW, the highest monthly figure in history [21].

Investment Rating - The report does not provide specific investment ratings for the sub-industries within the power equipment and new energy sector [6]. Core Insights - The overall strategy for the industry emphasizes the AI upgrade of electric vehicles and the establishment of a solid foundation for photovoltaics [3][4]. - The new energy and AI sectors remain the primary focus, with the AI transformation of electric vehicles and related extensions being central to the current trends [3][4]. Summary by Relevant Sections New Energy Vehicle Industry Chain - The electric vehicle sector is undergoing a triple transformation of electrification, intelligence, and AI integration, benefiting companies with advantages in AI technology, such as Xiaomi and XPeng [4]. - Xiaomi's YU7 model features a maximum range of 835 km, with a net profit of 10.7 billion yuan in Q1 2025, a year-on-year increase of 64.5% [4]. - XPeng's M03 Max was launched at a starting price of 129,800 yuan, equipped with advanced AI systems [4]. Battery Enterprises - Battery companies are continuously upgrading, focusing on ecosystem development and solid-state technology, with CATL being a key beneficiary [4]. - CATL signed an agreement with the Lanzhou government to collaborate on new energy battery markets and zero-carbon city initiatives [4]. Photovoltaic and Energy Storage Industry Chain - The energy storage market is accelerating, with significant growth in new energy storage bidding, reaching 27.1 GW/132.3 GWh in the first four months of 2025, a year-on-year increase of 281% [5]. - Aiko's ABC components have seen significant sales premiums, with a first-quarter shipment of 4.54 GW, a quarter-on-quarter increase of over 40% [5]. AI and New Energy - The integration of AI with new energy and humanoid robots presents new opportunities, with successful mass production of solid-state batteries for construction robots [6]. - The report highlights the potential of humanoid robots to significantly change human perspectives and work-life patterns [6]. Industry News Tracking - The report notes that the new energy and AI sectors are experiencing rapid developments, with significant events such as CATL's collaboration with the Lanzhou government and the delivery of solid-state batteries by Factorial to drone clients [21][37].

证券代码：600732 股票简称：爱旭股份 编号：临 2025－049 对外担保逾期的累计数量：无 风险提示：截至本公告发布日，公司存在对外担保总额超过最近一期经审计 净资产 100%，以及为资产负债率超过 70%的子公司提供担保的情况。敬请投资者注 意相关风险。 一、担保情况概述 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 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： 担保人：上海爱旭新能源股份有限公司（以下简称"公司"） 被担保人：珠海富山爱旭太阳能科技有限公司（以下简称"珠海爱旭"） 担保事项及金额：公司为珠海爱旭综合授信业务合计提供 1.00 亿元的连带 责任保证担保。 截至本公告发布日，包括本次签署的 1.00 亿元担保在内，公司为子公司、 子公司为其他子公司累计提供担保的总额为 260.12 亿元（不同担保主体对同一融资 事项分别提供担保的，担保金额不重复计算），仍在公司 2024 年年度股东会授权的 担保总额度 362.00 亿元范围内，无需再次提交董事会及股东会审议批准。 本次 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for the stock performance in the near term [1][5]. Core Insights - The company has shown significant improvement in cash flow, with a positive operating cash flow of 716 million yuan in Q1 2025, marking a year-on-year increase of 129.72% and a quarter-on-quarter increase of 1010.01% [5]. - The sales volume of N-type ABC components has surged, with a total sales volume of 6.33 GW in 2024, representing a nearly 12-fold increase compared to 2023, and Q1 2025 sales volume reached 4.54 GW, up over 500% year-on-year [5]. - The company is focusing on continuous R&D and innovation, enhancing its core competitiveness, with the conversion efficiency of ABC batteries reaching over 27.3% in 2024 and expected to exceed 25% with new technologies [5]. Summary by Relevant Sections Financial Performance - In 2024, the company reported a revenue of 1.155 billion yuan, a year-on-year decrease of 58.94%, and a net profit attributable to shareholders of -5.319 billion yuan, a decline of 802.92% [5][6]. - For Q1 2025, the company achieved a revenue of 4.136 billion yuan, a year-on-year increase of 64.53%, and a net profit of -300 million yuan, a decline of 229.35% [5][6]. Sales and Market Position - The N-type ABC components have gained market acceptance, with over 50 countries and regions involved in sales, and the company has secured over 5 GW in new sales orders in Q1 2025 [5]. - The company’s innovative business model and technological advancements have contributed to its strong sales growth despite a general slowdown in industry demand [5]. Future Projections - The report forecasts EPS for 2025, 2026, and 2027 to be 0.17 yuan, 0.46 yuan, and 0.92 yuan respectively, with corresponding PE ratios of approximately 65 times, 24 times, and 12 times [5][6].

Core Viewpoint - The company held an earnings briefing on May 28, 2025, to discuss its performance for 2024 and the first quarter of 2025, focusing on the growth of its ABC components and cash flow improvement [1][2][3]. Performance Summary - The earnings meeting was conducted via the Shanghai Stock Exchange Roadshow Center, featuring key executives including the Chairman and General Manager [1]. - The company reported a net cash inflow from operating activities of 716 million yuan in Q1 2025, indicating improved cash flow due to increased sales of ABC components [2]. Product and Market Insights - ABC components have a significant sales premium over TOPCon products, with domestic distributed market premiums around 10%, and up to 40% in high-value European markets [2][3]. - In Q1 2024, the company shipped 6.33 GW of ABC components, marking a year-on-year increase of approximately 1200%, with Q1 2025 shipments reaching 4.54 GW, a sequential growth of over 40% [2][3]. - The company secured over 5 GW of new orders for ABC components in Q1 2025, indicating strong demand and tight production capacity [2][3]. Technological Advancements - The company’s N-type ABC components have achieved a mass production efficiency of 24.6%, which can exceed 25% with full-screen technology [2][3]. - The production yield for batteries is over 97%, and for components, it is over 99%, showcasing industry-leading manufacturing capabilities [2][3]. Strategic Collaborations - The partnership with Skyworth aims to enhance the domestic ABC ecosystem and expand the high-value residential solar market [3]. - The company is focusing on expanding its market share in Europe, targeting over 30% of the new photovoltaic installation market [2][3]. Future Outlook - The company plans to enhance production capacity and optimize processes to meet the growing demand for ABC products, despite current capacity being fully utilized [2][3]. - The company is committed to transitioning existing non-BC battery capacity to BC technology to align with market trends [2][3].