上海爱旭新能源股份有限公司 监事会关于公司 2025 年限制性股票与股票期权激励计划 预留授予激励对象名单（预留授予日）的核查意见 上海爱旭新能源股份有限公司（以下简称"公司"）监事会根据《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》《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、法规和规范性文 件以及公司《2025 年限制性股票与股票期权激励计划》（以下简称"激励计划"） 和《上海爱旭新能源股份有限公司章程》的有关规定，对本次激励计划预留授予 的激励对象名单及授予安排等相关事项进行审核，发表核查意见如下： 因此，监事会同意以 2025 年 9 月 26 日作为本次激励计划的预留授予日，同 意向 76 名激励对象授予 398.25 万股限制性股票，授予价格为每股 5.68 元，向 19 名激励对象授予 63.50 万份股票期权，行权价格为每份 9.09 元。 （3）最近 12 个月内因重大违法违规行为被中国证监会及其派出机构行政处 罚或者采取市场禁入措施； （4）具有《公司法》规定的不得担任公司董事、高级管理人员情形的； （5）法律法规规定不得参与上市公司股 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **polysilicon industry** and its dynamics within the **photovoltaic (PV) sector** [1][2][3]. Core Insights and Arguments - **Energy Consumption Standards**: New energy consumption standards may reduce effective polysilicon production capacity by **30%**, down to **2.4 million tons/year**. Non-compliant companies may face rectification or shutdown [1][3]. - **Price Dynamics**: Polysilicon market prices are polarized; resources priced below **52,000 CNY/ton** are in high demand, while those above **53,000 CNY/ton** face limited acceptance. This is attributed to cautious price transmission from components and anticipated hydropower reductions [1][4]. - **Anti-Competition Policies**: The government has strengthened anti-competition policies, introducing penalties for below-cost dumping, which is deemed unfair pricing. This has led to a more robust internal price feedback mechanism [1][5]. - **Profitability Potential**: The average price of polysilicon is approximately **50,000 CNY/ton**, with a cash cost of about **27,000 CNY/ton**, allowing for a net profit of **7,000 CNY/ton**. However, the industry's operating rate is below **70%**, impacting profitability [1][6]. - **Supply Chain Reforms**: Expectations for supply-side reforms in the PV industry are increasing, with a clear logic for price recovery. The commitment to anti-competition measures is crucial for restoring a healthy market structure [1][7]. Additional Important Content - **Recent Price Adjustments**: As of September 5, domestic polysilicon prices have increased, with rod silicon priced at **55,000 CNY/ton** and granular silicon at **49,000 CNY/ton**. The PV sector has shown good performance, primarily driven by energy storage [1][8]. - **Challenges in the Industry**: The polysilicon industry faces challenges such as low operating rates, increased fixed costs due to depreciation, and ongoing losses for some manufacturers despite cost optimization efforts [1][11]. - **Investment Recommendations**: The industry is expected to experience a supply-demand turning point due to anti-competition measures. Key investment areas include polysilicon materials and PV glass, with specific companies recommended for attention [1][14][15]. Conclusion - The polysilicon industry is undergoing significant changes driven by new regulations and market dynamics. The focus on anti-competition measures and supply-side reforms is expected to lead to improved profitability and a healthier market structure in the photovoltaic sector.

Core Viewpoint - Aixiang Co., Ltd. has experienced a stock price decline of 2.05% on September 26, with a current price of 15.77 CNY per share and a total market capitalization of 33.39 billion CNY. The company has shown a year-to-date stock price increase of 43.10% [1] Financial Performance - For the first half of 2025, Aixiang Co., Ltd. achieved operating revenue of 8.446 billion CNY, representing a year-on-year growth of 63.63%. The net profit attributable to shareholders was -238 million CNY, an increase of 86.38% compared to the previous period [2] Shareholder Information - As of June 30, 2025, the number of shareholders for Aixiang Co., Ltd. was 78,200, a decrease of 2.05% from the previous period. The average number of circulating shares per shareholder increased by 1.26% to 20,272 shares [2] Dividend Distribution - Aixiang Co., Ltd. has distributed a total of 921 million CNY in dividends since its A-share listing, with 715 million CNY distributed over the past three years [3] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the third-largest shareholder with 33.03 million shares, a decrease of 6.88 million shares from the previous period. Other notable shareholders include GF High-end Manufacturing Stock A and Invesco Great Wall New Energy Industry Stock A, with significant changes in their holdings [3]

Investment Rating - The report maintains a "Synchronize with the market - A" rating for the power equipment and new energy industry [1] Core Viewpoints - The power equipment and new energy industry has shown a stable market performance over the past year, with significant developments such as the tightening of energy consumption standards for polysilicon and advancements in robotics technology [1][3] - The new energy sector is experiencing a shift towards stricter energy consumption regulations, which is expected to lead to a substantial improvement in the supply-demand balance for polysilicon [3][7] Summary by Relevant Sections Investment Recommendations - Recommended stocks include: - Buy - A: 福莱特 (601865.SH), 横店东磁 (002056.SZ), 阳光电源 (300274.SZ), 阿特斯 (688472.SH), 德业股份 (605117.SH), 石英股份 (603688.SH), 博威合金 (601137.SH) - Buy - B: 爱旭股份 (600732.SH), 隆基绿能 (601012.SH), 大全能源 (688303.SH), 朗新集团 (300682.SZ) [2] - Additional stocks to actively monitor include: 协鑫科技, 通威股份, 信义光能, TCL 中环, 新特能源, 帝尔激光, 福斯特, 晶澳科技, 天合光能, 晶科能源, 迈为股份, 晶盛机电, 弘元绿能 [10] Industry Performance - In August, the industrial solar power generation increased by 15.9%, while wind power generation grew by 20.2%, indicating a robust growth trend in the renewable energy sector [4] - The average energy consumption for polysilicon is projected to tighten significantly, with new standards suggesting a reduction to 6.69 kgce/kg for 2024, compared to previous expectations [3][4] Price Tracking - Polysilicon prices have shown an upward trend, with dense material averaging 51.0 CNY/kg, up 2.0% from the previous week, indicating a tightening supply situation [6] - The price of silicon wafers and battery cells has also increased, reflecting the upward pressure from upstream costs [8][9]

Core Viewpoint - Yimi Fund Management Co., Ltd. has participated in the non-public issuance of shares for Xiangtan Electric Manufacturing Co., Ltd. and Shanghai Aisxu New Energy Co., Ltd. [1] Group 1 - The fund involved is the Yimi Vision Value One-Year Regular Open Mixed Securities Investment Fund [1] - The announcement includes compliance with the China Securities Regulatory Commission's regulations regarding fund investments in non-publicly issued stocks [1] - The net asset value and book value of the fund are based on data as of September 24, 2025 [1] Group 2 - Investors can access further information through the company's website or customer service hotline [1] - The announcement was made on September 26, 2025 [1]

Group 1 - The company, Dachen Fund Management Co., Ltd., has decided to lift the limit on the cumulative amount for individual account subscriptions and conversions into the Dachen Bloomberg Agricultural Bond 1-3 Year Index Securities Investment Fund to 50 million yuan starting from September 29, 2025 [2] - Dachen Fund Management Co., Ltd. announced that some of its funds participated in the non-public issuance of shares by Shanghai Aiyu New Energy Co., Ltd. (stock code: 600732) [2] - The net asset value and book value of the fund assets were reported as of September 24, 2025 [2] Group 2 - Dachen Fund Management Co., Ltd. has added Industrial Securities Co., Ltd. as a new agent for subscription and redemption services for several exchange-traded funds (ETFs) starting from September 26, 2025 [4] - The ETFs include Dachen CSI A100 ETF, Dachen Shenzhen Growth 40 ETF, Dachen Hang Seng Technology ETF, and others, with specific fund codes and trading names provided [4] - Investors can process subscription and redemption transactions through Industrial Securities Co., Ltd. following their specific procedures and regulations [5]

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [7]. Core Insights - The report highlights a significant shift in the photovoltaic (PV) industry, moving from a single electricity consumption model to a multi-energy comprehensive utilization model, which is crucial for alleviating current PV consumption pressures [2]. - The utilization rate of photovoltaic power generation in China from January to July 2025 was 94.7%, a year-on-year decrease of 2.4 percentage points, emphasizing the need for alternative utilization pathways as installed capacity continues to grow [2]. - Future development will focus on market-driven approaches rather than resource-driven, with an emphasis on cost control, operational efficiency, and competitive strategies [2]. - The report suggests that the construction logic of photovoltaic power stations will gradually shift from "grid connection logic" to "consumption logic," paving the way for a new round of high-quality growth in PV installations [2]. Summary by Sections Industry Transition - The article emphasizes the need for a transition in the photovoltaic industry from single electricity consumption to multi-energy utilization, which is essential for addressing the current consumption challenges [2]. - It specifically mentions the importance of promoting hydrogen production from renewable energy sources, particularly in resource-rich areas, and extending the industrial chain towards green hydrogen metallurgy and green ammonia synthesis [2]. Policy and Innovation - Key measures for breaking the "involution" in the industry include policy coordination and technological innovation, aiming to resolve the supply-demand imbalance in the photovoltaic manufacturing sector [2]. - The report advocates for supporting enterprises through technological innovation rather than merely cost-cutting, highlighting that new technologies will be crucial for the photovoltaic industry's evolution [2]. Investment Recommendations - The report recommends focusing on companies that will benefit most from the "anti-involution" policies, particularly in the silicon material segment, including companies like GCL-Poly Energy, Daqo New Energy, Tongwei Co., and TBEA [2]. - It also highlights new technology firms such as Aiko Solar Energy as potential investment opportunities [2]. Valuation Table - A valuation table is provided for key companies in the power equipment sector, detailing their stock prices, market capitalization, and projected net profits for 2025, 2026, and 2027 [3].

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [8] Core Insights - The report highlights a significant shift in the photovoltaic (PV) industry from a single energy consumption model to a multi-energy comprehensive utilization model, which is crucial for alleviating current PV consumption pressures [2][3] - Future development of renewable energy is expected to transition from a "resource-oriented" approach to a "market-oriented" approach, emphasizing cost control and operational efficiency over mere resource availability [2] - Key measures to break the "involution" in the industry include policy coordination and technological innovation, which are essential for addressing the supply-demand imbalance in the photovoltaic manufacturing sector [2] Summary by Sections Industry Transition - The article emphasizes the need for a transition in the PV industry towards multi-energy utilization, particularly highlighting the importance of hydrogen production from renewable sources [2] - The utilization rate of PV power generation in China was reported at 94.7% for January to July 2025, a decrease of 2.4 percentage points year-on-year, indicating increasing pressure on the power system [2] Market Dynamics - The report stresses that the competitiveness of PV power stations will increasingly depend on market capabilities such as cost control and bidding strategies rather than just resource conditions [2] - The current challenges faced by renewable energy in the power market include weak bargaining power and exposure to price volatility, leading to situations where companies experience "increased output without increased revenue" [2] Investment Recommendations - The report suggests focusing on companies that will benefit from the "involution" reversal, particularly in the silicon material segment, including companies like GCL-Poly Energy, Daqo New Energy, Tongwei Co., and TBEA [2] - It also highlights the importance of new technology firms such as Aiko Solar in the evolving market landscape [2] Valuation Table - A valuation table is provided for key companies in the power equipment sector, detailing their stock prices, market capitalizations, and projected net profits for 2025 to 2027 [3]

股票简称：爱旭股份 股票代码：600732.SH 上海爱旭新能源股份有限公司 （Shanghai Aiko Solar Energy Co., Ltd.） （上海市浦东新区秋月路 26 号 4 幢 201-1 室） 2023 年度向特定对象发行 A 股股票 上市公告书 保荐人（牵头主承销商） 联席主承销商 2025 年 9 月 1 特别提示 一、发行数量及价格 1、发行数量：290,939,318 股 2、发行价格：12.03 元/股 3、认购方式：现金 4、募集资金总额：3,499,999,995.54 元 5、募集资金净额：3,458,238,323.39 元 二、本次发行股票预计上市时间 本次发行新增股份在其限售期满的次一交易日在上海证券交易所上市交易 （预计上市时间如遇法定节假日或休息日，则顺延至其后的第一个交易日）。 三、新增股份的限售安排 本次发行对象共有 19 名，均以现金参与认购。所有特定对象认购的本次发 行的股票自发行结束之日起 6 个月内不得转让。法律法规、规范性文件对限售期 另有规定的，依其规定。发行对象基于本次交易所取得的上市公司向特定对象发 行的股票，因上市公司分配股票股利、资本公积 ...

上市保荐书 华泰联合证券有限责任公司 关于上海爱旭新能源股份有限公司 1 上市保荐书 2023 年度向特定对象发行 A 股股票并在主板上市 之上市保荐书 上海证券交易所： 作为上海爱旭新能源股份有限公司（以下简称"发行人"、"公司"）2023 年 度向特定对象发行 A 股股票并在主板上市的保荐人，华泰联合证券有限责任公 司（以下简称"华泰联合证券"、"保荐人"）及其保荐代表人已根据《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》"）等法律法规和中国证券监督管理委员会（以下简称"中国证监会"） 及贵所的有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则和行业 自律规范出具上市保荐书，并保证所出具文件真实、准确、完整。 现将有关情况报告如下： 一、发行人基本情况 （一）发行人概况 | 中文名称： | 上海爱旭新能源股份有限公司 | | --- | --- | | 英文名称： | Shanghai Aiko Solar Energy Co., Ltd. | | 曾用名： | 上海新梅置业股份有限公司，上海港机股份有限公司 | | 成立日期： | 1996 ...