证券简称：爱旭股份 证券代码：600732 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 实施考核管理办法 2025 年 4 月 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实施考核管理办法 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实施考核管理办法 （二）考核原则 考核评价必须坚持公正、公开、公平的原则，严格按照本办法对考核对象的 业绩进行评价，以实现股权激励计划、激励对象工作业绩、贡献紧密结合，从而 提高管理绩效水平，实现公司与全体股东利益最大化。 （三）被考核对象 本办法适用于公司 2025 年限制性股票和股票期权激励计划所确定的所有激 励对象，范围包括所有接受限制性股票和/或股票期权授予的公司董事、高级管 理人员、核心管理人员及核心技术骨干。 二、考核组织职责权限 2 上海爱旭新能源股份有限公司（以下简称"爱旭股份"或"公司"）为了建 立与公司业绩和长期战略紧密挂钩的激励机制，完善整体薪酬结构体系，为公司 业绩长期持续发展奠定人力资源竞争优势，特制定《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（草案） ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [3]. Core Insights - The report highlights the prominence of leading companies and the ongoing push towards new directions in the industry [1]. Summary by Sections 1. Weekly Review of the Electric New Energy Sector - The CJ Electric New Energy Index fell by 0.41% this week, with the first half of the week seeing a rebound following the broader market, while the latter half was dragged down by photovoltaic and energy storage sectors due to significant tariff impacts [9]. - Wind power, lithium batteries, and electric power equipment showed stronger performance compared to other sectors [9]. 2. Important Events Review and Outlook - The distributed photovoltaic market demand continues to weaken, leading major manufacturers to lower photovoltaic module prices by 0.01-0.03 RMB/W. However, centralized bidding project scales have recently seen a significant increase [11]. - Key contracts and agreements were signed, including a sales framework agreement for battery cells and successful bids for photovoltaic component procurement [11]. - The report notes a 4.8% year-on-year increase in total electricity consumption in March, with a cumulative increase of 2.5% for the first quarter [11]. 3. Sector Strategy Summary and Core Recommendations - The report emphasizes the importance of focusing on undervalued stocks with good quarterly reports, particularly in the energy storage, electric power equipment, and lithium battery sectors, while also keeping an eye on themes like robotics and AI [14]. - For photovoltaic, the report suggests monitoring price changes in the supply chain and production schedules for May, with specific recommendations for companies like Longi Green Energy and Tongwei Co [14]. - In the energy storage sector, the report anticipates a recovery as negative tariff impacts are priced in, recommending leading companies like Sungrow Power Supply and Dewei Co [15]. - The lithium battery sector is viewed as being at a bottom stage, with recommendations for companies like CATL and Hunan YN Energy [15]. - Wind power is expected to see increased activity in offshore projects, with recommendations for companies like Orient Cable and Mingyang Smart Energy [15]. - The electric power equipment sector is advised to focus on domestic demand and potential export opportunities, with recommendations for companies like State Grid Corporation and Mingyang Electric [15]. 4. Photovoltaic Sector Analysis - The photovoltaic module prices are under downward pressure due to weak demand in the distributed market, while centralized bidding projects are increasing [20]. - The report highlights the positive progress in new technologies, including the development of high-efficiency cells and the expansion of production capacity for new battery technologies [20][36]. - The overall sentiment in the photovoltaic sector is cautious, with expectations of a recovery in the second half of the year driven by overseas demand and supply policies [36].

证券代码：600732 股票简称：爱旭股份 编号：临 2025－014 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 本次担保是否有反担保：无 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%的情况。敬请投资者注意相关风险。 一、担保情况概述 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"） 浙江爱旭太阳能科技有限公司（以下简称"浙江爱旭"） 担保事项及金额：公司为珠海爱旭、浙江爱旭综合授信业务合计提供 9.77 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 9.77 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 250.77 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 2023 年年度股东大会授权的 担保总额度 438.00 亿元范围内， ...

Summary of Conference Call Notes Industry Overview - The conference focused on the BC (Bifacial Cell) industry, particularly the developments and investment opportunities within the sector [1][2][3]. Key Points and Arguments - The BC industry is experiencing a recovery due to improved industry discipline and supply-side policies, alongside enhancements in domestic and international demand [1]. - Technological advancements and the push towards decarbonization are expected to increase the value of equipment investments and improve efficiency in BC production, leading to growth in market share [2]. - The company IC has been a pioneer in the BC sector since 2022, with full production capacity expected by the end of 2024, currently maintaining a capacity of 18 GW [4]. - The company has achieved a high operational rate in its production facilities, driven by strong demand and partnerships with major clients like Longi [5]. - The company anticipates reaching a total capacity of 37 GW by the end of the year, with a projected shipment of 4 GW in Q1, an increase from the previous quarter [6]. - The efficiency of BC components is reported to exceed 24%, allowing for a premium pricing strategy compared to TOPCON technology [7][8]. - The cost of BC production is expected to decrease due to reductions in silver usage and operational costs, with a current efficiency of 24 to 24.2% [9]. - The company is optimistic about the profitability of BC products, with gross margins expected to improve as market conditions stabilize [10]. Additional Insights - The demand growth for BC technology is projected to be steady rather than explosive, with supply-side changes expected to influence market dynamics significantly [11][12]. - The introduction of new technologies and structural reforms in the industry is anticipated to create a more balanced supply-demand scenario by 2025 [13]. - Longi's product performance is competitive, with costs slightly higher than TOPCON, and the company is expanding its production capabilities across various facilities [14][15]. - The overall sentiment towards BC technology is positive, with expectations for it to become mainstream, driven by advancements and market acceptance [15]. Important but Overlooked Content - The conference emphasized the importance of internal confidentiality regarding the discussions and findings shared during the call, highlighting the legal implications of any information leakage [16].

近日，爱旭股份（600732）（600732.SH）公告，其控股子公司浙江爱旭太阳能科技有限公司与百色市 政府、深圳创维光伏科技有限公司达成深度合作，拟共同设立合资公司投建ABC基地项目。此外，浙 江爱旭拟与该合资公司签署《技术咨询服务协议》，由浙江爱旭为合资公司投资建设项目提供技术咨询 服务，费用合计2亿元。 根据爱旭股份官方微信公众号，继3月中标大唐集团1GW订单后，爱旭股份在集中式市场不断突破，接 连公布两则中标进展：在中国石油天然气集团有限公司2025年光伏组件集中采购中斩获100MW BC组件 标段；在南水北调中线新能源公司2025—2026年度组件集采中，以第一中标人身份获得300MW BC/HJT 标段。 此外，爱旭股份曾在互动平台问答中表示，ABC组件的双面率已经达到75%，适配集中式市场，通过金 属涂布技术和图形化设计化进一步减少金属栅线面积，未来预计能够实现80%以上双面率。 新质生产力赋能零碳未来 随着土地成本的提高，在有限空间内尽可能提升装机容量，成为集中式电站的重要需求。今年以来，爱 旭股份已接连中标大唐、南水北调、中石油等大型能源集团集中式采购招标，并作为唯一一家BC技术 组件商入 ...

Core Viewpoint - Shanghai Aishuo New Energy Co., Ltd. (Aishuo) has entered into a strategic partnership with Baise Municipal Government and Shenzhen Skyworth Photovoltaic Technology Co., Ltd. to establish a joint venture for the ABC base project, marking a significant step in the industrialization of ABC technology and the construction of the BC ecosystem in the photovoltaic industry [1][2]. Group 1: Partnership and Investment - The joint venture will have a registered capital of 1 billion yuan, with Skyworth holding 55%, Aishuo 25%, and the Baise government designated entity holding 20% [2][3]. - Aishuo will provide technical consulting services for the project, which includes factory construction, production line establishment, equipment selection, and technology improvement [1][3]. Group 2: Technological Advancements - Aishuo's ABC (All-Back Contact) technology is recognized as a revolutionary direction in the photovoltaic industry, offering high conversion efficiency, reliability, and low degradation [2][4]. - The collaboration aims to create a comprehensive synergy among technology, manufacturing, market, and policy, enhancing Aishuo's position as a technology leader [3][7]. Group 3: Market and Economic Impact - The project is expected to achieve rapid production milestones, with the first component expected to roll off the line in 6.5 months and full production planned within 13 months [3][4]. - The partnership is anticipated to generate ongoing revenue from ABC component production, contributing to cost reductions and promoting a new phase of competition in the industry [4][5]. Group 4: Strategic Regional Development - The joint venture will establish a core production center for ABC components in Southwest China, leveraging local resources and favorable policies to enhance market penetration [5][6]. - Baise City offers significant advantages for photovoltaic development, including abundant sunlight, available land, and low electricity costs, aligning with national green manufacturing goals [5][6]. Group 5: Competitive Landscape - The photovoltaic industry is shifting from cost competition to technology competition, with Aishuo aiming to reshape industry rules through open technological collaboration [7]. - Aishuo's strategy positions it as a leader in the BC ecosystem, potentially leading to significant business growth and technological commercialization in the next 3-5 years [7].

证券代码：600732 证券简称：爱旭股份 编号：临 2025－012 上海爱旭新能源股份有限公司 第九届董事会第三十二次会议决议公告 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"）第九届董事会第三十二次会 议的通知于 2025 年 4 月 10 日以电子邮件方式送达。会议于 2025 年 4 月 11 日以通 讯方式召开，应参会董事 7 名，实际参会董事 7 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、法规的规定，形成的决议合法有效。 1、审议并通过了《关于签署<技术咨询服务协议>的议案》 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《关于签署<技术咨询服务协议>的公告》（临 2025-013 号）。 2、审议并通过了《2024 年度"提质增效重回报"行动方案评估报告》 表决结果：同意 7 票，反对 0 票，回避 0 票，弃权 0 票。 3、审议并通过了《关于制定及修订公司部分治理制度的议案 ...

上海爱旭新能源股份有限公司（600732） 董事会战略与可持续发展委员会实施细则 上海爱旭新能源股份有限公司 董事会战略与可持续发展委员会实施细则 （经 2025 年 4 月 11 日召开的第九届董事会第三十二次会议审议通过） 第一章 总则 第一条 为适应上海爱旭新能源股份有限公司（以下简称"公司"）战略与可持 续发展需要，增强公司核心竞争力和可持续发展能力，确定公司发展规划，健全投资 决策程序，加强决策科学性，提高重大投资决策的效益和决策的质量，完善公司治理 结构，提升本公司环境、社会及公司治理（"ESG"）管理水平，根据《中华人民共 和国公司法》《上市公司治理准则》等法律、法规、规范性文件及《上海爱旭新能源 股份有限公司章程》（以下简称"《公司章程》"）有关规定，公司特设立董事会战 略与可持续发展委员会，并制定本细则。 第二条 董事会战略与可持续发展委员会是董事会下设的专门工作机构，主要 负责对公司长期发展战略、重大投资决策和 ESG 相关的重大管理事宜进行研究并提 出建议。 第二章 人员组成 第三条 战略与可持续发展委员会下设 ESG 工作组，全面统筹及落实 ESG 管 理工作，工作组由相关部门负责人组 ...

上海爱旭新能源股份有限公司（600732） 会计师事务所选聘制度 上海爱旭新能源股份有限公司 会计师事务所选聘制度 （经 2025 年 4 月 11 日召开的第九届董事会第三十二次会议审议通过） 第一章 总则 第一条 为规范上海爱旭新能源股份有限公司（以下简称"公司"）选聘会计 师事务所行为，提高财务信息和外部审计工作质量，切实维护公司及股东利益，根 据《中华人民共和国公司法》《中华人民共和国会计法》《中华人民共和国注册会 计师法》《国有企业、上市公司选聘会计师事务所管理办法》等相关法律法规、规 范性文件及《公司章程》的相关规定，结合公司实际情况，制定本制度。 第二条 本制度所称选聘会计师事务所，是指公司根据相关法律法规要求，聘 任会计师事务所对公司财务会计报告发表审计意见、出具审计报告的行为。 公司选聘会计师事务所从事除财务会计报告审计之外的其他法定审计业务的， 可以视重要性程度比照本制度执行。 第三条 公司聘用或解聘会计师事务所，应当由董事会审计委员会（以下简称 "审计委员会"）审议同意后，提交董事会审议，并由股东会决定。 第二章 会计师事务所执业质量要求 第四条 公司选聘的会计师事务所应当具备下列条件： ...