上海爱旭新能源股份有限公司（600732） 舆情管理制度 上海爱旭新能源股份有限公司 舆情管理制度 （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 为了提高上海爱旭新能源股份有限公司（以下简称"公司"）应对各类 舆情的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情对公司股价、 商业信誉及正常经营活动造成的影响，切实保护投资者合法权益，根据《中华人民共 和国公司法》《中华人民共和国证券法》《上海证券交易所股票上市规则》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》"） 的规定，结合公司实际情况制定本制度。 第二条 本制度所称舆情包括但不限于： （一）报刊、电视、网络等媒体对公司进行的负面报道、不实报道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或已经影响社会公众投资者投资取向，造成股价异常波动的信息； （四）其他涉及上市公司信息披露且可能对公司股票及其衍生品交易价格产生 较大影响的事件信息。 第二章 舆情管理机构与职责 第三条 公司舆情管控实行统一领导、统一组织、快速反应、协同应对 ...

上海爱旭新能源股份有限公司 关于签署《技术咨询服务协议》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： 2025 年 4 月 11 日，上海爱旭新能源股份有限公司（以下简称"公司"）控 股子公司浙江爱旭太阳能科技有限公司（以下简称"浙江爱旭"）与百色市人民政府、 深圳创维光伏科技有限公司（以下简称"创维光伏"）签订《投资协议》，拟共同发 起设立合资公司，投资建设创维-爱旭（百色）光伏 ABC 电池西南基地项目。该项交 易已经过公司内部决策审批，无需提交公司董事会审议。 浙江爱旭拟与拟成立的合资公司签署《技术咨询服务协议》，由浙江爱旭为 合资公司投资建设的 ABC 电池及组件产能项目提供技术咨询服务，技术咨询服务费 合计为 2.00 亿元（不含增值税金额，且不含人工费、差旅费等）。本次交易已经公 司第九届董事会第三十二次会议审议通过，无需提交公司股东会审议。本次交易不构 成关联交易，亦不构成重大资产重组。 《技术咨询服务协议》将于合资公司设立后由浙江爱旭与其签署，若因经济 形势、市场环境以及合作各方内部审 ...

Investment Rating - The report maintains a "Buy" rating for several companies, including Aishuo Co., Longi Green Energy, and others, with ratings ranging from A to B [1][8]. Core Insights - The solar industry is experiencing structural price increases in the supply chain, influenced by recent events such as the earthquake in Myanmar affecting silicon wafer production [1][6]. - The utilization rate of photovoltaic (PV) systems in February 2025 was reported at 93.4%, indicating strong performance in the sector [2][3]. - The Chinese government is enhancing policies for renewable energy pricing, aiming to optimize market mechanisms for electricity transactions [1][2]. Summary by Sections Investment Recommendations - Key stocks recommended for investment include Aishuo Co. and Longi Green Energy for new technology, and companies like Fulete and Hongdian Dongci for supply-side improvements [1][8]. Market Performance - The report notes that the solar industry has shown resilience, with a significant number of new PV projects being registered, totaling 4,000 in February 2025 [2][3]. Price Tracking - The average price of polysilicon remains stable at 40.0 CNY/kg, while silicon wafer prices have seen slight increases due to supply chain disruptions [4][6][7]. - The average price for M10 solar cells is reported at 0.31 CNY/W, with expectations for further price increases due to rising demand [7]. Policy Developments - The National Energy Administration has issued guidelines for renewable energy green power certificate issuance, which will impact the market dynamics for renewable energy projects [3].

Investment Logic - The article highlights investment opportunities in the photovoltaic sector, particularly focusing on new technologies. Three main lines of investment are suggested: 1) Leading TOPCon battery companies expected to achieve profit recovery; 2) New technology equipment manufacturers with growth potential; 3) Suppliers of low-silver or silver-free metallization paste solutions [2][3][4]. TOPCon Route - The profitability of battery components is continuously recovering, with leading companies expected to accelerate capacity upgrades. As demand improves, prices in the supply chain have risen, with silicon wafers, batteries, and components increasing by 7%, 13%, and 7% respectively since mid-February [2][6]. - By the end of 2025, the non-silicon cost of leading companies' TOPCon batteries is projected to drop below 0.13 yuan/W, enhancing competitive advantages among top firms [2][22]. XBC Route - The market interest in XBC technology has significantly increased, with an estimated production capacity nearing 50GW and construction capacity close to 45GW. Major companies like Longi and Aiko are leading this development [3][28]. - The price premium for BC components over TOPCon components remains around 0.05 yuan/W, indicating a competitive edge for BC technology [3][38]. HJT Route - The HJT technology is gaining market share, with a total planned capacity exceeding 100GW and actual capacity around 40-45GW. The efficiency of HJT components is expected to improve significantly, with projections of reaching 750W by early 2026 [4][47]. - HJT components are currently priced at a premium of approximately 0.05 yuan/W over TOPCon components, with cost differences narrowing as production scales up [4][55]. Metallization Process - The trend towards low-silver or silver-free solutions is becoming prominent, with silver paste prices rising significantly. The introduction of silver-copper paste is expected to reduce metallization costs by over 0.01 yuan/W [5][58]. - The industry is focusing on reducing silver consumption, with silver-copper paste already being applied in HJT batteries, indicating a shift towards more cost-effective solutions [5][63].

证券代码：600732 股票简称：爱旭股份 编号：临 2025－011 上海爱旭新能源股份有限公司 关于部分股权激励计划 2025 年第一季度自主行权结果 暨股份变动的公告 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： 本次行权股票数量： 《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》（以下 简称"《2023 年激励计划》"）股票期权第一个行权期可行权股票期权数量为 3,201,432 份（该数量已考虑离职注销的影响），行权有效期为 2024 年 7 月 29 日至 2025 年 7 月 25 日。2025 年第一季度，激励对象尚未行权。 一、激励计划行权的决策程序及信息披露情况 股权激励计划行权所得股票可于行权日（T 日）后的第二个交易日（T+2 日）上 1 市交易。 （二）2025 年第一季度行权股票的上市流通合计数量：0 股 2024 年 6 月 24 日，公司召开第九届董事会第二十七次会议和第九届监事会第二 十二次会议，审议通过了《关于 2023 年限制性股票与股票期权激励计 ...

证券代码：600732 股票简称：爱旭股份 编号：临 2025－010 上海爱旭新能源股份有限公司 关于控股股东部分股份质押及解除质押的公告 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： ● 截至本公告披露日，上海爱旭新能源股份有限公司（以下简称"公司"）控股 股东陈刚先生持有公司股份数量为 327,979,879 股，占公司总股本的 17.95%。本次质 押及解除质押后，陈刚先生累计质押公司股份数量为 169,820,000 股，占其所持股份的 51.78%，占公司总股本的 9.29%。 ● 截至本公告披露日，陈刚先生及其一致行动人义乌市衡英企业管理合伙企业 （有限合伙）、珠海横琴舜和企业管理合伙企业（有限合伙）（以下简称"控股股东 及其一致行动人"）合计持股数量为 571,510,967 股，占公司总股本的 31.27%。本次 质押及解除质押后，控股股东及其一致行动人累计质押股份数量为 324,730,000 股，占 控股股东及其一致行动人合计所持股份的 56.82%，占公司总股本的 17.77%。 公司 ...

Investment Rating - The report maintains a "Synchronize with the market - A" rating for the solar energy industry [2]. Core Viewpoints - In the first two months of 2025, the domestic photovoltaic (PV) installed capacity reached approximately 39.47 GW, representing a year-on-year growth of 7.5%, although it saw a month-on-month decline of 44.2% compared to December 2024 [12][2]. - The export value of PV components in January and February 2025 was 164.6 billion and 119.6 billion respectively, showing a year-on-year decline of 31.6% for the cumulative export value [15][3]. - The solar power generation in the first two months of 2025 increased by 27.4% year-on-year, accounting for 4.85% of the total national power generation [37][5]. Summary by Sections 1. Installed Capacity - The domestic PV installed capacity for January and February 2025 was approximately 39.47 GW, with a year-on-year increase of 7.5% and a month-on-month decrease of 44.2% [12][2]. 2. Exports - The export value of PV components in January and February 2025 was 164.6 billion and 119.6 billion respectively, with year-on-year declines of 24.1% and 39.8% [15][3]. - The cumulative export value for the first two months was 284.2 billion, reflecting a year-on-year decrease of 31.6% [15][3]. 3. Inverter Exports - In January and February 2025, the inverter export value was 44.1 billion and 32.6 billion respectively, with year-on-year increases of 9.7% and 2.5% [26][4]. - The cumulative export value for inverters in the first two months was 76.7 billion, showing a year-on-year growth of 6.5% [26][4]. 4. Solar Power Generation - The solar power generation in the first two months of 2025 was 724.1 billion kWh, marking a year-on-year increase of 27.4% [37][5]. - This generation accounted for 4.85% of the total national power generation, which was 14,921 billion kWh, reflecting a year-on-year decrease of 1.3% [37][5]. 5. Investment Recommendations - Key recommendations include focusing on new technology directions with companies like Aiko Solar and Longi Green Energy, supply-side improvements with companies like Flat Glass Group, and overseas expansion with companies such as Hengdian Group and Sungrow Power Supply [41][5].

证券代码：600732 股票简称：爱旭股份 编号：临 2025－009 上海爱旭新能源股份有限公司 （二）补助具体情况 单位：万元 关于获得政府补助的公告 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： 获得补助金额：人民币 12,654.30 万元 对当期损益的影响：根据《企业会计准则第 16 号——政府补助》的相关规定， 本次收到的政府补助属于与收益相关的政府补助。公司收到的上述政府补助具体的 会计处理及对公司损益的影响额将以注册会计师年度审计确认后的结果为准。 一、获得补助的基本情况 （一）获得补助概况 上海爱旭新能源股份有限公司（以下简称"公司"）下属子公司于 2025 年 3 月 21 日收到与收益相关的政府补助资金 12,654.30 万元，占公司 2023 年度经审计净利 润的比例为 16.72%。 | 序号 | 获取时间 | 补助类型 | 补助金额 | 占公司最近一期经审计净利润的比 | | --- | --- | --- | --- | --- | | | | | | 例（%） | | 1 | ...

Summary of Key Points from the Conference Call on the Photovoltaic Industry Industry Overview - The photovoltaic (PV) industry faced challenges in Q2 and Q3 of 2024, with 52 surveyed companies reporting no losses in Q2 but only marginal profits in Q3 [2][3] - The industry began self-regulated production cuts in December 2024, indicating that the worst period has passed, with component prices starting to rise by the end of February 2025 due to a surge in commercial distributed power station installations [2][3] Price Trends and Market Dynamics - Component prices are expected to fluctuate, with a forecasted drop to around 0.65 yuan in June-July 2025, but not below previous lows, indicating a seasonal fluctuation pattern [2][3] - The overall trend for 2025 is anticipated to be high at the beginning and lower towards the end of the year, but new lows are unlikely [3][4] Demand Forecast - Future demand for PV is expected to stabilize, with government measures in place to prevent significant declines despite market trading impacts [4] - The explosive demand growth in 2023 and 2024 was driven by falling component prices, and the government is expected to intervene to maintain stability post-2025 [4] Supply-Side Measures - The supply side is currently executing self-regulated production cuts, with potential energy consumption restrictions expected to stabilize prices and promote healthy development [5][6] - The industry is in a low supply phase, with many companies reducing production or exiting the market, which is expected to optimize competition [6][7] Technological Advancements - BC battery technology is gaining attention, with companies like Aiko Solar rapidly developing their capacity, expected to exceed 10GW in orders [8][9] - High-efficiency BBC batteries are popular in the European high-end market, and the acceptance of BC batteries in large ground-mounted power stations is increasing [9][10] Market Opportunities and Risks - The transition from silver paste to copper paste in PV production is a significant cost-reduction strategy, with companies like Tongwei leading the way [14][15] - If all silver paste were replaced with copper, companies like Dike would see a drop in revenue but potentially an increase in profit due to lower material costs [16] Company-Specific Insights - Aiko Solar's rapid development in the BC battery sector positions it well for future market share growth, especially in light of patent disputes surrounding TOPCon technology [9] - Longi Green Energy is upgrading its BC2 production capacity, with significant output expected in Q2 2025 [11] Investment Considerations - Many PV companies are opting to lower their convertible bond prices, indicating a belief that the industry cycle is nearing its bottom [18] - The impact of convertible bonds on future development is notable, with companies like Longi and JA Solar adjusting their bond prices to provide a safety margin for investors [19] Recommended Stocks - In the PV materials sector, recommended stocks include: - Point Sequence for high-efficiency new technologies - Boqian New Materials for cost reduction and efficiency - Dike for convertible bonds [20]

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric power equipment and new energy sector, including Ningde Times, Keda Li, and others [4]. Core Insights - The electric power equipment and new energy sector saw a weekly increase of 1.61%, outperforming the Shanghai Composite Index, with the energy storage index leading the gains at 2.38% [1]. - Xpeng Motors has launched new products targeting the mid-to-high-end SUV market, utilizing a differentiated pricing strategy to enhance user loyalty and market competitiveness [2]. - Aiko has won a major bid for a 1GW photovoltaic component framework from Datang Group, indicating strong growth in the photovoltaic supply chain with a 24% increase in component production in March [3][22]. Summary by Sections New Energy Vehicles - Xpeng Motors effectively covers different market segments with its G9 and G6 models, enhancing user engagement through policies like replacement subsidies [2][8]. - The G9 model features a long range of up to 725 km and advanced driving systems, while the G6 offers competitive pricing and features for the mid-range market [8]. New Energy Generation - Aiko's successful bid for the N-type BC photovoltaic component marks a significant achievement in the domestic centralized business, with a production capacity expansion plan of approximately 100GW [22]. - The overall production of silicon materials is expected to reach 10.8-10.9 million tons in March, with stable prices around 39-42 yuan/kg [23]. - Battery production is projected to increase by 22% to 57.4GW in March, with N-type battery prices rising due to strong demand [24]. Electric Power Equipment and Industrial Control - Google has introduced two new AI robot models, enhancing capabilities in physical actions and spatial understanding, which may impact the electric power equipment sector [4]. - Key companies to watch include Ningde Times, Keda Li, and others, which are expected to benefit from ongoing technological advancements and market demand [4]. Market Trends - The report highlights a positive outlook for the electric vehicle sector over the next decade, driven by continued demand and supportive policies [9]. - It emphasizes three main investment themes: battery segment growth, technological advancements in battery production, and the emergence of new technologies like solid-state batteries [10][28].