证券代码：600732 证券简称：爱旭股份 公告编号：临 2025－054 上海爱旭新能源股份有限公司 第九届董事会第三十七次会议决议公告 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 1、审议并通过了《关于调整 2023 年度向特定对象发行A股股票方案的议案》 表决结果：同意 7 票，反对 0 票，回避 0 票，弃权 0 票。 具体详见同日披露的《关于调整2023年度向特定对象发行A 股股票方案的公告》 （临 2025-056 号）。 本议案已经董事会战略与可持续发展委员会事前审议通过。 2、审议并通过了《关于 2023 年度向特定对象发行 A 股股票预案（第三次修订 稿）的议案》 表决结果：同意 7 票，反对 0 票，回避 0 票，弃权 0 票。 具体详见同日披露的《关于 2023 年度向特定对象发行 A 股股票预案修订情况说 明的公告》（临 2025-057 号）及《2023 年度向特定对象发行 A 股股票预案》（第三 次修订稿）。 本议案已经董事会战略与可持续发展委员会事前审议通过。 3、审议并通过 ...

Core Viewpoint - The photovoltaic industry must remain vigilant against potential technological devaluation and over-investment due to new technology spillover, as well as the risk of low-price competition being replicated in the energy storage sector [1][2][3]. Group 1: Industry Trends - The SNEC Shanghai Photovoltaic Exhibition showcased a significant number of companies presenting perovskite tandem cells/components and BC technology, indicating a trend towards embracing new technologies [2]. - Major companies like LONGi Green Energy, GCL-Poly, JinkoSolar, and others are investing heavily in upgrading their production lines, with costs reaching tens of millions of yuan per GW to maintain competitiveness [3]. - The exhibition saw a notable increase in foreign participation, with approximately 500,000 attendees, reflecting a growing international interest in the photovoltaic sector [5]. Group 2: Market Dynamics - The industry is experiencing a shift where the low-price competition model from the photovoltaic sector is being adopted in the energy storage market, leading to a significant drop in profit margins [4]. - The energy storage market is witnessing a trend of price reductions, with some products priced below $120 per KWh, which has decreased profit margins from 40% to 20-30% [4]. - Despite a perceived recovery in the market, the industry is still on the brink of capacity clearance, with production rates in the downstream component sector dropping below 50% [6]. Group 3: Regulatory Environment - Regulatory bodies are actively seeking solutions to mitigate "involutionary competition" within the photovoltaic industry, indicating a proactive approach to industry challenges [6].

Industry Overview - The renewable energy industry is expected to enter a mature phase after 2024, maintaining steady growth annually [2] - The solar energy market is characterized as a value-driven market starting from this year and extending for decades [2] Company Performance - Aiko Solar has signed approximately 2GW of new orders for components, covering both centralized and distributed application scenarios [2] - The company has experienced a significant improvement in gross profit in April and May of this year [2] - Aiko Solar's overall order fulfillment rate is currently between 80% and 90% [2] Market Dynamics - The BC component technology is gaining recognition and expanding its market presence, with several manufacturers showcasing new products [3] - There is a shift in perception regarding BC technology, with increasing acknowledgment of its high value [3] - The competition among N-type battery technologies (TOPCon, BC, HJT) is seen as less meaningful, as all have their advantages in different scenarios [3] Strategic Focus - Aiko Solar aims to focus on product structure adjustments and transition towards high-value markets and products [4] - The company is working to improve operational efficiency, targeting an inventory turnover rate of less than 30 days, including shipping time [4] - Reducing the debt ratio is a key objective, with a target to lower it below 75% this year [5]

关于股份性质变更暨 2025 年限制性股票与股票期权激励计划 首次授予限制性股票的进展公告 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。 根据上海爱旭新能源股份有限公司（以下简称"公司"）2025年第一次临时股 东会的授权，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 《关于向激励对象首次授予限制性股票与股票期权的议案》，同意以2025年5月12日 为首次授予日，向符合条件的178名激励对象授予1,328.00万股限制性股票，授予价 格 为 5.68 元 / 股 。 具 体 详 见 公 司 于 2025 年 5 月 13 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《关于向激励对象首次授予限制性股票与股票期权的公告》 （公告编号：临2025-044）。 目前首次授予限制性股票的激励对象已完成缴款。在缴款过程中，因3名激励对 象自愿放弃，涉及调减15.00万股限制性股票，实际共有175名激励对象完成认购 1,313.00万股限制性股票。容诚会计师事务所（特殊普通合伙 ...

Group 1 - The A-share photovoltaic equipment sector experienced a short-term surge, with Tongrun Equipment hitting the daily limit [1] - Other companies such as Shuneng Electric, Aiko Solar, Liansheng Technology, Goodwe, and Tianyi New Materials also saw significant increases in their stock prices [1]

Core Viewpoint - The company aims to improve its operational efficiency and maintain a competitive edge in the photovoltaic industry despite intense competition and challenges faced by enterprises in 2023 [3][4]. Financial Performance - In Q1 2025, the company reported a revenue of 4.136 billion yuan and a net profit attributable to shareholders of -300 million yuan, with a positive operating cash flow of 716 million yuan, showing significant improvement compared to the same period in 2024 [3]. Technological Advancements - The company showcased its ABC full-screen components at the Shanghai SNEC Photovoltaic Exhibition, achieving a maximum power output of 800W to 810W and a conversion efficiency of 25% [4]. - The company aims to enhance BC battery efficiency to over 28% and module efficiency to over 26% within three years, utilizing advanced techniques and materials [4]. - The company is focusing on improving the bifacial rate of its products, currently at around 75%, with a target of reaching 80% by the end of the year [4][5]. Market Strategy - The company is prioritizing high-value markets and is selective in accepting orders, maintaining an order fulfillment rate of 80% to 90% [6]. - The company is shifting towards a consumer-oriented approach in the photovoltaic sector, emphasizing efficiency, reliability, aesthetics, and smart technology [6]. Operational Efficiency - The company aims to reduce inventory turnover to less than 30 days, including shipping time, by enhancing management efficiency [7]. Cost Competitiveness - The company has achieved significant cost reductions in BC technology, making its products competitive in the market, with a focus on innovative manufacturing processes and materials [8][9]. - The company has successfully localized and scaled the majority of raw materials for N-type BC technology, achieving lower costs per watt compared to TOPCon technology [9]. Global Expansion - The company is pursuing a global and localized strategy, with a goal of achieving 65% of sales from overseas markets and 35% from domestic markets [9].

Core Viewpoint - The company emphasizes its commitment to avoiding price wars and maintaining stable pricing in the competitive photovoltaic industry, particularly in the context of overcapacity and intense competition [1][2]. Group 1: Market Position and Strategy - The company has positioned itself against low-price competition, with its chairman stating that no suppliers or distributors in the N-type BC ecosystem are currently selling at a loss [2]. - The average price of centralized BC components in the domestic market is 0.78 yuan/W, while commercial distributed BC components average 0.80 yuan/W, which is over 0.10 yuan/W higher than TOPCon components [2]. - In the European market, commercial distributed BC components average $0.125/W, and household distributed BC components average $0.185/W, both exceeding the average price of TOPCon components by over $0.04/W [2]. Group 2: Production and Efficiency - The company’s ABC components have been operating at full production capacity since last year, with plans to mass-produce solar modules with over 25% efficiency starting in the third quarter of this year [3]. - The production cycle for ABC technology takes approximately 2-3 days, compared to 8-10 hours for traditional TOPCon technology, presenting significant challenges in maintaining yield and product quality [3]. Group 3: Partnerships and Industry Collaboration - The company has collaborated with other industry players, such as Longi Green Energy, to establish a standard system for BC technology, highlighting the importance of building a sustainable BC industry ecosystem [4]. - The company has signed over 600MW of centralized cooperation agreements and 1.6GW of distributed cooperation agreements during the SNEC photovoltaic exhibition, with a significant portion of these agreements focused on overseas markets [3].

Core Viewpoint - Aiko Solar is focusing on building a sustainable BC ecosystem while maintaining stable pricing amidst intense competition in the photovoltaic industry [1][4]. Group 1: Strategic Collaborations - Since the second half of last year, Aiko Solar has engaged in strategic partnerships with upstream and downstream companies in the BC industry chain, such as Gaojing Solar and Skyworth Photovoltaics [1][4]. - During the SNEC exhibition, Aiko Solar signed over 600MW of centralized cooperation agreements and 1.6GW of distributed cooperation agreements, with a significant portion aimed at overseas markets [2]. Group 2: Market Position and Pricing Strategy - Aiko Solar's chairman emphasized the company's commitment to avoiding price wars and maintaining profitability, stating that no suppliers or distributors in the N-type BC ecosystem are currently selling at a loss [1]. - The average price of centralized BC components in the domestic market is 0.78 yuan/W, while commercial distributed BC components are priced at 0.8 yuan/W, which is higher than the average price of TOPCon components by over 0.1 yuan/W [1]. Group 3: Product Development and Cost Competitiveness - Aiko Solar's ABC components currently have slightly higher costs compared to TOPCon components, but the company expects to achieve cost parity by the second half of this year [2]. - The company plans to mass-produce solar modules with over 25% efficiency starting in the third quarter of this year, with a target of increasing overseas market share to 65% [2]. Group 4: Production Challenges and Technological Advancements - The large-scale production of BC technology faces high barriers, with Aiko Solar taking significant time to improve production yield from 70% to over 97% at its 10GW facility [3]. - The production cycle for ABC technology is longer than that of traditional TOPCon technology, posing challenges in maintaining yield and product quality [3].

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [64]. Core Insights - The SNEC exhibition showcased over 3,000 solar energy companies, focusing on cost reduction and efficiency improvements amid a period of supply-demand imbalance and price fluctuations in the photovoltaic industry [12][1]. - Companies are emphasizing technological innovation to enhance conversion efficiency and component power, with a notable reduction in large-scale advertising compared to previous exhibitions [12][1]. - The demand for storage solutions is increasing, with companies integrating photovoltaic and storage technologies to offer advanced system solutions [13][2]. - The overall production of components is expected to decrease by approximately 10% month-on-month, with specific price adjustments observed across various materials in the supply chain [14][2]. Summary by Sections Section 1: SNEC Focus on Cost Reduction and Efficiency - The SNEC PV+ exhibition took place from June 11-13, 2025, in Shanghai, covering an area of 380,000 square meters with over 3,000 participating companies, including more than 900 foreign enterprises [12][1]. - Companies are focusing on technological advancements, particularly in battery components, to drive cost reduction and efficiency improvements [12][1]. - Key companies to watch include Aiko Solar and Longi Green Energy, which are leading in BC technology mass production expected to ramp up in the second half of the year [12][1]. Section 2: Market Demand and Price Adjustments - The overall component production is estimated at approximately 53 GW for June, reflecting a month-on-month decrease of about 10% [14][2]. - Silicon material prices have been adjusted downward due to decreased demand, with N-type silicon material prices ranging from 35,000 to 38,000 RMB per ton, averaging 36,700 RMB per ton, a decrease of 2.13% [14][2]. - Prices for silicon wafers and battery cells have also shown slight declines, with specific price variations noted for different sizes of battery cells [14][2]. Section 3: Industry Performance Review - The overall industry index increased by 0.63% this week, while the electric power equipment industry index decreased by 0.46% [15][2]. - The photovoltaic equipment sector saw a decline of 0.75%, with notable fluctuations in individual stock performances within the sector [19][2]. - The current PE (Price to Earnings) ratio for the electric power equipment industry stands at 24x, with the photovoltaic equipment sector at 17x, indicating varying levels of valuation across sub-sectors [25][29].

Investment Rating - The report maintains a "Positive" investment rating for the industry [5]. Core Insights - The overall scale of the industry remains stable, with a decrease in enthusiasm leading to differentiation among companies [12][19]. - Policy expectations are anticipated to strengthen further, driven by public statements from industry leaders [22][23]. - New technologies, particularly BC technology, are gaining attention, while other routes are progressing steadily [26][28]. - Auxiliary materials and equipment are advancing with BC and TOPCon modifications, contributing to efficiency improvements [46][62]. - Inverters are evolving, with a focus on commercial storage solutions and continued iterations in large-scale storage [67][82]. Summary by Sections Overall - The scale of the industry is stable with over 3,500 participating companies and more than 500,000 attendees, showing no significant change from 2024 [19]. - There is a noticeable decrease in overall enthusiasm, with some exhibition spaces left vacant, indicating a divergence in interest between leading and smaller companies [19]. Policy - Industry leaders are actively promoting policy implementation, with initial solutions proposed to address the "internal competition" in the silicon material sector [23]. - The asset-liability ratio in the photovoltaic main industry chain has shown a significant increase, indicating financial pressures [24]. New Technologies - The HIBC technology from Longi has achieved a standard module power of over 700W, while Aiko's ABC modules have a double-sided rate of 80% ± 5% [28]. - The TOPCon route focuses on efficiency improvements, with leading companies showcasing modules with power ratings up to 670W and conversion efficiencies of 24.8% [33]. - HJT technology is also advancing, with Tongwei's HJT module reaching a power output of 790.8W, marking a significant achievement in the sector [41]. Auxiliary Materials & Equipment - Leading manufacturers are launching BC-specific products, including low-weight encapsulation films and high-reflectivity black materials [46]. - The introduction of low-cost metal solutions is becoming a trend, with companies like Jingsilver and Shanghai Silver Paste showcasing their innovations [52]. - Equipment for TOPCon modifications is gaining traction, with edge passivation becoming a mainstream technology [62]. Inverters - The focus on commercial storage products is evident, with new high-power products being prominently displayed at the SNEC exhibition [67]. - The latest large-scale storage solutions, such as the PowerTitan3.0 from Sungrow, feature significant upgrades in capacity and efficiency [82].