上海爱旭新能源股份有限公司 可行性分析报告 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 2023 年度向特定对象发行 A 股股票 募集资金使用可行性分析报告 （第三次修订稿） 二〇二五年六月 上海爱旭新能源股份有限公司 可行性分析报告 一、本次募集资金的使用计划 本次向特定对象发行股票募集资金总额不超过人民币 350,000 万元（含本数）， 扣除发行费用后将投向以下项目： 单位：万元 | 序号 | | 项目名称 | 项目总投资金额 | 拟使用募集资金 金额 | | --- | --- | --- | --- | --- | | 1 | 义乌六期 15GW | 高效晶硅太阳能电池项目 | 851,589.88 | 300,000.00 | | 2 | 补充流动资金 | | 150,000.00 | 50,000.00 | | | 合计 | | 1,001,589.88 | 350,000.00 | 随着全球气候变化的加剧，以可再生能源替代传统能源的形势日益严峻。近年 来全球各主要国家均制定了明确的可再生能源发展目标，以减少温室气体的排放， 改善日益突出的环境问题。其中，欧盟委员会、 ...

| | 一、本次发行后公司业务、 | 更新了本次发行前后，公司实际控 制人及其一致行动人的持股比例 | | --- | --- | --- | | | 公司章程、股东结构、高管 | | | | 人员结构、业务结构的变动 | 变化情况、更新了本次发行股票数 | | | 情况 | 量上限、更新了发行前后总股本变 | | | | 化情况 结合2024年年报，更新了公司相关 | | | | 风险的财务数据及分析，新增了 "国际贸易摩擦风险"、"控股股 | | | | 东及其一致行动人股权质押的风 | | 第三节 董事会关于本次 | | 险"、"产品价格波动风险"、"票 | | 发行对公司影响的讨论与 | | 据业务管理的风险"、"核心技术 | | 分析 | | 人员流失风险"、"税收优惠风险"、 | | | 六、本次发行相关风险的讨 | "主要客户集中的风险"、"主要 | | | 论和分析 | 供应商集中的风险"、"汇率波动 | | | | 风险"、"公司控制权被稀释的风 | | | | 险"、"专利诉讼及禁令风险"、 | | | | "短期内经营业绩持续亏损的风 | | | | 险"、"短期内经营活动现金净流 | ...

上海爱旭新能源股份有限公司（以下简称"公司"）第九届监事会第二十九次 会议的通知于 2025 年 6 月 18 日以电子邮件方式送达。会议于 2025 年 6 月 20 日以 通讯方式召开，应参会监事 3 名，实际参会监事 3 名。本次会议的召集和召开符合 《公司法》《公司章程》及其他有关法律、法规的相关规定，形成的决议合法有效。 二、会议决议情况 会议经记名投票表决形成如下决议： 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 3 票，反对 0 票，回避 0 票，弃权 0 票。 证券代码：600732 证券简称：爱旭股份 公告编号：临 2025－055 上海爱旭新能源股份有限公司 第九届监事会第二十九次会议决议公告 本公司监事会及全体监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 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）。 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 ...

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].