Investment Rating - The investment rating for the company is "Buy" indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [26]. Core Insights - The company, Aishuxin Co., Ltd. (爱旭股份), is focusing on the production of ABC components, which are expected to see significant volume growth and enjoy premium pricing due to their superior performance [1]. - The company reported total revenue of 7.896 billion yuan for the first three quarters of 2024, a year-on-year decrease of 65.09%, with a net profit attributable to shareholders of -2.831 billion yuan, reflecting a decline of 250% [1]. - The ABC components have achieved a mass production efficiency of 24.2%, maintaining a leading position in the market for 18 months [1]. - The company is expanding its production capacity, with significant investments in new facilities, including a 10GW N-type ABC component capacity in Zhuhai and a 15GW capacity in Yiwu [1]. Summary by Sections Company Performance - In Q3 2024, the company reported revenue of 2.734 billion yuan, down 57.06% year-on-year, with a net profit of -1.086 billion yuan, a decline of 287.78% [1]. - The gross margin for Q3 2024 was -19.35%, and the net margin was -40.45% [1]. Product Development - The company is advancing its technology with the N-type ABC components, achieving a conversion efficiency of 27.3% and a yield rate of 97.5% as of June 2024 [1]. - The N-type ABC components are expected to have a significant market premium, with overseas markets achieving a premium of 30%-40% in the residential sector and over 10% in centralized power station scenarios [1]. Market Position - The company has established sales channels in over 30 countries, becoming a leading brand in the European market [1]. - The N-type ABC components are gaining recognition in the domestic market, achieving a sales premium of 0.08-0.12 yuan/W in the distributed market [1]. Financial Projections - The company forecasts net profits of -2.161 billion yuan, 1.055 billion yuan, and 1.803 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of -12, 24, and 14 [1].

10月30日晚，上市光伏企业三季度报告披露完毕。爱旭股份公告，第三季度实现营业收入27.34亿元， 延续了2024年以来单季度营收持续增长的势头，实现归属于母公司股东的净利润-10.86亿元，较第二季 度亏损幅度收窄34%以上。在今年第三季度行业内卷愈演愈烈的背景下，爱旭用扎实的表现证明了自身 经营业绩已经开始扭转颓势，正一步步迈向新一轮发展轨道上。 "反内卷"黎明曙光将至，股市"春江水暖鸭先知" 去年底以来，减产停工-裁员-亏本销售的恶性竞争一度变成了位列中国出口新三样光伏产业的负面标 签。行业困境积重难返，也倒逼了雷霆手段化解危局——7月30日，中共中央政治局会议精神，首次提 出防止"内卷式"恶性竞争，而在对行业现状的摸排之后，10月14日中国光伏协会召集各龙头光伏企业掌 门人举行闭门会议，商讨各项手段和政策，并宣布就"强化行业自律，防止'内卷式'恶性竞争"达成共 识。 忽如一夜春风来，千树万树梨花开。 如果说不少人对"反内卷"会议还习惯性地认为只是喊个口号，那么无论是后续光伏协会对于亏本投标乱 象涉及违法的警告和更高级别部委和监管部门关于各项供给约束的政策筹划消息的不胫而走，则说明 了"这次是要来真的了 ...

证券代码：600732 股票简称：爱旭股份 编号：临 2024－107 上海爱旭新能源股份有限公司 股票交易异常波动公告 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： 上海爱旭新能源股份有限公司（以下简称"公司"）股票于2024年11月8日、 11月11日连续两个交易日内日收盘价格涨幅偏离值累计超过20%，属于《上海证券交 易所交易规则》规定的股票交易异常波动情形。 （二）重大事项情况 经核查，公司控股股东和实际控制人陈刚先生确认，截至目前，除公司已披露的 再融资事项外，控股股东、实际控制人未参与筹划其他涉及本公司的重大资产重组、 股份发行、业务重组、股份回购、股权激励、破产重整、重大交易或业务合作、引进 战略投资者等应披露而未披露的重大事项。 （三）媒体报道、市场传闻、热点概念情况 经公司自查，并书面征询公司控股股东和实际控制人陈刚先生，截至本公告 披露日，除公司已披露的再融资事项外，确认不存在其他应披露而未披露的重大信 息。 公司敬请广大投资者注意二级市场交易风险，审慎决策，理性投资。 一、股票交易异常波 ...

答 名 公司于 2024 年 11 月 11 日发来的《上海爱旭新能源股份有限公司股票交易 异常波动征询函》已收悉。作为公司控股股东和实际控制人,现针对函件问询事 项答复如下: 截至 2024 年 11 月 11 日,除上市公司已披露的再融资事项外,本人未参与 筹划其他涉及上市公司的重大资产重组、股份发行、业务重组、股份回购、股权 激励、破产重整、重大交易或业务合作、引进战略投资者等应披露而未披露的重 大事项。 特此回复。 关于上海爱旭新能源股份有限公司 股票交易异常波动征询函的回复 上海爱旭新能源股份有限公司: 2024年11月11日 ...

Group 1 - BC battery concept saw a strong rise in the market, with companies like Shichuang Energy hitting a 20% limit up, Weidao Nano rising over 10%, and Aisuo shares also hitting a limit up, marking two consecutive boards [1] - Aisuo shares will co-host the 12th bifiPV Workshop International Summit with the German Konstanz International Solar Energy Research Center from November 20 to 22, 2024, in Zhuhai, China, focusing on the potential and transformative impact of BC technology across various dimensions [1] - According to Founder Securities, Aisuo's N-type ABC component has achieved a mass production delivery efficiency of 24.6%, maintaining the top position in the TaiyangNews global component efficiency ranking for 20 consecutive months, while the new generation "full-screen" ABC component has surpassed 25% efficiency [1] Group 2 - BC batteries are known for their excellent energy conversion efficiency, but their performance heavily relies on compatible components, particularly the back side of the battery, which requires higher standards for photovoltaic solder strips [2] - The market outlook for photovoltaic solder strips is promising as the BC battery technology becomes more prevalent, highlighting the importance of these components in the future of solar technology [2]

北京市中伦（深圳）律师事务所 关于上海爱旭新能源股份有限公司 注销部分限制性股票与股票期权的 法律意见书 二〇二四年十月 北京市中伦（深圳）律师事务所 关于上海爱旭新能源股份有限公司 注销部分限制性股票与股票期权的 法律意见书 致：上海爱旭新能源股份有限公司 北京市中伦（深圳）律师事务所（以下简称"本所"或"中伦"）接受上海 爱旭新能源股份有限公司（以下简称"爱旭股份"或"公司"）的委托，担任爱 旭股份实施 2020 年股票期权激励计划（以下简称"2020 年激励计划"）、2022 年限制性股票与股票期权激励计划（以下简称"2022 年激励计划"）、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"）相关事宜的专项 法律顾问。本所律师根据《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》"）、中国证券监督管理委员 会（以下简称"中国证监会"）发布的《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、规范性文件和《上海爱旭新能源股份 有限公司 2020 年股票期权激励计划（草案）》（以下简称"《2020 年激励计 ...

关于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 限制性股票第一个解除限售期解除限售条件成就的 法律意见书 二〇二四年十月 北京市中伦（深圳）律师事务所 关于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 北京市中伦（深圳）律师事务所 限制性股票第一个解除限售期解除限售条件成就的 法律意见书 致：上海爱旭新能源股份有限公司 北京市中伦（深圳）律师事务所（以下简称"本所"或"中伦"）接受上海 爱旭新能源股份有限公司（以下简称"爱旭股份"或"公司"）的委托，担任爱 旭股份实施 2023 年限制性股票与股票期权激励计划（以下简称"本次股权激励 计划""本激励计划"或"本计划"）相关事宜的专项法律顾问。本所律师根据 《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》"）、中国证券监督管理委员会（以下简称"中国证 监会"）发布的《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、规范性文件和《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（草案）》（以下简称"《激励计划》"）的 ...

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、通知债权人的原由 上海爱旭新能源股份有限公司（以下简称"公司"）于 2024 年 6 月 24 日召开 了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 注销部分限制性股票与股票期权的议案》。公司于 2024 年 10 月 30 日召开了第九届 董事会第三十一次会议和第九届监事会第二十五次会议，审议通过了《关于注销部分 限制性股票与股票期权的议案》。 鉴于公司《2022 年限制性股票与股票期权激励计划》《2023 年限制性股票与股 票期权激励计划》中部分授予限制性股票的激励对象离职，不再具备激励对象资格， 因此由公司对上述激励对象已获授但尚未解除限售的 457,820 股限制性股票进行回 购注销。 本次回购注销完成后，公司注册资本将由前次工商变更登记完成后的 1,827,768,332 元减少至 1,827,310,512 元。 证券代码：600732 股票简称：爱旭股份 编号：临 2024－106 上海爱旭新能源股份有限公司 关于回购注销部分激励对 ...

关于计提资产减值准备的公告 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。 证券代码：600732 股票简称：爱旭股份 编号：临 2024－103 上海爱旭新能源股份有限公司 一、本次计提资产减值准备的情况概述 为了更加客观、公允地反映公司 2024 年第三季度的财务状况和经营成果，根据 《企业会计准则》相关规定和公司会计政策，基于谨慎性原则，公司对相关资产进行 了减值测试。根据减值测试结果，在 2024 年 1-6 月已计提减值准备的基础上，公司 2024 年 7-9 月计提各项减值准备合计 28,035.80 万元，具体情况如下表所示： | 单位：万元 | | --- | | 项目 | 2024 年 1-6 月 | | 2024 年 7-9 月 | | 2024 年 | 1-9 月 | | --- | --- | --- | --- | --- | --- | --- | | | 已计提减值准备金额 | | 计提减值准备金额 | | 合计计提减值准备金额 | | | 存货 | | 116,611.05 | | 26,929 ...

Financial Performance - Revenue for the third quarter was RMB 2.73 billion, a decrease of 57.06% year-over-year[2] - Net profit attributable to shareholders was RMB -1.09 billion, a decrease of 287.78% year-over-year[2] - Operating revenue for the first three quarters of 2024 was RMB 7.90 billion, a significant decrease from RMB 22.62 billion in the same period of 2023[17] - Net profit for the first three quarters of 2024 was a loss of RMB 2.85 billion, compared to a profit of RMB 1.89 billion in the same period of 2023[17] - Comprehensive income for the first three quarters of 2024 was -2,880,507,607.60 RMB, compared to 1,887,406,411.24 RMB in the same period of 2023[18] - Basic earnings per share for the third quarter were RMB -0.59, a decrease of 234.09% year-over-year[6] - The weighted average return on equity was -38.59%, a decrease of 58.06 percentage points year-over-year[6] Assets and Liabilities - Total assets increased by 10.02% to RMB 37.40 billion compared to the end of the previous year[3] - Total assets increased to RMB 37.40 billion as of September 30, 2024, compared to RMB 33.99 billion at the end of 2023[15] - Total current assets as of September 30, 2024, amounted to 9,661,810,198.97, a decrease from 10,207,605,247.53 at the end of 2023[14] - Cash and cash equivalents decreased to 3,546,158,989.18 from 4,617,242,460.81 year-over-year[14] - Accounts receivable increased significantly to 688,482,425.84 from 359,572,361.13 compared to the end of 2023[14] - Inventory rose to 3,598,328,338.27 from 3,134,748,703.66 year-over-year[14] - Fixed assets increased to 17,886,928,013.29 from 14,653,023,689.27 compared to the end of 2023[14] - Construction in progress grew to 5,476,659,566.83 from 4,994,689,369.24 year-over-year[14] - Total liabilities rose to RMB 31.01 billion as of September 30, 2024, up from RMB 25.32 billion at the end of 2023[16] - Short-term borrowings increased to RMB 4.11 billion as of September 30, 2024, compared to RMB 855.23 million at the end of 2023[15] - Accounts payable rose to RMB 4.85 billion as of September 30, 2024, up from RMB 4.31 billion at the end of 2023[15] - Deferred tax assets increased to RMB 1.38 billion as of September 30, 2024, compared to RMB 604.27 million at the end of 2023[15] - Total equity decreased to RMB 6.40 billion as of September 30, 2024, down from RMB 8.68 billion at the end of 2023[16] - Shareholders' equity decreased by 29.61% to RMB 6.11 billion compared to the end of the previous year[3] Cash Flow - The company's operating cash flow for the year-to-date was RMB -4.44 billion, a decrease of 272.10% year-over-year[6] - Net cash flow from operating activities for the first three quarters of 2024 was -4,441,048,394.29 RMB, a significant decrease from 2,580,524,947.23 RMB in the same period of 2023[19] - Net cash flow from investing activities for the first three quarters of 2024 was -1,486,610,348.08 RMB, compared to -5,388,102,431.85 RMB in the same period of 2023[19] - Net cash flow from financing activities for the first three quarters of 2024 was 5,877,555,209.64 RMB, a substantial increase from 888,374,306.95 RMB in the same period of 2023[20] - Cash received from selling goods and providing services for the first three quarters of 2024 was 8,196,309,611.12 RMB, down from 16,476,644,566.88 RMB in the same period of 2023[18] - Cash paid for goods and services for the first three quarters of 2024 was 12,464,719,569.15 RMB, up from 11,326,357,563.94 RMB in the same period of 2023[19] - Cash received from tax refunds for the first three quarters of 2024 was 250,836,952.74 RMB, compared to 188,749,420.39 RMB in the same period of 2023[19] - Cash received from other operating activities for the first three quarters of 2024 was 2,461,545,765.06 RMB, a significant increase from 221,250,130.78 RMB in the same period of 2023[19] - Cash paid for employee compensation for the first three quarters of 2024 was 1,909,986,202.08 RMB, up from 1,572,402,128.08 RMB in the same period of 2023[19] - Cash and cash equivalents at the end of the first three quarters of 2024 were 1,557,375,998.98 RMB, compared to 897,758,534.26 RMB at the end of the same period in 2023[20] Shareholders and Equity - The top shareholder, Chen Gang, holds 17.94% of the company's shares, with 193.24 million shares pledged[7] - The top shareholder, Chen Gang, holds 327,979,879 shares, representing a significant portion of the company's equity[8] - The second-largest shareholder, Harmony Tianming Investment Management, holds 168,549,617 shares[8] - Hong Kong Securities Clearing Company Limited holds 60,128,124 shares, making it the fourth-largest shareholder[8] Costs and Expenses - Operating costs for the first three quarters of 2024 were RMB 10.75 billion, down from RMB 20.47 billion in the same period of 2023[17] - R&D expenses for the first three quarters of 2024 were RMB 649.75 million, down from RMB 1.14 billion in the same period of 2023[17] - The company's inventory impairment increased due to declining sales and prices[5] Government Subsidies and Non-Recurring Gains - Government subsidies contributed RMB 58.52 million to non-recurring gains in the current period[4] Regulatory and Share Issuance - The company's 2023 private placement of A-shares is still under review by the Shanghai Stock Exchange and requires approval from the China Securities Regulatory Commission[11]