Investment Rating - The investment rating for the company has been downgraded to "Accumulate" due to temporary pressure on profitability caused by significant price declines in the industry [5][7]. Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue of 5.162 billion yuan, down 68.23% year-on-year, and a net profit attributable to shareholders of -1.745 billion yuan, down 233.30% year-on-year [2]. - The company maintained a high operating rate for its PERC production line and achieved mass production of TOPCon batteries, although profitability is under pressure due to intensified industry competition and sharp price declines [3]. - Sales of N-type ABC components reached 1.62 GW in the first half of 2024, a substantial increase of 232% compared to the entire year of 2023, with a corresponding revenue of 1.701 billion yuan [4]. - The company launched a new generation of N-type full-screen ABC components, which are expected to lead a new round of technological development in the industry [5]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 5.162 billion yuan, a decrease of 68.23% year-on-year, and a net profit of -1.745 billion yuan, a decrease of 233.30% year-on-year [2]. - For Q2 2024, revenue was 2.648 billion yuan, down 68.86% year-on-year, with a net profit of -1.653 billion yuan, down 372.32% year-on-year [2]. Production and Sales - The company sold 12.84 GW of PERC batteries in H1 2024, maintaining a high operating rate, but faced profitability challenges with a gross margin of -4.32% [3]. - N-type ABC component sales reached 1.62 GW, with a revenue of 1.701 billion yuan and a gross margin improvement to -0.49% [4]. Technological Advancements - The new generation of N-type full-screen ABC components has been launched, achieving a conversion efficiency of up to 25.2%, which is expected to outperform mainstream TOPCon components by 6-10% in power output [5]. Profitability Forecast - The profit forecast for 2024-2026 has been significantly revised, with expected net profits of -2.679 billion yuan, 948 million yuan, and 1.604 billion yuan respectively [5][6].

Investment Rating - The investment rating for the company is not explicitly stated in the report, but it suggests to "pay attention" to the company due to its potential for long-term performance as capacity ramps up [7][10]. Core Views - The company reported a significant decline in revenue and a shift to negative net profit in H1 2024, with revenue at 5.16 billion yuan, down 68.2% year-on-year, and a net profit of -1.74 billion yuan [3][10]. - The decline in performance is attributed to industry fluctuations, including falling prices for battery cells and modules, decreased sales volume, and impairment provisions totaling 1.18 billion yuan [10]. - The ABC component business is expected to support long-term performance as production capacity gradually increases, despite current profitability being affected during the ramp-up phase [3][10]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 5.16 billion yuan, a decrease of 68.2% year-on-year, and a net profit of -1.74 billion yuan, compared to a positive profit in the previous year [10]. - Q2 2024 revenue was 2.65 billion yuan, down 68.9% year-on-year but up 5.4% quarter-on-quarter, with a net profit of -1.65 billion yuan [10]. - The ABC component business generated revenue of 1.7 billion yuan with a gross margin of -0.5%, and shipped 1.6 GW, representing a 232% increase compared to the total shipments in 2023 [10]. Capacity Expansion - As of June 2024, the company has launched 10 GW of battery module capacity in Zhuhai, with 7.5 GW in Yiwu nearing completion, and a 10 GW production line in Jinan expected to start in H1 2025 [10]. - The gradual release of ABC capacity is anticipated to enhance long-term performance, with improvements expected in capital expenditure, energy consumption, and cost efficiency [10]. Market Development - The battery cell business generated revenue of 3.0 billion yuan in H1 2024, with a gross margin of -4.3%, and shipped 12.8 GW of PERC cells [10]. - The company has successfully expanded its overseas sales, with 40.3% of battery cell revenue coming from international markets in Q2 2024, up from 12.7% in 2023 [10]. Earnings Forecast - Revenue projections for 2024-2026 are 18.87 billion yuan, 27.01 billion yuan, and 42.47 billion yuan, with year-on-year changes of -30.6%, +43.1%, and +57.3% respectively [10]. - Expected net profits for the same period are -1.07 billion yuan, 1.52 billion yuan, and 2.51 billion yuan, with a significant turnaround anticipated by 2025 [10].

Investment Rating - The report maintains a "Recommended" rating for the company [2][6] Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 5.162 billion yuan, down 68.23% year-on-year, and a net loss of 1.745 billion yuan, an increase of 233.30% in losses compared to the previous year [1] - The sales volume of N-type ABC modules has increased significantly, reaching 1.62 GW, a 232% increase compared to the entire year of 2023, with a notable price premium over other technologies [1] - The company has established strong partnerships with various stakeholders in the distributed project development chain, including major domestic and international clients [1] - The introduction of the N-type full-screen ABC module is expected to lead to technological advancements in the industry, with improved efficiency and power output compared to existing products [1] - The battery cell business remains stable, with a significant increase in overseas sales, and the company has begun mass production of TOPCon battery cells [1] - Future revenue projections for 2024-2026 are 17.818 billion yuan, 33.351 billion yuan, and 39.543 billion yuan respectively, with expected net profits of -2.662 billion yuan, 1.387 billion yuan, and 2.316 billion yuan [2][6] Financial Summary - For the first half of 2024, the company achieved a revenue of 5.162 billion yuan, with a net loss of 1.745 billion yuan and a non-recurring net loss of 2.482 billion yuan [1] - The company’s revenue is projected to grow significantly in 2025 and 2026, with a forecasted increase of 87.2% in 2025 [2][6] - The company’s PE ratio is expected to improve from - in 2024 to 10x in 2025 and 6x in 2026 [2][6]

RSM 容诚 前次募集资金使用情况鉴证报告 上海爱旭新能源股份有限公司 容诚专字[2024]518Z0929 号 容诚会计师事务所(特殊普通合伙) 中国 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查 "一 本鉴证报告仅供爱旭股份为申请向特定对象发行股票之目的使用,不得用作 任何其他目的。我们同意将本鉴证报告作为爱旭股份申请向特定对象发行股票所 必备的文件,随其他申报材料一起上报。 二、董事会的责任 按照中国证券监督管理委员会发布的《监管规则适用指引 -- 发行类第7号》 编制《前次募集资金使用情况专项报告》是爱旭股份董事会的责任,这种责任包括 保证其内容真实、准确、完整,不存在虚假记录、误导性陈述或重大遗漏。 三、 注册会计师的责任 录 | | 前次募集资金使用情况鉴证报告 | | 1 - 2 | | --- | --- | --- | --- | | 序号 2 | 内 前次募集资金使用情况专项报告 | 容 | 页码 3 - 11 | 前次募集资金使用情况鉴证报告 容诚专字[2024]518Z0929 号 上海爱旭新能源股份有限公司全体股东 ...

证券代码：600732 股票简称：爱旭股份 编号：临 2024－093 上海爱旭新能源股份有限公司 关于会计政策变更的公告 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。 1、变更前公司采用的会计政策 本次变更前，公司执行财政部颁布的《企业会计准则——基本准则》和各项具体 会计准则、企业会计准则、企业会计准则应用指南、企业会计准则解释公告及其他相 关规定。 2、变更后公司采用的会计政策 本次会计政策变更后，公司将对变更部分按照财政部发布的解释第 17 号要求执行。 对其余未变更部分仍执行财政部前期颁布的《企业会计准则——基本准则》和各项具 1 重要内容提示： 根据中华人民共和国财政部（以下简称"财政部"）于 2023 年 10 月 25 日发 布《企业会计准则解释第 17 号》（财会[2023]21 号，以下简称"解释第 17 号"）的 相关规定，上海爱旭新能源股份有限公司（以下简称"公司"）对原采用的相关会计 政策进行相应变更。 本次会计政策变更是公司根据国家统一的会计制度要求进行的变更，不会对公 司财务状况、经营成果和现金 ...

证券代码：600732 股票简称：爱旭股份 编号：临 2024－092 上海爱旭新能源股份有限公司 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。 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 年半年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 1-3 月已计提减值准备的基础上，公司 2024 年 4-6 月计提各项减值准备合计 72,165.01 万元，具体情况如下表所示： 单位：万元 | 项目 | 2024 年 1-3 月 | | 2024 年 4-6 月 | | 2024 年 1-6 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 | | 44,318.14 | | 72,292.91 | | 116,61 ...

上海爱旭新能源股份有限公司（600732） 总经理工作细则 上海爱旭新能源股份有限公司 总经理工作细则 （经 2024 年 8 月 30 日召开的第九届董事会第二十八次会议审议通过） 第一章 总则 第一条 为进一步完善上海爱旭新能源股份有限公司法人治理结构，按照现代 企业制度的要求，根据《中华人民共和国公司法》《上市公司治理准则》和《上海爱 旭新能源股份有限公司章程》（以下简称"《公司章程》"）的有关规定，制订本工作细 则。 第二条 本工作细则所适用的人员范围为除董事会秘书之外的公司总经理、副 总经理、财务负责人及《公司章程》确定为高级管理人员的人员，董事会秘书依据《董 事会秘书工作制度》的规定执行。 第二章 总经理的任职资格与任免程序 第三条 公司设总经理一名，经董事长提名、董事会提名委员会审核后，由董事 会聘任或解聘。 第四条 公司设副总经理（含财务负责人）若干名，经总经理提名，并经董事会 提名委员会审核后，由董事会聘任或解聘。副总经理、财务负责人对总经理负责，协 助总经理开展工作。 第五条 董事可以受聘兼任总经理、副总经理、财务负责人等其他高级管理人 员，但兼任总经理或者其他高级管理人员职务的董事以及由 ...

Financial Performance - The company's revenue for the first half of 2024 was approximately ¥5.16 billion, a decrease of 68.23% compared to ¥16.25 billion in the same period last year[18]. - The net profit attributable to shareholders was a loss of approximately ¥1.74 billion, a decline of 233.30% from a profit of ¥1.31 billion in the previous year[18]. - The net cash flow from operating activities was a negative ¥3.29 billion, down 223.83% from ¥2.66 billion in the same period last year[18]. - The basic earnings per share for the first half of 2024 was -¥0.95, a decrease of 195.23% compared to ¥1.00 in the same period last year[18]. - The diluted earnings per share also reported -¥0.95, down 195.56% from ¥0.99 in the previous year[18]. - The weighted average return on equity decreased by 35.87 percentage points to -22.37% from 13.50% in the same period last year[18]. - The company reported a significant decline in net profit after deducting non-recurring gains and losses, with a loss of approximately ¥2.48 billion, a decrease of 295.92% compared to ¥1.27 billion in the previous year[18]. - The company reported a net loss of CNY 13,599,799.87 for the first half of 2024, compared to a profit of CNY 789,067.24 in the same period of 2023[128]. - The company reported a total of CNY 1.31 billion in comprehensive income for the first half of 2024, which includes a significant loss in other comprehensive income[138]. Operational Highlights - The company operates several wholly-owned subsidiaries across different regions, enhancing its operational capacity[10]. - The company is focusing on expanding its market presence and developing new technologies, including advancements in solar cell production[18]. - The company has developed a new N-type ABC technology, aiming to reduce photovoltaic generation costs in eastern China to below 0.1 RMB/kWh by 2030[29]. - The company has maintained a leading position in photovoltaic technology innovation, successfully overcoming technical barriers in the all-back-contact battery segment[29]. - The company is focusing on enhancing product quality and reducing production costs through technological innovation, as indicated by the recent policy guidance from regulatory authorities[26]. Market and Industry Trends - In the first half of 2024, China's newly installed photovoltaic capacity reached 102.48 GW, representing a year-on-year growth of 30.7%[22]. - The global photovoltaic market is expected to see a 22% increase in new installations in 2024 under neutral conditions, with an optimistic scenario projecting annual new installations to reach 1,112 GW by 2028[22]. - The production of silicon materials, silicon wafers, batteries, and modules in China increased by over 32% year-on-year in the first half of 2024, leading to a supply-demand imbalance in the photovoltaic manufacturing sector[24]. - The average price of PERC and TOPCon battery cells fell by over 15% in the first half of 2024, with N-type module prices dropping to 0.80 RMB/W or lower[24]. - The export volume of photovoltaic products from Chinese companies saw a year-on-year increase of 34.5% for silicon wafers, 32.1% for battery cells, and 19.7% for modules, despite a 35.4% decline in total export value to 18.67 billion USD[27]. Environmental Commitment - The report indicates that the company is committed to achieving carbon peak and carbon neutrality goals by 2030 and 2060, respectively[10]. - The company is actively involved in the construction of zero-carbon buildings, achieving carbon reduction rates of 80.47% and 90.06% for two main structures[49]. - The company has successfully completed the core equipment microgrid dispatch operation for the world's first zero-carbon social pilot area, which will serve as a replicable model for zero-carbon communities[49]. - The company has implemented a "rainwater and sewage diversion" system, with domestic wastewater treated at a self-built facility[85]. - The company is committed to achieving carbon neutrality goals by optimizing energy consumption and enhancing resource utilization efficiency[92]. Financial Position and Liabilities - The total assets increased by 8.19% to approximately ¥36.78 billion compared to ¥33.99 billion at the end of the previous year[18]. - The total liabilities increased to approximately CNY 29.24 billion, up from CNY 25.32 billion, reflecting an increase of about 15.25%[125]. - The company's short-term borrowings surged to approximately CNY 3.17 billion, compared to CNY 855.23 million, indicating a substantial increase of about 270.56%[124][125]. - The company's long-term borrowings also increased to approximately CNY 8.76 billion from CNY 7.55 billion, reflecting a growth of about 16.06%[125]. - The company has provided guarantees totaling RMB 288.08 million, which accounts for 398.23% of the company's net assets[105]. Corporate Governance - All board members attended the board meeting, ensuring the report's authenticity and completeness[3]. - The company did not distribute profits for the first half of 2024, nor did it convert capital reserves into share capital[4]. - The company has not violated decision-making procedures for external guarantees[5]. - The company held its first extraordinary general meeting of 2024 on March 28, 2024, where four proposals were approved, including the amendment of the company's articles of association regarding capital changes[72]. - The annual general meeting for 2023 was held on May 22, 2024, where 13 proposals, including the board of directors' work report, were approved[73]. Research and Development - The company’s R&D expenditure reached 485 million CNY, further strengthening its patent layout and delaying the diffusion of core technologies in the industry[32]. - The company has applied for 2,200 patents, with 1,186 granted, including 587 related to ABC technology, establishing a strong patent barrier[32]. - The company is focused on enhancing ABC technology and cost control to improve product value and efficiency in various applications, including agriculture and construction[51]. Environmental Compliance - The company has been classified as a key pollutant discharge monitoring unit, ensuring compliance with environmental protection laws and regulations[82]. - The company operates pollution prevention facilities that meet environmental management requirements, with all pollutants treated to meet discharge standards[82]. - The company has established emergency response plans for environmental incidents, with all key pollutant discharge units having filed their plans with local environmental protection departments[88]. - The company has implemented self-monitoring schemes for environmental compliance, including real-time monitoring of wastewater and emissions across its facilities[90].

证券代码：600732 股票简称：爱旭股份 编号：临 2024－091 上海爱旭新能源股份有限公司 前次募集资金使用情况专项报告 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。 根据中国证券监督管理委员会发布的《监管规则适用指引——发行类第 7 号》 的规定，上海爱旭新能源股份有限公司（以下简称"公司"）编制了截至 2024 年 6 月 30 日的前次募集资金使用情况专项报告，具体内容如下： 一、前次募集资金的募集及存放情况 （一）实际募集资金金额、资金到位情况 （1）2020 年度非公开发行股票 经中国证券监督管理委员会《关于核准上海爱旭新能源股份有限公司非公开发 行股票的批复》（证监许可[2020]1481 号）核准，公司向特定投资者发行人民币普通 股（A 股）股票 206,440,957 股，每股发行价为 12.11 元，募集资金总额为人民币 2,499,999,989.27 元，扣除发行费用人民币 40,847,433.34 元（不含税）后，实际募集 资金净额为人民币 2,459,152,555.93 元，主承销商于 ...

证券代码：600732 证券简称：爱旭股份 编号：临 2024-089 上海爱旭新能源股份有限公司 第九届监事会第二十三次会议决议公告 （3）在公司监事会提出本意见前，未发现参与 2024 年半年度报告编制和审议 的人员有违反保密及信息披露规定的行为； 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 上海爱旭新能源股份有限公司（以下简称"公司"）第九届监事会第二十三次会 议的通知于 2024 年 8 月 19 日以电子邮件方式送达。会议于 2024 年 8 月 30 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。 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《2024 年半年度报告》 表决结果：同意 3 票，反对 0 票，回避 0 票，弃权 0 票。 根据《证券法》《公司章程》以及《监事会议事规则》等相关规定，监事会对公 司 2024 年半年度报告进行了认真审核，意见如下： ...