上海市石门一路 288 号 兴业太古汇香港兴业中心一座 26 层 邮编：200041 电话：(86-21) 5298-5488 传真：(86-21) 5298-5492 君合律师事务所上海分所 关于晶科电力科技股份有限公司 2025 年第五次临时股东会的法律意见书 致：晶科电力科技股份有限公司 君合律师事务所上海分所（以下简称"本所"）接受晶科电力科技股份有限 公司（以下简称"公司"）的委托，就公司 2025 年第五次临时股东会（以下简 称"本次股东会"）召集、召开的有关事宜，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》、中国证券监督管理委员会 颁布实施的《上市公司股东会规则》（以下简称"《股东会规则》"）等中国现行法 律、行政法规、规章和规范性文件（以下统称"中国法律、法规"，为本法律意 见书法律适用之目的，"中国法律、法规"不包括中国香港特别行政区、中国澳 门特别行政区及中国台湾省的法律、法规）及现行有效的《晶科电力科技股份有 限公司章程》（以下简称"《公司章程》"）、《晶科电力科技股份有限公司股东 会议事规则》的有关规定，就本次股东会有关事宜出具本法律意见书。 本法 ...

证券代码：601778 证券简称：晶科科技 公告编号：2025-122 晶科电力科技股份有限公司 2025年第五次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 11 月 17 日 (二)股东会召开的地点：上海市闵行区申长路 1466 弄 1 号晶科中心 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,185 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,083,362,639 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 30.9864 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次股东会由公司董事会召集，董事长李仙德先生主持。会议采用现场投票 和网络投票相结合的表决方式进行表决。会议的召集、召开和表决 ...

中邮证券研报指出，晶科科技2025Q1-3归母净利润3.6亿元，同比+61.8%；其中2025Q3归母净利润2.3 亿，同环比分别+76.5%/+47.8%。储能业务持续放量。甘肃、安徽等地大型独立储能有望年底并网，华 北2000MWh、西北800MWh、华东800MWh、东南华中等地合计500MWh独立储能电站项目计划近期开 工，储能项目的经济性随着容量电价等政策逐步实施有望持续提升。售电业务持续拓展+虚拟电厂静待 时机。积极布局光储融合、售电、虚拟电厂、微电网等业务，构建数智化运维运营平台，从源、网、荷 侧独立储能延伸至虚拟电厂、绿电直连等综合能源服务。市场持续推进下，绿电资产的价值有望得到重 估（合理PB大于1），但考虑到136号文各地细则陆续发放，市场主体需要一定时间消化，电站的运营 和转让可能均受影响，其核心在于电力交易的运营能力的持续升级，维持"增持"评级。 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [6][8]. Core Views - The company has accelerated its layout in the energy storage business, enhancing its comprehensive energy supply capabilities [4]. - For the first three quarters of 2025, the company reported revenue of 3.12 billion yuan, a year-on-year decrease of 19.7%, while the net profit attributable to shareholders increased by 61.8% to 360 million yuan [4]. - The operating cash flow has significantly improved, with a net cash flow from operating activities of 3.27 billion yuan compared to 590 million yuan in the same period last year [4]. - The energy storage business is expected to continue expanding, with several large independent energy storage projects planned to commence soon [4][5]. Financial Summary - Revenue projections for 2025-2027 are estimated at 5.49 billion, 5.53 billion, and 5.41 billion yuan, respectively, with corresponding net profits of 510 million, 520 million, and 550 million yuan [6][7]. - The company’s PE ratios for the same period are projected to be 26, 26, and 24 times [6][7]. - The company’s asset-liability ratio is currently at 62.5%, expected to rise to 65.5% by 2025 [9].

晶科科技 601778 2025 年第五次临时股东会会议资料 晶科电力科技股份有限公司 2025 年第五次临时股东会 会议资料 二〇二五年十一月 1 / 11 | | | 晶科科技 601778 2025 年第五次临时股东会会议资料 会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，以及股 东在股东会期间依法行使权利，根据有关法律法规及《晶科电力科技股份有限公 司章程》（以下简称"《公司章程》"）、《晶科电力科技股份有限公司股东会议事 规则》的有关规定，特制定本须知。 一、股东会设会务组，由公司董事会秘书负责会议的程序安排和会务工作。 二、股东会以现场会议的形式召开，并采取现场、网络相结合的方式投票。 三、为保证股东会的严肃性和正常秩序，切实维护与会股东及股东代理人的 合法权益，除出席会议的股东及股东代理人、公司董事、高级管理人员、见证律 师及董事会邀请的人员外，公司有权依法拒绝其他人员进入会场。 四、股东参加本次会议现场会议依法享有发言权、质询权、表决权等权利， 同时也必须认真履行法定义务，不得侵犯其他股东的权益和扰乱会议秩序。 五、股东或其委托代理人有质询、意见或建议时，应举手示意，得 ...

Group 1: Macroeconomic Overview - In October, the issuance of policy financial tools is expected to marginally boost credit, although government bond issuance is projected to decline year-on-year due to a high base, leading to a decrease in new social financing [1][2] - The manufacturing sector in the US and Europe showed unexpected recovery in October, indicating a global manufacturing cycle still in recovery despite ongoing US government shutdowns [1][2] - Japan's economic recovery is supported by stable export growth and a resilient labor market, with the Nikkei 225 index reaching a historical high [2] Group 2: Electric Power Equipment and New Energy - The Q3 performance of the electric power equipment sector showed significant divergence, with non-UHV main networks outperforming other segments, driven by strong overseas demand and domestic construction needs [4] - Non-UHV main networks reported a 38.2% year-on-year increase in net profit, while distribution and meter segments faced declines of 23.6% and 28.4% respectively [4] - The outlook for the sector remains positive, with expectations of continued high capacity utilization and revenue growth from overseas markets [4] Group 3: Semiconductor Industry - Huahong Semiconductor reported Q3 revenue of $635.2 million, a year-on-year increase of 20.7%, with a gross margin of 13.5%, exceeding company guidance [7] - The company anticipates Q4 revenue between $650 million and $660 million, indicating a sequential growth of approximately 3.1% [7] - The strong performance is attributed to high capacity utilization and price increases, particularly in the analog and power management segments [7] Group 4: Aluminum Industry - China Hongqiao, a leading player in the electrolytic aluminum sector, is expected to benefit from rising aluminum prices and is implementing share buybacks and high dividends to enhance investor returns [8] - The supply-demand imbalance in the electrolytic aluminum market is projected to become more pronounced in 2025-2026 due to near-capacity domestic production and slow overseas capacity release [8] Group 5: Pharmaceutical Industry - Xiansheng Pharmaceutical is entering a phase of commercializing multiple innovative products, with significant growth potential in overseas markets [11] - The company has achieved approvals for several new indications for its innovative drugs, indicating a strong pipeline and potential for revenue growth [11] Group 6: Consumer Goods - Uni-President China reported a net profit of 2.01 billion yuan for the first three quarters of 2025, a year-on-year increase of 23.1%, with Q3 profit rising by 8.4% [12] - The company is focusing on enhancing its brand and optimizing its cost structure, which has led to improved profit margins [12] Group 7: Gaming Industry - Giant Network highlighted the strong performance of its new game "Supernatural" and the potential of AI applications in its gaming business during the recent investment summit [15] - The company is actively developing new products, which are expected to drive future growth [15] Group 8: Financial Services - CITIC Securities reported steady growth in its wealth management and investment business, with a strong project pipeline in its investment banking division [15] - The company maintains a buy rating due to its solid competitive position and positive business outlook [15]

Core Insights - The electricity sector experienced a rise of 0.69% on the previous trading day, with Huaguang Huaneng leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Stock Performance - Huaguang Huaneng (600475) saw a closing price of 17.01, with a significant increase of 10.03% and a trading volume of 405,400 shares, amounting to a transaction value of 666 million yuan [1] - Jinko Technology (601778) closed at 3.66, up 4.57%, with a trading volume of 1,641,100 shares and a transaction value of 590 million yuan [1] - Zhaoxin Co., Ltd. (002256) closed at 3.09, up 4.39%, with a trading volume of 1,360,600 shares and a transaction value of 415 million yuan [1] Capital Flow - The electricity sector experienced a net outflow of 325 million yuan from institutional investors, while retail investors saw a net inflow of 479 million yuan [2] - The main capital inflow was observed in Huaguang Huaneng, with a net inflow of 1.40 billion yuan, representing 21.98% of the total [3] - China Nuclear Power (601985) had a net inflow of 93.91 million yuan, accounting for 7.31% of the total [3]

Core Points - JinkoSolar (601778) announced on October 31 that it has completed the relevant business change registration procedures and the filing of its Articles of Association as of October 30, 2025 [1] - The company has obtained a new business license issued by the Market Supervision Administration of Shangrao City [1]

证券代码：601778 证券简称：晶科科技 公告编号：2025-121 晶科电力科技股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要提示： 晶科电力科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发 布公司《2025 年第三季度报告》。为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 14 日（星期五） 13:00-14:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2025 年第三季度经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围 内就投资者普遍关注的问题进行回答。 会议召开时间：2025 年 11 月 14 日（星期五）13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https: ...

证券代码：601778 证券简称：晶科科技 公告编号：2025-120 晶科电力科技股份有限公司 关于公司完成工商变更登记的公告 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。 成立日期：2011 年 07 月 28 日 经营范围：许可项目：发电业务、输电业务、供（配）电业务，输电、供电、 受电电力设施的安装、维修和试验，建设工程设计，建设工程施工（依法须经批 准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准 类型：股份有限公司（中外合资，上市） 住所：江西省上饶市横峰县岑阳镇国道西路 63 号 法定代表人：李仙德 注册资本：357,097.3871 万元人民币 2025 年 10 月 30 日，公司已完成相关工商变更登记手续及《公司章程》的 备案，并取得上饶市市场监督管理局换发的新的《营业执照》。变更后的《营业 执照》具体信息如下： 统一社会信用代码：913611005787856680 名称：晶科电力科技股份有限公司 晶科电力科技股份有限公司（以下简称"公司"）分别于 2025 年 8 月 27 日、 ...