华夏能源网获悉，6月25日，晶科科技(SH:601778)宣布，拟将下属4家工商业分布式光伏电站项目公司名下的光伏电站设备全部 销售给中建投租赁，并同步将上述项目公司的持股平台横峰晶格的100%股权转让给天津金建。本次交易对价合计2.87亿元，涉 及光伏电站并网装机容量合计约76.55MW。 文 | 华夏能源网 曾经被视为"现金奶牛"的光伏电站资产，如今正被大举抛售。 这是诸多电站资产出售中的最新一例。近两年来，尤其是今年"136号文"出台宣布新能源上网电价全面市场化后，光伏电站资产 流转在明显加快。 华夏能源网不完全统计，2024年以来有10余家光伏上市公司出售光伏电站，总规模约36GW；同时，以往作为电站主要收购方的 央企也在大举出让新能源电站，在2024年1月至2025年4月转让的百余宗新能源电站资产中，国资央企占比超过70%。 曾经光伏电站资产是想买都买不到的香饽饽，如今却被大量抛售，这背后是光伏电站资产的价值重估。"有卖就有买"，那么， 又是谁在做勇敢的接盘侠？ 从"现金奶牛"到"烫手山芋" 过去，光伏电站资产一直深受民营投资商和能源央企青睐。在电价补贴政策下，光伏电站坐享0.3元/度以上的上网电价 ...

Core Viewpoint - The recent trend in the photovoltaic industry indicates a recovery in silicon material prices, driven by industry self-discipline and favorable policies [1][2][4] Group 1: Silicon Material Price Trends - The latest data from the China Nonferrous Metals Industry Association's Silicon Industry Branch shows that silicon material prices have continued to rise, with multi-crystalline silicon N-type raw materials and N-type granular silicon prices increasing by 6.92% and 6.27% respectively [1] - Multi-crystalline silicon prices have been significantly adjusted, with a price increase of 25% to 35%, bringing the price range to 45,000 to 50,000 yuan per ton [1] - The mainstream price for N-type dense materials has reached 39 yuan per kilogram, reflecting a 14.71% increase from the previous week [1] Group 2: Market Dynamics and Sentiment - The photovoltaic sector has seen a positive market response, with several companies' stock prices reaching new highs following a recent industry meeting that addressed low-price competition [2] - Analysts express optimism regarding policy-driven structural optimization and market environment improvements within the industry [2] - Although new orders are limited, the execution of previously signed orders has strengthened, indicating a stabilization in the silicon material market [2][3] Group 3: Supply and Demand Conditions - The supply-demand situation for silicon materials has shown signs of improvement, with June's domestic multi-crystalline silicon production at approximately 102,000 tons, matching demand without new inventory accumulation [3] - The total domestic production for the first half of the year was about 596,000 tons, a significant year-on-year decrease of 44.1% [3] - The forecast for global multi-crystalline silicon demand in 2025 is around 1.4 million tons, with domestic demand expected to be approximately 1.3 million tons [3] Group 4: Industry Outlook - The current policies are focused on market regulation and resource concentration, which may lead to the faster elimination of high-cost production capacities [3] - The industry is expected to undergo a structural transformation towards refined management, with a significant improvement in supply-demand dynamics anticipated post-2026 [3] - The ongoing "anti-involution" movement serves as a test of comprehensive cost strength among companies, with those facing long-term inventory accumulation and cash flow issues at risk of production halts [3][4]

Core Viewpoint - The power sector has shown renewed strength, with Guiguan Electric reaching its daily limit, driven by significant increases in electricity demand in East China during the summer months [1] Group 1: Market Performance - Guiguan Electric has hit the daily limit, indicating strong investor interest and confidence in the stock [1] - Other companies in the sector, such as Huaguang Huaneng and Huayin Electric, have also shown strong performance, with Huaguang Huaneng achieving five consecutive daily limits and Huayin Electric six out of seven days [1] - Jin Kai New Energy has also reached its daily limit, reflecting a broader trend of rising stock prices in the power sector [1] Group 2: Demand Drivers - The electricity grid in East China, particularly in Jiangsu, Anhui, Shandong, Henan, and Hubei, has reached historical highs since the onset of summer [1] - Jiangsu's electricity grid load has surpassed 150 million kilowatts for the first time, with the peak load increasing by nearly 40 million kilowatts compared to the spring average [1] - Approximately 90% of the incremental load is attributed to air conditioning and cooling electricity usage, highlighting the impact of rising temperatures on electricity demand [1]

证券代码：601778 证券简称：晶科科技公告编号：2025-086 转债代码：113048 转债简称：晶科转债 晶科电力科技股份有限公司 关于可转债转股结果暨股份变动公告 ● 累计转股情况："晶科转债"自2021年10月29日开始转股，截至2025年6月30日，累计共有704,171,000 元"晶科转债"已转换为公司股票，累计转股数量为128,970,821股，占"晶科转债"转股前公司已发行股份 总额的4.66%。 ● 未转股可转债情况：截至2025年6月30日，尚未转股的"晶科转债"金额为2,295,815,000元，占"晶科转 债"发行总量的76.53%。 ● 本季度转股情况：自2025年4月1日至2025年6月30日期间，共有10,000元"晶科转债"已转换为公司股 票，转股数量为1,903股。 一、可转债发行上市概况 （一）可转债发行情况 经中国证券监督管理委员会《关于核准晶科电力科技股份有限公司公开发行可转换公司债券的批复》 （证监许可〔2021〕931号）核准，晶科电力科技股份有限公司（以下简称"公司"或"本公司"）于2021 年4月23日公开发行了3,000万张可转换公司债券（以下简称"晶科 ...

Core Viewpoint - JinkoSolar is accelerating asset disposals, including the sale of photovoltaic power station equipment and equity stakes, amid declining on-grid electricity prices and deteriorating financial performance [1][4][10]. Group 1: Asset Disposals - JinkoSolar announced the sale of photovoltaic power station equipment to China Construction Investment Leasing Co., Ltd. for a total of 286.52 million yuan, involving a grid-connected capacity of approximately 76.55 MW [1][3]. - This transaction follows a previous deal with CITIC Financial Leasing for a 320 MW household photovoltaic asset package, indicating a trend of rapid asset disposals within a short timeframe [2][4]. Group 2: Financial Performance - In 2024, JinkoSolar reported a revenue of 4.775 billion yuan, a year-on-year increase of 9.25%, but the net profit attributable to shareholders decreased by 15.39% to 324 million yuan [4][10]. - The company's non-recurring net profit significantly dropped by 41% to 148 million yuan, highlighting challenges in maintaining profitability despite revenue growth [4]. Group 3: Inventory and Operational Efficiency - JinkoSolar's inventory has been increasing annually, while inventory turnover rates have been declining, indicating a deterioration in operational efficiency [5][10]. - The company’s revenue growth is primarily driven by the expansion of self-owned power station capacity, which reached 6.45 GW by the end of 2024, a 20% year-on-year increase [7]. Group 4: Market Conditions and Pricing - The average on-grid electricity price for JinkoSolar in 2024 was approximately 0.487 yuan per kilowatt-hour, down from 0.580 yuan per kilowatt-hour in 2023, reflecting a significant price decline [7][8]. - The increase in curtailment rates and other market factors has adversely affected the company's profitability, with the growth in electricity generation outpacing revenue growth due to these constraints [8][9]. Group 5: Debt and Financial Structure - Since its IPO in 2020, JinkoSolar has raised over 10 billion yuan through various financing channels, but its interest-bearing debt has risen to over 18 billion yuan, indicating ongoing financial strain [10][12]. - As of the first quarter of 2025, the company had 6.5 billion yuan in cash but was burdened with over 18 billion yuan in interest-bearing debt, leading to a debt-to-asset ratio of 63.28%, higher than the industry average [12]. Group 6: Strategic Concerns - The strategy of "rolling development" and light asset operations is under scrutiny as the marginal benefits from asset sales are declining, raising concerns about the sustainability of this approach [14]. - JinkoSolar is facing a dilemma where asset sales are necessary to alleviate debt pressure, yet frequent disposals may weaken future profitability and asset quality [14].

| 证券代码：601778 | 证券简称：晶科科技 | 公告编号：2025-086 | | --- | --- | --- | | 转债代码：113048 | 转债简称：晶科转债 | | 晶科电力科技股份有限公司 关于可转债转股结果暨股份变动公告 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: 一、可转债发行上市概况 （一）可转债发行情况 经中国证券监督管理委员会《关于核准晶科电力科技股份有限公司公开发行 可转换公司债券的批复》（证监许可〔2021〕931号）核准，晶科电力科技股份 有限公司（以下简称"公司"或"本公司"）于2021年4月23日公开发行了3,000万张 可转换公司债券（以下简称"晶科转债"或"可转债"），每张面值人民币100元， 发行总额为人民币30亿元，期限6年。票面利率为：第一年0.30%、第二年0.50%、 第三年1.00%、第四年1.50%、第五年1.80%、第六年2.00%。 （二）可转债上市情况 经上海证券交易所自律监管决定书〔2021〕209号文同意，公司本次发行的 30亿元可转换 ...

Core Viewpoint - The company, Jinko Power Technology Co., Ltd., has proposed a revised employee stock ownership plan aimed at enhancing employee engagement and aligning their interests with the company's long-term goals. The plan is designed to attract and retain talent while ensuring compliance with relevant laws and regulations [1][2][3]. Summary by Sections General Principles - The employee stock ownership plan is established to create a profit-sharing mechanism between employees and owners, responding to national calls for common prosperity and enhancing company competitiveness [8][9]. - Participation in the plan is voluntary, and the company will not impose mandatory participation on employees [2][10]. Participants and Scope - The plan targets a maximum of 150 participants, including directors, supervisors, senior management, and other key personnel [10][11]. - The funding for the plan will come from employees' legal salaries, self-raised funds, and other legally permitted sources, with no financial assistance provided by the company [3][17]. Stock Source and Pricing - The stocks for the plan will be sourced from shares repurchased by the company, totaling 28.9092 million shares already completed and additional shares planned for repurchase with a total fund not exceeding 200 million yuan and not less than 100 million yuan [3][11][17]. - The average purchase price for the initial allocation of shares is set at 2.40 yuan per share, which is below the market price at the time of the plan's announcement [19][20]. Duration and Lock-up Period - The plan will have a duration of 60 months from the date the last share is transferred to the plan, with a lock-up period of 12 months during which trading is prohibited [5][21]. - The vesting of shares will occur in three phases based on the company's performance and individual assessments [5][31]. Performance Assessment - The performance assessment for the vesting of shares is based on company-level and individual-level metrics, with specific growth targets set for net profit over the assessment periods [31][32]. - The first vesting period requires a net profit growth rate of at least 50% compared to 2022, with subsequent periods having progressively higher targets [31][32]. Management and Governance - A management committee will oversee the plan, representing the interests of the participants and ensuring compliance with regulations [7][28]. - The committee will manage the daily operations of the plan and make decisions regarding the distribution of shares and any necessary adjustments [28][30].

Summary of the Employee Stock Ownership Plan (ESOP) of Jinko Power Technology Co., Ltd. Core Viewpoint The announcement details the second revision of the 2023 Employee Stock Ownership Plan (ESOP) of Jinko Power Technology Co., Ltd., highlighting the adjustments made to the equity distribution method and the overall management of the plan. Group 1: Basic Information of the ESOP - The ESOP was initially approved on April 27, 2023, during the employee representative meeting and subsequent board meetings, and was later ratified by the annual shareholders' meeting on May 19, 2023 [1][2] - The total number of shares repurchased for the ESOP was 70,459,211 shares, with an average purchase price of approximately 2.4 yuan per share [2][3] - The lock-up period for the shares under the ESOP is from August 5, 2023, to August 4, 2024 [2] Group 2: Revisions and Adjustments - The first meeting of ESOP participants was held on August 10, 2023, where a management committee was established [3] - The initial incentive scale was adjusted from 70,459,211 shares to 66,632,757 shares, with reserved shares increasing from 2,311,062 shares to 10,877,746 shares [3][4] - The second revision of the ESOP was approved on June 30, 2025, focusing on the equity distribution method [5] Group 3: Key Changes in the ESOP - The revised plan allows for the extension of the ESOP's duration if two-thirds of the participating shareholders agree [5][6] - The management committee is responsible for the distribution of benefits and the management of stock sales after the lock-up period [6][8] - The plan includes provisions for the handling of unvested shares in case of participant disqualification or other specified circumstances [9][10]

| 证券代码：601778 | 证券简称：晶科科技 | 公告编号：2025-085 | | --- | --- | --- | | 转债代码：113048 | 转债简称：晶科转债 | | 晶科电力科技股份有限公司 关于不向下修正"晶科转债"转股价格的公告 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。 重要内容提示: 一、可转换公司债券基本情况 （一）可转换公司债券发行上市情况 经中国证券监督管理委员会《关于核准晶科电力科技股份有限公司公开发行 可转换公司债券的批复》（证监许可〔2021〕931号）核准，晶科电力科技股份有 限公司（以下简称"公司"或"本公司"）于2021年4月23日公开发行了3,000万 张可转换公司债券，每张面值人民币100元，发行总额为人民币30亿元，期限6 年。票面利率为：第一年0.30%、第二年0.50%、第三年1.00%、第四年1.50%、 第五年1.80%、第六年2.00%。 经上海证券交易所自律监管决定书〔2021〕209号文同意，公司本次发行的 30亿元可转换公司债券于2021年5月31日起在 ...

晶科电力科技股份有限公司 2023 年员工持股计划管理办法 （二次修订稿） 为建立和完善劳动者与所有者的利益共享机制，积极响应国家共同富裕的伟 大号召，提高员工的凝聚力和公司竞争力，吸引和留住优秀人才，充分调动本公 司董事、监事、高级管理人员及其他核心骨干的积极性，有效地将股东利益、公 司利益和核心团队及员工个人利益结合在一起，使各方共同关注公司的长远发展， 促进公司战略目标的实现，在充分保障股东利益的前提下，按照收益与贡献对等 的原则，公司根据《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》"）、《关于上市公司实施员工持股计划试 点的指导意见》（以下简称"《指导意见》"）、《上海证券交易所上市公司自律监管 指引第 1 号——规范运作》（以下简称"《监管指引第 1 号》"）等有关法律、法规 和规范性文件以及《公司章程》的规定，公司制订了《晶科电力科技股份有限公 司 2023 年员工持股计划》（以下简称"本员工持股计划"或"本持股计划"） 为了规范本持股计划的实施，确保公司发展战略和经营目标的实现，根据《公 司法》、《证券法》、《指导意见》、《监管指引第 1 ...