Group 1 - The company, Jinko Technology (601778.SH), announced its exploration of new applications combining renewable energy and IoT blockchain technologies through its wholly-owned subsidiary, HongKong Crystal Energy Power Limited [1] - HongKong Crystal Energy Power Limited signed a partnership agreement with PUHMERCHANTS LTD. and GaiaDTGuardians Investment Management Limited to invest in a fund targeting a maximum fundraising scale of $300 million, with the company committing $30 million as a limited partner [1][2] - The fund will primarily focus on renewable energy, leveraging blockchain technology to efficiently connect physical assets in the renewable energy sector with global capital [2] Group 2 - The investment aligns with the company's strategy of exploring the digital investment value of renewable energy assets while ensuring stable development of its core business [2] - This investment is consistent with the company's light asset development strategy, aiming to explore investment opportunities in the global digitalization process of renewable energy [2]

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、对外投资概述 证券代码：601778 证券简称：晶科科技 公告编号：2025-105 为进一步探索新能源和物联网区块链等新技术相结合的应用模式和场景，晶 科电力科技股份有限公司（以下简称"公司"）的境外全资下属公司Hong Kong Crystal Energy Power Limited（以下简称"香港晶能"）近日与PUH MERCHANTS LTD（. 以下简称"投资普通合伙人"）、Gaia DT Guardians Investment Management Limited（以下简称"技术普通合伙人"）签署了《AMENDED AND RESTATED EXEMPTED LIMITED PARTNERSHIP AGREEMENT》（以下简称"合伙协议"） 及相关认购协议，香港晶能拟以自筹资金参与投资基金。 晶科电力科技股份有限公司 关于参与认购境外私募股权基金份额的公告 根据《上海证券交易所股票上市规则》《公司章程》及公司《对外投资管理 制度》等相关规定， ...

Core Viewpoint - JinkoSolar (601778) is exploring the integration of new technologies such as renewable energy and IoT blockchain applications through its wholly-owned subsidiary in Hong Kong, which has signed agreements to invest in a fund with a target size of up to $300 million [1] Group 1 - The Hong Kong subsidiary, Jinko Energy, will act as a limited partner in the fund, committing $30 million of its own funds [1] - The fund is structured as a Cayman exempted limited partnership [1] - The investment aims to leverage new technology applications and scenarios in the renewable energy sector [1]

Core Viewpoint - JinkoSolar (601778.SH) aims to explore the application models and scenarios that combine new technologies such as renewable energy and IoT blockchain through its wholly-owned subsidiary in Hong Kong [1] Group 1 - The company has established a fund in the form of a Cayman exempted limited partnership [1] - The target fundraising scale for the fund is set at no more than 300 million USD [1] - Hong Kong Crystal Energy will act as a limited partner, committing to invest 30 million USD [1]

Market Overview - The convertible bond market showed positive performance with the Zhongzheng Convertible Bond Index rising by 1.23% to 480.25, with a total trading volume of 76.871 billion [1] - A total of 437 convertible bonds were traded, with 409 increasing in value, 1 remaining flat, and 27 declining [1] Top Performing Convertible Bonds - The top five performing convertible bonds included: - Fushi Convertible Bond (123217) with a rise of 20.0% - Jing 23 Convertible Bond (113669) also up by 20.0% - Jiazhe Convertible Bond (113039) increasing by 17.69% - Chongda Convertible Bond 2 (128131) up by 14.01% - Outong Convertible Bond (not specified) rising by 11.67% [2] Underperforming Convertible Bonds - The five convertible bonds with the largest declines were: - Kaizhong Convertible Bond (113698) down by 3.29% - Yaoshi Convertible Bond (123145) decreasing by 2.92% - Titan Convertible Bond (127096) falling by 2.69% - Huicheng Convertible Bond (not specified) down by 2.04% [2] Corresponding Stock Performance - Among the stocks corresponding to the convertible bonds, 352 stocks rose, 16 remained flat, and 69 declined [1] - The top five performing stocks included: - Si Hui Fushi (300852) with a rise of 19.99% - Jingke Technology (601778) increasing by 10.05% - Chongda Technology (002815) up by 10.01% - Luxshare Precision (not specified) rising by 10.00% - Jingwang Electronics (not specified) also up by 10.00% [4] Declining Stocks - The stocks with the largest declines included: - Titan Shares (not specified) down by 5.64% - Huahai Pharmaceutical (not specified) decreasing by 4.26% - Nenghui Technology (not specified) down by 3.88% - Shouhua Gas (not specified) falling by 2.99% - Shandong Zhanggu (not specified) down by 2.98% [5]

Group 1 - The Zhongzheng Photovoltaic Industry Index (931151) has shown a strong increase of 2.50% as of September 11, 2025, with significant gains in constituent stocks such as Juhe Materials (688503) up by 11.56% and Kehua Data (002335) up by 10.01% [2] - The Photovoltaic ETF Fund (516180) has risen by 1.80%, with the latest price reported at 0.74 yuan, and has accumulated a weekly increase of 4.78% as of September 10, 2025, ranking 3rd among comparable funds [2] - The Zhongzheng Photovoltaic Industry Index selects up to 50 representative listed companies from the photovoltaic industry chain to reflect the overall performance of these securities [2] Group 2 - As of August 29, 2025, the top ten weighted stocks in the Zhongzheng Photovoltaic Industry Index include Yangguang Electric (300274), Longi Green Energy (601012), and TCL Technology (000100), collectively accounting for 56.14% of the index [3] - The weight and performance of the top stocks are as follows: Yangguang Electric at 10.51% with a rise of 4.61%, Longi Green Energy at 9.97% with a slight increase of 0.17%, and TCL Technology at 9.42% with a rise of 1.37% [5]

Core Viewpoint - The collaboration between Hang Seng China and Middle Eastern financial institutions, along with JinkoSolar, aims to facilitate cross-border green syndicated loans to support the international development of Chinese enterprises along the Belt and Road Initiative [1] Group 1: Partnership and Collaboration - Hang Seng China signed a memorandum of cooperation for cross-border green syndicated loans with financial institutions from Qatar and Kuwait, as well as JinkoSolar [1] - This project represents a practical case of Hong Kong becoming a super connector for economies along the Belt and Road, showcasing the close collaboration between Hang Seng China and its parent bank [1] Group 2: Strategic Importance - The initiative aims to leverage Hong Kong's unique advantages as an international financial platform to connect Middle Eastern capital with the domestic market [1] - The partnership is expected to support the internationalization of leading renewable energy companies like JinkoSolar, while also providing a reference for green investment and financing cooperation under the Belt and Road framework [1] Group 3: Industry Confidence - JinkoSolar, as a leading player in the global photovoltaic industry, has a broad presence in Belt and Road markets, indicating strong international confidence in China's renewable energy sector [1] - The cross-border green syndicated loan reflects the strong support from Hang Seng Bank and Hang Seng China for JinkoSolar, highlighting their efficiency and professionalism in international syndicate business [1]

Group 1 - Hang Seng Bank actively supports the Belt and Road Forum, signing a cross-border green syndicated loan cooperation memorandum with Middle Eastern financial institutions and JinkoSolar [1] - The project is recognized as a successful case of commercial cooperation at the Belt and Road Forum, highlighting the innovative nature of cross-border financial collaboration [1] - This cooperation marks the first cross-border green syndicated loan for participating Middle Eastern financial institutions and is one of the first commercial projects following the Hong Kong government's trade delegation visit to Qatar and Kuwait [1] Group 2 - JinkoSolar, as a leading player in the global photovoltaic industry, has a broad presence in Belt and Road markets, showcasing the confidence of international capital in China's renewable energy sector [2] - The green loan reflects the strong support from Hang Seng Bank and Hang Seng China for JinkoSolar, emphasizing their efficiency and professionalism in international syndication business [2]

Market Overview - The electricity sector experienced a decline of 0.38% on the previous trading day, with Shanghai Electric leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Notable gainers in the electricity sector included: - Yunnan Energy Investment (002053) with a closing price of 14.74, up 10.00% and a trading volume of 303,200 shares, totaling 430 million yuan [1] - Shimao Energy (605028) with a closing price of 25.55, up 9.99% and a trading volume of 121,700 shares, totaling 299 million yuan [1] - Major decliners included: - Shanghai Electric (600021) with a closing price of 20.79, down 10.00% and a trading volume of 836,600 shares, totaling 1.752 billion yuan [2] - Jinko Technology (601778) with a closing price of 4.28, down 3.82% and a trading volume of 1,939,100 shares, totaling 83.6 million yuan [2] Capital Flow - The electricity sector saw a net outflow of 518 million yuan from institutional investors, while retail investors contributed a net inflow of 904 million yuan [2] - Key stocks with significant capital flow included: - Yunnan Energy Investment (002053) with a net inflow of 85.63 million yuan from institutional investors [3] - Shimao Energy (605028) with a net inflow of 79.18 million yuan from institutional investors [3]

Investment Rating - The report assigns a rating of "Accumulate" to the company, indicating a downward adjustment in expectations [6]. Core Views - The company has shown continuous improvement in operating cash flow, with a significant increase in revenue and net profit in the first half of 2025. Revenue reached 2.12 billion yuan, up 10.5% year-on-year, while net profit was 120 million yuan, up 39.8% year-on-year [3]. - The acceleration of renewable energy subsidy disbursement is noted, with the company receiving 646 million yuan in subsidies in August 2025, a 248% increase year-on-year for the first eight months of 2025 [3]. - The company is advancing its light-asset operation strategy and refining its operations, with a focus on overseas power station development [4]. Summary by Sections Company Overview - The latest closing price is 4.60 yuan, with a total market capitalization of 16.4 billion yuan and a total share capital of 3.571 billion shares [2]. Financial Performance - In the first half of 2025, the company reported a net cash flow from operating activities of 1.99 billion yuan, a significant improvement from a negative 730 million yuan in the same period last year [3]. - The company’s revenue and net profit forecasts for 2025-2027 are 5.49 billion yuan, 5.53 billion yuan, and 5.41 billion yuan respectively, with corresponding net profits of 510 million yuan, 530 million yuan, and 560 million yuan [6]. Business Development - The company has reduced its owned power station capacity to 5,953 MW as of the end of the first half of 2025, with a net decrease of 495 MW from the end of 2024. It has also developed 900 MW of new photovoltaic and energy storage projects [4]. - The energy storage business is expanding, with an independent energy storage station capacity of 325.7 MW and new projects totaling 3.9 GWh developed in the first half of 2025 [4]. Market Position - The company has signed contracts for 1.6 billion kWh of electricity in the first half of 2025, with a trading volume of 7.5 billion kWh. It has established a presence in five provinces for virtual power plant operations [5].