Core Viewpoint - The company proposes to lower the conversion price of its convertible bonds, "Jinko Convertible Bonds," in response to market conditions and to enhance its capital structure and shareholder value [1][5]. Group 1: Convertible Bond Issuance Details - The company issued 30 million convertible bonds on April 23, 2021, with a total value of RMB 3 billion and a maturity of six years [1]. - The initial conversion price was set at RMB 6.75 per share, which has been adjusted multiple times due to various corporate actions [1][3]. Group 2: Conversion Price Adjustment History - The conversion price has been adjusted downwards from RMB 6.75 to RMB 5.21 as of the announcement date, with several adjustments occurring due to rights distributions and stock issuances [1][3]. - The conversion price adjustments were triggered by the stock price falling below 90% of the current conversion price for a specified period [3][4]. Group 3: Proposal for Price Adjustment - The board of directors has proposed to further lower the conversion price to ensure it aligns with market conditions and to protect investor interests [5]. - The proposal requires approval from the shareholders' meeting, with a two-thirds majority needed for implementation [5][4].

Meeting Information - The shareholder meeting is scheduled for September 23, 2025, at 14:30 [1] - The meeting will be held at Jinko Center, No. 1, 1466 Shenchang Road, Minhang District, Shanghai [1] - Voting will be conducted through a combination of on-site and online methods [1] Voting Procedures - The online voting system will be the Shanghai Stock Exchange's shareholder meeting online voting system [2] - Voting will be available from 9:15 to 15:00 on the day of the meeting [1][2] - Shareholders can vote through designated trading terminals or the internet voting platform [3] Agenda Items - The meeting will discuss proposals including increasing registered capital and revising the company's articles of association [2] - A proposal to adjust the conversion price of "Jinko Convertible Bonds" will also be presented [2] - Related shareholders holding "Jinko Convertible Bonds" must abstain from voting on this proposal [2] Attendance Requirements - Only shareholders registered by the close of trading on September 16, 2025, are eligible to attend [4] - Shareholders may appoint a proxy to attend and vote on their behalf [4] Registration Details - Registration for the meeting will take place on September 22, 2025, from 9:00 to 16:00 [4] - The registration location is the same as the meeting venue [4] Additional Information - The meeting will last half a day, and attendees are responsible for their own travel and accommodation expenses [5] - Contact information for the board office is provided for any inquiries [5]

Group 1 - The company, JinkoSolar, announced that it will hold its fourth extraordinary general meeting of shareholders on September 23, 2025 [1] - The agenda for the meeting includes proposals to increase registered capital, cancel the supervisory board, and amend and process business registration changes [1]

Core Viewpoint - Jinko Technology announced that its stock price has fallen below 90% of the conversion price of 5.21 CNY per share for fifteen trading days, triggering the downward adjustment clause for its convertible bonds [1] Group 1 - The stock price threshold for the adjustment is set at 4.69 CNY per share [1] - The company's board of directors has proposed to lower the conversion price of the "Jinko Convertible Bonds" [1] - This proposal will require approval from the company's shareholders' meeting [1]

证券代码：601778 证券简称：晶科科技 公告编号：2025-103 晶科电力科技股份有限公司 关于召开2025年第四次临时股东大会的通知 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、 召开会议的基本情况 (一)股东大会类型和届次 2025年第四次临时股东大会 至2025 年 9 月 23 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为 股东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的 投票，应按照《上海证券交易所上市公司自律监管指引第 1 号—规范运作》等 有关规定执行。 (二)股东大会召集人：董事会 召开的日期时间：2025 年 9 月 23 日 14 点 30 分 召开地点：上海市闵行区申长路 1466 弄 1 号晶科中 ...

| 证券代码：601778 | 证券简称：晶科科技 | 公告编号：2025-102 | | --- | --- | --- | | 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 关于董事会提议向下修正"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 ...

Group 1 - Jinko Technology's stock price dropped by 5.89% to 4.47 CNY per share, with a trading volume of 311 million CNY and a turnover rate of 1.90%, resulting in a total market capitalization of 15.962 billion CNY [1] - Jinko Power Technology Co., Ltd. was established on July 28, 2011, and went public on May 19, 2020. The company's main business includes the development, operation, and transfer of photovoltaic power plants, as well as EPC services for photovoltaic power plants [1] - The revenue composition of Jinko Technology's main business is as follows: 75.88% from photovoltaic power plant development and operation, 17.36% from household photovoltaic power plant rolling development, 5.77% from EPC services, and 0.70% from other sources [1] Group 2 - Southern Fund's Southern CSI 1000 ETF (512100) is among the top ten circulating shareholders of Jinko Technology, having increased its holdings by 4.9745 million shares in the second quarter, totaling 26.38 million shares, which represents 0.74% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 64.953 billion CNY. It has achieved a year-to-date return of 24.03%, ranking 1748 out of 4222 in its category, and a one-year return of 62.92%, ranking 1228 out of 3783 [2] - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has been in the position for 6 years and 302 days, managing a total fund size of 94.976 billion CNY, with the best fund return during the tenure being 138.38% and the worst being -17.86% [3]

Group 1 - The A-share market experienced a general decline in power stocks, with Huayin Power and Jinko Technology dropping over 6% [1] - Zhaoxin Co., Huaguang Huaneng fell more than 5%, while Meiyan Jixiang decreased by 4% [1] - Leshan Electric, Guang'an Aizhong, Jiawei New Energy, and Jidian Co. all saw a decline of 3% [1]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [3]. Core Views - The company achieved a revenue of 2.124 billion yuan in H1 2025, representing a year-on-year increase of 10.47%. The net profit attributable to shareholders was 123 million yuan, up 39.76% year-on-year, primarily driven by the growth in household photovoltaic power station development and increased transaction scale of power station products [1]. - The company is accelerating the turnover of household projects and continuing its light asset operation strategy. As of H1 2025, the installed capacity of self-owned power stations reached 5.953 GW, with a new addition of 233 MW. The company sold 652 MW of household photovoltaic systems, achieving a turnover rate exceeding 60% [2]. - The energy storage business is ramping up, with 657 MWh of independent energy storage stations and a new development scale of 3.9 GWh in storage projects. The company has also accelerated overseas power station construction, with 444 MW of overseas power stations operational and 900 MW of new photovoltaic and storage projects under development [3]. - Revenue projections for 2025-2027 are estimated at 5.073 billion yuan, 5.399 billion yuan, and 5.739 billion yuan, respectively, with net profits of 418 million yuan, 464 million yuan, and 517 million yuan, corresponding to PE ratios of 41x, 37x, and 33x [3]. Summary by Sections Financial Performance - In H1 2025, the company reported total revenue of 2.124 billion yuan, a 10.47% increase year-on-year, and a net profit of 123 million yuan, reflecting a 39.76% increase. However, the net profit excluding non-recurring items decreased by 27.14% [1]. - The second quarter of 2025 saw a revenue of 1.012 billion yuan, down 11.62% year-on-year and 9.01% quarter-on-quarter, with a net profit of 158 million yuan, down 15.48% year-on-year [1]. Operational Strategy - The company is focusing on light asset operations, with a significant emphasis on the turnover of household photovoltaic projects. The self-owned power station capacity has increased, and the company aims to enhance profitability through a service model for commercial distributed energy [2]. - The company has successfully sold 652 MW of household photovoltaic systems, contributing to its light asset transformation strategy [2]. Future Outlook - The company is expected to continue its growth trajectory, with significant contributions from overseas projects and the energy storage sector. The establishment of a profit closure model for overseas projects is anticipated to support future earnings [3].

Core Points - The electricity sector experienced a slight decline of 0.05% on the trading day, with Yunnan Energy Investment leading the losses [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Stock Performance - Shanghai Electric (600021) saw a significant increase in its closing price to 16.84, with a rise of 9.99% and a trading volume of 1.0445 million shares, resulting in a transaction value of 1.709 billion [1] - Zhaoxin Co. (002256) also performed well, closing at 3.54, up 9.94%, with a trading volume of 4.0219 million shares and a transaction value of 1.376 billion [1] - Jinko Technology (601778) closed at 4.79, up 6.92%, with a trading volume of 2.1496 million shares and a transaction value of 1.009 billion [1] Fund Flow Analysis - The electricity sector experienced a net outflow of 1.172 billion from main funds, while retail investors contributed a net inflow of 1.125 billion [2] - The main funds showed a net inflow in Shanghai Electric (600021) of 321 million, while retail funds had a net outflow of 209 million [3] - Jinko Technology (601778) had a net inflow of 77.84 million from main funds, but a net outflow of 60.18 million from retail funds [3]