Core Viewpoint - Jinko Power Technology Co., Ltd. has decided not to adjust the conversion price of its convertible bonds, despite triggering the downward adjustment clause due to stock price performance [2][6]. Group 1: Convertible Bond Basic Information - The company issued 30 million convertible bonds with a total value of RMB 3 billion on April 23, 2021, with a maturity of six years and a face value of RMB 100 per bond [3]. - The initial conversion price was set at RMB 6.75 per share, which has been adjusted multiple times due to various corporate actions, currently standing at RMB 5.24 per share [4]. Group 2: Downward Adjustment Clause - As of June 9, 2025, the conversion price was triggered for downward adjustment as the stock price closed below 90% of the current conversion price for 15 trading days [5]. - The board of directors held a meeting on June 9, 2025, and decided not to exercise the downward adjustment right for the conversion price [6]. Group 3: Redemption Rights - Holders of the convertible bonds have the option to sell back part or all of their unconverted bonds at a price of RMB 100.27 per bond (including accrued interest) during the redemption period from June 17 to June 23, 2025 [9][11]. - The redemption price is calculated based on the bond's face value and the interest accrued for the relevant period [16]. Group 4: Trading and Suspension - During the redemption period, the convertible bonds will continue to trade, but conversion will be suspended [23]. - If the total face value of the bonds in circulation falls below RMB 30 million due to redemptions, trading will continue until the end of the redemption period [23].

Core Points - The company announced the option for bondholders to sell back the "Jinko Convertible Bonds" at a price of 100.27 RMB per bond, including accrued interest [1][5] - The sell-back period is from June 17, 2025, to June 23, 2025, with funds to be disbursed on June 26, 2025 [1][5] - During the sell-back period, the "Jinko Convertible Bonds" will stop converting into shares [1][5] Summary by Sections Sell-Back Terms and Price - The sell-back price is set at 100.27 RMB per bond, which includes an accrued interest of 0.27 RMB calculated based on a coupon rate of 1.80% for 55 days [4][5] - Bondholders can choose to sell back part or all of their unconverted bonds, and this option is not mandatory [1][3] Conditions for Sell-Back - The sell-back option is activated if the company's stock price remains below 70% of the conversion price for any 30 consecutive trading days [2][3] - If bondholders do not exercise their sell-back option during the specified period, they will lose the right to do so for the current interest year [2][3] Trading and Payment Procedures - The "Jinko Convertible Bonds" will continue to trade during the sell-back period but will not be convertible into shares [5] - Bondholders must submit their sell-back requests through the Shanghai Stock Exchange trading system during the specified period [4][5] - The company will announce the results of the sell-back and its impact after the sell-back period concludes [5]

| 证券代码：601778 | 证券简称：晶科科技 | 公告编号：2025-062 | | --- | --- | --- | | 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 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日起在上海证券交易所上市交易，债券简 称"晶科转债"，债券代码"113048"。"晶科转债"转股的起止日期为2021年10月 29日至2027年4月22日 ...

| 证券代码：601778 | 证券简称：晶科科技 | 公告编号：2025-063 | | --- | --- | --- | | 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"晶科转债"可选择回售的公告 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： "晶科转债"持有人可回售部分或全部未转股的可转换公司债券。"晶科转债" 持有人有权选择是否进行回售，本次回售不具有强制性。 风险提示：如可转债持有人选择回售，则等同于以 100.27 元人民币/张（含 当期利息）卖出持有的"晶科转债"。截至本公告发出前的最后一个交易日，"晶科 转债"的收盘价格高于本次回售价格，可转债持有人选择回售可能会带来损失，敬 请关注选择回售的投资风险。 本次满足回售条款而"晶科转债"持有人未在上述回售期内申报并实施回售 的，本计息年度即 2025 年 4 月 23 日至 2026 年 4 月 22 日不能再行使回售权。 证券停复牌情况：适用 因回售期间可转债停止转股，本公司的相关证券停复牌情况如下 ...

| 证券代码：601778 | 证券简称：晶科科技 | 公告编号：2025-062 | | --- | --- | --- | | 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 1 / 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、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日起在上海证券交易所上市交易，债券简 ...

| 证券代码：601778 | 证券简称：晶科科技 | 公告编号：2025-063 | | --- | --- | --- | | 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 证券停复牌情况：适用 因回售期间可转债停止转股，本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 | 停牌终止 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 期间 | 日 | | | 113048 | 晶科转债 | 可转债转股停牌 | 2025/6/17 | | 2025/6/23 | 2025/6/24 | 晶科电力科技股份有限公司（以下简称"公司"）的股票自2025年4月23日至2025 年6月9日连续30个交易日的收盘价格低于公司"晶科转债"当期转股价格的70% （3.67元/股）。根据公司《公开发行可转换公司债券募集说明书》（以下简称"《募 重要内容提示： "晶科转债"持有人可回售部分或全部未转股的可转换公司债券。"晶科转债" 持有人有权选择是否进行回售，本次回 ...

Core Insights - The decline in electricity prices is significantly impacting the investment value of photovoltaic (PV) power stations, leading to a situation where these assets are becoming undesirable and are being sold off at low prices [1][8][9] - The value of the PV manufacturing industry is closely tied to the asset value of PV power stations, which is primarily determined by electricity prices rather than hardware costs [1][5] - Recent market trends indicate a drastic drop in electricity prices across various regions, with some areas experiencing prices as low as 0.03 yuan/kWh, which undermines the profitability of PV investments [2][3][5] Summary by Sections Investment Value of PV Power Stations - The investment value of PV power stations is deteriorating due to falling electricity prices, leading to many stations being viewed as low-efficiency or "garbage" assets [1][9] - The market is witnessing a trend where private enterprises are selling off their PV power stations, not due to strategic business models but because of increasing uncertainty in investment returns [1][8] Electricity Price Trends - In November 2024, the average electricity price for PV in Shandong dropped to 0.03 yuan/kWh, while in Shanxi, it was 0.18 yuan/kWh, indicating a downward trend compared to previous years [2][3] - Gansu province's new pricing policies have led to a significant reduction in the comprehensive electricity price for PV projects, dropping from around 0.25-0.28 yuan/kWh in 2023 to an expected 0.2 yuan/kWh in 2024 [5][6] Market Dynamics and Policy Implications - The current market dynamics are characterized by intense competition and a lack of stable policy frameworks, which are contributing to the low electricity prices [7][9] - The introduction of market-oriented trading and pricing policies is creating uncertainty for investors, as seen in the case of Jinko Energy's decision to sell its PV assets to mitigate risks associated with price fluctuations [8][9] Future Outlook - The industry is calling for more stable and predictable policies to enhance investor confidence and ensure the sustainable development of the PV sector [7][10] - The relationship between production capacity and market mechanisms needs to be improved to foster innovation and efficiency in the renewable energy sector [10]

Core Insights - The implementation of the document 136 is reshaping the industry ecosystem, marking the beginning of a new era where renewable energy fully participates in market-oriented electricity trading [2][4] - The transition from "mechanism-driven" to "market-driven" electricity trading is underway, with AI and data analysis becoming essential for companies to navigate the new market dynamics [5][6] Industry Trends - The market for electricity trading consulting and management services has seen explosive growth, with some companies reporting a fourfold increase in consulting inquiries and a doubling of order volumes compared to the previous year [1][3] - The demand for skilled electricity trading professionals is rising sharply, as companies require strong data analysis capabilities and insights into industry policies to make informed trading decisions [2][4] Company Developments - Companies are increasingly seeking partnerships with professional electricity trading service providers to enhance their trading strategies and improve the profitability of their electricity assets [2][3] - AI technologies are being integrated into every aspect of electricity trading, from load forecasting to pricing analysis, significantly improving decision-making processes [6][7] Market Dynamics - The proportion of renewable energy entering the market is continuously increasing, which raises the bar for investment returns and operational quality for renewable energy companies [2][4] - The establishment of provincial-level spot markets is accelerating, with several provinces already in formal operation, indicating a broader shift towards market-based trading systems [4][5] Future Outlook - Companies are focusing on building core competencies in the refined operation of renewable energy assets and exploring investment opportunities in emerging sectors such as AI-driven energy solutions and virtual power plants [5][6] - The future of revenue assessment for renewable energy projects will be restructured due to price volatility, necessitating enhanced trading and operational capabilities [6][7]

证券代码：601778 证券简称：晶科科技 公告编号：2025-061 1、本次延长股份质押期限基本情况 晶科集团本次延长了质押给国泰海通证券股份有限公司（以下简称"国泰海 通"）部分股份的质押期限，具体情况如下： 晶科电力科技股份有限公司 关于控股股东部分股份延长质押期限的公告 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: 截至本公告披露日，公司控股股东晶科集团持有本公司股份数量为 853,400,000 股，占公司总股本的 23.90%。本次延长部分股份质押期限后，晶科 集团累计质押公司股份数量保持不变，仍为 511,255,347 股，占其所持有公司股 份总额的 59.91%，占公司总股本的 14.32%。 晶科电力科技股份有限公司（以下简称"公司"或"本公司"）于2025年6月6日 接到公司控股股东晶科新能源集团有限公司（以下简称"晶科集团"）的通知，获 悉其将持有的部分本公司股份办理了延长质押期限手续。具体情况如下： 一、本次延长股份质押期限的具体情况 4、截至目前，晶科集团资信状况良好，不存在被强 ...

Core Viewpoint - The recent surge in the power sector, particularly in green electricity direct connection projects, is driven by a new policy aimed at enhancing the consumption of renewable energy and reducing costs for users [1][2]. Group 1: Market Reaction - On June 5, multiple sectors within the power industry experienced significant gains, with South Grid-related stocks rising by 4.52% and virtual power plant stocks increasing by 3.26% [1]. - Notable individual stock performances included South Grid Energy (003035.SZ) hitting the daily limit and Xiexin Energy Technology (002015.SZ) rising by 3.86% [1]. Group 2: Policy Implications - The "Notice" issued by the National Development and Reform Commission and the National Energy Administration on May 30 promotes green electricity direct connection, allowing renewable energy sources to supply electricity directly to users without going through the public grid [1][2]. - This policy shifts the responsibility of green electricity consumption from the grid to the energy users, encouraging enterprises to take on social responsibilities and economic costs associated with green energy [2]. Group 3: Project Specifications - The "Notice" outlines that for grid-connected projects, at least 60% of the annual self-generated electricity must be used by the project, with a minimum of 30% of total electricity consumption coming from self-generated sources [3]. - By 2030, the self-generated electricity ratio is expected to increase to no less than 35%, while the proportion of electricity fed back into the grid should not exceed 20% [3]. Group 4: Industry Adaptation - Companies like Jinko Technology (601778.SH) are focusing on integrated solutions for renewable energy stations and exploring new models for green electricity direct connection, particularly in high-load areas such as industrial parks and data centers [3]. - Jiuzhou Group (300040.SZ) indicated that green electricity trading positively impacts the revenue of grid-parity renewable energy projects, reflecting a broader industry trend towards adapting to the new policy [3].