补充法律意见书之一 北京植德律师事务所 关于弘元绿色能源股份有限公司 2025 年员工持股计划的 植德(证)字[2025]0043-2 号 二〇二五年十月 北京市东城区东直门南大街1 号来福士中心办公楼 5 层 邮编: 100007 5th Floor, Raffles City Beijing Offices Tower, No.1 Dongzhimen South Street,Dongcheng District, Beijing 100007 P.R.C. 电话/Tel: 010-56500900 传真/Fax: 010-56500999 网址/Website: www.meritsandtree.com 补充法律意见书之一 北京植德律师事务所 关于弘元绿色能源股份有限公司 2025 年员工持股计划的 补充法律意见书之一 植德(证)字[2025]0043-2 号 致: 弘元绿色能源股份有限公司（公司/弘元绿能） 根据本所与公司签署的《律师服务协议书》,本所接受公司的委托,担任公 司 2025年员工持股计划的专项法律顾问。本所律师就公司实施 2025年员工持股 计划(以下简称"本次员工持股计划")所涉相 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥2,456,351,366.30, representing an increase of 85.50% compared to the same period last year[4] - The total profit for the period was ¥646,450,432.99, with a net profit attributable to shareholders of ¥532,137,987.84[4] - The basic earnings per share for the quarter was ¥0.785, compared to ¥0.347 for the same period last year[5] - Total operating revenue for the first three quarters of 2025 reached ¥5,684,938,363.85, an increase of 6.5% compared to ¥5,335,773,889.75 in the same period of 2024[18] - Operating profit turned positive at ¥249,821,134.59, a significant improvement from a loss of ¥2,008,663,225.83 in the previous year[19] - Net profit for the first three quarters of 2025 was ¥235,272,721.87, compared to a net loss of ¥1,629,645,683.34 in the same period of 2024[19] - The company reported an investment income of ¥48,218,503.49, a recovery from a loss of ¥59,803,726.38 in the same period last year[18] - The company’s total profit for the first three quarters was ¥261,582,403.70, compared to a loss of ¥2,019,813,669.51 in the previous year[19] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥215,659,159.08, reflecting an increase of 113.89%[5] - Cash flow from operating activities generated a net cash inflow of ¥215,659,159.08, up from ¥100,828,062.65 in the same period last year[22] - Cash inflow from operating activities totaled ¥8,441,114,245.27, an increase from ¥6,389,047,329.04 in the previous year[22] - The net cash flow from investment activities was 1,063,238,259.43, a significant improvement compared to the negative cash flow of -3,473,941,503.38 from the previous period[23] - Cash inflow from financing activities totaled 1,955,000,000.00, down from 3,429,092,381.34 in the prior period[23] - The net cash flow from financing activities was -2,081,936,386.84, contrasting with a positive cash flow of 2,969,065,413.54 previously[23] - The ending balance of cash and cash equivalents was 562,062,948.88, a decrease from 3,058,613,324.86 at the beginning of the period[23] Assets and Liabilities - The total assets at the end of the reporting period were ¥26,819,067,857.67, a decrease of 8.23% from the end of the previous year[5] - The company's current assets totaled ¥11,937,819,517.05, down from ¥13,183,005,049.85, indicating a decrease of about 9.5%[14] - The company's cash and cash equivalents were ¥4,818,686,485.25, a decrease from ¥5,233,754,962.40, reflecting a decline of approximately 7.9%[14] - The total liabilities of the company were ¥14,714,558,593.37, down from ¥17,338,631,233.62, representing a decrease of about 15%[16] - The company's non-current assets totaled ¥14,881,248,340.62, down from ¥16,039,788,883.82, indicating a decrease of approximately 7.2%[15] - The company's total liabilities to equity ratio improved to approximately 1.22 from 1.46, indicating a strengthening of the company's financial position[16] Shareholder Information - The company had a total of 55,263 common shareholders at the end of the reporting period[10] - The largest shareholder, Yang Jianliang, holds 29.12% of the shares, totaling 197,723,948 shares[10] - The equity attributable to shareholders increased by 1.84% to ¥12,102,570,241.25 compared to the end of the previous year[5] - The company's equity attributable to shareholders increased to ¥12,102,570,241.25 from ¥11,884,162,700.05, reflecting an increase of approximately 1.8%[16] Inventory and Receivables - Accounts receivable increased to ¥1,318,740,766.80 from ¥843,124,483.09, marking a significant increase of approximately 56.5%[14] - The company's inventory decreased to ¥1,273,389,728.35 from ¥1,395,509,502.28, representing a decline of about 8.7%[14] Research and Development - Research and development expenses were ¥321,691,510.25, a decrease of 11.5% from ¥363,539,813.73 in the previous year[18] Non-Recurring Items - Non-recurring gains and losses for the quarter totaled ¥33,093,669.06, with government subsidies contributing ¥14,288,371.04[7] Other Financial Metrics - The cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets was 739,342,557.09, down from 1,864,784,629.07[23] - The cash received from other investment activities was 144,934,005.00, compared to 467,747,231.78 previously[23] - The impact of exchange rate changes on cash and cash equivalents was 18,518,757.49, compared to -1,448,605.75 previously[23]

Core Viewpoint - Hongyuan Green Energy (603185.SH) reported significant growth in revenue and profitability for Q3 2025, driven by increased prices and sales volume of photovoltaic products [1] Financial Performance - Q3 2025 revenue reached 2.456 billion yuan, representing an 85.50% year-on-year increase [1] - Net profit attributable to shareholders was 532 million yuan, marking a turnaround from loss to profit [1] - For the first three quarters of 2025, total revenue was 5.685 billion yuan, up 6.54% year-on-year [1] - Net profit for the first three quarters was 235 million yuan, also indicating a recovery from previous losses [1] Market Drivers - The primary factors contributing to the performance improvement include the rise in photovoltaic product prices compared to the same period last year and an increase in shipment volumes [1]

Core Viewpoint - Hongyuan Green Energy reported significant growth in its Q3 2025 financial results, driven by increased prices and sales volume of photovoltaic products [1] Financial Performance - In Q3 2025, the company achieved operating revenue of 2.456 billion yuan, representing a year-on-year increase of 85.50% [1] - The net profit attributable to shareholders was 532 million yuan, marking a turnaround from a loss to profitability compared to the previous year [1] - For the first three quarters of 2025, the company recorded operating revenue of 5.685 billion yuan, up 6.54% year-on-year [1] - The net profit attributable to shareholders for the first three quarters was 235 million yuan, also indicating a shift from loss to profit compared to the same period last year [1] Key Drivers - The primary factors contributing to the performance improvement include the rise in photovoltaic product prices compared to the same period last year and an increase in shipment volumes [1]

Core Viewpoint - Hongyuan Green Energy (603185.SH) reported significant growth in its Q3 2025 financial results, driven by increased prices and sales volume of photovoltaic products [1] Financial Performance - In Q3 2025, the company achieved operating revenue of 2.456 billion yuan, representing a year-on-year increase of 85.50% [1] - The net profit attributable to shareholders was 532 million yuan, marking a turnaround from a loss to profitability [1] - For the first three quarters of 2025, the company recorded operating revenue of 5.685 billion yuan, up 6.54% year-on-year [1] - The net profit attributable to shareholders for the first three quarters was 235 million yuan, also indicating a return to profitability [1] Key Drivers - The primary factors contributing to the performance improvement include the rise in photovoltaic product prices compared to the same period last year and an increase in shipment volumes [1]

Core Insights - The photovoltaic equipment sector experienced a significant increase of 8.27% on October 29, with Canadian Solar leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Sector Performance - Canadian Solar (688472) saw a closing price of 14.84, with a remarkable increase of 19.97% and a trading volume of 1.6277 million shares, amounting to a transaction value of 22.65 billion [1] - Sungrow Power (300274) closed at 191.49, up 15.44%, with a trading volume of 1.4529 million shares and a transaction value of 264.10 billion [1] - Trina Solar (6658889) closed at 19.72, up 11.04%, with a trading volume of 0.08859 million shares and a transaction value of 16.85 billion [1] - GoodWe (688390) closed at 59.20, up 10.34%, with a trading volume of 135,200 shares and a transaction value of 7.66 billion [1] - Aiko Energy (688717) closed at 77.13, up 10.09%, with a trading volume of 70,100 shares and a transaction value of 5.22 billion [1] - Jiangxi Green Energy (601012) and Tongwei Co. (600438) both saw a 10% increase, closing at 20.79 and 24.87 respectively, with transaction values of 78.52 billion and 44.03 billion [1] Capital Flow - The photovoltaic equipment sector experienced a net inflow of 7.248 billion in main funds, while retail investors saw a net outflow of 3.603 billion and 3.645 billion respectively [2]

Core Viewpoint - The A-share market has shown strong performance, with the Shanghai Composite Index reaching a 10-year high and surpassing the 4000-point mark, indicating robust investor sentiment and market momentum [1][2]. Market Performance - The North Exchange 50 surged by 8.41%, marking its largest single-day increase in nearly six months, while the ChiNext Index rose nearly 3%, closing above 3300 points for the first time in four years [1][2]. - The total market turnover increased to 2.29 trillion yuan, reflecting heightened trading activity [1]. Sector Performance - Key sectors that performed well include photovoltaic equipment, Hainan, consumer electronics, and industrial metals, while banking, dispersed dyes, environmental monitoring, and ground weaponry sectors saw declines [2]. - The power equipment industry attracted over 34.9 billion yuan in net inflows, with non-ferrous metals and non-bank financials also receiving significant investments [3]. Investment Trends - The recent "15th Five-Year Plan" emphasizes the development of emerging pillar industries and innovation in sectors such as quantum technology, biomanufacturing, hydrogen energy, and sixth-generation mobile communication, which are expected to drive future economic growth [8]. - The photovoltaic sector experienced a notable rally, with the photovoltaic equipment index soaring by 8.11%, and major companies like Tongwei Co. and Longi Green Energy hitting their upper limits [8][11]. Company Highlights - Yangguang Electric Power reported a revenue of 66.4 billion yuan for the first three quarters, a year-on-year increase of 32.95%, with net profit rising by 56.34% to 11.9 billion yuan [11]. - TCL Zhonghuan, which had been experiencing losses for eight consecutive quarters, reported a significant reduction in its loss margin compared to the same period last year [11]. Future Outlook - Analysts suggest that the photovoltaic industry's competitive landscape is expected to improve due to recent measures aimed at reducing internal competition, presenting opportunities for valuation recovery [11]. - Companies in the photovoltaic sector, particularly those involved in storage inverters, BC and perovskite batteries, and polysilicon materials, are recommended for investment focus [11].

Core Viewpoint - The photovoltaic industry chain experienced a significant surge in stock prices, driven by the release of the "14th Five-Year Plan" which emphasizes the development of new energy storage and market mechanisms [1] Industry Summary - The photovoltaic sector saw stocks like Arctech, LONGi Green Energy, Tongwei Co., JA Solar, and Hongyuan Green Energy hitting the daily limit, with Sungrow Power increasing over 15%. The CSI Photovoltaic Industry Index rose by 7.9%, and the National New Energy Battery Index increased by 5.6% [1] - The "14th Five-Year Plan" suggests a strong push for new energy storage and the establishment of market mechanisms suitable for the new energy system [1] Company Performance - Sungrow Power reported approximately 66.402 billion yuan in revenue for the first three quarters, a year-on-year increase of 32.95%. The net profit attributable to shareholders was about 11.881 billion yuan, reflecting a year-on-year growth of 56.34% [1] Market Outlook - Industrial analysts at Industrial Securities anticipate a dual benefit for the photovoltaic industry in Q3, with improved performance and substantial support from anti-involution measures. The industry is still at the bottom of the cycle, with potential catalysts expected from anti-involution trends and supply-side reforms [1] - The National New Energy Battery Index covers the core supply chain of energy storage batteries, with energy storage systems accounting for approximately 65%, likely benefiting from new energy storage developments. The CSI Photovoltaic Industry Index includes leading companies across the photovoltaic supply chain, which may benefit from the domestic anti-involution wave [1]

Group 1 - The A-share photovoltaic sector is experiencing significant gains, with companies like Canadian Solar hitting the 20% limit up, and Longi Green Energy and Hongyuan Green Energy rising over 9% [1] - Policy signals are increasingly positive, with China International Capital Corporation noting that meetings have clarified the acceleration of carbon peak and carbon neutrality goals, alongside local supportive measures in places like Henan, which are expected to boost domestic energy storage demand and subsequently drive photovoltaic installation demand [1] - As of October 29, 2025, the CSI Photovoltaic Industry Index (931151) has surged by 6.85%, with key stocks such as Canadian Solar up 19.97% and Sungrow Power Supply up 11.83% [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the CSI Photovoltaic Industry Index (931151) include Sungrow Power Supply, Longi Green Energy, and TBEA, collectively accounting for 58.02% of the index [2]

Core Viewpoint - The photovoltaic sector is experiencing significant gains, with major companies like Aters, Trina Solar, and LONGi Green Energy seeing substantial stock price increases, driven by strong Q3 performance and favorable policy support for renewable energy [1] Group 1: Company Performance - Sungrow Power's Q3 net profit increased by 57.04% year-on-year, with a notable rise in the share of its energy storage business [1] - Ganfeng Lithium turned a profit in the first three quarters, while TCL Zhonghuan reported a significant reduction in losses compared to previous quarters [1] - CATL's Q3 profit growth rate significantly outpaced its revenue growth, indicating a recovery in profitability within the new energy sector [1] Group 2: Market Trends - The 14th Five-Year Plan emphasizes increasing the proportion of renewable energy supply and developing new energy storage solutions, aiming to enhance market and pricing mechanisms for the new energy system [1] - The photovoltaic ETF (159857) is the largest and most liquid ETF tracking the photovoltaic industry index in the Shenzhen market, with a recent scale of 2.393 billion yuan and 3.026 billion shares outstanding, leading its category [1] Group 3: Industry Outlook - CITIC Securities recently expressed optimism about the global trend towards energy storage, highlighting a significant economic turning point for domestic energy storage driven by marketization and capacity pricing [1] - The demand for energy storage is expected to surge due to data center requirements, with leading companies already securing substantial orders [1] - Energy storage is projected to drive lithium battery demand growth exceeding 30% next year [1]