Core Viewpoint - The solar energy sector experienced a rebound on October 14, with significant gains in stock prices for several companies, indicating a positive market sentiment towards the industry [1] Group 1: Company Performance - Longi Green Energy, Yaopi Glass, and Hongyuan Green Energy reached their daily price limit increase [1] - Other companies such as Dongfang Risen, Aiko Solar, and TCL Zhonghuan also saw their stock prices rise, reflecting a broader trend of recovery in the solar sector [1]

Core Viewpoint - Hongyuan Green Energy's stock price increased by 5.23% to 22.53 CNY per share, with a total market capitalization of 15.298 billion CNY as of the report date [1] Company Overview - Hongyuan Green Energy Co., Ltd. is located in Wuxi, Jiangsu Province, established on September 28, 2002, and listed on December 28, 2018 [1] - The company's main business involves the research, production, and sales of precision machine tools and monocrystalline silicon materials [1] - Revenue composition: 94.43% from the photovoltaic silicon industry chain, 3.64% from other supplementary businesses, and 1.93% from equipment and other businesses [1] Shareholder Information - Among the top ten circulating shareholders, a fund under Huatai-PB ranked first, with the Photovoltaic ETF (515790) reducing its holdings by 39,500 shares in the second quarter, now holding 4.7254 million shares, representing 0.7% of circulating shares [2] - The Photovoltaic ETF (515790) was established on December 7, 2020, with a latest scale of 9.984 billion CNY and a year-to-date return of 21.75%, ranking 2500 out of 4220 in its category [2] Fund Manager Performance - The fund manager Li Qian has been in position for 5 years and 346 days, managing assets totaling 39.351 billion CNY, with the best fund return of 89.32% and the worst return of -18.35% during her tenure [3] - The other fund manager, Li Mu Yang, has been in position for 4 years and 283 days, managing assets of 21.273 billion CNY, with the best fund return of 137.86% and the worst return of -42.62% during his tenure [3]

证券代码：603185 证券简称：弘元绿能 公告编号：2025-056 弘元绿色能源股份有限公司 关于使用闲置募集资金进行现金管理的进展公告 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个别及连带责任。 重要内容提示： ● 已履行的审议程序：弘元绿色能源股份有限公司（以下简称"公司"） 于 2025 年 5 月 20 日召开 2024 年年度股东大会，审议并通过了《关于使用闲置 募集资金进行现金管理的议案》，同意公司在不影响公司募投项目建设和正常经 营业务的前提下，使用总额不超过人民币 38,000 万元（含）的闲置募集资金进 行现金管理，适当购买安全性高、流动性好、有保本约定的理财产品或存款类产 品，投资产品的期限不超过 12 个月，在上述额度内，资金可循环滚动使用。公 司监事会、保荐机构均发表了同意意见。 ● 特别风险提示：公司本次使用暂时闲置的募集资金进行现金管理，投资 的产品为安全性高、流动性好、有保本约定的理财产品，但金融市场可能受宏观 经济的影响，不排除本次现金管理受到市场波动影响预期收益。 一、前次使用部分闲置募集资金进 ...

Core Viewpoint - The recent rumors regarding Hongyuan Green Energy's non-participation in the photovoltaic industry's self-discipline have sparked significant attention, with the company issuing a statement supporting national policies against low-price competition and denying the rumors [2][3] Group 1: Company Response - Hongyuan Green Energy firmly supports the national "anti-involution" policies and will take actions to address low-price disorder in the market [2] - The company announced that some media outlets have deleted false reports, and it will pursue legal action against continued dissemination of such rumors [2] - The company's stock price fell by 3.2% on September 26, indicating a negative impact on investor confidence due to the rumors [3] Group 2: Industry Context - The photovoltaic industry has initiated strict management measures to curb low-price sales, with a cost line set at 0.69 yuan/W [4] - An anonymous source indicated that Hongyuan is no longer on the self-discipline execution list due to its low bid of 0.655 yuan/W in a project, which triggered disciplinary actions [2][4] - The industry has established a tight supervision network to monitor low-price sales, with severe penalties for violations [4] Group 3: Market Pricing Dynamics - Current market pricing for components is around 0.701 yuan/W, with expectations of price increases post-holiday leading to stockpiling by distributors [5] - Recent procurement bids have shown prices above the self-discipline standard, with no significant downward trends observed [5] - Some second and third-tier companies are still quoting low prices around 0.66 yuan/W, but they are not part of the self-discipline list, allowing them to operate outside the established norms [6] Group 4: Procurement and Investment Considerations - National enterprises prioritize stable procurement from traditional suppliers, reflecting a cautious approach amid fluctuating component prices [6] - The internal rate of return (IRR) for projects has become difficult to estimate due to declining grid prices, leading to a cautious stance from procurement parties [6] - The balance between price increases and maintaining contracts creates a complex dynamic for component manufacturers and buyers, necessitating ongoing adjustments in the self-discipline process [6]

Core Points - Hongyuan Green Energy (603185) closed at 22.01 yuan on October 10, 2025, up 0.5% from 21.9 yuan last week [1] - The company's market capitalization is currently 14.945 billion yuan, ranking 27th out of 64 in the photovoltaic equipment sector and 1295th out of 5158 in the A-share market [1] Company Announcements - The company announced the use of idle raised funds amounting to 21 million yuan to purchase structured deposits from Huaxia Bank's Baotou branch, with an expected annual yield of 0.60%-2.01% and a term of 113 days [1][3] - This financial management decision was approved at the 2024 annual shareholders' meeting held on May 20, 2025, with consent from the supervisory board and the sponsor institution [1][3] - As of June 30, 2025, the company's monetary funds totaled 4.30699 billion yuan, with the cash management amount representing 0.49% of this total [1][3]

关于使用闲置募集资金进行现金管理的进展公告 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个别及连带责任。 重要内容提示： 证券代码：603185 证券简称：弘元绿能 公告编号：2025-055 弘元绿色能源股份有限公司 ● 已履行的审议程序：弘元绿色能源股份有限公司（以下简称"公司"） 于 2025 年 5 月 20 日召开 2024 年年度股东大会，审议并通过了《关于使用闲置 募集资金进行现金管理的议案》，同意公司在不影响公司募投项目建设和正常经 营业务的前提下，使用总额不超过人民币 38,000 万元（含）的闲置募集资金进 行现金管理，适当购买安全性高、流动性好、有保本约定的理财产品或存款类产 品，投资产品的期限不超过 12 个月，在上述额度内，资金可循环滚动使用。公 司监事会、保荐机构均发表了同意意见。 ● 特别风险提示：公司本次使用暂时闲置的募集资金进行现金管理，投资 的产品为安全性高、流动性好、有保本约定的理财产品，但金融市场可能受宏观 经济的影响，不排除本次现金管理受到市场波动影响预期收益。 一、前次使用部分闲置募集资金进 ...

Industry Overview - The photovoltaic industry is currently facing strict anti-involution regulations, leading to significant disparities in how different players are faring [1] - Major component manufacturers are subject to detailed compliance checks for every order, requiring approval before any sales discussions can occur [3] - The approval authority has tightened this year, with penalties for low-price sales affecting not only the individuals involved but also their companies [5] Pricing Dynamics - Major manufacturers are maintaining stable pricing, with recent project bids showing prices between 0.723-0.76 yuan/W, which are above the market benchmark of 0.701 yuan/W [6][8] - Distributors are largely compliant, with a notable absence of prices below 0.7 yuan/W in the market, as many are stockpiling in anticipation of price increases after the holiday [8] - Some procurement entities have set tax-inclusive price caps, disqualifying bids below 0.7 yuan/W [10] Company-Specific Issues - Hongyuan Green Energy has publicly supported anti-involution policies but is rumored to have been removed from the industry self-discipline list, leading to a lack of trust in its products [13][15] - The company submitted a bid of 0.655 yuan/W for a project, which was below the updated cost line of 0.69 yuan/W, raising concerns about compliance with pricing standards [15] - Following internal discussions, Hongyuan was reportedly removed from the self-discipline list and has not participated in recent meetings, leading to a significant drop in its stock price [15] Challenges for Smaller Players - Second and third-tier manufacturers are struggling to survive, often resorting to low pricing around 0.66 yuan/W due to cash flow issues and customer retention fears [16] - State-owned enterprises prioritize comprehensive support over low prices, making it difficult for smaller manufacturers to compete effectively [18] - Investment concerns are rising as the internal rate of return (IRR) for projects has decreased, leading to hesitance among procurement parties regarding price increases [20] Conclusion - While industry self-discipline has stabilized prices in the short term, it has not addressed long-term issues related to profit distribution and the sustainability of smaller manufacturers [20]

Core Viewpoint - 弘元绿能's stock price has shown volatility with a year-to-date increase of 31.45%, but recent trends indicate a slight decline in the short term [2]. Group 1: Stock Performance - As of September 26, 弘元绿能's stock price was 21.36 CNY per share, down 2.02% during the day, with a total market capitalization of 14.504 billion CNY [1]. - The stock has experienced a 1.66% decline over the past five trading days, but a 7.55% increase over the past 20 days and a 42.31% increase over the past 60 days [2]. Group 2: Financial Performance - For the first half of 2025, 弘元绿能 reported a revenue of 3.229 billion CNY, a year-on-year decrease of 19.52%, while the net profit attributable to shareholders was -297 million CNY, an increase of 74.35% year-on-year [2]. - The company has distributed a total of 2.125 billion CNY in dividends since its A-share listing, with 1.338 billion CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of June 30, 2025, 弘元绿能 had 58,100 shareholders, a decrease of 2.27% from the previous period, with an average of 11,686 circulating shares per shareholder, an increase of 2.33% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and a photovoltaic ETF, with notable changes in their holdings [3].

Group 1 - The company, Hongyuan Green Energy (603185.SH), announced that its board of directors has determined that the granting conditions for the 2025 restricted stock incentive plan have been met [1] - The grant date for the restricted stock is set for September 25, 2025, with a total of 4.3382 million shares to be granted to 193 incentive recipients [1]

证券代码：603185 证券简称：弘元绿能 公告编号：2025-054 弘元绿色能源股份有限公司 关于向公司 2025 年限制性股票激励计划 激励对象首次授予限制性股票的公告 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个别及连带责任。 重要内容提示： 弘元绿色能源股份公司（以下简称 "公司"）于 2025 年 9 月 25 日召开第 四届董事会第三十三次会议审议通过了《关于向公司 2025 年限制性股票激励计 划激励对象首次授予限制性股票的议案》。根据《弘元绿色能源股份有限公司 2025 年限制性股票激励计划（草案）》（以下简称"《激励计划（草案）》"） 的规定和公司 2025 年第一次临时股东大会的授权，董事会认为公司 2025 年限制 性股票激励计划规定的授予条件已经成就，同意确定 2025 年 9 月 25 日为授予日， 授予 193 名激励对象 433.82 万股限制性股票。现将相关内容公告如下： 一、已履行的决策程序和信息披露情况 1、2025 年 9 月 4 日，公司召开第四届董事会薪酬与考核委员会第五次会议， 审议通过 ...