Industry Overview - The China Photovoltaic Industry Association has called for enhanced industry self-discipline to maintain fair competition and a healthy market order in the photovoltaic sector, which is a strategic emerging industry with global advantages [2] - The industry is currently facing supply-demand imbalances and intensified market competition, hindering high-quality development [2] Self-Discipline Initiatives - Companies are urged to resist engaging in malicious competition by selling below cost and to adhere to quality standards to avoid subpar products [2] - The association emphasizes the importance of innovation and transitioning from low-efficiency competition to high-quality competition [2] - Local governments are encouraged to enforce antitrust laws and ensure compliance with national market policies [2] Price Recovery in the Supply Chain - Recent months have seen a recovery in prices across the photovoltaic supply chain, influenced by expectations of "anti-involution" measures and self-discipline agreements [3] - Prices for key components such as silicon materials and wafers have significantly increased since early July, with module prices also showing recovery [3] - Recent procurement projects by major companies have seen bids higher than previous central enterprise procurement prices, indicating a positive price trend [3] Financial Performance of Photovoltaic Companies - A limited number of photovoltaic equipment stocks reported positive net profit growth for the first half of 2025, with notable performers including Jinlang Technology, which achieved a net profit of 602 million yuan, up 70.96% year-on-year [4][5] - Other companies like Hengdian East Magnetic and Qingyuan Co. also reported substantial profit increases, reflecting strong market demand and recovery in the European market [4][5] Investment Trends - As of August 22, seven photovoltaic equipment stocks have seen net purchases exceeding 100 million yuan, indicating strong investor interest [5] - Jiejia Weichuang leads with a net purchase of 747 million yuan since August, and its stock has risen 25.2% year-to-date [6]

Core Viewpoint - Qingyuan Co., Ltd. announced the use of temporarily idle raised funds for cash management, indicating a strategic approach to optimize financial resources [1] Group 1 - The company redeemed an amount of RMB 20 million from its cash management activities [1] - The investment was made in a brokerage income certificate product from Shenwan Hongyuan Securities, showcasing a partnership with a reputable financial institution [1] - The annualized yield of the investment is 2.20%, reflecting a conservative yet stable return strategy [1] Group 2 - The investment term is set from July 1, 2025, to August 4, 2025, indicating a medium-term investment horizon [1]

清源科技股份有限公司 | 证券代码：603628 | 证券简称：清源股份 公告编号：2025-053 | | --- | --- | | 债券代码：113694 | 债券简称：清源转债 | 清源科技股份有限公司 关于使用部分暂时闲置募集资金进行现金管理到期赎回的 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、暂时闲置募集资金进行现金管理情况概述 （一）现金管理目的 为提高募集资金使用效率，在确保募集资金安全、不影响募集资金投资计划 现金管理种类：券商收益凭证 现金管理金额：2,000.00 万元 已履行的审议程序：清源科技股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开公司第五届董事会第七次会议及第五届监事会第七次 会议，审议并通过《关于使用闲置募集资金进行现金管理的议案》，同 意公司使用不超过人民币 4.00 亿元（含 4.00 亿元）的暂时闲置募集资 金进行现金管理，该额度自公司第五届董事会第七次会议审议通过之 日起 12 个月内有效。在上述额度和期限内，资金可循环滚动使用 ...

Core Viewpoint - The credit rating agency has maintained a stable credit rating of A+ for Clenergy Technology Co., Ltd, reflecting its focus on photovoltaic bracket systems and global expansion strategy, despite challenges in the global photovoltaic market [3][6][8]. Company Overview - Clenergy Technology Co., Ltd specializes in the research, design, production, and sales of photovoltaic bracket systems, as well as the investment, development, and operation of photovoltaic power stations [8][15]. - The company has a strong market presence in Australia and Europe, maintaining leading market shares in distributed photovoltaic bracket systems [3][6][15]. Financial Performance - The company's total assets as of March 2025 were 31.47 billion, with total liabilities at 13.58 billion and net profit of 0.32 billion [4][6]. - The operating income for 2024 was 19.19 billion, showing a slight decrease compared to 19.36 billion in 2023 [4][6]. - The net profit for 2024 is expected to decline significantly due to reduced sales in Australia and Europe, alongside increased foreign exchange losses [5][6]. Market Environment - The global photovoltaic market is experiencing a slowdown, with the growth rate of new installed capacity expected to decline significantly in 2024 and 2025 [10][11]. - In China, the photovoltaic installed capacity growth rate has decreased to 27.89% in 2024, with expectations of further decline in 2025 [11][12]. Operational Challenges - The company faces challenges related to accounts receivable, which significantly occupy working capital, and the need to monitor collection situations [5][6]. - Fluctuations in the prices of key raw materials such as aluminum and steel pose cost control pressures for the company [5][14][19]. Future Outlook - The credit rating agency expects the company to continue developing integrated photovoltaic power station solutions, indicating potential growth opportunities [6][8]. - The company is investing in a smart factory project for distributed photovoltaic brackets, which is expected to enhance production capacity [17][18].

Core Points - The company, Qingyuan Technology Co., Ltd., has announced the results of its 2025 follow-up rating for its convertible bonds, maintaining a credit rating of A+ for both the company and its bonds, with a stable outlook [2][3] - The previous rating results were also A+ for the company and its convertible bonds, indicating consistency in the company's creditworthiness [2][3] Group 1 - The company’s board guarantees the accuracy and completeness of the announcement, taking legal responsibility for its content [2] - The rating agency, China Chengxin International Credit Rating Co., Ltd. (CCXI), conducted a comprehensive analysis of the company's operational status and industry conditions [3] - The follow-up rating report is available on the Shanghai Stock Exchange website [3]

| 证券代码：603628 | 证券简称：清源股份 | 公告编号：2025-052 | | --- | --- | --- | | 债券代码：113694 | 债券简称：清源转债 | | 清源科技股份有限公司 清源科技股份有限公司 关于向不特定对象发行可转换公司债券 2025 年跟踪评级结 果的公告 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： 根据中国证券监督管理委员会《上市公司证券发行注册管理办法》《上海证 券交易所公司债券上市规则》等有关规定，清源科技股份有限公司（以下简称"公 司"）委托中证鹏元资信评估股份有限公司（以下简称"中证鹏元"）对公司于 2025 年 4 月 8 日发行的可转换公司债券（以下简称"清源转债"）进行了跟踪 信用评级。 公司前次主体信用等级为"A+"，"清源转债"前次债券信用等级为"A+"， 评级展望为"稳定"；评级机构为中证鹏元，评级时间 2024 年 8 月 23 日。 中证鹏元在对公司经营状况、行业情况等进行综合分析与评估的基础上，于 2025 年 7 月 29 日出具了《 ...

清源科技股份有限公司相关债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【1113】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经授权不得 ...

资金流向方面，今日主力资金净流出2947.27万元，占比成交额25.76%。其中，超大单净流出2364.34万 元、占成交额20.67%，大单净流出582.93万元、占成交额5.1%，中单净流出流入910.09万元、占成交额 7.95%，小单净流入2037.18万元、占成交额17.81%。 金融界消息 截至2025年7月29日收盘，清源股份（603628）报收于13.39元，下跌0.37%，换手率 3.16%，成交量8.59万手，成交金额1.14亿元。 天眼查商业履历信息显示，清源科技股份有限公司，成立于2007年，位于厦门市，是一家以从事电气机 械和器材制造业为主的企业。企业注册资本27380万人民币，实缴资本10000万人民币。公司法定代表人 为HONG DANIEL。 通过天眼查大数据分析，清源科技股份有限公司共对外投资了45家企业，参与招投标项目50次，知识产 权方面有商标信息29条，专利信息124条，此外企业还拥有行政许可16个。 来源：金融界 清源股份最新一期业绩显示，截至2025一季报，公司营业总收入3.61亿元、同比增长3.83%，归属净利 润3198.84万元，同比增长191.84%，扣非净 ...

Group 1 - The core viewpoint of the news is that companies are actively engaging in share buyback and employee stock ownership plans to enhance investor confidence and align management interests with shareholders [1][2]. - Shenzhen Overseas Chinese Town Holdings Company plans to increase its stake in Huaqiang City A by investing between 111 million and 220 million RMB within six months, currently holding 48.78% of the total shares [1]. - Chengyi Pharmaceutical announced an employee stock ownership plan for 2025, targeting to raise up to 48.2864 million RMB, with a share price set at 5.02 RMB per share, covering up to 228 employees [1][2]. Group 2 - The employee stock ownership plan has performance targets for revenue and net profit from 2025 to 2027, with growth rates set at 30%, 55%, and 85% for revenue, and 35%, 65%, and 100% for net profit [2]. - Several companies have announced plans for share reductions by executives and major shareholders, including Jinzheng Co., which plans to reduce up to 28.8 million shares, equivalent to approximately 568 million RMB [3][4][5]. - The reduction plans are set to commence from July 15, indicating a trend of liquidity events in the market as companies adjust their shareholder structures [7][8].

[Performance Forecast Summary](index=1&type=section&id=I.%E3%80%81Current%20Period%20Performance%20Forecast) The company anticipates a substantial year-on-year increase in both net profit attributable to shareholders and non-recurring net profit for the first half of 2025 Key Financial Performance Indicators | Indicator | 2025 H1 Estimated | 2024 H1 Actual | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | 75 - 90 million yuan | 53.4225 million yuan | +40.39% to +68.47% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 73 - 88 million yuan | 51.4263 million yuan | +41.95% to +71.12% | [Analysis of Performance Changes](index=2&type=section&id=III.%E3%80%81Main%20Reasons%20for%20Current%20Period%20Performance%20Increase) Performance growth is primarily driven by increased main business revenue and significant foreign exchange gains from major currency appreciation - Key drivers for performance growth include: - Year-on-year revenue growth during the reporting period[9](index=9&type=chunk) - Significant exchange gains due to the appreciation of major settlement foreign currencies (Euro, AUD, GBP, etc.)[9](index=9&type=chunk) [Risk Warning and Other Matters](index=2&type=section&id=IV.%E3%80%81Risk%20Warning) The company confirms no significant uncertainties affect the forecast's accuracy, noting preliminary, unaudited data will be finalized in the semi-annual report - The company states no significant uncertainties exist that could impact the accuracy of this performance forecast[10](index=10&type=chunk) - The forecast data are preliminary and unaudited by certified public accountants, with final figures subject to the officially disclosed semi-annual report[11](index=11&type=chunk)