Group 1 - The company has exported products to EU countries in the past two years, but the overall proportion of export business remains low due to cyclical fluctuations in the industry and changes in the global economic environment [1]

Core Insights - The establishment of Guanghe Qiancheng Technology Co., Ltd. is seen as a "silicon material storage platform" in the photovoltaic industry, with major players like Tongwei, GCL, Daqo, and Xinte participating as shareholders [1][2] - The platform aims to explore strategic cooperation opportunities within the industry, focusing on sustainable development rather than individual market expansion [1][3] Shareholder Information - Tongwei's subsidiary holds 30.35% of Guanghe Qiancheng, while GCL holds 16.79%. Other shareholders include Daqo, Xinte, and several smaller companies, with their respective shares ranging from 5.13% to 11.3% [2] - The platform's shareholder list also includes Beijing Zhongguang Tonghe Energy Technology Co., Ltd., a wholly-owned subsidiary of the China Photovoltaic Industry Association [1][2] Industry Context - According to Bernreuter Research, in 2024, the top four global polysilicon manufacturers will be Tongwei, GCL, Daqo, and Xinte, collectively holding 65% of the global market share [2] - The total planned capacity of polysilicon manufacturers not participating in Guanghe Qiancheng, such as Hoshine and its subsidiary, exceeds 80,000 tons [3][4] Future Projections - CITIC Securities predicts a negative growth in global new photovoltaic installations in 2026, estimating a decrease of 10.07% year-on-year, with a projected demand for polysilicon at 116,000 tons [4] - The establishment of Guanghe Qiancheng is seen as timely, as the industry faces a significant oversupply of polysilicon capacity compared to demand [4][6]

Group 1 - The core point of the news is the establishment of a multi-crystalline silicon platform company named Guanghe Qiancheng, which aims to explore strategic cooperation opportunities within the photovoltaic industry to combat excessive competition and overcapacity [1][2] - Guanghe Qiancheng was officially registered on December 9, 2025, with a registered capital of 3 billion yuan, and is located in Chaoyang District, Beijing [1] - Major shareholders of Guanghe Qiancheng include Tongwei Photovoltaic Technology (30.35%), Xiexin Technology Consulting (16.79%), and other significant players like Shanghai Dongfang Hope New Energy Technology and Daqo Energy [1] Group 2 - The establishment of the multi-crystalline silicon storage platform is seen as a crucial step in the photovoltaic industry's efforts to "counter internal competition," aiming to acquire and eliminate outdated production capacity [2] - As of December 9, the spot price of multi-crystalline silicon has rebounded significantly, reaching 52,000 yuan per ton, an increase of nearly 50% from this year's low [2] - In October, it was reported that 17 companies had agreed to form a multi-crystalline silicon storage consortium, with plans to finalize details regarding equity distribution and funding by the end of 2025 [2]

Core Insights - The report from Guosen Securities indicates that the domestic wind power installation is expected to maintain a growth rate of 10%-20% in 2026, supported by saturated orders and stable prices [1][2] - The profitability of wind turbine manufacturers is improving quarterly, with export growth boosting performance, reflecting a synchronized recovery in both domestic and international markets [2] - The report emphasizes the importance of overseas expansion and AIDC (Artificial Intelligence Data Center) as key focus areas for 2026, with major domestic power equipment companies making breakthroughs in overseas markets and innovative products [1] Wind Power Sector - The wind turbine sector is experiencing a recovery in profitability, with significant growth in offshore wind installations and tenders, leading to increased orders and performance for related companies [2] - Key companies to watch in the wind power sector include Goldwind Technology, Sany Renewable Energy, Times New Materials, Daikin Heavy Industries, Oriental Cable, and Haile Wind Power [2] Lithium Battery Industry - The lithium battery supply chain is expected to see a reversal in the downward price trend, with significant recovery in profitability anticipated for most products in 2026 [2] - New technologies such as steel-shell batteries, silicon anodes, and large energy storage cells are expected to achieve mass supply in 2026, while solid-state battery technology is accelerating towards industrialization [2] - Recommended companies in the lithium battery sector include CATL, EVE Energy, Zhongchuang Innovation, Zhuhai Guanyu, Tianci Materials, Enjie, Dingsheng Technology, and Xiamen Tungsten [2] Energy Storage Market - The electrification transition is driving explosive growth in the global energy storage market, with domestic market demand leading to a surge in storage orders [3] - The demand for large-scale energy storage in the U.S. is increasing due to power supply shortages, while unstable grid conditions in Europe are also boosting storage needs [3] - Companies to focus on in the energy storage sector include CATL, EVE Energy, Sungrow Power, and Deye [3] Photovoltaic Sector - The photovoltaic supply side is undergoing adjustments, with new technologies such as silver-free materials and perovskite layers gaining attention [3] - The profitability of silicon materials is expected to recover, with silver-free products nearing mass production by 2026 [3] - Key companies in the photovoltaic sector include GCL-Poly Energy, Xinte Energy, Tongwei Co., and Juhua Materials [3] Investment Recommendations - The report suggests focusing on new technology investment opportunities, such as solid-state batteries and flexible converters [3] - Emphasis is placed on overseas expansion and performance improvement for leading companies in lithium batteries and wind turbine components [3] - Long-term beneficiaries in green electricity alternatives include secondary distribution equipment and charging pile operations [3]

证券代码：688121 证券简称：卓然股份 公告编号：2025-051 上海卓然工程技术股份有限公司 2025年第三次临时股东大会决议公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 35 | | --- | --- | | 普通股股东人数 | 35 | | 2、出席会议的股东所持有的表决权数量 | 92,734,432 | | 普通股股东所持有表决权数量 | 92,734,432 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 40.8221 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 40.8221 | 注：公司有表决权股份总数已扣除公司回购专用证券账户所持有股份数。 （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 1、本次股东大会采用现场投票和网络投票相结合的方式进行表决； 2 ...

上海市锦天城律师事务所关于 上海卓然工程技术股份有限公司 2025 年第三次临时股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11、12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于上海卓然工程技术股份有限公司 2025 年第三次临时股东大会的法律意见书 致：上海卓然工程技术股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）《中华人民共 和国公司法》（以下简称"《公司法》"）和中国证券监督管理委员会（以下简 称"中国证监会"）《上市公司股东会规则》（以下简称"《股东会规则》"） 等法律、法规和有关规范性文件的要求，上海市锦天城律师事务所（以下简称"本 所"）接受上海卓然工程技术股份有限公司（以下简称"卓然股份"或"公司"） 的委托，指派本所律师参加卓然股份 2025 年第三次临时股东大会（以下简称"本 次股东大会"），并出具本法律意见书。 本法律意见书仅供本次股东大会之目的使用。本所律师同意将本法律意见书 随卓然股份本次股东大会其他信息披露资料一并公告。 ...

Core Viewpoint - The financial performance of Zhuoran Co., Ltd. shows a mixed trend with a significant decrease in revenue but a notable increase in net profit, indicating potential operational efficiency improvements despite lower sales [2]. Group 1: Financial Performance - For the period from January to September 2025, Zhuoran Co., Ltd. achieved operating revenue of 1.565 billion yuan, a year-on-year decrease of 18.80% [2]. - The net profit attributable to the parent company was 59.55 million yuan, reflecting a year-on-year increase of 74.55% [2]. Group 2: Shareholder and Market Activity - As of September 30, 2025, the number of shareholders in Zhuoran Co., Ltd. was 6,701, a decrease of 1.15% from the previous period [2]. - The average number of circulating shares per shareholder increased by 44.81% to 30,244 shares [2]. Group 3: Financing and Margin Trading - On November 11, Zhuoran Co., Ltd. had a financing buy-in amount of 6.49 million yuan and a financing repayment of 6.83 million yuan, resulting in a net financing buy-in of -336,200 yuan [1]. - The total margin trading balance was 98.89 million yuan, accounting for 3.59% of the circulating market value, which is below the 10% percentile level over the past year [1]. - The company had a margin balance of 2,718 yuan with a remaining short position of 200 shares, indicating a high level of short selling compared to the past year [1]. Group 4: Dividend and Institutional Holdings - Zhuoran Co., Ltd. has cumulatively distributed dividends of 49.65 million yuan since its A-share listing [3]. - As of September 30, 2025, China Life Asset Management's Wisdom Life Stock A (001672) was the fifth largest circulating shareholder, holding 2.9956 million shares, unchanged from the previous period [3].

证券代码：688121 2025 年第三次临时股东大会议资料 证券简称：卓然股份 上海卓然工程技术股份有限公司 2025 年第三次临时股东大会 会议资料 二〇二五年十一月 2025 年第三次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证大会的顺利 进行，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东会规则》以 及《上海卓然工程技术股份有限公司章程》《上海卓然工程技术股份有限公司股东大会议事规 则》等相关规定，特制定上海卓然工程技术股份有限公司（以下简称"公司"）2025 年第三次 临时股东大会会议须知： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工作人员将对出席 会议者的身份进行必要的核对工作，请被核对者给予配合。 十、本次股东大会采取现场投票和网络投票相结合的方式表决，结合现场投票和网络投票 的表决结果发布股东大会决议公告。 十一、为保证股东大会的严肃性和正常秩序，除出席会议的股东及股东代理人、公司董事、 监事、高级管理人员、聘任律师及董事会邀请的人员外，公司有权依法拒绝其他人员进入会场。 二、为保证本次大会的严肃性和正常秩序 ...

Core Insights - On November 6, Zhuoran Co., Ltd. saw a stock price increase of 1.31% with a trading volume of 35.93 million yuan [1] - The company reported a financing net buy of -3.53 million yuan on the same day, indicating a higher level of financing repayment compared to new purchases [1] - As of November 6, the total financing and securities balance for Zhuoran Co., Ltd. was 104 million yuan, which is 3.91% of its circulating market value, indicating a low financing balance compared to the past year [1] Financial Performance - For the period from January to September 2025, Zhuoran Co., Ltd. achieved a revenue of 1.565 billion yuan, representing a year-on-year decrease of 18.80% [2] - The net profit attributable to the parent company for the same period was 59.55 million yuan, showing a significant year-on-year increase of 74.55% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Zhuoran Co., Ltd. was 6,701, a decrease of 1.15% from the previous period [2] - The average number of circulating shares per shareholder increased by 44.81% to 30,244 shares [2] Dividend Distribution - Since its A-share listing, Zhuoran Co., Ltd. has distributed a total of 49.65 million yuan in dividends [3] Institutional Holdings - As of September 30, 2025, among the top ten circulating shareholders, Guoshou Anbao Smart Life Stock A held 2.9956 million shares, with no change in the number of shares held compared to the previous period [3]

Core Viewpoint - Zhuoran Co., Ltd. is a leading domestic petrochemical equipment company, providing integrated solutions in design, manufacturing, installation, and services for clients in the petrochemical, refining, and natural gas chemical sectors [1] Financial Performance - For Q3 2025, Zhuoran's revenue was 1.565 billion yuan, ranking 19th among 58 companies in the industry, while the top company, Zhongchuang Zhiling, reported revenue of 30.745 billion yuan [2] - The net profit for the same period was 163 million yuan, placing it 16th in the industry, with the leading company reporting a net profit of 3.705 billion yuan [2] Financial Ratios - As of Q3 2025, Zhuoran's debt-to-asset ratio was 66.88%, a decrease from 67.94% year-on-year but still above the industry average of 46.18% [3] - The gross profit margin was 15.21%, down from 18.42% year-on-year and below the industry average of 26.77% [3] Executive Compensation - Chairman Zhang Jinhong's salary for 2024 is 780,000 yuan, an increase of 9,500 yuan from 2023 [4] - General Manager Zhang Jun's salary for 2024 is 758,000 yuan, up by 36,100 yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.15% to 6,701, while the average number of shares held per shareholder increased by 44.81% to 30,200 shares [5] - Longjiang Securities noted a decline in performance for the first half of 2025, but anticipated an increase in the proportion of engineering general contracting services from 2025 to 2026 [5] Future Outlook - The company is actively positioning itself in the green and low-carbon sectors, promoting technological innovation and industrial upgrades [5] - Projected net profits for 2025, 2026, and 2027 are estimated at 130 million yuan, 150 million yuan, and 200 million yuan, respectively, with corresponding P/E ratios of 27.4X, 24.0X, and 17.5X based on the closing price on August 29, 2025 [5]