中信建投证券股份有限公司 关于晶科能源股份有限公司 2024 年年度报告的信息披露监管问 询函回复的核查意见 上海证券交易所： 晶科能源股份有限公司（以下简称"晶科能源"或"公司"）于近期收到《关于晶 科能源股份有限公司 2024 年年度报告的信息披露监管问询函》（上证科创公函﹝2025﹞ 0158 号，以下简称"《监管问询函》"）。晶科能源已会同中信建投证券股份有限公 司（以下简称"中信建投证券"或"持续督导机构"）、会计师天健会计师事务所（特 殊普通合伙）（以下简称"天健会计师"或"会计师"）等相关各方，对《监管问询函》 相关事项进行了审慎核查，具体核查情况如下。由于涉及商业敏感信息，公司申请对客 户名称、毛利率等数据进行了豁免披露。 1.关于境外业务 根据披露，报告期内，公司境外业务集中在美国、欧洲、日本、韩国、东南亚等 国家和地区，产品累计销往全球近 200 个国家和地区，2024 年全年海外组件出货占比 接近 57.8%，海外销售额占比 68.6%。其中，对欧洲地区、美洲地区、亚太地区、其他 地区分别实现销售收入 137.02 亿元、224.32 亿元、136.54 亿元、113.60 亿元，毛利 ...

| 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2025-034 | | --- | --- | --- | | 债券代码：118034 | 债券简称：晶科转债 | | 晶科能源股份有限公司 关于 2024 年年度报告的信息披露监管问询函的回复公告 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、准确性和完整性依法承担法律责任。 晶科能源股份有限公司（以下简称"晶科能源"或"公司"）于近期收到《关于晶 科能源股份有限公司 2024 年年度报告的信息披露监管问询函》（上证科创公函﹝2025﹞ 0158 号，以下简称"《监管问询函》"）。晶科能源会同中信建投证券股份有限公司（以 下简称"中信建投证券"或"持续督导机构"）、会计师天健会计师事务所（特殊普通合 伙）（以下简称"天健会计师"或"会计师"）等相关各方，对《监管问询函》相关事项 进行了审慎核查落实，现就《监管问询函》相关问题回复如下。由于涉及商业敏感信息， 公司申请对客户名称、毛利率等数据进行了豁免披露。 1.关于境外业务 根据披露，报告期内，公司境外业务集中在美国、欧洲、日本、韩国、 ...

目 录 | 一、关于境外业务……………………………………………………第 | 1—21 | 页 | | --- | --- | --- | | 二、关于山西生产基地火灾事项…………………………………第 | 21—25 | 页 | | 三、关于出售子公司交易…………………………………………第 | 25—36 | 页 | | 四、关于货币资金与借款…………………………………………第 | 36—44 | 页 | | 五、关于资产处置损失……………………………………………第 | 44—53 | 页 | | 六、关于固定资产…………………………………………………第 | 53—61 | 页 | | 七、关于应收账款…………………………………………………第 | 61—74 | 页 | | 八、关于存货………………………………………………………第 | 74—81 | 页 | 关于晶科能源股份有限公司 2024 年年度报告的信息披露监管问询函的说明 天健函〔2025〕643 号 上海证券交易所： 由晶科能源股份有限公司（以下简称晶科能源公司或公司）转来的《关于晶 科能源股份有限公司 2024 年年度报告的信息披露监管问询函》（上 ...

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、准确性和完整性依法承担法律责任。 一、本次认证的基本情况 | 证券代码：688223 | 证券简称：晶科能源 公告编号：2025-033 | | --- | --- | | 债券代码：118034 | 债券简称：晶科转债 | 晶科能源股份有限公司 关于自愿披露公司 182N 型高效单晶硅电池及 N 型 TOPCon 高效光伏组件转化效率获得第三方认证的 公告 得重大突破，有利于公司进一步提升其主流产品的市场竞争力。公司 2024 年 N 型 TOPCon 组件出货占比接近九成，预计 2025 年完成 40%以上产能的升级改造， 2025 年底前形成 40-50GW 高功率 TOPCon 产能。根据行业整治"内卷式"竞争 要求，基于 N 型 TOPCon 主流技术的持续创新和现有产能升级，投入相对可控， 且不涉及新增产能，有利于进一步加速行业产能出清，推动行业长期可持续发展。 三、风险提示 该项认证仅代表公司 N 型 TOPCon 技术先进性，与市场订单获取或对业绩 影响无直接关系，公司暂无法预测对经营业绩的影 ...

Core Insights - JinkoSolar's subsidiary, Zhejiang JinkoSolar, has developed a 182N high-efficiency monocrystalline silicon solar cell (TOPCon) with a conversion efficiency of 27.02%, setting a new record for large-area N-type monocrystalline passivated contact (TOPCon) cells [1] - The N-type TOPCon high-efficiency photovoltaic modules developed by Zhejiang JinkoSolar have achieved a maximum conversion efficiency of 25.58%, establishing a new global record for similar modules [1] Group 1 - The 182N high-efficiency monocrystalline silicon solar cell has been certified by a third-party testing organization, indicating its high performance [1] - The achievement of 27.02% conversion efficiency marks a significant milestone in solar technology, showcasing advancements in the industry [1] - The N-type TOPCon photovoltaic modules' efficiency of 25.58% reflects the company's commitment to innovation and leadership in the solar energy sector [1]

Core Viewpoint - The photovoltaic industry must remain vigilant against potential technological devaluation and over-investment due to new technology spillover, as well as the risk of low-price competition being replicated in the energy storage sector [1][2][3]. Group 1: Industry Trends - The SNEC Shanghai Photovoltaic Exhibition showcased a significant number of companies presenting perovskite tandem cells/components and BC technology, indicating a trend towards embracing new technologies [2]. - Major companies like LONGi Green Energy, GCL-Poly, JinkoSolar, and others are investing heavily in upgrading their production lines, with costs reaching tens of millions of yuan per GW to maintain competitiveness [3]. - The exhibition saw a notable increase in foreign participation, with approximately 500,000 attendees, reflecting a growing international interest in the photovoltaic sector [5]. Group 2: Market Dynamics - The industry is experiencing a shift where the low-price competition model from the photovoltaic sector is being adopted in the energy storage market, leading to a significant drop in profit margins [4]. - The energy storage market is witnessing a trend of price reductions, with some products priced below $120 per KWh, which has decreased profit margins from 40% to 20-30% [4]. - Despite a perceived recovery in the market, the industry is still on the brink of capacity clearance, with production rates in the downstream component sector dropping below 50% [6]. Group 3: Regulatory Environment - Regulatory bodies are actively seeking solutions to mitigate "involutionary competition" within the photovoltaic industry, indicating a proactive approach to industry challenges [6].

Core Viewpoint - The Chinese photovoltaic (PV) industry is facing a critical supply-side reform, with expectations of production cuts and stricter policies to curb below-cost sales, aiming to improve industry profitability and stability [3][4][5]. Industry Summary - A significant decline was observed in the A-share market on June 19, with a total trading volume of 1.28 trillion yuan and over 4,600 stocks falling [1]. - The photovoltaic sector, particularly low-fee ETFs, experienced a downturn, with the leading ETF (516290) dropping by 1.49% [1][6]. - Major companies in the PV sector, such as 阳光电源 (Sungrow Power), 德业股份 (Deye), and 晶澳科技 (JA Solar), reported declines exceeding 3% in their stock prices [6]. Production and Policy Changes - The China Photovoltaic Industry Association held a meeting focusing on "production limits to maintain prices," indicating a projected reduction in operating rates by 10%-15% in Q3 [2][3]. - A third-party audit group will conduct comprehensive audits to identify evidence of below-cost sales, with various measures planned against non-compliant companies [2][3]. Technological Advancements - The industry is witnessing a push for supply-side reform, with leading companies advocating for market-driven consolidation and technological upgrades to phase out outdated capacities [4][5]. - New technologies, such as TOPCon and perovskite, are gaining attention, with several companies showcasing advancements in efficiency and production capabilities at the SNEC conference [5]. Market Outlook - The PV sector is expected to experience a fundamental recovery, with signs of a potential turning point in market sentiment as production cuts and technological advancements take effect [7]. - The low-fee photovoltaic ETF (516290) is highlighted as a favorable investment option, with management fees significantly lower than the market average [7].

Core Viewpoint - The Chinese photovoltaic industry is facing significant challenges, including overcapacity, price fluctuations, and losses, leading to a clearer path towards "production reduction to maintain prices" [1][2]. Group 1: Industry Challenges - The photovoltaic industry is experiencing a supply-demand imbalance, with many companies facing financial losses. In the first quarter, 18 out of 21 listed companies reported net profit losses, with major manufacturers like Tongwei Co., Ltd. losing 2.61 billion yuan [1]. - The industry is under pressure to reduce production, with a projected decrease in operating rates by 10%-15% in the third quarter [1][2]. - The price of polysilicon has been declining due to weak downstream demand and significant price drops in silicon wafer products, leading to a challenging market environment [3]. Group 2: Regulatory Measures - The China Photovoltaic Industry Association is implementing measures to combat below-cost sales and promote self-discipline within the industry, including setting minimum price standards and enhancing technical standards [2]. - A third-party audit group will conduct comprehensive audits to identify and address low-price sales practices among companies [1][2]. Group 3: Market Dynamics - Recent data indicates that prices for 183N silicon wafers have fallen to around 0.9 to 0.91 yuan, with some quotes dropping below 0.9 yuan [2]. - The average prices for 183N and 210N battery cells have also decreased to 0.24 yuan and 0.255 yuan per watt, respectively [2]. - The number of polysilicon producers remains at 11, all operating at reduced capacity, but the market anticipates an increase in production due to capacity replacement [3].

Core Viewpoint - The solar industry is currently facing challenges, with companies like JinkoSolar experiencing pressure on revenue and profits. The focus has shifted from mere survival to revitalization and finding a sustainable rhythm for growth [2][3]. Group 1: Company Strategy - JinkoSolar's primary focus for 2025 is on optimizing capacity upgrades and accelerating the release of high-efficiency production rather than expanding production capacity [4]. - The company aims to ship between 85-100 GW of modules in 2025, with a visibility of orders reaching 60-70% for Q1 and over 80% in the Middle East and Asia-Pacific regions [4]. - The introduction of the Tiger Neo 3.0 series is crucial for JinkoSolar's capacity upgrade, which is expected to enhance its bargaining power within the supply chain [4][5]. Group 2: Product Development - The Tiger Neo 3.0 series, launched at the SNEC exhibition, is designed to lead the N-type development with a power output of up to 670W and an efficiency of 24.8% [5]. - This new product is projected to reduce the Levelized Cost of Energy (LCOE) and provide better investment returns, with an estimated 10% premium over traditional TOPCon products [5]. - JinkoSolar aims to transition to a production line dominated by 650W modules by the end of the year, targeting a 40-50% share of 650W and above modules in its total production capacity [5][6]. Group 3: Market Position and Competition - The company is cautious about new capacity additions, emphasizing the importance of global capabilities and local partnerships in its overseas strategy [6][7]. - JinkoSolar's current technology landscape is dominated by TOPCon, with expectations that it will remain the mainstream technology for the next five years, despite competition from BC and HJT technologies [8][10]. - The company believes that its TOPCon technology will maintain its competitive edge for at least two more years, with ongoing improvements expected to push efficiency beyond 28% in the next three years [9][10]. Group 4: Future Outlook - The Tiger Neo 3.0 components are anticipated to be available for global orders by Q4 2025, marking a significant step in JinkoSolar's product offerings [11].

Core Viewpoint - The company is focusing on optimizing production capacity and upgrading its solar module lines, particularly with the introduction of the Tiger NEO 3.0 modules, which are expected to enhance efficiency and power output compared to previous generations [1][3][4]. Production Capacity and Upgrades - The upgrade cost for the new 3.0 module production line is estimated to be between 60 million to 70 million CNY per GW [1][3]. - By the end of this year, 40% to 50% of the company's solar module production capacity is expected to be upgraded to 640W to 650W, with the Tiger NEO 3.0 modules accounting for approximately 20% of this capacity [3][4]. - The Tiger NEO 3.0 modules can achieve a maximum power of 670W, with an efficiency of 24.8% and a bifacial rate of 85%, making them suitable for high-temperature and high-irradiance markets [3][4]. Market Position and Sales - The company anticipates a 10% premium on the pricing of the new high-power TOPCon products compared to previous models, with an expected price increase of 0.5 to 1 cent per watt [3]. - In 2024, the company achieved a solar module shipment of 92.87 GW, representing a year-on-year growth of 18.28%, with N-type modules making up 88% of the total shipments [5]. - The company has established partnerships with several overseas firms for the Tiger NEO 3.0 modules, marking the beginning of mass production and delivery [4]. Future Outlook - The company aims to increase the production capacity of the Tiger NEO 3.0 modules to 50% or more by next year [4]. - The energy storage business is also maturing, with a target of 6 GWh in system shipments for 2025, following over 1 GWh in shipments in 2024 [5]. - The ongoing supply-side reforms in the industry are expected to facilitate a more orderly market environment as some cross-industry solar companies exit competition [5].