Core Viewpoint - The photovoltaic industry is experiencing a turning point in 2024, driven by technological iteration and policy adjustments, leading to a shift from low-cost competition to technological collaboration [1][6]. Group 1: Industry Performance - In 2024, 26 photovoltaic companies achieved revenue exceeding 10 billion yuan, with major players like TBEA, JinkoSolar, and Tongwei surpassing 90 billion yuan in revenue, while Longi Green Energy and Trina Solar exceeded 80 billion yuan [2]. - Among the 95 A-share listed photovoltaic companies, 33 reported revenue growth, but many faced revenue declines and net profit drops, indicating a structural challenge in the industry [1][2]. Group 2: Profit Distribution - The profit distribution within the photovoltaic supply chain has become highly polarized, with inverter and equipment manufacturers emerging as the biggest winners, while the module segment faces significant losses [3]. - Sunshine Power reported a net profit of 11.036 billion yuan, up 16.9%, while leading module manufacturers like JinkoSolar barely managed a profit of 0.99 million yuan, with others like Longi and Trina facing losses [3]. Group 3: Technological Advancements - The industry is entering a phase where innovation is crucial for survival, with N-type technology becoming a key differentiator [4][5]. - JinkoSolar achieved significant success with N-type TOPCon technology, shipping 92.87 GW of modules, of which 81.29 GW were N-type, representing 88% of their total shipments [4]. Group 4: Policy and Market Dynamics - The Chinese government is implementing stricter regulations to control low-efficiency production capacity, which is expected to reshape the industry landscape by 2025 [6]. - The market anticipates a potential turning point in 2025, with predictions of increased demand and a tightening supply of components, which may lead to a rebound in prices [6][7]. Group 5: Future Outlook - Companies are focusing on upgrading their production capacities and investing in R&D to maintain competitive advantages, with JinkoSolar planning to complete over 40% of its capacity upgrades by 2025 [7]. - The industry is expected to emerge from a period of adjustment, with leading companies likely to navigate through the cycle successfully due to their advanced capacities and global strategies [6][7].

Core Insights - The BIPV (Building Integrated Photovoltaics) industry has gained significant attention from the Chinese government since 2021, with various policies aimed at promoting its development as part of the country's carbon neutrality goals [1][8][20] - The market for BIPV is expected to grow rapidly, with projected new installations of approximately 11,140 MW in 2024 and a cumulative capacity of around 28,129 MW [1][18] - BIPV is recognized as an effective means to develop green buildings and reduce energy consumption in the construction sector [1][18] Industry Overview - BIPV technology integrates solar photovoltaic components into buildings, allowing them to generate electricity for their own use [4] - The BIPV market is categorized into applications such as photovoltaic roofs and walls, with materials classified into crystalline and thin-film types [4] Industry Development History - The BIPV industry has evolved over nearly 30 years, with the first projects in China initiated in 2004 [5] Policy Support - The Chinese government has implemented multiple policies to support the BIPV industry, including the "14th Five-Year Plan for Energy Conservation and Green Building Development" [8][9] - Recent policies aim to enhance the integration of renewable energy in various sectors, including construction [8][9] Industry Chain - The BIPV industry chain consists of upstream component manufacturers, midstream system integrators, and downstream application scenarios [11][13] - Key players in the midstream include companies like Jianghe Group and Sentech, which provide integrated BIPV solutions [11][20] Market Potential - The market for BIPV roofs was valued at approximately 91.73 billion yuan in 2022, expected to reach 366.77 billion yuan by 2027 [15] - The BIPV curtain wall market was valued at around 6.57 billion yuan in 2022, projected to grow to 45.73 billion yuan by 2027 [15] Key Companies - Major companies in the BIPV sector include Longi Green Energy, JinkoSolar, Trina Solar, and Jianghe Group, which are involved in both manufacturing and system integration [20][21] Future Trends - The BIPV industry is expected to benefit from continued policy support and technological advancements, leading to lower costs and increased market adoption [26][27] - Innovative business models, such as energy management contracts and rooftop leasing, are anticipated to enhance project economics and accelerate market penetration [28]

上海市锦天城律师事务所 上海市锦天城律师事务所 关于晶科能源股份有限公司 法律意见书 致：晶科能源股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受晶科能源股份有限公司 （以下简称"公司"）委托，就公司召开 2024 年年度股东大会（以下简称"本次 股东大会"）的有关事宜，根据《中华人民共和国公司法》 关于晶科能源股份有限公司 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 9/11/12 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 （以下简称"《公司法》"） 《上市公司股东会规则》 《上海证券交易所科创板股票上市规则》 （以下简称"《上 市规则》"）等法律、法规和其他规范性文件以及《晶科能源股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的相关事 项进行了必要的核查和验证 ...

Meeting Overview - The shareholder meeting of JinkoSolar was held on May 21, 2025, at the Jinko Center in Shanghai [1] - A total of 519 ordinary shareholders attended the meeting, representing 7,371,382,509 voting rights, which accounts for 73.8950% of the company's total voting rights [1] Voting Results - All proposed resolutions were approved by the shareholders, with the following voting results: - First resolution: 99.9261% in favor, 0.0673% against, and 0.0066% abstained [1] - Second resolution: 99.9288% in favor, 0.0619% against, and 0.0093% abstained [1] - Third resolution: 99.9257% in favor, 0.0678% against, and 0.0065% abstained [1] - Fourth resolution: 99.9258% in favor, 0.0660% against, and 0.0082% abstained [2] Legal Compliance - The meeting was convened in accordance with the Company Law, Securities Law, and the Articles of Association of JinkoSolar, ensuring that all procedures and voting methods were legally compliant [2]

Core Viewpoint - JinkoSolar has announced the temporary use of idle raised funds amounting to RMB 1.6 billion for operational purposes, ensuring that it does not affect the normal implementation of investment projects [1][2]. Group 1: Fund Usage - The board of directors approved the use of up to RMB 1.6 billion of idle raised funds to temporarily supplement working capital, limited to business expansion and daily operations related to the main business [1]. - The usage period for these funds is set to not exceed 12 months from the date of board approval [1]. Group 2: Fund Return - As of the announcement date, the company has fully returned the temporarily supplemented idle raised funds to the dedicated raised funds account, adhering to the stipulated usage period [2]. - The company has notified the sponsor and the sponsor representative regarding the return of the raised funds [2].

闲置募集资金的公告 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、准确性和完整性依法承担法律责任。 | 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2025-029 | | --- | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | | 晶科能源股份有限公司 关于归还暂时补充流动资金的 2025-004）。 截至本公告披露日，公司已将上述暂时补充流动资金的闲置募集资金全部归 还至募集资金专用账户，该笔资金使用期限未超过 12 个月，并已将上述募集资 金的归还情况通知了保荐人和保荐代表人。 特此公告。 晶科能源股份有限公司 董事会 2024 年 5 月 30 日，晶科能源股份有限公司（以下简称"公司"）召开第二届 董事会第七次会议、第二届监事会第四次会议，审议通过了《关于使用部分闲置 募集资金暂时补充流动资金的议案》，在确保不影响募集资金投资项目正常实施 的前提下，同意公司使用额度不超过人民币 160,000 万元的闲置募集资金暂时补 充流动资金，并仅限用于公司的业务拓展、日常经营等与主营业务相关的生产经 ...

| 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2025-028 | | --- | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | | 晶科能源股份有限公司 注：截至本次股东大会股权登记日的总股本为 10,005,202,308 股；其中，公司回购专用账户 中股份数为 29,721,264 股，不享有股东大会表决权。 2024年年度股东大会决议公告 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： 本次会议是否有被否决议案：无 （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。 一、 会议召开和出席情况 本次会议由公司董事会召集，董事长李仙德先生主持。会议采用现场投票和 网络投票相结合的表决方式。本次股东大会的召集、召开程序及表决程序符合《公 司法》《证券法》及《晶科能源股份有限公司章程》的规定。 （一） 股东大会召开的时间：2025 年 5 月 21 日 （二） 股东大会召开的地点：上海市闵行区申长路 1466 弄 1 号晶科中心 （三） ...

法律意见书 上海市锦天城律师事务所 关于晶科能源股份有限公司 2024 年年度股东大会的 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 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 关于晶科能源股份有限公司 2024 年年度股东大会的 法律意见书 致：晶科能源股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受晶科能源股份有限公司 （以下简称"公司"）委托，就公司召开 2024 年年度股东大会（以下简称"本次 股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下简称"《公司法》"） 《上市公司股东会规则》《上海证券交易所科创板股票上市规则》（以下简称"《上 市规则》"）等法律、法规和其他规范性文件以及《晶科能源股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本 ...

Core Viewpoint - The photovoltaic industry is gradually transitioning from losses to breakeven and then to profitability, as indicated by the exit of some cross-industry photovoltaic companies from market competition [1] Company Performance - JinkoSolar reported a revenue of 92.47 billion yuan in 2024, a year-on-year decline of 22.08%, and a net profit of 9.893 million yuan, down 98.67% year-on-year [1] - In Q1 2025, JinkoSolar's revenue and net profit fell by 40.03% and 218.20% year-on-year, respectively, marking a significant decline in profitability [1] - Despite the overall losses in the photovoltaic sector, JinkoSolar was one of the few companies to remain profitable in 2024, but it began to incur losses in Q4 2024, amounting to 1.116 billion yuan [3] Financial Comparison - In Q1 2025, JinkoSolar's revenue was 13.84 billion yuan with a net loss of 1.39 billion yuan, while its peers, JA Solar, Trina Solar, and LONGi Green Energy, showed signs of reduced losses [2][3] - The total revenue for the four major photovoltaic companies in Q1 2025 was 52.5 billion yuan, with a combined net loss of 5.784 billion yuan, indicating a 42.15% reduction in losses compared to the previous quarter [2] Market Dynamics - JinkoSolar's declining performance is attributed to a significant drop in component delivery prices and a decrease in high-priced overseas orders, leading to a gross margin drop from 15.7% in Q3 to 3.6% in Q4 2024 [3] - The company has faced challenges due to low prices across the photovoltaic supply chain and changes in overseas trade policies, which have pressured profit levels [3] Production and Capacity - JinkoSolar has shipped over 320 GW of photovoltaic modules globally, with a focus on N-type TOPCon technology, achieving an average efficiency of over 26.6% [4] - In Q1 2025, JinkoSolar's total shipment volume was 19,130 MW, a 12.68% decrease year-on-year, with expectations to increase shipments to 20-25 GW in Q2 2025 [4] Financial Health - As of March 2025, JinkoSolar's debt-to-asset ratio was 72.72%, with interest-bearing liabilities totaling 34.877 billion yuan, indicating significant short-term repayment pressure [5] - The company's operating cash flow decreased by 68.3% year-on-year to 7.867 billion yuan in 2024, and turned negative in Q1 2025, highlighting operational funding challenges [6] Strategic Expansion - JinkoSolar has aggressively expanded its production capacity, with plans for a 560 billion yuan investment in a comprehensive production base, but faced delays and financial challenges due to market conditions [7][8] - The company has experienced setbacks, including a fire incident that resulted in a loss exceeding 646 million yuan in Q1 2024, and ongoing funding issues that have delayed project progress [8] Industry Outlook - The TOPCon technology remains the mainstream in the photovoltaic sector, but there are concerns about its potential obsolescence as new technologies emerge [10]

Group 1: Market Performance - Solar stocks generally rose, with Array up 7.64%, Canadian Solar ADR up 5.62%, Sunrun up 4.96%, First Solar up 4.32%, SolarEdge up 3.23%, and JinkoSolar ADR up 2.72% [1][2] - The S&P 500 index is currently down 0.45%, the Dow Jones is down 104 points (0.49%), while the Nasdaq is up 13 points (0.31%) [1] Group 2: Regulatory Environment - The U.S. believes that imports of solar products from Southeast Asia harm the domestic industry, laying the groundwork for tariffs on these imports [1]