Report Summary 1. Report's Industry Investment Rating - No information regarding the industry investment rating is provided in the report. 2. Core Viewpoints - The report focuses on the fundamentals of industrial silicon and polysilicon, including price, profit, inventory, and raw material cost, and also mentions relevant macro and industry news, as well as the trend intensity of industrial silicon and polysilicon [1][2][3]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Market**: Si2511's closing price was 8,665 yuan/ton, with a trading volume of 622,948 lots and an open interest of 278,065 lots; PS2511's closing price was 52,885 yuan/ton, with a trading volume of 411,979 lots and an open interest of 137,072 lots [1]. - **Basis**: The industrial silicon spot had different premiums or discounts against different benchmarks, and the polysilicon spot had a discount of -1,835 yuan/ton against N - type recycled materials [1]. - **Price**: The price of Xinjiang 99 - silicon was 8,500 yuan/ton, Yunnan Si4210 was 9,650 yuan/ton, and polysilicon - N - type recycled materials was 51,550 yuan/ton [1]. - **Profit**: The profit of silicon plants in Xinjiang and Yunnan was -2,636 yuan/ton and -3,436 yuan/ton respectively; the profit of polysilicon enterprises was -14.3 yuan/kg [1]. - **Inventory**: The industrial silicon's social inventory was 53.7 million tons, enterprise inventory was 17.1 million tons, industry inventory was 70.8 million tons, and futures warehouse receipt inventory was 25.0 million tons; the polysilicon's manufacturer inventory was 21.1 million tons [1]. - **Raw Material Cost**: The prices of raw materials such as silicon ore, washed coal, petroleum coke, and electrodes in different regions had different changes [1]. - **Polysilicon (Photovoltaic)**: The prices of polysilicon - related products such as silicon wafers, battery cells, components, photovoltaic glass, and photovoltaic - grade EVA had different changes, and the profit of polysilicon enterprises was -14.3 yuan/kg [1]. - **Organic Silicon**: The price of DMC was 10,700 yuan/ton, and the profit of DMC enterprises was -1,186 yuan/ton [1]. - **Aluminum Alloy**: The price of ADC12 was 20,850 yuan/ton, and the profit of recycled aluminum enterprises was 100 yuan/ton [1]. 3.2 Macro and Industry News - On September 9th, Jinko Energy announced that its subsidiary Zhejiang Jinko Energy Co., Ltd. planned to sell 80% of the equity of its subsidiary Zhejiang Jinko New Materials Co., Ltd. to Diker Co., Ltd. for 80 million yuan [2]. 3.3 Trend Intensity - The trend intensity of industrial silicon was 0, and that of polysilicon was 1. The trend intensity ranges from -2 to 2, where -2 means the most bearish and 2 means the most bullish [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6][13] Core Views - The company achieved a revenue of 31.83 billion yuan in H1 2025, a year-on-year decrease of 32.6%, and a net profit attributable to shareholders of -2.91 billion yuan, compared to a profit of 1.20 billion yuan in the same period last year. The gross profit margin was -2.0%, down 10.6 percentage points year-on-year. In Q2 2025, the revenue was 17.99 billion yuan, a year-on-year decrease of 25.6% but a quarter-on-quarter increase of 29.9%, with a net profit of -1.52 billion yuan, slightly widening the loss [4][10][11]. Summary by Sections Financial Performance - In H1 2025, the company's photovoltaic module business generated revenue of 11.09 billion yuan, a year-on-year decrease of 24.0%, with a gross margin of -15.1%, down 14.4 percentage points year-on-year. The total module shipments were 41.8 GW, a decrease of approximately 4% year-on-year. The company expects Q3 2025 module shipments to reach 20-23 GW [11][12]. Production Capacity and Technology - The company maintains a competitive advantage in N-type TOPCon products, with a cumulative global shipment of approximately 200 GW for the TigerNeo series high-efficiency modules, achieving a maximum conversion efficiency of 25.58%. By the end of June 2025, the company had upgraded some TOPCon production lines, with over 20 GW of high-power capacity. By the end of 2025, 40%-50% of existing capacity is expected to achieve a mainstream power rating of over 640W, with some models reaching 650-670W by 2026, which may allow the company to enjoy efficiency premiums [12][13]. Revenue and Profit Forecast - The company is expected to face continued pressure on profitability due to intensified industry competition. Revenue forecasts for 2025-2027 are 64.65 billion yuan, 80.73 billion yuan, and 91.31 billion yuan, with year-on-year growth rates of -30.1%, 24.9%, and 13.1%, respectively. The net profit attributable to shareholders is projected to be -3.01 billion yuan, 1.60 billion yuan, and 3.05 billion yuan, with growth rates of -3,139.53%, 153.27%, and 90.59% respectively. The EPS for these years is expected to be -0.30 yuan, 0.16 yuan, and 0.31 yuan [13][14].

Group 1 - JinkoSolar's subsidiary plans to sell 80% stake in Jinko New Materials for 80 million yuan, which will no longer be included in JinkoSolar's consolidated financial statements [1] - Zhongtai Automobile's subsidiary has been forced to dismantle its T300 vehicle assembly line, making it unable to resume production this year, leading to uncertainty in its ongoing operational capacity [1] - Springlight Technology's shareholders plan to reduce their holdings by a total of 0.68% of the company's shares between October 9, 2025, and January 8, 2026 [2] Group 2 - Sentech's energy storage and charging integration business is in the expansion phase, with its main business focusing on building-integrated photovoltaics (BIPV) and environmental remediation [3] - Qinchuan IoT plans to reduce its holdings by up to 1% of the company's shares from October 9, 2025, to January 8, 2026, with proceeds to be used for working capital [4] - Redick's shareholder plans to reduce holdings by up to 2% of the company's shares starting from September 9, 2025 [5] Group 3 - Guangxun Technology plans to raise up to 3.5 billion yuan through a private placement to fund various projects, including optical connection and high-speed optical transmission product production [8] - Shanghai Electric has terminated its acquisition of K-Electric Limited, which was planned for 1.773 billion USD, and is now focusing on investing in offshore photovoltaic and wind power projects [9][10] - Longsoft Technology's shareholder intends to transfer 1.72% of the company's shares through a non-public transfer [10] Group 4 - Amgen Pharmaceuticals' shareholders plan to reduce their holdings by a total of 6% of the company's shares between October 9, 2025, and January 8, 2026 [11] - Juhe Materials intends to acquire the blank mask business from SKE for approximately 35 million yuan to expand its semiconductor materials business [12] - Linuo Medical Packaging's shareholder plans to reduce holdings by up to 3% of the company's shares from October 9, 2025, to January 8, 2026 [13] Group 5 - Dongzhu Ecology plans to acquire 89.49% of Kairuixing Technology through a combination of share issuance and cash payment, aiming to enter the satellite communication and space information technology sector [14] - Dabeinong's controlling shareholder plans to reduce holdings by up to 1.99% of the company's shares starting from September 10, 2025 [15] - Tianji Technology is promoting the industrialization of lithium sulfide material preparation patents, currently in the early stages of development [16] Group 6 - Jing Shan Light Machine's subsidiary has secured a procurement order worth approximately 1.005 billion yuan from a leading lithium battery company [17] - Daheng Technology plans to establish a wholly-owned subsidiary with an investment of 600 million yuan to expand its semiconductor business [18]

Core Viewpoint - JinkoSolar's stock experienced a decline of 3.20% on September 10, with a trading volume of 660 million yuan and a total market capitalization of 57.53 billion yuan [1] Group 1: Company Overview - JinkoSolar is engaged in the research, production, and sales of solar photovoltaic modules, battery cells, and silicon wafers, providing high-quality solar products globally [6] - The company was established on December 13, 2006, and went public on January 26, 2022 [6] - As of June 30, 2023, JinkoSolar reported a revenue of 31.83 billion yuan, a year-on-year decrease of 32.63%, and a net profit of -2.91 billion yuan, a year-on-year decrease of 342.38% [6] Group 2: Technology and Production - JinkoSolar has successfully mass-produced high-efficiency N-type TOPCon technology batteries and is actively developing new technologies and processes [2] - The company has a strong technical reserve in the N-type TOPCon field, with a clear path for cost reduction and efficiency improvement [2] - The production capacity of 16GW large-size N-type TOPCon batteries in Hefei and Haining is progressing smoothly, with the Hefei factory achieving a mass production efficiency of 24.7% [2] Group 3: Financial and Market Analysis - The main business revenue of JinkoSolar is derived from product sales, accounting for 100% of its income [6] - The average trading cost of the stock is 6.12 yuan, with the current stock price near a support level of 5.74 yuan [5] - The stock has seen a net outflow of 38.24 million yuan from major funds today, with a continuous reduction in major fund positions over the past three days [3][4] Group 4: Shareholder and Dividend Information - JinkoSolar has distributed a total of 3.355 billion yuan in dividends since its A-share listing, with 3.125 billion yuan distributed in the last three years [7] - As of June 30, 2023, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 438 million shares, an increase of 57.21 million shares from the previous period [8]

丨2025年9月10日星期三丨 NO.1 京山轻机：获得约10.05亿元锂电设备生产线采购订单 9月9日，京山轻机公告称，公司全资子公司惠州市三协精密有限公司与某锂电龙头企业客户的全资子公 司签署了日常采购订单协议，总金额约为人民币10.05亿元（含税），占公司2024年度经审计营业收入 的11.52%，合同标的为锂电设备生产线等。预计将对公司2025年度或未来年度的经营业绩产生积极影 响。 点评：此订单彰显了公司在锂电设备领域的竞争力，预计将对公司2025年度或未来年度的经营业绩产生 积极影响，为公司发展注入新动力。 NO.2 上海电力：拟投资不超37.80亿元建设上电绿能奉贤1号海上光伏项目 9月9日，上海电力公告称，公司第九届董事会第五次会议于当日召开，会议审议并通过了关于上电绿能 奉贤1号海上光伏项目和新疆臻元黑龙江牡丹江40万千瓦风电项目的投资决策，两个项目的动态含税总 投资分别不高于37.80亿元和22.61亿元。奉贤1号海上光伏项目位于上海市奉贤区海域，装机规模为50万 千瓦，是上海市第一批海上光伏试点项目。 9月9日，晶科能源公告称，公司控股子公司浙江晶科拟将其全资子公司晶科新材料80%股权以 ...

NO.1 京山轻机：获得约10.05亿元锂电设备生产线采购订单 9月9日，京山轻机公告称，公司全资子公司惠州市三协精密有限公司与某锂电龙头企业客户的全资子公 司签署了日常采购订单协议，总金额约为人民币10.05亿元（含税），占公司2024年度经审计营业收入 的11.52%，合同标的为锂电设备生产线等。预计将对公司2025年度或未来年度的经营业绩产生积极影 响。 每经记者｜朱成祥 每经编辑｜董兴生 丨 2025年9月10日 星期三 丨 点评：此次交易反映了公司在业务调整上的战略决策。通过出售非核心资产，晶科能源可聚焦光伏主 业，优化资源配置，提升运营效率。同时，与帝科股份的合作有望带来协同效应，增强双方市场竞争 力。这一举措符合光伏行业整合趋势，预计将对公司长期发展产生积极影响。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自 担。 NO.2 上海电力：拟投资不超37.80亿元建设上电绿能奉贤1号海上光伏项目 点评：上海电力投资海上光伏和风电项目，展现其深耕新能源领域的战略布局。奉贤1号海上光伏项目 作为上海市首批试点，不仅有助于推动地区绿色能源发展，也为公司带来新的增长机遇。 ...

本次交易不构成关联交易，也不构成重大资产重组，但因预计产生的利润超过公司最近一个会计年度经审计净利润的50%，尚需 提交公司股东大会审议批准。晶科能源承诺，将严格履行相关审批程序，并及时披露交易进展。 晶科能源董事会强调，交易完成后，公司不再为晶科新材料提供担保或资金支持，晶科新材料亦不存在占用公司资金的情形。 同时，本次交易不会导致公司主营业务发生变化，也不会对公司正常生产经营活动产生重大影响。 晶科能源股份有限公司（证券代码：688223，证券简称：晶科能源）9月9日公告，公司控股子公司浙江晶科能源有限公司与无 锡帝科电子材料股份有限公司（以下简称"帝科股份"）签署《股权收购协议》，以人民币8000万元对价，向帝科股份出售其持 有的浙江晶科新材料有限公司（以下简称"晶科新材料"）80%股权。交易完成后，晶科新材料不再纳入晶科能源合并报表范围。 根据公告，本次交易以2025年6月30日为评估基准日，经中同华资产评估（上海）有限公司评估，晶科新材料全部股权价值为人 民币1亿元，对应80%股权评估价值为8000万元，最终交易价格与评估值一致，溢价率达299.08%。交易款项将分二期支付：协 议签署后五个工作日内 ...

晶科能源表示，如本次交易顺利实施，有利于提高公司资产运营效率、降低管理成本、增强公司的持续 经营能力，为公司业务拓展提供资金支持。本次交易不会影响公司的正常生产经营活动，不存在损害公 司及全体股东利益的情形。购买方帝科股份财务状况以及资信情况良好，具备相应的支付能力。 本次交易不改变晶科新材料的债权与债务结构，也不涉及与晶科新材料的相关债权与债务转移，晶科新 材料的债权和债务均应由其继续享有和承担。本次交易不会导致产生同业竞争，不会影响公司生产经营 的独立性，不存在可能导致公司控股股东、实际控制人及其关联人对公司形成非经营性资金占用的情 形。 公告显示，本次交易完成后，帝科股份持有晶科新材料80%股权，浙江晶科持有晶科新材料20%股权， 晶科新材料将不再纳入晶科能源合并报表范围内。本次交易不构成关联交易、不构成重大资产重组。 北京商报讯（记者 马换换 王蔓蕾）9月9日晚间，晶科能源（688223）披露公告称，公司控股子公司浙 江晶科能源有限公司（以下简称"浙江晶科"）拟出售其全资子公司浙江晶科新材料有限公司（以下简 称"晶科新材料"）80%股权给帝科股份（300842），交易对价为8000万元。 ...

本资产评估报告依据中国资产评估准则编制 晶科能源股份有限公司下属子公司拟股权转让 所涉及的浙江晶科新材料有限公司 股东全部权益价值项目 资产评估报告 中同华沪评报字（2025）第 1102 号 共 壹 册 第 壹 册 中同华资产评估（上海）有限公司 China Alliance Appraisal（Shanghai）Co., Ltd. 日期：2025 年 8 月 26 日 说明:报告备案回执仅证明此报告已在业务报备管理系统进行了备案,不作为 协会对该报告认证、认可的依据,也不作为资产评估机构及其签字资产评估专 业人员免除相关法律责任的依据。 备案回执生成日期:2025年08月26日 ICP备案号京ICP备2020034749号 晶科能源股份有限公司下属子公司拟股权转让所涉及的浙江晶科新材料有限公司 股东全部权益价值项目·资产评估报告 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 3131200011202500150 | | | --- | --- | --- | | 合同编号: | 中同华沪合同字 2025 206号 | | | 报告类型: | 非法定评估业务资产评估报告 | | | 报告 ...

目 录 | 第 1—3 页 | | --- | | 一、审计报告……………………………………………………… | | 二、财务报表……………………………………………………… 第 | 4—7 | 页 | | --- | --- | --- | | （一）资产负债表………………………………………………… | 第 | 4 页 | | （二）利润表……………………………………………………… | 第 | 5 页 | | （三）现金流量表………………………………………………… | 第 | 6 页 | | （四）所有者权益变动表………………………………………… | 第 | 7 页 | | | | 审 计 报 告 天健审〔2025〕12025 号 浙江晶科新材料有限公司股东： 一、审计意见 我们审计了浙江晶科新材料有限公司（以下简称浙江晶科新材料公司）财务 报表，包括 2024 年 12 月 31 日的资产负债表，2024 年度的利润表、现金流量表、 所有者权益变动表，以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制， 公允反映了浙江晶科新材料公司 2024 年 12 月 31 日的财务 ...