Core Viewpoint - Dongfang Jincheng maintains the credit rating of JinkoSolar and its "Jingneng Convertible Bonds" at AA+ with a stable outlook, despite the company's financial challenges in the first half of 2025 [1] Financial Performance - JinkoSolar reported revenue of 31.831 billion yuan and a total profit of -4.216 billion yuan for the first half of 2025, with a net profit attributable to shareholders of -2.909 billion yuan [1] - The decline in performance is attributed to intensified competition in the photovoltaic market, changes in overseas trade policies, and a drop in product prices [1] Market Position - Despite the financial setbacks, JinkoSolar maintained the highest shipment volume in the industry for solar modules in the first half of 2025 [1] - The company plans to implement multiple initiatives to improve profitability moving forward [1] Credit Rating Monitoring - Dongfang Jincheng will continue to monitor subsequent developments and their potential impact on credit ratings [1]

国内市场综述 3. 上海经信委发布《上海市促进高成长企业加快发展 管理实施细则（征求意见稿）》 风险提示 冲高回落 震荡走弱 周四（9 月 18 日）大盘冲高回落，震荡走弱。截至收 盘，上证综指收于 3831.66 点，下跌 1.15%；深成指 收于 13075.66 点，下跌 1.06%；科创 50 上涨 0.72%； 创业板指下跌 1.64%，万得全 A 成交额共 31666 亿元， 较前一日大幅上升。 行业方面，30 个中信一级行业有 3 个上涨，其中有色 金属、综合金融及非银行金融跌幅居前，仅有电子、 消费者服务及通信小幅收涨。概念方面，光模块、覆 铜板及半导体设备等指数表现活跃。 海外市场综述 美国三大股指全线收涨，英特尔涨超 22% 周四（9 月 18 日），美国三大股指全线收涨，道指涨 0.27%，标普 500 指数涨 0.48%，纳指涨 0.94%。卡特 彼勒、英伟达涨超 3%，领涨道指。万得美国科技七巨 头指数涨 0.61%，谷歌涨 1%，脸书涨 0.58%。芯片股 普遍上涨，英特尔涨超 22%，应用材料涨逾 6%。中概 股多数下跌，极氪跌超 5%，晶科能源跌近 5%。 新闻精要 1. 中美 ...

Core Insights - JinkoSolar's stock declined by 2.55% on September 18, with a trading volume of 842 million yuan, indicating market volatility and investor sentiment [1] - The company reported a significant decrease in revenue and net profit for the first half of 2025, with revenue at 31.83 billion yuan, down 32.63% year-on-year, and a net loss of 2.909 billion yuan, a decrease of 342.38% [2] Financing and Trading Activity - On September 18, JinkoSolar had a net financing purchase of 25.62 million yuan, with a total financing balance of 9.63 billion yuan, representing 1.80% of its market capitalization [1] - The company's financing balance is above the 90th percentile of the past year, indicating a high level of investor engagement [1] - The short selling activity on the same day was low, with only 200 shares sold and a remaining short balance of 328,800 shares, which is below the 10th percentile of the past year [1] Shareholder and Dividend Information - As of June 30, 2025, JinkoSolar had 74,200 shareholders, an increase of 0.89%, with an average of 134,811 circulating shares per shareholder, a decrease of 0.88% [2] - The company has distributed a total of 3.355 billion yuan in dividends since its A-share listing, with 3.125 billion yuan paid out in the last three years [3] - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 57.21 million shares, and other ETFs that have seen varying changes in their shareholdings [3]

Core Viewpoint - The report details the equity changes of JinkoSolar Holding Co., Ltd. (晶科能源) due to a share transfer involving several entities, resulting in a reduction of their combined shareholding from 68.93% to 64.93%, which touches a 5% integer threshold [19][22]. Group 1: Equity Change Details - The equity change involves a total reduction of 400,208,099 shares, representing approximately 4.00% of the company's total share capital [11][22]. - Prior to the equity change, the combined shareholding of the disclosing parties was 6,896,552,000 shares, accounting for 68.97% of the total shares [10][27]. - Following the equity change, the total shares held by the disclosing parties decreased to 6,496,343,901 shares, which is about 64.93% of the total share capital [10][11]. Group 2: Purpose and Method of Equity Change - The purpose of the equity change is to meet the financial needs of the disclosing parties through an inquiry transfer method, rather than through centralized bidding or block trading [9][22]. - The inquiry transfer price was set at 4.90 yuan per share, with the transfer executed on September 18, 2025 [20][30]. - The disclosing parties, including JinkoSolar Investment Co., Ltd. and several limited partnerships, are considered concerted actors, maintaining control over the company [7][23]. Group 3: Compliance and Disclosure - The disclosing parties have ensured that the report and related documents are truthful, accurate, and complete, taking legal responsibility for any misrepresentation [4][16]. - The report complies with relevant laws and regulations, including the Securities Law of the People's Republic of China and the rules governing the disclosure of equity changes [1][4].

Company Movements - Nvidia will invest $5 billion in Intel at a price of $23.28 per share, establishing a partnership where Intel will customize x86 CPUs for Nvidia's AI infrastructure platform [5] - Huawei announced new product plans at the Huawei Connect 2025 event, including the Ascend 950PR chip expected in Q1 2026 and the Kunpeng 950 chip anticipated in Q4 2026 [6] - DeepSeek issued a statement warning against fraudsters impersonating the company for "computing power leasing" and "equity financing," emphasizing that all payments should be made through official channels [6] - Fulin Precision signed a prepayment agreement worth 1.5 billion yuan with CATL to secure lithium iron phosphate supply [6] - Shenzhen Huaqiang stated on an interactive platform that it provides electronic components to Yushu Technology [6] Investment News - On September 18, A-shares experienced volatility with the Shanghai Composite Index closing down 1.15% at 3,831.66 points, with a total market turnover of 3.17 trillion yuan [3] - The Hong Kong Hang Seng Index fell 1.35% to 26,544.85 points, with significant declines in cyclical stocks and financial sectors, while semiconductor and robotics sectors showed resilience [3] - The Shanghai Stock Exchange reported unusual trading activities in Tianpu Co., leading to regulatory measures against certain investors [3] - Goldman Sachs maintained an "overweight" rating on A-shares and H-shares, predicting an 8% and 3% upside respectively over the next 12 months [4] - As of September 17, the total scale of bond issuance by securities firms reached 1.14 trillion yuan, significantly higher than the 693.7 billion yuan in the same period last year [4]

| 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2025-057 | | --- | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | | 晶科能源股份有限公司 股东询价转让结果报告书暨持股 5%以上股东权益变动 触及 5%整数倍的提示性公告 晶科能源投资有限公司（以下简称"晶科能源投资"）、上饶市润嘉企业管理 发展中心（有限合伙）（以下简称"上饶润嘉"）、上饶市卓群企业发展中心（有 限合伙）（以下简称"上饶卓群"）、上饶市卓领贰号企业发展中心（有限合伙） （以下简称"上饶卓领贰号"）、上饶市卓领企业发展中心（有限合伙）（以下简 称"上饶卓领"）、上饶市凯泰贰号企业发展中心（有限合伙）（以下简称"上饶 凯泰贰号"）、上饶市凯泰企业管理发展中心（有限合伙）（以下简称"上饶凯 泰"）（晶科能源投资、上饶润嘉、上饶卓领贰号、上饶凯泰贰号以下合称"转让 方"）保证向晶科能源股份有限公司（以下简称"晶科能源"或"公司"）提供的 信息内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其真实性、准确性 和完整性依法承担法律责任。本公司及董事会全体成员保证公告内容与信息披露义 ...

晶科能源股份有限公司 简式权益变动报告书 上市公司名称：晶科能源股份有限公司 股票上市地点：上海证券交易所科创板 股票简称：晶科能源 股票代码：688223 信息披露义务人 1：晶科能源投资有限公司 住所及通讯地址：RM 803, 8/F., Yue Xiu Building, 160-174 Lockhart Road, Wan Chai, Hong Kong 信息披露义务人 2：上饶市润嘉企业管理发展中心（有限合伙） 住所及通讯地址：江西省上饶经济技术开发区金融产业园 A 区 5 号楼 7 楼 信息披露义务人 3：上饶市卓群企业发展中心（有限合伙） 住所及通讯地址：江西省上饶经济技术开发区金融产业园 A 区 5 号楼 7 楼 信息披露义务人 4：上饶市卓领贰号企业发展中心（有限合伙） 住所及通讯地址：江西省上饶经济技术开发区金融产业园 A 区 5 号楼 7 楼 信息披露义务人 5：上饶市卓领企业发展中心（有限合伙） 住所及通讯地址：江西省上饶经济技术开发区金融产业园 A 区 5 号楼 7 楼 1 信息披露义务人 6：上饶市凯泰贰号企业发展中心（有限合伙） 住所及通讯地址：江西省上饶经济技术开发区金融产业园 ...

中信证券股份有限公司 关于晶科能源股份有限公司 经核查，中信证券就本次询价转让的股东、受让方是否符合《上海证券交易所科创 板上市公司自律监管指引第 4 号——询价转让和配售（2025 年 3 月修订）》（以下简 称"《询价转让和配售指引》"）要求，本次询价转让的询价、转让过程与结果是否公 平、公正，是否符合《询价转让和配售指引》的规定作出如下报告说明。 一、本次询价转让概况 （一）本次询价转让转让方 截至 2025 年 9 月 12 日，转让方所持公司首发前股份的数量及占公司总股本比例情 况如下： | 序号 | 股东名称 | 持股数量（股） | 持股比例 | | --- | --- | --- | --- | | 1 | 晶科能源投资有限公司 | 5,862,072,000 | 58.59% | | 2 | 上饶市润嘉企业管理发展中心（有限合伙） | 316,480,000 | 3.16% | | 3 | 上饶市卓领贰号企业发展中心（有限合伙） | 217,080,000 | 2.17% | | 4 | 上饶市凯泰贰号企业发展中心（有限合伙） | 87,128,000 | 0.87% | （二）本次询价转让数 ...

晶科能源 2025 年第一次临时股东大会 晶科能源股份有限公司 2025年第一次临时股东大会会议资料 二〇二五年九月 | 年第一次临时股东大会参会须知 | 2025 | 2 | | --- | --- | --- | | 年第一次临时股东大会会议议程 | 2025 | 4 | | 议案一、关于出售子公司股权的议案 | 6 | | 晶科能源 2025 年第一次临时股东大会 晶科能源股份有限公司 2025 年第一次临时股东大会参会须知 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》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司股东会规则（2025 年修订）》以及《晶科能源股份有 限公司章程》（以下简称"《公司章程》"）、《晶科能源股份有限公司股东大会议事规则》等相 关规定，晶科能源股份有限公司（以下简称"公司"）特制定 2025 年第一次临时股东大会 参会须知。 一、为保证股东大会的严肃性和正常秩序，切实维护与会股东（或股东代表）的合法权 益，除出席会议的股东（或股东代表）、公司董事、监事、高级管理人员 ...

Core Viewpoint - JinkoSolar, a leading company in the photovoltaic industry, is undergoing significant asset sales and share transfers amid a challenging market environment, aiming to improve operational efficiency and secure funding for future growth [1][3]. Group 1: Asset Sales and Share Transfers - JinkoSolar announced the sale of 80% of its subsidiary Jinko New Materials to Dike Co., with a transaction price of 80 million yuan, reflecting a premium of 299.08% [2][3]. - The company’s major shareholder plans to transfer approximately 400 million shares at an initial price of 4.90 yuan per share, potentially raising around 1.96 billion yuan [1][4]. - The first payment of 16 million yuan for the sale of Jinko New Materials has been received [2]. Group 2: Financial Performance - In the first half of 2025, JinkoSolar reported a net loss of approximately 2.91 billion yuan, a significant decline of 342.38% year-on-year, with total revenue dropping by 32.63% to 31.83 billion yuan [5]. - The company’s asset-liability ratio reached 74.07%, indicating a relatively high level of debt compared to peers [4]. Group 3: Industry Context - The photovoltaic industry is experiencing a downturn, with increased competition and declining prices across the supply chain, prompting companies to adopt measures such as asset sales and cost-cutting [3][5]. - JinkoSolar aims to achieve profitability by 2026, focusing on technological upgrades and market expansion, particularly in overseas markets [5][6]. Group 4: Strategic Initiatives - JinkoSolar is investing in next-generation technologies and expanding its global footprint, with significant sales revenue from international markets, accounting for over 60% of total sales in the first half of 2025 [6]. - The company is also developing its energy storage business, with a target of 6 GWh in shipments for the year, although it is not yet a major contributor to overall performance [8]. Group 5: Market Challenges - Trade protection policies, particularly from the U.S., are impacting JinkoSolar's international operations, but the company is adapting its supply chain to mitigate these effects [7].