Group 1 - Jinko Energy has submitted a plan for a 1440MWh solar energy storage project in New South Wales, Australia, which includes a 133.76MW photovoltaic power station and a 360MW/1440MWh storage system [1] - The project is located in the Garoo rural area, covering 369 hectares, and is surrounded by other solar storage projects, such as Total Eren's 600MWh Middlebrook project and Venn Energy's 1200MWh Lambrook project [1] - The Garoo solar storage project will connect to the National Electricity Market (NEM) across eastern and southern Australia, with construction expected to start next year and an operational lifespan of 30 years [1] Group 2 - Last year, Jinko Energy submitted a plan for an 800MWh solar energy storage project in Queensland, which includes a 600MW photovoltaic power station and a 400MW/800MWh (2-hour) storage system [2]

Core Insights - The overall revenue of listed companies in China reached 71.98 trillion yuan for 2024, with nearly 60% of companies reporting positive revenue growth [1] - Companies are focusing on global expansion, digital transformation, and diversification to enhance core competitiveness, with "artificial intelligence" frequently mentioned as a key opportunity [1] Industry Analysis - The photovoltaic industry remains optimistic, with companies like JinkoSolar and Trina Solar expecting over 10% growth in global installation demand by 2025, driven by emerging markets [1][2] - The white liquor industry is undergoing a transition, with Kweichow Moutai targeting a 9% revenue growth for 2025, adapting to rational consumption trends [2] - The cloud computing sector showed a significant revenue increase of 16.19% year-on-year, while the chip design and integrated circuit industries also returned to a growth cycle with over 19% revenue and net profit growth [3] Technological Impact - New technologies, particularly artificial intelligence, are reshaping industry ecosystems, with companies highlighting their potential for future growth during earnings presentations [2][3] - The optical module industry is experiencing revenue growth due to increased demand for computing infrastructure, with expectations for a rise in 1.6T optical module shipments starting in Q2 2025 [4] Diversification Strategies - Companies like SANY Heavy Industry are committed to global, digital, and low-carbon strategies, achieving 48.51 billion yuan in international revenue, a 12.15% increase [5] - Huaqin Technology emphasizes a diversified product layout with 50% of its business coming from overseas, aiming to mitigate global trade risks through a broad customer base [5]

在当下中国经济新旧动能转换的关键时期，产业格局正经历深刻变革，新产业蓬勃兴起，传统产业加速 升级。然而，"内卷式"竞争这一顽疾却在部分行业悄然滋生。部分光伏、储能等领域企业为争夺市场份 额，不惜低价倾销，扰乱市场秩序。 多位受访的业内人士对中国证券报记者表示，"内卷式"竞争的深层次原因主要是技术创新不足、专利保 护缺失、市场信号不清等。面对这一困境，国家发改委、国家市场监管总局等多部门密集出台整治举 措，力求斩断"内卷"枷锁。与此同时，业内头部企业纷纷探索破局之道，以模式创新、技术革新及强化 专利保护为利刃，在激烈竞争中开辟差异化发展路径，引领行业从"价格内卷"向"价值创造"转型。 以模式创新走差异化之路 在市场供求关系变化的背景下，光伏、储能行业的上市公司逐渐从"供给侧创新"向"需求侧创新"转变， 挖掘贴近市场需求的发展新模式。 "未来靠单独生产组件来'卷'产品，已经不能满足客户的需求，未来光伏产品要从过去的'单一性'向'系 统性'转变，以模式创新实现差异化发展。"天合光能战略、产品与市场负责人张映斌在接受中国证券报 记者采访时表示，随着不同细分场景需求的日渐多元，为客户提供综合解决方案将是光伏行业破除"内 ...

Core Viewpoint - The announcement provides an update on the conversion of the company's convertible bonds, detailing the amount converted and the remaining outstanding bonds. Group 1: Conversion Status - As of June 30, 2025, a total of RMB 114,000 has been converted into shares of JinkoSolar, resulting in 8,325 shares, which represents 0.000083% of the company's total shares before conversion [2][7] - The amount of convertible bonds that have not been converted as of June 30, 2025, is RMB 9,999,886,000, accounting for 99.9989% of the total issuance [2][7] - During the quarter from April 1, 2025, to June 30, 2025, RMB 3,000 was converted into 222 shares, which is 0.000002% of the company's total shares before conversion [2][6] Group 2: Convertible Bond Issuance Overview - The company was approved to issue 10 million convertible bonds with a total fundraising amount of RMB 1 billion, with a maturity period of six years from April 20, 2023, to April 19, 2029 [3] - The convertible bonds, named "Jineng Convertible Bonds," began trading on the Shanghai Stock Exchange on May 19, 2023, with an initial conversion price set at RMB 13.79 per share [3] - The conversion price was adjusted to RMB 13.70 per share starting July 14, 2023, due to the company's annual equity distribution plan [4] Group 3: Future Adjustments - The conversion price will be further adjusted to RMB 13.48 per share starting June 7, 2024, as part of the company's annual equity distribution plan [5]

一、可转债发行上市概况 根据中国证券监督管理委员会《关于同意晶科能源股份有限公司向不特定对 象发行可转换公司债券注册的批复》（证监许可〔2023〕683号），公司获准向 不特定对象发行可转换公司债券10,000.00万张，每张面值为人民币100.00元，募 集资金总额为1,000,000.00万元，本次发行的可转换公司债券的存续期限为自发 行之日起六年，即自2023年4月20日至2029年4月19日。 | 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2025-038 | | --- | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | | 晶科能源股份有限公司 可转债转股结果暨股份变动公告 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。 重要内容提示： 累计转股情况：截至2025年6月30日，"晶能转债"累计有人民币114,000 元已转换为晶科能源股份有限公司（以下简称"公司"）股票，累计转股数量为 8,325股，占"晶能转债"转股前公司已发行股份总额的0.000083%。 ...

股票简称：晶科能源 股票代码：688223.SH 债券简称：晶能转债 债券代码：118034.SH 晶科能源股份有限公司 向不特定对象发行可转换公司债券 受托管理事务报告（2024 年度） 债券受托管理人 （北京市朝阳区安立路 66 号 4 号楼） 二零二五年六月 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、《晶 科能源股份有限公司 2022 年向不特定对象发行可转换公司债券之受托管理协议》 （以下简称"《受托管理协议》"）、《晶科能源向不特定对象发行可转换公司债券 募集说明书》（以下简称"《募集说明书》"）、《晶科能源股份有限公司 2024 年年 度报告》等相关公开信息披露文件、第三方中介机构出具的专业意见等，由本 期可转换公司债券受托管理人中信建投证券股份有限公司（以下简称"中信建 投证券"）编制。中信建投证券对本报告中所包含的从上述文件中引述内容和信 息未进行独立验证，也不就该等引述内容和信息的真实性、准确性和完整性做 出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相 关事宜做出独立判断，而不应将本报告中的任何内容据以作为中信建 ...

| 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2025-037 | | --- | --- | --- | | 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"晶能转债"预计满足转股价格修正条件的 提示性公告 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。 一、可转债发行上市概况 根据中国证券监督管理委员会《关于同意晶科能源股份有限公司向不特 定对象发行可转换公司债券注册的批复》（证监许可〔2023〕683号），晶科 能源股份有限公司（以下简称"公司"）获准向不特定对象发行可转换公司 债 券 10,000.00 万 张 ， 每 张 面 值 为 人 民 币 100.00 元 ， 募 集 资 金 总 额 为 1,000,000.00万元，本次发行的可转换公司债券的存续期限为自发行之日起六 年，即自2023年4月20日至2029年4月19日。 经上海证券交易所"自律监管决定书〔2023〕101号"文同意，公司 1,000,000.00万元可转换公司债券于2023年5月19日 ...

Core Viewpoint - The primary task for JinkoSolar this year is to accelerate the upgrade and optimization of production capacity to over 650W, which is seen as a critical threshold for high-performance products in the photovoltaic industry [1][2]. Group 1: Industry Trends - The photovoltaic industry is undergoing unprecedented changes and challenges, with intensified competition and efforts to eliminate inefficient production capacity [2]. - Since the second half of last year, various stakeholders have been working to accelerate the clearing of low-efficiency capacity, leading to strict control over new capacity additions [2]. - The transition to high-efficiency production capacity is essential for companies to navigate the current cycle [2]. Group 2: Company Strategy - JinkoSolar aims to complete the upgrade of 40GW-50GW of high-performance product capacity by the end of the year [2]. - The company has established a global presence, with overseas sales expected to account for nearly 70% of its component sales by 2024, indicating significant success in expanding into high-margin markets [2]. - JinkoSolar has set up 10GW of N-type integrated capacity in Vietnam and operates 2GW of capacity in the U.S. at full production [2]. Group 3: Market Opportunities - The company is collaborating with the Public Investment Fund and Saudi Energy Equipment Company on a high-efficiency battery and component project in Saudi Arabia, enhancing its competitiveness in the Middle East market [2]. - The trend of global supply chain fragmentation necessitates smart upgrades in manufacturing and diversified ecological chains, which are crucial for building new competitive advantages [3]. - JinkoSolar is adopting a "local manufacturing, local supply" strategy to leverage product competitiveness in rapidly growing markets like Southeast Asia and the Middle East, where high electricity prices create significant market opportunities [3].

Core Viewpoint - The photovoltaic industry is experiencing a prolonged adjustment cycle, but companies with core competencies such as technology and globalization will continue to thrive despite short-term challenges [1][4][5]. Industry Overview - The photovoltaic sector is characterized by a long-term growth potential, with global demand for renewable energy remaining strong despite short-term fluctuations [4][5]. - The current adjustment cycle in the photovoltaic industry is longer than expected, with demand expected to cool in the third quarter due to policy changes, but improvement is anticipated in the fourth quarter as projects commence [1][2]. Market Dynamics - A significant bifurcation is expected in the industry, with high-efficiency, high-power capacity (650W and above) becoming a scarce resource, leading to greater pricing power for companies with technological advantages [2]. - The domestic market has shown a steady upward trend over the past five years, while overseas demand is shifting towards emerging markets in Latin America, Southeast Asia, South Asia, and the Middle East [3]. Company Strategy - The company has a strong focus on overseas markets, with 68.6% of its revenue coming from international operations, particularly in the Middle East and Southeast Asia [7]. - The company plans to upgrade existing production capacity rather than expand, aiming for 40% of its capacity to be in the 540-650W range [7][8]. Technological Advancements - N-type solar cells are seen as a platform technology that can integrate various new processes, potentially reaching efficiency levels close to the physical limits of monocrystalline silicon cells [8][9]. - Energy storage technology is crucial for addressing the intermittency of solar power, with the company actively expanding its storage business, which has seen a sixfold increase year-on-year [9].

| 证券代码：688223 | 证券简称：晶科能源 公告编号：2025-036 | | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | 晶科能源股份有限公司 关于日常关联交易协议的进展公告 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。 2025 年 6 月 24 日，晶科能源股份有限公司（以下简称"公司"）收到晶科 电力科技股份有限公司（以下简称"晶科科技"）出具的《关于下属工商业分布 式光伏电站项目公司对外出售的告知函》。相关具体情况如下： 一、本次日常关联交易协议的进展概况 为推进轻资产战略需要，晶科科技决定将浙江晶源电力有限公司、海宁市晶 灿光伏发电有限公司、海宁市晶步光伏发电有限公司、海宁市晶能光伏电力有限 公司（以下合称"4 家工商业分布式电站项目公司"）100%的股权整合至横峰县 晶格电力有限公司（以下简称"持股平台"），并对外转让持股平台 100%的股权。 本次股权转让交易完成交割后，上述项目公司将不再纳入晶科科技合并报表范围。 本次涉及公司下属厂区的 7 个屋顶分布式光伏电 ...