Group 1 - JinkoSolar has signed a supply agreement for 18.79MW of Tiger Neo3.0 high-efficiency photovoltaic modules with customers in North Asia [1] - The collaboration addresses key challenges in the North Asia region, such as scarce rooftop resources, low light conditions, and high salt mist along coastal areas [1] - The products offer advantages in high power, strong adaptability, and corrosion resistance, providing optimal solutions for residential and commercial distributed photovoltaic projects [1] Group 2 - This partnership further deepens JinkoSolar's strategic layout in the North Asia distributed photovoltaic market [1] - The initiative supports local energy transition and the achievement of carbon neutrality goals [1]

Core Viewpoint - JinkoSolar has achieved a record battery efficiency of 27.79%, solidifying its position in the TOPCon technology mainstream and paving the way for future advancements in solar energy applications, particularly in space [1][2]. Group 1: Battery Efficiency and Technology Innovations - The company has integrated multiple core technological innovations, including new passivated contact technology and ultra-low optical parasitic absorption technology, to reach a new high in battery efficiency [2]. - The conversion efficiency of the perovskite tandem battery has reached 34.76%, establishing a strong foundation for space energy applications [4]. Group 2: Commodity Price Impact and Cost Reduction Strategies - The recent rise in silver and other commodity prices has prompted the company to accelerate the development of silver-coated copper technology, which is expected to provide a significant cost advantage in the industry [3]. - The company is implementing hedging strategies to mitigate the impact of raw material price fluctuations while pushing for the adoption of cheaper metal solutions [3]. Group 3: Market Demand and Pricing Dynamics - Domestic demand remains resilient, with approximately 60-70GW of large-scale projects not subject to mechanism pricing, supported by policies for green electricity direct connection [8]. - The company has adjusted its component pricing to account for raw material price increases, with short-term price stabilization expected and a long-term outlook for improved supply-demand dynamics and profitability recovery [5]. Group 4: High-Power Product Performance - The company has begun delivering high-power products (640W and above), achieving a premium of 1-2 cents per watt compared to non-upgraded products [6]. - With the anticipated release of high-power production capacity in the first half of next year, the company expects that high-power product shipments will account for no less than 60% of total shipments by 2026 [7].

Core Viewpoint - The N-type TOPCon solar cell technology is rapidly evolving, with significant growth in production and market share expected in the coming years, driven by its advantages over P-type cells and increasing investments from Chinese photovoltaic companies [1][4]. Group 1: Industry Overview - TOPCon cells utilize a tunneling oxide passivated contact structure, enhancing charge transport and energy conversion efficiency compared to traditional P-type cells [2][4]. - The global shipment volume for TOPCon cells is projected to reach 565.2 GW in 2025 and 652.7 GW in 2026, with significant growth also expected for Xbc and HJT cells [1][4][6]. - In China, TOPCon cell shipments are anticipated to grow from 534.6 GW in 2025 to 609.1 GW in 2026, reflecting a strong domestic market for N-type technology [1][6]. Group 2: Technological Advantages - TOPCon cells offer higher conversion efficiency, better performance in low-light conditions, and reduced degradation compared to P-type cells [3][4]. - The production process for TOPCon cells involves additional steps compared to PERC, but it results in lower costs and higher potential for premium pricing [3][4]. Group 3: Industry Development History - The development of TOPCon technology can be categorized into four phases: initial technology formation (2015-2017), product layout (2018-2020), commercial promotion (2021-2022), and explosive growth (2023-present) [8]. Group 4: Competitive Landscape - Major companies in the N-type TOPCon sector include JinkoSolar, Tongwei, JA Solar, Trina Solar, and others, all of which have begun large-scale production of N-type TOPCon cells [10][11]. - Yingfa Energy is recognized as a leading manufacturer with a significant market share, achieving a production capacity of 32.7 GW and a revenue of 35.4 billion yuan from N-type TOPCon cells in 2024 [10][11]. Group 5: Future Trends - The N-type technology is expected to dominate the market, with increasing penetration rates and a shift towards cost reduction and diverse application scenarios [14]. - The industry is likely to see accelerated technological breakthroughs and a concentration of production capacity as it moves towards a clearing phase [14].

| 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2025-091 | | --- | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | | 晶科能源股份有限公司 关于提供担保的进展公告 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。 重要内容提示： 一、担保情况概述 为满足公司及相关子公司经营发展需要，公司为子公司向金融机构申请融资 提供连带责任保证担保，本次公告担保金额合计为人民币 7.5 亿元，具体如下： 1、青海晶科能源有限公司（以下简称"青海晶科"）向兴业银行股份有限 公司西宁分行申请周转类组合债项授信敞口额度不超过人民币 3 亿元，授信期限 不超过一年，公司为上述授信额度提供连带责任保证担保，担保金额不超过人民 币 3 亿元，具体以签订的担保协议为准。 2、晶科能源(肥东)有限公司(以下简称"肥东晶科")向渤海银行股份有限 公司合肥分行申请综合授信敞口额度不超过人民币 3 亿元，授信期限不超过 2 年，公司为上述敞口授信额度提供连带责任保证担保，担保金额为人民币 3 ...

上海市锦天城律师事务所 关于晶科能源股份有限公司 2025 年第三次临时股东会的 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 2025 年第三次临时股东会的 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 2025 年第三次临时股东会（以下简称 "本次股东会"）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，对本次股东会所涉及的相关事项 进行了必要的核 ...

| 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2025-092 | | --- | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | | 晶科能源股份有限公司 2025年第三次临时股东会决议公告 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 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 12 月 29 日 （二） 股东会召开的地点：上海市闵行区申长路 1466 弄 1 号晶科中心 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 574 | | --- | --- | | 普通股股东人数 | 574 | | 2、出席会议的股东所持有的表决权数量 | 7,064,605,847 | | 普通股股东所持有表决权数量 | 7,064,605,847 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 70.819 ...

来源：新浪证券-红岸工作室 12月26日，晶科能源涨1.78%，成交额6.56亿元。两融数据显示，当日晶科能源获融资买入额7504.80万 元，融资偿还1.08亿元，融资净买入-3299.31万元。截至12月26日，晶科能源融资融券余额合计10.01亿 元。 融资方面，晶科能源当日融资买入7504.80万元。当前融资余额9.96亿元，占流通市值的1.74%，融资余 额超过近一年90%分位水平，处于高位。 资料显示，晶科能源股份有限公司位于上海市闵行区申长路1466弄1号晶科中心，成立日期2006年12月 13日，上市日期2022年1月26日，公司主营业务涉及太阳能光伏组件、电池片、硅片的研发、生产和销 售以及光伏技术的应用和产业化,并以此为基础向全球客户提供高效、高质量的太阳能光伏产品。主营 业务收入构成为：产品销售100.00%。 截至9月30日，晶科能源股东户数7.73万，较上期增加4.14%；人均流通股129456股，较上期减少 3.97%。2025年1月-9月，晶科能源实现营业收入479.86亿元，同比减少33.14%；归母净利润-39.20亿 元，同比减少422.67%。 分红方面，晶科能源A股上市 ...

Group 1 - The photovoltaic industry is expected to enter a new development cycle, with China's new installed capacity reaching 277.2 GW in 2024, a year-on-year increase of 27.8%, and a cumulative installed capacity of 886.7 GW by the end of 2024, reflecting a compound annual growth rate of 39.8% from 2015 to 2024 [18][19] - The penetration rate of photovoltaic power generation in China has increased from 0.4% in 2014 to 9.8% in 2024, surpassing the global average, indicating significant growth potential in the future [20][24] - The industry is currently facing "involution" competition, leading to a supply-demand imbalance and widespread losses among companies, necessitating a shift from price competition to value competition driven by technological innovation [3][28] Group 2 - Capital expenditure in the photovoltaic industry is significantly decreasing, with a 46.4% year-on-year decline in 2025, indicating a strategic shift towards focusing on advanced technologies rather than blind expansion [47][48] - The BC technology penetration rate is rapidly increasing, with market share expected to rise to 5.0% in 2024, up 4.1 percentage points from 2023, providing a differentiated and high-margin breakthrough for photovoltaic companies [67][68] - The efficiency of perovskite solar cells has reached new heights, with the potential for further industrialization and cost reduction, making them a strategic focus for the future [9][34] Group 3 - The central economic work conference has emphasized the need to deeply rectify "involution" competition, which is particularly prevalent in the photovoltaic industry, aiming to enhance quality and efficiency rather than scale [32][33] - The market is witnessing a structural adjustment, with leading companies focusing on building long-term competitive advantages through investments in next-generation technologies, such as BC and perovskite cells [48][64] - The recent procurement adjustments by China Huaneng Group for high-efficiency components, increasing the share of components with conversion efficiency of 23.8% and above to 58.3%, signal a shift towards high-quality development in the industry [71]

Market Overview - The Shanghai Composite Index is at 3979.82 points, above the annual line, with a change of 0.41% [1] - The total trading volume of A-shares is 11,702.17 million yuan [1] Stocks Breaking Annual Line - A total of 57 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - Stocks with the highest deviation rates include: - Nova Star Cloud (4.63%) - Dong'an Power (4.51%) - Jida Communication (4.00%) [1] Detailed Stock Performance - Nova Star Cloud: Today's change is 6.74%, with a turnover rate of 3.75%, latest price at 166.51 yuan [1] - Dong'an Power: Today's change is 10.03%, with a turnover rate of 4.97%, latest price at 13.16 yuan [1] - Jida Communication: Today's change is 4.92%, with a turnover rate of 6.55%, latest price at 9.60 yuan [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - Tuo Wei Information: Change of 4.23%, latest price at 32.00 yuan, deviation rate of 3.66% [1] - Jingke Energy: Change of 6.29%, latest price at 6.08 yuan, deviation rate of 3.51% [1] - Stocks with smaller deviation rates that have just crossed the annual line include: - Hada Technology: Change of 2.45%, latest price at 10.88 yuan, deviation rate of 2.01% [1] - Blue Sail Medical: Change of 2.38%, latest price at 5.60 yuan, deviation rate of 1.96% [1]

Group 1 - The core viewpoint of the news is that the photovoltaic ETF Huaxia (515370) has seen a significant increase in both stock performance and fund inflow, indicating strong investor interest in the photovoltaic sector [1] Group 2 - On December 29, the photovoltaic ETF Huaxia (515370) rose by 0.21%, with its holdings such as Maiwei Co., Ltd. increasing by over 16%, Junda Co., Ltd. hitting the daily limit, and JinkoSolar rising by over 7% [1] - Over the past twenty days, the net inflow into the photovoltaic ETF Huaxia (515370) exceeded 1.2 billion yuan, bringing its latest scale to 1.56 billion yuan, a record high [1] - The photovoltaic ETF Huaxia (515370) tracks the CSI Photovoltaic Industry Index, which includes companies across the entire photovoltaic industry chain, such as silicon wafers, polysilicon, solar cells, cables, photovoltaic glass, battery modules, inverters, photovoltaic brackets, and solar power plants, providing a comprehensive reflection of the overall performance of the photovoltaic industry [1]