Overview of Overseas Business - The company has concentrated its overseas business in regions such as the United States, Europe, Japan, South Korea, and Southeast Asia, with products sold to nearly 200 countries and regions globally. In 2024, overseas component shipments accounted for approximately 57.8% of total shipments, while overseas sales represented 68.6% of total revenue [2][3]. Sales Performance by Region - Sales revenue for different regions in 2024 was as follows: Europe: 13.702 billion yuan, Americas: 22.432 billion yuan, Asia-Pacific: 13.654 billion yuan, and other regions: 11.360 billion yuan. The gross profit margins for these regions were 7.35%, 26.21%, 0.23%, and 24.60%, respectively, showing significant variations compared to the previous year [2][3]. Customer Analysis - The company is required to disclose detailed information about its top five customers in each region, including customer names, main businesses, countries, cooperation duration, and sales specifics. This includes whether they are new major customers and any relationships with the company or its controlling shareholders [2][3]. Gross Margin Variations - The gross margin for the company’s products showed significant changes across regions. The gross margin in Europe and Asia-Pacific decreased, while it increased in the Americas and other regions. This was attributed to variations in sales prices and unit costs, with the Americas maintaining higher sales prices due to existing contracts and local demand [5][6]. Cost Structure and Material Prices - The overall cost structure of the company showed a downward trend in 2024, primarily due to a significant drop in the prices of key raw materials such as silicon, photovoltaic glass, and encapsulation films. The direct material costs accounted for a substantial portion of total costs, with direct materials making up 65.65% of the total cost structure [6][7]. Market Demand and Trade Policies - The company anticipates a slight increase in global installation demand in 2025, with emerging markets continuing to grow. However, demand in Europe is expected to weaken, while the Americas and Asia-Pacific markets show positive trends. Trade policies, particularly in North America and India, have a significant impact on market access and costs [6][7]. Competitive Positioning - The company has maintained a leading position in the photovoltaic industry by continuously improving its product efficiency and technology, particularly with its N-type TOPCon technology. The average efficiency of mass-produced batteries and the introduction of innovative photovoltaic modules have further solidified its competitive edge [7].

证券代码：688223 证券简称：晶 科 能 源 公告编号：2025-033 债券代码：118034 债券简称：晶科转债 晶 科 能 源股份有限公司 关于自愿披露公司 182N 型高效单晶硅电池及 N 型 TOPCon 高效光伏组件转化效率获得第三方认证的 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。 一、本次认证的基本情况 晶 科 能 源股份有限公司（以下简称"公司"）全资子公司浙江晶 科 能 源有限 公司（以下简称"浙江晶科"）自主研发的 182N 型高效单晶硅电池（TOPCon） 转换效率经国家光伏产业计量测试中心第三方测试认证，全面积电池转换效率达 到 27.02%，创造了大面积 N 型单晶钝化接触（TOPCon）电池转换效率新的纪录。 同时，浙江晶科自主研发的 N 型 TOPCon 高效光伏组件经第三方权威机构 T?V 南德测试认证，组件最高转换效率达到了 25.58%，创造了全球同类组件效率新 的纪录。 这一引领行业的双纪录突破，源于公司深厚的技术积累和对创新的不懈追求。 在电池端，公司率先开发出金属化 ...

Group 1: Stock Resumption and Suspension - Huasheng Co. plans to acquire 100% of Yixin Technology, leading to stock resumption [1] - Tianyi Ma intends to purchase 100% equity of intelligent self-service equipment company Xingyun Kaiwu, resulting in stock resumption [1] - Guotou Zhonglu is set to acquire controlling interest in Electronic Institute, and will continue to suspend trading [1] - Zhongda An's controlling shareholder is planning to issue shares to specific targets, causing a change in control and continued suspension of trading [1] Group 2: Share Buybacks and Equity Transfers - Inspur Information plans to repurchase shares worth 200 million to 300 million yuan to reduce registered capital [2] - WuXi AppTec has completed a 1 billion yuan share buyback and plans to cancel the shares [2] - Shanghai Mechanical and Electrical's controlling shareholder intends to transfer 5% of shares through an agreement [2] - Cambrian has adjusted the upper limit for share repurchase price to no more than 818.87 yuan per share [2] Group 3: Daily Operations and External Investments - JinkoSolar has achieved a record conversion efficiency of 27.02% for its 182N-type high-efficiency monocrystalline silicon cells [3] - Wanyi Technology has established a joint laboratory for the development of key vacuum measurement equipment for nuclear fusion [3] - Hailianxun's application for a stock swap merger with Hangqilun has been accepted by the Shenzhen Stock Exchange [3] - Baotai has signed a licensing and production agreement with SteinCares for BAT2406 (Dupilumab) injection [3] - Tailinwei's sales of edge AI new products reached a scale of 10 million yuan in the second quarter [3] - Guiguan Electric is investing 9.5 billion yuan in the construction of a photovoltaic project [3] - Songsheng Co. has signed a contract with Chongqing Jingang Transmission for the development of robotic harmonic reducers and intelligent joint technology [3] - Huilv Ecology's silicon optical single-mode products have entered mass production [3] - Hongmian Co. plans to acquire 39.99% equity of Asia Foods for 90.28 million yuan and accept 60% voting rights delegation [3]

评级机构东方金诚在对公司经营状况及相关行业进行综合分析与评估的基 础上，于近期出具了《晶科能源股份有限公司主体及"晶能转债"2025 年度跟 踪评级报告》（东方金诚债跟踪评字【2025】0190 号），评级结果如下：公司主 体信用等级维持为"AA+"，评级展望维持为"稳定"，"晶能转债"信用等级 维持为"AA+"。 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的《晶 前次债券评级：公司主体信用等级为"AA+"，评级展望为"稳定"， "晶能转债"的信用等级为"AA+"。 本次债券评级：公司主体信用等级为"AA+"，评级展望为"稳定"， "晶能转债"的信用等级为"AA+"。 | 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2025-035 | | --- | --- | --- | | 转债代码：118034 | 转债简称：晶能转债 | | 晶科能源股份有限公司 关于"晶能转债"跟踪信用评级结果的公告 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。 重要内容提示： 根据《上市公 ...

信用等级通知书 东方金诚债跟踪评字【2025】0190 号 晶科能源股份有限公司： 东方金诚国际信用评估有限公司根据跟踪评级安排对贵公司及发行 的"晶能转债"的信用状况进行了跟踪评级，经信用评级委员会评 定，此次跟踪评级维持贵公司主体信用等级为 AA+，评级展望为稳 定，同时维持"晶能转债"的信用等级为 AA+。 东方金诚国际信用评估有限公司 信评委主任 二〇二五年六月二十日 东方金诚债跟踪评字【2025】0190 号 信用评级报告声明 为正确理解和使用东方金诚国际信用评估有限公司（以下简称"东方金诚"）出具的信用评级 报告（以下简称"本报告"），本公司声明如下： 1.本次评级为委托评级，东方金诚与受评对象不存在任何影响本次评级行为独立、客观、公正 的关联关系，本次项目评级人员与评级对象之间亦不存在任何影响本次评级行为独立、客观、 公正的关联关系。 2.本次评级中，东方金诚及其评级人员遵照相关法律、法规及监管部门相关要求，充分履行了 勤勉尽责和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 3.本评级报告的结论，是按照东方金诚的评级流程及评级标准做出的独立判断，未受评级对象 和第三方组织或个人 ...

中信建投证券股份有限公司 关于晶科能源股份有限公司 2024 年年度报告的信息披露监管问 询函回复的核查意见 上海证券交易所： 晶科能源股份有限公司（以下简称"晶科能源"或"公司"）于近期收到《关于晶 科能源股份有限公司 2024 年年度报告的信息披露监管问询函》（上证科创公函﹝2025﹞ 0158 号，以下简称"《监管问询函》"）。晶科能源已会同中信建投证券股份有限公 司（以下简称"中信建投证券"或"持续督导机构"）、会计师天健会计师事务所（特 殊普通合伙）（以下简称"天健会计师"或"会计师"）等相关各方，对《监管问询函》 相关事项进行了审慎核查，具体核查情况如下。由于涉及商业敏感信息，公司申请对客 户名称、毛利率等数据进行了豁免披露。 1.关于境外业务 根据披露，报告期内，公司境外业务集中在美国、欧洲、日本、韩国、东南亚等 国家和地区，产品累计销往全球近 200 个国家和地区，2024 年全年海外组件出货占比 接近 57.8%，海外销售额占比 68.6%。其中，对欧洲地区、美洲地区、亚太地区、其他 地区分别实现销售收入 137.02 亿元、224.32 亿元、136.54 亿元、113.60 亿元，毛利 ...

| 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2025-034 | | --- | --- | --- | | 债券代码：118034 | 债券简称：晶科转债 | | 晶科能源股份有限公司 关于 2024 年年度报告的信息披露监管问询函的回复公告 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。 晶科能源股份有限公司（以下简称"晶科能源"或"公司"）于近期收到《关于晶 科能源股份有限公司 2024 年年度报告的信息披露监管问询函》（上证科创公函﹝2025﹞ 0158 号，以下简称"《监管问询函》"）。晶科能源会同中信建投证券股份有限公司（以 下简称"中信建投证券"或"持续督导机构"）、会计师天健会计师事务所（特殊普通合 伙）（以下简称"天健会计师"或"会计师"）等相关各方，对《监管问询函》相关事项 进行了审慎核查落实，现就《监管问询函》相关问题回复如下。由于涉及商业敏感信息， 公司申请对客户名称、毛利率等数据进行了豁免披露。 1.关于境外业务 根据披露，报告期内，公司境外业务集中在美国、欧洲、日本、韩国、 ...

目 录 | 一、关于境外业务……………………………………………………第 | 1—21 | 页 | | --- | --- | --- | | 二、关于山西生产基地火灾事项…………………………………第 | 21—25 | 页 | | 三、关于出售子公司交易…………………………………………第 | 25—36 | 页 | | 四、关于货币资金与借款…………………………………………第 | 36—44 | 页 | | 五、关于资产处置损失……………………………………………第 | 44—53 | 页 | | 六、关于固定资产…………………………………………………第 | 53—61 | 页 | | 七、关于应收账款…………………………………………………第 | 61—74 | 页 | | 八、关于存货………………………………………………………第 | 74—81 | 页 | 关于晶科能源股份有限公司 2024 年年度报告的信息披露监管问询函的说明 天健函〔2025〕643 号 上海证券交易所： 由晶科能源股份有限公司（以下简称晶科能源公司或公司）转来的《关于晶 科能源股份有限公司 2024 年年度报告的信息披露监管问询函》（上 ...

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、本次认证的基本情况 | 证券代码：688223 | 证券简称：晶科能源 公告编号：2025-033 | | --- | --- | | 债券代码：118034 | 债券简称：晶科转债 | 晶科能源股份有限公司 关于自愿披露公司 182N 型高效单晶硅电池及 N 型 TOPCon 高效光伏组件转化效率获得第三方认证的 公告 得重大突破，有利于公司进一步提升其主流产品的市场竞争力。公司 2024 年 N 型 TOPCon 组件出货占比接近九成，预计 2025 年完成 40%以上产能的升级改造， 2025 年底前形成 40-50GW 高功率 TOPCon 产能。根据行业整治"内卷式"竞争 要求，基于 N 型 TOPCon 主流技术的持续创新和现有产能升级，投入相对可控， 且不涉及新增产能，有利于进一步加速行业产能出清，推动行业长期可持续发展。 三、风险提示 该项认证仅代表公司 N 型 TOPCon 技术先进性，与市场订单获取或对业绩 影响无直接关系，公司暂无法预测对经营业绩的影 ...

Core Viewpoint - The photovoltaic industry must remain vigilant against potential technological devaluation and over-investment due to new technology spillover, as well as the risk of low-price competition being replicated in the energy storage sector [1][2][3]. Group 1: Industry Trends - The SNEC Shanghai Photovoltaic Exhibition showcased a significant number of companies presenting perovskite tandem cells/components and BC technology, indicating a trend towards embracing new technologies [2]. - Major companies like LONGi Green Energy, GCL-Poly, JinkoSolar, and others are investing heavily in upgrading their production lines, with costs reaching tens of millions of yuan per GW to maintain competitiveness [3]. - The exhibition saw a notable increase in foreign participation, with approximately 500,000 attendees, reflecting a growing international interest in the photovoltaic sector [5]. Group 2: Market Dynamics - The industry is experiencing a shift where the low-price competition model from the photovoltaic sector is being adopted in the energy storage market, leading to a significant drop in profit margins [4]. - The energy storage market is witnessing a trend of price reductions, with some products priced below $120 per KWh, which has decreased profit margins from 40% to 20-30% [4]. - Despite a perceived recovery in the market, the industry is still on the brink of capacity clearance, with production rates in the downstream component sector dropping below 50% [6]. Group 3: Regulatory Environment - Regulatory bodies are actively seeking solutions to mitigate "involutionary competition" within the photovoltaic industry, indicating a proactive approach to industry challenges [6].