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 ...

Core Viewpoint - JinkoSolar maintains a strong credit rating of AA+ with a stable outlook, reflecting its robust position in the global photovoltaic (PV) market and ongoing technological advancements [1][2] Group 1: Company Performance - JinkoSolar is projected to achieve a global PV module shipment of 92.87 GW in 2024, representing an 18.28% year-on-year increase, with N-type TOPCon modules accounting for 88% of shipments, showcasing its technological leadership [1] - The company has made significant R&D investments of 4.407 billion yuan, resulting in 679 new patents and a record battery efficiency of 34.22% for its TOPCon perovskite tandem cells [1] - JinkoSolar's vertical integration strategy is optimizing its cost structure, enhancing profitability amid fierce market competition [1] Group 2: Industry Outlook - The global energy transition is accelerating, with a projected 35% year-on-year increase in new PV installations, reaching 599 GW in 2024, driven by favorable policies and market demand [2] - China's "dual carbon" goals are leading to a favorable policy environment, with a long-term high demand outlook for the PV industry [2] - JinkoSolar's international revenue accounts for nearly 70% of its total, and the company is enhancing production efficiency and product quality through digital transformation [2] Group 3: Future Plans - JinkoSolar plans to achieve over 40 GW of high-power TOPCon capacity by 2025 and aims to enhance battery mass production efficiency to 27% [2] - The company is advancing its energy storage business with projects including a 12 GWh energy storage integration system and a 12 GWh energy storage cell project [2] - JinkoSolar's order backlog stands at $8.566 billion as of the end of Q1 2025, laying a solid foundation for future performance recovery [2]

Group 1 - The core achievement of JinkoSolar is the development of the 182N high-efficiency monocrystalline silicon battery (TOPCon) with a conversion efficiency of 27.02%, setting a new record for large-area N-type monocrystalline passivated contact (TOPCon) batteries [2] - JinkoSolar's N-type TOPCon high-efficiency photovoltaic modules have achieved a maximum conversion efficiency of 25.58%, creating a new global record for similar modules [2] - The advancements are attributed to the company's strong technical foundation and relentless pursuit of innovation, utilizing advanced technologies such as metallization laser enhancement and high-quality emitter passivation [2] Group 2 - The certification of the battery and module conversion efficiencies marks a significant breakthrough for JinkoSolar's N-type TOPCon technology, enhancing the market competitiveness of its mainstream products [3] - JinkoSolar expects that nearly 90% of its N-type TOPCon module shipments will occur in 2024, with plans to upgrade over 40% of its capacity by 2025, aiming for a production capacity of 40-50GW of high-power TOPCon by the end of 2025 [3] - The ongoing innovation based on N-type TOPCon technology and existing capacity upgrades will help accelerate industry capacity clearance and promote sustainable long-term development in the photovoltaic sector [3]

Group 1 - Wanyi Technology and Hefei Comprehensive National Science Center Energy Research Institute signed an agreement to establish a joint laboratory for the research and development of key vacuum measurement equipment for nuclear fusion [1] - The joint laboratory will focus on developing tritium-compatible leak detection technology and vacuum measurement equipment resistant to neutron radiation and electromagnetic interference [1] - This collaboration is expected to accelerate the development of the domestic vacuum equipment industry and enhance Wanyi Technology's competitive advantage in the nuclear fusion sector [1] Group 2 - Dangsheng Technology has developed high ionic conductivity sulfide solid electrolytes with controllable micro-nano particle sizes, achieving stable production and scalability [2] - Multiple electrolyte products have received certification and integration from leading battery manufacturers and automotive companies, indicating a significant breakthrough in solid-state electrolyte technology [2] - This advancement is expected to improve battery performance and accelerate the development of the electric vehicle industry, solidifying Dangsheng Technology's leading position in the market [2] Group 3 - JinkoSolar's subsidiary achieved a record conversion efficiency of 27.02% for its 182N-type high-efficiency monocrystalline silicon cells, certified by a third-party testing center [3] - The N-type TOPCon high-efficiency photovoltaic modules also received certification, with a maximum conversion efficiency of 25.58%, setting a new record for similar products globally [3] - These breakthroughs in conversion efficiency highlight JinkoSolar's innovation capabilities and are expected to enhance the competitiveness of its products, promoting the adoption of solar energy and contributing to global energy transition [3]

Core Viewpoint - JinkoSolar has provided a detailed response to the Shanghai Stock Exchange's inquiry regarding its 2024 annual report, addressing various concerns including overseas operations, cash flow, receivables, fixed assets, and inventory. Group 1: Overseas Operations - In 2024, the photovoltaic industry experienced a significant supply-demand mismatch, leading to a substantial decline in prices across the industry chain. JinkoSolar's product prices in Europe and Asia saw a notable decrease, resulting in a significant reduction in gross margins. However, the company's gross margin in the European market remains relatively high at 7.35% compared to peers. In contrast, gross margins in the Americas increased due to favorable local trade policies and strategic partnerships ensuring high-price market supply and market share stability. The Middle East market also showed high gross margins due to JinkoSolar's strong reputation and market share in the region [1][2]. Group 2: Cash Flow and Debt - As of the end of 2024, JinkoSolar reported cash and cash equivalents of 30.3 billion yuan, with restricted cash of 6.44 billion yuan, a significant decrease of 41.28% from the end of 2023. The proportion of non-restricted cash to operating income is 25.80%, which has been steadily increasing over the past three years, placing the company in a strong liquidity position compared to peers. The company has a reasonable structure of interest-bearing debt, with over half of it maturing in more than three years, and only 16.93% of short-term debt due within one year. JinkoSolar has ample credit lines from financial institutions and secured 14.5 billion yuan in new long-term loans in 2024 at a minimum interest rate of 2.45%. The company has multiple financing channels, indicating a low overall debt repayment risk for the next three years [2]. Group 3: Receivables - JinkoSolar explained that its accounts receivable are primarily from large, reputable clients with strong industry positions and good operational conditions, resulting in relatively low collection risks. As of May 25, 2025, 93.34% of receivables from the top ten clients had been collected, indicating a high post-period collection rate. The company’s bad debt provision ratios for 2022 to 2024 were 2.51%, 2.23%, and 4.84%, while actual bad debt losses were significantly lower at 0.29%, 0.02%, and 0%, respectively, indicating effective risk management [3]. Group 4: Product Innovation and Market Position - Despite facing intense industry competition and international trade barriers in 2024, JinkoSolar maintained its position as the world's leading solar module supplier, being the only profitable company among the top four in the photovoltaic sector. In 2025, the company plans to launch the third generation of its Tiger Neo solar modules based on the TOPCon HOT4.0 technology platform, featuring power ratings exceeding 650W and up to 670W, with a conversion efficiency of 24.8% and a bifacial rate of 85%. This innovation is expected to generate a 10% premium over traditional TOPCon products, positioning JinkoSolar favorably for potential market breakthroughs [3]. Group 5: Asset Management - JinkoSolar provided comprehensive responses regarding asset disposal, fixed assets, and inventory management in its announcement, indicating a proactive approach to addressing regulatory inquiries and maintaining operational transparency [4].