东方金诚国际信用评估有限公司关于晶科能源股份有限公司 2025 年半年度业绩亏损的关注公告 1 东方金诚公告【2025】0375 号 东方金诚国际信用评估有限公司（以下简称"东方金诚"）受托对晶科能源股份有限公司（以 下简称"晶科能源"或"公司"）及其发行的"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"（以下简称"晶能转债"）进行了信用评级。2025 年 6 月 20 日，东方金诚对晶科能源主 体及"晶能转债"进行了定期跟踪评级，维持晶科能源主体信用等级为 AA+，评级展望稳定，维持 "晶能转债"信用等级为 AA+，评级结果自评级报告日起至到期兑付日有效。 东方金诚关注到，晶科能源于 2025 年 8 月 28 日发布《晶科能源 2025 年半年度报告》，数据 显示，2025 年 1～6 月，公司营业收入 318.31 亿元，利润总额-42.16 亿元，归属于上市公司股东的 净利润-29.09 亿元，归属于上市公司股东的扣除非经常性损益的净利润-31.75 亿元。 上述事项发生后，东方金诚通过向企业电话沟通、查询公开资料等方式了解到，公司业绩变动 原因主要为：光伏市场竞争加剧、海外贸易政策变化、光伏 ...

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]

Domestic Market Overview - The domestic market experienced a pullback after reaching a high, with the Shanghai Composite Index closing at 3831.66 points, down 1.15%, and the Shenzhen Component Index at 13075.66 points, down 1.06% [1][9] - The total trading volume of the A-share market reached 31666 billion, significantly increasing compared to the previous day [1][9] - Among the 30 sectors tracked, only three sectors saw gains, with non-ferrous metals, comprehensive finance, and non-bank finance experiencing the largest declines, while electronics, consumer services, and telecommunications saw slight increases [1][9] Overseas Market Overview - All three major U.S. stock indices closed higher, with the Dow Jones up 0.27%, the S&P 500 up 0.48%, and the Nasdaq up 0.94% [2] - Notable gains were seen in chip stocks, with Intel rising over 22% and Applied Materials increasing by more than 6% [2] - Chinese concept stocks mostly declined, with Zeekr down over 5% and JinkoSolar nearly 5% [2] News Highlights - China and the U.S. reached a basic framework consensus regarding the TikTok issue, with the Ministry of Commerce emphasizing the importance of not politicizing technology and trade issues [3][11] - China has maintained its position as the world leader in high-level international journal publications and international patent applications for five consecutive years [3][11] - The Shanghai Municipal Economic and Information Commission released a draft for public consultation on measures to promote the rapid development of high-growth enterprises, offering rewards for newly recognized "gazelle" and "unicorn" companies [3][12][13] Driving Factors - The Ministry of Commerce reiterated its stance on the TikTok issue, emphasizing the need for fair negotiations and the importance of not weaponizing tariffs in trade relations with the EU [10] - The A-share market saw 1027 stocks rise and 4350 fall, indicating a technical correction after a period of continuous gains, but the long-term trend remains positive [10]

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 ...