第一章 总则 第一条 为规范晶科能源股份有限公司（以下简称 "公司"）的期货套期保 值业务流程，防范交易风险，确保公司套期保值资金安全，根据《中华人民共和 国公司法》《中华人民共和国证券法》《上海证券交易所科创板股票上市规则》《上 市公司信息披露管理办法》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》《上海证券交易所上市公司自律监管指引第 5 号——交易与关 联交易》等相关法律、法规及规范性文件的规定，以及《晶科能源股份有限公司 章程》（以下简称"《公司章程》"）等有关规定，结合公司实际情况，特制定本制 度。 晶科能源股份有限公司 期货套期保值交易管理制度 第二条 本制度适用于公司及公司全资及控股子公司，全资或控股子公司的 期货套期保值业务由公司进行统一管理。未经公司履行审批程序，公司全资及控 股子公司不得操作该业务。 第三条 公司进行期货套期保值业务的期货品种仅限于与公司生产经营相关 的产品或所需的原材料，以保证原材料供应、公司正常生产为前提，以规避生产 经营中的商品价格风险为目的，不得进行以投机为目的的交易。 第四条 公司从事期货交易业务，应遵循以下原则： 1、对公司生产所用的铜、铝、 ...

晶科能源股份有限公司 对外担保管理制度 第一章 总则 第一条 为规范晶科能源股份有限公司（以下简称"公司"）对外担保行 为，有效控制风险，保护股东和其他利益相关者的合法权益，根据《中华人民共 和国公司法》《中华人民共和国证券法》《上市公司监管指引第 8 号——上市公司 资金往来、对外担保的监管要求》《上海证券交易所科创板股票上市规则》（以下 简称"《上市规则》"）、《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》（以下简称"《规范运作》"）等相关法律法规及《晶科能源股份 有限公司章程》（以下简称"《公司章程》"）的规定，并结合公司实际情况， 特制定本制度。 第二条 本制度所称对外担保是指公司以第三人的身份为他人提供的保 证、抵押、质押或其他形式的担保，包括公司对控股子公司的担保。公司及其控 股子公司的对外担保总额，是指包括公司对控股子公司担保在内的公司对外担保 总额与控股子公司对外担保总额之和。 第三条 本制度适用于公司及控股子公司。公司控股子公司的对外担保， 比照本制度执行。未经公司董事会及/或股东会（如适用）批准，公司及子公司 不得对外提供担保，不得相互提供担保。 第四条 公司对外担保应 ...

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： 交易目的：为有效防范并降低外汇市场波动风险，晶科能源股份有限公 司（以下简称"公司"或者"晶科能源"）及子公司拟开展外汇衍生品交易业务， 以降低汇率大幅波动可能对公司经营业绩带来的影响。公司及子公司开展的外汇 衍生品交易业务与日常经营需求紧密相关，可有效防范外汇市场汇率波动风险， 增强公司财务稳健性。 交易品种：公司及子公司拟开展的外汇衍生品交易包括以下业务：远期 结售汇业务、外汇掉期业务、外汇期权等业务或上述各产品组合业务等。 交易金额及期限：任意时点最高余额不超过等值25亿美元，期限自2025 年1月1日之日起至2025年12月31日，上述额度在期限内可循环滚动使用。 | 证券代码：688223 | 证券简称：晶科能源 公告编号：2024-088 | | --- | --- | | 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 2025 年度开展外汇衍生品交易的公告 任意时点交易最高余额不超过 25 亿美元，期限自 202 ...

| 证券代码：688223 | 证券简称：晶科能源 公告编号：2024-084 | | --- | --- | | 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 2022 年限制性股票激励计划 首次授予部分第二个归属期符合归属条件的公告 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： 限制性股票拟归属数量：6,879,978 股 归属股票来源：向激励对象定向发行的晶科能源股份有限公司（以下简 称"公司"）人民币 A 股普通股股票 一、2022 年限制性股票激励计划（以下简称"本次激励计划"）批准及实施 情况 （一）本次激励计划方案及履行的程序 1、本次激励计划主要内容 （1）股权激励方式：第二类限制性股票。 （2）授予数量：本激励计划拟授予激励对象的限制性股票数量为 4,018.7375 万股，约占本激励计划草案公布日公司股本总额 1,000,000.00 万股的 0.4019%。 其中，首次授予限制性股票 3,214.9900 万股，约占本激励计划草案公布日公司股 本总额 ...

中信建投证券股份有限公司 关于晶科能源股份有限公司 2025 年度开展外汇衍生品交易的核查意见 中信建投证券股份有限公司（以下简称"保荐人"）为晶科能源股份有限公 司（以下简称"晶科能源"、"公司"）首次公开发行股票并在科创板上市、向 不特定对象发行可转换公司债券并在科创板上市的保荐人，根据《证券发行上市 保荐业务管理办法》《上海证券交易所科创板股票上市规则》《科创板上市公司持 续监管办法（试行）》《上海证券交易所科创板上市公司自律监管指引第 1 号—规 范运作》等相关法律、法规和规范性文件的规定，对晶科能源 2025 年度开展外 汇衍生品交易进行了审慎核查，具体核查意见如下： 一、交易背景和目的 鉴于公司出口业务的外币交易金额款项通过外币结算，由于国际政治、经济 环境等多重因素的影响，美元、欧元等币种对人民币的市场汇率波动较大，为有 效防范并降低外汇市场波动风险，公司及子公司拟开展外汇衍生品交易业务，以 降低汇率大幅波动可能对公司经营业绩带来的影响。公司及子公司开展的外汇衍 生品交易业务与日常经营需求紧密相关，可有效防范外汇市场汇率波动风险，增 强公司财务稳健性。 二、开展外汇衍生品交易业务的基本情况 1、 ...

| 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2024-080 | | --- | --- | --- | | 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 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 72.49 亿元，具体如下： 1、晶科能源（楚雄）有限公司（以下简称"楚雄晶科"）向中国光大银行 股份有限公司昆明分行申请综合授信敞口额度不超过人民币 1 亿元，公司为上述 敞口授信额度提供连带责任保证担保，授信期限不超过一年，担保金额为人民币 1 亿元，具体以签订的担保协议为准。 2、楚雄晶科向中国银行股份有限公司昆明市东风支行申请综合授信敞口额 度不超过人民币 0.79 亿元，公司为上述敞口授信额度提供连带责任保证担保， 授信期限不超过一年，担保金额为人民币 0.79 亿元，具体以签订的担保协议为 准。 3、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 公司西宁分行申请新增额度授信敞口额度不超过人民币 10 亿元（不包含存 ...

Group 1: Industry Standards and Regulations - The recent updates in the Ministry of Industry and Information Technology's "Photovoltaic Manufacturing Industry Standard Conditions (2024)" enhance industry standards, promoting technological innovation and optimizing capacity layout, which is beneficial for long-term industry stability [6] - The company’s TOPCon production lines meet the latest standards with lower overall water consumption [6] Group 2: Impact of Policy Changes - The reduction in export tax rebates for photovoltaic products may initially prevent competitive spillover, but in the long term, it could positively influence overseas terminal prices and stimulate market demand [6] - The company plans to leverage its strong overseas brand reputation and diversified supply chain to adapt to policy changes [6] Group 3: Industry Self-Regulation and Market Outlook - The company supports industry self-regulation reforms and is optimistic about the gradual implementation of related policies, which are expected to stabilize and improve component market prices [6] - Major companies, including the company, are quoting prices above the cost analysis data released by industry associations, indicating a healthier supply-demand relationship [6] Group 4: Production and Capacity Plans - The company maintains a cautious approach to capacity expansion, focusing on upgrading existing capacities and improving the supply chain ecosystem [6] - There are no undisclosed new capacity plans beyond the currently under-construction and announced overseas capacities [6] Group 5: Production Schedule and Market Demand - The company adjusts its production schedule based on seasonal market demand, with an increase in November production to meet year-end installation needs, followed by a slight decrease in December [6] Group 6: Global Depositary Receipts (GDR) Progress - The company is progressing with the issuance of Global Depositary Receipts (GDR), pending approval from relevant regulatory bodies [7] Group 7: U.S. Market Outlook - The company remains optimistic about long-term installation demand in the U.S. market, driven by policy changes and the rapid development of artificial intelligence, which is expected to increase electricity demand [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has maintained its position as a leading integrated module manufacturer, with a strong focus on technology and market expansion, particularly in the energy storage sector [2][4] - The company's revenue and net profit have shown significant fluctuations, with a notable decline in 2024, but expectations for recovery in subsequent years are optimistic [5][30] Summary by Sections 1. Competitive Landscape and Business Overview - The company has been a global leader in the integrated module sector since its establishment in 2006, consistently ranking among the top five in module shipments over the past decade [18][20] - In 2023, the company entered the energy storage market, launching a 4GWh energy storage production line and comprehensive solutions, achieving Tier 1 supplier status in the BNEF 2024 energy storage ranking [2][20] 2. Shipment Performance - In the first three quarters of 2024, the company sold approximately 67-68GW of modules, with Q3 shipments reaching 23.8GW, a year-on-year increase of 12% [3][24] - The average selling price for modules in Q3 2024 was estimated at approximately 1 RMB/W, with a gross margin improvement to 11.82% due to increased shipments to the U.S. [3][24] 3. Technological Advancements and Funding - By the end of 2024, the company aims to achieve production capacities of 120GW for wafers, 95GW for cells, and 130GW for modules, with ongoing improvements in efficiency [4][25] - The company plans to issue overseas GDRs to raise up to 4.5 billion RMB for expanding production capacity and optimizing its capital structure [4][25] 4. Financial Performance - For the first three quarters of 2024, the company reported revenues of 71.77 billion RMB, a year-on-year decrease of 15.7%, and a net profit of 1.21 billion RMB, down 80.9% [2][21] - The operating cash flow showed significant improvement in Q3 2024, with a net cash flow of 1.25 billion RMB, despite a negative cash flow in the earlier quarters [5][26] 5. Earnings Forecast and Investment Rating - The earnings forecast for 2024 has been adjusted downward due to shipment expectations, but projections for 2025 and 2026 have been raised based on anticipated recovery in demand [5][30] - The expected net profits for 2024-2026 are 784 million, 4.08 billion, and 6.06 billion RMB respectively, with a year-on-year growth forecast of -89%, +421%, and +49% [5][30]

Group 1 - The core viewpoint is that JinkoSolar, the world's largest photovoltaic module supplier, is considering raising the prices of its third-generation Tiger Neo modules due to anticipated high demand and potential capacity constraints in 2025 [1] - JinkoSolar stated that the production of 650W and above bifacial modules will face tight capacity in 2025, which may not meet all demand and secure sufficient capacity allocation [1] - The company indicated that previous prices were too low, falling below the reasonable cost baseline for customer investment returns [1] Group 2 - The third-generation Tiger Neo is expected to enter mass production in 2025 [1] - JinkoSolar believes that 2025 will mark a year of healthy growth for the industry, with prices having reached a bottom and beginning to recover [1]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company reported a significant year-on-year decline in profit for the first three quarters of 2024, with a net profit decrease of 80.88% [3]. - Despite the decline, the company's component shipment volume has steadily increased, maintaining its position as the global leader in shipments [3]. - The company's overseas capacity expansion is expected to enhance its long-term competitiveness [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of RMB 71.77 billion, a decrease of 15.66% year-on-year [5]. - The net profit attributable to shareholders was RMB 1.21 billion, down 80.88% year-on-year, with a significant drop of 99.41% in Q3 compared to the same period last year [3][5]. - The gross margin for the first three quarters was 9.68%, down 6.09 percentage points year-on-year, while the net margin was 1.72%, down 5.75 percentage points year-on-year [3][5]. Shipment and Production Capacity - The total shipment of photovoltaic products reached 73.13 GW in the first three quarters of 2024, representing a year-on-year increase of 31.29% [3]. - The company shipped 67.65 GW of components, with N-type components accounting for over 85% of the total shipments [3]. Overseas Expansion - The company is actively pursuing overseas capacity expansion, including a partnership with local funds in the Middle East to invest in 10 GW of battery and component capacity [3]. - A plan to issue global depositary receipts to raise up to RMB 4.5 billion for projects, including a 1 GW high-efficiency component project in the U.S., has been disclosed [3]. Earnings Forecast - The earnings per share (EPS) estimates for 2024-2026 have been adjusted to RMB 0.16, 0.39, and 0.59, respectively, with corresponding price-to-earnings ratios of 56.2, 22.5, and 15.1 [3][4].