Core Viewpoint - YN Technology (688348.SH) has experienced a decline contrary to the sector, primarily due to deteriorating fundamentals and insufficient market confidence [1] Business Performance - The company announced on January 30, 2026, that it expects a net loss attributable to shareholders of 115 to 140 million yuan for 2025, a shift from a profit of 140 million yuan in 2024. The main reason for the loss is a significant drop in revenue from micro-inverters due to a downturn in the European residential photovoltaic market, alongside increased R&D and sales expenses. This result deviates significantly from some institutions' previous profit forecast of 120 million yuan, raising concerns about profitability [1] Business Development - In the first half of 2025, revenue from micro-inverters declined by 42.07%, while the growth rate of the energy storage business was only 6.74%, significantly lower than peers like Deye Technology, which saw its energy storage business nearly double. The company's energy storage business mainly relies on the domestic commercial market, with slow overseas expansion and less than 7% investment progress in self-produced capacity projects, failing to fully realize the synergy between solar and storage [2] Project Progress - As of the end of the third quarter of 2025, the company had a total of 1.826 billion yuan in cash and financial products, with a debt-to-asset ratio of only 20%. However, the progress of fundraising projects is slow, such as the R&D center project, which is only 36.33% complete and has been delayed until 2027. The contrast between ample cash and slow strategic implementation has intensified market doubts about execution capability [3] Stock Performance - On February 13, 2026, YN Technology's stock price fell by 3.43%, while the photovoltaic equipment sector declined by 3.59% and the new energy index dropped by 2.18%. Although the decline was slightly smaller than the sector, the company's market value has evaporated by nearly 50 billion yuan since its peak in 2022, representing a reduction of over 85%, highlighting individual risk amid a prolonged weak trend [4]

Group 1 - The core point of the news is that YN Technology (昱能科技) is currently experiencing a decline in stock price, with a closing price of 52.57 yuan and a drop of 3.43%, resulting in a total market capitalization of 8.216 billion yuan, indicating that the stock is in a state of loss since its IPO [1] - YN Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 8, 2022, with an initial offering price of 163.00 yuan per share and a total of 20 million shares issued [1] - The company raised a total of 326 million yuan through its initial public offering, with a net amount of 303.69949 million yuan, which is 2.481 billion yuan more than originally planned [1] Group 2 - The company announced a cash dividend of 2.2 yuan per share (including tax) and a capital reserve increase of 0.4 shares for every share held, totaling 176 million yuan in cash dividends and 32 million shares to be distributed, increasing the total share capital to 112 million shares [2] - For the year 2024, YN Technology plans to distribute a dividend of 10 yuan per 10 shares and a capital increase of 4 shares for every 10 shares held, with the record date set for July 2, 2024 [2]

Core Viewpoint - The company, YN Technology, focuses on the photovoltaic power generation sector and has experienced a decline in stock price, with a market capitalization of 8.216 billion yuan as of February 13, 2023 [1]. Company Overview - YN Technology specializes in the research, production, and sales of component-level power electronic devices for distributed photovoltaic power generation systems, including micro-inverters, smart control disconnectors, and energy communication and monitoring systems [2][3]. - The company is recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, which signifies its strong market position and innovation capabilities [2]. Financial Performance - For the first nine months of 2025, YN Technology reported a revenue of 943 million yuan, a year-on-year decrease of 38.48%, and a net profit attributable to shareholders of 66.48 million yuan, down 55.52% year-on-year [7]. - The company's overseas revenue accounted for 66.03% of total revenue, benefiting from the depreciation of the Chinese yuan [3]. Product and Market Position - The main revenue sources for YN Technology include micro-inverters and energy communication products (54.95%), commercial energy storage systems (29.14%), smart control disconnectors (8.94%), and other products (3.89%) [7]. - The company has completed its product layout in energy storage, with its single-phase household energy storage series entering mass production and being sold in European and American markets [2]. Stock and Trading Analysis - As of February 13, 2023, YN Technology's stock price decreased by 3.43%, with a trading volume of 136 million yuan and a turnover rate of 1.63% [1]. - The average trading cost of the stock is 56.69 yuan, with the stock price approaching a support level of 52.51 yuan [6].

根据《上市公司募集资金监管规则》《上海证券交易所科创板股票上市规则》《上海证券交易所科创板 上市公司自律监管指引第1号一一规范运作》等相关法律法规、规章及其他规范性文件的规定，上述账 户仅用于部分闲置募集资金进行现金管理的专用结算，不得用于存放非募集资金或用作其他用途。 二、风险控制措施 证券代码：688348 证券简称：昱能科技 公告编号：2026-007 昱能科技股份有限公司 关于开立募集资金现金管理专用结算账户的公告 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。 昱能科技股份有限公司（以下简称"公司"）于2025年6月16日召开第二届董事会第十八次会议、第二届 监事会第十五次会议，审议通过了《关于使用部分暂时闲置募集资金进行现金管理的议案》，同意公司 在保证不影响募集资金投资项目实施、确保募集资金安全的前提下，使用最高不超过人民币12亿元 （含）的暂时闲置募集资金进行现金管理。使用期限自前次募集资金现金管理的授权到期之日起12个月 内有效，即2025年7月22日起至2026年7月21日。在使用授权期限内，资金可以循 ...

法规、规章及其他规范性文件的规定，上述账户仅用于部分闲置募集资金进行现 金管理的专用结算，不得用于存放非募集资金或用作其他用途。 证券代码：688348 证券简称：昱能科技 公告编号：2026-007 昱能科技股份有限公司 关于开立募集资金现金管理专用结算账户的公告 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。 昱能科技股份有限公司（以下简称"公司"）于2025年6月16日召开第二届 董事会第十八次会议、第二届监事会第十五次会议，审议通过了《关于使用部分 暂时闲置募集资金进行现金管理的议案》，同意公司在保证不影响募集资金投资 项目实施、确保募集资金安全的前提下，使用最高不超过人民币12亿元（含）的 暂时闲置募集资金进行现金管理。使用期限自前次募集资金现金管理的授权到期 之日起12个月内有效，即2025年7月22日起至2026年7月21日。在使用授权期限内， 资金可以循环滚动使用。具体内容详见公司于2025年6月17日在上海证券交易所 网站（www.sse.com.cn）上披露的《关于使用部分暂时闲置募集资金进行现金管 理 ...

Group 1 - The company YN Technology (688348.SH) forecasts a net loss for the year 2025, estimating a net profit attributable to shareholders of between -140 million yuan and -115 million yuan compared to the previous year [1] - For the year 2024, YN Technology reported a net profit attributable to shareholders of 140.04 million yuan and a net profit excluding non-recurring gains and losses of 121.24 million yuan [1] - The company went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 8, 2022, with an issue price of 163.00 yuan per share and a total of 20 million shares issued [1] Group 2 - YN Technology raised a total of 3.26 billion yuan from its initial public offering, with a net amount of 3.037 billion yuan, exceeding the original plan by 2.481 billion yuan [2] - The company planned to use the raised funds for research and development center construction, global marketing network development, and to supplement working capital [2] - The total issuance costs for the IPO amounted to 223.01 million yuan, including underwriting and sponsorship fees of 189 million yuan [2] Group 3 - In 2023, YN Technology announced a dividend distribution plan, distributing a cash dividend of 2.2 yuan per share and a capital reserve increase of 0.4 shares for every share held, totaling 176 million yuan in cash dividends and 32 million shares in capital increase [2] - The total share capital after the distribution will be 112 million shares, with the record date for the dividend set for June 20, 2023, and the ex-dividend date on June 21, 2023 [2] - A subsequent dividend plan was announced for 2024, proposing a distribution of 10 yuan for every 10 shares and a capital increase of 4 shares for every 10 shares held, with the record date on July 2, 2024, and the ex-dividend date on July 3, 2024 [3]

Group 1 - Zairun New Energy focuses on the research and development of perovskite battery core materials and equipment, with a strong emphasis on high-purity and high-stability products suitable for large-scale production [1] - The company has completed multiple pilot tests and its product performance has been validated by third-party authorities [1] - Zairun's high-radiation-resistant perovskite precursor materials enhance battery stability in extreme space environments, positioning the company to become a core supplier in the space photovoltaic supply chain [1] Group 2 - Aotwei is a leading domestic photovoltaic equipment enterprise, with early layouts in perovskite production line equipment and technology covering key processes such as laser etching and thin film deposition [2] - The company's self-developed laser repair equipment significantly improves battery yield and is at the forefront of industry standards [2] - Aotwei's equipment optimizes battery manufacturing processes to meet the stringent requirements of space photovoltaic applications, potentially making it a core supplier in this sector [2] Group 3 - Haiyou New Materials is a core supplier of photovoltaic packaging materials, focusing on the development of POE films and back sheets for perovskite batteries [3] - The company has developed radiation-resistant packaging films that ensure long-term stable operation of perovskite batteries in space environments [3] - As the space photovoltaic market scales, Haiyou is positioned to become a key supplier of packaging materials for perovskite batteries [3] Group 4 - Gaoce Co., Ltd. is a leading domestic company in photovoltaic cutting equipment and silicon wafer processing, actively developing ultra-thin silicon cutting technology for perovskite batteries [4] - The company's ultra-thin silicon wafers, with thicknesses as low as 50μm, meet the lightweight requirements of perovskite batteries [4] - Gaoce's technology supports the stringent demands of space photovoltaic applications, positioning it to become a core supplier of silicon wafers for perovskite batteries [4]

证券日报网讯1月30日，昱能科技发布公告称，公司预计2025年度实现归属于母公司所有者的净利润 为-14，000万元至-11，500万元，上年同期归属于母公司所有者的净利润为14，004.42万元。 ...

智通财经APP讯，昱能科技(688348.SH)发布公告，公司预计2025年度实现归属于母公司所有者的净利 润与上年同期(法定披露数据)相比，将出现亏损，实现归属于母公司所有者的净利润亏损1.15亿元到1.4 亿元。 ...

Group 1 - The company, YN Energy Technology (688348.SH), announced that it expects to report a net loss attributable to shareholders of the parent company for the fiscal year 2025, with an estimated loss ranging from 115 million to 140 million yuan compared to the previous year [1]