Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 1.771 billion yuan for 2024, representing a year-on-year growth of 25%. However, the net profit attributable to shareholders decreased by 36% to 140 million yuan. In Q4 2024, revenue fell to 238 million yuan, down 47% year-on-year and 63% quarter-on-quarter, with a net loss of 9 million yuan [2][4]. - For Q1 2025, the company achieved a revenue of 191 million yuan, a decline of 55% year-on-year, while the net profit was 29 million yuan, down 28% year-on-year [2][4]. - The company’s micro-inverter and energy communication products sold 960,000 units in 2024, a slight decrease of 2% year-on-year, with European revenue accounting for 62% of total sales [10]. - The gross margin for micro-inverter and energy communication products was 38.4%, maintaining a good level, while the inventory at year-end was 1.09 million units, a decrease of 21% from the previous year [10]. - The company’s energy storage business generated revenue of 540 million yuan in 2024, with a gross margin of 13.3%, showing significant growth [10]. - The company expects a profit of over 300 million yuan for 2025, with a stable outlook for micro-inverter demand and potential growth in the energy storage sector [10]. Financial Summary - In 2024, total revenue was 1.771 billion yuan, with a gross profit of 548 million yuan, resulting in a gross margin of 31% [13]. - The company’s operating profit for 2024 was 183 million yuan, with a net profit of 145 million yuan, translating to an EPS of 0.90 yuan [13]. - The projected revenue for 2025 is 2.061 billion yuan, with an expected net profit of 314 million yuan and an EPS of 2.01 yuan [13].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 1.771 billion yuan in 2024, representing a year-on-year growth of 25%. However, the net profit attributable to shareholders was 140 million yuan, a decrease of 36% year-on-year. In Q4 2024, revenue dropped to 238 million yuan, down 47% year-on-year and 63% quarter-on-quarter, with a net profit of -9 million yuan, reflecting a 124% year-on-year decline [2][4]. - For Q1 2025, the company achieved a revenue of 191 million yuan, a decline of 55% year-on-year, with a net profit of 29 million yuan, down 28% year-on-year [2][4]. Summary by Sections Financial Performance - In 2024, the company sold 960,000 units of micro-inverters and energy communication products, a decrease of 2% year-on-year. The gross margin for these products was 38.4%, maintaining a good level. The inventory at the end of 2024 was 1.09 million units, a reduction of 21% compared to the previous year [10]. - The company's industrial storage business generated a revenue of 540 million yuan in 2024, with a gross margin of 13.3%, showing significant growth. The revenue from smart control circuit breakers was 190 million yuan, up 15% year-on-year, with a gross margin of 45.8%, an increase of 9.1 percentage points [10]. - For Q1 2025, the company expects a decline in micro-inverter sales year-on-year, but a relatively stable performance quarter-on-quarter, primarily due to subdued grid connection demand in the European market. The gross margin for micro-inverters is expected to improve [10]. Market Outlook - The demand for micro-inverters is expected to stabilize, with a potential increase in shipments in Q2 2025, supported by recent power outages in Southern Europe that may boost demand. The industrial storage business is anticipated to develop steadily after last year's explosive growth, with efforts to expand into overseas markets likely to enhance profitability [10]. - The company is projected to achieve a profit of over 300 million yuan in 2025 [10].

（二）保荐代表人 潘金亮、王震 东方证券股份有限公司 关于昱能科技股份有限公司 2024年度持续督导工作现场检查报告 根据《上海证券交易所科创板股票上市规则》和《上海证券交易所上市公司自 律监管指引第 11 号——持续督导》等有关法律法规的规定，东方证券股份有限公司 （以下简称"东方证券"或"保荐机构"）作为正在履行昱能科技股份有限公司（以 下简称"昱能科技"或"公司"）持续督导工作的保荐机构，对公司 2024 年度（以 下简称"本持续督导期间"）规范运作情况进行了现场检查，现就现场检查的有关情 况报告如下： 一、本次现场检查的基本情况 （一）保荐机构 东方证券股份有限公司 （三）现场检查时间 2025 年 4 月 24 日-2025 年 4 月 25 日 （四）现场检查人员 潘金亮、王震、龚昕烨 （五）现场检查内容 公司治理和内部控制情况、信息披露情况、独立性情况、与控股股东、实际控 制人及其他关联方资金往来情况、募集资金使用情况、关联交易、对外担保、重大 对外投资、公司经营情况等。 （六）现场检查手段 1、查看公司主要生产经营场所和募投项目现场； 2、访谈公司高级管理人员等相关人员； 1 3、查阅公司财务 ...

Core Viewpoint - The report outlines the continuous supervision and guidance provided by Dongfang Securities for YN Technology's IPO and ongoing compliance with regulatory requirements, emphasizing the importance of corporate governance, internal controls, and information disclosure [1][2][3][4]. Continuous Supervision Work - Dongfang Securities has established a continuous supervision plan and signed a sponsorship agreement with YN Technology, detailing mutual rights and obligations [1][2]. - Regular communication, site inspections, and due diligence are conducted to monitor YN Technology's operational status [2]. - Any violations or breaches of commitments by YN Technology must be reported to the Shanghai Stock Exchange within five working days [2][3]. Corporate Governance and Compliance - The sponsor has urged YN Technology to implement effective corporate governance and internal control systems, which have been executed without any noted failures [3]. - The company is guided to adhere to legal and regulatory requirements, ensuring that all commitments are fulfilled [2][3]. Financial Performance - For the year 2024, YN Technology reported a revenue of approximately CNY 1.77 billion, a 24.70% increase from CNY 1.42 billion in 2023 [12]. - The net profit attributable to shareholders decreased by 36.41% to CNY 140 million, influenced by foreign exchange losses and inventory write-downs [12][13]. Research and Development - YN Technology emphasizes R&D, with 5.31% of revenue allocated to R&D activities, a decrease from 7.37% in 2023 [16]. - The company holds 188 authorized intellectual properties, including 91 invention patents, reflecting its commitment to innovation [17][23]. Market Position and Competitive Advantage - YN Technology is recognized as a national high-tech enterprise and has established a strong brand presence in the photovoltaic industry, receiving multiple awards for its products [20][19]. - The company has developed a comprehensive product line in the integrated solar and storage market, enhancing customer loyalty and market competitiveness [18][19]. Industry Risks - The photovoltaic industry faces intense competition, leading to potential price declines and margin pressures [7][8]. - Regulatory changes and trade barriers in key markets may pose risks to YN Technology's international operations [8][9]. Conclusion - The report highlights YN Technology's proactive measures in governance, compliance, and innovation, while also addressing the challenges posed by market dynamics and regulatory environments [1][2][3][4][7][8].

东方证券股份有限公司 关于昱能科技股份有限公司 2024年度持续督导跟踪报告 东方证券股份有限公司（以下简称"东方证券"或"保荐机构"）作为昱能科技 股份有限公司（以下简称"昱能科技"或"公司"）首次公开发行股票并在科创板上 市的保荐机构，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）》等有关法律法规和规 范性文件的要求，负责昱能科技上市后的持续督导工作，并出具本年度持续督导 跟踪报告。 | 序 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 号 | | | | 1 | 建立健全并有效执行持续督导工作制度，并针 | 保荐机构已制定持续督导计划，并依据 | | | 对具体的持续督导工作制定相应的工作计划 | 工作计划开展持续督导工作 | | | 根据中国证监会相关规定，在持续督导工作开始前， | 保荐机构已与昱能科技签订《保荐协议》， | | | 与上市公司或相关当事人签署持续督导协议， | 该协议明确了双方在持续督导期间的 | | 2 | 明确双方在持续督导期间的权利义务，并报上海 | 权利和义务，并报上海证券交易 ...

证券代码：688348 证券简称：昱能科技 公告编号：2025-023 昱能科技股份有限公司董事会 昱能科技股份有限公司 关于董事会秘书正式履职的公告 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 3 月 17 日召开第二 届董事会第十六次会议，审议通过了《关于聘任公司董事会秘书、财务负责人的 议案》，同意聘任朱佳磊先生为公司董事会秘书、财务负责人，任期自董事会审 议通过之日起至第二届董事会任期届满之日止。由于朱佳磊先生获聘时尚未取得 上海证券交易所科创板上市公司董事会秘书任职培训证明，在其取得前述培训证 明之前，由董事邱志华先生代行董事会秘书职责。具体内容详见公司于 2025 年 3 月 18 日在上海证券交易所网站（www.sse.com.cn）披露的《昱能科技股份有 限公司关于变更董事会秘书、财务负责人的公告》（公告编号：2025-007）。 朱佳磊先生已参加上海证券交易所科创板上市公司董事会秘书任职培训并 完成测试，取得了董事会秘书任职培训证明。朱佳磊先生 ...

昱能科技股份有限公司 关于召开2024年度暨2025年第一季度 业绩说明会的公告 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。 证券代码：688348 证券简称：昱能科技 公告编号：2025-022 重要内容提示： 微信扫一扫下方二维码或通过网址 https://eseb.cn/1o4Na1kerEQ 在报名时进 行会前提问，公司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍 关注的问题进行回答。 昱能科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 30 日发布了 公司 2024 年年度报告及 2025 年第一季度报告，为便于广大投资者更全面深入地 了解公司 2024 年度及 2025 年第一季度的经营成果、财务状况，公司计划 2025 会议召开时间：2025 年 5 月 15 日（星期四）15:00-16:00 会议召开方式：网络及电话会议方式 会议召开地点：价值在线（www.ir-online.cn） 会议问题征集：投资者可于 2025 年 5 月 15 日（星期四）12:00 前使用 年 5 ...

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 1.771 billion yuan and a net profit attributable to shareholders of 140 million yuan [1] - The company plans to distribute a cash dividend of 4 yuan per 10 shares, totaling 61.81 million yuan, which accounts for 44.14% of the 2024 net profit [1] Group 2: Strategic Development - The company has deepened its integrated solar-storage strategy, forming an ecosystem with three major sectors: micro solar-storage, household solar-storage, and commercial solar-storage [2] - The company has won significant contracts, including a 435 million yuan energy storage project and a 15MW solar power station renovation project in Laos, indicating breakthroughs in both domestic and international markets [2] Group 3: Research and Development - The company emphasizes a "strong R&D, heavy marketing, and light asset" strategy, with 63 new intellectual property applications and 22 new authorizations in 2024, totaling 188 intellectual properties [3] - R&D expenses reached 94.06 million yuan in 2024, a year-on-year increase of 30.97%, with R&D personnel making up 50% of the total workforce [3] Group 4: Future Outlook - In 2025, the company aims to implement a dual-market strategy, focusing on both domestic and international markets while increasing R&D investment and exploring the integration of AI with power electronics technology [4]

昱能科技股份有限公司 2024年度独立董事述职报告（沈福鑫） 本人沈福鑫作为昱能科技股份有限公司（以下简称"公司"）的 独立董事，2024 年度任职期间本人严格按照《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》、《上市公司 独立董事管理办法》、《上海证券交易所科创板股票上市规则》等法律 法规及《公司章程》、《独立董事工作制度》的有关规定，诚实、勤勉、 独立地履行独立董事职责，积极出席相关会议，认真审议董事会各项 议案，切实维护公司和全体股东的合法权益，促进公司规范运作，充 分发挥了独立董事的独立作用。现将 2024 年度公司独立董事的述职 情况报告如下： 一、独立董事的基本情况： 沈福鑫先生，1964 年 1 月出生，中国国籍，无境外永久居留权， 浙江省中科商学院行业管理毕业，硕士学历，1984 年 12 月至 1995 年 12 月担任嘉兴市郊区乡企局下属公司副总经理；1996 年 1 月至 2004 年 12 月担任嘉兴市鑫联经贸公司总经理；2005 年 1 月至 2007 年 6 月 担任浙江斯帝特新能源有限公司副总经理；2007 年 7 月至 2008 年 3 月担任嘉 ...

昱能科技股份有限公司 2024年度独立董事述职报告（顾建汝） 本人顾建汝作为昱能科技股份有限公司（以下简称"公司"）的 独立董事，2024 年度任职期间本人严格按照《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》、《上市公司 独立董事管理办法》、《上海证券交易所科创板股票上市规则》等法律 法规及《公司章程》、《独立董事工作制度》的有关规定，诚实、勤勉、 独立地履行独立董事职责，积极出席相关会议，认真审议董事会各项 议案，切实维护公司和全体股东的合法权益，促进公司规范运作，充 分发挥了独立董事的独立作用。现将 2024 年度公司独立董事的述职 情况报告如下： 一、独立董事的基本情况： 顾建汝女士，1973 年 3 月出生，中国国籍，无境外永久居留权， 东北财经大学会计专业毕业，本科学历，注册会计师。1991 年 11 月 至 1997 年 7 月任海宁绸厂出纳；1997 年 7 月至 1999 年 4 月任海宁布 厂会计；1999 年 4 月至 2005 年 7 月任海宁凯达信会计师事务所部门 副经理；2005 年 7 月至今，担任浙江正健会计师事务所有限公司副所 长。2020 年 ...