浙江天册律师事务所 关于 昱能科技股份有限公司 2025 年第一次临时股东大会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于 昱能科技股份有限公司 2025 年第一次临时股东大会的 法律意见书 编号：TCYJS2025H1539 号 致：昱能科技股份有限公司 浙江天册律师事务所（以下简称"本所"）接受昱能科技股份有限公司（以下 简称"昱能科技"或"公司"）的委托，指派本所律师黄金、陈亦睿参加公司 2025 年第一次临时股东大会，并根据《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》"）和《上市公司 股东会规则》（以下简称"《股东会规则》"）等法律、法规和其他有关规范性文 件的要求及《昱能科技股份有限公司章程》（以下简称"《公司章程》"）《昱能 科技股份有限公司股东大会议事规则》（以下简称"《议事规则》"）的规定出具 本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会召集、召开程序、出席人员的 资格、召集人的 ...

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 8.391 billion yuan as of September 18 [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, intelligent control disconnectors, and energy communication and monitoring systems [2][3]. - The company has achieved product layout in energy storage, with portable, household, and commercial energy storage systems, and has entered mass production for its single-phase household energy storage series products, which are sold in Europe and the United States [2]. - YN Technology has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, indicating its strong market position and innovation capabilities [2]. Financial Performance - As of the 2024 annual report, overseas revenue accounts for 66.03% of total revenue, benefiting from the depreciation of the RMB [3]. - For the first half of 2025, YN Technology reported revenue of 651 million yuan, a year-on-year decrease of 27.54%, and a net profit attributable to shareholders of 79.136 million yuan, down 9.88% year-on-year [7]. Market Activity - On September 18, the stock price of YN Technology fell by 2.84%, with a trading volume of 210 million yuan and a turnover rate of 2.47% [1]. - The company has seen a net outflow of 22.988 million yuan from main funds, indicating a reduction in holdings over the past three days [4][5]. Technical Analysis - The average trading cost of the stock is 51.95 yuan, with recent reductions in holdings slowing down; the current stock price is between resistance at 61.86 yuan and support at 46.38 yuan, suggesting potential for range trading [6].

东方证券股份有限公司 关于昱能科技股份有限公司 2025 年半年度持续督导跟踪报告 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"）作为昱能科技股 份有限公司（以下简称"昱能科技"、"公司"）持续督导工作的保荐机构，负 责昱能科技上市后的持续督导工作，并出具本持续督导跟踪报告。 | 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 | | | 对具体的持续督导工作制定相应的工作计划 | 依据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 | 保荐机构已与昱能科技签订《保荐 | | 2 | 始前，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 | | | 协议，明确双方在持续督导期间的权利义务， | 导期间的权利和义务，并报上海证 | | | 并报上海证券交易所备案 | ...

Core Viewpoint - The report from CICC indicates a significant increase in the scale of energy storage and EPC procurement, reaching 79.88 GW and 271.79 GWh from January to August, representing a year-on-year growth of 191% in GWh terms [1][2]. Domestic Demand - Policy support is expected to sustain the demand for independent energy storage, with a notable increase in project scale and duration. The average project size has grown to 2 GWh, and the storage duration has increased from 1-2 hours to 3-4 hours [2]. - In August alone, the energy storage and EPC scale reached 25.8 GW and 69.4 GWh, showing a year-on-year increase of 520% and a month-on-month increase of 169% [2]. Industry Chain Impact - The reliability requirements for energy storage are increasing, and the diversification of revenue streams may lead to a rise in energy storage system prices, benefiting related integrators. The price of 4-hour energy storage systems in August was 0.431 yuan/Wh, up 3% month-on-month [3]. - The anticipated increase in system prices in Q4 2023 may allow manufacturers with sufficient battery inventory to benefit from inventory premiums, leading to profit growth [3]. Recommended Stocks - CICC recommends several stocks in the energy storage sector, including: - Upwind Electric (300827.SZ) - Haibo Sichuang (688411.SH) - YN Technology (688348.SH) - Deyang Co., Ltd. (605117.SH) [4].

Group 1 - The core viewpoint of the news is that YN Technology has seen a stock price increase of 5.09%, reaching 58.44 CNY per share, with a total market capitalization of 9.133 billion CNY as of the report date [1] - YN Technology, established on March 24, 2010, specializes in the research, production, and sales of component-level power electronic devices for distributed photovoltaic power generation systems [1] - The company's main business revenue composition includes micro-inverters and energy communication products (54.95%), commercial energy storage systems (29.14%), intelligent control disconnectors (8.94%), other products (3.89%), and household energy storage products (3.06%) [1] Group 2 - According to data from the top ten holdings of funds, Guorong Fund has a significant position in YN Technology, with Guorong Rongyin A (006009) holding 42,200 shares, accounting for 2.1% of the fund's net value [2] - In the second quarter, Guorong Rongyin A reduced its holdings by 2,372 shares, and the estimated floating profit from this investment is approximately 119,300 CNY [2] - Guorong Rongyin A was established on June 7, 2018, with a current scale of 7.7789 million CNY, and has experienced a year-to-date loss of 0.43% [2]

昱能科技股份有限公司 2025 年第一次临时股东大会会议资料 证券代码：688348 证券简称：昱能科技 昱能科技股份有限公司 2025 年第一次临时股东大会会议资料 目 录 | 2025 年第一次临时股东大会须知 3 | | | --- | --- | | 2025 年第一次临时股东大会会议议程 | 5 | | 年第一次临时股东大会会议议案 2025 | 7 | | 议案一：关于取消监事会并修订《公司章程》的议案 7 | | | 议案二：关于修订部分公司治理制度的议案 | 8 | 2 昱能科技股份有限公司 2025 年第一次临时股东大会会议资料 昱能科技股份有限公司 2025 年第一次临时股东大会 会议材料 2025 年 9 月 四、股东及股东代理人依法享有发言权、质询权、表决权等权利。股东及股东 代理人参加股东大会应认真履行其法定义务，不得侵犯公司和其他股东及股东代理 人的合法权益，不得扰乱股东大会的正常秩序。 五、要求发言的股东及股东代理人，应当按照会议的议程，经会议主持人许可 方可发言。有多名股东及股东代理人同时要求发言时，先举手者发言；不能确定先 后时，由主持人指定发言者。股东及股东代理人发言或提问 ...

来源：新浪证券-红岸工作室 9月9日，昱能科技跌2.93%，成交额4.11亿元，换手率4.45%，总市值90.64亿元。 异动分析 光伏概念+储能+人民币贬值受益+共同富裕示范区+专精特新 1、公司专注于光伏发电新能源领域，主要从事分布式光伏发电系统中组件级电力电子设备的研发、生 产及销售，主要产品包括微型逆变器、智控关断器、能量通信及监控分析系统等。 2、根据2022年年报：在储能产品方面，从便携式移动储能、户用储能到工商业储能系统均已完成了产 品的布局，并取得了阶段性的成果，其中单相户用储能系列产品已进入量产阶段，并销往欧美市场。 3、根据2024年年报，公司海外营收占比为66.03%，受益于人民币贬值。 4、公司位于浙江省嘉兴市南湖区亚太路522号2幢，主营分布式光伏发电系统中组件级电力电子设备的 研发，生产及销售。 5、专精特新"小巨人"企业是全国中小企业评定工作中最高等级、最具权威的荣誉称号，是指专注于细 分市场、创新能力强、市场占有率高、掌握关键核心技术、质量效益优的排头兵企业，对于提升中小企 业自身的竞争力，以及提升产业链、供应链稳定性和竞争力具有重大意义。公司已入选工信部国家级专 精特新小巨人 ...

来源：新浪证券-红岸工作室 5、专精特新"小巨人"企业是全国中小企业评定工作中最高等级、最具权威的荣誉称号，是指专注于细 分市场、创新能力强、市场占有率高、掌握关键核心技术、质量效益优的排头兵企业，对于提升中小企 业自身的竞争力，以及提升产业链、供应链稳定性和竞争力具有重大意义。公司已入选工信部国家级专 精特新小巨人企业名单。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 9月8日，昱能科技涨7.04%，成交额6.51亿元，换手率7.18%，总市值93.38亿元。 异动分析 光伏概念+储能+人民币贬值受益+共同富裕示范区+专精特新 1、公司专注于光伏发电新能源领域，主要从事分布式光伏发电系统中组件级电力电子设备的研发、生 产及销售，主要产品包括微型逆变器、智控关断器、能量通信及监控分析系统等。 2、根据2022年年报：在储能产品方面，从便携式移动储能、户用储能到工商业储能系统均已完成了产 品的布局，并取得了阶段性的成果，其中单相户用储能系列产品已进入量产阶段，并销往欧美市场。 3、根据2024年年报，公司海外营收占比为66.03%，受益于人民币贬值。 4、公司位于 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - In the first half of 2025, the company achieved a revenue of 651 million yuan, a year-on-year decrease of 27.54%. The net profit attributable to the parent company was 79 million yuan, down 9.88% year-on-year. In Q2 2025, the revenue was 461 million yuan, a year-on-year decline of 2.27%, but a quarter-on-quarter increase of 141.36%. The net profit for Q2 was 50 million yuan, showing a year-on-year growth of 4.96% and a quarter-on-quarter increase of 74.02% [2][4]. Financial Performance - The company's micro-inverter and energy communication products generated a revenue of 360 million yuan in H1 2025, down 42% year-on-year, primarily due to subdued demand in Europe. The commercial storage revenue was 190 million yuan, up 6% year-on-year, mainly contributed by Q2. The revenue from circuit breakers was 60 million yuan, down 24% year-on-year, affected by demand in the U.S. The household storage revenue was 20 million yuan, up 34% year-on-year [11]. - The overall gross margin decreased to 20.6% in Q2, a decline of 23 percentage points quarter-on-quarter, due to the increased proportion of low-margin commercial storage business [11]. - The company's expense ratio in Q2 was only 5.5%, a decrease of 17 percentage points quarter-on-quarter, marking the first drop below 10% since Q4 2022, attributed to revenue growth and increased foreign exchange gains [11]. - As of the end of Q2, the company had cash and cash equivalents of 1.38 billion yuan and trading financial assets of 530 million yuan, indicating a strong cash position for business expansion [11]. Business Outlook - The company has established a product layout centered around micro-inverters, including micro-storage, household storage, and commercial storage. Recent demand for micro-inverters has been stable, with good gross margins, and there is significant potential for market penetration growth in the long term [11]. - The commercial storage business is steadily developing after last year's surge, with active expansion into overseas markets, including sales in Germany and Slovakia, which is expected to enhance profitability and contribute to performance growth [11].

Core Viewpoint - YN Technology (688348) has shown a significant stock price increase of 13.73% this week, closing at 55.82 yuan, with a total market capitalization of 8.723 billion yuan, ranking 38th in the photovoltaic equipment sector [1] Group 1: Business Performance - The company's commercial energy storage business is primarily focused on the domestic market, with recent breakthroughs in overseas markets, achieving sales in Germany and Slovakia, and upcoming sales in Ukraine, although overseas revenue accounts for less than 5% [1][3] - The company is expected to steadily advance its distributed photovoltaic power station business in the second half of 2025, with several benchmark projects set to be launched [2][3] Group 2: Market Outlook - The potential cancellation of household photovoltaic subsidies in the U.S. due to the OBBB Act may suppress market demand; however, the company's cost advantages will be amplified in a low or zero-subsidy environment, allowing for greater flexibility and resilience in the U.S. market [1][3] - If domestic regulations shift to make safety shutdown features for photovoltaic components mandatory, the market for rapid shutdown devices will have significant growth potential [2][3] Group 3: Strategic Initiatives - The company is open to evaluating potential mergers and acquisitions that align with its strategic goals and can produce industrial synergies and economic benefits [2] - The company has already implemented its micro-inverter technology at Sinopec's Zhenhai Refinery and plans to promote its use in other Sinopec facilities as part of the "Ten Thousand Stations Solar" initiative [2][3]