Group 1 - The core point of the announcement is the resolution of the second extraordinary general meeting of shareholders held by Goodwe Technology Co., Ltd. on November 14, 2025, which included the approval of a proposal to change the registered capital and amend the Articles of Association [1][2]. - The meeting was convened by the board of directors and chaired by Mr. Huang Min, with a combination of on-site and online voting methods used for the resolutions [2][3]. - All six current directors attended the meeting, along with the board secretary and some senior management personnel, ensuring a quorum for decision-making [3]. Group 2 - The proposal regarding the change of registered capital and the amendment of the Articles of Association was passed with more than two-thirds of the valid voting shares in favor [4]. - There were no rejected proposals during the meeting, indicating unanimous support for the discussed resolutions [2][4]. - The legal representatives from Beijing Tianyuan Law Firm confirmed that the meeting's procedures and voting results were in compliance with relevant laws and regulations [5].

Investment Rating - The report indicates a positive outlook for the photovoltaic sector, with signs of recovery in profitability and stable growth in the wind power sector [1][5]. Core Insights - The renewable energy sector reported a revenue of 11,722 billion yuan for Q1-3 2025, a year-on-year decrease of 1%, and a net profit of 242 billion yuan, down 19% year-on-year. In Q3 2025, revenue was 4,138 billion yuan, up 2% year-on-year, and net profit was 118 billion yuan, up 41% year-on-year [2][7]. - The photovoltaic segment experienced a significant reduction in losses, with Q3 2025 revenue at 2,315 billion yuan, down 8% year-on-year, but net profit surged to 28.4 billion yuan, a year-on-year increase of 1,495% [2][37]. - The wind power segment showed robust growth, with Q3 2025 revenue of 1,135 billion yuan, up 22% year-on-year, and net profit of 50 billion yuan, up 33% year-on-year [2][16]. Summary by Sections Revenue and Profitability - The renewable energy sector's revenue for Q1-3 2025 was 11,722 billion yuan, with a net profit of 242 billion yuan. Q3 2025 saw a revenue of 4,138 billion yuan and a net profit of 118 billion yuan, marking a significant recovery [2][15]. - The photovoltaic sector's revenue for Q1-3 2025 was 6,640 billion yuan, with a net loss of 43 billion yuan. In Q3 2025, revenue was 2,315 billion yuan, and net profit was 28.4 billion yuan, indicating a strong recovery [2][37]. Segment Performance - The photovoltaic segment's Q3 2025 performance showed a revenue decline of 8% year-on-year but a remarkable net profit increase of 1,495%. The wind power segment continued to grow, with a 22% revenue increase year-on-year [2][16][37]. - The report highlights that the profitability of the wind power segment is improving, with a notable increase in gross margins due to price adjustments and operational efficiencies [2][16]. Market Trends - The report notes a gradual recovery in demand for household energy storage, with significant growth expected in commercial and large-scale storage solutions. The anticipated installation capacity for 2025 is around 150 GWh, representing a year-on-year increase of over 40% [2][6]. - The photovoltaic industry is undergoing a restructuring process, with upstream profitability recovering as prices for silicon materials rise. This trend is expected to continue into 2026, leading to a reshaped industry ecosystem [2][6]. Recommendations - The report recommends focusing on high-growth areas such as inverters and mounting systems, as well as leading photovoltaic companies with cost advantages and strong distribution channels [2][6].

本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 证券代码：688390 证券简称：固德威 公告编号：2025-045 固德威技术股份有限公司 2025年第二次临时股东会决议公告 （一） 股东会召开的时间：2025 年 11 月 14 日 （二） 股东会召开的地点：固德威智慧能源大厦二楼会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 138 | | --- | --- | | 普通股股东人数 | 138 | | 2、出席会议的股东所持有的表决权数量 | 84,736,743 | | 普通股股东所持有表决权数量 | 84,736,743 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 34.8715 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 34.8715 | （四） 表决方式是否符合《公司法》及公司章程的规 ...

北京市天元律师事务所 关于固德威技术股份有限公司 2025 年第二次临时股东会的法律意见 京天股字（2025）第 683 号 致：固德威技术股份有限公司 固德威技术股份有限公司（以下简称"公司"）2025 年第二次临时股东会（以 下简称"本次股东会"）采取现场投票与网络投票相结合的方式，现场会议于 2025 年 11 月 14 日在固德威智慧能源大厦二楼会议室召开。北京市天元律师事务所（以 下简称"本所"）接受公司聘任，指派本所律师参加本次股东会现场会议，并根据《中 华人民共和国公司法》、《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》（以下简称"《股东会规则》"）以及《固德威技术股份有 限公司章程》（以下简称"《公司章程》"）等有关规定，就本次股东会的召集、召 开程序、出席现场会议人员的资格、召集人资格、会议表决程序及表决结果等事项 出具本法律意见。 为出具本法律意见，本所律师审查了《固德威技术股份有限公司第三届董事 会第三十六次会议会议决议》、《固德威技术股份有限公司关于召开 2025 年第二 次临时股东会的通知》（以下简称"《召开股东会通知》"）以及本所律师认为必要 的其他文 ...

Core Viewpoint - Gree's stock price has shown significant growth this year, with a 60.34% increase, reflecting strong performance in the photovoltaic inverter market [1][2]. Financial Performance - For the period from January to September 2025, Gree achieved a revenue of 6.194 billion yuan, representing a year-on-year growth of 25.30% [2]. - The net profit attributable to shareholders reached 81.12 million yuan, marking a substantial increase of 837.57% compared to the previous year [2]. Stock Market Activity - As of November 14, Gree's stock price was 65.58 yuan per share, with a market capitalization of 15.936 billion yuan [1]. - The stock has seen a trading volume of 2.07 billion yuan, with a turnover rate of 1.33% [1]. - Over the last five trading days, the stock price increased by 3.19%, and over the last 20 days, it rose by 22.56% [1]. Shareholder Information - As of September 30, 2025, the number of Gree's shareholders increased to 18,700, a rise of 17.17% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 14.59% to 12,972 shares [2]. Dividend Distribution - Gree has distributed a total of 538 million yuan in dividends since its A-share listing, with 327 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, major institutional shareholders include HSBC Jintrust Low Carbon Pioneer Stock A and Hong Kong Central Clearing Limited, both of which have reduced their holdings [3].

Core Viewpoint - Gree's stock price increased by 5.43% to 64.51 CNY per share, with a total market capitalization of 15.676 billion CNY as of November 13 [1] Group 1: Company Overview - Gree Technology Co., Ltd. is located in Suzhou, Jiangsu Province, established on November 5, 2010, and listed on September 4, 2020 [1] - The company's main business involves the research, development, production, and sales of photovoltaic inverters [1] - Revenue composition includes: household systems sales 45.41%, grid-connected photovoltaic inverters 32.91%, other products 7.05%, energy storage batteries 7.02%, photovoltaic energy storage inverters 6.85%, and others 0.76% [1] Group 2: Fund Holdings - According to data, one fund under Jiao Yin Schroder holds Gree as a significant position [2] - Jiao Yin Stable Profit Six-Month Holding Period Mixed A (018198) held 6,026 shares, accounting for 0.49% of the fund's net value, ranking as the sixth-largest holding [2] - The fund has a current scale of 57.2692 million CNY and has achieved a year-to-date return of 3.4% [2] Group 3: Fund Manager Performance - The fund manager, Jiang Chengcao, has a tenure of 1 year and 309 days, managing assets totaling 2.4 billion CNY, with the best return during this period being 131.16% [3] - Co-manager, Sun Jieyan, has a tenure of 1 year and 65 days, managing assets of 1.274 billion CNY, with the best return being 6.29% [3]

Group 1 - The company held its 37th meeting of the third board of directors on November 12, 2025, where all six directors attended, meeting legal requirements [2][4][19] - The board approved the proposal to cancel 23,800 restricted stocks due to five incentive targets leaving the company, thus losing their eligibility [2][24][39] - The board also approved the proposal regarding the first vesting period of the reserved grant of the 2022 restricted stock incentive plan, confirming that 65,744 shares are eligible for vesting for 29 incentive targets [4][20][25] Group 2 - The company’s compensation and assessment committee expressed agreement with the proposals regarding the cancellation of restricted stocks and the vesting of the reserved grant [3][5][25] - The board's decision to cancel the restricted stocks will not materially affect the company's financial status or operational results [39] - The company has complied with necessary procedures and legal requirements in handling the restricted stock incentive plan [31][39][40]

Core Viewpoint - Recent rumors regarding the failure of the silicon material storage platform have caused significant turmoil in the photovoltaic industry, leading to a sharp decline in the stock prices of various solar companies [3][4]. Group 1: Market Reaction - On November 12, stock prices of major photovoltaic companies dropped significantly, with notable declines including: - Aiko Technology down 14.33% - Tongwei Co. down 6.06% - Longi Green Energy down 7.35% - JA Solar down 6.84% - Daqo New Energy down 8.76% [3]. Group 2: Industry Response - The China Photovoltaic Industry Association issued a statement on November 12, refuting the rumors and emphasizing that the industry is working steadily towards its goals, urging caution against misinformation [4]. - JA Solar representatives expressed confidence in the photovoltaic industry's policies against "internal competition" and support for the establishment of the storage platform, while acknowledging the need for collaboration to overcome challenges [4].

Core Points - The company, Goodway, announced on November 12 that it will hold the 37th meeting of its third board of directors on November 12, 2025 [1] - The board approved a proposal to cancel a portion of restricted stock due to five incentive targets losing their qualification as they left the company for personal reasons [1] - A total of 23,800 shares of restricted stock that had been granted but not yet vested will be canceled [1]

Group 1 - The core point of the article is that GCL-Poly Energy Holdings Limited (固德威) has announced the convening of its 37th board meeting on November 12, 2025, to discuss the proposal for the cancellation of certain restricted stocks [1] - As of the latest report, GCL-Poly's market capitalization stands at 14.9 billion yuan [3] Group 2 - For the year 2024, GCL-Poly's revenue composition indicates that the photovoltaic industry accounts for 99.24% of its total revenue, while other businesses contribute only 0.76% [2]