国投证券股份有限公司 关于江苏中信博新能源科技股份有限公司 2025 年半年度度持续督导跟踪报告 根据《证券法》《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》等有关法律、法规的规定，国投证券股份有限公司（以下简称 "国投证券"或"保荐机构"）作为江苏中信博新能源科技股份有限公司（以下 简称"中信博"或"公司"）2022年度向特定对象发行A股股票的保荐机构，负 责中信博的持续督导工作，并出具本持续督导跟踪报告。 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度， 并针对具体的持续督导工作制定相应的 | 保荐机构已建立健全并有效执行了持续 | | | | 督导工作制度，并制定了相应的工作计划 | | | 工作计划 | | | 2 | 根据中国证监会相关规定，在持续督导工 | 保荐机构已与公司签订保荐协议，约定了 | | | 作开始前，与上市公司或相关当事人签署 | 保荐机构在持续督导期内，持续督导公司 | | | 持续督导协议，明确双方在持续督导期间 | 规范运作、信守承诺和信息披露等义务， | | | 的 ...

2025 年第二次临时股东会会议材料 2 证券简称：中信博 证券代码：688408 江苏中信博新能源科技股份有限公司 2025 年第二次临时股东会 会议资料 二零二五年九月十二日 1 2025 年第二次临时股东会会议材料 目录 | 2025 | 年第二次临时股东会会议须知 | 3 | | --- | --- | --- | | 2025 | 年第二次临时股东会会议议程 | 5 | | 议案一 | 关于终止部分募投项目并将部分剩余募集资金用于新项目的议案 | 6 | 2025 年第二次临时股东会会议材料 2025 年第二次临时股东会会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证会 议的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司股东会规则》以及《公司章程》《股东会议事规则》等相关规定，特制定 2025 年第二次临时股东会会议须知。 一、为确认出席会议的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、为保证本次会议的严肃性和正常秩序，切实维护股东的合法权益，请出 席会议的股东或其代理人或 ...

Group 1 - The core viewpoint of the article is that Zhongxin Bo has made significant progress in its share repurchase plan, which is aimed at enhancing shareholder value and supporting employee stock ownership plans [1][4]. Group 2 - The repurchase plan was approved on April 15, 2025, with a budget of between 70 million yuan and 100 million yuan, using self-owned funds and/or a special loan of up to 90 million yuan from Shanghai Pudong Development Bank [2]. - The maximum repurchase price was adjusted from 80 yuan per share to 79.01 yuan per share after the annual equity distribution on June 26, 2025 [2]. Group 3 - As of August 31, 2025, Zhongxin Bo has repurchased a total of 1,751,370 shares, representing 0.7995% of the total share capital of 219,065,886 shares, with a total transaction amount of approximately 85.27 million yuan [3]. - The highest transaction price was 52.00 yuan per share, while the lowest was 45.11 yuan per share [3]. Group 4 - The company will continue to follow relevant laws and regulations regarding share repurchase and will disclose information in a timely manner based on market conditions [5].

Group 1 - The core point of the article is that CITIC Bo (688408.SH) announced a share buyback of 1.7514 million shares, which represents 0.7995% of the company's total share capital [1] Group 2 - The share repurchase was conducted through the Shanghai Stock Exchange trading system using a centralized bidding method [1] - The buyback is set to be completed by August 31, 2025 [1]

公司于 2025 年 4 月 15 日召开第三届董事会第二十四次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用自有资金和/ 或回购专项贷款资金（上海浦东发展银行股份有限公司苏州分行提供不超过 9,000 万元（含）的回购专项贷款）通过集中竞价交易方式进行股份回购。回购 股份将用于员工持股计划或股权激励，回购价格不超过人民币 80 元/股（含）， 回购资金总额不低于人民币 7,000 万元（含）且不超过人民币 10,000 万元（含）， 回购期限为自董事会审议通过本次回购方案之日起 12 个月内。具体内容详见公 司于 2025 年 4 月 17 日在上海证券交易所网站（www.sse.com.cn）披露的《关于 以集中竞价交易方式回购公司股份方案的公告》（公告编号：2025-023）。 公司于 2025 年 6 月 26 日实施完成了 2024 年年度权益分派，按照中国证监 会及上海证券交易所的相关规定，公司对权益分派实施后回购股份的价格上限 进行相应调整，价格上限由 80 元/股（含）调整为 79.01 元/股（含）。具体内 容详见《关于 2024 年年度权益分派实施后调整回 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has seen a quarter-on-quarter increase in shipments, although the gross margin has slightly decreased due to structural changes. The order backlog remains sufficient [7] - For the first half of 2025, the company reported revenue of 4.04 billion yuan, a year-on-year increase of 19.6%, and a net profit attributable to shareholders of 160 million yuan, a year-on-year decrease of 31.8% [7] - The second quarter of 2025 showed revenue of 2.48 billion yuan, with a quarter-on-quarter increase of 58.6% and a year-on-year increase of 59% [7] - The company has a strong order backlog of approximately 7.29 billion yuan as of the end of Q2 2025, with tracking orders accounting for about 5.89 billion yuan [7] - Due to intense competition in the photovoltaic industry, the company's profitability is under pressure, leading to a downward revision of profit forecasts for 2025-2027 [7] Financial Summary - Total revenue forecast for 2023A is 6.39 billion yuan, with a year-on-year growth of 72.59% [1] - The net profit attributable to shareholders for 2023A is forecasted at 345.04 million yuan, with a year-on-year growth of 676.58% [1] - The earnings per share (EPS) for 2023A is projected to be 1.58 yuan [1] - The company’s price-to-earnings (P/E) ratio is 29.47 for the current price and latest diluted EPS [1] - The gross margin is expected to decline slightly from 18.63% in 2024A to 17.94% in 2027E [8]

Investment Rating - The report maintains a "Recommended" rating for the company [5][8]. Core Views - The company reported a revenue of 4.037 billion yuan for H1 2025, representing a year-on-year increase of 19.55%, while the net profit attributable to shareholders was 158 million yuan, a decrease of 31.79% year-on-year [2]. - The decline in profitability is attributed to unexpected credit impairment losses and an increased proportion of low-margin fixed supports in the product mix [2][3]. - Despite the profit decline, the company has a robust order backlog of approximately 7.29 billion yuan, which is expected to support future performance growth [3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 2.478 billion yuan, a year-on-year increase of 58.63% and a quarter-on-quarter increase of 58.99%. The net profit attributable to shareholders was 48 million yuan, down 38.41% year-on-year and down 56.77% quarter-on-quarter [2]. - The company's support business generated revenue of 3.874 billion yuan in H1 2025, with tracking supports accounting for 2.876 billion yuan and fixed supports accounting for 999 million yuan [3]. Market Expansion - The company signed a significant order for a 2.3GW photovoltaic project in Saudi Arabia, showcasing its strong position in the Middle East market, where it holds the largest market share [4]. - The company has secured over 14GW of cumulative orders in the Middle East and has signed more than 4GW in 2025 alone, indicating strong growth potential in overseas markets [4]. Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 10.843 billion yuan, 13.141 billion yuan, and 15.074 billion yuan, respectively, with corresponding net profits of 649 million yuan, 800 million yuan, and 957 million yuan [5][7]. - The company is expected to maintain a leading position in the photovoltaic support industry, with continued growth in the tracking support market expected to enhance profitability [5].

证券之星价投圈财报分析工具显示： 业务评价：公司去年的ROIC为14.41%，资本回报率强。去年的净利率为7.14%，算上全部成本后，公 司产品或服务的附加值一般。从历史年报数据统计来看，公司上市以来中位数ROIC为10.75%，投资回 报也较好，其中最惨年份2021年的ROIC为0.37%，投资回报一般。公司历史上的财报相对一般（注：公 司上市时间不满10年，上市时间越长财务均分参考意义越大。）。 偿债能力：公司现金资产非常健康。 财报体检工具显示： 据证券之星公开数据整理，近期中信博（688408）发布2025年中报。截至本报告期末，公司营业总收入 40.37亿元，同比上升19.55%，归母净利润1.58亿元，同比下降31.79%。按单季度数据看，第二季度营 业总收入24.78亿元，同比上升58.63%，第二季度归母净利润4762.98万元，同比下降38.41%。本报告期 中信博应收账款上升，应收账款同比增幅达47.59%。 本次财报公布的各项数据指标表现一般。其中，毛利率17.07%，同比减11.85%，净利率3.77%，同比减 44.67%，销售费用、管理费用、财务费用总计3.18亿元，三费占营收比7 ...

Summary of Citic Bo Conference Call Company Overview - **Company**: Citic Bo - **Industry**: Photovoltaic (PV) sector, specifically focusing on tracking and fixed mounting systems Key Points and Arguments Financial Performance - In the first half of 2025, Citic Bo achieved revenue of **4 billion** CNY and a profit of **158 million** CNY, with total orders amounting to **7.2 billion** CNY, including **5.8 billion** CNY in tracking orders and **1.4 billion** CNY in fixed orders [3][4] - The overall gross margin decreased to approximately **8%**, down from **12%** the previous year, primarily due to an increase in low-margin fixed orders and a decline in tracking support margins from **20.8%** to over **19%** [2][3] Market Dynamics - The company aims for a **20%** revenue growth target for the year despite a reduction in delivery volumes in the Indian market, with a **11%** year-on-year increase in tracking orders when excluding last year's large orders from Adani [2][5] - Domestic policy adjustments and anti-competitive practices have led to delays in some power station projects, affecting the bidding process and potentially impacting Q3 shipment schedules [2][6] Order and Delivery Challenges - Citic Bo currently holds tracking orders worth approximately **5-6 billion** CNY, indicating sufficient order volume, but large-scale orders have longer delivery cycles, posing challenges for timely deliveries [2][9] - The company is adjusting its delivery schedule and signing new small to medium-sized orders to meet its annual growth target [9][10] Strategic Focus - Citic Bo continues to pursue market share in the domestic market by converting fixed orders to tracking orders, which can enhance gross margins [10][18] - The domestic market for tracking systems is expected to grow steadily, with potential for explosive growth in the future despite current slow growth [24] International Market Outlook - The company anticipates an increase in the proportion of overseas tracking orders, particularly from Latin America and Europe, which is expected to boost gross margins [4][12] - The global PV market is projected to see an increase in order volumes, with significant projects emerging in regions like Saudi Arabia [14][15] Product Development - Citic Bo has introduced flexible mounting systems, which have seen limited revenue so far but are expected to gain market acceptance over time [17] - The transition from fixed to tracking systems is being actively promoted in the domestic market to improve profitability and efficiency [18] Competitive Landscape - Citic Bo aims to become the leading company in the global PV sector, currently competing with Tracker, which holds over **20%** market share [25] - The company has achieved a **16%** market share globally, with significant growth potential if U.S. investments in PV and wind energy decline [25] Future Projections - The overall gross margin is expected to improve in the second half of 2025 due to a favorable shift in delivery regions and a potential reduction in domestic tracking system deliveries [20][21] - The company is preparing for potential market fluctuations and is focused on maintaining its growth trajectory despite challenges [21][22] Additional Important Insights - The domestic electricity market's transition towards marketization is still not evident, but Citic Bo is making internal adjustments to align with future demands [23][24] - The company emphasizes the importance of market share over immediate production, reflecting a strategic focus on long-term growth [22]

Investment Rating - The industry investment rating is "Overweight" [70] Core Viewpoints - The photovoltaic support structure is a crucial component of photovoltaic power generation systems, directly impacting the efficiency and investment returns of solar power plants [6][16] - The global photovoltaic market is experiencing significant growth, with an expected increase in global installed capacity to approximately 530 GW in 2024, representing a year-on-year growth of 35.9% [50] - The domestic market for tracking supports is anticipated to benefit from the development of centralized photovoltaic power plants, with a notable increase in installed capacity [32] Summary by Sections 1. Photovoltaic Support Structures - Fixed supports are the primary application type in domestic photovoltaic power plants, while tracking supports are gaining traction due to their ability to adjust to the sun's angle, enhancing energy capture [30][32] - The market for tracking supports is expected to grow significantly, with a projected compound annual growth rate (CAGR) of approximately 13.4% from 2024 to 2027 [54] 2. Global Photovoltaic Development - The global demand for tracking supports is driven by the increasing installation of large ground-mounted photovoltaic power plants, with a projected market size of approximately 797 billion yuan in 2024 [54] - The penetration rate of tracking supports is expected to rise from 52% in 2024 to 64% by 2027, indicating a growing acceptance of this technology [54] 3. Key Companies - The report highlights the competitive landscape, noting that domestic companies like Zhongxinbo and Trina Solar are enhancing their international competitiveness and market positions [64][68] - Zhongxinbo is positioned as a leading global provider of photovoltaic support systems, with a strong focus on technological innovation and market expansion [66][68]