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]

格隆汇8月27日丨中信博(688408.SH)公布半年度报告，报告期内，公司实现营业收入403,653.39万元，同比增长19.55%；实现归属于母公司所有者的净利润15,780.13万元，同比下降31 ...

Summary of Key Points Core Viewpoint The company, Jiangsu Zhongxinbo New Energy Technology Co., Ltd., has decided to terminate part of its fundraising projects and redirect some of the remaining funds to new projects due to changes in market conditions and operational needs. This decision aligns with the company's strategic development and aims to enhance its core competitiveness in the photovoltaic industry. Group 1: Fundraising Overview - The company issued 16,053,790 A-shares at a price of RMB 68.60 per share, raising a total of RMB 1,101,289,994, with a net amount of RMB 1,083,226,696.74 after deducting issuance costs [1][2]. - The funds have been deposited into a special account approved by the board of directors, ensuring proper management and protection of investor rights [1]. Group 2: Investment Project Status - The total investment amount for the fundraising projects was RMB 149,651.79 million, with RMB 108,322.67 million allocated for specific projects [2]. - The company plans to terminate the "Western Tracking Bracket Production and Verification Base Construction Project," originally planned for RMB 30,644.50 million, due to a significant change in market demand for tracking brackets [3][4]. Group 3: Reasons for Project Termination - The demand for tracking bracket systems in large ground photovoltaic power plants has not met expectations, leading to a reassessment of the project's viability [4]. - As of August 25, 2025, RMB 904.23 million of the fundraising has been utilized, leaving RMB 22,955 million in the special account, which will be redirected to new projects [4]. Group 4: New Investment Project Details - The new project, "Automation Upgrade Project for Changzhou Production Base," will utilize RMB 6,820 million of the remaining funds, with a total investment of RMB 7,519.15 million [4][5]. - This project aims to enhance production efficiency and product competitiveness by introducing advanced manufacturing equipment and optimizing production processes [5][6]. Group 5: Strategic Importance of New Project - The Changzhou production base is crucial for meeting domestic and international demand for tracking brackets, providing strong supply chain support for overseas market expansion [5][6]. - The project aligns with the industry's trend of "cost reduction and efficiency enhancement," which is vital for the sustainable development of the photovoltaic sector [6][7]. Group 6: Regulatory Compliance and Approval Process - The decision to terminate part of the fundraising projects and redirect funds has been approved by the company's board and audit committee, and it will be submitted for shareholder approval [15][16]. - The company will adhere to relevant regulations to ensure the legal and effective use of the redirected funds [15][16].

Meeting Information - The second extraordinary general meeting of shareholders for 2025 will be held on September 12, 2025, at 14:00 [1] - The meeting will utilize a combination of on-site and online voting methods [1] - The online voting system will be the Shanghai Stock Exchange's shareholder meeting online voting system, available from 9:15 to 15:00 on the day of the meeting [1][4] Voting Procedures - Shareholders can vote through the trading system or the internet voting platform, with specific time slots for each method [2][4] - There are no related shareholders that need to abstain from voting [3] Agenda Items - The meeting will review a proposal to terminate certain fundraising projects and allocate remaining funds to new projects, which has been approved by the company's audit committee and board of directors [2][3] Attendance Requirements - Shareholders registered by the close of trading on September 5, 2025, are eligible to attend the meeting [4] - Attendance can be in person or by proxy, with specific documentation required for registration [5] Contact Information - The company is located at 190 Huayang Road, Lujia Town, Kunshan City, Jiangsu Province, and can be contacted via phone or email for further inquiries [5]

江苏中信博新能源科技股份有限公司2025 年半年度报告 公司代码：688408 公司简称：中信博 江苏中信博新能源科技股份有限公司 2025 年半年度报告 1 / 209 江苏中信博新能源科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险及应对措施，敬请查阅本 报告第三节"管理层讨论与分析"。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人蔡浩、主管会计工作负责人荆锁龙及会计机构负责人（会计主管人员）荆锁龙 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺， 请投资者注意投资风险。 九、 是否存在 ...

证券代码：688408 证券简称：中信博 公告编号：2025-048 江苏中信博新能源科技股份有限公司 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。 重要内容提示： ●拟终止项目名称："西部跟踪支架生产及实证基地建设项目" ●拟投资新项目名称："常州生产基地自动化升级项目" ●变更募集资金投向的金额：截至2025年8月25日，"西部跟踪支架生产及实 证基地建设项目"募投项目专户剩余资金22,955.00万元（含募集资金利息收入及 理财收益，具体金额以结转时募集资金专户实际余额为准），江苏中信博新能源 科技股份有限公司（以下简称"公司"）拟将其中6,820.00万元用于"常州生产基 地自动化升级项目"，剩余16,135.00万元扣除原项目终止前待支付的其他费用后 暂时存放于原募集资金专户； ●本事项尚需提交公司股东会审议。 一、募集资金基本情况 根据中国证券监督管理委员会于 2024 年 9 月 2 日出具的《关于同意江苏中信 博新能源科技股份有限公司向特定对象发 ...

Group 1 - The stock price of CITIC Bo increased by 2.08% on August 22, reaching 51.62 CNY per share, with a total market capitalization of 11.308 billion CNY [1] - The company has experienced a year-to-date stock price decline of 27.30%, with a 1.41% drop over the last five trading days and a 0.33% decline over the last twenty days, while showing a 23.67% increase over the last sixty days [1] - CITIC Bo specializes in the research, design, and production of photovoltaic brackets and is categorized under the electric equipment industry, specifically in photovoltaic equipment and auxiliary materials [1] Group 2 - As of March 31, the number of CITIC Bo shareholders increased to 14,400, a rise of 66.23%, while the average circulating shares per person decreased by 39.84% to 14,016 shares [2] - For the first quarter of 2025, CITIC Bo reported a revenue of 1.559 billion CNY, reflecting a year-on-year decrease of 14.09% [2] - Since its A-share listing, CITIC Bo has distributed a total of 412 million CNY in dividends, with 349 million CNY distributed over the past three years [2]

Group 1: Company Overview - Luvi Optoelectronics achieved operating revenue of 544 million yuan in the first half of 2025, representing a year-on-year growth of 37.48%, and a net profit of 106 million yuan, up 29.13% year-on-year [1] - The company is the only domestic enterprise capable of fully supporting different generations of panel production lines in the flat panel display mask segment, with a market share of 25.52% in G11 mask sales, ranking second globally [1] - Luvi has achieved mass production at the 180nm process node in the semiconductor mask segment, with 150nm/130nm process masks validated by customers and in small batch production [1] Group 2: Market Potential - The global semiconductor mask market is expected to reach 8.94 billion USD in 2025, with the domestic market size around 18.7 billion yuan; the global flat panel display mask market is projected to be 2 billion USD [1] - The demand for masks is primarily influenced by downstream product updates, new technology applications, and the exploration of new scenarios [1] Group 3: Technological Capabilities - The company has mastered manufacturing technologies for high-generation halftone masks, high-generation grayscale masks, and PSM phase-shift masks, along with several core process technologies for upstream materials [1] - In the first half of the year, Luvi completed reliability research testing for IC masks and developed mask products for 3D glass covers, while also initiating development projects for G8.6 AMOLED products [1]

中信博最新一期业绩显示，截至2025一季报，公司营业总收入15.59亿元、同比减少14.09%，归属净利 润1.10亿元，同比减少28.46%，扣非净利润1.00亿元，同比减少29.64%，流动比率1.760、速动比率 1.351、资产负债率54.96%。 天眼查商业履历信息显示，江苏中信博新能源科技股份有限公司，成立于2009年，位于苏州市，是一家 以从事黑色金属冶炼和压延加工业为主的企业。企业注册资本21851.594万人民币，实缴资本21841.194 万人民币。公司法定代表人为蔡浩。 通过天眼查大数据分析，江苏中信博新能源科技股份有限公司共对外投资了49家企业，参与招投标项目 336次，知识产权方面有商标信息22条，专利信息642条，此外企业还拥有行政许可17个。 来源：金融界 金融界消息 截至2025年8月15日收盘，中信博（688408）报收于52.36元，上涨7.25%，换手率4.51%， 成交量9.88万手，成交金额5.05亿元。 资金流向方面，今日主力资金净流入1100.24万元，占比成交额2.18%。其中，超大单净流入923.53万 元、占成交额1.83%，大单净流入176.72万元、占成 ...