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 年度持续督导工作现场检查报告 上海证券交易所： 国投证券股份有限公司（以下简称"国投证券"、"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"）持续督导工 作的保荐机构，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》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，对公司 2025 年度期间（以下简称"本持续督 导期间"）的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 国投证券股份有限公司 （二）保荐代表人 徐长浩、郑旭 （三）现场检查时间 2025 年 12 月 29 日至 2025 年 12 月 30 日 （四）现场检查人员 2、查阅本持续督导期间上市公司信息披露文件； 1 3、查看上市公司主要生产经营场所并与上市公司高级管理人员针对本持续 督导期间公司发生的关联交易、对外担保和对外投资情况进行访谈； 4、查阅公司现行有效的公司章程及相关内控制度文件； 5、查阅本持续督导期间上市 ...

Core Viewpoint - Anhui Province is leveraging the new energy industry to drive high-quality development, with Susong CITIC Bo New Energy Technology Co., Ltd. emerging as a key player in this sector [2][4]. Group 1: Company Overview - Susong CITIC Bo, a wholly-owned subsidiary of Jiangsu CITIC Bo New Energy Technology Co., Ltd., was established in August 2021 with a registered capital of 44.4 million yuan [2]. - The company is located in the Susong Economic Development Zone and is backed by Jiangsu CITIC Bo's extensive global production and service network, which has been established since 2009 [2]. - The company has invested 1.3 billion yuan to develop a photovoltaic supporting industrial park on 204 acres, with the first phase completed in October 2023 [2]. Group 2: Production and Innovation - The production base focuses on the research, production, and sales of new composite materials for the new energy sector, including lightweight photovoltaic panels and green optoelectronic materials [3]. - The company plans to establish a new energy industry research institute to enhance innovation capabilities and core competitiveness [3]. - In 2024, the production value of the Susong base is expected to reach 440 million yuan, with a projected increase in 2025 [3]. Group 3: Economic Impact - The rapid development of Susong CITIC Bo has stimulated the local economy by attracting related enterprises and creating an industrial cluster effect [4]. - The company is facilitating a transition towards a green, low-carbon, and high-tech industrial structure in Susong County [4]. - The growth of the company has generated numerous job opportunities, improving income levels for local residents [4].

Group 1 - The core point of the news is that CITIC Bo's stock price decreased by 1.1% to 43.16 CNY per share, with a total market capitalization of 9.455 billion CNY as of the report date [1] - CITIC Bo specializes in the research, design, production, and sales of photovoltaic brackets, with 97.74% of its revenue coming from product sales [1] - The company was established on November 20, 2009, and went public on August 28, 2020 [1] Group 2 - According to data, one fund under Jiashi Fund holds a significant position in CITIC Bo, with 22,000 shares representing 2.64% of the fund's net value, making it the eighth-largest holding [2] - Jiashi Balanced Allocation Mixed Fund (018434) has a total scale of 39.5976 million CNY and has achieved a return of 20.29% this year, ranking 4366 out of 8087 in its category [2] - The fund manager, Liu Hanzhu, has been in position for 2 years and 104 days, with the fund's total assets amounting to 1.127 billion CNY [3]

Group 1 - The core viewpoint is that the photovoltaic industry is currently in an adjustment period, but the profitability deterioration of the industry chain is gradually slowing down due to the "anti-involution" policy [1] - The company is focusing on the globalization, differentiation, digitalization, and greening of its overseas tracking system products, aiming to enhance its overseas market development, sales, and supply chain [1] - Recent orders have been secured in markets such as the Middle East, Europe, and Latin America, as detailed in the company's website announcements [1] Group 2 - The company emphasizes enhancing its differentiated competitiveness to secure orders and achieve long-term growth value [1] - The second phase of the company's share repurchase plan, amounting to RMB 99.56 million, was completed in December 2023, with further repurchase plans to be disclosed in a timely manner if they arise [1]

Core Viewpoint - The company indicates that the photovoltaic industry is transitioning from "scale expansion" to "quality improvement" due to the "anti-involution" policy, leading to a recovery in photovoltaic component prices and a gradual alleviation of profitability deterioration in the industry [1] Industry Summary - The photovoltaic industry is experiencing a shift in focus from expansion to quality enhancement, driven by recent policy adjustments [1] - The recovery in prices of photovoltaic components is expected to mitigate the worsening profitability within the industry [1] Company Summary - The company has not seen significant price declines in its support system products, unlike the component products [1] - The company aims to promote healthy price competition in its niche market to contribute to the high-quality development of the industry [1]

证券日报网讯12月29日，中信博在互动平台回答投资者提问时表示，公司积极重视投资者回报，2025年 6月实施2024年度权益分派，合计现金分红金额达2.17亿元；2025年公司实施了第二期回购计划已于12 月完成，回购规模达人民币9956万元，同时公司不断完善募集资金使用，为公司从产能、研发、工艺提 升、降本等多维度提升竞争力。 ...

Summary of Citic Bo Conference Call Company Overview - **Company**: Citic Bo - **Industry**: Renewable Energy, specifically focusing on solar tracking systems Key Points and Arguments Order and Revenue Projections - Citic Bo expects to have an order backlog of nearly 8 billion yuan by the end of 2025, with tracking bracket orders anticipated to exceed 6.5 billion yuan [2][3] - The actual performance for 2025 is uncertain, with initial estimates of 58 billion yuan needing confirmation [2][3] - The company aims to improve delivery efficiency in 2026 through product structure optimization [2] Market Performance and Trends - **India**: Despite a recovery in Adani orders, the overall market size is expected to decline year-on-year in 2025. However, Citic Bo anticipates significant growth in 2026 through strengthened partnerships with other stakeholders [2][6] - **Middle East**: The gross margin remains stable at over 19%, driven by differentiated products and R&D innovation. The company has implemented cost reduction measures through in-house production of key components [2][7] - **Emerging Markets**: Central Asia, particularly Uzbekistan, is identified as a high-potential market with rapid growth despite a small base [2][8] - **Europe and Latin America**: Citic Bo has signed contracts for 200 MW in both regions for 2025, marking significant growth. The company sees opportunities in Europe due to technological innovations and the reconstruction of aging power plants [2][10] Competitive Advantages - Citic Bo's core competitiveness lies in its differentiated products and continuous R&D efforts, which include the development of smart operation and installation services [2][7] - The company has achieved a gross margin recovery to around 20% through various cost-reduction strategies, including material substitution and in-house production [2][16] Future Market Penetration - The domestic market penetration rate for tracking brackets is currently about 5%, with expectations for further increases due to supportive policies and economic indicators [4][13] - The company plans to establish a demonstration base in 2026 to enhance market penetration [4][13] Financial Outlook - Citic Bo anticipates a recovery in 2026, with projected revenues between 7.8 billion and 8.2 billion yuan, indicating a clear growth trajectory compared to 2024 [18] - The company has secured 1.1 billion yuan in refinancing for various projects, including the production of key components [19] Cost Management - The impact of rising aluminum prices on costs is minimal, as aluminum constitutes a small portion of the raw materials used [20] Strategic Focus - Citic Bo is focusing on expanding its business layout and maintaining growth despite current challenges, including increased costs from headquarters construction and personnel recruitment [17] Additional Important Insights - The company is not planning to enter the North American market due to competitive and regulatory challenges [11] - Citic Bo is exploring innovative products like pile-driving robots to reduce labor costs and improve efficiency [19]

Group 1 - The core viewpoint of the news is that CITIC Bo has experienced a decline in both revenue and net profit, indicating potential challenges in its financial performance [2] - As of December 19, CITIC Bo's stock price increased by 0.59%, with a trading volume of 105 million yuan, while the net financing buy was negative at -5.48 million yuan [1] - The financing balance of CITIC Bo reached 422 million yuan, accounting for 4.48% of its market capitalization, which is above the 80th percentile of the past year, indicating a high level of financing [1] Group 2 - For the period from January to September 2025, CITIC Bo reported an operating income of 5.378 billion yuan, a year-on-year decrease of 10.11%, and a net profit attributable to shareholders of 121 million yuan, down 71.59% year-on-year [2] - The number of CITIC Bo's shareholders increased to 15,300, a rise of 34.59%, while the average circulating shares per person decreased by 25.70% [2] - CITIC Bo has distributed a total of 412 million yuan in dividends since its A-share listing, with 349 million yuan distributed over the past three years [2]

证券日报网讯 12月19日，中信博在互动平台回答投资者提问时表示，公司持续推进全球化战略，在印 度、中东、欧洲、拉美、北美、澳洲等光伏市场均有不同程度的布局。近日，公司于欧洲建设的实证基 地项目正式落成，系中信博欧洲本土化战略的重要一子，本地化市场布局不断深入，对区域市场订单有 积极促进作用。 （文章来源：证券日报） ...

Group 1 - The company, CITIC Bo, indicated that details regarding its current order backlog will be disclosed in the Q3 2025 report [2]