Company Overview - CITIC Bo's stock price decreased by 2.03% on September 12, reaching 47.66 CNY per share, with a trading volume of 140 million CNY and a turnover rate of 1.33%, resulting in a total market capitalization of 10.441 billion CNY [1] - The company, established on November 20, 2009, and listed on August 28, 2020, specializes in the research, design, production, and sales of photovoltaic brackets [1] - Main business revenue composition includes: product sales revenue 97.74%, waste sales 1.20%, construction contracts 0.77%, electricity revenue 0.18%, and service fees and others 0.11% [1] Financial Performance - For the first half of 2025, CITIC Bo achieved operating revenue of 4.037 billion CNY, representing a year-on-year growth of 19.55%, while net profit attributable to shareholders decreased by 31.79% to 158 million CNY [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 [3] Shareholder Structure - As of June 30, 2025, the number of CITIC Bo shareholders decreased by 21.44% to 11,300, while the average circulating shares per person increased by 37.79% to 19,312 shares [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 10.0537 million shares, an increase of 5.9133 million shares from the previous period [3] - New shareholder, Qianhai Kaiyuan Public Utilities Stock, holds 2.3093 million shares, while the photovoltaic ETF reduced its holdings by 6,473 shares [3]

Core Viewpoint - The solar photovoltaic demand in Q2 2025 has rapidly increased due to domestic rush installations, leading to a recovery in revenue and gross margins for major industry chain companies. Additionally, the easing of U.S. tariffs has significantly improved profitability in the U.S. market after companies streamlined their supply chains [1] Industry Chain Summary - The revenue of the main industry chain has increased, and gross margins have generally recovered, although there is differentiation among segments and companies. The downstream battery and module prices have risen quickly due to the rush installations, while the performance of silicon materials and wafers continues to decline marginally. Overall gross margin recovery is noted, but the increase in shipment volumes has not significantly reduced overall losses in the sector [1] - In Q2 2025, the output of slurry slightly increased quarter-on-quarter, but performance was heavily impacted by costs. The introduction of low-cost metal slurry production is expected to provide significant revenue and profit growth opportunities for slurry companies. The profitability of junction boxes, frames, and solder strips has been under pressure, while overseas production capacity for frames has shown strong contributions. Glass and film prices and profits have recovered due to domestic rush installations, with strong demand for centralized inverters and energy storage systems [2] Financial Outlook - The financial statements for Q3 2025 are expected to show further recovery, with a focus on the progress of reducing internal competition. Since July, the price of silicon materials has risen significantly, and downstream silicon wafers and battery modules have experienced varying degrees of price adjustments. The overall profit and operating cash flow for the sector are anticipated to improve further in Q3 2025, although the performance of the module segment may face some pressure quarter-on-quarter. Glass and film prices are expected to gradually rise above the production cost line of second-tier leading companies [3] Recommended Companies - Recommended companies include: - Silicon material segment: Tongwei Co., Ltd. (600438.SH) - High-efficiency module leader: JinkoSolar (688233.SH) - New technology BC and slurry: Dike Co., Ltd. (300842.SZ), Juhe Materials (688503.SH) - Racking: CITIC Bo (688408.SH) - Glass: Xinyi Solar (00968), Flat Glass (601865.SH) - Inverters and energy storage: Deye Technology (605117.SH), Jinlang Technology (300763.SZ), Shangneng Electric (300827.SZ), Canadian Solar (688472.SH) [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [9]. Core Views - In H1 2025, the company achieved a net profit attributable to shareholders of 158 million yuan, a year-on-year decrease of 31.79%, while revenue reached 4.037 billion yuan, reflecting a year-on-year growth of 19.55% [6]. - The company's gross profit margin has declined due to an increase in the proportion of lower-margin fixed brackets in its sales mix, with fixed bracket revenue rising to 999.8 million yuan, accounting for 24.76% of the bracket business revenue [7]. - As of H1 2025, the company has a backlog of orders worth 7.29 billion yuan, with 5.89 billion yuan attributed to tracking brackets, solidifying its position as the second-largest global player in this segment [8]. Financial Performance Summary - The company is projected to achieve revenues of 9.35 billion yuan, 10.33 billion yuan, and 11.59 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 3.6%, 10.5%, and 12.2% [9]. - The net profit attributable to shareholders is expected to be 710 million yuan, 830 million yuan, and 1.17 billion yuan for the same years, with year-on-year growth rates of 13.0%, 15.8%, and 41.7% [9]. - The company's gross margin is projected to be 18.3% in 2025, decreasing to 17.5% in 2026 and remaining at 17.5% in 2027 [11].

Group 1 - The company is holding its second extraordinary general meeting of shareholders on September 12, 2025, to ensure the rights of all shareholders and maintain order during the meeting [1][3] - The meeting will include a combination of on-site and online voting, with results to be announced after the voting process [2][3] - Shareholders and their representatives have the right to speak, inquire, and vote during the meeting, but must adhere to the established rules and procedures [2][3] Group 2 - The company plans to terminate certain fundraising projects and allocate the remaining funds to new projects, specifically reallocating 68.2 million yuan to the "Changzhou Production Base Automation Upgrade Project" [6][7] - The decision to terminate these projects is based on changes in market conditions and the company's operational strategy, ensuring compliance with relevant laws and regulations [6][7] - The company will ensure the legal and effective use of the remaining funds and will not engage in related party transactions regarding this change in fundraising usage [7]

Core Viewpoint - The report outlines the continuous supervision and guidance provided by Guotou Securities for Jiangsu Zhongxinbo New Energy Technology Co., Ltd. during its A-share issuance, emphasizing compliance with regulations and the company's operational integrity [1][2]. Continuous Supervision Work - Guotou Securities has established a comprehensive supervision system and signed a continuous supervision agreement with Zhongxinbo, detailing rights and obligations during the supervision period [1]. - The supervision includes regular communication, site inspections, and due diligence to ensure compliance with laws and regulations [1][2]. - The report highlights that no violations or breaches of commitments have been reported during the supervision period [2][3]. Financial Performance - For the first half of 2025, Zhongxinbo reported a revenue of CNY 403.65 million, a 19.55% increase from the previous year, while net profit attributable to shareholders decreased by 31.79% to CNY 15.78 million [5][6]. - The company's total assets were CNY 985.55 million, showing a slight decrease of 0.68% compared to the previous year [5]. - The basic earnings per share dropped by 57.56% to CNY 0.73, and the return on equity decreased by 4.3 percentage points to 3.61% [5][6]. Research and Development - Zhongxinbo increased its R&D expenditure by 35.07% to CNY 10.27 million, representing 2.54% of its revenue, indicating a focus on innovation [6][7]. - The company has a strong R&D team of 343 members, with 765 intellectual property rights, including 119 invention patents [6][7]. Market Position and Strategy - Zhongxinbo ranks second globally in the solar PV tracker market, according to Wood Mackenzie, solidifying its position as a leading player in the sector [7]. - The company is committed to a global strategy, enhancing its supply chain and expanding its market presence in Asia-Pacific and the Middle East [7]. Risk Factors - The company faces risks related to performance volatility due to global trade policies, competition, and macroeconomic uncertainties [3][4]. - Exchange rate fluctuations and international logistics challenges are also identified as potential risks impacting the company's operations [3][4].

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 ...