Core Viewpoint - The photovoltaic equipment sector experienced a slight increase of 0.06% on November 14, with CITIC Bo leading the gains, while the overall market indices, Shanghai Composite and Shenzhen Component, saw declines of 0.97% and 1.93% respectively [1] Sector Performance - CITIC Bo (688408) closed at 53.60, up 11.64% with a trading volume of 261,800 shares and a transaction value of 1.378 billion yuan [1] - Qingyuan Co. (603628) rose by 9.99% to 15.74, with a trading volume of 276,900 shares and a transaction value of 427 million yuan [1] - Hongyuan Green Energy (603185) increased by 7.17% to 37.50, with a trading volume of 910,100 shares and a transaction value of 342.5 million yuan [1] - Maneng Technology (688348) saw a 5.98% rise to 65.37, with a trading volume of 91,400 shares and a transaction value of 606 million yuan [1] - Weidao Nano (688147) increased by 4.31% to 57.58, with a trading volume of 232,100 shares and a transaction value of 1.342 billion yuan [1] - Other notable performers include Shichuang Energy (688429), Zhonglai Co. (300393), TCL Zhonghuan (002129), Shouhang New Energy (301658), and An彩高科 (600207), all showing positive growth [1] Capital Flow - The photovoltaic equipment sector saw a net inflow of 26.5 million yuan from main funds, while retail investors experienced a net outflow of 543 million yuan [1] - Speculative funds contributed a net inflow of 516 million yuan to the sector [1]

Core Insights - The solar energy sector in the A-share market is experiencing significant growth, with multiple stocks reaching their daily limit up [1] - China is a major contributor to global electricity growth, with approximately three-quarters of new electricity supply coming from solar energy [1] - Elon Musk has highlighted solar power as potentially the largest energy source for human civilization to date [1] Company Performance - Top performing solar stocks include: - **拓日新能 (TuoRi New Energy)**: Increased by 10.05%, market cap of 6.811 billion [2] - **日出东方 (Rising Sun Oriental)**: Increased by 10.04%, market cap of 9 billion [2] - **锡装股份 (XiZhuang Co.)**: Increased by 10.01%, market cap of 6.583 billion [2] - **捷荣技术 (JieRong Technology)**: Increased by 10.00%, market cap of 4.798 billion [2] - **建业股份 (JianYe Co.)**: Increased by 10.00%, market cap of 5.525 billion [2] - **清源股份 (QingYuan Co.)**: Increased by 9.99%, market cap of 4.299 billion [2] - **国晟科技 (GuoSheng Technology)**: Increased by 9.96%, market cap of 5.581 billion [2] - **电投产融 (DianTou ChanRong)**: Increased by 9.94%, market cap of 39.3 billion [2] - **永泰能源 (YongTai Energy)**: Increased by 9.82%, market cap of 39.1 billion [2] - **弘元绿能 (HongYuan Green Energy)**: Increased by 9.23%, market cap of 26.1 billion [2] - **昱能科技 (YuNeng Technology)**: Increased by 9.08%, market cap of 10.5 billion [2] - **上能电气 (ShangNeng Electric)**: Increased by 9.05%, market cap of 24.5 billion [2] - **TCL中环 (TCL ZhongHuan)**: Increased by 7.88%, market cap of 45.9 billion [2] - **隆基绿能 (Longi Green Energy)**: Increased by 7.89%, market cap of 174.1 billion [2] - **时创能源 (ShiChuang Energy)**: Increased by 7.63%, market cap of 7.108 billion [2] Electricity Generation Trends - Data indicates a significant increase in electricity generation, with solar energy being a key driver in China compared to other sources [3]

Market Overview - As of 10:30 AM today, the Shanghai Composite Index is at 3998.79 points, with a slight increase of 0.03% and total A-share trading volume reaching 1,083.642 billion yuan [1] Stocks Breaking Through Annual Line - A total of 76 A-shares have surpassed their annual line today, with notable stocks showing significant deviation rates including Binhai Energy at 8.36%, Overseas Chinese Town A at 6.04%, and Peking University Pharmaceutical at 5.58% [1] - The stocks with the largest deviation rates are as follows: - Binhai Energy: 9.96% increase, turnover rate of 4.54%, annual line at 11.51 yuan, latest price at 12.47 yuan [1] - Overseas Chinese Town A: 9.92% increase, turnover rate of 3.53%, annual line at 2.51 yuan, latest price at 2.66 yuan [1] - Peking University Pharmaceutical: 10.02% increase, turnover rate of 6.51%, annual line at 6.14 yuan, latest price at 6.48 yuan [1] Additional Stocks with Minor Deviations - Other stocks that have just crossed the annual line with smaller deviation rates include: - Shifeng Culture: 7.28% increase, turnover rate of 9.18%, annual line at 20.09 yuan, latest price at 20.92 yuan [1] - Shede Liquor: 3.72% increase, turnover rate of 2.05%, annual line at 59.70 yuan, latest price at 61.88 yuan [1] - Times Energy: 3.05% increase, turnover rate of 1.39%, annual line at 16.45 yuan, latest price at 16.92 yuan [1]

Core Insights - The company reported a significant increase in revenue and a substantial narrowing of losses in the first three quarters of 2025, with revenue reaching 705 million yuan, up 54.3% year-on-year, primarily due to increased sales of photovoltaic cells and equipment, as well as a rise in the price of photovoltaic materials in Q3 [1] - The gross margin remains low but shows a clear trend of improvement, with Q3 gross margin at 1.09%, up 5.7 percentage points year-on-year, while the net profit margin improved significantly [2] - The company continues to innovate across its product lines, with advancements in photovoltaic auxiliary materials, equipment, half-cell technology, and bifacial module technology, indicating a strong focus on enhancing efficiency and production capabilities [3] - Profit forecasts for 2025-2026 have been adjusted downward due to industry cycle impacts, but the company maintains a "buy" rating based on growth potential from new equipment and an anticipated recovery in the photovoltaic industry [4] Revenue and Profitability - Revenue for the first three quarters of 2025 was 705 million yuan, a 54.3% increase year-on-year, with Q3 revenue at 254 million yuan, up 34.5% year-on-year [1] - The company reported a net loss of 254 million yuan for the first three quarters, with a narrowed loss of 75 million yuan in Q3, attributed to a significant reduction in asset impairment [1] - Gross margin for Q1-Q3 2025 was -0.34%, a decrease of 13.5 percentage points year-on-year, while the net profit margin was -36.10%, an increase of 76.3 percentage points year-on-year [2] Inventory and Cash Flow - As of Q3 2025, inventory was 162 million yuan, down 25.6% year-on-year, and contract liabilities were 32 million yuan, down 38.5% year-on-year [2] - Accounts receivable decreased by 40.9% year-on-year to 123 million yuan, indicating improved cash flow management [2] - Operating cash flow for Q1-Q3 2025 was -94 million yuan, showing improvement due to increased sales revenue and reduced cash payments for goods [2] Innovation and Product Development - The company is advancing its core products, including new auxiliary materials for n-type products that enhance efficiency by 0.05%-0.10% [3] - Self-developed equipment for key processes in photovoltaic production has completed client acceptance tests, indicating successful innovation [3] - The introduction of bifacial modules and half-cell technology is expected to enhance production efficiency and market competitiveness [3] Profit Forecast and Investment Rating - The profit forecast for 2025-2026 has been revised to net losses of 320 million yuan and a profit of 20 million yuan, respectively, with a projected profit of 150 million yuan for 2027 [4] - The current stock price corresponds to dynamic PE ratios of 357 and 43 for 2026 and 2027, respectively, reflecting the company's growth potential despite current losses [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company has significantly narrowed its losses, with a notable increase in revenue driven by higher sales of photovoltaic cells and equipment, alongside a rise in prices for photovoltaic materials [8] - The company's gross margin remains low but shows signs of improvement, with a gross margin of -0.34% for the first three quarters of 2025, reflecting a year-on-year decrease of 13.5 percentage points [8] - The company is advancing its core products and innovative technologies, with successful launches in various segments of the photovoltaic industry [8] Financial Performance Summary - For 2025, the company is projected to have total revenue of 1,349.49 million yuan, representing a year-on-year increase of 89.88% [1] - The net profit attributable to shareholders is expected to be -320.40 million yuan for 2025, showing a 50.63% improvement compared to the previous year [1] - The company's cash flow from operating activities for the first three quarters of 2025 is reported at -94 million yuan, indicating an improvement compared to the previous year [8] Product and Innovation Summary - The company has introduced new products in the photovoltaic sector, including secondary texturing products and self-developed cleaning aids, which enhance efficiency by 0.05%-0.10% [8] - The company has made progress in optimizing products for BC and HJT cells, with successful client acceptance of self-developed equipment [8] - The introduction of innovative technologies such as the "Guqin" module based on the stacking grid technology is expected to accelerate the industrialization process [8]

Core Points - The company issued a correction announcement regarding its Q3 2025 report, specifically addressing errors in the shareholder information section [1][2] - The correction pertains to the "Top 10 Shareholders' Holdings" data, which was inaccurately recorded [1] - Aside from the corrected information, all other contents of the Q3 2025 report remain unchanged [1] Summary by Sections Company Information - Changzhou Shichuang Energy Co., Ltd. is committed to ensuring the accuracy and completeness of its announcements and takes legal responsibility for the content [1] - The company expressed apologies for any inconvenience caused to investors due to the correction [1][2] Financial Reporting - The correction was made to the "Top 10 Shareholders' Holdings" section, which included errors in the data entry [1] - The corrected report is available on the Shanghai Stock Exchange website [1]

Core Insights - The company reported a revenue of 705 million yuan for the first three quarters of 2025, representing a year-on-year increase of 54.30% [1] - The net profit attributable to shareholders was -254 million yuan, a year-on-year increase of 50.44% [1] - The basic earnings per share for the reporting period was -0.64 yuan [1] Financial Performance - The gross margin for the first three quarters was -0.34%, a decrease of 13.52 percentage points year-on-year [1] - The net margin was -36.10%, an increase of 76.28 percentage points compared to the same period last year [1] - In Q3 2025, the gross margin was 1.09%, an increase of 5.73 percentage points year-on-year but a decrease of 1.92 percentage points quarter-on-quarter [1] - The net margin for Q3 was -29.64%, an increase of 171.68% year-on-year but a decrease of 24.07 percentage points from the previous quarter [1] Expenses and Costs - Total operating expenses for the company were 319 million yuan, an increase of 54.08 million yuan year-on-year [2] - The expense ratio was 45.29%, a decrease of 12.75 percentage points year-on-year [2] - Sales expenses increased by 14.22% year-on-year, while management expenses decreased by 23.57% [2] - R&D expenses grew by 11.37% year-on-year, and financial expenses surged by 1236.97% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 5,720, an increase of 750 from the end of the previous half-year, representing a growth of 15.09% [2] - The average market value per shareholder decreased from 1.1702 million yuan to 1.1056 million yuan, a decline of 5.52% [2] Company Overview - The company, located in Changzhou, Jiangsu Province, was established on November 19, 2009, and went public on June 29, 2023 [2] - Its main business involves the R&D, production, and sales of photovoltaic wet process auxiliary materials, photovoltaic equipment, and photovoltaic cells [2] - The revenue composition includes photovoltaic cells (57.51%), photovoltaic wet process auxiliary materials (22.75%), photovoltaic equipment (10.13%), and others (9.61%) [2] - The company belongs to the power equipment industry, specifically in photovoltaic equipment and photovoltaic cell components [2]

证券代码：688429 证券简称：时创能源 公告编号：2025-053 常州时创能源股份有限公司 关于 2025 年第三季度报告的更正公告 更正前： | 前 10 | 名股东持股情况（不含通过转融通出借股份） | | | --- | --- | --- | | 股东名称 | 股东性质 | 持股数量 | | 张帆 | 境外自然人 | 32,440,032 | | …… | | | | 李雪林 | 境外自然人 | 2,896,000 | 特此公告。 常州时创能源股份有限公司董事会 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、准确性和完整性承担法律责任。 2025 年 11 月 1 日 常州时创能源股份有限公司（以下简称"公司"）于 2025 年 10 月 31 日在 上海证券交易所网站（www.sse.com.cn）披露了《常州时创能源股份有限公司 2025 年第三季度报告》（以下简称"《2025 年第三季度报告》"）。经事后核查发 现，公司《2025 年第三季度报告》"二 股东信息 （一）普通股股东总数和表 决权恢复的优先股股东数量及前十名股东持股情况表 ...

Revenue and Profit - The company's operating revenue for Q3 2025 reached ¥253,787,720.34, representing a year-on-year increase of 34.47%[3] - Year-to-date revenue until the report period amounted to ¥704,750,026.54, reflecting a 54.30% increase compared to the same period last year[3] - The total profit for the period was a loss of ¥94,569,209.11, with a year-to-date loss of ¥316,868,839.63[3] - The net profit attributable to shareholders for Q3 was a loss of ¥75,177,210.96, and the year-to-date loss was ¥254,393,496.16[3] - Total operating revenue for the first three quarters of 2025 reached ¥704,750,026.54, a significant increase of 54.3% compared to ¥456,727,522.48 in the same period of 2024[20] - The net loss for the first three quarters of 2025 was ¥254,443,147.50, an improvement from a net loss of ¥513,294,666.77 in the same period of 2024[22] - The net profit for the first three quarters of 2025 was a loss of ¥251.81 million, an improvement from a loss of ¥509.87 million in the first three quarters of 2024, indicating a reduction in losses by 50.7%[32] - The total profit (loss) for the first three quarters of 2025 was a loss of ¥315.16 million, an improvement from a loss of ¥562.49 million in 2024, showing a reduction in overall losses by 44.0%[32] Research and Development - Research and development expenses totaled ¥58,829,661.61 for the quarter, accounting for 23.18% of operating revenue, a decrease of 9.91 percentage points year-on-year[4] - Research and development expenses increased to ¥174,805,010.58 in the first three quarters of 2025, compared to ¥156,961,254.38 in the previous year, reflecting a focus on innovation[21] - Research and development expenses increased to ¥166.42 million in 2025, up 9.9% from ¥152.52 million in 2024, reflecting the company's commitment to innovation[31] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,637,616,280.19, down 5.92% from the end of the previous year[4] - The company's total assets decreased to ¥4,637,616,280.19 from ¥4,929,616,758.84 year-over-year, indicating a reduction in asset base[17] - Total liabilities decreased to ¥3,189,644,865.51 from ¥3,246,050,681.41, showing a slight improvement in the company's leverage[17] - Total liabilities as of September 30, 2025, were CNY 3,168,611,035.64, a decrease from CNY 3,220,852,409.34 as of December 31, 2024[30] Shareholder Information - The total number of common shareholders at the end of the reporting period is 5,720[12] - The largest shareholder, Nanjing Shichuang Venture Capital Co., Ltd., holds 142,941,654 shares, representing 35.74% of total shares[12] - The second-largest shareholder, Nanjing Sicheng Venture Capital Partnership, holds 137,231,879 shares, accounting for 34.31%[12] - The company has no significant changes in the top 10 shareholders or their shareholding due to securities lending activities[13] - The total number of shares held by the top 10 unrestricted shareholders includes 32,440,032 shares held by Zhang Fan[13] Cash Flow - The company reported a negative cash flow from operating activities of ¥30,648,991.25 for the quarter[3] - Cash inflow from operating activities for the first three quarters of 2025 was CNY 567,013,104.06, an increase of 14.2% compared to CNY 496,526,853.02 in the same period of 2024[25] - Net cash flow from operating activities for the first three quarters of 2025 was -CNY 94,226,594.34, an improvement from -CNY 334,061,130.64 in the first three quarters of 2024[25] - Cash inflow from investment activities for the first three quarters of 2025 was CNY 1,373,480,111.35, a decrease of 22.7% compared to CNY 1,776,518,112.75 in the same period of 2024[25] - Net cash flow from investment activities for the first three quarters of 2025 was -CNY 39,182,909.52, compared to -CNY 180,811,633.20 in the first three quarters of 2024[25] - Cash inflow from financing activities for the first three quarters of 2025 was CNY 333,932,327.77, an increase from CNY 218,326,466.13 in the same period of 2024[26] - Net cash flow from financing activities for the first three quarters of 2025 was -CNY 24,328,834.14, a decrease from CNY 155,092,887.16 in the first three quarters of 2024[26] Financial Performance - The weighted average return on equity was -5.10% for the quarter, compared to -16.27% for the year-to-date[4] - Basic and diluted earnings per share for the first three quarters of 2025 were both -¥0.64, an improvement from -¥1.29 in the same period of 2024[22] - The company reported a significant increase in financial expenses, totaling ¥53,320,515.15 in 2025, compared to a negative financial expense of -¥4,689,722.07 in 2024[21] - The company incurred financial expenses of ¥52.71 million in 2025, a significant increase from a financial income of ¥4.28 million in 2024, primarily due to increased interest expenses[31] Cash and Equivalents - The company's cash and cash equivalents as of September 30, 2025, amount to ¥310,905,185.13, down from ¥504,492,493.70 as of December 31, 2024[15] - The total current assets decreased to ¥1,506,590,818.63 from ¥1,637,101,477.37[15] - The company's total cash and cash equivalents at the end of the third quarter of 2025 stood at ¥202.19 million, compared to ¥167.07 million at the end of the same period in 2024, indicating a year-over-year increase[34]

Core Viewpoint - Shichuang Energy, established in November 2009 and listed on the Shanghai Stock Exchange in June 2023, is a leading enterprise in the photovoltaic wet process sector, possessing a full industry chain advantage and high product cost-performance ratio [1] Group 1: Business Performance - In Q3 2025, Shichuang Energy achieved operating revenue of 705 million yuan, ranking 18th among 23 companies in the industry, significantly lower than the top two competitors, Longi Green Energy at 50.915 billion yuan and Trina Solar at 49.97 billion yuan, as well as below the industry average of 12.627 billion yuan and median of 3.01 billion yuan [2] - The main revenue components include photovoltaic cell revenue of 259 million yuan (57.51%), wet process auxiliary products revenue of 103 million yuan (22.75%), photovoltaic equipment revenue of 45.668 million yuan (10.13%), and other revenue of 43.3597 million yuan (9.61%) [2] - The net profit for the period was -254 million yuan, ranking 11th in the industry, with a significant gap compared to the top performers, Hongdian Dongci at 1.808 billion yuan and Canadian Solar at 1.011 billion yuan, although slightly better than the industry average of -744 million yuan and median of -272 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Shichuang Energy's debt-to-asset ratio was 68.78%, an increase from 44.99% in the previous year, but still below the industry average of 70.17% [3] - The gross profit margin for the period was -0.34%, a significant decline from 13.18% in the previous year and lower than the industry average of 1.80% [3] Group 3: Executive Compensation - The chairman, Fu Liming, received a salary of 1.1152 million yuan in 2024, a decrease of 14,800 yuan from 2023 [4] - The general manager, Fang Min, received a salary of 1.151 million yuan in 2024, an increase of 86,200 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders for Shichuang Energy increased by 15.09% to 5,720 households, while the average number of circulating A-shares held per household decreased by 13.11% to 20,900 shares [5]