证券之星消息，9月29日光伏设备板块较上一交易日上涨2.24%，易成新能领涨。当日上证指数报收于 3862.53，上涨0.9%。深证成指报收于13479.43，上涨2.05%。光伏设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300080 | 易成新能 | 5.88 | 20.00% | 129.23万 | | 7.24亿 | | 688717 | 艾罗能源 | 82.90 | 10.53% | 10.94万 | | 8.99亿 | | 300827 | 上能电气 | 35.33 | 8.94% | 77.75万 | | 27.28亿 | | 688147 | 微导纳米 | 56.28 | 7.10% | ● 15.48万 | | 8.43亿 | | 600732 | 爱旭股份 | 16.41 | 6.08% | 70.92万 | | 11.47亿 | | 002056 | 横店东磁 | 20.49 | 6.06% | 89.59万 | | 18.40 ...

Group 1 - The core viewpoint of the news is that Shichuang Energy's stock experienced a decline of 3.61% on September 23, with a trading volume of 47.10 million yuan, indicating market volatility [1] - As of September 23, Shichuang Energy's financing balance reached 85.39 million yuan, accounting for 4.85% of its circulating market value, which is above the 90th percentile level over the past year, indicating a high financing level [1] - The company reported a revenue of 451 million yuan for the first half of 2025, representing a year-on-year growth of 68.27%, while the net profit attributable to shareholders was -179 million yuan, a decrease of 34.43% year-on-year [2] Group 2 - Shichuang Energy has distributed a total of 17.90 million yuan in dividends since its A-share listing [3] - The company specializes in the research, production, and sales of photovoltaic wet process auxiliary materials, photovoltaic equipment, and photovoltaic cells, with its main business revenue composition being 57.51% from photovoltaic cells, 22.75% from wet process auxiliary materials, 10.13% from equipment, and 9.61% from other sources [1]

华泰联合证券有限责任公司 关于常州时创能源股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：常州时创能源股份有限公司 | | --- | --- | | 保荐代表人姓名：王哲 | 联系电话：021-38966515 | | 保荐代表人姓名：蒋益飞 | 联系电话：021-38966515 | 根据《证券法》《证券发行上市保荐业务管理办法》和《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，华泰联合证券有限责任公司（以 下简称"华泰联合证券"或"保荐人"）作为常州时创能源股份有限公司（以下 简称"时创能源""公司"或"发行人"）持续督导阶段的保荐人，对时创能源 进行持续督导，并出具 2025 年半年度（以下简称"本报告期"）持续督导跟踪 报告： 一、保荐人和保荐代表人发现的问题及整改情况 无。 二、重大风险事项 公司目前面临的风险因素主要如下： （一）行业风险 1、行业政策变化导致公司产品市场空间下降的风险 公司所处的光伏行业为国家产业政策重点发展和扶持的新能源产业，在相关 政策的支持下，光伏行业保持了较高的景气度，公司产品取得了广阔的市场 ...

Market Overview - The Shanghai Composite Index is at 3823.31 points, above the annual line, with a change of 0.29% [1] - The total trading volume of A-shares is 9900.87 billion yuan [1] Stocks Breaking Annual Line - 22 A-shares have broken above the annual line today, with notable stocks including: - Xinxiangwei (涨幅 14.65%, 乖离率 9.11%) - Dafu Technology (涨幅 8.27%, 乖离率 5.47%) - Phoenix Optical (涨幅 6.82%, 乖离率 3.96%) [1] Stocks with Smaller Deviations - Stocks with smaller deviations just above the annual line include: - Huachangda (乖离率 0.03%) - Aier Eye Hospital (乖离率 0.03%) - Shichuang Energy (乖离率 0.03%) [2]

Summary of the Conference Call for Shichuang Energy Company Overview - **Company**: Shichuang Technology - **Industry**: Photovoltaic (Solar Energy) Key Financial Performance - **Revenue**: Approximately 450 million yuan in H1 2025, a year-on-year increase of 68% [2][6] - **Net Profit**: Loss of 179.2 million yuan, with a net profit attributable to the parent company also at -179.2 million yuan [2][6] - **Total Assets**: Approximately 4.5 billion yuan [2] Industry Context - **Global Photovoltaic Installations**: Expected to be between 570 to 630 GW in 2025, with domestic battery and module supply capacity around 1,000 GW, indicating a significant oversupply in the industry [4] - **Utilization Rate**: Average capacity utilization in the industry is only about 50% to 60% [4] Technological Developments - **N-Type Topcon Transition**: The company has transitioned from P-type to N-type Topcon cells, achieving full production with a capacity of approximately 3 GW [2][11] - **Product Efficiency**: The efficiency of 210N cells has reached 25.4%, with a goal to improve to 26.4% by the end of the year [3][14] - **New Products**: Introduction of secondary texturing products and self-developed cleaning aids, which have improved cell conversion efficiency by 0.05 to 0.1 percentage points [2][8] Production and Capacity - **Topcon Production**: The Topcon production line has achieved nearly 260 million yuan in revenue, a year-on-year increase of 200-300% [2][11] - **Module Production Plans**: Plans to start mass production of bifacial stacked modules in October 2025, with efficiency targets of 26.3% to 26.6% [5][14] Research and Development - **R&D Investment**: The company has increased R&D spending despite a general industry trend of cuts, focusing on technological innovation as a survival strategy [32][33] - **Innovation Strategy**: Emphasis on high efficiency and differentiation to compete effectively in the market [33] Market Trends and Strategies - **Cost Reduction**: Plans to apply four-slice technology to stacked modules to improve efficiency and reduce costs [5][24] - **Collaboration with Tongwei**: Ongoing partnership with Tongwei, with a focus on prioritizing collaboration in stacked technology [22][30] Challenges and Future Outlook - **Industry Overcapacity**: The company acknowledges the challenges posed by industry overcapacity and is focusing on technological innovation to enhance competitiveness [29][30] - **Long-term Vision**: The company aims to contribute to the industry through continuous technological innovation and seeks patience from the capital market for its long-term strategies [39][41] Additional Insights - **Cleaning Aids Business**: The cleaning aids segment has seen significant growth, with revenue exceeding 40 million yuan, a 39% increase year-on-year [9][34] - **Material Development**: Future focus on developing grinding materials and wire materials as new growth points [35][37] This summary encapsulates the key points from the conference call, highlighting the company's financial performance, technological advancements, market strategies, and future outlook in the photovoltaic industry.

Core Viewpoint - The A-share market shows a mixed performance with the Shanghai Composite Index at 3814.20 points, down by 1.14%, while the total trading volume reached 1.8782 trillion yuan, indicating a fluctuating market environment [1] Group 1: Market Performance - The Shanghai Composite Index is currently above the annual line, reflecting a slight decline of 1.14% [1] - The total trading volume of A-shares today is reported at 1.8782 trillion yuan [1] Group 2: Stocks Breaking Annual Line - A total of 12 A-shares have surpassed the annual line today, with notable stocks including: - Shangneng Electric (300827) with a deviation rate of 8.99% and a daily increase of 11.84% [1] - Renfu Pharmaceutical (600079) showing a deviation rate of 8.06% and a daily increase of 9.99% [1] - Saiteng Co., Ltd. (603283) with a deviation rate of 5.06% and a daily increase of 7.32% [1] - Other stocks with smaller deviation rates that have just crossed the annual line include: - ST Jinglun (600355) with a deviation rate of 0.53% and a daily increase of 1.14% [1] - Shichuang Energy (688429) with a deviation rate of 0.76% and a daily increase of 2.14% [1]

Group 1 - The board of directors of Changzhou Shichuang Energy Co., Ltd. held its 28th meeting on August 28, 2025, with all 9 directors present, ensuring compliance with relevant laws and regulations [1] - The board approved the 2025 semi-annual report, confirming that the report's preparation and review processes adhered to legal requirements and accurately reflected the company's operational and financial status for the first half of 2025 [1][2] - The board also approved the special report on the storage and actual use of raised funds for the first half of 2025, stating that the management of these funds complied with regulatory rules and that there were no violations in their usage [2][3] Group 2 - The board reviewed and approved the semi-annual evaluation report of the "Quality Improvement and Efficiency Enhancement" special action plan for 2025, noting that the company had actively implemented measures to enhance operational quality and fulfill its responsibilities as a listed company [3][4]

Group 1 - The company Shichuang Energy (SH 688429) held its 28th meeting of the second board on August 28, 2025, to review the proposal for the 2025 semi-annual report and its summary [1] - For the year 2024, Shichuang Energy's revenue composition is 98.3% from the photovoltaic industry and 1.7% from other businesses [1] - As of the report, Shichuang Energy has a market capitalization of 6.3 billion yuan [1]

证券代码：688429 证券简称：时创能源 公告编号：2025-051 常州时创能源股份有限公司 第二届董事会第二十八次会议决议公告 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、准确性和完整性承担法律责任。 一、董事会会议召开情况 常州时创能源股份有限公司（以下简称"公司"）第二届董事会第二十八次 会议于 2025 年 8 月 28 日在公司会议室以现场结合通讯表决的方式召开。会议通 知已于 2025 年 8 月 22 日以电子邮件等形式向全体董事发出。本次会议由董事长 符黎明先生召集和主持，会议应出席董事 9 人，实际出席董事 9 人。公司高级管 理人员列席了本次会议。会议的召集、召开以及表决程序符合《中华人民共和国 公司法》等相关法律法规和《常州时创能源股份有限公司章程》的有关规定，会 议形成的决议合法有效。 二、董事会会议审议情况 （一）审议通过《关于公司<2025 年半年度报告>及其摘要的议案》 与会董事认为：公司 2025 年半年度报告及其摘要的编制和审议程序符合相 关法律法规及《公司章程》等的规定；2025 年半年度报告及其摘要的内容和格 ...

[Important Notice](index=2&type=section&id=Important%20Notice) This section outlines the board's declaration, significant risk warnings, and forward-looking statement disclaimers [Board of Directors and Management Statement](index=2&type=section&id=Board%20of%20Directors%20and%20Management%20Statement) Company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility. This report is unaudited - Board of directors and senior management guarantee the report's truthfulness, accuracy, and completeness, and assume legal responsibility[3](index=3&type=chunk) - This semi-annual report is unaudited[4](index=4&type=chunk) [Significant Risk Warning](index=2&type=section&id=Significant%20Risk%20Warning) The company has detailed potential risks in Section III "Management Discussion and Analysis", Subsection "IV. Risk Factors" of this report - The company has detailed potential risks in Section III "Management Discussion and Analysis", Subsection "IV. Risk Factors"[3](index=3&type=chunk) [Risk Statement for Forward-Looking Statements](index=2&type=section&id=Risk%20Statement%20for%20Forward-Looking%20Statements) Forward-looking descriptions in the report, such as future plans and development strategies, do not constitute a substantive commitment to investors, who are advised to be aware of investment risks - Forward-looking descriptions in the report, such as future plans and development strategies, do not constitute a substantive commitment to investors, who are advised to be aware of investment risks[5](index=5&type=chunk) [Company Profile and Key Financial Indicators](index=4&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section introduces the company's basic information, contact details, stock overview, and key accounting data and financial indicators for the reporting period, with explanations for significant financial data changes [Company Basic Information](index=4&type=section&id=Company%20Basic%20Information) Discloses the company's Chinese name, abbreviation, legal representative, registered and office addresses, website, and email address - The company's Chinese name is Changzhou SC New Energy Technology Co., Ltd., abbreviated as SC New Energy, with Fu Liming as the legal representative[11](index=11&type=chunk) [Contact Person and Contact Information](index=4&type=section&id=Contact%20Person%20and%20Contact%20Information) Provides the names, contact addresses, phone numbers, fax numbers, and email addresses of the Board Secretary and Securities Affairs Representative - The Board Secretary is Xia Jingjing, and the Securities Affairs Representative is Wang Ling, both reachable at 0519-67181119[13](index=13&type=chunk) [Information Disclosure and Document Availability](index=4&type=section&id=Information%20Disclosure%20and%20Document%20Availability) Lists the company's designated newspapers for information disclosure, the website address for the semi-annual report, and the location where the report is available for inspection - Company information disclosure newspapers include Shanghai Securities News, China Securities Journal, etc., and the report is available on www.sse.com.cn[14](index=14&type=chunk) [Company Stock Overview](index=4&type=section&id=Company%20Stock%20Overview) The company's A-shares are listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation SC New Energy and stock code 688429 - The company's A-shares are listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation SC New Energy and code 688429[15](index=15&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased by 68.27% year-on-year, but net profit attributable to shareholders decreased by 34.43% year-on-year, mainly due to photovoltaic industry price fluctuations, gross margin decline, and increased R&D investment. Total assets decreased by 8.28% year-on-year Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun, RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 450,962,306.20 | 267,997,536.27 | 68.27 | | Total Profit | -222,299,630.52 | -135,358,295.05 | N/A | | Net Profit Attributable to Shareholders | -179,216,285.20 | -133,314,098.65 | N/A | | Net Cash Flow from Operating Activities | -63,577,603.09 | -242,881,553.86 | N/A | | Net Assets Attributable to Shareholders (End of Period) | 1,509,403,117.50 | 1,680,415,196.46 (Prior Year End) | -10.18 | | Total Assets (End of Period) | 4,521,420,301.14 | 4,929,616,758.84 (Prior Year End) | -8.28 | Key Financial Indicators for H1 2025 | Major Financial Indicator | Current Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | -0.45 | -0.33 | N/A | | Diluted Earnings Per Share (RMB/share) | -0.45 | -0.33 | N/A | | Basic EPS Excluding Non-Recurring Gains/Losses (RMB/share) | -0.48 | -0.35 | N/A | | Weighted Average Return on Net Assets (%) | -11.18 | -5.95 | N/A | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains/Losses (%) | -12.08 | -6.15 | N/A | | R&D Investment as % of Operating Revenue (%) | 25.72 | 35.26 | Decrease by 9.54 percentage points | - Operating revenue increased by **68.27%** year-on-year, primarily due to increased sales of photovoltaic cells and equipment[18](index=18&type=chunk) - Net profit attributable to parent company shareholders decreased by **34.43%** year-on-year, mainly due to declining photovoltaic industry prices, a **26.87 percentage point decrease** in gross margin, increased R&D investment, and higher loan interest[19](index=19&type=chunk) - Net cash flow from operating activities increased by **73.82%** compared to the prior period, mainly due to increased sales revenue and reduced cash payments for goods purchased[19](index=19&type=chunk) [Non-Recurring Gains and Losses](index=6&type=section&id=Non-Recurring%20Gains%20and%20Losses) During the reporting period, the company's total non-recurring gains and losses amounted to RMB 14,442,107.41, primarily including government subsidies and fair value changes in financial assets, while clarifying that some government subsidies related to normal operations are recurring gains and losses Non-Recurring Gains and Losses for H1 2025 | Non-Recurring Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -7,076,953.65 | | Government Subsidies Included in Current Profit/Loss (Non-Recurring) | 19,391,804.22 | | Fair Value Change Gains/Losses and Disposal Gains/Losses from Financial Assets and Liabilities Held by Non-Financial Enterprises | 4,185,642.40 | | Other Non-Operating Income and Expenses | 465,706.14 | | Less: Income Tax Impact | 2,524,091.70 | | **Total** | **14,442,107.41** | - Amortization of asset-related government subsidies and VAT refunds are classified as recurring gains and losses, as they are closely related to the company's normal operations and have a continuous impact[24](index=24&type=chunk) [Net Profit After Deducting Share-Based Payment Impact](index=7&type=section&id=Net%20Profit%20After%20Deducting%20Share-Based%20Payment%20Impact) During the reporting period, net profit after deducting the impact of share-based payments was RMB -145,505,727.17, a decrease from the prior period Net Profit After Deducting Share-Based Payment Impact | Indicator | Current Period (Jan-Jun, RMB) | Prior Period (RMB) | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact | -145,505,727.17 | -97,253,221.47 | N/A | [Definitions](index=7&type=section&id=Definitions) The report provides definitions for common terms, including company names, subsidiaries, project names, and technical terms, to ensure clear understanding of the report content - The report provides detailed definitions for common terms such as company, subsidiaries, projects, and technologies, including "SC New Energy", "SC Photovoltaic", "4GW Project", and "TOPCon"[28](index=28&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) This section discusses the current state of the photovoltaic industry, the company's main businesses, operating model, core competitiveness, R&D progress, and risk factors, along with an analysis of operating performance during the reporting period [Industry and Main Business Overview](index=9&type=section&id=Industry%20and%20Main%20Business%20Overview) The photovoltaic industry faces demand growth but oversupply, with policies guiding the industry from disorderly competition to quality improvement, and N-type technology becoming mainstream. The company's main businesses include photovoltaic wet process auxiliaries, photovoltaic equipment, and photovoltaic cells, aiming to solve process challenges and reduce costs - Global new photovoltaic installed capacity is estimated to be **570GW-630GW** in H1 2025, with China's new installed capacity reaching **212.21GW**, a **107%** year-on-year increase[32](index=32&type=chunk) - The photovoltaic industry faces supply-demand imbalance across the entire value chain, leading to declining prices and profitability, but "anti-involution" policies are reshaping the industry ecosystem, with polysilicon prices having rebounded by over **30%**[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) - N-type TOPCon cell market share reached **71.1%**, becoming the mainstream technology, as the industry enters a phase of "dual-track parallel development" focusing on efficiency improvement and cost control[36](index=36&type=chunk)[37](index=37&type=chunk) - The company's main businesses include photovoltaic wet process auxiliaries, photovoltaic equipment, and photovoltaic cells, with products focused on addressing manufacturing process challenges and reducing levelized cost of electricity[39](index=39&type=chunk) [Main Products and Their Uses](index=11&type=section&id=Main%20Products%20and%20Their%20Uses) The company's products include photovoltaic wet process auxiliaries (texturing, polishing, cleaning, etching auxiliaries), photovoltaic equipment (bulk defect passivation, chain annealing, interface passivation, gettering equipment), and photovoltaic cells (half-cut cells, shingled modules), aiming to improve efficiency and reduce costs - Photovoltaic wet process auxiliaries are used for cleaning, texturing, etching, and polishing, enhancing cell photoelectric conversion efficiency[40](index=40&type=chunk) - Photovoltaic equipment includes bulk defect passivation, chain annealing, interface passivation, and gettering equipment, used to reduce carrier recombination rates and improve efficiency[40](index=40&type=chunk) - Photovoltaic cell products include half-cut cells utilizing edge scraps and shingled modules with original shingling technology, aiming to address shading, reduce silver consumption, and improve efficiency[39](index=39&type=chunk)[40](index=40&type=chunk) [Main Business Models](index=12&type=section&id=Main%20Business%20Models) The company's procurement model combines reasonable inventory with build-to-order; production is primarily stock-based, supplemented by customized production; sales are mainly direct, supplemented by distribution; and R&D is driven by original research, focusing on industry hotspots and process challenges - Procurement model: Photovoltaic wet process auxiliaries and photovoltaic cells adopt a reasonable inventory strategy, while photovoltaic equipment is procured based on sales orders[42](index=42&type=chunk) - Production model: Photovoltaic wet process auxiliaries and photovoltaic cells are primarily stock-based, while photovoltaic equipment is produced based on sales orders and features modular design[43](index=43&type=chunk) - Sales model: Primarily direct sales, supplemented by distribution, with the marketing center responsible for market promotion, sales, and customer maintenance[45](index=45&type=chunk) - R&D model: Driven by continuous original research, focusing on industry hotspots and process challenges, with collaboration between the R&D center and the cell business unit to shorten R&D cycles[46](index=46&type=chunk) [Discussion and Analysis of Operations](index=13&type=section&id=Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company's total operating revenue grew by 68.27% to RMB 451 million, but net profit incurred a loss of RMB 179 million, a 34.41% year-on-year decrease, mainly due to photovoltaic industry overcapacity and intense price competition. The company continues to advance in wet process auxiliaries, N-type TOPCon cells, and shingling technology modules, striving to improve efficiency and restore profitability - In H1 2025, the company's total operating revenue was **RMB 451 million**, a **68.27%** year-on-year increase; net profit incurred a loss of **RMB 179 million**, a **34.41%** year-on-year decrease[47](index=47&type=chunk) - Sales of wet process auxiliaries decreased by **19.4%**, but revenue from cleaning auxiliaries grew by **39.2%**, and secondary texturing products improved cell conversion efficiency by **0.05%-0.10%**[49](index=49&type=chunk) - N-type TOPCon cell sales grew by **233.6%** to **1.05GW**, with revenue of **RMB 259 million**, an increase of **185%**, but the average unit price decreased by **14.4%**, and cell gross profit remained negative[50](index=50&type=chunk) - Shingling technology modules have successfully implemented the single-sided shingling process route, with pilot line shingled cells achieving an average efficiency of over **26.0%**, and module power exceeding **645W**[52](index=52&type=chunk)[53](index=53&type=chunk) [Analysis of Core Competencies](index=15&type=section&id=Analysis%20of%20Core%20Competencies) The company's core competencies lie in its strong R&D advantages (24 core technologies, 397 R&D personnel), solid customer base (covering leading domestic and international photovoltaic enterprises), and experienced team. During the reporting period, the company continued to increase R&D investment, driving technological innovation and product iteration - The company possesses **24 core technologies** with independent intellectual property rights, an R&D team of **397 people**, multi-disciplinary scientific research talent, and efficient collaboration between the R&D center and the cell business unit[54](index=54&type=chunk) - The company's products have gained widespread industry recognition, covering most leading domestic and international photovoltaic enterprises, forming strong customer stickiness[55](index=55&type=chunk) - The core management team possesses deep photovoltaic professional background and rich management experience, providing assurance for the company's development[56](index=56&type=chunk) [Core Technologies and Their Advanced Nature](index=16&type=section&id=Core%20Technologies%20and%20Their%20Advanced%20Nature) The company's 24 core technologies with independent intellectual property rights span four business segments: photovoltaic wet process auxiliaries, photovoltaic equipment, photovoltaic half-cut cells, and photovoltaic modules, aiming to enhance photovoltaic cell conversion efficiency and reduce costs, such as etching auxiliaries for TOPCon cells, chain gettering equipment for HJT cells, and shingling technology - The company possesses **24 core technologies** with independent intellectual property rights, covering wet process auxiliaries, photovoltaic equipment, photovoltaic half-cut cells, and photovoltaic modules[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) - The advanced nature of core technologies is reflected in improving photovoltaic cell conversion efficiency and reducing costs, for example, TOPCon cell etching auxiliaries, HJT cell chain gettering equipment, and shingling technology[60](index=60&type=chunk) [R&D Achievements](index=19&type=section&id=R%26D%20Achievements) During the reporting period, several of the company's products received high-tech product certifications from Changzhou City, and the company continued to undertake national-level scientific research projects. As of June 30, 2025, the company held 282 authorized patents, including 151 invention patents, with 32 new authorized patents in the current period - In June 2025, multiple products (e.g., monocrystalline silicon solar cell texturing auxiliary TS, silicon wafer cleaning auxiliary CW) received high-tech product certifications from Changzhou City[61](index=61&type=chunk) - Undertook industry-forward and key core technology research projects such as "R&D of texturing technology compatible with low-temperature conductive silver paste"[62](index=62&type=chunk) Intellectual Property Status During Reporting Period | Category | New Applications This Period (items) | New Grants This Period (items) | Cumulative Applications (items) | Cumulative Grants (items) | | :--- | :--- | :--- | :--- | :--- | | Invention Patents | 33 | 9 | 515 | 151 | | Utility Model Patents | 10 | 12 | 168 | 116 | | Design Patents | 0 | 0 | 19 | 15 | | Software Copyrights | 0 | 0 | 5 | 5 | | Other | 9 | 11 | 99 | 71 | | **Total** | **52** | **32** | **806** | **358** | [R&D Investment](index=20&type=section&id=R%26D%20Investment) During the reporting period, the company's total R&D investment was RMB 115.9753 million, a 22.72% year-on-year increase, accounting for 25.72% of operating revenue, mainly due to continuous increased investment in product R&D and higher share-based payment expenses R&D Investment Status | Indicator | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 115,975,348.97 | 94,503,237.37 | 22.72 | | Total R&D Investment | 115,975,348.97 | 94,503,237.37 | 22.72 | | Total R&D Investment as % of Operating Revenue (%) | 25.72 | 35.26 | Decrease by 9.54 percentage points | - R&D investment increased by **RMB 21.4721 million**, mainly due to continuous increased investment in product R&D and an increase of **RMB 13.1046 million** in share-based payment expenses[67](index=67&type=chunk) [R&D Projects](index=21&type=section&id=R%26D%20Projects) The company's R&D projects cover high-efficiency cells (ultra-thin half-cut TOPCon, TOPCon cell processes), new equipment (high-efficiency diffusion technology), module R&D (low-silver-consumption fast-interconnect high-efficiency modules), and auxiliary product R&D (silicon wafer etching auxiliaries, slicing chemical auxiliaries, crystalline silicon alkaline polishing auxiliaries, low-temperature conductive silver paste compatible texturing technology, n-Si bulk defect control technology, silicon wafer cleaning auxiliaries, amorphous silicon etching auxiliaries, glass alkaline etching auxiliaries, monocrystalline silicon solar cell texturing auxiliaries), as well as energy storage R&D (sodium-sulfur battery development), with a total estimated investment exceeding RMB 1 billion and RMB 116 million invested this period, aiming for cost reduction, efficiency improvement, and enhanced efficiency - The company's R&D projects include high-efficiency cells, new equipment, module R&D, silicon wafer etching auxiliaries, slicing chemical auxiliaries, crystalline silicon alkaline polishing auxiliaries, low-temperature conductive silver paste compatible texturing technology, n-Si bulk defect control technology, silicon wafer cleaning auxiliaries, amorphous silicon etching auxiliaries, glass alkaline etching auxiliaries, monocrystalline silicon solar cell texturing auxiliaries, and sodium-sulfur battery development[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) Investment in Key R&D Projects | Project Name | Estimated Total Investment (RMB) | Investment This Period (RMB) | Cumulative Investment (RMB) | | :--- | :--- | :--- | :--- | | High-Efficiency Cell R&D — Ultra-Thin Half-Cut TOPCon High-Efficiency Cells | 341,925,900.00 | 34,816,000.00 | 112,882,500.00 | | High-Efficiency Cell R&D — TOPCon Cell Process Development | 132,000,000.00 | 6,605,700.00 | 110,739,400.00 | | New Equipment R&D — R&D of High-Efficiency Diffusion Technology | 80,000,000.00 | 10,272,400.00 | 68,728,600.00 | | Module R&D — Low-Silver-Consumption Fast-Interconnect High-Efficiency Modules and Supporting Technologies | 100,000,000.00 | 30,545,800.00 | 68,674,700.00 | | Silicon Wafer Etching Auxiliary R&D — R&D of Monocrystalline Silicon Solar Cell Texturing Auxiliary TS7 | 46,000,000.00 | 5,956,200.00 | 45,171,200.00 | | New Slicing R&D — Development of Silicon Wafer Machining and Slicing Chemical Auxiliaries | 40,000,000.00 | 3,380,800.00 | 32,485,400.00 | | Silicon Wafer Etching Auxiliary R&D — R&D of Crystalline Silicon Alkaline Polishing Auxiliary PS4 | 35,000,000.00 | 407,600.00 | 31,865,900.00 | | Carbon Peak Reduction — R&D of Texturing Technology Compatible with Low-Temperature Conductive Silver Paste | 42,750,000.00 | 2,204,800.00 | 26,973,400.00 | | High-Efficiency Cell R&D — Development of n-Si Bulk Defect Control Technology for TOPCon Cell Efficiency Improvement | 18,220,000.00 | 3,974,700.00 | 15,024,100.00 | | Silicon Wafer Cleaning Auxiliary R&D — R&D of Silicon Wafer Cleaning Auxiliary CW1 | 20,000,000.00 | 543,900.00 | 13,722,300.00 | | Silicon Wafer Etching Auxiliary R&D — R&D of Amorphous Silicon Etching Auxiliary EP2 | 15,000,000.00 | 1,198,600.00 | 12,127,700.00 | | Silicon Wafer Cleaning Auxiliary R&D — R&D of Silicon Wafer Cleaning Auxiliary CM1 | 15,000,000.00 | 902,100.00 | 10,566,000.00 | | Glass Alkaline Etching Auxiliary R&D | 10,000,000.00 | 2,231,900.00 | 7,585,700.00 | | Silicon Wafer Etching Auxiliary R&D--R&D of Monocrystalline Silicon Solar Cell Texturing Auxiliary TS8 | 30,000,000.00 | 5,046,500.00 | 5,046,500.00 | | Energy Storage R&D--Sodium-Sulfur Battery Development and Application | 6,000,000.00 | 2,122,200.00 | 5,028,600.00 | | Other Projects | 97,346,900.00 | 5,766,100.00 | 8,837,400.00 | | **Total** | **1,029,242,800.00** | **115,975,300.00** | **575,459,400.00** | [R&D Personnel](index=26&type=section&id=R%26D%20Personnel) As of the end of the reporting period, the company had 397 R&D personnel, accounting for 33.84% of the total workforce, a decrease from the prior period, but the average R&D personnel salary increased. The R&D team is primarily composed of individuals with bachelor's degrees or below, with a relatively young age structure Basic Information of R&D Personnel | Indicator | Current Period | Prior Period | | :--- | :--- | :--- | | Number of Company R&D Personnel (people) | 397 | 577 | | R&D Personnel as % of Total Company Workforce (%) | 33.84 | 39.30 | | Total R&D Personnel Compensation (RMB) | 50,940,900.00 | 55,505,200.00 | | Average R&D Personnel Compensation (RMB) | 128,300.00 | 96,200.00 | Educational Background of R&D Personnel | Educational Background | Number (people) | Proportion (%) | | :--- | :--- | :--- | | Doctorate | 7 | 1.76 | | Master's | 67 | 16.88 | | Bachelor's | 201 | 50.63 | | Below Bachelor's | 122 | 30.73 | | **Total** | **397** | **100.00** | Age Structure of R&D Personnel | Age Range | Number (people) | Proportion (%) | | :--- | :--- | :--- | | Over 50 years old | 1 | 0.25 | | 40-49 years old | 36 | 9.07 | | 30-39 years old | 162 | 40.81 | | Under 30 years old | 198 | 49.87 | | **Total** | **397** | **100.00** | [Risk Factors](index=26&type=section&id=Risk%20Factors) The company faces risks from industry policy changes, worsening market competition, accelerating technological iteration, significant performance decline or loss, concentrated edge scrap suppliers, product and raw material price fluctuations, inventory impairment, accounts receivable recovery, and new product launch and promotion falling short of expectations. Macroeconomic factors, including international trade barriers and domestic "anti-involution" policies, also introduce uncertainties - Industry policy changes may lead to reduced market space, especially as "anti-involution" policies reshape the industry, and market recovery in the short term still requires time[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) - Risk of worsening market competition, with intensified competition in wet process auxiliaries and equipment markets, and photovoltaic cells facing structural overcapacity[80](index=80&type=chunk) - Accelerating technological iteration, with N-type cells as mainstream, but emerging technologies like BC and perovskite may pose risks of technological obsolescence[81](index=81&type=chunk) - The company incurred net profit losses during the reporting period, and if market demand continues to decline and competition intensifies, there may be a risk of sustained losses[82](index=82&type=chunk) - Operating risks include concentrated edge scrap suppliers (primarily purchasing from TCL Zhonghuan), product and raw material price fluctuations (declining photovoltaic cell prices, rising prices for silver and other raw materials), inventory impairment, accounts receivable recovery, and new product mass production and promotion falling short of expectations[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk) - New products (such as shingled technology modules) face risks of mass production and promotion falling short of expectations, influenced by factors such as policies, market, funding, technological direction, and customers[87](index=87&type=chunk) - Macroeconomic risks include international trade barriers (trade restrictions on Chinese photovoltaic products in European and American markets) and uncertainties in the implementation of domestic "anti-involution" policies, which may prolong the company's loss period[88](index=88&type=chunk)[89](index=89&type=chunk) [Overview of Main Operations During the Reporting Period](index=29&type=section&id=Overview%20of%20Main%20Operations%20During%20the%20Reporting%20Period) During the reporting period, the company's operating revenue was RMB 451 million, and net profit attributable to listed company shareholders was a loss of RMB 179 million. Total assets were RMB 4.521 billion, and net assets were RMB 1.509 billion - During the reporting period, operating revenue was **RMB 451 million**, and net profit attributable to listed company shareholders was **RMB -179 million**[90](index=90&type=chunk) - As of the end of the reporting period, the company's total assets were **RMB 4.521 billion**, and net assets attributable to listed company shareholders were **RMB 1.509 billion**[90](index=90&type=chunk) [Analysis of Main Business](index=29&type=section&id=Analysis%20of%20Main%20Business) During the reporting period, both the company's operating revenue and operating costs increased significantly, mainly due to increased sales of photovoltaic cells and equipment. Administrative expenses decreased due to increased depreciation from the 4GW project, while financial expenses significantly increased due to higher lease financing costs and loan interest, and R&D expenses increased due to new experimental lines and upgrades Analysis of Changes in Financial Statement Items | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 450,962,306.20 | 267,997,536.27 | 68.27 | | Operating Cost | 456,111,370.02 | 199,045,994.80 | 129.15 | | Selling Expenses | 9,598,164.15 | 9,524,683.71 | 0.77 | | Administrative Expenses | 52,804,161.41 | 66,737,065.72 | -20.88 | | Financial Expenses | 35,634,455.07 | -5,783,769.54 | N/A | | R&D Expenses | 115,975,348.97 | 94,503,237.37 | 22.72 | | Net Cash Flow from Operating Activities | -63,577,603.09 | -242,881,553.86 | N/A | | Net Cash Flow from Investing Activities | 8,611,996.10 | 48,666,325.39 | -82.30 | | Net Cash Flow from Financing Activities | -118,505,258.80 | 76,496,013.02 | -254.92 | - The increase in operating revenue and operating costs was mainly due to increased sales of photovoltaic cells and equipment[92](index=92&type=chunk) - Administrative expenses decreased by **20.88%**, mainly due to increased depreciation of right-of-use assets from the 4GW project and increased amortization of decoration expenses[93](index=93&type=chunk) - Financial expenses increased significantly, mainly due to increased unrecognized financing expenses for leases and higher loan interest[93](index=93&type=chunk) - R&D expenses increased by **22.72%**, mainly due to the addition of a shingled module experimental line and the upgrade of the TOPCon experimental line[94](index=94&type=chunk) [Analysis of Assets and Liabilities](index=30&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) As of the end of the reporting period, the company's total assets decreased by 8.28% year-on-year, mainly due to decreases in monetary funds, short-term borrowings, financial assets held for trading, and accounts payable. The section also discloses the restricted status of major assets at period-end, including pledged or mortgaged monetary funds, accounts receivable financing, and fixed assets Changes in Assets and Liabilities | Item Name | Current Period End (RMB) | Proportion of Total Assets at Period End (%) | Prior Period End (RMB) | Proportion of Total Assets at Prior Period End (%) | Change from Prior Period End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 300,163,581.99 | 6.64 | 504,492,493.70 | 10.23 | -40.50 | | Contract Assets | 1,762,746.36 | 0.04 | 6,356,573.23 | 0.13 | -72.27 | | Construction in Progress | 28,836,109.43 | 0.64 | 51,052,126.76 | 1.04 | -43.52 | | Advances from Customers | 77,614.29 | 0.00 | 2,133.01 | 0.00 | 3,538.72 | | Contract Liabilities | 20,027,903.66 | 0.44 | 45,127,275.17 | 0.92 | -55.62 | | Employee Benefits Payable | 18,741,710.33 | 0.41 | 29,310,647.26 | 0.59 | -36.06 | | Long-Term Borrowings | 49,985,250.19 | 1.11 | 82,703,185.51 | 1.68 | -39.56 | - Total assets at period-end were **RMB 4.521 billion**, a year-on-year decrease of **8.28%**, mainly due to decreases in monetary funds, short-term borrowings, financial assets held for trading, and accounts payable[20](index=20&type=chunk)[19](index=19&type=chunk) Restricted Major Assets at Period End | Item | Book Balance at Period End (RMB) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | | Monetary Funds | 51,631,559.27 | Pledge | Bank Acceptance Bill Margin | | Accounts Receivable Financing | 2,977,224.00 | Pledge | Pledged as collateral for bank financing | | Fixed Assets | 8,413,877.80 | Mortgage | Mortgaged as collateral for bank financing | | **Total** | **63,022,661.07** | / | / | [Analysis of Investment Status](index=31&type=section&id=Analysis%20of%20Investment%20Status) The company's financial assets measured at fair value are detailed in the relevant disclosures of the financial report, with no significant equity or non-equity investments during this period - Details of financial assets measured at fair value are provided in "XIII. Disclosure of Fair Value" of the financial report[100](index=100&type=chunk) [Analysis of Major Holding and Participating Companies](index=31&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's major holding subsidiaries include SC Energy Storage, SC Power, SC Photovoltaic, etc., with businesses covering photovoltaic cell energy storage, rooftop power stations, edge scrap processing, and technology R&D. During the reporting period, Changzhou Shirui Energy Co., Ltd. was newly established, which had no significant impact on overall production, operations, and performance Financial Information of Major Holding and Participating Companies | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Changzhou SC Energy Storage Technology Co., Ltd. | Subsidiary | Intended for photovoltaic cell energy storage business | 30,000,000.00 | 5,600,700.00 | 4,384,100.00 | - | -3,367,300.00 | -3,367,300.00 | | Changzhou SC Power Technology Co., Ltd. | Subsidiary | Rooftop power stations and other photovoltaic cell application businesses | 70,000,000.00 | 80,517,600.00 | 55,376,500.00 | 7,401,600.00 | 3,604,400.00 | 3,150,700.00 | | Changzhou Shikong Energy Co., Ltd. | Subsidiary | Rooftop power stations and other photovoltaic cell application businesses | 80,000,000.00 | 9,093,700.00 | 8,972,000.00 | 601,300.00 | -27,300.00 | -30,500.00 | | SC Optoelectronics Technology (Changzhou) Co., Ltd. | Subsidiary | Rooftop power stations and other photovoltaic cell application businesses | 50,000,000.00 | 3,331,600.00 | 2,228,900.00 | 2,088,000.00 | -59,000.00 | -29,800.00 | | Changzhou SC Photovoltaic Technology Co., Ltd. | Subsidiary | Responsible for the management of Hohhot SC Photovoltaic | 100,000,000.00 | 10,308,000.00 | 7,870,300.00 | 3,128,400.00 | 103,600.00 | 98,800.00 | | Hohhot SC Photovoltaic Materials Co., Ltd. | Subsidiary | Preliminary processing of edge scraps | 15,000,000.00 | 17,892,400.00 | 12,754,300.00 | 6,339,100.00 | 397,000.00 | 369,200.00 | | SC Photovoltaic Technology (Hangzhou) Co., Ltd. | Subsidiary | Technology R&D and promotion | 20,000,000.00 | 11,296,900.00 | 9,607,000.00 | 235,800.00 | -2,259,500.00 | -2,267,500.00 | | Changzhou Shirui Energy Co., Ltd. | Subsidiary | Rooftop power stations and other photovoltaic cell application businesses | 5,000,000.00 | 0.00 | -500.00 | - | -500.00 | -500.00 | - Changzhou Shirui Energy Co., Ltd. was newly established during the reporting period, with no significant impact on the company's overall production, operations, and performance[101](index=101&type=chunk) [Corporate Governance, Environment, and Society](index=33&type=section&id=Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section discloses changes in the company's directors, senior management, and core technical personnel, profit distribution plans, progress of equity incentive plans, environmental information disclosure, and charitable donations for poverty alleviation and rural revitalization [Changes in Directors, Senior Management, and Core Technical Personnel](index=33&type=section&id=Changes%20in%20Directors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, non-independent directors Zhang Fan and Chen Peiliang, as well as Deputy General Managers Yang Ligong, Cao Jianzhong, and Cao Yuhong resigned. Xu Chun was elected as a non-independent director, Chen Peiliang as an employee representative director, and Fang Min as a member of the Remuneration and Assessment Committee. The company also abolished the Supervisory Board, with its functions now exercised by the Board's Audit Committee - Non-independent directors Zhang Fan and Chen Peiliang, and Deputy General Managers Yang Ligong, Cao Jianzhong, and Cao Yuhong resigned[104](index=104&type=chunk)[105](index=105&type=chunk) - Xu Chun was elected as a non-independent director, Chen Peiliang as an employee representative director, and Fang Min as a member of the Remuneration and Assessment Committee[106](index=106&type=chunk) - The company abolished the Supervisory Board, with its functions now exercised by the Board's Audit Committee[107](index=107&type=chunk) [Profit Distribution Plan](index=34&type=section&id=Profit%20Distribution%20Plan) The company's profit distribution plan or capital reserve to share capital increase plan is not applicable for the reporting period - This semi-annual report does not include a profit distribution plan or a capital reserve to share capital increase plan[109](index=109&type=chunk) [Progress of Equity Incentive Plan](index=34&type=section&id=Progress%20of%20Equity%20Incentive%20Plan) The first vesting period conditions for the company's 2023 Restricted Stock Incentive Plan were not met, and the granted but unvested restricted shares were cancelled. Additionally, the grant price was adjusted due to a dividend distribution - The first vesting period conditions for the 2023 Restricted Stock Incentive Plan were not met, and the granted but unvested restricted shares were cancelled[110](index=110&type=chunk) - Due to the company's dividend distribution, the grant price for the 2023 Restricted Stock Incentive Plan was adjusted[110](index=110&type=chunk) [Environmental Information Disclosure](index=34&type=section&id=Environmental%20Information%20Disclosure) The company has been included in the list of enterprises required to disclose environmental information by law and has publicly disclosed its environmental information through the designated system - The company has been included in the list of enterprises required to disclose environmental information by law and has publicly disclosed its environmental information through the Jiangsu Provincial Enterprise Environmental Information Disclosure System[111](index=111&type=chunk) [Social Responsibility and Public Welfare](index=35&type=section&id=Social%20Responsibility%20and%20Public%20Welfare) During the reporting period, the company actively fulfilled its social responsibilities, donating RMB 73,700 to the Hunan Honghui Education Development Foundation to support rural education and RMB 8,640 to the Liyang Red Cross Society to assist disadvantaged students Public Welfare Donations | Type | Amount (RMB) | Project | | :--- | :--- | :--- | | External Donation | 8,640.00 | Liyang Red Cross Society Chenxi Public Welfare "One-to-One" Disadvantaged Student Assistance Fund | | External Donation | 5,000.00 | Yanshan University, Energy Industry Alumni Association Development Fund (FY25) | | External Donation | 5,000.00 | Yanshan University, Energy Industry Alumni Association Development Fund (FY26) | | Public Welfare Project | 73,700.00 | Hunan Honghui Education Development Foundation, for supporting the 2024-2025 academic year Xingyi No. 8 Middle School Dream Building Project | | **Total** | **92,340.00** | / | - The company consistently supports rural education development and assistance for disadvantaged students[112](index=112&type=chunk)[113](index=113&type=chunk) [Significant Matters](index=36&type=section&id=Significant%20Matters) This section details the fulfillment of the company's various commitments, including share lock-up, share price stabilization, fraudulent issuance share repurchase, diluted immediate return compensation, profit distribution policy, liability for compensation, and regulation of related-party transactions. It also covers significant related-party transactions, major guarantees, and progress in the use of raised funds [Fulfillment of Commitments](index=36&type=section&id=Fulfillment%20of%20Commitments) The company's actual controllers, shareholders, related parties, and the company itself strictly fulfilled all commitments during the reporting period, including share lock-up, share price stabilization, fraudulent issuance share repurchase, diluted immediate return compensation, profit distribution policy, legal liability for compensation, restrictive measures for non-fulfillment of commitments, regulation of related-party transactions, avoidance of horizontal competition, and social insurance and housing provident fund matters - Controlling shareholders, actual controllers, directors, supervisors, senior management, and core technical personnel all strictly fulfilled their share lock-up commitments[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk) - The company, controlling shareholders, actual controllers, directors, and senior management committed to strictly implement share price stabilization measures, including profit distribution, company share repurchase, controlling shareholder increase in holdings, and director/supervisor/senior management increase in holdings[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk) - The company, controlling shareholders, and actual controllers committed that there are no fraudulent issuance circumstances, and if such occurs, they will initiate share repurchase procedures and bear compensation liabilities[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk) - The company and relevant responsible parties committed to take measures to compensate for diluted immediate returns, including standardizing the use of raised funds, accelerating the construction of fundraising projects, strengthening technological innovation, and improving profit distribution policies[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk)[142](index=142&type=chunk) - The company, controlling shareholders, actual controllers, and all directors committed to strictly implement the profit distribution policy and dividend return plan[143](index=143&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk) - The company, controlling shareholders, actual controllers, directors, supervisors, and senior management committed to bear legal responsibility for the truthfulness, accuracy, and completeness of information disclosure, and to bear compensation liabilities according to law[146](index=146&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk) - The company and related parties committed that if commitments are not fulfilled, they will apologize, disclose reasons, research solutions, and compensate according to law[150](index=150&type=chunk) - Actual controllers, controlling shareholders, and directors/supervisors/senior management committed to regulate related-party transactions, avoid occupying company funds, and not harm the interests of the company and non-related shareholders[152](index=152&type=chunk)[153](index=153&type=chunk) - Controlling shareholders and actual controllers committed to avoid horizontal competition, and if it occurs, they will transfer or terminate competing businesses and prioritize offering business opportunities to the company[154](index=154&type=chunk)[155](index=155&type=chunk)[156](index=156&type=chunk) - Controlling shareholders and actual controllers committed to bear the supplementary payments for social insurance and housing provident fund, as well as administrative penalties, for the company and its subsidiaries[157](index=157&type=chunk) - The company committed to have truthfully, accurately, and completely disclosed shareholder information, with no nominee shareholding, disputes, or shareholding by prohibited entities[158](index=158&type=chunk) [Explanation of Integrity Status](index=49&type=section&id=Explanation%20of%20Integrity%20Status) During the reporting period, the company and its controlling shareholders and actual controllers maintained good integrity, with no unfulfilled effective court judgments or large overdue debts - During the reporting period, the company and its controlling shareholders and actual controllers maintained good integrity, with no unfulfilled effective court judgments or large overdue debts[159](index=159&type=chunk) [Significant Related-Party Transactions](index=49&type=section&id=Significant%20Related-Party%20Transactions) During the reporting period, the company engaged in daily operating related-party transactions with Ningbo Eureka Solar Co., Ltd., including purchasing raw materials and selling products/services, and with Changzhou Lambert New Energy Co., Ltd. for purchasing fuel/power and providing leases, and also made donations to the Hunan Honghui Education Development Foundation Daily Operating Related-Party Transactions for H1 2025 | Related-Party Transaction Type | Related Party | Estimated Amount for 2025 (RMB) | Actual Amount for H1 2025 (RMB) | | :--- | :--- | :--- | :--- | | Purchase of Raw Materials, Products, Goods, etc. from Related Parties | Ningbo Eureka Solar Co., Ltd. | 86,000,000.00 | 6,277,200.00 | | Purchase of Fuel and Power, etc. from Related Parties | Changzhou Lambert New Energy Co., Ltd. | 600,000.00 | 226,700.00 | | Sale of Products, Services, Goods, etc. to Related Parties | Ningbo Eureka Solar Co., Ltd. | 119,000,000.00 | 28,204,300.00 | | Provision of Leases, etc. to Related Parties | Changzhou Lambert New Energy Co., Ltd. | 4,500.00 | 2,100.00 | | Donations, etc. | Hunan Honghui Education Development Foundation | 600,000.00 | 73,700.00 | | **Total** | / | **209,204,500.00** | **34,783,900.00** | [Significant Contracts and Their Fulfillment](index=51&type=section&id=Significant%20Contracts%20and%20Their%20Fulfillment) During the reporting period, the company provided joint liability guarantees to its associate, Ningbo Eureka Solar Co., Ltd., totaling RMB 122.5795 million, accounting for 8.10% of the company's net assets, with the guaranteed party's asset-liability ratio exceeding 70% Company External Guarantees (Excluding Guarantees to Subsidiaries) | Guarantor | Guaranteed Party | Guaranteed Amount (RMB) | Guarantee Type | Guarantee Fulfilled | Guarantee Overdue | Counter-Guarantee Status | Related-Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | SC New Energy | Ningbo Eureka | 20,095,000.00 | Joint Liability Guarantee | No | No | Counter-guarantee provided | Yes | | SC New Energy | Ningbo Eureka | 32,152,000.00 | Joint Liability Guarantee | No | No | Counter-guarantee provided | Yes | | SC New Energy | Ningbo Eureka | 12,057,000.00 | Joint Liability Guarantee | No | No | Counter-guarantee provided | Yes | | SC New Energy | Ningbo Eureka | 58,275,500.00 | Joint Liability Guarantee | No | No | Counter-guarantee provided | Yes | | **Total Guarantee Balance at Period End (A)** | **122,579,500.00** | | | | | | | | **Total Guarantee as % of Company Net Assets (%)** | **8.10** | | | | | | | | **Debt Guarantee Amount Provided Directly or Indirectly to Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D)** | **122,579,500.00** | | | | | | | [Progress in Use of Raised Funds](index=53&type=section&id=Progress%20in%20Use%20of%20Raised%20Funds) As of the end of the reporting period, the company had cumulatively invested RMB 629.1923 million from its initial public offering, with an investment progress of 89.77%. The "High-Efficiency Solar Cell Process and Equipment R&D Project" has been completed, and the "New Material Expansion and Automation Upgrade Project" has also been completed, with remaining funds allocated to the "R&D Center and Informationization Construction Project". The company also used idle raised funds for cash management and temporary replenishment of working capital Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (RMB) | Net Raised Funds (RMB) | Total Investment Pledged in Prospectus (RMB) | Cumulative Raised Funds Invested as of Period End (RMB) | Cumulative Investment Progress of Raised Funds as of Period End (%) | Amount Invested This Year (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 768,015,400.00 | 700,931,100.00 | 1,095,974,900.00 | 629,192,300.00 | 89.77 | 12,839,500.00 | Detailed Use of Fundraising Projects | Project Name | Planned Total Investment of Raised Funds (RMB) | Amount Invested This Year (RMB) | Cumulative Raised Funds Invested as of Period End (RMB) | Cumulative Investment Progress of Raised Funds as of Period End (%) | Project Completed | | :--- | :--- | :--- | :--- | :--- | :--- | | High-Efficiency Solar Cell Equipment Expansion Project | 78,471,700.00 | 441,400.00 | 36,170,500.00 | 46.09 | No | | New Material Expansion and Automation Upgrade Project | 52,574,400.00 | 5,867,300.00 | 47,562,800.00 | 90.47 | Yes | | High-Efficiency Solar Cell Process and Equipment R&D Project | 137,305,800.00 | 6,000.00 | 138,216,300.00 | 100.66 | Yes | | R&D Center and Informationization Construction Project | 86,079,300.00 | 6,530,200.00 | 60,742,600.00 | 70.57 | No | | Replenishment of Working Capital and Loan Repayment | 346,500,000.00 | 0.00 | 346,500,000.00 | 100.00 | N/A | | **Total** | **700,931,100.00** | **12,839,500.00** | **629,192,300.00** | / | / | - The "High-Efficiency Solar Cell Process and Equipment R&D Project" and "New Material Expansion and Automation Upgrade Project" have been completed[177](index=177&type=chunk)[178](index=178&type=chunk) - The company used no more than **RMB 80 million** of idle raised funds for cash management and no more than **RMB 40 million** of idle raised funds to temporarily supplement working capital[175](index=175&type=chunk)[179](index=179&type=chunk) [Share Changes and Shareholder Information](index=57&type=section&id=Share%20Changes%20and%20Shareholder%20Information) This section discloses the company's share capital changes, the release of restricted shares, and the shareholding status of the top ten shareholders and unrestricted shareholders at period-end, including explanations of related-party relationships [Share Capital Changes](index=57&type=section&id=Share%20Capital%20Changes) During the reporting period, the company's total share capital remained unchanged at 400,000,800 shares. Restricted shares decreased by 2,000,040 shares, and correspondingly, unrestricted tradable shares increased by 2,000,040 shares, mainly due to the release of initial strategic placement restricted shares held by Huatai Innovation Investment Co., Ltd Table of Share Changes | Category | Quantity Before Change (shares) | Proportion (%) | Change (+,-) Subtotal (shares) | Quantity After Change (shares) | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 282,173,573 | 70.54 | -2,000,040 | 280,173,533 | 70.04 | | Of which: State-owned Legal Person Holdings | 2,000,040 | 0.50 | -2,000,040 | 0 | 0.00 | | Domestic Non-State-owned Legal Person Holdings | 280,173,533 | 70.04 | 0 | 280,173,533 | 70.04 | | II. Unrestricted Tradable Shares | 117,827,227 | 29.46 | 2,000,040 | 119,827,267 | 29.96 | | III. Total Shares | 400,000,800 | 100.00 | 0 | 400,000,800 | 100.00 | - **2,000,040 shares** of initial strategic placement restricted shares held by Huatai Innovation Investment Co., Ltd. were released from restriction on June 29, 2025[185](index=185&type=chunk) [Shareholder Information](index=58&type=section&id=Shareholder%20Information) As of the end of the reporting period, the total number of common shareholders was 4,970. Among the top ten shareholders, Nanjing SC Venture Capital Co., Ltd. and Nanjing Sicheng Venture Capital Partnership (Limited Partnership) are related parties of the controlling shareholder and actual controller Fu Liming, holding a combined 70.05% of shares. The company's special repurchase securities account held 4,041,049 shares - As of the end of the reporting period, the total number of common shareholders was **4,970**[186](index=186&type=chunk) Top Ten Shareholders' Shareholdings (Excluding Shares Lent via Securities Lending) | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Nanjing SC Venture Capital Co., Ltd. | 142,941,654 | 35.74 | 142,941,654 | Domestic Non-State-owned Legal Person | | Nanjing Sicheng Venture Capital Partnership (Limited Partnership) | 137,231,879 | 34.31 | 137,231,879 | Domestic Non-State-owned Legal Person | | Zhang Fan | 32,440,032 | 8.11 | 0 | Domestic Natural Person | | Jiangsu Xiangzhang Venture Capital Management Co., Ltd. - Liyang Xiangzhang Energy Storage No. 1 Private Equity Fund Partnership (Limited Partnership) | 14,039,403 | 3.51 | 0 | Domestic Non-State-owned Legal Person | | Shanghai Guofang SC Enterprise Management Partnership (Limited Partnership) | 7,289,596 | 1.82 | 0 | Domestic Non-State-owned Legal Person | | Bian Difei | 5,266,422 | 1.32 | 0 | Domestic Natural Person | | Nanjing Yulin Qizhou Equity Investment Partnership (Limited Partnership) | 4,949,792 | 1.24 | 0 | Domestic Non-State-owned Legal Person | | Changzhou SC New Energy Technology Co., Ltd. Repurchase Special Securities Account | 4,041,049 | 1.01 | 0 | Other | | Zhou Dongya | 3,599,848 | 0.90 | 0 | Domestic Natural Person | | Li Xuelin | 2,896,000 | 0.72 | 0 | Domestic Natural Person | - Actual controller Fu Liming collectively controls **70.05%** of the company's equity through Nanjing SC Venture Capital Co., Ltd. and Nanjing Sicheng Venture Capital Partnership (Limited Partnership)[168](index=168&type=chunk)[190](index=190&type=chunk)[192](index=192&type=chunk) - The company's special repurchase securities account holds **4,041,049 shares** of company stock, accounting for **1.01%** of the total share capital[189](index=189&type=chunk)[190](index=190&type=chunk) [Changes in Shareholdings of Directors, Senior Management, and Core Technical Personnel](index=61&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, there were no changes in the shareholdings of the company's directors, senior management, and core technical personnel - Changes in shareholdings of the company's directors, senior management, and core technical personnel are not applicable for the reporting period[194](index=194&type=chunk) [Bond-Related Information](index=63&type=section&id=Bond-Related%20Information) During the reporting period, the company had no information related to corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[197](index=197&type=chunk) - During the reporting period, the company had no convertible corporate bonds[197](index=197&type=chunk) [Financial Report](index=64&type=section&id=Financial%20Report) This section includes the company's unaudited consolidated and parent company financial statements, comprising the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, along with detailed disclosures of financial statement notes covering the company's basic information, significant accounting policies, taxes, details of various financial items, and related risks [Audit Report](index=64&type=section&id=Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[199](index=199&type=chunk) [Financial Statements](index=64&type=section&id=Financial%20Statements) Provides the company's consolidated and parent company balance sheets as of June 30, 2025, consolidated and parent company income statements for January-June 2025, consolidated and parent company cash flow statements, and consolidated and parent company statements of changes in owners' equity - Includes consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[199](index=199&type=chunk)[203](index=203&type=chunk)[207](index=207&type=chunk)[210](index=210&type=chunk)[213](index=213&type=chunk)[217](index=217&type=chunk)[219](index=219&type=chunk)[223](index=223&type=chunk) [Company Basic Information](index=80&type=section&id=Company%20Basic%20Information) Changzhou SC New Energy Technology Co., Ltd. was registered on January 15, 2020, with a total share capital of 400.0008 million shares, and its shares were listed on the STAR Market of the Shanghai Stock Exchange on June 29, 2023. The company primarily engages in the R&D, production, and sales of photovoltaic wet process auxiliaries, photovoltaic equipment, and photovoltaic cells, and has 8 subsidiaries - The company was registered on January 15, 2020, and its shares were listed on the STAR Market of the Shanghai Stock Exchange on June 29, 2023[226](index=226&type=chunk) - The company primarily engages in the R&D, production, and sales of photovoltaic wet process auxiliaries, photovoltaic equipment, and photovoltaic cells[226](index=226&type=chunk) - The company included **8 subsidiaries** in the consolidated financial statements for the reporting period[227](index=227&type=chunk) [Basis of Financial Statement Preparation](index=80&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared on a going concern basis, and the company has no significant doubts about its ability to continue as a going concern - The financial statements are prepared on a going concern basis[228](index=228&type=chunk) - The company has no matters or circumstances that would cause significant doubt about its ability to continue as a going concern within 12 months from the end of the reporting period[229](index=229&type=chunk) [Significant Accounting Policies and Estimates](index=80&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates, including statements of compliance with enterprise accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statement preparation, cash and cash equivalents, foreign currency transactions, financial instruments, notes receivable, accounts receivable, contract assets, inventories, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, long-term deferred expenses, contract liabilities, employee compensation, provisions, share-based payments, revenue, government grants, deferred income tax assets/liabilities, and leases - The company's financial statements comply with enterprise accounting standards and truthfully and completely reflect its financial position[231](index=231&type=chunk) - Detailed explanations are provided for the classification, recognition, measurement, and derecognition conditions of financial instruments, as well as the measurement methods for expected credit losses[241](index=241&type=chunk)[242](index=242&type=chunk)[243](index=243&type=chunk)[244](index=244&type=chunk)[245](index=245&type=chunk)[247](index=247&type=chunk)[248](index=248&type=chunk)[249](index=249&type=chunk)[250](index=250&type=chunk) - Revenue recognition principles are based on the point in time when performance obligations are satisfied, and measurement principles consider transaction price, variable consideration, and significant financing components[289](index=289&type=chunk)[290](index=290&type=chunk)[291](index=291&type=chunk)[292](index=292&type=chunk) - Share-based payments include equity-settled and cash-settled, with accounting treatment involving fair value measurement and cost/expense recognition[286](index=286&type=chunk)[287](index=287&type=chunk)[288](index=288&type=chunk) - Fixed asset depreciation uses the straight-line method, intangible asset amortization uses the straight-line method, and construction in progress is measured at actual cost[268](index=268&type=chunk)[269](index=269&type=chunk)[270](index=270&type=chunk)[273](index=273&type=chunk) [Taxes](index=101&type=section&id=Taxes) The company's main taxes include VAT, education surcharges, local education surcharges, urban maintenance and construction tax, corporate income tax, and property tax. The company enjoys tax incentives such as VAT immediate refund for software products, VAT additional deduction for advanced manufacturing enterprises, and corporate income tax at a reduced rate of 15% for high-tech enterprises. Some subsidiaries also enjoy "three-year exemption, three-year half reduction" corporate income tax policies or small-profit enterprise benefits Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services revenue | 13%, 6%; Export refund rate 13% | | Education Surcharge | Actual turnover tax paid | 3% | | Local Education Surcharge | Actual turnover tax paid | 2% | | Urban Maintenance and Construction Tax | Actual turnover tax paid | 7%, 5% | | Corporate Income Tax | Taxable income | See Corporate Income Tax Rate Description for Taxable Entities with Different Rates | | Property Tax | 1.2% of remaining value after deducting 30% from original property value or 12% of rental income | 1.2%, 12% | - The company enjoys VAT immediate refund policy for software products and a **5%** additional VAT deduction policy for advanced manufacturing enterprises[305](index=305&type=chunk) - As a high-tech enterprise, the company's corporate income tax is levied at a reduced rate of **15%**[305](index=305&type=chunk) - Subsidiaries SC Power, Changzhou Shikong, and SC Optoelectronics enjoy the "three-year exemption, three-year half reduction" corporate income tax policy; SC Energy Storage, SC Photovoltaic, Hohhot SC Photovoltaic, SC Hangzhou, and Changzhou Shirui qualify as small-profit enterprises and pay corporate income tax at a **20%** rate[306](index=306&type=chunk) [Notes to Consolidated Financial Statement Items](index=102&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, including monetary funds, financial assets held for trading, notes receivable, accounts receivable, contract assets, accounts receivable financing, prepayments, other receivables, inventories, other current assets, long-term equity investments, fixed assets, construction in progress, right-of-use assets, intangible assets, long-term deferred expenses, deferred income tax assets/liabilities, other non-current assets, restricted assets, short-term borrowings, notes payable, accounts payable, advances from customers, contract liabilities, employee benefits payable, taxes payable, other payables, non-current liabilities due within one year, other current liabilities, long-term borrowings, lease liabilities, long-term payables, provisions, deferred income, share capital, capital reserves, treasury stock, surplus reserves, undistributed profits, operating revenue and operating costs, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, fair value change gains, asset disposal gains, credit impairment losses, asset impairment losses, non-operating income, non-operating expenses, income tax expenses, cash flow statement items, and foreign currency monetary items - Monetary funds at period-end totaled **RMB 300 million**, including **RMB 51.6316 million** in bank acceptance bill margins[307](index=307&type=chunk)[308](index=308&type=chunk) - Financial assets held for trading at period-end totaled **RMB 353 million**, primarily wealth management products[310](index=310&type=chunk) - Notes receivable at period-end totaled **RMB 179 million**, of which bank acceptance notes accounted for **RMB 178 million**[311](index=311&type=chunk) - Accounts receivable at period-end totaled **RMB 147 million**, with bad debt provisions of **RMB 23.7170 million**[322](index=322&type=chunk) - Inventories at period-end totaled **RMB 116 million**, with inventory impairment provisions of **RMB 34.7708 million**[363](index=363&type=chunk)[365](index=365&type=chunk) - Fixed assets at period-end had a book value of **RMB 1.277 billion**, including **RMB 287 million** in impairment provisions for machinery and equipment[375](index=375&type=chunk) - Lease liabilities at period-end totaled **RMB 1.593 billion**[428](index=428&type=chunk) - Operating revenue was **RMB 451 million**, operating cost was **RMB 456 million**, and gross margin was **-1.14%**[442](index=442&type=chunk) - R&D expenses were **RMB 116 million**, a year-on-year increase of **22.72%**[455](index=455&type=chunk) - Financial expenses were **RMB 35.6345 million**, compared to **RMB -5.7838 million** in the prior period, mainly due to increased interest expenses[455](index=455&type=chunk) [R&D Expenditures](index=157&type=section&id=R%26D%20Expenditures) During the reporting period, the company's total R&D expenditures amounted to RMB 115.9753 million, all of which were expensed, primarily comprising employee com