证券代码：688429 证券简称：时创能源 公告编号：2025-052 常州时创能源股份有限公司 关于召开2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2025 年 11 月 13 日（星期四）上午 10:00-11:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络文字互动问答 投资者问题征集：投资者可于 2025 年 11 月 6 日（星期四）至 11 月 12 日 （星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公 司邮箱 zqb@shichuang.cc 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 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《常州时创能源股份有限公司 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥253,787,720.34, representing a year-on-year increase of 34.47%[3] - Year-to-date operating revenue reached ¥704,750,026.54, reflecting a 54.30% increase compared to the same period last year[3] - The total profit for the period was -¥94,569,209.11, with a year-to-date total profit of -¥316,868,839.63, indicating significant losses[3] - The net profit attributable to shareholders for Q3 was -¥75,177,210.96, and year-to-date net profit was -¥254,393,496.16[3] - The net loss for the first three quarters of 2025 was ¥254,443,147.50, compared to a net loss of ¥513,294,666.77 in the same period of 2024, showing an improvement of approximately 50.5%[22] - The operating profit for the first three quarters of 2025 was reported at -¥317,900,984.54, an improvement from -¥564,783,439.14 in 2024[21] - The company recorded a total profit loss of ¥315.16 million for the first three quarters of 2025, an improvement from a loss of ¥562.49 million in the same period of 2024[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 for the first three quarters of 2025 were ¥174,805,010.58, compared to ¥156,961,254.38 in 2024, reflecting an increase of about 11.4%[21] - Research and development expenses increased to ¥166.42 million, up 9.9% from ¥152.52 million in the first three quarters of 2024[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 total liabilities decreased from ¥3,246,050,681.41 in the previous year to ¥3,189,644,865.51 in 2025, a reduction of approximately 1.7%[17] - The total assets decreased from ¥4,929,616,758.84 in the previous year to ¥4,637,616,280.19 in 2025, a decline of about 5.9%[17] - The company's equity attributable to shareholders decreased from ¥1,680,415,196.46 in 2024 to ¥1,443,470,185.05 in 2025, a decrease of approximately 14.1%[17] - Total current assets decreased to ¥1,506,590,818.63 from ¥1,637,101,477.37[15] - The total assets as of September 30, 2025, were CNY 4,619,859,440.79, down from CNY 4,906,464,162.20 at the end of 2024[30] - Current assets decreased to CNY 1,474,118,851.28 in 2025 from CNY 1,607,674,343.44 in 2024[28] - Total liabilities decreased to CNY 3,168,611,035.64 in 2025 from CNY 3,220,852,409.34 in 2024[30] 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 was negative CNY 94,226,594.34 in 2025, an improvement from negative CNY 334,061,130.64 in 2024[25] - Cash inflow from investment activities totaled CNY 1,373,480,111.35 in 2025, a decrease of 22.7% from CNY 1,776,518,112.75 in 2024[25] - Cash inflow from financing activities was CNY 333,932,327.77 in 2025, up from CNY 218,326,466.13 in 2024[26] 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 total number of shares held by the top ten shareholders includes significant stakes from both domestic and foreign investors[13] - The company has not reported any changes in the participation of major shareholders in securities lending activities[13] Other Financial Metrics - The weighted average return on equity was -5.10% for the quarter, compared to -16.27% year-to-date[4] - The basic and diluted earnings per share for the first three quarters of 2025 were both -¥0.64, compared to -¥1.29 in the same period of 2024, indicating an improvement in loss per share[22] - Deferred income tax assets increased from ¥150,911,735.56 in the previous year to ¥214,236,421.30 in 2025, an increase of approximately 42%[17] - The company's retained earnings showed a significant decline, with a loss of CNY 267,117,925.67 in 2025 compared to a loss of CNY 15,306,093.21 in 2024[30] - Financial expenses increased significantly to ¥52.71 million, compared to a financial income of ¥4.28 million in the same period of 2024[31]

Core Viewpoint - The company emphasizes its commitment to being an original technology platform supplier in the photovoltaic industry, focusing on R&D and innovation to enhance long-term competitiveness [1] Group 1 - The company adheres to a "blue ocean strategy" to continuously iterate and launch innovative products and technologies [1] - Capital operations and market value management are identified as key tools and catalysts for achieving the company's goals [1] - The company will continue to focus on its main business, increase R&D investment, and appropriately utilize capital tools to enhance company value [1]

Core Insights - The company reported a significant increase in revenue for the first half of 2025, achieving 451 million CNY, a year-on-year growth of 68.27% [1][2] - Despite the revenue growth, the company faced a net loss attributable to shareholders of 179 million CNY, worsening from a loss of 133 million CNY in the same period last year [1][2] - The company also reported a negative cash flow from operating activities of 63.58 million CNY, an improvement from a cash outflow of 243 million CNY in the previous year [1][2] Financial Performance - For the first half of 2025, the total revenue was 451 million CNY, compared to 268 million CNY in the same period last year, marking a 68.27% increase [2] - The net profit attributable to shareholders was -179 million CNY, compared to -133 million CNY in the previous year, indicating a worsening financial position [2] - The net profit after deducting non-recurring gains and losses was -194 million CNY, compared to -138 million CNY in the same period last year [1][2] - The net cash flow from operating activities was -63.58 million CNY, an improvement from -243 million CNY in the previous year [1][2] Historical Context - In 2024, the company reported a revenue of 711 million CNY, a decline of 58.93% compared to the previous year [3] - The net profit attributable to shareholders in 2024 was -649 million CNY, a significant drop of 466.85% year-on-year [3] - The company went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 29, 2023, issuing 40,000,800 shares at a price of 19.20 CNY per share [3] Fundraising Activities - The company raised a total of 768 million CNY from its IPO, with a net amount of 700 million CNY after deducting issuance costs [4] - The funds were intended for projects including the expansion of efficient solar cell equipment and automation upgrades [4] - The company plans to issue additional shares to raise up to 285 million CNY for a 1GW bifacial module manufacturing project and to supplement working capital [5][6]

Core Insights - The photovoltaic equipment sector experienced a 2.24% increase on September 29, with Yicheng New Energy leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Summary of Key Points Stock Performance - Yicheng New Energy (300080) saw a closing price of 5.88, with a significant increase of 20.00% and a trading volume of 1.29 million shares, amounting to a transaction value of 724 million yuan [1] - Airo Energy (688717) closed at 82.90, up 10.53%, with a trading volume of 109,400 shares [1] - Shangneng Electric (300827) closed at 35.33, up 8.94%, with a trading volume of 777,500 shares [1] - Other notable performers include Weidao Nano (688147) at 56.28 (+7.10%), Aishuo Co. (600732) at 16.41 (+6.08%), and Hengdian East Magnetic (002056) at 20.49 (+6.06%) [1] Capital Flow - The photovoltaic equipment sector saw a net inflow of 936 million yuan from main funds, while retail funds experienced a net outflow of 302 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors showing interest while retail investors withdrew [2]

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]