核查意见 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 2026 年度日常关联交易预计的核查意见 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"或"公司"）首次公开发 行股票并在科创板上市持续督导阶段的保荐人，根据《证券发行上市保荐业务管 理办法》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》 《上海证券交易所科创板股票上市规则》等有关规定，对公司预计 2026 年度日 常关联交易的事项进行了认真、审慎的核查，并发表意见如下： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 | （二）本次日常关联交易预计金额和类别 | | --- | 公司于 2025 年 12 月 25 日召开了独立董事专门会议，审议通过《关于 2026 年度日常关联交易预计额度的议案》，对本次日常关联交易事项形成以下意见： 公司的日常关联交易均系基于公司业务需要、企业社会责任而开展，具有必要性 和合理性，交易双方皆遵循公平、公开、公正的交易原则，参照市场价格协商确 定交易价格，关联交易定价公允，不存在影响公司独立性或对关联方产生 ...

Group 1 - The BC Battery Index experienced a decline, with constituent stocks showing a widespread downward trend [1] - Dike Co., Ltd. saw a decrease of 6.17%, while Guangxin Materials dropped by 3.35% [1] - Yonghe Intelligent Control fell by 3.23%, Zhonglai Co., Ltd. decreased by 1.86%, and Shichuang Energy declined by 1.76% [1]

Group 1 - The core point of the news is that Shichuang Energy (688429) has seen a net financing increase of 44.82 million yuan on December 4, 2025, with a total financing balance of 81.577 million yuan, marking a continuous net buying trend over the past three trading days totaling 403.66 million yuan [1][2][3] Group 2 - On December 4, 2025, the net financing buy was 44.82 million yuan, with a financing balance of 81.577 million yuan, representing 5.05% of the circulating market value [2] - The financing balance increased by 0.55% compared to the previous day [3] - The financing net buying amounts for the previous days were 221.23 million yuan on December 3, 137.61 million yuan on December 2, and 293.56 million yuan on December 1 [2]

Group 1 - The core point of the news is that Shichuang Energy (688429.SH) is currently trading at 13.97 yuan, reflecting a decline of 6.24% and is in a state of breaking its initial public offering price [1] - Shichuang Energy was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 29, 2023, with an issuance of 40,000,800 shares at a price of 19.20 yuan per share [1] - The total funds raised by the company amounted to 76,801.54 million yuan, with a net amount of 70,093.11 million yuan after deducting issuance costs, which is 39,504.38 million yuan less than the original plan [1] Group 2 - The company intended to raise 109,597.49 million yuan for projects including the expansion of efficient solar cell equipment, new material expansion, automation upgrades, and R&D projects [1] - The issuance costs for Shichuang Energy were 6,708.42 million yuan, with Huatai United Securities receiving 4,377.69 million yuan as underwriting fees [1] - Huatai United Securities participated in the strategic allocation of the issuance, with its subsidiary, Huatai Innovation Investment Co., Ltd., acquiring 5% of the publicly issued shares, totaling 2,000,040 shares, amounting to 38,400,768.00 yuan [2]

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]