中国上海石门一路 288 号兴业太古汇香港兴业中心一座 26 层 邮编：200041 电话：（86-21）5298 5488 传真：（86-21）5298 5492 junhesh@junhe.com 关于阿特斯阳光电力集团股份有限公司 2025 年第一次临时股东大会之法律意见书 致：阿特斯阳光电力集团股份有限公司 君合律师事务所上海分所（以下简称"本所"）接受阿特斯阳光电力集团股 份有限公司（以下简称"公司"或"阿特斯"）的委托，根据《中华人民共和国 公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称 "《证券法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"） 等法律、法规、规范性文件（以下简称"法律、法规"）及《阿特斯阳光电力集 团股份有限公司章程》（以下简称"《公司章程》"）的有关规定，按照律师行 业公认的业务标准、道德规范和勤勉尽责精神，就公司 2025 年第一次临时股东大 会（以下简称"本次股东大会"）有关事宜出具本法律意见书。 为出具本法律意见书之目的，本所律师对公司提供的与本次股东大会有关的 文件和事实进行了核查和验证。在本所律师对公司提供的有关文件进行核查和验 ...

证券代码：688472 证券简称：阿特斯 公告编号：2025-069 阿特斯阳光电力集团股份有限公司 2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 12 月 16 日 （二） 股东大会召开的地点：江苏省苏州市高新区枫桥街道鹿山路 348 号阿特 斯储能科技有限公司一楼储能会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 692 | | --- | --- | | 普通股股东人数 | 692 | | 2、出席会议的股东所持有的表决权数量 | 2,662,782,648 | | 普通股股东所持有表决权数量 | 2,662,782,648 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 73.9662 | | 例（%） | | | 普通股股东所持有表决权数量占公司表 ...

证券日报网讯12月15日晚间，阿特斯发布公告称，截至2025年12月15日，公司通过上海证券交易所交易 系统以集中竞价交易方式累计回购公司股份43，629，195股，占公司总股本的比例为1.18%。 ...

格隆汇12月15日丨阿特斯(688472.SH)公布，截至2025年12月15日，公司通过上海证券交易所交易系统 以集中竞价交易方式累计回购公司股份4362.92万股，占公司总股本的比例为1.18%，与上次披露数相比 增加0.22%，回购成交的最高价为16.52元/股，最低价为8.34元/股，回购使用的资金总额为人民币 4.79 亿元（不含印花税、交易佣金等交易费用） ...

比例达到总股本 1%暨回购进展公告 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。 重要内容提示： 证券代码：688472 证券简称：阿特斯 公告编号：2025-068 阿特斯阳光电力集团股份有限公司 关于以集中竞价交易方式回购公司股份 因实施 2024 年年度权益分派，公司本次回购股份价格上限由不超过人民币 21.42 元/股（含）调整为不超过人民币 21.33 元/股（含）。具体内容详见公司于 2025 年 7 月 2 日在上海证券交易所网站（http://www.sse.com.cn）披露的《阿特斯阳光 电力集团股份有限公司关于实施 2024 年年度权益分派后调整回购股份价格上限的 公告》（公告编号：2025-034）。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号—回购股份》等相关规定，公司在回购股份期间，回购股份占公司总股本的比 例每增加 1%，应当在事实发生之日起 3 个交易日内予以公告。现将公司回购进展 情况公告如下： 截至 2025 年 12 月 15 日， ...

格隆汇12月15日丨阿特斯(688472.SH)公布，截至2025年12月15日，公司通过上海证券交易所交易系统 以集中竞价交易方式累计回购公司股份43,629,195股，占公司总股本的比例为1.18%，与上次披露数相 比增加0.22%，回购成交的最高价为16.52元/股，最低价为8.34元/股，回购使用的资金总额为人民币 478,500,941.10元（不含印花税、交易佣金等交易费用）。 ...

格隆汇12月15日丨阿特斯(688472.SH)公布，截至2025年12月15日，公司通过上海证券交易所交易系统 以集中竞价交易方式累计回购公司股份43,629,195股，占公司总股本的比例为1.18%，与上次披露数相 比增加0.22%，回购成交的最高价为16.52元/股，最低价为8.34元/股，回购使用的资金总额为人民币 478,500,941.10元（不含印花税、交易佣金等交易费用）。 ...

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental protection sectors [1]. Core Views - The Central Economic Work Conference emphasizes the application of green electricity and promotes the development of hydrogen, ammonia, methanol, and energy storage, indicating a positive outlook for investment opportunities in green energy sectors in 2026 [3]. - Domestic energy storage saw significant growth in November, with newly installed capacity reaching 4.51GW/13.03GWh, reflecting a month-on-month increase of 57.14% in power and 74.66% in capacity [3][7]. - The report highlights the importance of hydrogen and green fuels as new growth points, with expectations for increased investment in these areas due to supportive policies and market conditions [4]. Summary by Sections Energy Storage - Domestic energy storage is experiencing a boom, with November's new installations showing a 45.95% year-on-year increase in power and a 49.6% increase in capacity [3][7]. - The report anticipates that independent energy storage tenders will maintain a good level in 2026, supported by a complete revenue model through energy markets and auxiliary services [3]. Hydrogen and Green Fuels - The report suggests that hydrogen and methanol will play a crucial role in the non-electric applications of green electricity, with significant investment expected in these areas [4]. - The development of zero-carbon parks and factories is also highlighted as a key initiative for 2026 [3]. Wind Power - The report notes that in 2024, onshore wind power installations are expected to reach 75.8GW, a year-on-year increase of 9.68%, while offshore wind installations are projected to be 4.0GW, a decrease of 40.85% [8]. - The bidding capacity for wind power equipment in 2024 is expected to be 164.1GW, a 90% increase year-on-year [13]. Lithium Battery - The report indicates that the demand for lithium batteries remains strong, with December's retail sales of new energy vehicles expected to show a bright performance despite a year-on-year decline of 17% [19]. - The supply chain for lithium batteries is expected to stabilize, with ongoing negotiations for long-term contracts and price adjustments [22][23].

Group 1: Core Insights - The report highlights a new growth cycle for energy storage, projecting significant increases in installed capacity and demand in both domestic and international markets [2][5][32] - Domestic energy storage demand is driven by capacity pricing and innovative business models, with a projected installed capacity of 163 GWh in 2025, a 47% year-on-year increase, and 265 GWh in 2026, a 60% increase [2][32] - Internationally, the U.S. is experiencing a surge in demand due to AI data centers, while Europe and emerging markets are also showing strong growth potential [2][34] Group 2: Domestic Market Dynamics - In the domestic market, the introduction of capacity pricing subsidies by local governments has significantly boosted the internal rate of return (IRR) for energy storage projects, with IRR rates ranging from 6% to 12% [2][13] - The report notes that from January to November 2025, domestic energy storage bidding reached 190 GWh, a 138% increase year-on-year, with a total of 175 GWh awarded [2][27] - The cumulative installed capacity of domestic energy storage reached 72 GWh from January to October 2025, marking a 42% increase year-on-year [2][27] Group 3: International Market Trends - The U.S. is expected to see a demand for approximately 53 GWh of new energy storage installations in 2025, driven by AI data centers and peak load shortages [2][34] - In Europe, the energy storage market is projected to grow significantly, with an expected installation of 20 GWh in 2025, a 131% increase year-on-year, and 42 GWh in 2026, a 109% increase [2][34] - Emerging markets, particularly in the Middle East, Australia, Southeast Asia, and South America, are anticipated to contribute to a combined installation of 34 GWh in 2025, a 220% increase year-on-year [2][34] Group 4: Industry Chain and Competitive Landscape - The global demand for energy storage batteries is projected to reach 628 GWh in 2025, a 91% increase, and 663 GWh in 2026, a 61% increase [2][6] - The report indicates that leading companies in the energy storage sector, such as Tesla and BYD, are expected to strengthen their market positions as battery prices stabilize and production capacity increases [2][6] - The integration of large battery cells is expected to reduce system costs by 10-15%, enhancing the competitive advantage of leading firms [2][6] Group 5: Investment Recommendations - The report recommends strong investment in large-scale energy storage companies, including Sungrow Power Supply, CATL, and BYD, as they are positioned to benefit from the anticipated growth in the market [2][6] - It also highlights the potential for growth in residential and commercial energy storage sectors, suggesting companies like DeYe and Airo Energy as promising investment opportunities [2][6]

Core Viewpoint - The continuous emergence of "GWh-level" energy storage orders overseas demonstrates that leading Chinese energy storage companies are becoming a key force in reshaping the global energy storage landscape [2][5]. Group 1: Market Overview - From 2025 onwards, the total scale of overseas orders signed by the top 10 energy storage giants reached 166.26 GWh, which is 2.04 times the new installed capacity of 81.5 GWh in the overseas energy storage market in 2024 [2]. - Australia leads with an order volume of 41.16 GWh, followed by the Middle East with 38 GWh, and Asia (excluding China) with 33.642 GWh [2]. Group 2: Company Performance - All top 10 energy storage giants have overseas order volumes exceeding 4 GWh, with six companies surpassing 10 GWh. The top three are CATL (52.9 GWh), Hicharge (34.01 GWh), and BYD (19.7 GWh) [3]. - Specific overseas order details are provided in the appendix of the article, highlighting the significant contributions of these companies to the global market [3]. Group 3: Risks and Challenges - Many overseas orders are merely intention orders, with execution cycles lasting 2-3 years or longer. The global energy storage industry is currently facing unprecedented challenges, with potential risks accumulating behind the surge in overseas orders [5][6]. - The bankruptcy of Powin, a former top 3 global energy storage system integrator, could significantly impact the global development of many companies. Powin has built and is constructing energy storage systems exceeding 17 GWh globally [5][6]. - The future of many overseas projects is likely to face delays or terminations due to ongoing global policy and market negotiations, which will profoundly affect the globalization and structure of the energy storage industry [6]. Group 4: Financial Health and Strategy - Maintaining financial health is crucial for companies in the current industry landscape. Historically, financially healthy companies are more likely to survive industry downturns, while financially weak companies may face severe challenges, including debt defaults or bankruptcy [6]. - Companies must prioritize survival before expanding their global market influence and capabilities, especially considering the volatility of global economic and market demands [6].