Group 1: Solar Industry - The solar industry is experiencing a dual bottom in fundamentals and market sentiment, with expectations for supply-side reforms strengthening [9][11]. - In Q2, domestic solar installations are expected to increase significantly, driven by a surge in demand, with a total of 197.9 GW added in the first five months of 2025, representing a 150% year-on-year growth [15][19]. - The profitability across different segments of the solar supply chain is expected to diverge, with silicon material prices under pressure while silicon wafers, cells, and modules benefit from price increases due to demand [13][14]. Group 2: Energy Storage - The energy storage sector is seeing a significant increase in shipments, with domestic large-scale storage demand recovering, and overall profitability remaining stable [39][44]. - In the first five months of 2025, global energy storage battery shipments reached 196.5 GWh, a year-on-year increase of 118%, driven by domestic demand and favorable tariff conditions [54][60]. - The domestic energy storage market is expected to maintain high growth, with cumulative installations reaching 13.4 GW/32.1 GWh in the first five months of 2025, reflecting a 57% year-on-year increase [54][55]. Group 3: Policy and Market Dynamics - Recent government policies are focused on addressing "involution" in competition, with measures aimed at balancing supply and demand and promoting industry self-discipline [32][34]. - The solar and energy storage sectors are expected to benefit from ongoing policy support, which is anticipated to enhance market stability and encourage technological advancements [38][36]. - The report highlights the importance of monitoring industry price trends, component production rates, and the timing of supply-side policy announcements as key indicators for investment opportunities [38].

Meeting Information - The shareholder meeting is scheduled for July 29, 2025, at 14:30 [1] - The meeting will be held at the company's conference room located at 66 Liuyanghe Road, Xinbei District, Changzhou [1] - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange's network voting system [1][2] Voting Procedures - Shareholders can vote via the Shanghai Stock Exchange network voting system, with voting times from 9:15 to 15:00 on the day of the meeting [1][3] - The voting process includes both a trading system platform and an internet voting platform [3] - Duplicate votes through different methods will be counted based on the first submission [3] Attendance Requirements - Shareholders registered by the close of trading on July 23, 2025, are eligible to attend the meeting [5] - Both individual and corporate shareholders must present identification and relevant documents for registration [5][6] - Proxy representatives can attend the meeting but must provide authorization documents [5][6] Registration Details - Registration for the meeting will take place on July 28, 2025, from 9:00 to 17:00 [6] - Shareholders can also register via mail or email, ensuring all required documents are submitted by the deadline [6] Additional Information - Attendees are responsible for their own travel and accommodation expenses [6] - Contact information for the company is provided for any inquiries related to the meeting [6]

Summary of Key Points Core Viewpoint - Changzhou Juhe New Materials Co., Ltd. announced that shareholder Chen Yaomin has pledged part of his shares, which raises concerns about the company's financial stability and shareholder confidence [1]. Group 1: Share Pledge Details - Chen Yaomin directly holds 18,574,365 shares, accounting for 7.67% of the total share capital of the company [1]. - After the pledge, Chen Yaomin has pledged a total of 11,700,000 shares, which represents 62.99% of his holdings and 3.22% of the company's total share capital [1]. - The pledged shares are not used as collateral for major asset restructuring performance compensation, and there are no potential performance compensation obligations associated with the pledged shares [1]. Group 2: Pledge Financing Information - The pledge involves 7,800,000 shares, with the pledge starting on July 9, 2025, and the purpose being to supplement personal capital needs [1]. - The financing is not related to any major asset restructuring or performance compensation obligations [1]. - The company will fulfill its information disclosure obligations in case of any significant changes regarding the pledge [1].

Core Viewpoint - The company intends to engage in silver futures and options trading to hedge against significant price fluctuations of silver, which is a key raw material for its operations [1][2][4]. Group 1: Trading Purpose - The primary purpose of the trading is to mitigate the adverse effects of silver price volatility on the company's operations, ensuring stable performance and enhancing financial robustness [2][4]. - The trading will be based on actual operational needs, focusing on hedging rather than speculative activities [2][4]. Group 2: Trading Amount and Duration - The company plans to utilize its own funds for the trading activities, with a maximum trading margin and premium cap of 400 million RMB, and a maximum contract value of 2.5 billion RMB on any trading day [1][3]. - The approved trading limits will be valid for twelve months from the date of shareholder approval and can be used in a rolling manner [1][3]. Group 3: Trading Types and Funding Sources - The trading types will primarily include silver futures and options contracts [3]. - The funding for these trading activities will come solely from the company's own funds, with no involvement of raised funds [3]. Group 4: Approval Process - The proposal for engaging in financial derivatives trading was approved during the fourth board meeting held on July 9, 2025, and is subject to further approval by the shareholders [3][5]. Group 5: Risk Analysis and Control Measures - The company acknowledges potential risks associated with the trading, including market, operational, and default risks, and emphasizes that all trading will adhere to legal, prudent, and effective principles [2][4]. - Risk control measures include strict adherence to trading limits, internal audits, and a clear management structure to prevent unauthorized trading activities [4][5]. Group 6: Impact on the Company - The trading activities are expected to stabilize the company's operational performance by locking in costs and reducing risks associated with raw material price fluctuations [4][6]. - The company has established a specific operational process for financial derivatives trading, ensuring compliance with relevant regulations [6][7].

证券代码：688503 证券简称：聚和材料 公告编号：2025-032 常州聚和新材料股份有限公司 第四届董事会第七次会议决议公告 属期的个人层面归属比例为50%，因此，同意作废其已获授但尚未归属的限制性 股票合计0.21万股。综上，本次作废2024年限制性股票激励计划限制性股票共计 3.91万股。 根据公司2024年第二次临时股东大会的授权，本次作废部分已授予但尚未归 属的限制性股票事项无需提交股东会审议。 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。 一、董事会会议召开情况 常州聚和新材料股份有限公司（以下简称"公司"）第四届董事会第七次会 议（以下简称"本次会议"）于2025年07月09日在公司会议室以现场与通讯相结 合的方式召开。本次会议通知于2025年07月04日以邮件方式发出。本次会议由董 事长刘海东先生召集并主持，会议应出席本次会议的董事9人，实际出席的董事9 人，公司全体高级管理人员列席了本次会议。本次会议的召集、召开程序均符合 《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》 ...

Core Viewpoint - The company intends to engage in financial derivatives trading to hedge against the volatility of silver prices, which are crucial for its operations, thereby stabilizing its financial performance and enhancing competitiveness [1][5]. Summary by Sections Transaction Overview - The primary purpose of the trading is to mitigate the adverse effects of significant fluctuations in silver prices on the company's operations, ensuring stable performance and financial health [1]. - The company plans to utilize a maximum of 400 million RMB for trading margins and premiums, with a maximum contract value of 2.5 billion RMB on any trading day, valid for 12 months from shareholder approval [1][2]. - The trading will be conducted using the company's own funds, with no involvement of raised funds [2]. Review Procedures - The board of directors approved the proposal for financial derivatives trading on July 9, 2025, and authorized the management to execute specific operational plans within the approved limits [2]. Risk Analysis and Control Measures - The company acknowledges potential risks in derivatives trading, including market price discrepancies and liquidity risks, but emphasizes a non-speculative approach [3][4]. - Risk control measures include strict adherence to operational principles, ensuring that trading activities align with actual business needs, and implementing a clear internal audit and supervision mechanism [4][5]. Impact on the Company - Engaging in silver futures and options trading is deemed necessary to counteract the impact of raw material price volatility on the company's performance, thereby enhancing competitiveness [5][6]. - The company has established a management system for securities investment and derivatives trading, ensuring compliance with relevant regulations and effective risk management [6]. Sponsor's Verification Opinion - The sponsor believes that the proposed derivatives trading aligns with the company's operational needs and can mitigate the impact of raw material price fluctuations on performance, with adequate risk control measures in place [6].

Core Viewpoint - The announcement details the first vesting period of the 2024 restricted stock incentive plan for Changzhou Juhe New Materials Co., Ltd, confirming that 1.2715 million shares will vest for 142 eligible participants based on performance criteria [1][10][21] Group 1: Incentive Plan Overview - The total number of restricted shares to be granted under the incentive plan is 3.8 million, accounting for approximately 1.57% of the company's total share capital [1] - The first grant consists of 3.586 million shares, representing about 1.48% of the total share capital at the time of the announcement [1] - The vesting schedule includes three periods: 40% after 12 months, 30% after 24 months, and 30% after 36 months [1][2] Group 2: Performance Assessment Criteria - The performance assessment for the first vesting period requires a revenue growth rate of at least 20% based on 2023 figures [2][3] - The second and third vesting periods have higher targets of 44% and 72.8% revenue growth, respectively [3] - The assessment will also consider the growth rate of photovoltaic conductive silver paste shipments, with similar percentage targets [2][3] Group 3: Vesting Conditions and Procedures - The board confirmed that the first vesting period conditions have been met, allowing for the vesting of 1.2715 million shares [10][21] - The vesting is contingent upon the company not having any adverse audit opinions or regulatory issues in the past year [11][12] - The company will process the vesting and related share registration according to regulatory guidelines [20] Group 4: Stock Grant Details - The adjusted grant price for the restricted shares is set at 18.33 yuan per share, down from 18.74 yuan due to a rights issue [8][9] - A total of 142 individuals are eligible for the first vesting, with specific performance ratings determining individual share allocation [18][19] - The company has invalidated 38.05 thousand shares due to the departure of certain participants [9][15]

Core Viewpoint - The company has adjusted the grant price of its 2024 restricted stock incentive plan from 18.74 yuan per share to 18.33 yuan per share due to the completion of its annual equity distribution for 2024 [1][6][7]. Summary by Sections Adjustment of Grant Price - The grant price for the restricted stock incentive plan has been revised to 18.33 yuan per share, reflecting a decrease from the previous price of 18.74 yuan per share [1][7]. - This adjustment is in accordance with the company's 2024 annual equity distribution, which involved a cash dividend of 4.3447 yuan per 10 shares [6]. Decision-Making Process - The adjustment was approved during the seventh meeting of the fourth board of directors held on July 9, 2025, following the necessary decision-making procedures [1][4]. - The company’s supervisory board verified the list of incentive recipients and provided relevant opinions on the adjustment [4][5]. Compliance and Legal Opinions - The adjustment complies with the relevant laws and regulations, including the Management Measures for Equity Incentives and the company's incentive plan draft [8]. - The legal opinion confirms that the adjustment does not harm the interests of the company or its shareholders and has received the necessary approvals [8]. Impact on the Company - The adjustment of the grant price will not have a substantial impact on the company's financial status or operational results, and the incentive plan will continue to be implemented as planned [7].

证券代码：688503 证券简称：聚和材料 公告编号：2025-028 常州聚和新材料股份有限公司 关于作废 2024 年限制性股票激励计划 部分限制性股票的公告 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。 常州聚和新材料股份有限公司（以下简称"公司"）于 2025 年 7 月 9 日召 开的第四届董事会七次会议，审议通过了《关于作废 2024 年限制性股票激励计 划部分限制性股票的议案》。根据《上市公司股权激励管理办法》（以下简称"《管 理办法》"）、《常州聚和新材料股份有限公司 2024 年限制性股票激励计划（草 案）》（以下简称"《激励计划（草案）》"）的相关规定及公司 2024 年第二 次临时股东大会的授权，董事会同意作废公司 2024 年限制性股票激励计划（以 下简称"本次激励计划"）部分限制性股票合计 3.91 万股。现将有关事项说明 如下： 一、本次激励计划已履行的决策程序和信息披露情况 （一）2024 年 6 月 19 日，公司召开第三届董事会第二十三次会议，审议通 过了《关于公司<2024 年限制性股 ...

证券代码：688503 证券简称：聚和材料 公告编号：2025-030 常州聚和新材料股份有限公司 关于2024年限制性股票激励计划首次授予部分 第一个归属期符合归属条件的公告 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： 常州聚和新材料股份有限公司（以下简称"公司"）于 2025 年 7 月 9 日召 开的第四届董事会七次会议，审议通过了《关于 2024 年限制性股票激励计划首 次授予部分第一个归属期符合归属条件的议案》。公司 2024 年限制性股票激励 计划（以下简称"本次激励计划"）首次授予部分第一个归属期符合归属条件。 现将有关事项说明如下： 一、本次激励计划批准及实施情况 （一）本次激励计划的主要内容 94.37%；预留授予 21.40 万股，约占本次激励计划草案公告时公司总股本的 0.09%， 约占本次激励计划拟授予权益总额的 5.63%。 3.授予价格（调整前）：18.74 元/股。 4.激励人数：首次授予 167 人，预留授予 11 人。 5.归属安排具体如下： 本次激励计划首次授予的限制 ...