Core Viewpoint - The company, Juhe Materials, is seeking to raise funds through an IPO in Hong Kong to support its production line construction and R&D efforts, amid rising debt levels and declining operational cash flow [2][3]. Financial Health - Juhe Materials has seen its debt ratio increase from 21.75% at the end of 2022 to 59.07% by the end of Q3 2025, with interest-bearing debt rising from 800 million to 5.6 billion over three years, marking a sevenfold increase [3][5]. - As of Q3 2025, approximately 52.4 billion of the 56 billion in interest-bearing debt consists of short-term loans, raising concerns about the company's debt structure [5]. - The company has experienced a cumulative net cash outflow exceeding 10 billion over the past seven years, despite multiple attempts to use excess IPO funds for liquidity support [6]. Revenue and Profitability - In the context of increasing competition and reduced usage of photovoltaic silver paste, Juhe Materials reported a revenue of 10.641 billion for the first three quarters of 2025, reflecting an 8.29% year-on-year growth, down from 21.35% in 2024 [7]. - The company's net profit attributable to shareholders fell to 239 million, a decline of 43.24% year-on-year, with a continuous drop in gross margin [7]. R&D and Product Quality - The R&D expense ratio has decreased from 3.3% at the time of listing to 1.8% in the first three quarters of 2025, while the product return rate has increased from 1.4% in 2023 to 2.6% in 2024 [9]. - The company acquired Jiangsu Lianyin for 180 million in 2023, which has since reported continuous losses and a rising debt ratio [9]. Market Position and Competition - The competitive landscape in the photovoltaic silver paste market is changing unfavorably for Juhe Materials, with the company facing increased pressure as competitors like Dike Co. have overtaken it in market share [9].

Investment Rating - The report maintains an "Overweight" rating for the power equipment sector [6] Core Insights - The report highlights new opportunities in the photovoltaic industry driven by space solar power initiatives and rising prices of battery components [1][17] - It emphasizes the importance of supply-side reforms and technological advancements in creating long-term growth opportunities within the industry [1][19] - The report identifies key companies to watch in various segments, including supply chain price increases, new technology growth, and perovskite solar cell developments [1][19][21] Summary by Sections Photovoltaics - The price of multi-crystalline silicon n-type raw materials remains stable, with an average transaction price of 59,200 RMB per ton [17] - N-type battery cell prices have increased to 0.42 RMB per watt, with a price range of 0.40-0.43 RMB per watt [17] - The report notes that rising silver prices have led to increased component costs, with distributed component prices now ranging from 0.70 to 0.80 RMB per watt [17] - SpaceX and Tesla plan to achieve a combined solar manufacturing capacity of 200GW annually in the U.S. within three years, with 40GW dedicated to space solar power [1][18] - Key companies to focus on include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar for supply-side reform opportunities [1][19] Wind Power & Grid - The Netherlands will launch a 1GW offshore wind project tender in September 2026, with a subsidy budget of approximately 32.45 billion RMB [19][20] - Turkey plans to initiate its first offshore wind tender by the end of 2026, aiming for 5GW of installed capacity by 2035 [19][20] - Southern Power Grid has set a fixed asset investment of 180 billion RMB for 2026, focusing on new power system construction and strategic emerging industries [20] - Companies to watch include Goldwind, Yunda, Mingyang Smart Energy, and Sany Heavy Energy in the wind turbine sector [20] Hydrogen Energy - A ceremony for the operation of 300 hydrogen fuel heavy trucks was recently held, showcasing advancements in hydrogen energy technology [3][21] - The trucks are equipped with a 130kW fuel cell system and can achieve a range of over 600 kilometers [3][21] - Key companies in this sector include Shuangliang Energy, Huadian Heavy Industry, and Shenghui Technology [3][21] Energy Storage - The report forecasts that new energy storage installations in China will reach 58.6GW/175.3GWh in 2025, a year-on-year increase of 38%/60% [4][22] - The average bid price for 2-hour energy storage systems is projected to be 0.55 RMB/Wh in 2025, down 16.9% from 2024 [4][22] - Companies to focus on include Sungrow Power, Canadian Solar, and Kehua Data for large-scale energy storage opportunities [4][22] New Energy Vehicles - CATL launched the "Tianxing II" series solutions for light commercial vehicles, including the industry's first intelligent battery management application [5][27] - The solutions cater to various scenarios, including high-frequency urban distribution and extreme temperature conditions [5][27] - Key companies in the battery sector include CATL, Penghui Energy, and Guoxuan High-Tech [5][29]

Core Viewpoint - The stock price of Juhe Materials (688503) has decreased by 3.56% to 81.93 yuan as of January 23, 2026, after reaching a nearly one-year high of 87.78 yuan on January 19, 2026 [1] Group 1: Company Announcements - Juhe Materials plans to conclude two fundraising projects, resulting in a surplus of 95.562 million yuan, which will be permanently allocated to supplement working capital. This surplus is attributed to improved cost control and resource optimization [2][4] - The company intends to engage in foreign exchange derivative trading to mitigate market risks associated with currency fluctuations. The maximum contract value will not exceed 1.5 billion yuan, with a trading margin and premium cap of 200 million yuan, funded by its own resources [3][4]

Core Viewpoint - Elon Musk, CEO of Tesla, supports space photovoltaics and reveals key production plans during a discussion with Larry Fink, CEO of BlackRock, at the World Economic Forum in Davos [3]. Group 1: Solar Energy Production - SpaceX and Tesla aim to achieve an annual solar manufacturing capacity of 100GW within the next three years [3]. Group 2: Related Companies and Technologies - Key players in the solar energy sector include: - Core battery manufacturers: Qianzhao Optoelectronics, Dongfang Risen, Junda Co., Trina Solar, Tuojiri New Energy, and Sanan Optoelectronics [4]. - Upstream equipment and materials: Jing Sheng Machinery, Juhe Materials, Zhonglai Co., and Maiwei Co. [4]. - Midstream packaging and components: Lushan New Materials and Lens Technology [4]. - Downstream system integration and on-orbit verification: Shanghai Port and Wan [4]. - Frontier technology investments and layouts: Xizi Clean Energy [4].

Group 1 - The core viewpoint of the article emphasizes that the "anti-involution" trend is reshaping supply and demand in the photovoltaic (PV) industry, accelerating the parity of solar storage in core markets and opening up new scenarios for future demand [1][3][5] - Global demand for solar energy is expected to grow significantly, with projected new installations of approximately 600GW in 2025 and 610GW in 2026, reflecting year-on-year growth rates of about 13.21% and 1.67% respectively [3][6] - The domestic and overseas production capacity is rapidly increasing, leading to a significant oversupply in the PV industry, which has resulted in continuous price declines and losses for many companies [5][6] Group 2 - The penetration rate of low-silver and silver-free technologies is expected to rise quickly, with leading companies likely to recover profitability ahead of the industry [1][22] - The article highlights that the profitability of auxiliary material companies is expected to improve as they diversify their business, with a focus on non-PV sectors [1][36] - The article identifies key beneficiaries in the market, including companies that lead in low-silver and silver-free technology iterations, such as Longi Green Energy and JinkoSolar, which are expected to benefit from cost advantages [1][46] Group 3 - The article discusses the impact of rising silver prices on the cost structure of solar cell manufacturers, indicating that the cost of silver paste is becoming a critical factor for cost reduction [22][23] - The introduction of new technologies, such as high-copper and pure copper solutions, is accelerating in the industry, which is expected to enhance efficiency and reduce costs [25][27] - The demand for space photovoltaics is anticipated to grow due to an increase in space launch missions, with a projected 263 launches in 2024, indicating a strong short-term demand for solar wings in low Earth orbit [29] Group 4 - The article notes that the profitability of battery materials is expected to improve as the pressure from the main chain eases, with low-silver and silver-free iterations likely to bring new benefits [36][39] - The photovoltaic glass sector is also expected to see a recovery in profitability due to industry self-discipline and a reduction in supply, with prices showing signs of recovery [41][46] - The article concludes with investment recommendations, suggesting that companies leading in low-silver and silver-free technology, as well as those involved in energy storage, are well-positioned to benefit from the ongoing market changes [46]

重要内容提示： 本次结项的募投项目名称：江苏德力聚新材料有限公司高端光伏电子 材料基地项目、专用电子功能材料工厂及研发中心建设项目。 本次节余金额为 9,556.20 万元，为提高资金使用效率并结合常州聚 和新材料股份有限公司（以下简称"公司"）实际经营情况，公司拟将结项募 投项目的节余募集资金永久补充流动资金（实际金额以资金转出当日募集资 金专户余额为准），用于公司日常生产经营活动。 证券代码：688503 证券简称：聚和材料 公告编号：2026-005 常州聚和新材料股份有限公司 关于部分首次公开发行股票募投项目结项并将节余募集资 金永久补充流动资金的公告 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、准确性和完整性承担法律责任。 注 2 ：最终转入公司自有资金账户的实际金额以资金转出当日该项目募集资金账户余额为准。 一、募集资金基本情况 | 发行名称 | 2022 年首次公开发行股票 | | | --- | --- | --- | | 募集资金总额 | 308,000.00 | 万元 | | 募集资金净额 | 292,013.26 | 万元 | | ...

证券代码：688503 证券简称：聚和材料 公告编号：2026-004 常州聚和新材料股份有限公司 关于开展外汇衍生品交易业务的公告 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、准确性和完整性承担法律责任。 重要内容提示： | 交易目的 | □获取投资收益 | | --- | --- | | | ☑套期保值（合约类别：□商品；☑外汇；□其他：________） | | | □其他：________ | | 交易品种 | 主要包括远期结售汇、货币掉期、利率掉期、利率互换、外 汇互换、外汇期权业务及其他或组合业务 | | 交易金额 | 预计动用的交易保证金和权利金 2 上限（单位：亿元） | | | 预计任一交易日持有的最高合约 15 价值（单位：亿元） | | 资金来源 | ☑自有资金 □借贷资金 □其他：___ | | 交易期限 | 2026年1月20日至2027年1月19日 | 交易主要情况 已履行的审议程序 常州聚和新材料股份有限公司（以下简称"公司"）于 2026 年 1 月 20 日召 开的第四届董事会审计委员会第八次会议、第四届董事会第十二次 ...

永久补充流动资金的核查意见 国投证券股份有限公司（以下简称"国投证券"或"保荐机构"）作为常州聚和 新材料股份有限公司（以下简称"聚和材料"或"公司"）首次公开发行股票并在科 创板上市及持续督导的保荐机构，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股票上市规则》《上市公司募集资金监管规则》等有关规定， 对聚和材料部分首次公开发行股票募投项目结项并将节余募集资金永久补充流 动资金的事项进行了核查，具体情况如下： 一、募集资金基本情况 国投证券股份有限公司 关于常州聚和新材料股份有限公司 部分首次公开发行股票募投项目结项并将节余募集资金 | 发行名称 | 2022 | 年首次公开发行股票 | | | --- | --- | --- | --- | | 募集资金总额 | 308,000.00 | | 万元 | | 募集资金净额 | 292,013.26 | | 万元 | | 募集资金到账时间 | 2022 年 | 12 月 | 6 日 | 根据中国证券监督管理委员会于2022年10月18日出具的《关于同意常州聚和 新材料股份有限公司首次公开发行股票注册的批复》（证监许可[2022]2504号）， ...

Core Viewpoint - The company has approved the conclusion of certain fundraising projects and plans to permanently supplement its working capital with the remaining funds from its initial public offering [1] Group 1: Fundraising Projects - The concluded fundraising projects include the high-end photovoltaic electronic materials base project and the specialized electronic functional materials factory and research center construction project, all of which have reached the predetermined usable status [1] - The total amount of remaining fundraising funds is 95.562 million yuan (approximately 9.5562 million yuan), which will be used to permanently supplement working capital [1] Group 2: Financial Management - After the transfer of all remaining fundraising funds, the company will cancel the related fundraising account [1]

Core Viewpoint - The company plans to permanently supplement its working capital with a surplus of 95.562 million yuan from fundraising [1] Group 1: Fundraising and Project Completion - The surplus funds are derived from the completion of fundraising projects [1] - The completed projects include the high-end photovoltaic electronic materials base project and the construction of a specialized electronic functional materials factory and R&D center in Jiangsu [1]