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 2025 年度持续督导工作现场检查报告 上海证券交易所： 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"）持续督导工作的保荐机构， 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》 和《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关法律、 法规的规定，对公司 2025 年度（以下简称"本持续督导期间"）的规范运作情况 进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐机构 国投证券股份有限公司 （二）保荐代表人 徐长浩、郑旭 （三）现场检查时间 2025 年 12 月 31 日 （四）现场检查人员 徐长浩、郑旭 （五）现场检查内容 公司治理及内部控制、信息披露、独立性、公司与控股股东、实际控制人及 其他关联方资金往来情况、募集资金使用情况、关联交易、对外担保、重大对外 投资、公司经营状况等。 4、查阅公司现行有效的公司章程及相关内控制度文件； 5、查阅本持续督导期间上市公司募集资金明细账、银行对账单等 ...

证券代码：688503 证券简称：聚和材料 公告编号：2026-001 常州聚和新材料股份有限公司 2026年第一次临时股东会决议公告 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） 股东会召开的时间：2026 年 1 月 7 日 （二） 股东会召开的地点：常州市新北区浏阳河路 66 号公司会议室 相结合的方式进行表决。本次会议的召集、召开与表决程序符合《中华人民共和 国公司法》《中华人民共和国证券法》及《公司章程》等有关法律法规、规范性 文件的规定。 （五） 公司董事和董事会秘书的列席情况 1、 公司在任董事9人，列席9人； 2、 董事会秘书林椿楠出席本次会议；公司高级管理人员列席了本次会议。 二、 议案审议情况 （一） 非累积投票议案 1、 议案名称：关于公司首次公开发行 H 股股票并在香港联合交易所有限公司上 市的议案 （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 ...

上海市广发律师事务所 关于常州聚和新材料股份有限公司 2026 年第一次临时股东会的法律意见书 致:常州聚和新材料股份有限公司 常州聚和新材料股份有限公司（以下简称"公司"）2026 年第一次临时股 东会于 2026 年 1 月 7 日在常州市新北区浏阳河路 66 号公司会议室召开。上海市 广发律师事务所(以下简称"本所")经公司聘请,委派藕渠律师、陈雨兰律师 出席现场会议。根据《中华人民共和国公司法》(以下简称"《公司法》")、 《上市公司股东会规则》（以下简称"《股东会规则》"）等法律法规、其他规 范性文件以及《常州聚和新材料股份有限公司章程》(以下简称"《公司章程》") 的规定,就本次股东会的召集和召开程序、召集人及出席会议人员的资格、会议 议案、表决方式和表决程序、表决结果和会议决议等出具本法律意见书。 为出具本法律意见书,本所律师对本次股东会所涉及的有关事项进行了审 查，查阅了相关会议文件，并对有关问题进行了必要的核查和验证。 公司已向本所保证和承诺,公司向本所律师所提供的文件和所作的陈述和说 明是完整的、真实的和有效的,有关原件及其上面的签字和印章是真实的,且一 切足以影响本法律意见书的事实和文件 ...

Group 1 - The "anti-involution" trend is reshaping supply and demand in the photovoltaic industry, with price recovery expected as the market stabilizes. The introduction of energy storage at parity in key markets is accelerating, alleviating pressure on the grid from rapid increases in photovoltaic installations. The long-term demand outlook is optimistic due to rising computing power needs and breakthroughs in photovoltaic technology for space applications [2][12][14]. Group 2 - The penetration of low-silver and silver-free technologies is expected to increase rapidly, with leading companies likely to recover profitability faster than the industry average. The rise in silver prices is driving the adoption of these technologies, which are crucial for cost reduction [3][38][43]. Group 3 - The auxiliary material sector, under pressure for over three years, is expected to see a recovery in profitability as companies diversify their business models. Leading firms are preparing for a second growth phase, which will enhance their revenue streams [4][63]. Group 4 - Beneficiary analysis indicates that companies leading in low-silver and silver-free technology, such as Longi Green Energy and JinkoSolar, are well-positioned to benefit from cost advantages. Companies actively investing in energy storage, like Trina Solar and JA Solar, are also expected to see early recovery in profitability [5][73]. Group 5 - Global demand for photovoltaic installations is projected to grow, with an estimated 600 GW and 610 GW of new installations in 2025 and 2026, respectively. However, growth rates may slow due to market saturation in core regions like China and Europe [8][14]. Group 6 - The supply side is experiencing overcapacity, with significant production increases expected in silicon materials and components. The "anti-involution" movement is leading to reduced capital expenditures, which may help manage supply effectively [12][30]. Group 7 - The photovoltaic industry is witnessing a shift towards new technologies and applications, such as space photovoltaics and perovskite solar cells, which are expected to expand market opportunities significantly [49][54].

从资金流向上来看，当日光伏设备板块主力资金净流出9.32亿元，游资资金净流入3.6亿元，散户资金净 流入5.72亿元。光伏设备板块个股资金流向见下表： 证券之星消息，1月7日光伏设备板块较上一交易日上涨0.63%，东方日升领涨。当日上证指数报收于 4085.77，上涨0.05%。深证成指报收于14030.56，上涨0.06%。光伏设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300118 | 东方日升 | 16.30 | 11.87% | 227.31万 | | 35.98 Z | | 688503 | 緊和材料 | 70.20 | 11.75% | 26.48万 | | 18.37亿 | | 688147 | 微导纳米 | 75.71 | 8.20% | - 14.03万 | | 10.45 乙 | | 688390 | 固德威 | 76.65 | 8.19% | 19.13万 | | 14.25 乙 | | 002865 | 钧达股份 | 62.3 ...

Core Viewpoint - The photovoltaic (PV) industry is undergoing a structural change in its cost dynamics, with silver paste replacing silicon material as the primary cost variable from 2024 to 2026, significantly impacting the competitive landscape and survival of companies in the sector [1][2]. Cost Structure Changes - In January 2024, silicon material's cost share decreased to approximately 10%-12%, while silver paste's share rose to 10.5%, marking a shift in cost dominance [2]. - By January 2025, silver paste's cost share surged to 14.2%, surpassing silicon material at 11.3%, indicating a reversal in cost structure [3]. - In January 2026, silver paste's share increased to 16%-17%, while silicon material's share fell to 9.9%, solidifying silver paste's dominance in cost structure [4][7]. Supply and Demand Dynamics - The global supply of silicon material is projected to exceed demand significantly in 2026, leading to a price drop to around 46,000-53,000 yuan per ton, which is below the cost line for many second and third-tier companies [8]. - The technological maturity in silicon material and wafer production has reached a plateau, limiting further cost reductions [9][10]. Silver's Unique Position - Silver's cost dynamics are driven by industrial demand rather than its traditional roles, with the industrial sector accounting for nearly 60% of silver demand in 2024 [15]. - The photovoltaic sector represents only 25%-30% of global industrial silver demand, indicating that it cannot dictate silver prices [18]. - The supply of silver is largely dependent on the production of other metals, making it less responsive to price changes [19]. Technological Innovations - The industry is witnessing a shift towards silver reduction technologies, with three main approaches emerging: gradual silver reduction, silver-coated copper paste, and copper plating [25][31][36]. - Silver-coated copper paste is expected to become the mainstream solution by 2026, offering significant cost advantages [31]. - Copper plating technology is anticipated to lead the industry by 2027, providing a complete alternative to silver and significantly reducing costs [36][47]. Future Outlook - The silver price is expected to remain high and volatile through 2026-2027, driven by supply-demand imbalances and industrial demand growth [50]. - Companies that can effectively implement silver reduction technologies will gain a competitive edge, as the ability to manage silver costs becomes a critical survival factor [52][53].

Core Insights - The report emphasizes the growth potential in the energy storage sector, driven by the implementation of capacity pricing mechanisms in China and increasing demand for energy storage solutions globally, particularly in the context of AI advancements [7][14][27] - The photovoltaic (PV) industry is expected to see a reversal in profitability due to ongoing technological innovations and regulatory measures aimed at curbing excessive competition [7][14][27] Energy Storage - Large-scale energy storage in China is transitioning towards market-driven models, with the introduction of capacity pricing mechanisms expected to enhance the economic viability of storage projects. The expected installed capacity for energy storage in China is projected to reach 154 GWh in 2025, 254 GWh in 2026, and 337 GWh in 2027, representing year-on-year growth rates of 40.2%, 65.2%, and 32.5% respectively [7][14][27] - The report highlights that the U.S. is experiencing rapid growth in energy storage demand, particularly driven by data center construction, with an anticipated addition of 13 GW of data centers leading to a storage demand of 10.7 to 25 GWh [7][14][27] - In Europe, the demand for flexible resources is increasing, and the development of large-scale storage is accelerating due to improved business models and subsidies. The report forecasts that global energy storage installations will reach approximately 279 GWh in 2025, 423 GWh in 2026, and 563 GWh in 2027, with year-on-year growth rates of 44%, 52%, and 33% respectively [7][14][27] Photovoltaic Industry - The report notes that the PV industry is undergoing a "de-involution" process, with regulatory bodies emphasizing the need to address price violations and excessive competition within the sector. This is expected to lead to improved profitability in the downstream component segment of the PV industry by 2026 [7][14][27] - Global PV installations are projected to reach nearly 580 GW in 2026, reflecting a year-on-year growth of 6%, driven by reasonable capacity limits in various regions [7][14][27] - Technological innovations aimed at reducing costs and increasing efficiency are expected to facilitate a reversal in profitability for the PV sector, with advancements in battery technology playing a crucial role [7][14][27] Investment Recommendations - The report recommends investing in leading companies in the PV sector that are driving N-type technology innovations, such as JinkoSolar, Tongwei Co., Longi Green Energy, and JA Solar. It also suggests focusing on companies benefiting from new technological iterations in auxiliary materials [7][14][27] - In the energy storage sector, it highlights companies with technological leadership and competitive advantages, such as Sungrow Power Supply, Hubei Huadian, Canadian Solar, and Shenghong Technology, while also suggesting attention to firms like Shuneng Electric and Kehua Data [7][14][27]

（文章来源：证券日报） 证券日报网讯 12月30日，聚和材料在互动平台回答投资者提问时表示，公司国外销售情况比较稳定， 具体经营数据请关注后续披露的定期报告。同时，公司密切关注相关贸易政策走向，将最大程度提升公 司经营业绩水平，回馈广大股民。 ...

证券日报网讯12月30日，聚和材料在互动平台回答投资者提问时表示，公司光伏银浆的市场占有率一直 较为稳定，银粉为公司产品最主要的原材料，其定价方式主要在银价的基础上加收一定的加工费。由于 银粉为贵金属，采购单价较高，且银浆产品生产周期较短，公司通常的采购模式为"以销定购"，即根据 下游客户订单需求，及时向供应商"背靠背"采购银粉，以降低银价波动风险。公司目前已经开发并量产 用于汽车行业的光电器件相关柔性电极浆料，对于航天器柔性太阳翼所用的柔性电极材料暂时没有，关 于航天器柔性太阳翼有多种解决方案，大部分是需要用到导电浆料。 ...

证券代码：688503 证券简称：聚和材料 常州聚和新材料股份有限公司 2026 年第一次临时股东会会议资料 2026 年 1 月 常州聚和新材料股份有限公司 2026 年第一次临时股东会会议资料目录 | 年第一次临时股东会会议须知 2026 2 | | --- | | 2026 年第一次临时股东会会议议程 4 | | 2026 年第一次临时股东会会议议案 7 | | 议案一：关于公司首次公开发行 股股票并在香港联合交易所有限公司上市的议案.. H 7 | | 议案二：关于公司首次公开发行 股股票并在香港联合交易所有限公司上市方案的议 H | | 案 9 | | 议案三：关于公司申请转为境外募集股份并上市的股份有限公司的议案 13 | | 议案四：关于公司首次公开发行 H 股股票并上市决议有效期的议案 14 | | 议案五：关于公司首次公开发行 H 股股票募集资金使用计划的议案 15 | | 议案六：关于公司首次公开发行 H 股股票前滚存利润分配方案的议案 16 | | 议案七：关于制定在本次发行并上市后适用的《公司章程（草案）》及相关议事规则（草 | | 案）的议案 17 | | 议案八：关于调整及制定公司 ...