证券代码：688503 证券简称：聚和材料 公告编号：2025-033 常州聚和新材料股份有限公司 关于召开2025年第二次临时股东会的通知 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： 一、 召开会议的基本情况 网络投票起止时间：自2025 年 7 月 29 日 至2025 年 7 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互 股东会召开日期：2025年7月29日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 （四） 现场会议召开的日期、时间和地点 （一） 股东会类型和届次 2025年第二次临时股东会 召开日期时间：2025 年 7 月 29 日 14 点 30 分 召开地点：常州市新北区浏阳河路 66 号公司会议室 （五） 网络投票的系统、 ...

常州聚和新材料股份有限公司 董事会薪酬与考核委员会 2025 年 7 月 9 日 （本页无正文，为《常州聚和新材料股份有限公司董事会薪酬与考核委员会关于 2024 年限制性股票激励计划首次授予部分第一个归属期归属名单的核查意见》 之签署页） 委员签字： 纪超一 李 浩 罗英梅 董事会薪酬与考核委员会关于 2024 年限制性股票激励计划 首次授予部分第一个归属期归属名单的核查意见 常州聚和新材料股份有限公司（以下简称"公司"）董事会薪酬与考核委员 会根据《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》"）、《上市公司股权激励管理办法》（以 下简称"《管理办法》"）、《上海证券交易所科创板股票上市规则》（以下简 称"《上市规则》"）、《科创板上市公司自律监管指南第 4 号——股权激励信 息披露》等相关法律、法规及规范性文件和《常州聚和新材料股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，对公司 2024 年限制性股票激励计 划（以下简称"本次激励计划"）首次授予部分限制性股票第一个归属期的归属 名单进行了核查，并发表核查意见如下： 公司本次激励计划首 ...

Investment Rating - The report maintains a "Recommended" investment rating for the photovoltaic industry [1]. Core Viewpoints - The report emphasizes the need to break the "involution" style competition in the photovoltaic sector, advocating for supply-side reforms driven by policy, industry self-discipline, and corporate production cuts [2]. - It highlights a significant increase in domestic photovoltaic installations, with 197.85 GW added from January to May 2025, representing a 150% year-on-year growth [2]. - The report identifies new technologies, particularly BC (Bifacial Cell) and copper paste, as key drivers for future industry growth and cost reduction [2]. Summary by Sections Industry Overview - The solar energy index rose by 4.1%, with notable gains from companies like Daqo New Energy and Tongwei Co., Ltd., which saw increases exceeding 10% [2]. - The report discusses the government's increasing focus on addressing low-price disorderly competition, aiming to enhance product quality and facilitate the exit of outdated production capacity [2]. Supply and Demand Dynamics - The report notes a recovery in polysilicon prices, with the average transaction price for N-type polysilicon rising to 34,700 CNY/ton, a 0.87% increase week-on-week [2]. - It asserts that the main challenge in the photovoltaic industry is supply rather than demand, with expectations for improved supply conditions due to government guidance and industry self-regulation [2]. Technological Advancements - The report forecasts that leading companies will significantly expand their BC production capacity, with Longi Green Energy expected to reach 50 GW by the end of 2025 [2]. - It highlights the trend towards reducing silver usage in photovoltaic cells, with the silver consumption per watt decreasing from 6 mg/W to 0.5 mg/W, driven by advancements in technologies like XBC, TOPCon, and HJT [2]. Investment Recommendations - The report suggests focusing on leading companies with strong advantages in new technologies, recommending stocks such as Longi Green Energy, Aiko Solar Energy, and JinkoSolar [2]. - It also advises attention to auxiliary material sectors that benefit from policy improvements and have higher safety margins, recommending companies like GCL-Poly Energy and Sungrow Power Supply [2].

Industry Overview - The precious metal materials industry chain consists of precious metal supply, processing and manufacturing, downstream applications, and resource recycling [1] - Precious metals are obtained through exploration, mining, and smelting, including gold, silver, palladium, rhodium, iridium, ruthenium, osmium, and platinum [1] - Precious metals are used in various fields such as automotive, electronics, new energy, petrochemicals, biomedicine, and environmental protection [1] Downstream Applications - The unique properties of precious metal materials lead to their extensive use in traditional industries like automotive and chemicals, as well as emerging sectors such as new energy and information technology [3] - The demand for precious metal materials is driven by the development of regulations in non-road mobile machinery and shipping emissions, as well as advancements in hydrogen fuel cell vehicles [3] Industry Chain Analysis - Key players in the precious metal supply include mining companies and recycling firms, with notable companies like Zijin Mining, Shandong Gold, and Yuyuan Platinum [6] - Major manufacturers of precious metal materials include Guiyan Platinum and Kairui New Materials, with significant production from companies like Suzhou Solid and Juhua Materials [6] Company Performance - In terms of revenue, Zijin Mining is projected to exceed 100 billion yuan in 2024, while Shandong Gold and Hengbang shares are expected to surpass 50 billion yuan [8] - Guiyan Platinum achieved a revenue of 24.43 billion yuan in the first half of 2024, leading in production volume with over 2000 tons of various precious metal materials [8] - Other companies like Juhua Materials and Youyan New Materials also reported significant revenues, with Juhua Materials at 6.73 billion yuan and Youyan New Materials at 8.12 billion yuan [9][10]

A股光伏设备板块盘初拉升，欧晶科技涨停，大全能源、爱旭股份涨超5%，聚和材料、通威股份、福 莱特等涨幅居前。 ...

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [64]. Core Insights - The SNEC exhibition showcased over 3,000 solar energy companies, focusing on cost reduction and efficiency improvements amid a period of supply-demand imbalance and price fluctuations in the photovoltaic industry [12][1]. - Companies are emphasizing technological innovation to enhance conversion efficiency and component power, with a notable reduction in large-scale advertising compared to previous exhibitions [12][1]. - The demand for storage solutions is increasing, with companies integrating photovoltaic and storage technologies to offer advanced system solutions [13][2]. - The overall production of components is expected to decrease by approximately 10% month-on-month, with specific price adjustments observed across various materials in the supply chain [14][2]. Summary by Sections Section 1: SNEC Focus on Cost Reduction and Efficiency - The SNEC PV+ exhibition took place from June 11-13, 2025, in Shanghai, covering an area of 380,000 square meters with over 3,000 participating companies, including more than 900 foreign enterprises [12][1]. - Companies are focusing on technological advancements, particularly in battery components, to drive cost reduction and efficiency improvements [12][1]. - Key companies to watch include Aiko Solar and Longi Green Energy, which are leading in BC technology mass production expected to ramp up in the second half of the year [12][1]. Section 2: Market Demand and Price Adjustments - The overall component production is estimated at approximately 53 GW for June, reflecting a month-on-month decrease of about 10% [14][2]. - Silicon material prices have been adjusted downward due to decreased demand, with N-type silicon material prices ranging from 35,000 to 38,000 RMB per ton, averaging 36,700 RMB per ton, a decrease of 2.13% [14][2]. - Prices for silicon wafers and battery cells have also shown slight declines, with specific price variations noted for different sizes of battery cells [14][2]. Section 3: Industry Performance Review - The overall industry index increased by 0.63% this week, while the electric power equipment industry index decreased by 0.46% [15][2]. - The photovoltaic equipment sector saw a decline of 0.75%, with notable fluctuations in individual stock performances within the sector [19][2]. - The current PE (Price to Earnings) ratio for the electric power equipment industry stands at 24x, with the photovoltaic equipment sector at 17x, indicating varying levels of valuation across sub-sectors [25][29].

Investment Rating - The report maintains a "Positive" investment rating for the industry [5]. Core Insights - The overall scale of the industry remains stable, with a decrease in enthusiasm leading to differentiation among companies [12][19]. - Policy expectations are anticipated to strengthen further, driven by public statements from industry leaders [22][23]. - New technologies, particularly BC technology, are gaining attention, while other routes are progressing steadily [26][28]. - Auxiliary materials and equipment are advancing with BC and TOPCon modifications, contributing to efficiency improvements [46][62]. - Inverters are evolving, with a focus on commercial storage solutions and continued iterations in large-scale storage [67][82]. Summary by Sections Overall - The scale of the industry is stable with over 3,500 participating companies and more than 500,000 attendees, showing no significant change from 2024 [19]. - There is a noticeable decrease in overall enthusiasm, with some exhibition spaces left vacant, indicating a divergence in interest between leading and smaller companies [19]. Policy - Industry leaders are actively promoting policy implementation, with initial solutions proposed to address the "internal competition" in the silicon material sector [23]. - The asset-liability ratio in the photovoltaic main industry chain has shown a significant increase, indicating financial pressures [24]. New Technologies - The HIBC technology from Longi has achieved a standard module power of over 700W, while Aiko's ABC modules have a double-sided rate of 80% ± 5% [28]. - The TOPCon route focuses on efficiency improvements, with leading companies showcasing modules with power ratings up to 670W and conversion efficiencies of 24.8% [33]. - HJT technology is also advancing, with Tongwei's HJT module reaching a power output of 790.8W, marking a significant achievement in the sector [41]. Auxiliary Materials & Equipment - Leading manufacturers are launching BC-specific products, including low-weight encapsulation films and high-reflectivity black materials [46]. - The introduction of low-cost metal solutions is becoming a trend, with companies like Jingsilver and Shanghai Silver Paste showcasing their innovations [52]. - Equipment for TOPCon modifications is gaining traction, with edge passivation becoming a mainstream technology [62]. Inverters - The focus on commercial storage products is evident, with new high-power products being prominently displayed at the SNEC exhibition [67]. - The latest large-scale storage solutions, such as the PowerTitan3.0 from Sungrow, feature significant upgrades in capacity and efficiency [82].

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 差异化分红事项的核查意见 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《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》等有关规定， 对聚和材料2024年度利润分配所涉及的差异化分红（以下简称"本次差异化分 红"）事项进行了核查，具体情况如下： 一、本次差异化分红的原因 聚和材料于2024年2月5日召开第三届董事会第二十次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用自有资金或自 筹资金通过上海证券交易所交易系统以集中竞价交易方式进行回购股份，回购的 股份在未来适宜时机用于股权激励或员工持股计划。回购股份价格不超过人民币 79.17元/股，回购的资金总额不低于人民币30,000万元（含），不超过人民币60,000 万元（含）。回购公司股份实施期限为自公司董 ...

证券代码：688503 证券简称：聚和材料 公告编号：2025-027 常州聚和新材料股份有限公司 2024年年度权益分派实施公告 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： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/11 | 2025/6/12 | 2025/6/12 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经常州聚和新材料股份有限公司（以下简称"公司"）2025 年 5 月 20 日的2024年年度股东大会审议通过。 二、 分配方案 上市公司自律监管指引第 7 号——回购股份》等相关法律、行政法规、部门规章 及其他规范性文件以及《公司章程》的有关规定，公司回购专用证券账户中的股 份不享有股东会表决权、利润分配、公积金转增股本、认购新股等权利。 1. 发放年度：2024年年度 2. 分派对象： 是否涉及差异化分红送转：是 每股分配比例 每股现金红利0.43447元 相关日期 截至股权登记日下午上海证券交易所收市 ...

Investment Rating - Industry Rating: Overweight [1] Core Insights - The demand for green electricity is expected to increase due to direct connections, and offshore wind projects are progressing steadily [1][18] - The report highlights the importance of various segments within the power equipment industry, including photovoltaic, wind energy, energy storage, hydrogen energy, and grid equipment [3][4] Summary by Sections Photovoltaic - June production is expected to decline, with price trends remaining sticky; the impact of rush installations on prices is weakening [3][11] - The main industry chain prices are anticipated to remain stable but under downward pressure due to weak domestic demand [13][14] - Investment recommendation focuses on companies with high certainty in the BC technology trend, including Longi Green Energy and Aiko Solar [17] Wind Energy - Offshore wind projects are entering a positive phase, with significant projects in Guangdong and Shandong progressing [18][19] Energy Storage - The release of the 136 document in Inner Mongolia aims to promote green electricity connections, with a mechanism price set at 0.3035 yuan/kWh [20][22] - Bulgaria has launched the largest battery storage system in the EU, with a capacity of 496.2MWh [23] Hydrogen Energy - The hydrogen drone industrial park is set to be established in Jiangxi, with a total investment of approximately 480 million yuan [29] - The hydrogen energy sector is accelerating, with a focus on hydrogen production and storage [28][30] Grid Equipment - The State Grid has announced a new batch of candidates for ultra-high voltage equipment, with a total bid amount of 519 million yuan [32] - The integration of source-network-load-storage is being accelerated in Henan province, promoting local consumption of renewable energy [32][33] Humanoid Robots - Companies like Honor and UBTECH are advancing in the humanoid robot sector, with significant developments in technology and applications [34][36] - The humanoid robot industry is expected to enter a mass production phase by 2025, with a focus on key components [38] Electric Vehicles - CATL's solid-state batteries are expected to achieve small-scale production by 2027, with a focus on high-profit companies [39][41] - The report emphasizes the importance of lithium battery technology and the shift towards lower-cost lithium iron phosphate batteries [42]