Core Viewpoint - The enthusiasm for perovskite technology among companies stems from the realization that investments in crystalline silicon are often unprofitable, while the photovoltaic market presents significant opportunities, making perovskite the "only choice" [1][4]. Industry Trends - In the past three years, major photovoltaic companies and energy firms have entered the perovskite sector, with expectations for mass production to begin in 2025 [7]. - Companies like GCL-Poly and several startups are building gigawatt-level production lines, indicating a strong commitment to perovskite technology [3][8][9]. - Leading crystalline silicon manufacturers, including LONGi Green Energy and Trina Solar, have also invested in perovskite-silicon tandem cell research, with some already establishing hundred-megawatt production lines [10]. Market Space - Many domestic perovskite companies are targeting applications in areas like streetlights and carports, aiming to penetrate markets that crystalline silicon cannot easily cover [14]. - GCL-Poly has opted to replace crystalline silicon components directly in photovoltaic power plants, indicating a strategic focus on larger-scale applications [15]. - The efficiency of perovskite-silicon tandem cells is projected to reach up to 43%, significantly higher than current crystalline silicon efficiencies, which have not surpassed 26% [18][10]. Technological Complexity - Perovskite technology is considered more complex than crystalline silicon, which may delay the onset of competitive "involution" seen in the crystalline silicon market [5][24]. - The production of perovskite involves significant material innovations, requiring flexible manufacturing capabilities to adapt to new formulations [25][26]. - The transition from single-junction to tandem cells is crucial, as tandem cells can achieve higher efficiencies, but they also present additional technical challenges [28][29]. Future Outlook - The perovskite sector is expected to evolve significantly over the next decade, with the potential for substantial growth and innovation, unlike the stagnation seen in the crystalline silicon market [31].

Core Viewpoint - The company, Trina Solar Limited, has maintained its credit ratings for both its corporate entity and its convertible bond, indicating stable financial health and outlook [2]. Group 1: Credit Rating Information - The previous long-term credit rating for the company was AA, and the credit rating for the "Tian 23 Convertible Bond" is also AA, with a stable outlook [2]. - The tracking credit rating report was conducted by the credit rating agency, United Ratings, which confirmed the company's long-term credit rating as AA and the "Tian 23 Convertible Bond" rating as AA, with a stable outlook [2]. - The tracking rating report was disclosed on the Shanghai Stock Exchange website on the same day as the announcement [2].

Core Viewpoint - Trina Solar Co., Ltd. maintains a stable credit rating of AA, with its convertible bond "Tian 23" also rated AA, reflecting the company's strong position in the photovoltaic industry despite facing challenges from price declines and increased competition [1][3][4]. Company Overview - Trina Solar's main business segments include photovoltaic products, photovoltaic systems, and smart energy solutions, with a focus on the photovoltaic equipment manufacturing industry [9]. - As of the end of 2024, the company had total assets of 1239.35 billion RMB and equity of 322.42 billion RMB, with a reported revenue of 802.82 billion RMB and a net loss of 36.60 billion RMB [9][10]. Financial Performance - The company experienced a significant decline in profitability, with total profits for 2024 showing a loss of 36.60 billion RMB, compared to a profit of 65.28 billion RMB in 2023 [7][9]. - As of March 2025, the company reported total debt of 554.80 billion RMB, with an asset-liability ratio of 74.97%, indicating a rising debt burden [6][7]. Industry Analysis - The photovoltaic manufacturing industry is currently facing a supply-demand imbalance, leading to a sharp decline in product prices and increased competition, which has adversely affected the company's financial performance [3][4][19]. - Despite the challenges, Trina Solar's photovoltaic module shipments ranked fourth globally, showcasing its competitive strength in the market [3][4]. Research and Development - The company has a strong R&D capability, with a reported investment of 5.558 billion RMB in 2024 and a total of 2857 patents, including 1117 invention patents [5][14]. - Trina Solar's N-type bifacial i-TOPCon (210) battery achieved a maximum conversion efficiency of 26.58%, demonstrating its technological advancements [5][14]. Market Position and Risks - The company has a diversified revenue stream, with significant contributions from overseas markets, including Europe and the United States, which accounted for 19.98% and 12.29% of revenue, respectively [6][14]. - However, the company faces risks related to overseas operations, including political and trade policy changes that could impact its business [6][20].

Group 1 - The audit report concludes that Jiangsu Trina Energy Storage Co., Ltd. (hereinafter referred to as "Trina Storage") financial statements fairly reflect its financial position as of December 31, 2024, in accordance with accounting standards [1][2][3] - The management of Trina Storage is responsible for the preparation of financial statements that provide a true and fair view, and for maintaining necessary internal controls to prevent material misstatements due to fraud or error [2][3] - The auditors conducted their work in accordance with Chinese auditing standards, ensuring independence and adherence to professional ethics [1][3] Group 2 - Trina Storage has a registered capital of RMB 100 million and was established on November 4, 2015, with its main activities including manufacturing, research, design, and technical services related to energy storage systems [5][6] - As of December 31, 2024, Trina Storage has 16 subsidiaries globally, with various registered capital amounts [5] - The financial statements are prepared on a going concern basis, with management assessing the company's ability to continue operations for the next 12 months [5][6] Group 3 - The audit opinion is based on sufficient and appropriate audit evidence obtained during the audit process, which included assessing the risks of material misstatement due to fraud or error [3][4] - The auditors evaluated the appropriateness of accounting policies selected by management and the reasonableness of accounting estimates and disclosures [3][4] - The report emphasizes that while reasonable assurance is provided, it does not guarantee that all material misstatements will be detected [3][4]

天合光能股份有限公司 向不特定对象发行可转换公司债券 2025 年跟踪评级报告 特此公告 联合资信评估股份有限公司 评级总监： | | | www.lhratings.com 1 联合〔2025〕4383 号 联合资信评估股份有限公司通过对天合光能股份有限公司主体 及其相关债券的信用状况进行跟踪分析和评估，确定维持天合光能 股份有限公司主体长期信用等级为 AA，维持"天 23 转债"信用等 级为 AA，评级展望为稳定。 二〇二五年六月二十三日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受天合光能股份有限公司（以下简称"该公 司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委托关系 外，联合资信、评级人员与该公司不存在 ...

天合光能股份有限公司 天合光能股份有限公司 2025 年第三次临时股东会会议材料 天合光能股份有限公司 天合光能股份有限公司 2025 年第三次临时股东会会议材料 天合光能股份有限公司 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证会议的顺利 进行，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东会规则》 以及《天合光能股份有限公司章程》《天合光能股份有限公司股东会议事规则》等相关规 定，特制定 2025 年第三次临时股东会参会须知。 一、为保证股东会的严肃性和正常秩序，切实维护与会股东（或股东代表）的合法权 益，除出席会议的股东（或股东代表）、公司董事、监事、高级管理人员、见证律师及董 事会邀请的人员外，公司有权依法拒绝其他人员进入会场。 六、本次股东会采取现场投票和网络投票相结合的方式表决，结合现场投票和网络投 票的表决结果发布股东会决议公告。 七、公司聘请北京市金杜律师事务所上海分所律师列席本次股东会，并出具法律意见。 八、股东（或股东代表）参加股东会会议，应当认真履行其法定义务，会议开始后请 将手机铃声置于无声状态，尊重和维护其他股东合法权益，保障大会的正常秩序。对 ...

本报告依据中国资产评估准则编制 江苏天合储能有限公司 拟企业增资所涉及的 江苏天合储能有限公司 股东全部权益价值 资产评估报告 信资评报字(2025)第 090040 号 京信 上海立信资产评估有限公司 二〇二五年六月五日 i 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 3131020006202500798 | | | --- | --- | --- | | 合同编号: | HT-2025-1080 | | | 报告类型: | 法定评估业务资产评估报告 | | | 报告文号: | 信资评报字[2025]第090040号 | | | 报告名称: | 江苏天合储能有限公司拟企业增资所涉及的江苏天合储能有限公 司股东全部权益价值资产评估报告 | | | 评估结论: | 4,025,000,000.00元 | | | 评估报告日: | 2025年06月05日 | | | 评估机构名称: | 上海立信资产评估有限公司 | | | 签名人员: | 陈欣然 (资产评估师) 正式会员 | 编号:31170058 | | | 鲍蕾 (资产评估师) | 正式会员 编号:31220040 | | | 陈欣然、 ...

审计报告 江苏天合储能有限公司 容诚审字[2025]200F2088 号 容诚会计师事务所(特殊普通合伙)上海分所 中国·上海 目 录 | 序号 | 内 容 | 页码 | | | --- | --- | --- | --- | | 1 | 审计报告 | 1 - | 4 | | 2 | 合并资产负债表 | 1 | | | 3 | 合并利润表 | 2 | | | 4 | 合并现金流量表 | 3 | | | 5 | 合并所有者权益变动表 | 4 | | | 6 | 母公司资产负债表 | 5 | | | 7 | 母公司利润表 | 6 | | | 8 | 母公司现金流量表 | 7 | | | 9 | 母公司所有者权益变动表 | 8 | | | 10 | 财务报表附注 | 9 - | 101 | 容诚会计师事务所（特殊普通合伙）上海分所 中国（上海）自由贸易试验区南泉北路 429 号 2201-2202 室(200120) TEL: 021- 6840 6125 FAX: 021- 6840 6125 审 计 报 告 容诚审字[2025]200F2088 号 江苏天合储能有限公司全体股东： 一、审计意见 我们审计了江苏天 ...

天合光能股份有限公司 2025 年第三次临时股东会会议材料 天合光能股份有限公司 2025 年第三次临时股东会参会须知 2025 年 6 月 天合光能股份有限公司 2025 年第三次临时股东会会议材料 天合光能股份有限公司 2025 年第三次临时股东会材料目录 | 2025 | 年第三次临时股东会参会须知 | 2 | | --- | --- | --- | | 2025 | 年第三次临时股东会会议议程 | 4 | | 2025 | 年第三次临时股东会会议议案 | 6 | | | 议案一、关于公司向控股子公司增资暨关联交易的议案 | 6 | 1 天合光能股份有限公司 2025 年第三次临时股东会会议材料 六、本次股东会采取现场投票和网络投票相结合的方式表决，结合现场投票和网络投 票的表决结果发布股东会决议公告。 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证会议的顺利 进行，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东会规则》 以及《天合光能股份有限公司章程》《天合光能股份有限公司股东会议事规则》等相关规 定，特制定 2025 年第三次临时股东会参会须知。 一、为保证股东 ...

Group 1 - The core viewpoint of the article emphasizes that the polysilicon industry is moving towards a new development stage, focusing on capacity integration and differentiation [1][3] - The need for capacity control in the polysilicon sector is highlighted, with industry leaders discussing the importance of capacity consolidation to improve market conditions [1][3] - GCL-Poly Energy has proposed a clear plan for capacity acquisition, aiming to maintain silicon material prices at reasonable levels and ensure profitability across the entire supply chain [1][2] Group 2 - The green development route is a long-term goal for the photovoltaic industry, with Tongwei joining major global renewable energy organizations to demonstrate its commitment to global green governance [2] - GCL-Poly has introduced a green pricing initiative, advocating for better policies for products with lower carbon footprints, which aligns with international standards [2] - The carbon footprint of GCL-Poly's granular silicon products has been certified at 14.441 kg CO₂e/kg, showcasing its leadership in carbon reduction efforts [2] Group 3 - By the end of 2024, China's polysilicon capacity is projected to reach 2.8683 million tons, with an average annual investment price of approximately 50,000 yuan per ton [3] - The overall average price of polysilicon is currently around 34,000 yuan per ton, with about 500,000 tons of capacity either delayed or still in progress, leading to significant losses for companies [3] - The industry is witnessing a shift from chaotic competition to deep cooperation, aiming for resource optimization and sustainable long-term development [1][3]