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]

Core Viewpoint - The Chinese photovoltaic industry is facing significant challenges, including overcapacity, price fluctuations, and losses, leading to a clearer path towards "production reduction to maintain prices" [1][2]. Group 1: Industry Challenges - The photovoltaic industry is experiencing a supply-demand imbalance, with many companies facing financial losses. In the first quarter, 18 out of 21 listed companies reported net profit losses, with major manufacturers like Tongwei Co., Ltd. losing 2.61 billion yuan [1]. - The industry is under pressure to reduce production, with a projected decrease in operating rates by 10%-15% in the third quarter [1][2]. - The price of polysilicon has been declining due to weak downstream demand and significant price drops in silicon wafer products, leading to a challenging market environment [3]. Group 2: Regulatory Measures - The China Photovoltaic Industry Association is implementing measures to combat below-cost sales and promote self-discipline within the industry, including setting minimum price standards and enhancing technical standards [2]. - A third-party audit group will conduct comprehensive audits to identify and address low-price sales practices among companies [1][2]. Group 3: Market Dynamics - Recent data indicates that prices for 183N silicon wafers have fallen to around 0.9 to 0.91 yuan, with some quotes dropping below 0.9 yuan [2]. - The average prices for 183N and 210N battery cells have also decreased to 0.24 yuan and 0.255 yuan per watt, respectively [2]. - The number of polysilicon producers remains at 11, all operating at reduced capacity, but the market anticipates an increase in production due to capacity replacement [3].

Core Viewpoint - The company plans to increase its stake in its subsidiary, Trina Storage, through a capital increase of 800 million yuan, enhancing its control from 57.17% to 64.31%, which is aimed at promoting the development of its energy storage business and improving overall competitiveness [10][34]. Group 1: Capital Increase Details - The capital increase will involve Trina Energy Investment, a wholly-owned subsidiary of the company, investing 800 million yuan into Trina Storage, which will result in an additional registered capital of 187.19 million yuan for Trina Storage [10][13]. - Other shareholders of Trina Storage have waived their preemptive rights for this capital increase [10][13]. - Following the completion of this capital increase, Trina Storage will remain a controlled subsidiary of the company, and this will not affect the company's consolidated financial statements [10][34]. Group 2: Financial Performance - Trina Storage is projected to have an annual revenue of 2.937 billion yuan and a net loss of 345 million yuan for the year 2024 [3]. - In the first quarter of 2025, Trina Storage achieved a revenue of 269 million yuan with a net loss of approximately 77.16 million yuan [3]. Group 3: Valuation and Assessment - The total equity value of Trina Storage was assessed at 4.025 billion yuan, with an increase of 2.4 billion yuan, resulting in a growth rate of 163.87% [6][26]. - The assessment utilized both market and income approaches, with the income approach deemed more reliable due to the quality and quantity of data used [7][26]. - As of the assessment date, Trina Storage's total assets were valued at 646.01 million yuan, with total liabilities of 476.91 million yuan, leading to an owner's equity of 169.10 million yuan [6][25]. Group 4: Transaction Necessity and Impact - The capital increase is expected to enhance the company's financial strength and promote the development of its energy storage business, thereby increasing Trina Storage's overall competitiveness [34]. - The transaction is not expected to adversely affect the company's financial condition, operating results, or ongoing profitability [34]. - The transaction will not negatively impact the company's independence, and the main business will not become dependent on related parties due to this transaction [34]. Group 5: Approval Process - The transaction has been approved by the company's board of directors and the supervisory board, with independent directors affirming its necessity and rationality for the company's operational development [35][36]. - The proposal will be submitted for approval at the shareholders' meeting, with related parties waiving their voting rights [36][37].

Core Insights - The SNEC photovoltaic exhibition showcased significant advancements in perovskite technology, with companies like Trina Solar presenting 800W+ perovskite tandem modules, indicating a shift towards innovative applications in the photovoltaic industry [1][5] - The industry is currently facing a homogenization of technology routes, with TOPCon technology becoming the dominant pathway, having fully replaced PERC since 2024, while HJT and BC technologies serve as supplementary options [2][3] - The over-concentration of production capacity in second-generation technologies like TOPCon, BC, and HJT has led to supply-demand imbalances, resulting in financial losses for many companies [3][4] Industry Trends - The photovoltaic industry is experiencing a shift towards perovskite technology, which offers higher theoretical efficiency (up to 43% when combined with traditional silicon) and lower production costs [4][5] - Trina Solar has achieved a world record with an 841W industrial standard perovskite tandem module, marking a significant step towards the commercialization of this technology [5][6] - The application boundaries of perovskite technology are expanding, moving from energy generation to energy services, with companies like BOE and Polysilicon Energy introducing innovative products for various sectors [7] Competitive Landscape - Major players in the photovoltaic sector are intensifying their focus on perovskite technology, with Trina Solar leading in patent holdings and aiming to establish a pilot production line for perovskite modules [5][6] - The competition is characterized by a race to enhance efficiency and reduce costs, as companies strive to differentiate themselves in a crowded market [3][4] - The emergence of perovskite technology is expected to disrupt traditional competition dynamics, paving the way for high-quality development in the industry [6]