Core Viewpoint - ACME Solar has placed significant battery storage system orders with Chinese integrators, marking a major step in India's renewable energy sector, particularly in energy storage solutions [1][2]. Group 1: ACME Solar's Orders - ACME Solar has ordered over 3.1 GWh of battery storage systems from Trina Storage and Nandu Power, making it one of the largest battery storage procurement projects in India to date [1]. - The delivery of the equipment is scheduled to occur in phases over the next 4 to 8 months, with projects expected to be operational within 12 to 18 months across various Indian states [1]. Group 2: FDRE Projects - The battery storage equipment will primarily be used for multiple "Firm Dispatchable Renewable Energy" (FDRE) projects, which are part of a national initiative involving joint tenders from state organizations [1]. - Specific requirements for FDRE projects include providing 4 hours of continuous power at 90% of installed capacity during peak periods, load tracking, and round-the-clock supply [1]. Group 3: Market Developments - Trina Storage has achieved over 10 GWh in cumulative shipments globally and aims to deliver 8-10 GWh of storage systems this year [2]. - Nandu Power has signed a storage order for a large-scale renewable photovoltaic project in India, supplying 1.4 GWh of storage systems, which is one of the largest single storage projects in the country [2].

Group 1 - The company has approved a share repurchase plan using its own funds through centralized bidding, with a maximum repurchase price of RMB 31.00 per share and a total repurchase amount between RMB 1 billion and RMB 1.2 billion, to be completed within 12 months [1] - As of June 30, 2025, the company has repurchased 15,315,910 shares, accounting for 0.70% of the total share capital, with a total expenditure of RMB 252,957,449.12, at prices ranging from RMB 13.64 to RMB 24.91 per share [2] - The company has obtained a loan commitment letter from China Bank, which allows for financing support for the share repurchase, with a loan amount not exceeding RMB 300 million [3] Group 2 - The repurchase plan's implementation period has been extended by 9 months, and the funding sources have been adjusted to include both self-owned and self-raised funds, while other details remain unchanged [2] - The company will adhere to relevant laws and regulations during the repurchase period and will disclose progress to investors [3]

Core Viewpoint - The photovoltaic industry is facing severe price competition, leading to significant losses for companies, prompting a call for "anti-involution" measures to ensure sustainable development and product quality improvement [1][3][10]. Industry Overview - The Central Economic Committee has mandated the regulation of low-price competition in the photovoltaic sector, aiming to enhance product quality and facilitate the exit of outdated production capacity [1][10]. - The photovoltaic sector has seen a strong rebound in stock prices since early July, with companies like Tongwei Co., Ltd. and Longi Green Energy experiencing significant gains [1]. Financial Performance - Longi Green Energy reported a revenue of 82.58 billion yuan in 2024, a year-on-year decline of 36.23%, with losses exceeding 8.6 billion yuan, marking a staggering drop of 180.15% [3][6]. - The gross margin for Longi's silicon wafer and rod segments was reported at -14.31%, a decline of 30.19%, while the module and battery segments had a gross margin of only 6.27%, down 12.11% [5][6]. Market Dynamics - The photovoltaic industry is experiencing a supply-demand imbalance, leading to excessive competition and price drops that have resulted in many companies operating at a loss [3][7]. - The price of photovoltaic glass has significantly decreased, with a 24% drop for 2.0mm glass and an 18% drop for 3.2mm glass expected in the first half of 2025 [7][10]. Production Adjustments - In response to the ongoing price competition, major photovoltaic glass manufacturers have agreed to collectively reduce production by 30% starting in July [8][10]. - Many silicon wafer manufacturers are also planning to cut their operating rates by approximately 40% to mitigate losses and stabilize prices [10]. Regulatory Response - The manufacturing sector's recent meetings have emphasized the need for comprehensive governance of low-price competition and the promotion of product quality to achieve healthy and sustainable industry growth [1][10].

证券代码：688599 证券简称：天合光能 公告编号：2025-078 转债代码：118031 转债简称：天 23 转债 天合光能股份有限公司 一、副总经理离任情况 （一）提前离任的基本情况 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： 天合光能股份有限公司（以下简称"公司"）副总经理丁华章先生因工作调 动原因不再担任公司副总经理一职，调整后丁华章先生继续在公司子公司天合富 家能源股份有限公司（以下简称"天合富家"）担任董事的同时，还拟进一步担 任天合富家的副总经理，并将聚焦于天合富家的运营管理工作。同时，公司聘任 财务负责人吴森先生为公司副总经理，任期自本次董事会审议通过之日起至第三 届董事会任期届满之日止。 是否继续在 原定任 是否存在未 离任时 公司及其控 姓名 离任职务 期到期 离任原因 具体职务 履行完毕的 间 股子公司任 日 公开承诺 关于变更公司副总经理的公告 《天 合光能股份有限公司章程》等有关规定，公司于 2025 年 7 月 8 日召开第三届董 事会第三十二次会议，审议通过了《关于变更公司 ...

Core Viewpoint - The document outlines the futures and derivatives trading management system of Trina Solar Limited, emphasizing risk management, compliance with regulations, and the structured approach to hedging activities. Group 1: General Principles - The system applies to the futures and derivatives trading activities of the company and its wholly-owned or controlled subsidiaries, which must be managed and operated uniformly by the company [3] - The trading activities must comply with relevant national laws and regulations, ensuring the safety of company assets [3][4] Group 2: Hedging Activities - Hedging activities include selling existing spot inventory, hedging fixed-price purchase and sales contracts, and hedging expected procurement or production volumes [2][3] - The company is prohibited from engaging in speculative trading and must only use hedging instruments related to its production and operational needs [4][5] Group 3: Approval and Management Process - A feasibility analysis report must be prepared for futures and derivatives trading and submitted for board approval, especially if certain financial thresholds are met [6] - The company must establish a trading working group responsible for the implementation of trading projects, with oversight from the audit department [15][16] Group 4: Risk Management and Reporting - The company must continuously track market price changes and assess the risk exposure of traded futures and derivatives, reporting to management and the board [10][23] - Any significant losses or risks must be reported immediately to senior management and the board, with necessary remedial measures discussed [23] Group 5: Information Disclosure - The company is required to disclose information regarding its hedging activities, including trading purposes, instruments, and any significant losses that meet specified thresholds [25][26] - The disclosure must be timely and accurate, ensuring transparency in the company's trading activities [12][28]

北京市金杜律师事务所上海分所 关于天合光能股份有限公司 法律意见书 致：天合光能股份有限公司 北京市金杜律师事务所上海分所（以下简称"本所"）接受天合光能股份有限 公司（以下简称"公司"或"天合光能"）委托，作为公司 2023 年限制性股票激 励计划（以下简称"本次激励计划"）的专项法律顾问，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》）、 中国证券监督管理委员会（以下简称"中国证监会"）《上市公司股权激励管理办 法》（以下简称《管理办法》）1等法律、行政法规、部门规章及规范性文件（以下 简称"法律法规"）和《天合光能股份有限公司章程》 （以下简称《公司章程》）、 《天 合光能股份有限公司 2023 年限制性股票激励计划》 （以下简称《激励计划》）的有 关规定，就公司本次激励计划部分限制性股票作废（以下简称"本次作废"）所涉 及的相关事项，出具本法律意见书。 为出具本法律意见书，本所依据《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等有关规定，收集了相关证据材 料，查阅了按规定需要查阅的文件以及本所认为必须查阅的其他 ...

Core Viewpoint - The company plans to engage in futures hedging activities in 2025 to mitigate the risks associated with the volatility of raw material prices, aiming to stabilize its operational performance and enhance risk management capabilities [1][2][6] Transaction Overview - The purpose of the transaction is to reduce uncertainties caused by raw material price fluctuations, using futures tools for hedging rather than speculation [1] - The maximum trading margin for the hedging activities will not exceed RMB 1 billion, with a duration from board approval until December 31, 2025 [1][2] - The funding source for these activities will be the company's own funds, without involving raised capital [2] Trading Method and Products - The trading venues include but are not limited to the Shanghai Futures Exchange and the Guangzhou Futures Exchange, with products related to the company's production such as polysilicon, lithium carbonate, aluminum, and silver [2] Review Procedures - The company held multiple meetings on July 8, 2025, to approve the hedging proposal, which does not require shareholder approval [2][6] Risk Analysis and Control Measures - The hedging activities are not aimed at speculation, but there are inherent risks such as market irrationality and liquidity issues [3][4] - Risk control measures include establishing clear approval processes, operational procedures, and risk management systems, along with training for personnel involved [4][5] Impact on the Company - The hedging activities are expected to effectively control the impact of raw material price volatility, supporting stable operational performance and enhancing industry competitiveness [4][5][6] - The accounting treatment for these activities will comply with relevant accounting standards, ensuring proper financial reporting [5] Opinions from Committees - The audit committee, board of directors, and supervisory committee all agree that the hedging activities are necessary and will not harm the interests of the company or its shareholders [6][7]

一、本次激励计划已履行的决策程序和信息披露情况 证券代码：688599 证券简称：天合光能 公告编号：2025-075 转债代码：118031 转债简称：天 23 转债 天合光能股份有限公司 关于作废 2023 年限制性股票激励计划部分限制性股 票的公告 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、准确性和完整性依法承担法律责任。 天合光能股份有限公司（以下简称"公司"）于 2025 年 7 月 8 日召开的第三 届董事会第三十二次会议、第三届监事会第十六次会议审议通过了《关于作废 股票激励计划（以下简称"本次激励计划"）相关事项公告如下： 过了《关于 <公司 ensp="ensp" 年限制性股票激励计划="年限制性股票激励计划" 草案="草案"> 及其摘 要的议案》《关 于 <公司 ensp="ensp" 年限制性股票激励计划实施考核管理办法="年限制性股票激励计划实施考核管理 办法"> 的议案》以及《关于提 请股东大会授权董事会办理公司股权激励计划相关事宜的议案》等议案。公司独 立董事就本次激励计划相关议案发表了独立意见。 同日，公司召开第二届监事 ...

| 证券代码：688599 | 证券简称：天合光能 | 公告编号：2025-078 | | --- | --- | --- | | 转债代码：118031 | 转债简称：天 23 转债 | | 天合光能股份有限公司 关于变更公司副总经理的公告 根据《中华人民共和国公司法》《上海证券交易所科创板股票上市规则》《天 合光能股份有限公司章程》等有关规定，公司于 2025 年 7 月 8 日召开第三届董 事会第三十二次会议，审议通过了《关于变更公司副总经理的议案》，因工作调 动原因，丁华章先生不再担任公司副总经理一职，但仍继续在公司子公司天合富 家担任董事并拟任副总经理。丁华章先生将会按照公司相关规定做好副总经理的 交接工作，其日常工作将聚焦于天合富家的运营管理，助力公司由光伏产品制造 商向光储智慧能源解决方案服务商转型战略下进一步强化天合富家的组织和团 队能力，推动光储智慧能源多场景解决方案业务的不断提升，为构建公司差异化 和领先性竞争优势提供有力支撑，其任职调整不会对公司日常经营产生不利影响。 丁华章先生在任职副总经理期间恪尽职守、勤勉尽责，忠实地履行了高级管 理人员应尽的各项职责和义务，为公司持续、稳定经营发挥 ...

天合光能股份有限公司 关于开展期货套期保值业务的可行性分析报告 一、公司开展期货套期保值业务的目的和必要性 近年来天合光能股份有限公司（以下简称"公司"）及其控股子公司生产 所需原材料市场价格波动影响明显，为降低原材料价格波动给公司生产经营带 来的诸多不确定性风险，公司及其控股子公司拟利用期货工具的套期保值功能， 根据生产经营计划择机开展期货套期保值业务，控制市场风险，保持公司经营 业绩持续稳定发展，提升公司风险管理水平和行业竞争力。公司及其控股子公 司进行商品期货套期保值业务不以投机、套利为目的。 二、公司开展期货套期保值业务的基本情况 公司董事会授权公司经营管理层及其授权人士在额度范围和有效期内具体 实施上述套期保值业务相关事宜，并按照公司《期货和衍生品交易管理制度》 相关规定及流程进行操作及管理。 （一）交易金额及期限：公司及其控股子公司开展期货套期保值业务在2025年度 任意时点占用的交易保证金最高额度不超过人民币10亿元，期限为自公司董事 会审议通过之日起至2025年12月31日止，上述额度在投资期限内可循环滚动使 用。 （二）交易品种：公司及其控股子公司生产经营相关的原材料，包括但不限于多 晶硅、 ...