信用评级公告 | 债券代码 | 债券简称 | 上次主体评级结果上次债项评级结果 上次评级时间 | | 债券余额 | 党付日 | | --- | --- | --- | --- | --- | --- | | 118031.SH | 天 23 转债 | AA/稳定 AA/稳定 | 2025/06/23 | 88.6445 亿元 | 2029/02/12 | | 次刺水瓶,八五次烈,暗△次片鼓面 | | | | | | 联合〔2025〕 10893 号 联合资信评估股份有限公司关于天合光能股份有限公司 2025 年前三季度利润亏损的关注公告 受天合光能股份有限公司(以下简称"公司")委托,联合资信评估股份有限公司(以下简称 "联合资信")对公司及其发行的相关债项进行了信用评级。除评级委托关系外,联合资信、评级 人员与公司不存在任何影响评级行为独立、客观、公正的关联关系。 根据联合资信最近的评级结果,公司个体信用等级为 aa,主体长期信用等级为 AA,评级展望为 稳定;公司委托联合资信评级的相关债项评级结果详见下表,评级有效期为相关债项存续期。 表 1 截至本公告出具日公司委托联合资信进行信用评级的存续期内公开发行 ...

Core Insights - Chinese renewable energy and storage companies are increasingly entering South Asian markets, particularly India and Bangladesh, establishing local manufacturing facilities and securing significant contracts [1][2]. Group 1: Market Entry and Localization - Chinese companies are major suppliers in India's solar and wind energy markets, with firms like JinkoSolar, LONGi Green Energy, and Trina Solar dominating the solar component supply [2]. - In wind energy, leading companies such as Envision Energy and SANY Heavy Industry have secured large contracts, with Envision becoming one of the largest wind turbine suppliers in India [2]. - The localization process has begun, with companies like Sungrow Power Supply establishing factories in Bangalore with an annual capacity of 3 GW, and Envision Energy building manufacturing facilities in Maharashtra and Tamil Nadu [2]. Group 2: Market Potential and Government Support - India faces significant electricity shortages and aims to diversify its energy structure, with a target of achieving 500 GW of renewable energy capacity by 2030 [5][6]. - The Indian government has implemented various policies to support renewable energy, including financial incentives and requirements for energy storage systems in solar projects [6]. - The profit margins in the Indian market are attractive for Chinese companies, with reports indicating that the gross margin for wind turbine orders in India is higher than domestic margins by over five percentage points [7]. Group 3: Challenges and Risks - The investment environment in India is complex, with macro policy risks stemming from changes in foreign direct investment regulations that require prior government approval for Chinese investments [9]. - Discriminatory policies aimed at reducing import dependency pose risks, such as the reintroduction of approval lists that exclude Chinese manufacturers from government projects [11]. - The Indian government's push for localization presents challenges, as foreign companies may face increasing demands for local investment and technology transfer [12].

证券日报网讯 11月3日晚间，天合光能发布公告称，截至2025年10月31日，公司通过上海证券交易所交 易系统以集中竞价交易方式累计回购公司股份25，115，789股，占公司总股本的比例为1.15%。 （文章来源：证券日报） ...

Core Viewpoint - Chinese energy storage companies are making significant strides in international markets, showcasing their technological competitiveness across various applications including photovoltaic support, grid-side, user-side, and data centers [1]. Group 1: Major Contracts and Projects - China National Nuclear Corporation signed a contract for a 900MWp photovoltaic and 1.2GWh battery storage project in Indonesia, aimed at supplying green electricity to Singapore [2]. - Haibo Si Chuang achieved breakthroughs in the EMEA region, signing a 45MWh grid-side independent storage project in Greece, marking its entry into the Southern European market [3]. - Tianhe Energy signed a contract for over 1GWh of storage products with a European customer, utilizing its new generation flexible storage battery cabin, Elementa 2 Pro [8]. - Tianhe Energy also secured a large-scale project in Chile, collaborating with Atlas Renewable Energy on a 233MW/1003MWh grid-type storage project [9]. - Nandu Power won a bid for a lithium battery equipment procurement project in the U.S. with a value of 478 million RMB, located in Texas [10]. - BYD announced a partnership with Skysense in Mexico to deploy 300MWh of storage capacity by 2026 [11]. - Ronghe Yuanshu won a bid for a 40MWh storage project in Guinea, utilizing its Enprime-Y liquid-cooled storage container [12]. - Jingkong Energy signed a strategic cooperation agreement for a 2GWh home energy storage system deployment in Australia [13]. - Zhuoyang Energy secured a 400MWh order in Europe and initiated the construction of a 6GWh storage factory in Hungary [14]. - Maitian Energy signed a strategic cooperation agreement totaling 4GWh with top renewable energy distributors in Australia [15][16]. - Qik Energy received orders exceeding 30 million RMB for a North American AIDC storage project, with plans to scale up to 100MWh by 2026 [17]. Group 2: Industry Trends and Developments - The recent developments in the energy storage sector indicate a strong trend towards international expansion and collaboration among Chinese companies, reflecting a growing global demand for energy storage solutions [1][18].

Group 1 - The company, Trina Solar, announced a share buyback plan, repurchasing approximately 25.12 million shares, which represents 1.15% of its total share capital of about 2.179 billion shares [1] - The buyback was conducted through the Shanghai Stock Exchange's centralized bidding system, with a total expenditure of approximately RMB 432 million [1] - The highest price for the repurchased shares was RMB 24.91 per share, while the lowest price was RMB 13.64 per share [1]

| 证券代码：688599 | 证券简称：天合光能 | 公告编号：2025-107 | | --- | --- | --- | | 转债代码：118031 | 转债简称：天 23 转债 | | 天合光能股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/6/26 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 6 月 24 | 年 | 月 | 25 | 日~2026 | 年 | 3 | 日 | | 预计回购金额 | 100,000万元~120,000万元 | | | | | | | | | 回购用途 | □减少注册资本 □用于员工持股计划或股权激励 | | | | | | | | | | √用于转换公司可转债 | | | | | | | | | | □为维护公司价值及股东权益 | | | ...

截至本公告披露日，公司及合并报表范围内下属子公司对外担保余额为 535.20 亿元，占公司最近一期经审计净资产的 202.90%，其中公司对合并报表范 围内下属子公司提供的担保余额为 513.78 亿元。 | 证券代码：688599 | 证券简称：天合光能 | 公告编号：2025-108 | | --- | --- | --- | | 转债代码：118031 | 转债简称：天 转债 | 23 | 天合光能股份有限公司 关于公司提供担保的进展公告 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。 重要内容提示： 担保发生时间：2025 年 10 月 1 日至 2025 年 10 月 31 日 被担保人名称：天合光能股份有限公司（以下简称"公司"）及其合并 报表范围内下属子公司 一、担保情况概述 （一）本期新增担保情况 为满足公司生产经营和流动资金周转需要，在确保运作规范和风险可控的前 提下，公司及下属子公司在 2025 年 10 月 1 日至 2025 年 10 月 31 日期间，公司 累计发生的担保金额为 5.45 亿元，占 ...

格隆汇11月3日丨天合光能(688599.SH)公布，截至2025年10月31日，公司通过上海证券交易所交易系统 以集中竞价交易方式回购公司股份2511.58万股，占公司总股本的比例为1.15%，回购成交的最高价为 24.91元/股，最低价为13.64元/股，支付的资金总额为人民币4.32亿元（不含印花税、交易佣金等交易费 用)。 ...

格隆汇11月3日丨天合光能(688599.SH)公布，截至2025年10月31日，公司通过上海证券交易所交易系统 以集中竞价交易方式回购公司股份2511.58万股，占公司总股本的比例为1.15%，回购成交的最高价为 24.91元/股，最低价为13.64元/股，支付的资金总额为人民币4.32亿元（不含印花税、交易佣金等交易费 用)。 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The company reported a revenue of 49.97 billion yuan for the first three quarters of 2025, a year-on-year decrease of 20.87%, with a net profit attributable to shareholders of -4.20 billion yuan [1]. - In Q3 2025, the company achieved a revenue of 18.91 billion yuan, a year-on-year decrease of 6.27% but a quarter-on-quarter increase of 13.12%, with a net profit of -1.28 billion yuan, indicating a narrowing of losses [1]. - The company has demonstrated good cost control capabilities, with significant improvements in various expense ratios, except for a slight increase in financial expense ratio [1]. - The company’s storage business is expected to provide additional growth, with overseas orders accounting for 60% of total orders in 2025 and projected to maintain over 50% growth in 2026 [2]. Financial Forecasts - The company is expected to achieve revenues of 70.85 billion yuan, 93.01 billion yuan, and 108.06 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of -4.40 billion yuan, 1.92 billion yuan, and 3.08 billion yuan [3][4]. - The projected PE ratios for 2026 and 2027 are 23x and 14x respectively, based on the closing price on October 31 [3][4].