天合光能股份有限公司 可转债转股结果暨股份变动公告 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： | 证券代码：688599 | 证券简称：天合光能 | | 公告编号：2025-071 | | --- | --- | --- | --- | | 转债代码：118031 | 转债简称：天 23 | 转债 | | 累计转股情况：截至 2025 年 6 月 30 日，"天 23 转债"累计有 253,000 元已 转换为天合光能股份有限公司（以下简称"公司"）股票，转股数量为 4,055 股， 占"天 23 转债"转股前公司已发行股份总额的 0.0002%。 未转股可转债情况：截至 2025 年 6 月 30 日，"天 23 转债"尚未转股的可转 债金额为 8,864,498,000 元，占"天 23 转债"发行总量的 99.9971%。 本季度转股情况：自 2025 年 4 月 1 日起至 2025 年 6 月 30 日期间，"天 23 转债"共有 2,000 元已转换为公司股票，转股数量为 80 股，占"天 ...

本次担保是否有反担保：是 | 证券代码：688599 | 证券简称：天合光能 | | 公告编号：2025-073 | | --- | --- | --- | --- | | 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 6 月 1 日至 2025 年 6 月 30 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 本期担保发生额：人民币 33.80 亿元（包含公司合并报表范围内下属子 公司对公司的担保） 被担保人中无公司关联方。 对外担保逾期的累计数量：公司无逾期对外担保情况 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 604.99 亿元，占公司最近一期经审计净资产的 229.36%，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 582.76 亿元。 一、担保情况概述 （一）本期新增担保情况 为满 ...

Group 1 - The legal opinion letter was issued by King & Wood Mallesons Shanghai Office regarding the third extraordinary general meeting of Trina Solar Limited in 2025 [1][2] - The law firm confirmed that the company provided all necessary documents and information for the issuance of the legal opinion, ensuring no concealment or misrepresentation [1][2] - The legal opinion focuses on the procedures for convening and holding the shareholders' meeting, the qualifications of attendees, and the voting procedures and results [2][3] Group 2 - The shareholders' meeting is scheduled for June 30, 2025, and the notice was published in designated media [3][4] - The meeting will be held at Trina Solar's conference room, presided over by co-chairwoman Gao Haichun [3][4] - The actual time and location of the meeting were confirmed to be consistent with the notice [4] Group 3 - A total of 406 shareholders attended the meeting, representing 351,427,075 shares, which is 16.1252% of the total voting shares [5] - Additionally, 401 shareholders participated in the online voting, representing 123,013,559 shares, or 5.6444% of the total voting shares [5] Group 4 - The voting process was conducted through a named voting method, with results verified by shareholder representatives, supervisor representatives, and the law firm [6] - The voting results showed that 472,547,325 shares (99.6009%) voted in favor of the proposals, while 1,812,417 shares (0.3820%) opposed, and 80,892 shares (0.0171%) abstained [6][7] Group 5 - The law firm concluded that the convening and holding of the shareholders' meeting complied with relevant laws, regulations, and the company's articles of association [7] - The qualifications of attendees and the convenor were deemed valid, and the voting procedures and results were confirmed as legal and effective [7]

| 证券代码：688599 证券简称：天合光能 公告编号：2025-069 | | | | --- | --- | --- | | 转债代码：118031 转债简称：天 23 转债 | | | | 天合光能股份有限公司 | | | | 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： | | | | ? 本次会议是否有被否决议案：无 | | | | 一、 会议召开和出席情况 | | | | （一） 股东会召开的时间：2025 年 6 月 30 日 | | | | 2 （二） 股东会召开的地点：常州市新北区天合路 号天合光能股份有限公司会 | | | | 议室 | | | | （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 | | | | 其持有表决权数量的情况： | | | | 普通股股东人数 406 | | | | 474,440,634 普通股股东所持有表决权数量 | | | | 例（%） | | | | 普通股股东所持有表决权数量占公司表决权数量的比 ...

1 1. 经公司 2024 年第四次临时股东大会审议通过的《天合光能股份有限公 司章程》（以下简称《公司章程》）； 2. 公司提供的《天合光能股份有限公司第三届董事会第三十次会议决议》； 3. 公司提供的《天合光能股份有限公司第三届监事会第十五次会议决议》； 4. 公司 2025 年 6 月 14 日公告于巨潮资讯网及上海证券交易所网站的《天 合光能股份有限公司关于召开 2025 年第三次临时股东会的通知》（以 下简称《股东会通知》）； 5. 公司本次股东会股权登记日的股东名册； 6. 出席现场会议的股东的到会登记记录及凭证资料； 7. 上证所信息网络有限公司提供的本次股东会网络投票情况的统计结果； 8. 公司本次股东会议案及涉及相关议案内容的公告等文件； 9. 其他会议文件。 公司已向本所保证，公司已向本所披露一切足以影响本法律意见书出具的 事实并提供了本所为出具本法律意见书所要求公司提供的原始书面材料、副本 材料、复印材料、承诺函或证明，并无隐瞒记载、虚假陈述和重大遗漏之处； 公司提供给本所的文件和材料是真实、准确、完整和有效的，且文件材料为副 本或复印件的，其与原件一致和相符。 北京市金杜律师事务所上海 ...

| 证券代码：688599 | 证券简称：天合光能 | 公告编号：2025-069 | | --- | --- | --- | | 转债代码：118031 | 转债简称：天 23 转债 | | 天合光能股份有限公司 2025年第三次临时股东会决议公告 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。 （二） 股东会召开的地点：常州市新北区天合路 2 号天合光能股份有限公司会 议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 406 | | --- | --- | | 普通股股东人数 | 406 | | 2、出席会议的股东所持有的表决权数量 | 474,440,634 | | 普通股股东所持有表决权数量 | 474,440,634 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 22.0613 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 22.0613 | 重要内容提示： ...

Core Viewpoint - Trina Storage has successfully delivered its first energy storage projects in Japan, marking a significant milestone in the deployment of grid-level energy storage systems in the Japanese market [1][2]. Group 1: Project Details - The projects consist of two energy storage stations located in Gunma Prefecture, which have completed system debugging and delivery [1]. - Trina Storage acted as the system integrator, providing a comprehensive solution from battery cells to AC side integration, including design, construction, integration, and long-term maintenance services for 20 years [1][2]. Group 2: Technology and Certification - The projects utilize Trina Storage's self-developed energy storage system platform, Elementa Jingang 2, featuring proprietary 314Ah battery cells, known for high integration, safety, and energy efficiency [2]. - The system has successfully passed rigorous certification tests by the Japan Electrical Safety & Environment Technology Laboratories (JET), becoming the first overseas company to achieve this certification in Japan [2]. Group 3: Market Impact and Future Plans - Trina Storage has accelerated its global market expansion, with a projected over 100% growth in energy storage installations in 2024, surpassing a cumulative shipment of 10GWh [2]. - The company aims to achieve an energy storage system shipment volume of 8-10GWh by 2025, reinforcing its competitive advantage and brand influence in the global energy storage market [2][3].

Investment Rating - The report maintains a "Buy" rating for the power equipment and new energy industry [1] Core Viewpoints - The report highlights significant policy developments aimed at promoting green electricity and enhancing the quality of products in the renewable energy sector [2] - It notes a historical high in domestic monthly installations, with a substantial increase in exports following a surge in domestic demand [4] - The report emphasizes the ongoing price decline across the supply chain, leading to production cuts among mid and downstream manufacturers [3] Summary by Sections Industry Chain - Prices are under pressure due to weak terminal demand, with silicon material prices dropping significantly; as of June 18, N-type recycled and granular silicon prices were 34,400 and 33,500 CNY/ton respectively, down 8.3% and 2.9% from late May [15] - The production of silicon materials is expected to increase by 4% in June, reaching approximately 106,000 tons, while silicon wafer production is projected to decrease by 3% to around 57 GW [3][30] - Battery cell prices are experiencing differentiation, with stable prices for 210R orders, while 183N and 210N prices continue to decline [17] - Component prices remain stable, with a projected production decrease of 9% to 53 GW in June [3][30] Demand - Domestic installations reached a record high in May with an addition of 92.92 GW, a year-on-year increase of 388% [4][35] - Exports of battery components in May totaled 28.87 GW, reflecting a year-on-year increase of 7% [4][41] Procurement Data Tracking - The procurement data for June shows a significant year-on-year increase in bidding volumes, with N-type standard prices rising by 0.03 CNY/W [5][65] - The total bidding, opening, and awarding volumes for large state-owned enterprises in June were 48.6 GW, 90.7 GW, and 54.4 GW respectively [5][65] Important Industry Events - The report discusses the implications of the "Great American Clean Energy Act," which has seen changes that may benefit storage projects significantly [76][77] - The SNEC 2025 photovoltaic exhibition highlighted a shift in focus from technical disputes to efficiency improvements and application potential [2][76]

Core Viewpoint - The industry faces weak demand but limited downside risk for stock prices, with potential for a 30%-50% recovery in beta if industry expectations improve [1][27]. Group 1: Industry Demand and Supply Dynamics - The SNEC exhibition showcased leading companies launching high-power modules around 680W, with efficiency reaching approximately 24.8%, indicating a significant technological advancement [3][7]. - Companies with strong financial backing and technological leadership are gaining market share, while second and third-tier companies are accelerating their exit from the market due to low operational capacity and inability to upgrade [3][10]. - The copper paste industry is strengthening, driven by rising silver prices and efforts from leading companies to enhance efficiency and reduce costs, with plans for multiple low-metalization solutions to be mass-produced by 2025 [3][12]. Group 2: Financial Health and Debt Pressure - The financial risk for photovoltaic companies is significant, with cash flow from operations being less than accounts receivable and debt renewal challenges looming [4][20]. - As of Q1 2025, second-tier companies had a total of 30 billion yuan in cash and equivalents against 60 billion yuan in short-term loans and long-term liabilities due within a year, indicating potential debt repayment pressure [4][20]. - Banks are cautious about withdrawing loans, especially for companies that can cover interest payments, suggesting a relatively stable lending environment despite the financial pressures [4][21]. Group 3: Demand Outlook - Short-term production is expected to decline by about 10%, with mid-term stability anticipated, while long-term demand is projected to benefit from the 14th Five-Year Plan and ongoing energy transition efforts [4][25]. - The overall photovoltaic industry is expected to see a gradual recovery in demand as market conditions stabilize, particularly in the second half of the year [4][26]. Group 4: Investment Opportunities - The industry is currently at a low point in terms of attention and investment, but there are positive signals such as leading companies actively launching high-power products and pushing for supply-side reforms [6][27]. - The potential for significant recovery in beta and alpha opportunities exists, particularly for companies involved in new technologies and those with flexible supply-side policies [1][27].

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].