| 证券代码：688599 | 证券简称：天合光能 | | | 公告编号：2025-105 | | --- | --- | --- | --- | --- | | 转债代码：118031 | 转债简称：天 | 23 | 转债 | | 1 二、计提减值准备事项的具体说明 （一）信用减值损失 公司以预期信用损失为基础，同时结合个别认定法，对应收票据、应收账款、 其他应收款进行减值测试。经测试，2025 年前三季度需计提信用减值损失金额 共计 312,905,718.01 元。 天合光能股份有限公司 关于 2025 年前三季度计提资产减值准备的公告 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。 一、计提减值准备的情况概述 根据《企业会计准则》和公司会计政策的相关规定，为客观、公允地反映天 合光能股份有限公司（以下简称"公司"）2025 年 9 月 30 日的财务状况和 2025 年前三季度的经营成果，公司及下属子公司对截至 2025 年 9 月 30 日合并范围内 可能发生减值损失的信用及资产进行了充分的评估和分析，本着谨慎性 ...

| 证券简称：天合光能 转债简称：天 | 23 | 转债 | 公告编号：2025-106 | | --- | --- | --- | --- | | 证券代码：688599 转债代码：118031 | | | | 天合光能股份有限公司 一、合同签署情况 天合光能股份有限公司（以下简称"公司"）收到控股子公司江苏天合储能 有限公司（以下简称"天合储能"）的通知，天合储能近日与欧洲区域客户签订 了超 1GWh 的储能产品销售合同。该项目采用的 Elementa 2 Pro 产品为公司新一 代柔性储能电池舱，场站能量密度提升 12%；搭载 AI 智能液冷，实现舱内温差 ≤2.5℃，荣获行业首款 UL Vmark 验证；同时采用风液混动技术和长寿命电芯能 进一步降低度电成本。 本合同为公司日常经营性合同，根据《上海证券交易所科创板股票上市规则》 及《天合光能股份有限公司章程》等规定，签署该合同无需提交公司董事会、股 东会审议通过。 二、合同对方情况介绍 关于签订储能销售合同的自愿性披露公告 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 ...

Core Viewpoint - Trina Solar (688599.SH) announced that its subsidiary Trina Storage has signed a sales contract for over 1 GWh of energy storage products with a European regional customer, which is expected to positively impact the company's future operating performance [1] Group 1 - The contract is classified as a routine operational contract and does not require approval from the company's board of directors or shareholders [1] - The counterparty of the contract is not related to the company or its subsidiaries, ensuring that the contract's execution does not affect the company's business independence [1] - The contract terms clearly outline product delivery, pricing, and quality requirements [1] Group 2 - The execution of the contract may be influenced by external environmental changes and policy shifts, highlighting the need for investors to remain aware of investment risks [1]

Financial Performance - The company's operating revenue for the third quarter was approximately ¥18.91 billion, a decrease of 6.27% compared to the same period last year[5] - The total profit for the year-to-date period was a loss of approximately ¥4.82 billion, reflecting a significant decline[5] - The net profit attributable to shareholders for the third quarter was a loss of approximately ¥1.28 billion, with a year-to-date loss of approximately ¥4.20 billion[5] - Total operating revenue for the first three quarters of 2025 was CNY 49.97 billion, a decrease of 20.7% compared to CNY 63.15 billion in the same period of 2024[24] - The net profit for the first three quarters of 2025 was -4.14 billion RMB, compared to -754.56 million RMB in the same period of 2024, indicating a significant decline in profitability[25] - The company reported a total comprehensive loss of -3.91 billion RMB for the first three quarters of 2025, compared to -867.46 million RMB in the same period of 2024[26] - The basic and diluted earnings per share for the first three quarters of 2025 were both -1.95 RMB, compared to -0.39 RMB in 2024, indicating a worsening earnings situation[26] - The operating profit for the first three quarters of 2025 was -4.67 billion RMB, a substantial drop from -868.87 million RMB in the same period of 2024[25] Research and Development - Research and development expenses totaled approximately ¥945.38 million for the quarter, down 40.83% year-on-year, representing 5.00% of operating revenue[6] - Research and development expenses for the first three quarters of 2025 were CNY 1.27 billion, compared to CNY 1.36 billion in 2024, indicating a decrease of 6.4%[24] Assets and Liabilities - The company's total assets at the end of the quarter were approximately ¥123.83 billion, a slight decrease of 0.09% from the previous year[6] - The total assets as of the reporting date were CNY 123.83 billion, slightly down from CNY 123.93 billion at the end of the previous period[21] - Total liabilities increased to CNY 96.57 billion from CNY 91.69 billion, representing an increase of 5.5%[21] - The company's equity attributable to shareholders decreased to CNY 21.93 billion from CNY 26.38 billion, a decline of 16.8%[21] Cash Flow - The company reported a cash flow from operating activities of approximately ¥2.85 billion year-to-date, down 25.50% from the previous year[5] - The net cash flow from operating activities was 2.85 billion RMB, down from 3.83 billion RMB in the previous year, representing a decrease of about 25%[29] - Investment activities resulted in a net cash outflow of -3.93 billion RMB in 2025, an improvement from -9.99 billion RMB in 2024[30] - The cash and cash equivalents at the end of the period decreased to 16.65 billion RMB from 21.33 billion RMB in the previous year, a decline of approximately 22%[30] Shareholder Information - The company repurchased a total of 18,679,782 shares, representing 0.86% of the total share capital, with a total expenditure of RMB 309,577,245.86[16] - The highest repurchase price was RMB 24.91 per share, while the lowest was RMB 13.64 per share[16] - The total number of shares held by the top 10 shareholders includes Jiangsu Panji Investment Co., Ltd. with 295,495,418 shares, accounting for 13.56% of total shares[14] - The company has a total of 47,271 common stock shareholders at the end of the reporting period[13] Market Conditions - The decline in profitability was primarily attributed to an imbalance in supply and demand within the industry and sustained low prices in the photovoltaic product market[10] Other Financial Metrics - The basic and diluted earnings per share for the quarter were both -¥0.61, reflecting a decline in profitability[6] - The weighted average return on equity was -5.67%, a decrease of 1.07 percentage points compared to the previous year[6] - The company experienced a significant increase in investment income losses, totaling -335.56 million RMB in 2025 compared to -543.96 million RMB in 2024[25] - The company reported a tax expense of -680.40 million RMB for the first three quarters of 2025, compared to -127.82 million RMB in 2024, indicating a higher tax burden despite losses[25]

Core Viewpoint - The company has signed a sales contract for over 1 GWh of energy storage products with a European regional customer, indicating strong demand for its innovative storage solutions [1] Group 1: Product Details - The project utilizes the Elementa 2 Pro product, which is the company's next-generation flexible energy storage battery module [1] - The energy density of the storage station has increased by 12% [1] - The product features AI intelligent liquid cooling technology, achieving an internal temperature difference of ≤2.5°C [1] - It is the first in the industry to receive UL Vmark certification [1] Group 2: Cost Efficiency - The use of hybrid wind-liquid technology and long-life battery cells further reduces the cost per kilowatt-hour [1]

Core Insights - Trina Storage has secured a significant overseas GWh-level energy storage contract, collaborating with Atlas Renewable Energy to develop a 233MW/1003MWh grid-forming energy storage project in Chile [1] - The project aims to provide clean energy for Chile's mining sector and enhance the resilience of the national grid [1] - The advanced grid-forming control strategy allows the energy storage system to autonomously establish voltage and frequency without external grid support, improving grid stability and reliability [1] Summary by Sections - **Project Details** - The collaboration involves a 233MW/1003MWh energy storage project that integrates photovoltaic and storage systems [1] - The project follows Atlas Renewable Energy's recent $475 million financing, aimed at constructing a large-scale solar plus storage complex [1] - **Technological Features** - The energy storage system employs advanced grid-forming control strategies, enabling functionalities such as black start, virtual inertia support, and damping oscillation suppression [1] - This technology significantly enhances the grid's disturbance resistance and maintains critical load stability during grid failures or outages [1] - **Market Progress** - Trina Storage has made notable advancements in the Chilean, Argentine, and Central American markets, achieving a shipment volume of 1.2GWh by 2025 and surpassing 2.5GWh in signed contracts by 2026 [2]

Core Insights - The perovskite battery sector has seen a significant increase, rising by 4.66% overall [1] Company Performance - Trina Solar has experienced a notable increase of 10.75% [1] - Longi Green Energy has risen by 10.0% [1] - Tongwei Co., Ltd. has increased by 7.39% [1] - Other companies such as JinkoSolar, East Hope Group, and Xizi Clean Energy have also seen gains exceeding 4% [1]

Core Viewpoint - The article highlights the significant growth potential of the energy storage market in Latin America, driven by supportive policies, grid development needs, and increasing market demand, particularly in countries like Brazil, Mexico, and Chile [2][14]. Group 1: Brazil's Energy Storage Initiatives - Brazil is set to hold its first battery storage auction in December, actively seeking partnerships with Chinese companies such as Huawei, BYD, and CATL to discuss investment opportunities and technology collaborations [3]. - The battery storage procurement will be part of Brazil's reserve capacity auction framework, with winning bids expected to provide maximum power output for 4 hours daily over a 10-year contract, operational by July 2029 [3]. - Approximately 18GW of battery projects have completed auction registration preparations, with signed contracts for 2GW expected to attract investments of around 10 billion Brazilian Reais (approximately 1.85 billion USD) [3]. Group 2: Collaborative Projects in Chile and Mexico - Trina Storage is partnering with Atlas Renewable Energy to develop a 233MW/1003MWh grid-forming storage project in Chile, addressing stability issues in power systems with high renewable energy integration [4][7]. - BYD has collaborated with Skysense in Mexico to deploy a 300MWh battery storage system by 2026, equivalent to 5,000 electric vehicle batteries, aimed at providing various energy management services [9][11]. Group 3: Market Growth Projections - The Latin American energy storage market is projected to grow significantly, with a compound annual growth rate (CAGR) of 8% expected to exceed 23GW by 2034, driven by supportive regulatory frameworks and the proliferation of hybrid energy projects [14]. - Chile is leading the region in energy storage capacity, with forecasts indicating over 5GW of new storage installations between 2025 and 2030, and an additional 25GW from 2030 to 2060 [14][16]. - Mexico is anticipated to deploy approximately 4.505GW of storage systems by 2036, despite facing regulatory challenges [14][16].

Group 1 - The STAR Market indices showed positive performance, with the STAR 50 Index rising by 1.2%, STAR 100 Index and STAR Composite Index both increasing by 0.9%, and the STAR Growth Index up by 0.8% [1] - The photovoltaic sector experienced a significant surge, with notable stocks such as Aters reaching the daily limit, and Trina Solar, Goodwe, and Airo Energy rising over 10%. Jinko Solar, Daqo Energy, and YN Energy also saw increases of over 7% [1] - The solid-state battery sector also performed well, with Xiamen Tungsten New Energy rising over 9%, Hangke Technology up over 8%, and Jiayuan Technology and Liyuanheng increasing by over 4% [1] Group 2 - Small innovative enterprises in the electronic and pharmaceutical sectors accounted for over 80% of the market, indicating a high concentration in these industries [5] - The STAR Composite Index ETF by E Fund tracks the STAR Composite Index, which encompasses all market securities on the STAR Market, focusing on core industries such as artificial intelligence, semiconductors, new energy, and innovative pharmaceuticals [7] - The STAR Growth 50 ETF tracks the STAR Growth Index, which consists of 50 stocks with high growth rates in revenue and net profit, highlighting a strong growth style with a significant representation from the electronic and pharmaceutical sectors [7]

Core Insights - The perovskite battery concept has seen a rise of 2.64%, ranking 10th among concept sectors, with 43 stocks increasing in value, including notable gains from companies like Arctech (20% limit up), Tongwei Co., and LONGi Green Energy, which also hit the limit up [1][2]. Market Performance - The perovskite battery sector attracted a net inflow of 4.929 billion yuan, with 38 stocks receiving net inflows, and 6 stocks exceeding 100 million yuan in net inflows. LONGi Green Energy led with a net inflow of 2.192 billion yuan, followed by Xianlead Intelligent, Tongwei Co., and Arctech [2][3]. - The top stocks by net inflow ratio include LONGi Green Energy at 27.92%, Arctech at 18.46%, and Yaopi Glass at 16.04% [3]. Stock Performance - Key performers in the perovskite battery sector include: - LONGi Green Energy: +10.00% with a turnover rate of 5.15% and a net inflow of 2.192 billion yuan [3]. - Xianlead Intelligent: +12.80% with a turnover rate of 14.16% and a net inflow of 1.168 billion yuan [3]. - Tongwei Co.: +10.00% with a turnover rate of 4.07% and a net inflow of 468.47 million yuan [3]. - Arctech: +19.97% with a turnover rate of 11.69% and a net inflow of 418.01 million yuan [3]. Decliners - The stocks with the largest declines include: - Dashengda: -5.61% [5]. - Shanghai Port Bay: -2.93% [5]. - Xinyu Ren: -2.56% [5].