Group 1 - The core viewpoint is that supply-side reform, technological transformation, and overseas changes are the current focal points in the photovoltaic industry, which is experiencing a cash flow loss across the main chain and is at the bottom of the profit cycle [1] - The photovoltaic industry is expected to gradually recover due to enhanced expectations of supply-side reform, with policies aimed at controlling capacity growth and expanding demand to stabilize prices and return to reasonable profit levels [1] - The industry is transitioning from "scale expansion" to "quality first," focusing on high-quality development, energy consumption control, and technological innovation to accelerate industry clearing and promote stable development [1] Group 2 - The European commercial storage market is expected to see significant growth, with installed capacity projected to double from 2.7 GWh in 2024 to 5.4 GWh in 2025, and reach 19.5 GWh by 2028, reflecting a compound annual growth rate of 64% from 2024 to 2028 [2] - The demand for inverters is anticipated to increase during peak seasons, driven by the growth in commercial storage installations in Europe [2] Group 3 - Technological advancements such as BC, HJT, and copper paste are driving the industry forward, with companies like Aiko and Longi leading in BC technology, and the introduction of pure copper paste expected to accelerate the iteration of new technologies [3] - The price of silver paste constitutes over 50% of the non-silicon cost of batteries, making the development of silver reduction technologies a priority for major manufacturers [3] Group 4 - The photovoltaic industry has a high level of domestic production capacity, with significant progress in domestic quartz sand resources, which are crucial for the industry [4] - The discovery of high-purity quartz resources in regions like Henan and Xinjiang is expected to accelerate the domestic replacement of imported materials [4] Group 5 - Investment recommendations include focusing on the inverter segment due to stable demand and performance, with specific companies highlighted for potential investment [5] - Attention is also drawn to technological advancements in BC, HJT, and low-silver technologies, with several companies recommended for investment based on their progress in these areas [5] - The domestic replacement of quartz sand and the overseas battery capacity gap are additional areas of focus for investment opportunities [5]

| 证券代码：688599 | 证券简称：天合光能 | | | 公告编号：2025-056 | | --- | --- | --- | --- | --- | | 转债代码：118031 | 转债简称：天 | 23 | 转债 | | 天合光能股份有限公司 关于不向下修正"天 23 转债"转股价格的公告 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。 重要内容提示： 一、 可转换公司债券基本情况 （一）发行上市概况 经中国证券监督管理委员会出具的《关于同意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注册的批复》（证监许可〔2023〕157 号），同意 公司向不特定对象发行 8,864.751 万张可转换公司债券，每张面值 100 元，募 集资金总额为人民币 886,475.10 万元，期限自发行之日起六年，即自 2023 年 2 月 13 日至 2029 年 2 月 12 日。经上海证券交易所自律监管决定书（[2023]33 号）文同意，公司 886,475.10 万元可转换公司债券已于 2023 年 3 月 15 ...

在当下中国经济新旧动能转换的关键时期，产业格局正经历深刻变革，新产业蓬勃兴起，传统产业加速 升级。然而，"内卷式"竞争这一顽疾却在部分行业悄然滋生。部分光伏、储能等领域企业为争夺市场份 额，不惜低价倾销，扰乱市场秩序。 在市场供求关系变化的背景下，光伏、储能行业的上市公司逐渐从"供给侧创新"向"需求侧创新"转变， 挖掘贴近市场需求的发展新模式。 ● 本报记者 刘杨 以模式创新走差异化之路 "未来靠单独生产组件来'卷'产品，已经不能满足客户的需求，未来光伏产品要从过去的'单一性'向'系 统性'转变，以模式创新实现差异化发展。"天合光能战略、产品与市场负责人张映斌在接受中国证券报 记者采访时表示，随着不同细分场景需求的日渐多元，为客户提供综合解决方案将是光伏行业破除"内 卷式"竞争的思路之一。 张映斌对记者表示，未来公司将更加聚焦细分场景，例如公司依据客户需求提供的极端气候解决方案， 相比常规组件产品而言，该方案聚焦冰雹、暴雪等极端气候环境，其组件抗冲击能力和载荷能力均得以 提升，同时还配备了天气预警功能的软件给予支持。 "作为行业龙头，我们正在推动行业从争夺存量价值的低质竞争，向创造增量价值的高质量发展去转 变 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 80.282 billion yuan in 2024, a year-on-year decrease of 29%. The net profit attributable to the parent company was -3.443 billion yuan, a decline of 162% [2][4]. - In Q4 2024, the company achieved a revenue of 17.134 billion yuan, down 47% year-on-year, with a net profit of -2.597 billion yuan, a decrease of 672% [2][4]. - For Q1 2025, the revenue was 14.335 billion yuan, a 21% decline year-on-year, and the net profit was -1.32 billion yuan, down 356% [2][4]. - The company shipped over 70GW of modules in 2024, with a gross margin of 4.3%, impacted by price declines and reduced shipments to the U.S. [9]. - The cumulative energy storage shipment exceeded 10GWh, with revenue reaching 2.335 billion yuan, a year-on-year increase of 19.1% [9]. - The company is transitioning from a single product supplier to a full-value chain service provider, focusing on system solutions and digital energy services [9]. Financial Data Summary - In 2024, the operating cash flow was 8 billion yuan, with cash reserves exceeding 20 billion yuan at year-end, indicating strong preparedness for the current cycle [9]. - The company has made significant impairment provisions, totaling 1.66 billion yuan in Q4 2024 and 360 million yuan in Q1 2025, reflecting a cautious approach [9]. - The projected revenue for 2025 is 78.620 billion yuan, with a gross margin expected to be around 8% [13].

| 证券代码：688599 | 证券简称：天合光能 | 公告编号：2025-055 | | --- | --- | --- | | 债券代码：118031 | 债券简称：天 23 转债 | | 天合光能股份有限公司 关于调整回购股份方案的公告 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。 重要内容提示： 本次调整回购股份方案的具体内容： 1） 延长回购实施期限：天合光能股份有限公司（以下简称为"公司"）将 回购股份实施期限延长 9 个月，由原来的 2025 年 6 月 24 日止延期至 2026 年 3 月 24 日止，即回购股份实施期限为自 2024 年 6 月 25 日至 2026 年 3 月 24 日。 2） 调整回购股份资金来源：由"自有资金"调整为"自有资金和自筹资 金"。 除上述调整外，公司回购股份方案的其他内容不变。 本次调整回购股份方案事项已经公司第三届董事会第二十七次会议审议 通过，无需提交公司股东会审议。 一、回购股份的基本情况及进展 2024 年 6 月 25 日，公司召开第三届董事会第七次会议，审 ...

天合光能公告，公司决定调整回购股份方案。将回购股份实施期限延长9个月，由原来的2025年6月24日 止延期至2026年3月24日止，即回购股份实施期限为自2024年6月25日至2026年3月24日。并且公司将调 整回购股份资金来源，由"自有资金"调整为"自有资金和自筹资金"。除上述调整外，公司回购股份方案 的其他内容不变。 ...

Core Insights - The BIPV (Building Integrated Photovoltaics) industry has gained significant attention from the Chinese government since 2021, with various policies aimed at promoting its development as part of the country's carbon neutrality goals [1][8][20] - The market for BIPV is expected to grow rapidly, with projected new installations of approximately 11,140 MW in 2024 and a cumulative capacity of around 28,129 MW [1][18] - BIPV is recognized as an effective means to develop green buildings and reduce energy consumption in the construction sector [1][18] Industry Overview - BIPV technology integrates solar photovoltaic components into buildings, allowing them to generate electricity for their own use [4] - The BIPV market is categorized into applications such as photovoltaic roofs and walls, with materials classified into crystalline and thin-film types [4] Industry Development History - The BIPV industry has evolved over nearly 30 years, with the first projects in China initiated in 2004 [5] Policy Support - The Chinese government has implemented multiple policies to support the BIPV industry, including the "14th Five-Year Plan for Energy Conservation and Green Building Development" [8][9] - Recent policies aim to enhance the integration of renewable energy in various sectors, including construction [8][9] Industry Chain - The BIPV industry chain consists of upstream component manufacturers, midstream system integrators, and downstream application scenarios [11][13] - Key players in the midstream include companies like Jianghe Group and Sentech, which provide integrated BIPV solutions [11][20] Market Potential - The market for BIPV roofs was valued at approximately 91.73 billion yuan in 2022, expected to reach 366.77 billion yuan by 2027 [15] - The BIPV curtain wall market was valued at around 6.57 billion yuan in 2022, projected to grow to 45.73 billion yuan by 2027 [15] Key Companies - Major companies in the BIPV sector include Longi Green Energy, JinkoSolar, Trina Solar, and Jianghe Group, which are involved in both manufacturing and system integration [20][21] Future Trends - The BIPV industry is expected to benefit from continued policy support and technological advancements, leading to lower costs and increased market adoption [26][27] - Innovative business models, such as energy management contracts and rooftop leasing, are anticipated to enhance project economics and accelerate market penetration [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 2024 年年度股东会 之法律意见书 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）委托，根据《中华人民共和国证券法》 （以下简称《证券 法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委 员会《上市公司股东会规则》（以下简称《股东会规则》）等中华人民共和国境 内（以下简称中国境内，为本法律意见书之目的，不包括中国香港特别行政区、 中国澳门特别行政区和中国台湾地区）现行有效的法律、行政法规、规章和规 范性文件和现行有效的公司章程有关规定，指派律师出席了公司于 2025 年 5 月 20 日召开的 2024 年年度股东会（以下简称本次股东会），并就本次股东会 相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限 于： 司章程》（以下简称《公司章程》）； 议》； 合光能股份有限公司关于召开 2024 年年度会的通知》（以下简称《股 东会通知》）； 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 ...

| 表决情况： | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 同意 | | | 反对 | | | 弃权 | | | | | 股东类型 | | | | | 比例 | 比例 | | | | | 票数 | | 比例（%） | | 票数 | | 票数 | | | | | | | | | （%） | | （%） | | | | | 普通股 | 1,064,417,180 | 99.6986 | 2,862,263 | 0.2680 | 354,922 | 0.0334 | | | | | 审议结果：通过 | | | | | | | | | | | 表决情况： | | | | | | | | | | | 同意 | | | | 反对 | | 弃权 | | | | | 股东类型 | | | | | 比例 | 比例 | | | | | 票数 | | 比例（%） | | 票数 | | 票数 | | | | | | | | | （%） | | （%） | | | | | 普通股 | 1,064,448,809 ...

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 5 月 20 日 | 转债代码：118031 | 转债简称：天 | 23 | | | --- | --- | --- | --- | | | 转债 | | 公告编号：2025-054 | | 证券代码：688599 | 证券简称：天合光能 | | | 天合光能股份有限公司 2024年年度股东会决议公告 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。 重要内容提示： （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 | 336 | | --- | --- | | 普通股股东人数 | 336 | | 2、出席会议的股东所持有的表决权数量 | 1,067,634,365 | | 普通股股东所持有表决权数量 | 1,067,634,365 | | 3、出席会议的股东所持有表决 ...