| 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 ...

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： 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二十五次会议决 议》； 3. 公司提供的《天合光 ...

| 证券代码：688599 | 证券简称：天合光能 | | | 公告编号：2025-053 | | --- | --- | --- | --- | --- | | 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"天 23 转债"预计满足转股价格修正条件的 提示性公告 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、可转债发行上市概况 （一）发行上市基本情况 经中国证券监督管理委员会证监许可〔2023〕157 号文同意注册，公司于 2023 年 2 月 13 日向不特定对象发行了 8,864.751 万张可转换公司债券，每张 面值 100 元，发行总额 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。发行方式采用向公司在股权登记日（2023 年 2 月 10 日，T-1 日）收市后中国结算上海分公司登记在册的原股东优先配售， 原股东优先配售后余额部分（含原股东放弃优先配售部分）采用网上通过上海 证券 ...

Core Viewpoint - The article analyzes the 2024 annual reports of 15 companies involved in electrolysis water hydrogen production equipment, highlighting the performance and challenges faced by both traditional energy companies and those primarily focused on hydrogen energy [2][5]. Group 1: Traditional Energy Companies - 11 companies from traditional sectors such as energy equipment, photovoltaics, and automotive components have entered the hydrogen sector, leveraging their existing manufacturing capabilities and resources [2][4]. - Despite decent revenue figures, many of these companies reported their worst net profits in recent years due to industry supply-demand imbalances and declining prices in photovoltaic products [2][4]. - Notable companies include China CRRC, Sunshine Power, and Shanghai Electric, with China CRRC achieving a revenue of 2464.57 billion and a net profit of 123.88 billion, reflecting a year-on-year growth of 5.21% and 5.77% respectively [6][7]. Group 2: Hydrogen-Focused Companies - Four companies primarily focused on hydrogen energy—Guofu Hydrogen Energy, Guohong Hydrogen Energy, Yihua Tong, and Reshape Energy—reported losses in 2024 due to several factors, including immature market demand and high R&D costs [5][6]. - Guofu Hydrogen Energy reported a revenue of 4.59 billion with a net loss of 2.09 billion, while Guohong Hydrogen Energy had a revenue of 4.42 billion and a net loss of 4.072 billion [6][18]. - The hydrogen industry is still in its early commercial stage, with significant reliance on policy subsidies and a lack of robust market growth, making profitability challenging for pure hydrogen companies [5][6]. Group 3: Performance Summary of Key Companies - China CRRC: Revenue of 2464.57 billion, net profit of 123.88 billion, both showing positive growth [6][7]. - Sunshine Power: Revenue of approximately 778.57 billion, net profit of about 110.36 billion, with a year-on-year increase of 7.76% and 16.92% respectively [7][8]. - Shanghai Electric: Revenue of 1161.86 billion, net profit of 7.52 billion, with a slight decline in profit [10][11]. - Guofu Hydrogen Energy: Revenue of 4.59 billion, net loss of 2.09 billion, indicating a significant increase in losses compared to the previous year [18]. - Guohong Hydrogen Energy: Revenue of 4.42 billion, net loss of 4.072 billion, with losses slightly reduced year-on-year [18].

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 17.1 CNY [2][5]. Core Views - The company is expected to achieve steady growth in component shipments, with a target of 70-75 GW for 2025, while balancing volume and profitability [5]. - The company has faced significant challenges in 2024, with a revenue decline of 29.2% year-on-year, resulting in a net loss of 3.44 billion CNY [5]. - The report highlights the company's focus on technological advancements, including the development of high-efficiency N-type bifacial i-TOPCon batteries and perovskite/silicon tandem cells [5]. - The diversification of business operations, including energy storage and photovoltaic support structures, is seen as a strategy to enhance overall competitiveness [5]. Financial Summary - Total revenue for 2024 is projected at 80.28 billion CNY, with a year-on-year decline of 29.2% [4]. - The net profit attributable to the parent company is expected to be -3.44 billion CNY in 2024, with a significant recovery anticipated in 2026 and 2027 [4]. - The company’s gross margin for 2024 is forecasted at 9.59%, down 6.26 percentage points year-on-year [5]. - The earnings per share (EPS) is projected to be -1.58 CNY for 2024, improving to 0.85 CNY by 2026 [4]. Business Development - The company achieved over 70 GW in component shipments in 2024, with 64.5 GW exported, marking an 18% increase year-on-year [5]. - The energy storage segment shipped 4.3 GWh in 2024, with expectations for rapid growth in 2025 as the company expands its market reach [5]. - The company is establishing a smart tracking manufacturing facility in Saudi Arabia, aiming to secure a larger share of the global market [5].

资金面上看，今日钙钛矿电池概念板块获主力资金净流出8.52亿元，其中，43股获主力资金净流出，6 股主力资金净流出超5000万元，净流出资金居首的是通威股份，今日主力资金净流出1.57亿元，净流出 资金居前的还有东方日升、华工科技、宝馨科技等，主力资金分别净流出1.01亿元、7027.41万元、 6968.75万元。今日主力资金净流入居前的概念股有中国核电、天合光能、皇氏集团等，主力资金分别 净流入5749.94万元、2700.49万元、704.86万元。（数据宝） 钙钛矿电池概念资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600438 | 通威股份 | -3.05 | 2.16 | -15722.00 | | 300118 | 东方日升 | -5.01 | 9.71 | -10052.61 | | 000988 | 华工科技 | 1.36 | 3.34 | -7027.41 | | 002514 | 宝馨科技 | 1.40 | 24.18 | -6968.75 | | 60101 ...

Market Performance - The HJT battery concept declined by 1.12%, ranking among the top losers in the concept sector as of May 14 [1] - Notable declines within the HJT battery sector included Huamin Co., Dongfang Risheng, and Xing Shuai Er, while Yujing Co., Baoxin Technology, and Tianchen Co. saw gains of 5.24%, 1.40%, and 1.38% respectively [1] Capital Flow - The HJT battery sector experienced a net outflow of 706 million yuan, with 44 stocks seeing net outflows, and 7 stocks with outflows exceeding 50 million yuan [2] - Tongwei Co. led the outflow with a net outflow of 157 million yuan, followed by Dongfang Risheng, Baoxin Technology, and Longi Green Energy with outflows of 101 million yuan, 69.69 million yuan, and 68.58 million yuan respectively [2] Top Gainers and Losers - The top gainers in the HJT battery sector included Yujing Co. with a 5.24% increase, while the largest decline was seen in Huamin Co. with a 6.68% drop [3] - Other notable declines included Dongfang Risheng at -5.01% and Xing Shuai Er at -4.45% [3] Trading Activity - The trading activity in the HJT battery sector showed significant turnover, with Baoxin Technology having a turnover rate of 24.18% despite a price increase of 1.40% [4] - Yujing Co. had a turnover rate of 14.93% with a notable price increase of 5.24% [4]

Group 1 - The carbon neutrality ETF Taikang (560560) experienced fluctuations with mixed performance among its index constituents, led by Weiming Environmental Protection and followed by Yiwei Lithium Energy and Changjiang Electric Power [1] - As of May 13, the carbon neutrality ETF Taikang (560560) has seen a cumulative increase of 4.42% over the past week, reaching a new high of 67.5718 million yuan in size [1] - At the 2024 photovoltaic industry performance briefing held by the Shanghai Stock Exchange, executives from JinkoSolar, Canadian Solar, and Trina Solar addressed investor concerns regarding photovoltaic-related issues [1] Group 2 - The recent US-China talks have resulted in agreements that significantly benefit the electric new energy sector's export businesses to the US, particularly in areas previously affected by tariff policies [2] - JinkoSolar's management noted that the peak of distributed installation in China has passed, with market pricing becoming more rational, while long-term demand for photovoltaic energy remains strong [2] - According to Guotai Junan Securities, the domestic demand for photovoltaic installations in 2025 is expected to remain stable, with an estimated capacity of 280 GW, reflecting a slight year-on-year increase [2]

Core Viewpoint - The article discusses the impact of US-China tariff policies on the photovoltaic (PV) industry, the future development of the solar market, and the technological advancements in solar cells, highlighting the optimistic outlook for global solar installations by 2025 [1][6]. Group 1: Impact of US-China Tariff Policies - The easing of US-China tariff policies is expected to provide a more stable overseas trade environment for solar and energy storage products [3]. - Companies like JinkoSolar and Trina Solar have sufficient inventory to mitigate the impact of potential tariffs, with ongoing projects in regions like the Middle East enhancing their global supply capabilities [3][4]. - The solar equipment manufacturer, Aotai, is proactively expanding its manufacturing base in Malaysia to address future export requirements amid tariff uncertainties [5]. Group 2: Future Market Trends - JinkoSolar forecasts a 10% year-on-year growth in global solar installation demand by 2025, driven by emerging markets in the Middle East and Asia-Pacific [6]. - The solar industry is expected to transition from losses to breakeven and eventually profitability, as the supply-side reforms take effect and inefficient capacities are eliminated [6][7]. - Despite a current oversupply situation, companies are focusing on balancing shipment volumes with profit margins, prioritizing high-price market orders [7]. Group 3: Technological Developments - The industry is shifting towards TOPCon technology as the mainstream solar cell technology, with companies like JinkoSolar and Trina Solar leading in this area [8]. - The financing environment for solar companies remains stable, with banks willing to support leading firms in the industry, particularly those with strong technological advancements and market shares [9].