Core Viewpoint - The photovoltaic industry is experiencing intensified competition, with technological innovation and cost reduction becoming the main themes for development. Perovskite solar cells are seen as a crucial technology to break through the efficiency bottleneck of traditional photovoltaics, with significant investments from major companies in this area [1][3]. Industry Developments - Perovskite solar cells have advantages such as high photoelectric conversion efficiency, adjustable bandgap, and substantial cost reduction potential. The theoretical maximum efficiency for single-junction perovskite cells is 33%, while perovskite tandem cells could exceed 40% [1]. - Major companies like Longi Green Energy, JinkoSolar, GCL-Poly, and Trina Solar are actively investing in the research and development of perovskite-silicon tandem cells, transitioning from experimental to pilot production lines [1][2]. Company Strategies - Longi Green Energy has proposed a "dual-wheel drive" strategy focusing on innovation and collaboration, with significant investments in cutting-edge fields such as perovskite technology [2]. - Trina Solar anticipates that perovskite-silicon tandem cell technology will become mainstream, with expected efficiency improvements of 4 percentage points over current crystalline silicon cells [2]. - JinkoSolar is leveraging AI technology to accelerate the development of tandem cells, achieving an experimental efficiency of 34.22% for perovskite-silicon tandem cells [2]. Investment and Funding - Maiwei Co., a leading photovoltaic equipment manufacturer, plans to raise 1.967 billion yuan through convertible bonds for the industrialization of perovskite tandem solar cell equipment, reflecting the growing investment demand in this sector [3]. - GCL-Poly has initiated a 10 billion yuan perovskite industry fund and a 3 billion yuan perovskite equipment fund, indicating a comprehensive approach to commercializing perovskite technology [3]. Commercialization Outlook - Despite existing challenges in mass production, such as stability and cost reduction, there is a consensus that perovskite technology is the future of photovoltaics. Companies are accelerating the industrialization process through various models [3][4]. - The integration of perovskite with silicon cells is seen as a key development, with potential efficiency improvements of 50% and cost reductions of 20% compared to traditional components [4]. Policy Support - The Chinese government has introduced multiple policies to support the development of the perovskite solar cell industry, emphasizing the need to master new generation high-efficiency and low-cost photovoltaic technologies [5]. - The ongoing collaboration between leading companies and research institutions is expected to further enhance the commercialization prospects of perovskite solar cells [5].

Core Viewpoint - The company plans to increase its investment in its subsidiary, Jiangsu Tianhe Energy Storage Co., Ltd., through its wholly-owned subsidiary, Tianhe Smart Energy Investment Development (Jiangsu) Co., Ltd., with an investment of 800 million yuan, which will increase the company's control over the subsidiary from 57.17% to 64.31% [1][2][5] Summary by Sections 1. Transaction Overview - The company intends to enhance its financial strength and promote the development of its energy storage business through this capital increase [2] - Other shareholders of Tianhe Storage will waive their preemptive rights for this capital increase [1][2] 2. Related Party Transactions - The transaction involves a related party, Lishui Xingchuang Enterprise Management Consulting Co., Ltd., which is a subsidiary of the company's actual controller [2][3] - The transaction does not constitute a major asset restructuring as defined by relevant regulations [2] 3. Decision and Review Process - The transaction has been approved by the company's board of directors and requires shareholder approval [2][12] - Independent directors have expressed that the transaction aligns with the company's operational needs and is reasonable [12] 4. Financial Data of Tianhe Storage - As of March 31, 2025, Tianhe Storage had total assets of 641,765.74 million yuan and total liabilities of 482,558.94 million yuan [7] - The net profit attributable to the parent company was -7,715.65 million yuan for the first quarter of 2025 [7] 5. Valuation and Pricing - The valuation of Tianhe Storage was assessed at 402,500 million yuan based on market and income approaches, with a significant increase in value [10][8] - The agreed transaction price for the 100% equity value before the capital increase is 400,000 million yuan, which is deemed fair and reasonable [10][9] 6. Impact of the Transaction - The capital increase is expected to enhance the competitiveness of Tianhe Storage and will not adversely affect the company's financial status or operational results [10][12] - The transaction will not impact the company's independence or create reliance on related parties [10][12]

证券代码：688599 证券简称：天合光能 公告编号：2025-066 转债代码：118031 转债简称：天 23 转债 天合光能股份有限公司 关于召开2025年第三次临时股东会的通知 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） 股东会召集人：董事会 召开地点：常州市新北区天合路 2 号天合光能股份有限公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 30 日 至2025 年 6 月 30 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 （六） 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 召开日期时间：2025 年 6 月 ...

华泰联合证券有限责任公司 关于天合光能股份有限公司 向控股子公司增资暨关联交易的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"、"保荐人"）作为 天合光能股份有限公司（以下简称"天合光能"、"公司"）持续督导的保荐人， 根据《证券发行上市保荐业务管理办法》《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》《上海证券交易所科创板股票上市规则》等有关规定， 对公司向控股子公司增资暨关联交易的事项进行了认真、审慎的核查，并发表意 见如下： 准的关联交易事项外，公司与同一关联人之间发生的日常性关联交易累计为 401.50 万元。截至本次关联交易为止（含本次交易），公司与同一关联人之间的 交易合计已占上市公司市值 1%以上，且超过 3,000 万元，本次关联交易事项尚 需提交股东会审议。 （二）关联关系或其他利益关系说明 一、关联交易概述 （一）交易概述 根据公司发展战略规划，为增强资金实力、促进公司储能业务发展，公司拟 通过全资子公司天合智慧能源投资发展（江苏）有限公司（以下简称"天合能投" 或"增资方"）向控股子公司江苏天合储能有限公司（以下简称"天合储能"或 "标的公司"）以自有或自筹资 ...

| 证券代码：688599 | 证券简称：天合光能 | 公告编号：2025-064 | | --- | --- | --- | | 转债代码：118031 | 转债简称：天 23 转债 | | 天合光能股份有限公司 关于向控股子公司增资暨关联交易的公告 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： 天合光能股份有限公司（以下简称"公司"）拟通过全资子公司天合智 慧能源投资发展（江苏）有限公司（以下简称"天合能投"或"增资方"）向公 司控股子公司江苏天合储能有限公司（以下简称"天合储能"或"标的公司"） 以自有或自筹资金增资 80,000.00 万元（以下简称"本次增资"或"本次交易"）。 天合储能其他股东放弃本次增资的优先认购权。 本次增资完成后，公司对天合储能的控制权比例将由 57.17%增加至 64.31%，天合储能仍为公司的控股子公司，不影响公司合并报表范围。 天合储能股东浙江丽水星创企业管理咨询有限公司（以下简称"丽水星 创"）为公司关联方，本次增资构成与关联方共同投资的关联交易，但不构成《上 市 ...

| 证券代码：688599 | 证券简称：天合光能 | | 公告编号：2025-066 | | --- | --- | --- | --- | | 转债代码：118031 | 转债简称：天 23 | 转债 | | 天合光能股份有限公司 关于召开2025年第三次临时股东会的通知 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： 一、 召开会议的基本情况 （一） 股东会类型和届次 2025年第三次临时股东会 召开日期时间：2025 年 6 月 30 日 14 点 00 分 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 30 日 至2025 年 6 月 30 日 股东会召开日期：2025年6月30日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 （四） 现场会议召开的日期、时间和地点 召开地点：常州市新北区天合路 2 号天合光能股份有限公司会 ...

| | | 经与会监事投票表决，审议通过了如下决议： 天合光能股份有限公司 第三届监事会第十五次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 天合光能股份有限公司（以下称"公司"）第三届监事会第十五次会议于 2025 年 6 月 13 日以通讯方式召开，本次会议由公司监事会主席张银华先生召集， 会议应参加表决监事 3 人，实际参加表决监事 3 人，本次会议的召集、召开符合 《公司法》等法律法规和《公司章程》的有关规定。 二、监事会会议审议情况 （一）审议通过《关于公司向控股子公司增资暨关联交易的议案》 监事会认为：公司本次向控股子公司增资暨关联交易的事项符合公司战略发 展需求，能够助力公司稳步健康发展。本次交易的定价公允，不会损害公司及股 东特别是中小股东的利益，公司的主营业务不会因本次交易对关联方形成依赖。 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的《天 合光能股份有限公司关于向控股子公司增资暨关联交易的公告》。 表决结果：3 票同意，0 票反对， ...

天合光能公告，公司拟通过全资子公司天合智慧能源投资发展(江苏)有限公司向控股子公司江苏天合储 能有限公司增资8亿元，认购标的公司1.87亿元新增注册资本。本次增资完成后，公司对天合储能的控 制权比例将由57.17%增加至64.31%。天合储能股东浙江丽水星创企业管理咨询有限公司为公司关联 方，本次增资构成与关联方共同投资的关联交易，但不构成《上市公司重大资产重组管理办法》规定的 重大资产重组。本次交易事项已经公司第三届董事会独立董事第八次专门会议、第三届董事会第三十次 会议及第三届监事会第十五次会议审议通过，关联董事高纪凡、高海纯、高纪庆回避表决，本次交易事 项尚需提交股东会审议。 ...

Core Insights - The SNEC 2025 exhibition has been dubbed the "Spring Festival of Energy Storage," showcasing numerous new products and highlighting industry trends towards the next generation of energy storage cells [1][3]. Group 1: Industry Trends - The competition for defining the third-generation energy storage cells has intensified, with major players like Sungrow and CATL launching products with significant capacity improvements [3][5]. - Energy storage inverters are evolving to adapt to the third-generation energy storage cells, with modular designs becoming mainstream to meet project-specific needs [3]. - The energy storage system design is shifting towards modular and platform-based solutions, breaking the boundaries between commercial and large-scale storage products [3]. Group 2: Product Launches - CATL announced the mass production of its 587Ah energy storage cell, which boasts a 10% increase in energy density compared to the previous generation [5][7]. - Sungrow unveiled the PowerTitan 3.0, featuring a 12.5MWh capacity in its Plus version, which is the largest globally, and incorporates advanced energy management features [8][10]. - Various companies, including GCL-Poly, Hicharge, and others, showcased innovative energy storage solutions, such as all-in-one storage cabinets and large-scale liquid-cooled systems [4][46][67]. Group 3: Technological Innovations - The introduction of self-healing electrolyte technology in CATL's 587Ah cell enhances its lifespan and efficiency, with a projected ROI improvement of 5% over previous models [7]. - The modular design of energy storage systems allows for flexible scaling and adaptation to different operational scenarios, as demonstrated by multiple exhibitors [19][22]. - The integration of AI and digital management systems in energy storage solutions is becoming a key focus, enhancing operational efficiency and predictive maintenance capabilities [25][70]. Group 4: Strategic Collaborations - Several companies, including Desay Battery and Huaneng, have formed strategic partnerships to enhance their market presence and technological capabilities in energy storage [60][92]. - The exhibition has seen numerous collaborations aimed at expanding global business footprints, particularly in emerging markets [25][88].

Group 1: EU Regulatory Impact on Chinese Companies - The EU's ESG regulations are creating significant pressure on Chinese companies looking to enter the European market, with 56 A-share companies estimated to be affected by the new CSRD regulations[1] - A-share companies' overseas revenue as a percentage of total revenue increased to 13.10% in 2024, indicating a rising trend in international exposure[1] - Among the 56 companies potentially impacted, 24 are clearly identified as at risk, while a conservative estimate suggests 32 additional companies may also be affected[1] Group 2: ESG Risk Assessment - The overall ESG risk for companies entering Europe is manageable, but those with significant exposure to the EU may face stricter disclosure requirements[1] - Of the 56 companies, all have ESG ratings above CCC, with 3 rated BB and 2 rated B, indicating a generally acceptable risk profile[1] - Specific sectors, such as furniture and electronics, with high export shares to Europe, need to prepare for stricter ESG disclosure requirements[1] Group 3: Market Dynamics and Trade Statistics - In 2024, China's exports to the EU reached 36,724.06 billion yuan, accounting for 14.43% of total exports, while imports from the EU were 19,168.64 billion yuan, making the EU China's second-largest trading partner[1] - The average European revenue share for the 24 clearly identified companies is approximately 35%, which is significantly higher than the conservative estimate of 10% used for companies lacking detailed disclosures[1] - The report highlights that 37 of the 56 companies are included in the CSI 300 index, indicating their prominence in the market[1]