Group 1 - Company Tianhe Solar announced on November 4, 2025, that it received a notice from Youze Venture Capital regarding the completion of its share reduction plan, during which approximately 12.47 million shares were sold, accounting for 0.5724% of the total share capital from September 5, 2025, to November 3, 2025 [1] - As of the announcement date, the share reduction plan has been fully implemented [1] - For the year 2024, Tianhe Solar's revenue composition is 98.17% from the photovoltaic industry and 1.83% from other businesses [1] Group 2 - As of the report, Tianhe Solar has a market capitalization of 46.6 billion yuan [2] - The photovoltaic industry in China is experiencing significant growth, with overseas orders increasing by 246%, covering over 50 countries and regions [2] - There are warnings from entrepreneurs about potential malicious competition in the overseas market, as some are selling at a loss [2]

| 证券代码：688599 | 证券简称：天合光能 公告编号：2025-109 | | --- | --- | | 转债代码：118031 | 转债简称：天 23 转债 | 公司于 2025 年 11 月 4 日收到有则创投出具的《关于股份减持结果的告知函》， 自 2025 年 9 月 5 日至 2025 年 11 月 3 日，有则创投在减持计划期间通过集中竞 价交易方式合计减持公司股份 12,474,897 股，占公司总股本的比例为 0.5724%。 截至本公告披露日，本次减持计划已实施完毕。 天合光能股份有限公司 股东减持股份结果公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 本次股份减持计划实施前，江苏有则创投集团有限公司（以下简称"有则创 投"，曾用名"江苏有则科技集团有限公司"）直接持有天合光能股份有限公司 （以下简称"公司"）首次公开发行前股票 12,474,897 股，占公司总股本的比 例为 0.5724%。上述首次公开发行前持有的股份已于 2023 年 ...

| 证券代码：688599 | 证券简称：天合光能 | 公告编号：2025-110 | | --- | --- | --- | | 转债代码：118031 | 转债简称：天 23 转债 | | 1 1、 合作方的名称：Pacific Green Energy Group Pty Ltd 2、 合作方背景：Pacific Green 为领先的电池储能系统项目开发公司及专业 机构，致力于满足全球对更清洁、更可持续电力的需求。 3、 与公司的关系：合作方与公司及控股子公司均不存在关联关系，合同的 履行对公司业务的独立性不构成影响，公司不会对客户形成依赖。 （二）签订合作备忘录已履行的审议决策程序和审议情况 天合光能股份有限公司 关于签订储能合作备忘录的自愿性披露公告 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责任。 重要内容提示： 天合光能股份有限公司（以下简称"公司"）的控股子公司 Trina Energy Storage Solutions (Singapore) Pte. Ltd（以下简称"天合储能"）近日与 Pacific ...

Core Viewpoint - Trina Solar's subsidiary, Trina Storage, has signed a memorandum of cooperation with Pacific Green to supply 5 GWh of grid-level battery energy storage systems from 2026 to 2028 [1] Group 1: Partnership Details - The partnership aims to establish a strategic cooperation for the supply of battery storage systems with a total capacity of 5 GWh [1] - Trina Storage will provide advanced grid-level battery systems that integrate leading industry technologies, excelling in safety, efficiency, and lifespan [1] - Pacific Green will be responsible for the development and project delivery at multiple project sites in Australia and other international markets [1] Group 2: Project Capacity - Upon completion, the project will have the capability to store and deliver up to 5 billion watt-hours of electricity to the grid [1]

Core Viewpoint - Trina Solar's subsidiary Trina Energy Storage Solutions (Singapore) Pte. Ltd has signed a memorandum of understanding with Pacific Green Energy Group Pty Ltd to collaborate on supplying 5GWh of grid-level battery energy storage systems from 2026 to 2028 [1] Summary by Categories - **Partnership Details** - The memorandum outlines a partnership for the supply of 5GWh of battery energy storage systems [1] - **Financial Impact** - The memorandum does not involve specific monetary amounts and is not expected to have a significant impact on the company's performance for the current year [1] - The actual impact on future operating performance will depend on the progress and implementation of the project [1]

信用评级公告 | 债券代码 | 债券简称 | 上次主体评级结果上次债项评级结果 上次评级时间 | | 债券余额 | 党付日 | | --- | --- | --- | --- | --- | --- | | 118031.SH | 天 23 转债 | AA/稳定 AA/稳定 | 2025/06/23 | 88.6445 亿元 | 2029/02/12 | | 次刺水瓶,八五次烈,暗△次片鼓面 | | | | | | 联合〔2025〕 10893 号 联合资信评估股份有限公司关于天合光能股份有限公司 2025 年前三季度利润亏损的关注公告 受天合光能股份有限公司(以下简称"公司")委托,联合资信评估股份有限公司(以下简称 "联合资信")对公司及其发行的相关债项进行了信用评级。除评级委托关系外,联合资信、评级 人员与公司不存在任何影响评级行为独立、客观、公正的关联关系。 根据联合资信最近的评级结果,公司个体信用等级为 aa,主体长期信用等级为 AA,评级展望为 稳定;公司委托联合资信评级的相关债项评级结果详见下表,评级有效期为相关债项存续期。 表 1 截至本公告出具日公司委托联合资信进行信用评级的存续期内公开发行 ...

Core Insights - Chinese renewable energy and storage companies are increasingly entering South Asian markets, particularly India and Bangladesh, establishing local manufacturing facilities and securing significant contracts [1][2]. Group 1: Market Entry and Localization - Chinese companies are major suppliers in India's solar and wind energy markets, with firms like JinkoSolar, LONGi Green Energy, and Trina Solar dominating the solar component supply [2]. - In wind energy, leading companies such as Envision Energy and SANY Heavy Industry have secured large contracts, with Envision becoming one of the largest wind turbine suppliers in India [2]. - The localization process has begun, with companies like Sungrow Power Supply establishing factories in Bangalore with an annual capacity of 3 GW, and Envision Energy building manufacturing facilities in Maharashtra and Tamil Nadu [2]. Group 2: Market Potential and Government Support - India faces significant electricity shortages and aims to diversify its energy structure, with a target of achieving 500 GW of renewable energy capacity by 2030 [5][6]. - The Indian government has implemented various policies to support renewable energy, including financial incentives and requirements for energy storage systems in solar projects [6]. - The profit margins in the Indian market are attractive for Chinese companies, with reports indicating that the gross margin for wind turbine orders in India is higher than domestic margins by over five percentage points [7]. Group 3: Challenges and Risks - The investment environment in India is complex, with macro policy risks stemming from changes in foreign direct investment regulations that require prior government approval for Chinese investments [9]. - Discriminatory policies aimed at reducing import dependency pose risks, such as the reintroduction of approval lists that exclude Chinese manufacturers from government projects [11]. - The Indian government's push for localization presents challenges, as foreign companies may face increasing demands for local investment and technology transfer [12].

证券日报网讯 11月3日晚间，天合光能发布公告称，截至2025年10月31日，公司通过上海证券交易所交 易系统以集中竞价交易方式累计回购公司股份25，115，789股，占公司总股本的比例为1.15%。 （文章来源：证券日报） ...

Core Viewpoint - Chinese energy storage companies are making significant strides in international markets, showcasing their technological competitiveness across various applications including photovoltaic support, grid-side, user-side, and data centers [1]. Group 1: Major Contracts and Projects - China National Nuclear Corporation signed a contract for a 900MWp photovoltaic and 1.2GWh battery storage project in Indonesia, aimed at supplying green electricity to Singapore [2]. - Haibo Si Chuang achieved breakthroughs in the EMEA region, signing a 45MWh grid-side independent storage project in Greece, marking its entry into the Southern European market [3]. - Tianhe Energy signed a contract for over 1GWh of storage products with a European customer, utilizing its new generation flexible storage battery cabin, Elementa 2 Pro [8]. - Tianhe Energy also secured a large-scale project in Chile, collaborating with Atlas Renewable Energy on a 233MW/1003MWh grid-type storage project [9]. - Nandu Power won a bid for a lithium battery equipment procurement project in the U.S. with a value of 478 million RMB, located in Texas [10]. - BYD announced a partnership with Skysense in Mexico to deploy 300MWh of storage capacity by 2026 [11]. - Ronghe Yuanshu won a bid for a 40MWh storage project in Guinea, utilizing its Enprime-Y liquid-cooled storage container [12]. - Jingkong Energy signed a strategic cooperation agreement for a 2GWh home energy storage system deployment in Australia [13]. - Zhuoyang Energy secured a 400MWh order in Europe and initiated the construction of a 6GWh storage factory in Hungary [14]. - Maitian Energy signed a strategic cooperation agreement totaling 4GWh with top renewable energy distributors in Australia [15][16]. - Qik Energy received orders exceeding 30 million RMB for a North American AIDC storage project, with plans to scale up to 100MWh by 2026 [17]. Group 2: Industry Trends and Developments - The recent developments in the energy storage sector indicate a strong trend towards international expansion and collaboration among Chinese companies, reflecting a growing global demand for energy storage solutions [1][18].

Group 1 - The company, Trina Solar, announced a share buyback plan, repurchasing approximately 25.12 million shares, which represents 1.15% of its total share capital of about 2.179 billion shares [1] - The buyback was conducted through the Shanghai Stock Exchange's centralized bidding system, with a total expenditure of approximately RMB 432 million [1] - The highest price for the repurchased shares was RMB 24.91 per share, while the lowest price was RMB 13.64 per share [1]