| 证券代码：000591 | 证券简称：太阳能 | | 公告编号：2025-93 | | --- | --- | --- | --- | | 债券代码：127108 | 债券简称：太能转债 | | | | 债券代码：149812 | 债券简称：22太阳 | G1 | | | 债券代码：148296 | 债券简称：23太阳 | GK02 | | 中节能太阳能股份有限公司 关于按期收回现金管理产品本金及收益的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 中节能太阳能股份有限公司（以下简称公司）于 2025 年 4 月 28 日召开第十 一届董事会第十八次会议和第十一届监事会第十四次会议，审议通过了《关于使 用暂时闲置的向不特定对象发行可转换公司债券募集资金进行现金管理的议案》， 同意公司使用不超过人民币 8 亿元（含）、单笔产品不超过 5 亿元（含）暂时闲 置的向不特定对象发行可转换公司债券募集资金（以下简称暂时闲置募集资金） 进行现金管理，在该现金管理额度内，资金可以在一年内滚动进行使用，即任一 时点公司使用暂时闲置募集资金购买银行现金管理产品的余额不 ...

Core Viewpoint - The company has approved the temporary use of idle funds from its convertible bond issuance to supplement working capital, not exceeding 500 million RMB, for a period of 12 months, ensuring that this does not affect the normal implementation of investment projects [1][6][9]. Summary by Sections Convertible Bond Fundraising Overview - The company issued 29.5 million convertible bonds at a price of 100 RMB each, raising a total of 2.95 billion RMB, with a net amount of approximately 2.947 billion RMB after deducting issuance costs [1][3]. Fund Storage and Usage - The raised funds are stored in a dedicated account, and as of June 30, 2025, the company has invested a total of 2.2916242 billion RMB in various projects, with 2.1207785 billion RMB used to replace pre-invested funds and 170.8457 million RMB directly invested after the funds were raised [3][5]. Temporary Working Capital Supplement - The company plans to use up to 500 million RMB of idle funds temporarily to support its main business operations, with the aim of improving fund efficiency and reducing financial costs, while ensuring that investment projects are not affected [5][6][9]. Regulatory Compliance - The company has signed a tripartite supervision agreement with its underwriter and banks to ensure compliance with regulations regarding the management and use of raised funds [2][8]. Monitoring and Oversight - The supervisory board and underwriter have reviewed and approved the use of idle funds, confirming that the process adheres to relevant regulations and does not harm shareholder interests [9][10].

格隆汇8月27日丨太阳能(000591.SZ)公布2025年半年度报告，上半年公司实现营业收入26.97亿元，同比 下降16.84%；归属于上市公司股东的净利润6.77亿元，同比下降16.89%；归属于上市公司股东的扣除非 经常性损益的净利润6.28亿元，同比下降21.02%；基本每股收益0.1727元。 ...

华泰联合证券有限责任公司 关于中节能太阳能股份有限公司使用向不特定对象发行可 转换公司债券的部分闲置募集资金临时补充流动资金的核 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"或"保荐人"）作 为中节能太阳能股份有限公司（以下简称"太阳能"或"公司"）向不特定对象 发行可转换公司债券的保荐人，根据《证券发行上市保荐业务管理办法》《上市 公司募集资金监管规则》《深圳证券交易所股票上市规则》《深圳证券交易所上市 公司自律监管指引第 1 号——主板上市公司规范运作》及《深圳证券交易所上市 公司自律监管指引第 13 号——保荐业务》等有关法律、法规和规范性文件的要 求，对太阳能使用向不特定对象发行可转换公司债券的部分闲置募集资金临时补 充流动资金事项进行了核查，核查情况及核查意见如下： 1 二、募集资金存放与使用情况 （一）募集资金存放情况 为规范募集资金管理和使用，切实保护投资者权益，根据相关规定，公司及 保荐人分别与招商银行股份有限公司北京分行、国家开发银行、中国工商银行股 份有限公司北京翠微路支行、中国民生银行股份有限公司北京分行、兴业银行股 份有限公司北京玲珑路支行签订了《募集资金三方监管协议》； ...

华泰联合证券有限责任公司 太阳能全资子公司太阳能科技为拓宽公司融资渠道，增加经营发展资金储备， 拟向保理公司申请云单额度，以丰富太阳能科技公司及子公司的对外支付方式。 太阳能科技拟与保理公司签订《中节能保理云单系统金融服务协议》（以下 简称"中节能云单协议"），接受由保理公司建设并运营的中节能云单保理系统（以 下简称"云单系统"）提供的服务，在云单系统上向太阳能科技及其下属子公司 的供应商开具基于双方合同项下的应付账款的电子信用凭证（以下简称"云单凭 证"），用于支付相应款项。本次太阳能科技拟申请云单额度 2 亿元，担保方式为 信用方式，期限 1 年，年化利率不超过 2.60%。 依据云单系统业务规则和指引，供应商在云单系统收到的云单凭证可以选择 直接向保理公司申请融资，融资成本一般由供应商承担；持有到期，待到期日自 行收款；或将未到期的云单凭证继续向上游供应商全额转让、拆分转让。云单凭 1 证到期后，太阳能科技及其下属子公司对其开具的云单凭证向云单持有人履行付 款义务。 保理公司是中节能资本控股有限公司的全资子公司，中节能资本控股有限公 司是太阳能控股股东中国节能环保集团有限公司（以下简称"中国节能"）的全 ...

Core Viewpoint - Yunnan Zheye's subsidiary produces photovoltaic products, specifically germanium monocrystals for solar cells, which are primarily used in high-efficiency solar germanium batteries for applications in space vehicles like satellites [1] Group 1: Company Overview - The subsidiary's project for germanium crystal production for space solar batteries is an expansion and enhancement of existing production lines [1] - The products have been supplied in bulk to downstream customers for several years, indicating a stable market presence [1] Group 2: Product Characteristics - Solar germanium batteries are noted for their high photoelectric conversion efficiency and stable performance [1] - These batteries are predominantly utilized in specialized fields such as space exploration [1]

Core Insights - The company reported a revenue of 2.697 billion yuan for the first half of 2025, representing a year-on-year decline of 16.84% [1] - The net profit for the same period was 677 million yuan, also showing a year-on-year decrease of 16.89% [1] - The company has decided not to distribute cash dividends, issue bonus shares, or increase share capital from reserves [1] Financial Performance - Revenue for H1 2025: 2.697 billion yuan, down 16.84% year-on-year [1] - Net profit for H1 2025: 677 million yuan, down 16.89% year-on-year [1] Dividend Policy - The company will not distribute cash dividends [1] - No bonus shares will be issued [1] - No capital increase from reserves will take place [1]

Section I Important Notice, Table of Contents and Definitions This section provides important notices, the report's table of contents, a list of reference documents, and definitions of key terms [I. Important Notice](index=2&type=section&id=I.%20Important%20Notice) This section includes guarantees from the board, supervisory board, and senior management regarding the report's accuracy, highlights forward-looking statement risks, lists operational risks, and states no cash dividends, bonus shares, or capital reserve conversions for the half-year - The company's board of directors, supervisory board, and senior management guarantee the report's content is **true, accurate, and complete**[3](index=3&type=chunk) - Forward-looking statements, such as the company's future plans, do not constitute substantive commitments and may differ from actual results[3](index=3&type=chunk) - The company faces operational risks including **competition, high non-technical costs, electricity price fluctuations, power curtailment issues, and pressure across the entire photovoltaic manufacturing chain**[3](index=3&type=chunk) - No **cash dividends, bonus shares, or capital reserve conversions** will be distributed for the 2025 half-year period[3](index=3&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the structured table of contents for the report, covering nine main chapters from important notices to financial reports and other submitted data [List of Reference Documents](index=4&type=section&id=List%20of%20Reference%20Documents) This section provides a list of the company's reference documents for the reporting period, including financial statements signed and sealed by key personnel, and originals of all publicly disclosed company documents - Reference documents include financial statements signed and sealed by the **legal representative, chief accountant, and head of the accounting department**[9](index=9&type=chunk) - Originals of all company documents and announcements publicly disclosed during the reporting period on **China Securities Journal, Securities Times, Securities Daily, Shanghai Securities News, and Juchao Information Network**[9](index=9&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company names, historical evolution, related parties, currency units, and photovoltaic industry specific terminology, ensuring clear understanding of the report content - "**Company, the Company, Listed Company, Solar Company**" refers to CECEP Solar Energy Co., Ltd., formerly known as Chongqing Tongjunge Co., Ltd[11](index=11&type=chunk) - "**CECEP**" refers to China Energy Conservation and Environmental Protection Group Co., Ltd[11](index=11&type=chunk) - "**Watt (W), Kilowatt (kW), Megawatt (MW), Gigawatt (GW)**" are units of electrical power used to measure photovoltaic power station generation capacity[11](index=11&type=chunk) - "**Green Certificate**" refers to renewable energy green electricity certificates issued by the state[11](index=11&type=chunk) Section II Company Profile and Key Financial Indicators This section provides the company's basic information, contact details, and key financial data and indicators for the reporting period [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) This section introduces the company's basic registration information, including stock abbreviation, code, listing exchange, Chinese and foreign names, and legal representative - Company stock abbreviation: **Solar Energy**, stock code: **000591**, listing exchange: **Shenzhen Stock Exchange**[13](index=13&type=chunk) - Company Chinese name: **CECEP Solar Energy Co., Ltd.**, legal representative: **Zhang Huixue**[13](index=13&type=chunk) [II. Contact Person and Contact Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section provides contact information for the company's board secretary and securities affairs representative, including name, address, phone, fax, and email, for investor communication - Board Secretary: **Guo Yi**, contact number: **010-83052461**, email: **cecsec@cecep.cn**[14](index=14&type=chunk) [III. Other Information](index=6&type=section&id=III.%20Other%20Information) This section states that the company's contact information, information disclosure, and document storage locations remained unchanged during the reporting period, with details available in the 2024 annual report - The company's registered address, office address, website, and email address remained **unchanged** during the reporting period[15](index=15&type=chunk) - The securities exchange website and media names and URLs for the company's semi-annual report disclosure, as well as the report's storage location, remained **unchanged** during the reporting period[16](index=16&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=6&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for the 2025 half-year, showing a year-on-year decrease in operating revenue and net profit attributable to shareholders, but a significant increase in net cash flow from operating activities Key Accounting Data and Financial Indicators for H1 2025 (YoY) | Item | Current Period (yuan) | Prior Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,696,987,503.95 | 3,243,180,622.19 | -16.84% | | Net Profit Attributable to Shareholders of Listed Company | 676,766,975.47 | 814,325,647.34 | -16.89% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 627,975,329.80 | 795,154,759.71 | -21.02% | | Net Cash Flow from Operating Activities | 348,346,164.35 | 184,433,266.56 | 88.87% | | Basic Earnings Per Share (yuan/share) | 0.1727 | 0.2082 | -17.05% | | Diluted Earnings Per Share (yuan/share) | 0.1727 | 0.2082 | -17.05% | | Weighted Average Return on Net Assets | 2.85% | 3.50% | -0.65% | Key Accounting Data and Financial Indicators as of H1 2025 (YoY) | Item | As of Current Period End (yuan) | As of Prior Year End (yuan) | Change from Prior Year End | | :--- | :--- | :--- | :--- | | Total Assets | 54,184,392,328.72 | 48,983,866,679.56 | 10.62% | | Net Assets Attributable to Shareholders of Listed Company | 23,948,624,867.30 | 23,451,708,087.13 | 2.12% | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) This section states that during the reporting period, there were no differences in net profit and net assets between financial reports disclosed under international or overseas accounting standards and those under Chinese accounting standards - The company's financial reports for the reporting period show **no differences in net profit and net assets** between International Accounting Standards and Chinese Accounting Standards[19](index=19&type=chunk) - The company's financial reports for the reporting period show **no differences in net profit and net assets** between overseas accounting standards and Chinese Accounting Standards[20](index=20&type=chunk) [VI. Non-Recurring Gains and Losses and Their Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Their%20Amounts) This section details the non-recurring gains and losses for the reporting period, totaling 48,791,645.67 yuan, primarily including disposal gains/losses of non-current assets, government subsidies, and non-operating income Non-Recurring Gains and Losses for H1 2025 | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 40,287,340.15 | | Government Subsidies Recognized in Current Period P&L (Excluding) | 6,241,355.13 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities Held by Non-Financial Enterprises | 147,324.89 | | Reversal of Impairment Provisions for Receivables Subject to Individual Impairment Testing | 220,000.00 | | Gains from Investment Cost of Acquiring Subsidiaries, Associates, and Joint Ventures Being Less Than Fair Value of Identifiable Net Assets at Acquisition | 1,071,254.05 | | Gains/Losses from Contingent Events Unrelated to Normal Business Operations | -4,329,901.00 | | Other Non-Operating Income and Expenses Apart from the Above | 19,246,777.00 | | Less: Income Tax Impact | 14,493,259.27 | | Minority Interest Impact (After Tax) | -400,754.72 | | Total | 48,791,645.67 | - The company does not classify any non-recurring gains and losses listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public – Non-Recurring Gains and Losses" as recurring gains and losses[23](index=23&type=chunk) Section III Management Discussion and Analysis This section provides a comprehensive analysis of the company's business operations, core competencies, financial performance, investment activities, and risk factors during the reporting period [I. Principal Business Activities During the Reporting Period](index=9&type=section&id=I.%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) This section details the company's industry market, value chain, key policies, main businesses, and operating model, summarizing the half-year performance. The company primarily invests in and operates photovoltaic power stations and manufactures PV products, navigating market reforms and competition through innovation and expansion [(I) Industry Overview During the Reporting Period](index=9&type=section&id=%28I%29%20Industry%20Overview%20During%20the%20Reporting%20Period) This section analyzes the photovoltaic industry's market and value chain in H1 2025, including new installations, export data, product price fluctuations, and lists various national policies supporting the industry's development - From January to June 2025, China's new solar power installed capacity reached **212.21 GW**, a **107% year-on-year increase**, with cumulative national solar installed capacity reaching **1,100 GW**, officially entering the terawatt era[25](index=25&type=chunk) - In H1 2025, China's cumulative export value of main PV materials (wafers, cells, modules) reached **$13.82 billion**, a **26% year-on-year decrease**; module exports to emerging markets were a highlight, with year-on-year growth in export value to **115 countries and regions**[26](index=26&type=chunk) - The National Development and Reform Commission and National Energy Administration issued the "Notice on Deepening Market-Oriented Reform of New Energy On-Grid Tariffs to Promote High-Quality Development of New Energy," marking a shift from **policy-driven to market-driven new energy development**[29](index=29&type=chunk) - Multiple policies supporting the PV industry were issued by the National Development and Reform Commission, National Energy Administration, and other ministries, including enhancing power system regulation, managing distributed PV, developing the green certificate market, promoting coal power upgrades with new energy integration, direct green power supply, new power system pilots, and hydrogen energy pilots[28](index=28&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) - The Ministry of Industry and Information Technology held a PV industry symposium, emphasizing **governance of low-price disorderly competition, phasing out outdated capacity, guiding enterprises to improve product quality, and strengthening technological innovation and international cooperation**[36](index=36&type=chunk)[37](index=37&type=chunk) [(II) Overview of Principal Business and Operating Model](index=11&type=section&id=%28II%29%20Overview%20of%20Principal%20Business%20and%20Operating%20Model) This section outlines the company's main businesses: investment and operation of photovoltaic power stations, and R&D, production, and sales of PV cells and modules. The company continues to expand PV projects, enter overseas markets, and transform its manufacturing business towards a technology-driven, asset-light model, while enhancing digitalization and intelligent operations - The company's principal business is the **investment and operation of photovoltaic power stations**, with electricity as its main product, sold to State Grid and China Southern Power Grid[38](index=38&type=chunk) - The company also engages in **R&D, production, and sales of PV cells and modules**, with products sold to domestic and international markets, primarily Europe, Brazil, and Asia-Pacific regions[38](index=38&type=chunk) - As of the end of June 2025, the company's operational, under-construction, planned, and pre-acquisition agreement power station capacities totaled approximately **12.647 GW**[39](index=39&type=chunk) - The company actively develops overseas PV power generation projects, having identified potential projects in **Southeast Asia and Central Asia**, and established cooperation with countries like Sri Lanka, Uzbekistan, and Kyrgyzstan[39](index=39&type=chunk) - The company continuously transforms its manufacturing business towards a **technology-driven, asset-light competitive model**, including technology output, integrated energy-saving PV solutions, differentiated product technologies (flexible modules, balcony modules), and R&D of key technologies like perovskite-silicon tandem cells[40](index=40&type=chunk) - The company headquarters has established a power purchase and sales working group, applied for power sales qualifications, promoted virtual power plant pilot applications, and jointly developed a **power trading and marketing management platform**[41](index=41&type=chunk) [(III) Company Operating Performance in H1 2025](index=12&type=section&id=%28III%29%20Company%20Operating%20Performance%20in%20H1%202025) This section summarizes the company's H1 2025 operating performance, with revenue and net profit decreasing year-on-year, mainly due to electricity marketization and the PV product manufacturing segment. PV power station installed capacity continued to grow, increasing electricity sales, but average electricity prices declined. The company actively participated in electricity market transactions and green power trading, and received renewable energy subsidies - In H1 2025, the company achieved **operating revenue of 2.697 billion yuan**, a **16.84% year-on-year decrease**; net profit attributable to shareholders was **677 million yuan**, a **16.89% year-on-year decrease**[42](index=42&type=chunk) Business Revenue Composition in H1 2025 | Business Segment | Sales Revenue (100 million yuan) | Share of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | PV Power Stations | 22.79 | 84.48% | +4.71% | | Solar Products | 4.07 | 15.10% | -61.61% | - As of the end of June 2025, the company's operational power stations were approximately **6.535 GW**, with total installed capacity of approximately **12.647 GW**[42](index=42&type=chunk) - In H1 2025, the company's total electricity sales were approximately **4.156 billion kWh**, a **22.32% year-on-year increase**; the average pre-tax electricity sales price was **0.624 yuan/kWh**, mainly due to a lower proportion of nationally subsidized power stations[44](index=44&type=chunk) - In H1, the company's total market-based electricity transactions were **2.165 billion kWh**, accounting for **52.09% of total electricity sales**; the average market-based electricity price was approximately **0.2234 yuan/kWh**, a **7.25% year-on-year increase**[46](index=46&type=chunk) - The company cumulatively sold **410,500 green certificates**, with an average selling price of approximately **2.36 yuan/certificate**; the average power curtailment rate in H1 was **14.88%**[46](index=46&type=chunk) - The company received a total of **112 million yuan in electricity subsidies**, of which **76 million yuan were national subsidies**; the outstanding electricity subsidies at period-end totaled **13.583 billion yuan**, with **13.103 billion yuan being national subsidies**[46](index=46&type=chunk) Key Production and Operation Information | Item | Current Period | Prior Period | | :--- | :--- | :--- | | Total Installed Capacity (GW) | 12.647 | 11.582 | | Operational Installed Capacity (GW) | 6.535 | 4.944 | | Electricity Generation (100 million kWh) | 41.56 | 33.98 | | Average On-Grid or Sales Price (yuan/kWh, tax-inclusive) | 0.624 | 0.724 | | Power Plant Utilization Hours (hours) | 606.10 | 631.44 | [II. Analysis of Core Competencies](index=13&type=section&id=II.%20Analysis%20of%20Core%20Competencies) This section analyzes the company's core competencies from both operational and technological perspectives. Leveraging its state-owned enterprise brand, extensive industry experience, project reserves, standardized management, strong O&M capabilities, digitalization, and financing strength, coupled with continuous technological innovation, abundant scientific achievements, concentrated talent, and empowering tech platforms, the company maintains a leading position in the PV industry [(I) Operational Core Competencies](index=13&type=section&id=%28I%

Group 1 - The company has confirmed that its portable energy storage products can be used in conjunction with solar photovoltaic panels to provide continuous power to smart robots [2] - The company plans to actively explore and develop comprehensive solutions for related application scenarios in the future [2] - The goal is to offer higher quality and more comprehensive services to the market [2]

Core Viewpoint - The company has been recognized for its technological leadership and innovation capabilities in the field of tower solar thermal utilization, as evidenced by the approval of the "Tower Solar Thermal Utilization Shandong Provincial Engineering Research Center" [1] Group 1: Technological Advancements - The company is the only domestic enterprise with a complete REPCO solar thermal industry chain, focusing on independent research and breakthroughs in core technologies [1] - Significant achievements include the development of a series of proprietary technologies in key areas such as tower solar thermal mirror field control, calibration systems, and DNI prediction technology [1] Group 2: Project Developments - The Xinjiang Wind City Oilfield solar thermal project successfully achieved stable steam supply with parameters of 6.1 MPa pressure, 287°C temperature, and 7.0 t/h flow rate, marking a key breakthrough in clean energy utilization in traditional oil and gas industries [2] - The project features a total mirror collection area of 51,504 square meters and a heat absorption tower height of 113.4 meters, utilizing 23,700 self-developed small mirrors with a solar thermal conversion efficiency of 53% [2] - The company is also involved in the construction of the highest tower molten salt solar thermal power station in Xinjiang, with a designed capacity of 100 MW and an average annual power generation of approximately 1.96 billion kWh [4] Group 3: Future Outlook - The company plans to leverage the newly established engineering research center to integrate innovation resources and deepen strategic collaborations with universities, research institutions, and industry partners [5] - Focus will be on addressing key technical challenges in tower solar thermal power systems, promoting the industrial application and demonstration of innovative results, and supporting the high-quality development of the solar thermal industry [5]