| 证券代码：000591 | 证券简称：太阳能 | 公告编号：2025-33 | | --- | --- | --- | | 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 向不特定对象发行可转换公司债券发行提示性公告 保荐人（主承销商）：华泰联合证券有限责任公司 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。 特别提示 中节能太阳能股份有限公司（以下简称"太阳能"或"发行人"）和华泰联 合证券有限责任公司（以下简称"华泰联合证券"或"保荐人（主承销商）"或 "主承销商"），根据《中华人民共和国证券法》、《证券发行与承销管理办法》 （证监会令〔第 208 号〕）、《上市公司证券发行注册管理办法》（证监会令〔第 206 号〕）、《可转换公司债券管理办法》、《深圳证券交易所上市公司证券发 行与承销业务实施细则》（深证上〔2023〕101 号）、《深圳证券交易所可转换 公司债券交易实施细则》（深证上〔2022〕719 号）、《深圳证券交易所上市公 司自律监管指 ...

| 证券代码：000591 | 证券简称：太阳能 | 公告编号：2025-29 | | --- | --- | --- | | 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 向不特定对象发行可转换公司债券网上路演公告 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"太阳能"或"发行人"）向不特定对 象发行 295,000.00 万元可转换公司债券已获得中国证券监督管理委员会证监许可 〔2025〕33 号文同意注册。 本次发行的可转换公司债券将向发行人在股权登记日（2025 年 3 月 27 日，即 T-1 日）收市后中国证券登记结算有限责任公司深圳分公司登记在册的原股东实行 优先配售，优先配售后余额部分（含原股东放弃优先配售部分）通过深圳证券交易 所交易系统网上发行。 本次向不特定对象发行可转换公司债券募集说明书全文及相关资料可在巨潮 网（http://www.cninfo.com.cn）查询。 为便于投资者了解太阳能 ...

| 证券代码：000591 | 证券简称：太阳能 | 公告编号：2025-31 | | --- | --- | --- | | 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 关于投资建设中节能太阳能牟平一期 100MW 光伏复合发电项目的公告 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）2025年3月25日召开第十一届 董事会第十六次会议审议通过了《关于投资建设中节能太阳能牟平一期100兆瓦 光伏复合发电项目的议案》，相关情况公告如下： 一、对外投资概述 为继续扩大公司光伏电站装机规模，保持行业领先地位，公司以下属子公司 中节能（烟台）太阳能科技有限公司（以下简称烟台公司）作为主体，投资建设 中节能太阳能牟平一期 100 兆瓦光伏复合发电项目（以下简称牟平一期项目）， 规划投资总额约 47,065.13 万元。 本次投资事宜已经公司董事会审议通过，无需提交公司股东大会批准。本次 投资事宜不构成关联交易，也不 ...

| 证券代码：000591 | 证券简称：太阳能 | 公告编号：2025-27 | | --- | --- | --- | | 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 第十一届监事会第十二次会议决议公告 本公司及监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。 一、监事会会议召开情况 1.会议召开时间、地点和方式：中节能太阳能股份有限公司（以下简称公司） 第十一届监事会第十二次会议于2025年3月25日以通讯方式召开。 2.会议通知：会议通知及会议材料已于2025年3月18日以邮件方式发出。 3.会议出席人数：会议应表决监事3人，实际表决监事3人。本次会议的召开 符合《公司法》和《公司章程》的有关规定，本次会议及通过的决议合法有效。 二、监事会会议审议情况 会议经记名投票，审议通过了以下议案： 1.《关于进一步明确公司向不特定对象发行可转换公司债券方案的议案》 公司已取得中国证券监督管理委员会出具的《关于同意中节能太阳能股份有 限公司向不特定对象发行可转 ...

| 证券代码：000591 | 证券简称：太阳能 | 公告编号：2025-26 | | --- | --- | --- | | 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 第十一届董事会第十六次会议决议公告 二、董事会会议审议情况 会议经记名投票，审议通过了以下议案： 1.《关于进一步明确公司向不特定对象发行可转换公司债券方案的议案》 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。 公司已取得中国证券监督管理委员会出具的《关于同意中节能太阳能股份有 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〔2025〕33 号），同意公司向不特定对象发行可转换公司债券（以下简称"可转债"）的注 册申请。根据公司 2023 年第一次临时股东大会以及 2024 年第一次临时股东大会 授权，公司董事会按照相关法律法规的要求，结合公司实际情况和市场状况，进 一步明确了公司可转债发行的具体方案。 一、董事会会议召开情况 1.会议召开时间、地点和方式：中节能太 ...

Summary of China Solar Industry Conference Call (21 March 2025) Industry Overview - **Industry**: China Solar Industry - **Date**: 21 March 2025 Key Points Polysilicon Prices and Inventory - Mono-grade polysilicon price remained stable week-over-week (WoW) at Rmb40/kg, with high inventory levels of 267k tonnes (approximately 2.7 months) preventing price increases. Continued inventory decline is expected due to demand recovery [1][1][1] Price Trends for Solar Components - N-type wafer prices increased by 1.7% WoW to Rmb1.20/pc for M10, while G12 prices remained stable at Rmb1.55/pc. - Topcon cell prices rose by 1.7% WoW to Rmb0.30/W for M10, with G12 prices stable at Rmb0.30/W. - Module prices increased by 1.4% WoW to Rmb0.73/W for Topcon and remained stable at Rmb0.85/W for HJT. - PV Infolink forecasts a 24% month-over-month (MoM) increase in module production to 52GW in March, driven by strong demand ahead of a new tariff policy effective from 1 June [2][2][2] Solar Glass and Soda Ash Prices - Solar glass prices remained flat WoW at Rmb13.75/22.25/sqm for 2.0mm/3.2mm, with inventory decreasing by 4.9% WoW to 28.87 days. - Soda ash prices remained stable at Rmb1,600/tonne [3][3][3] Export Performance - Solar cell and module exports fell by 32% YoY to US$4.0 billion in M225, with implied shipment volumes dropping by 4% YoY to 43GW. - Solar inverter exports increased by 5% YoY to US$1.07 billion, with inverter shipment volume up by 2% in M225. - India showed the strongest demand among emerging markets, with inverter export volume up 61% YoY, while other regions like South Africa, Brazil, and Saudi Arabia saw declines [4][4][4] Domestic Installations - China solar installations reached 39GW in M225, up 7.5% YoY, attributed to rush installations before the new tariff policy takes effect. Continued growth in installations is expected leading up to June [5][5][5] Risks and Opportunities - **Downside Risks**: 1. Slower-than-expected growth in installed domestic renewable energy capacity 2. Larger-than-expected tariff cuts for renewable energy projects 3. Increased competition from other power resources under future power reforms [24][24][24] - **Upside Risks**: 1. Faster-than-expected growth in installed domestic renewable energy capacity 2. Smaller-than-expected tariff cuts for renewable energy projects 3. Market share gains for solar energy compared to other power resources under future reforms [25][25][25] This summary encapsulates the key insights from the conference call regarding the current state and future outlook of the China solar industry, highlighting price trends, export performance, domestic installations, and associated risks and opportunities.

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Clean Energy, specifically focusing on solar products in the Asia Pacific region [1][4] Core Insights and Arguments - **Polysilicon Prices**: Domestic chunk polysilicon prices averaged Rmb40/kg, remaining flat week-over-week (WoW) [7] - **Granular Polysilicon Prices**: Averaged Rmb38/kg, also flat WoW [7] - **Wafer Prices**: G12R wafer prices increased by 3.7% WoW to Rmb1.4/pc [7] - **TOPCon Cell Prices**: Domestic TOPCon cell prices rose by 0-3.1% WoW, with G12R TOPCon cell priced at Rmb0.33/W [7] - **Module Prices**: Domestic TOPCon module prices climbed 1.4% WoW to Rmb0.73/W, with distributed project prices up 2.7% WoW to Rmb0.75/W [7] - **Solar Film Prices**: Prices of solar films showed mixed results, with changes ranging from -0.2% to 0.5% WoW [7] Year-over-Year (YoY) Changes - **Polysilicon**: Prices decreased by 41.2% YoY [2] - **Wafer-182mm**: Prices decreased by 35.1% YoY [2] - **Cell-182mm**: Prices decreased by 47.5% YoY [2] - **Module Prices**: PERC bifacial module prices decreased by 29.3% YoY [2] Year-to-Date (YTD) Changes - **Polysilicon**: Increased by 2.6% YTD [2] - **Wafer-210mm**: Increased by 1.7% YTD [2] - **Cell-210mm**: Increased by 3.4% YTD [2] Additional Important Information - **Market Dynamics**: The report indicates a competitive landscape with fluctuating prices across various solar products, highlighting the importance of monitoring price trends for investment decisions [1][4] - **Analyst Ratings**: The industry view is rated as "Attractive," suggesting potential investment opportunities in the clean energy sector [4][58] Conclusion - The solar products market in China is experiencing a mix of price stability and declines in certain segments, with significant year-over-year reductions in polysilicon and cell prices. The overall industry remains attractive for potential investments, warranting close monitoring of price trends and market dynamics [1][4][58]

Group 1: Company Operations - As of September 2024, the company operates power stations with a total capacity of approximately 5.044 GW, has constructed power stations of about 2.612 GW, and plans to build additional stations of around 2.778 GW, with signed purchase agreements for approximately 1.679 GW, totaling about 12.113 GW [2] - The company is actively advancing project construction and expects new projects to be completed and put into operation continuously [2] Group 2: Equity Incentives - The company is closely monitoring and researching equity incentive policies for state-owned and publicly listed companies, exploring future equity incentive plans based on these insights [3] Group 3: Market Transactions - From January to September 2024, the company engaged in market transactions amounting to 2.470 billion kWh, which accounted for 45.78% of the total grid-connected electricity [3] - The trading prices vary by region due to local policies and transaction conditions [3] Group 4: Subsidies and Costs - As of September 2024, the company received national subsidies totaling 796 million yuan, with additional subsidy funds expected in the fourth quarter [3] - The unit cost of the company's projects ranges from 4.32 to 5.84 yuan per watt, including energy storage costs, depending on regional and project type differences [3]

Summary of the China Solar Industry Conference Call Industry Overview - The conference focused on the **China Solar Industry**, discussing supply and demand dynamics, policy measures, and market trends following a renewables tour in Beijing [2][3]. Key Points and Arguments Supply and Demand Outlook - There is a **mixed outlook** for supply and demand in the solar sector, with a stronger conviction in **supply-side reductions** and clearer visibility on policy measures aimed at phasing out excess capacity [2][3]. - Despite a recent surge in installations, long-term demand visibility remains **muted**, posing a challenge for investors considering long-term exposure to the sector [2]. Policy Developments - Following the **NPC meeting**, experts anticipate more policies to curb competition in key industries, including solar. Existing measures like self-disciplined utilization cuts are effective, but new measures are expected to promote industry consolidation and advanced technologies [3]. - New capacities will only be permitted after outdated capacity is eliminated, aiming for a **balanced supply-demand** and improved utilization rates of **60-70%** within the next 2-3 years, up from less than **50%** currently [3]. Installation Projections - Experts project around **250GW** of solar installations in China for **2025**, slightly above market expectations of **200-250GW**. This is supported by a strong pipeline of utility-scale projects scheduled for interconnection in 2025 [4]. - A surge in installations is expected from **March to May 2025**, with a decline anticipated in the second half of the year. Annual additions post-2025 are expected to remain above **200GW**, driven by net zero goals and non-hydro renewables consumption quotas [4]. Tariff Trends - The on-grid tariff for renewables is expected to **trend down** due to increased volume and lower costs. However, non-technical costs, such as project development fees, may offset this decline, leading to a cautiously optimistic outlook on solar project returns [5]. Risks and Opportunities Downside Risks - Major downside risks include slower-than-expected growth in installed renewable energy capacity, larger-than-expected tariff cuts, and competition from other power resources under future reforms [7]. Upside Risks - Upside risks include faster-than-expected growth in installed capacity, smaller-than-expected tariff cuts, and potential share gains for solar energy compared to other power resources [8]. Additional Insights - The discussions highlighted the importance of **policy measures** in shaping the future of the solar industry, emphasizing the need for strategic planning and adaptation to changing market conditions [2][3][4]. This summary encapsulates the critical insights from the conference call regarding the current state and future outlook of the China solar industry, providing a comprehensive overview for stakeholders and investors.

Core Viewpoint - Yunnan Ge Industry plans to expand its production capacity of germanium wafers through its subsidiary Zhongke Xinyuan, aiming to meet the growing demand in the satellite solar cell market [1][2] Group 1: Project Details - Zhongke Xinyuan will implement a project to build germanium wafer production capacity, with an expected annual output of 1.25 million wafers by the end of 2025, and a total capacity of 2.5 million wafers upon completion [1] - The total investment for the project is estimated at 282 million yuan, with 100 million yuan allocated for fixed assets and 181 million yuan for working capital [1] - The project is located in Kunming National High-tech Industrial Development Zone and will not affect the existing production lines [2] Group 2: Market Demand and Strategic Importance - The demand for germanium wafers is expected to increase rapidly due to the growth of low-orbit communication satellite networks [1][2] - The expansion project is crucial for the company to capture market share and meet the rising downstream market demand [2] Group 3: Advanced Germanium Materials Project - Yunnan Ge Industry is also launching an advanced germanium materials project in Lincang City, which will include a production line for high-purity germanium products [3] - This project will have an annual production capacity of 45 tons of high-purity germanium tetrachloride, 15 tons of high-purity germanium dioxide, and 50 tons of zone-refined germanium ingots [3] - The total investment for this project is 121 million yuan, with expected annual revenue of 860 million yuan and an average profit of 30.63 million yuan upon reaching full capacity [3] Group 4: Financial Performance and Future Outlook - Yunnan Ge Industry expects a net profit of 46 million to 60 million yuan in 2024, representing a year-on-year growth of 559.55% to 760.28% [4] - The company anticipates a significant increase in revenue driven by the sales of compound semiconductor materials and various grades of germanium products [4] - The implementation of these projects is expected to enhance the company's competitiveness and profitability, contributing to high-quality development in the germanium industry [4]