Summary of Key Points from the Conference Call Industry Overview - **Industry**: Power Sector in China - **Date**: August 25, 2025 - **Source**: Morgan Stanley Research Core Insights 1. **Power Consumption Growth**: National power consumption increased by 4.5% year-over-year (yoy) in the first seven months of 2025, compared to 3.7% in the first half of 2025. July 2025 saw a notable growth of 8.6% yoy, with all sub-sectors outpacing growth from 1H25 [2][8] 2. **Power Demand by Sector**: In July 2025, power demand growth by sector was as follows: primary (20.2% yoy), secondary (4.7% yoy), tertiary (10.7% yoy), and residential (18.0% yoy), all exceeding the growth rates of 1H25 [2][8] 3. **Total Power Generation**: Total power generation reached 5,470 billion kWh in 7M25, marking a 1.3% yoy increase. Solar and wind power generation rose significantly by 22.7% and 10.4% yoy, respectively, accounting for 17% of total power generation, up from 14% in 7M24 [3] 4. **New Power Capacity Additions**: China added 325 GW of power capacity in 7M25, a 75.7% yoy increase. This included 223 GW of solar capacity (up 81% yoy) and 54 GW of wind capacity (up 79% yoy). However, new installations in July were significantly lower than in May [4][8] 5. **Investment in Power Generation**: Investments in power generation capacity and power grid reached RMB 429 billion and RMB 332 billion in 7M25, reflecting increases of 3.4% and 12.5%, respectively [4] Additional Important Insights 1. **Decline in Monthly Installations**: Monthly new installations of solar and wind power in July were 11.0 GW and 2.3 GW, respectively, which represented a significant decline compared to 92.9 GW and 26.3 GW in May [4][8] 2. **Thermal Capacity Growth**: Newly installed thermal capacity increased by 16 GW in July, marking a 164% yoy increase, indicating a shift in energy generation strategy [4][8] 3. **Future Expectations**: The outlook for solar installations remains weak for the remainder of 2025, primarily due to low plant utilization rates [8] Conclusion The power sector in China is experiencing a rebound in consumption and generation, with significant growth in renewable energy sources. However, the decline in new installations of solar and wind power raises concerns about future capacity growth. The investment landscape appears positive, but challenges remain in maintaining momentum in renewable energy installations.

据了解，世界卫生组织建议的公众磁场暴露限值为100微特斯拉。电磁辐射分析仪测试数据显示，在距 离光伏组件15厘米以上，基本测不出电磁辐射数值。即便在15厘米以内，电磁辐射数值也极小，仅相当 于日常使用的小家电电磁辐射数值的二十分之一。 光伏发电减少了对传统化石能源的依赖和碳排放，对改善空气质量，减少环境污染，缓解温室效应具有 积极作用，是一种可持续利用的清洁能源。"光伏组件太阳能板主要安装在屋顶、山坡、水面等位置， 距离人们可接触的距离远超15厘米，对人体是完全无害的。"黄耕文说。 （文章来源：经济日报） 电磁辐射包括无线电波、微波、红外线、可见光和紫外光等，它的产生原理是带电粒子运动（即电流流 动）产生电场和磁场，变化的电场会产生磁场，变化的磁场又会产生电场，两者相互作用并向外传播， 形成电磁波，即电磁辐射。 "光伏组件太阳能板的发电原理是光生伏特效应，是通过光照使掺杂不同的半导体产生内建电场现象， 从而形成直流电流。"黄耕文说，光伏组件太阳能板输出的是直流电，而且电流方向不变，直流电本身 不会产生磁场，但地球本身是一个大磁场，在电流流动过程中，会产生微弱的静态电场和磁场。光伏组 件太阳能板所产生的电磁辐射 ...

Core Viewpoint - Africa is significantly developing solar power generation, with China being the primary source of solar panel imports, accounting for approximately 80% of global production [1] Group 1: Import Growth - From June 2024 to June 2025, the total volume of solar panels imported by Africa from China is expected to surge by 60% year-on-year, reaching a total generating capacity of 15 gigawatts [1] - The number of countries importing solar equipment with a capacity exceeding 100 megawatts has increased from 15 to 25 [1] Group 2: Market Leaders - South Africa remains the largest buyer of solar panels, although its demand has slowed due to improvements in its electricity situation [1] - Nigeria has surpassed Egypt to become the second-largest market, with total imported equipment capacity exceeding 1,700 megawatts [1] - Algeria ranks third in terms of solar equipment imports [1] Group 3: Economic Impact - In countries like Sierra Leone, the use of imported solar equipment could generate over 60% of the national electricity supply [1] - Experts indicate that solar energy can significantly reduce fuel import expenditures, with investment payback periods in countries like Nigeria being as short as six months, highlighting the substantial development potential and economic value of solar energy in Africa [1]

Core Insights - The report by Zhiyan Consulting highlights the competitive landscape and investment recommendations for the solar cell industry in China from 2025 to 2031 [1] Export Data Summary - In June 2025, China's solar cell exports reached 890 million units, representing a year-on-year increase of 45.8% [1] - The export value for the same period was $2.2 billion, which reflects a year-on-year decrease of 24.2% [1]

Core Viewpoint - The United States is initiating an investigation into solar products imported from India, Laos, and Indonesia, which may impact the solar industry and trade dynamics in these regions [1] Group 1: Investigation Details - The investigation will focus on potential trade practices related to solar products from the specified countries [1] - This move may lead to increased scrutiny and potential tariffs on solar imports, affecting pricing and supply chains [1] Group 2: Industry Implications - The solar industry in the U.S. could experience disruptions due to changes in import regulations and potential tariffs [1] - Companies in the solar sector may need to adjust their sourcing strategies and pricing models in response to the investigation [1]

Core Viewpoint - The company Kamda Solar (00712.HK) reported a significant increase in revenue for the six months ending June 30, 2025, compared to the same period last year, while also showing a reduced loss [1] Financial Performance - The company's revenue reached 148 million RMB, up from 86.72 million RMB in the same period last year, indicating a year-on-year increase of approximately 70.5% [1] - The loss for the period was 23.665 million RMB, which is a slight improvement from a loss of 25.60 million RMB in the previous year [1]

Group 1 - The company reported a revenue of 148 million, representing a year-on-year increase of 71% [1] - The loss attributable to shareholders was 22.8 million, a decrease of 9.7% compared to the previous year [1] - The loss per share was 2.15 cents [1] Group 2 - Revenue from solar and energy storage increased from approximately 12.4 million in the same period of 2024 to about 98.8 million, a rise of 695.5% [1] - This growth was primarily due to the successful acquisition of new EPC projects by the company's subsidiary [1] - The company secured a new EPC service contract for a similar flywheel energy storage and lithium iron phosphate energy storage system in Shilou County, Shanxi Province, China [1] Group 3 - Revenue from logistics services decreased from approximately 74.3 million in the same period of 2024 to about 49.5 million, a decline of 33.4% [1] - This decline was mainly attributed to the termination of contracts by two clients in the first half of 2025 [1]

Core Insights - Kamda Solar (00712) reported a revenue of 148 million, representing a year-on-year increase of 71% [1] - The loss attributable to shareholders was 22.8 million, a decrease of 9.7% compared to the previous year [1] - The loss per share was 2.15 cents [1] Revenue Breakdown - Revenue from solar and energy storage increased from approximately 12.4 million in 2024 to about 98.8 million, marking a significant rise of 695.5% [1] - This growth was primarily driven by the successful acquisition of new EPC projects by the company's subsidiary [1] - The logistics service revenue decreased from approximately 74.3 million in 2024 to about 49.5 million, a decline of 33.4% [1] - The decline in logistics revenue was mainly due to the termination of contracts by two clients in the first half of 2025 [1]

证券代码：000591 证券简称：太阳能 公告编号：2025-94 中节能太阳能股份有限公司 关于开立募集资金临时补流专项账户 并签订三方监管协议的公告 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。 一、募集资金基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"）《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），中节能太阳能股份有限公司（以下简称"公司"）向 不特定对象发行 2,950 万张可转换公司债券，发行价格为每张人民币 100.00 元， 募集资金总额人民币 295,000.00 万元。在扣除各项发行费用（不含税）后，公 司本次实际募集资金净额为人民币 294,705.92 万元，上述款项已于 2025 年 4 月 3 日全部到位。致同会计师事务所（特殊普通合伙）对本次募集资金到位情况 进行了审验，并于 2025 年 4 月 7 日出具了《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认购资金实收情况验资报告》（致同验字（2025） 第 110C000081 号）。公 ...

Core Insights - A new type of solar thermoelectric generator (STEG) developed by scientists at the University of Rochester has achieved a 15-fold increase in conversion efficiency compared to earlier versions [1] - The new STEG can power IoT wireless sensors and wearable devices, and serve as an off-grid renewable energy system for rural areas [1] Group 1: Technological Innovations - The new STEG integrates three innovative strategies: the use of self-developed black metal technology on the hot side to selectively absorb solar wavelengths [2] - Femtosecond laser pulses are used to etch nanoscale structures on the metal surface, enhancing solar energy absorption and reducing thermal radiation loss [2] - A microstructured heat sink made from treated aluminum on the cold side significantly improves cooling performance, doubling the cooling efficiency [2] Group 2: Efficiency Improvements - The research team focused on enhancing the heat absorption and insulation capabilities of the hot side while optimizing the cooling performance of the cold side, leading to a significant breakthrough in efficiency [2] - The new STEG demonstrates the ability to power organic light-emitting diodes (OLEDs) with efficiency levels far exceeding current methods [2]