Core Insights - TCL Zhonghuan emerged as a focal point at the SNEC PV + 2025 conference, showcasing innovative products and concepts that invigorate global energy transition [1] Group 1: Innovation and Technology - TCL Zhonghuan positions itself as a technological pioneer in the photovoltaic industry, emphasizing innovation as the core driver of its development [2] - The company showcased 210 monocrystalline silicon rods and a series of silicon wafer products, breaking the limitations of the 8-inch wafer size that had dominated the industry for nearly a decade [2] - The 210 series products are becoming mainstream due to their advantages in production efficiency and photovoltaic conversion efficiency, aligning with market demand for high-power, high-efficiency, and low-cost products [2] - In the battery component sector, TCL Zhonghuan presented BC technology components with a maximum power of 680W and an efficiency of 25.2%, while TOPCon technology components reached 750W and 24.14% efficiency [4] Group 2: ESG and Sustainability - TCL Zhonghuan adheres to a green ecological philosophy, aiming to enhance sustainable development levels amid increasing global emphasis on sustainability [6] - The company hosted a roundtable dialogue on "Drawing a Zero Carbon Blueprint for a Sustainable Future" and launched a zero-carbon factory project during the exhibition [8] - The strategic investment center head stated that the new strategy will transition the company from a single manufacturing model to a composite function model of "new energy production + sales," enhancing its sustainable competitive advantage [8] - TCL Zhonghuan aims to integrate ESG deeply into its global market strategy, viewing it as essential for sustainable and responsible globalization [8] - The company plans to leverage the zero-carbon factory project to promote a digital platform for carbon reduction management, collaborating with governments and professional institutions to create replicable and scalable zero-carbon solutions [8]

Core Viewpoint - The photovoltaic industry is experiencing a recovery in prices and profitability due to industry self-discipline, production limits, and the elimination of outdated capacity, leading to an improved supply-demand balance [1][2]. Group 1: Market Performance - As of June 11, 2025, the CSI Photovoltaic Industry Index (931151) rose by 1.28%, with notable increases in constituent stocks such as Aiko Solar (600732) up 9.44%, and LONGi Green Energy (601012) also seeing gains [1]. - The Photovoltaic ETF (159863) increased by 0.93%, with a recent price of 0.43 yuan, and has accumulated a 1.42% rise over the past week [1]. Group 2: Industry Dynamics - The recent stabilization and rebound in prices for silicon materials and wafers, along with strong demand for N-type solar cells, are contributing to the recovery of profitability for related companies [1]. - The National Energy Administration's new management measures for distributed photovoltaic power generation are expected to enhance industry order and promote high-quality development, instilling long-term confidence in the market [1]. Group 3: Investment Insights - According to a report from China International Capital Corporation (CICC), the photovoltaic sector's valuation remains at historical lows, indicating strong investment potential [1]. - With the traditional installation peak season approaching in the third quarter, the photovoltaic industry chain is likely to enter a new cycle of prosperity, suggesting further upside for related stocks [1]. Group 4: Index Composition - The CSI Photovoltaic Industry Index includes up to 50 representative listed companies involved in the photovoltaic industry chain, with the top ten weighted stocks accounting for 56.2% of the index [2]. - The top ten stocks include LONGi Green Energy (601012), TCL Technology (000100), and Sungrow Power Supply (300274) among others [2].

Core Viewpoint - The international photovoltaic market has seen significant activity in May, with major companies signing overseas orders totaling over 4GW, primarily from countries such as Germany, Sweden, Poland, Pakistan, Australia, Zimbabwe, Zambia, and Peru [1] Group 1: Company Activities - Tongwei Co., Ltd. signed a strategic cooperation agreement with BayWa r.e. Solar Trade Holding GmbH for project development and system integration, and also secured a supply agreement for Eastern Europe with INFO-Telecom [2] - Aiko Solar successfully signed a 1GW centralized order with overseas clients, including significant projects in Europe and Africa, and has made substantial progress in the centralized market with its ABC components [3] - GCL-Poly Energy signed project cooperation agreements with Galp and Unigea, marking a significant step in its global strategy [4] - Chint New Energy established a three-year strategic partnership with Belectric to supply photovoltaic modules for ground station projects in Europe [5][6] - TCL Solar signed a strategic distribution agreement with Power & Sun Solar Equipments Trading LLC to supply 300MW of high-efficiency photovoltaic modules to the Middle East, Africa, and Eurasia [7] - LONGi Green Energy signed a strategic cooperation agreement with ENGIE and China Power Construction Corporation to provide over 1GW of high-efficiency Hi-MO 9 modules [8] - Hanwha Energy signed a 250MW annual supply framework agreement with PV CONSULT LTD in Bulgaria and established multiple strategic partnerships in Europe [9][10] - Huasheng New Energy reached an exclusive strategic cooperation with Next2Sun to promote the Kunlun series horizontal modules in Europe [11] - JA Solar signed MOU agreements with Australian companies NSEG and YES Group to supply a total of 250MW of high-efficiency photovoltaic modules by 2025 [12] - Seraphim signed a 250MW framework agreement with Barzaei Halwan in Iraq to support renewable energy infrastructure development [13] - Gaojing Solar signed a strategic cooperation agreement with Grodno S.A. in Poland, setting a 200MW annual cooperation target [14] - Sumida Huailun signed photovoltaic carport project agreements totaling 116MW with German EPC companies [15]

证券代码：002129 证券简称：TCL 中环 公告编号：2025-019 重要提示： 1、公司于 2025 年 4 月 26 日在指定披露媒体上刊登了《关于召开 2024 年度股东大会通知的 公告》； 2、本次股东大会无否决提案的情况； 3、本次股东大会不涉及变更以往股东大会已通过的决议； 4、本次股东大会以现场与网络投票相结合的方式召开。 一、会议召开和出席情况 TCL 中环新能源科技股份有限公司（以下简称"公司"）2024 年度股东大会于 2025 年 5 月 16 日（星期五）下午 15:00 在公司会议室以现场及网络投票相结合的方式召开。出席本次股东大会的 股东及股东授权代表共计 1,054 人，代表公司股份 1,276,201,028 股，占公司有表决权股份总数的 31.6040%。 其中，出席本次股东大会现场会议的股东及股东代表共计 3 人，代表股份 1,106,309,167 股， 占公司有表决权股份总数的 27.3967%；通过网络投票出席本次股东大会的股东共计 1,051 人，代 表股份 169,891,861 股，占公司有表决权股份总数的 4.2072%；中小股东及股东授权代表共计 1, ...

北京市嘉源律师事务所 关于 TCL 中环新能源科技股份有限公司 2024 年度股东大会的 法律意见书 师事务所 三 源在 JIA YUAN LAW OFFICES 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 l TCL 中环 · 2024 年度股东大会 嘉源 · 法律意见书 京 濕倉师事务所 IA YUAN LAW OFFICES 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI'AN 致:TCL中环新能源科技股份有限公司 北京市嘉源律师事务所 关于TCL中环新能源科技股份有限公司 2024年度股东大会的 法律意见书 嘉源(2025)-04-311 北京市嘉源律师事务所(以下简称"本所")接受TCL中环新能源科技股份 有限公司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以下 简称"《公司法》"）《上市公司股东会规则》（以下简称"《股东会规则》"） 等现行有效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规") 以及《TCL中环新能源科技股份有限公司章程》(以下简称"《公司章程》") 的 ...

Core Viewpoint - The photovoltaic industry is facing significant challenges due to a decline in demand following a surge in installations, leading to a drop in prices for silicon wafers and batteries, with production cuts in May falling short of expectations [1][2][4]. Price Trends - The price of N-type silicon wafers has seen a substantial decline, with the largest weekly drop of 13.5% recorded recently, bringing prices below levels seen in Q4 of the previous year [1][2]. - Specific prices include N-type G10L at 1.01 yuan/piece (down 9.82% week-on-week), N-type G12R at 1.12 yuan/piece (down 13.85%), and N-type G12 at 1.35 yuan/piece (down 7.53%) [2][3]. Production and Demand Dynamics - The decline in silicon wafer prices is primarily attributed to a significant drop in downstream demand post-holiday, compounded by insufficient production cuts in the battery sector [3][4]. - Battery production is expected to decrease by 9% in May, with many manufacturers maintaining high operational efficiency, which may not sufficiently alleviate price pressures [3][5]. Financial Health of Companies - Despite a reduction in losses in Q1, many companies in the photovoltaic supply chain continue to struggle, with 18 out of 21 firms reporting losses after adjustments [5][6]. - The median asset-liability ratio for these companies has risen to 73.27%, indicating increasing financial strain [5][6]. Future Outlook - The effectiveness of production cuts is deemed crucial for stabilizing prices, as the industry relies on self-regulation to prevent further declines [4][6]. - Industry insiders suggest that clearer transparency in manufacturing costs could help align prices with production expenses, thereby enhancing the effectiveness of production cuts [6].

Investment Rating - The investment rating for TCL Zhonghuan is "Buy" and is maintained [7]. Core Views - In 2024, TCL Zhonghuan reported a revenue of 28.419 billion yuan, a year-on-year decrease of 52%, with a net profit attributable to shareholders of -9.818 billion yuan. In Q4 2024, revenue was 5.836 billion yuan, down 44% year-on-year, with a net profit of -3.757 billion yuan. For Q1 2025, revenue was 6.101 billion yuan, a 39% decline year-on-year, with a net profit of -1.906 billion yuan [2][5]. - The company maintained a positive operating cash flow, generating 2.839 billion yuan in 2024 and 0.491 billion yuan in Q1 2025 [11]. - The photovoltaic materials business solidified its global leading position, with silicon wafer shipments increasing by 10.5% to 125.8 GW in 2024, maintaining an 18.9% market share. The company is advancing the large-size silicon wafer strategy, with 60.4 GW of large-size (210 series) products shipped [11]. - In Q1 2025, the operational capacity of the photovoltaic materials business improved, with a production capacity of 200 GW and a significant increase in order volume [11]. - The company recorded substantial asset impairment losses, totaling 4.434 billion yuan in 2024, including inventory impairment of 3.337 billion yuan and goodwill impairment of 0.915 billion yuan. In Q1 2025, asset impairment losses amounted to 0.709 billion yuan [11]. Financial Summary - In 2024, TCL Zhonghuan's total revenue was 28.419 billion yuan, with a gross profit margin of -9%. The operating profit was -2.581 billion yuan, and the net profit attributable to shareholders was -9.818 billion yuan [17]. - The company’s cash flow from operating activities was positive, with net cash flow of 2.839 billion yuan in 2024 and 0.491 billion yuan in Q1 2025 [17]. - The company’s R&D expenditure in 2024 was 1.1 billion yuan, accounting for 3.9% of total revenue [11].

Core Viewpoint - The photovoltaic industry is undergoing significant adjustments due to supply-demand mismatches, leading to a reduction in workforce across many companies [1][3][4]. Group 1: Workforce Changes - The number of employees in 109 A-share photovoltaic companies is projected to decrease from 78,260 in 2023 to 63,870 in 2024, indicating a reduction of over 14,000 employees [1][4]. - The workforce saw a substantial increase from 61,770 in 2022 to 78,260 in 2023, driven by a surge in industry performance, with total revenue reaching 1.65 trillion yuan and net profit hitting 147.09 billion yuan in 2023 [2][4]. - Major companies like Longi Green Energy, Jinko Solar, Trina Solar, and JA Solar have reduced their workforce by over 10,000 employees each, with Longi and Jinko seeing reductions exceeding 20,000 [5]. Group 2: Financial Performance - The financial performance of the photovoltaic industry is expected to decline in 2024, with total revenue dropping to 1.38 trillion yuan and a net loss of 60 million yuan reported [4]. - The decline in material prices has led to some companies operating at a loss, prompting them to implement cost-cutting measures, including workforce reductions [3][4]. Group 3: Contrasting Trends - Despite the overall trend of workforce reduction, some companies, particularly in the photovoltaic equipment sector, are hiring. For instance, North China Innovation added 4,434 employees, and Sungrow Power increased its workforce by 3,608 [6]. - Companies producing photovoltaic inverters and auxiliary materials, such as Sungrow, Deye, and Jinlang Technology, have reported overall profitability, allowing them to expand their workforce [6].

Core Viewpoint - The performance of photovoltaic companies has been significantly impacted by the decline in industry chain prices, leading to increased losses among major players while some equipment and storage companies have shown resilience and growth [1][2][5]. Group 1: Industry Performance - In Q1 2025, among 67 listed companies in the photovoltaic equipment sector, 30 companies reported revenue growth year-on-year, accounting for approximately 44.77% [1]. - 34 companies experienced losses, representing about 50% of the total, with major integrated companies like Tongwei Co., TCL Zhonghuan, and Longi Green Energy reporting significant losses [2]. - Tongwei Co. reported a revenue of 15.933 billion yuan, down 18.58% year-on-year, with a net loss of 2.593 billion yuan, a decline of 229.56% [2]. - TCL Zhonghuan's revenue fell to 6.101 billion yuan, down 38.58%, with a net loss of 1.906 billion yuan, worsening by 116.67% compared to the previous year [3]. Group 2: Segment Analysis - The battery segment is facing intense price competition, with JunDa Co. reporting a revenue decline of 49.52% and a net loss of 106 million yuan, a drop of 636.04% year-on-year [3]. - Major component manufacturers like JA Solar and Trina Solar have also shifted from profit to loss, with JA Solar reporting a revenue of 13.843 billion yuan, down 40.03%, and a net loss of 1.39 billion yuan [3][4]. - Trina Solar's revenue decreased by 21.48% to 14.335 billion yuan, with a net loss of 1.32 billion yuan compared to a profit of 516 million yuan in the previous year [4]. Group 3: Resilient Companies - In contrast, companies in the energy storage and equipment sectors have shown strong performance, with Sungrow Power achieving a revenue of 19.036 billion yuan, up 50.92%, and a net profit of 3.826 billion yuan, up 82.52% [5]. - DeYe Co. also reported a revenue increase of 36.24% to 2.566 billion yuan, with a net profit of 706 million yuan, up 62.98% [6]. - JinkoSolar and other equipment manufacturers have also reported significant revenue growth, with Jiejia Weichuang achieving a revenue of 4.099 billion yuan, up 58.95% [6]. Group 4: Global Expansion - Companies are increasingly focusing on international markets, with Hengdian East Magnetic reporting a revenue of 5.222 billion yuan, up 23.25%, and a net profit of 458 million yuan, up 29.65% [8]. - DeYe Co. has expanded its overseas sales significantly, with foreign sales revenue increasing by 83.2% [9]. - The global clean energy transition is expected to drive long-term growth in the photovoltaic industry, with a reported 59.71 GW of new photovoltaic installations in Q1 2025, a year-on-year increase of 30.5% [10].

Core Viewpoint - TCL Zhonghuan is facing significant challenges in the photovoltaic industry due to structural adjustments in production capacity and irrational competition, leading to a sharp decline in product prices and a downturn in financial performance [1][2] Financial Performance - In 2024, TCL Zhonghuan reported operating revenue of 28.419 billion yuan, a year-on-year decrease of 51.95% [1] - The company incurred a net loss of 9.818 billion yuan [1] - Despite losses, the company maintained positive operating cash flow, with 3.95 billion yuan in net cash flow from operations in 2024 and 490 million yuan in the first quarter of 2025 [4][5] Industry Outlook - The photovoltaic industry is currently in a downward cycle, with prices expected to stabilize after a period of demand surge [1][2] - TCL Zhonghuan anticipates that the industry will continue to grow in the long term, emphasizing the necessity of capacity reduction and industry self-discipline [1] Cost Reduction Strategies - The company is focusing on cost reduction in silicon wafer production, achieving a cost advantage of 3%-5% over the second and third tiers of competitors, and 2%-3% over first-tier competitors [2] - Significant progress has been made in reducing costs through advancements in technology and production efficiency [2] Strategic Adjustments - TCL Zhonghuan is diversifying its product offerings in the battery module segment, moving beyond its previous focus on bifacial products to meet market standards [2][3] - The company aims to expand its presence in overseas markets, particularly in Europe and the United States, while enhancing its brand capabilities [3] Global Expansion - The company is actively pursuing a global strategy, establishing partnerships for overseas production capacity, including a collaboration with Saudi Arabia's Public Investment Fund to build a large-scale crystal wafer factory [3] Capital Expenditure and Cash Flow Management - No new domestic photovoltaic projects are planned for the next two years, with capital expenditures focused on semiconductor materials and ongoing projects [4] - The company is committed to maintaining positive operating cash flow through cost improvements and effective management of current assets [5]