| 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2025-049 | | --- | --- | --- | | 债券代码：127089 | 债券简称：晶澳转债 | | 晶澳太阳能科技股份有限公司 第六届董事会第四十次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 晶澳太阳能科技股份有限公司（以下简称"公司"）第六届董事会第四十次 会议于 2025 年 6 月 9 日在公司会议室以现场结合通讯表决方式召开。 召开本次会议的通知已于 2025 年 6 月 5 日以电话、电子邮件等方式通知了 各位董事。本次会议由公司董事长靳保芳先生主持，会议应出席董事 9 名，实际 出席董事 9 名，符合《中华人民共和国公司法》（以下简称"《公司法》"）及《晶 澳太阳能科技股份有限公司章程》（以下简称"《公司章程》"）的规定。经与会董 事认真审议，会议以记名投票表决方式通过如下议案： 一、审议通过《关于变更公司注册资本的议案》 表决结果：9 票同意、0 票反对、0 票弃权。 本议案需提交股东大会审议。 具体内容详见同日披露于巨潮资讯网（http:/ ...

Core Viewpoint - JinkoSolar Technology has submitted its application for H-share listing on the Hong Kong Stock Exchange, aiming to raise funds for expanding overseas production capacity and supporting R&D projects, amidst rising debt levels and operational challenges [1][5]. Group 1: Financial Performance and Debt Situation - As of the first quarter of this year, JinkoSolar's interest-bearing debt and payables exceeded 38 billion, with a debt ratio that has rapidly climbed to the highest in the industry [2][5]. - Since its reverse listing in 2019, JinkoSolar has raised a total of 26.7 billion through various financing rounds, yet its debt continues to rise, indicating a pressing need for new financing channels [3][5]. - The company reported a net loss of 4.7 billion in 2024, with significant contributions from its Vietnam factory, which generated a net profit of 2.2 billion [1][8]. Group 2: International Expansion and Challenges - JinkoSolar's internationalization strategy includes a planned investment of 3.957 billion to build a solar cell and module production facility in Oman, expected to commence production in early 2026 [8]. - The company faces significant challenges due to increased tariffs on its Vietnam operations, which are expected to severely impact future performance [9][11]. - The sale of its U.S. factory for approximately 1.57 billion further complicates its overseas capacity expansion efforts, as it navigates through multiple operational hurdles [10][11].

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]

Group 1 - The China Securities Regulatory Commission (CSRC) has requested JinkoSolar Technology Co., Ltd. to provide supplementary information regarding pending litigation and safety production-related administrative penalties before its overseas listing [1][2] - JinkoSolar's main business includes the research, production, and sales of solar photovoltaic silicon wafers, cells, modules, and energy storage systems, as well as the development, construction, and operation of solar power plants [2] - According to Frost & Sullivan, JinkoSolar ranked third globally in photovoltaic module shipments in 2024, with a market share of 12.3%, and has maintained a position in the global top four for ten consecutive years since 2015 [2] Group 2 - As of December 31, 2024, JinkoSolar's products are sold in 178 countries and regions worldwide, with over half of its sales revenue coming from international markets [2] - The company has established 16 overseas sales offices and seven regional operation centers globally [2]

Core Insights - The photovoltaic industry in China is experiencing unprecedented deep adjustments, with companies facing significant operational losses and intensified "involution" competition, necessitating a shift from cost competition to value creation through technological innovation and strategic adjustments [1][2][3] Industry Performance - In 2024, the photovoltaic industry faced severe challenges, with a new installed capacity of 277.57 GW, a year-on-year increase of 28.3%. However, the industry saw a significant decline in revenue, with major companies like JinkoSolar reporting a revenue drop of 22.08% to 92.471 billion yuan, and LONGi Green Energy experiencing a 36.23% decline to 82.58 billion yuan [2] - The photovoltaic equipment sector reported a revenue of 927.1 billion yuan in 2024, reflecting a negative growth of 22.81%, with a net profit loss of 26.6 billion yuan, a year-on-year decline of 127.13% [2] Financial Struggles - The loss-making trend among photovoltaic companies is expanding, with cash flow crises becoming more pronounced. However, some companies like Sungrow reported a revenue increase of 50.92% to 19.036 billion yuan in Q1 2025, alongside a net profit growth of 82.52% [3] - Overall, the profit recovery across the photovoltaic industry chain remains limited, with companies still under operational pressure [3] Competitive Landscape - The industry is plagued by "involution" competition, characterized by price wars and patent disputes, leading to widespread losses across the supply chain. For instance, the price of monocrystalline silicon dropped from 65,000 yuan/ton at the beginning of 2024 to 40,000 yuan/ton by year-end [4] - The ongoing patent wars, such as the lawsuits between Trina Solar and Canadian Solar, further exacerbate competition, with claims reaching up to 1.058 billion yuan [4][6] Innovation and Future Strategies - To overcome current challenges, the photovoltaic industry must focus on technological innovation and diversify business models. Emphasizing high-efficiency battery technologies like PERC, HJT, and TOPCon is crucial for sustainable development [7] - Collaborative international expansion is emerging as a new model for the industry, involving upstream and downstream partnerships to mitigate risks in foreign markets and enhance competitiveness [8]

1、美国太阳能制造商要求政府立即封堵东南亚光伏组件进口关税漏洞 美国国际贸易委员会（USITC）上周针对东南亚四国（柬埔寨、马来西亚、泰国、越南）太阳 能产品的损害终裁结果，正引发本土制造商与进口商的激烈博弈。美国太阳能制造商联盟 （SEMA）等组织近日公开呼吁，要求USITC最迟在6月2日前公布最终关税细则，否则可能因程序 漏洞导致大量东南亚组件在新关税生效前突击涌入美国市场。 2025年5月25日，土耳其贸易部发布第2025/8号公告称，应土耳其生产商申请，对原产于中 国的太阳能电池板接线盒（参考英语译文：Junction Boxes for solar panels）启动反倾销调查。 本案倾销调查期为2024年全年，损害调查期为2022年1月1日～2024年12月30日。涉案产品的土 耳其税号为8544.42.90.00.11、8544.60.10.00.11、8544.60.90.00.00。公告自发布之日起生 效。 利益相关方应于公告发布37日内提交调查问卷。 3、泰国停止对光伏等行业投资优惠 据泰媒报道，泰国投资委员会（BOI）19日召开会议，出台4项措施帮助泰国企业应对美关税 和外部挑战。 一是 ...

阿尔法工场Green . 聚焦清洁能源行业，提供最新的绿色能源公司资讯、技术创新和ESG行业趋势。 作 者 | 寿者相 来源 | 阿尔法工场Green 导 语： 出售美国工厂，或因生产不经济及被制裁风险上升。筹建中的阿曼与埃及工厂，将作 为晶澳供货美国新策略的重要部分。 以下文章来源于阿尔法工场Green ，作者寿者相 或出售美国工厂？ 近期，有来自业内的消息称，晶澳科技（002459.SZ）正在考虑出售位于美国亚利桑那州的光伏组 件工厂。 两年前，2023年2月4日，晶澳科技公告称，将通过新设公司的方式在美国 亚利桑那新建2GW组件 项目，投资额约为12.44亿元人民币。 | 投资项目 | 投资主体 | 投资额 | 占最近一期 经审计净资 | 审批程序 | | --- | --- | --- | --- | --- | | | | (万元) | 产比例 | | | 美国 2GW 组件项目 | 新设公司 | 124,376,68 | 7.54% | 项目投资额累计未超过最近 一期经审计净资产的 10%, | | | | | | 无需提交童事会审批 | 美国亚利桑那州商务局官网当时也发布新闻称，晶澳美国工厂主要 ...

21世纪经济报道记者曹恩惠 上海报道 晶澳太阳能科技股份有限公司（下称晶澳科技（002459），002459.SZ）发行H股事项有了进展。 根据该公司5月26日晚间发布的公告，中国证监会已于近日接收晶澳科技发行境外上市外资股（H股） 并在香港联交所挂牌上市的备案申请材料。这意味着，自今年2月份宣布筹划发行H股股票后，这家光 伏龙头距离实现"A+H"两地上市的规划再进一步。 根据21世纪经济报道记者不完全统计，多家A股新能源公司已经加入筹划"A+H"股两地上市阵营，这些 企业多来自光伏、锂电产业链。 且在今年5月，钧达股份、宁德时代（300750）（300750.SZ、03750.HK）先后港股挂牌，也让其他排 队的新能源企业坚定了筹划H股上市的步伐。 但业内人士指出，赴港股二次上市的新能源公司，一个重要诉求是实现合理估值。 "粮草"看似充足 晶澳科技缺钱吗？ 单从财务报表里的"货币资金"来看，似乎并不缺。 截至2025年一季度末，晶澳科技货币资金余额为255.54亿元，较2024年底还有所增加。 不过，晶澳科技在手现金的增加这源自于其借款的增多——自2024年一季度开始，该公司短期借款和长 期借款规模上升明显 ...

Summary of Key Points Core Viewpoint - JinkoSolar Technology Co., Ltd. has experienced a decline in stock price, currently trading at 9.28 yuan, down 2.11% [1]. Fundraising Activities - In 2020, the company raised a total of 5,199,999,991.50 yuan through a non-public offering of 244,131,455 shares at a price of 21.3 yuan per share, with net proceeds of 5,160,754,708.55 yuan after deducting underwriting fees [1]. - In 2022, the company issued 74,382,624 shares at 67.22 yuan per share, raising 4,999,999,985.28 yuan, with net proceeds of 4,968,679,230.65 yuan after underwriting fees [2]. - In 2023, the company issued 89,603,077 convertible bonds at a face value of 100.00 yuan each, raising 8,960,307,700.00 yuan, with net proceeds of 8,935,878,824.51 yuan after underwriting fees [2]. Total Fundraising - Over the past five years, JinkoSolar has raised a total of 19.16 billion yuan through three fundraising activities [3]. - The company's stock is currently trading below the price at which it was issued in the recent fundraising rounds [3].

智通财经APP获悉，兴业证券发布研报称，供给侧改革、技术变革和海外变局是光伏行业当前关注的重 点。行业经历2020-2023年大周期调整后，目前处于主链全行业亏现金流状态，部分环节二三线企业持 续亏损近两年，产业处于盈利周期底部。2025年3月以来受抢装潮影响，企业利润逐步向上修复，利润 的修复短期看价格，长期看需求。 兴业证券主要观点如下： 供给侧改革预期增强，光伏行业有望逐步复苏 行业经历2020-2023一轮大周期，目前处于主链全行业亏现金流状态，部分环节二三线企业持续亏损近 两年，产业处于盈利周期底部。2025年3月以来受抢装潮影响，企业利润逐步向上修复，利润的修复短 期看价格，长期看需求。自2024年10月18日，协会发布"反内卷"倡议以来，自律联盟、配额减产，新产 能投产限制等措施正在逐步推行，预计未来也将陆续会有渐进式政策推出，一方面控制产能无序增长、 防止内卷，另一方面解决装机痛点，扩大需求等方式进行产业链价格托底，目标是让行业回归至合理盈 利水平。2025年光伏行业政策的核心在于引导行业从"规模扩张"转向"质量优先"，从供需两端推动行业 高质量发展，加强能耗控制，优化市场机制，提高技术创新， ...