晶澳太阳能科技股份有限公司 第六届董事会独立董事专门会议第三次会议决议 晶澳太阳能科技股份有限公司（以下简称"公司"）第六届董事会独立董事 专门会议第三次会议于 2025 年 11 月 14 日以现场结合通讯表决方式召开。 本次会议由独立董事秦晓路女士主持，会议应出席独立董事 4 名，实际出席 独立董事 4 名，符合《上市公司独立董事管理办法》《公司章程》及《独立董事 专门会议工作细则》的规定。 经与会独立董事认真审议，会议以记名投票表决方式通过如下议案： 一、审议通过《关于 2026 年度日常关联交易预计的议案》 公司对 2026 年度日常关联交易的预计合理、客观，是基于公司实际经营需 要，遵循了公开、公平、公正的原则，交易价格参照市场价格共同协商确定，不 存在损害公司及中小股东利益的情形，我们同意将上述事项提交公司董事会审议。 表决结果：4 票同意、0 票反对、0 票弃权。 （以下无正文） 1 （本页无正文，为《晶澳太阳能科技股份有限公司第六届董事会独立董事专门会 议第三次会议决议》签字页） 独立董事： 赵玉文 张淼 秦晓路 谢志华 2025 年 11 月 14 日 2 ...

第六届董事会第四十七次会议决议公告 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。 | 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2026-106 | | --- | --- | --- | | 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 晶澳太阳能科技股份有限公司（以下简称"公司"）第六届董事会第四十七 次会议于 2025 年 11 月 17 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 11 月 14 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 11 名， 实际出席董事 11 名，符合《中华人民共和国公司法》及《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《关于董事会换届暨选举第七届董事会非独立董事的议案》 鉴于公司第六届董事会任期即将届满，公司董事会将进行换届选举。经公司 董事会提名委员会审查，董事会同意提名靳保芳先生、杨爱青先生、靳军辉女士、 陶然先生、曹仰锋先生 ...

每经头条（nbdtoutiao）——段睿：我与蔡磊是 "找钥匙的人"，纵使生前寻不到，也要为其他渐冻症患 者铺就近路 （记者 曾健辉） 每经AI快讯，晶澳科技（SZ 002459，收盘价：14.2元）11月17日晚间发布公告称，公司第六届第四十 七次董事会会议于2025年11月17日在公司会议室以现场结合通讯表决方式召开。会议审议了《关于2026 年度公司向金融机构申请授信额度的议案》等文件。 2025年1至6月份，晶澳科技的营业收入构成为：新能源行业占比100.0%。 截至发稿，晶澳科技市值为470亿元。 ...

Core Insights - The 2025 Beijing-Tianjin-Hebei Top 200 Enterprises list was released, highlighting the strong presence of Hebei companies, with 66 enterprises making the list [1][6] - Hebei's top three companies are Hebei Steel Group Co., Ltd., Jingye Group Co., Ltd., and Jinan Steel Group Co., Ltd., ranking 5th, 6th, and 12th respectively [1][6] - The steel industry remains dominant in Hebei, with ongoing efforts to transition from raw material production to high-end materials and comprehensive service providers [5][6] Summary by Category Top Enterprises - The top three enterprises from Hebei in the 2025 list are: 1. Hebei Steel Group Co., Ltd. (5th) 2. Jingye Group Co., Ltd. (6th) 3. Jinan Steel Group Co., Ltd. (12th) [1][6] - Other notable companies in the top 200 include: - Longhua Automobile Co., Ltd. - Jingao Solar Technology Co., Ltd. - Stone Pharmaceutical Holdings Group Co., Ltd. [6] Industry Trends - Hebei is focusing on upgrading its steel industry by enhancing the quality and sustainability of its products, aiming for higher levels of industrial sophistication, intelligence, and environmental friendliness [5][6] - The strategic emerging industries in Hebei are represented by companies like Longhua Automobile and Jingao Solar, which are recognized for their innovation capabilities [6] Regional Representation - The 2025 Top 200 Enterprises list includes a significant number of companies from Hebei, indicating the province's strong industrial base and economic contribution [1][6] - The list also reflects the diversification of industries in Hebei, with a mix of traditional and emerging sectors represented [6]

Core Viewpoint - The photovoltaic (PV) industry is facing a prolonged period of overcapacity and demand slowdown, with significant price competition expected to continue, but without major fluctuations anticipated in the near term [1][3]. Group 1: Industry Dynamics - The current discussion around the consolidation of polysilicon production and funding is unprecedented, with slow progress and ongoing debates about regulation and capacity coordination [1][3]. - The PV industry is experiencing a unique situation of overcapacity combined with demand slowdown, leading to price pressures in the downstream market [3][4]. - Recent rumors regarding the failure of a proposed storage initiative in the PV sector were denied by industry associations and companies, reaffirming support for anti-involution policies [3][4]. Group 2: Market Trends - Bloomberg New Energy Finance predicts that global PV capacity will be sufficient to meet demand until 2035, with an expected supply of 1.5 million tons of polysilicon by 2025 [4]. - The global PV installation is projected to reach a record high of 694 GW this year, with China leading by adding 337 GW, resulting in a component demand exceeding 400 GW [4][5]. - The domestic installation demand has been relatively flat since June, attributed to ongoing policy developments and developers' cautious approach [5]. Group 3: Competitive Landscape - Leading PV manufacturers are diversifying into energy storage, with companies like Trina Solar and JinkoSolar shifting focus to this segment [4]. - Despite the growth in overseas markets, the overall scale remains small and may not compensate for the anticipated decline in the Chinese market starting in 2026 [5][8]. - The cost of PV manufacturing in China remains significantly lower than in other regions, with a production cost of approximately $0.08/W compared to $0.5/W in the U.S. [8].

Investment Rating - The report indicates a positive outlook for the photovoltaic sector, with signs of recovery in profitability and stable growth in the wind power sector [1][5]. Core Insights - The renewable energy sector reported a revenue of 11,722 billion yuan for Q1-3 2025, a year-on-year decrease of 1%, and a net profit of 242 billion yuan, down 19% year-on-year. In Q3 2025, revenue was 4,138 billion yuan, up 2% year-on-year, and net profit was 118 billion yuan, up 41% year-on-year [2][7]. - The photovoltaic segment experienced a significant reduction in losses, with Q3 2025 revenue at 2,315 billion yuan, down 8% year-on-year, but net profit surged to 28.4 billion yuan, a year-on-year increase of 1,495% [2][37]. - The wind power segment showed robust growth, with Q3 2025 revenue of 1,135 billion yuan, up 22% year-on-year, and net profit of 50 billion yuan, up 33% year-on-year [2][16]. Summary by Sections Revenue and Profitability - The renewable energy sector's revenue for Q1-3 2025 was 11,722 billion yuan, with a net profit of 242 billion yuan. Q3 2025 saw a revenue of 4,138 billion yuan and a net profit of 118 billion yuan, marking a significant recovery [2][15]. - The photovoltaic sector's revenue for Q1-3 2025 was 6,640 billion yuan, with a net loss of 43 billion yuan. In Q3 2025, revenue was 2,315 billion yuan, and net profit was 28.4 billion yuan, indicating a strong recovery [2][37]. Segment Performance - The photovoltaic segment's Q3 2025 performance showed a revenue decline of 8% year-on-year but a remarkable net profit increase of 1,495%. The wind power segment continued to grow, with a 22% revenue increase year-on-year [2][16][37]. - The report highlights that the profitability of the wind power segment is improving, with a notable increase in gross margins due to price adjustments and operational efficiencies [2][16]. Market Trends - The report notes a gradual recovery in demand for household energy storage, with significant growth expected in commercial and large-scale storage solutions. The anticipated installation capacity for 2025 is around 150 GWh, representing a year-on-year increase of over 40% [2][6]. - The photovoltaic industry is undergoing a restructuring process, with upstream profitability recovering as prices for silicon materials rise. This trend is expected to continue into 2026, leading to a reshaped industry ecosystem [2][6]. Recommendations - The report recommends focusing on high-growth areas such as inverters and mounting systems, as well as leading photovoltaic companies with cost advantages and strong distribution channels [2][6].

Core Viewpoint - The photovoltaic sector experienced a rebound after rumors regarding a multi-crystalline silicon storage platform were debunked, leading to significant stock price increases for major companies in the industry [3][4]. Group 1: Market Reactions - Following the rumors on November 12, stocks of leading companies like Longi Green Energy and JA Solar approached their daily limit down, but recovered after clarifications from the China Photovoltaic Industry Association and JA Solar [3][4]. - On November 14, companies such as Canadian Solar and Hongyuan Green Energy saw stock increases of over 5%, continuing the upward trend from the previous day [3]. Group 2: Industry Challenges - The photovoltaic industry is currently facing a unique situation of overcapacity and slowing demand, compounded by price pressures across the supply chain [4]. - Analysts indicate that the global new production capacity from 2023 to 2024 is sufficient to meet the actual installation demand for 2025, with existing capacities potentially meeting demand until 2035 [4]. Group 3: Inventory Concerns - Global silicon material inventory has reportedly exceeded 500,000 tons, marking a historical high, with domestic inventory expected to surpass 400,000 tons by the end of the year [5]. Group 4: Export Opportunities - China dominates the photovoltaic product market overseas, with significant orders coming from regions like the Middle East, Southeast Asia, and India, despite trade barriers in the U.S. and India [6]. - The manufacturing cost of China's photovoltaic products is approximately 8 cents, significantly lower than the nearly 50 cents in the U.S. and 10-20 cents in other regions, providing a competitive edge in exports [6].

Core Viewpoint - The photovoltaic (PV) sector is experiencing volatility due to market rumors and supply-demand imbalances, with recent events highlighting the fragility of the industry's current state [3][4]. Group 1: Market Reactions - Following rumors about the failure of a polysilicon storage platform, stocks in the PV sector, including companies like Aters and Longi Green Energy, saw significant fluctuations, with some stocks rising over 5% after the rumors were debunked [3]. - The market's intense reaction to the storage rumors indicates the existing supply-demand imbalance and pricing pressures within the PV industry [4]. Group 2: Supply and Demand Dynamics - The PV industry is currently facing dual pressures from both supply and demand sides, with overcapacity and slowing demand being significant concerns [5]. - According to Bloomberg New Energy Finance (BNEF), the global new production capacity from 2023 to 2024 is sufficient to meet the actual PV installation demand for 2025, with existing capacities potentially meeting demand until 2035 [5]. - BNEF estimates that global polysilicon inventory has likely exceeded 500,000 tons, marking a historical high, while domestic inventory in China is expected to surpass 400,000 tons by the end of the year [5]. Group 3: Export and International Markets - The export of Chinese PV products is becoming a focal point, with significant market shares in regions excluding the U.S. and India, which impose trade barriers [6][7]. - Key overseas markets for Chinese PV products include the Middle East, Africa, and Southeast Asia, where government support for long-term PV development is anticipated to drive growth [7]. - Chinese PV products benefit from competitive pricing and supply chain advantages, with manufacturing costs around 8 cents per watt, significantly lower than costs in the U.S. and other regions [7].

Core Viewpoint - The photovoltaic (PV) industry is currently experiencing a significant imbalance between supply and demand, leading to price pressures and concerns over excess capacity, despite recent market recovery following rumors being debunked [1][2][3]. Group 1: Market Dynamics - The PV sector has seen a rebound in stock prices for major companies like Arctech and LONGi Green Energy after rumors regarding the multi-crystalline silicon storage platform were clarified [1]. - The market's reaction to the storage rumors highlights the existing supply-demand imbalance and price pressures within the PV industry [1][3]. Group 2: Capacity and Inventory - The global PV industry is facing overcapacity, with new production capacity expected to meet actual installation demands until 2025, and existing capacity potentially satisfying needs until 2035 [3]. - Current inventory levels of silicon materials have reached historical highs, with estimates suggesting over 500,000 tons globally and over 400,000 tons in China's multi-crystalline silicon sector by the end of the year [3]. Group 3: Export Opportunities - China dominates the global market for PV products, with significant orders coming from regions like the Middle East, Southeast Asia, and India, despite trade barriers in the U.S. and India [4]. - The cost advantage of Chinese PV products is notable, with manufacturing costs around 8 cents per watt compared to nearly 50 cents in the U.S. and 10-20 cents in other regions [4]. - The diversification of export destinations and products is increasing, with a growing reliance on Chinese supply chains for more complex components like silicon wafers and battery cells [4].

事件描述 晶澳科技发布2025 年三季报，2025 前三季度公司实现收入368.09 亿元，同比下降32.27%；归母净 利-35.53 亿元；其中，2025Q3 实现收入129.04 亿元，同比下降24.05%，环比下降2.48%；归母净 利-9.73 亿元，亏损幅度环比小幅扩大。 事件评论 近期光伏反内卷有望取得积极进展，晶澳作为一体化组件龙头，优势明显。 风险提示 1、反内卷进展不及预期； 2、光伏装机不及预期。 受前期海外业务拓展影响，预计公司2025Q3 海外出货量占比有所提升，整体预计公司电池组件出货量 环比Q2 基本持平。盈利层面，公司通过精益管理控制成本，尽管Q3 上游及辅材价格有所上涨，但公司 毛利率为-0.88%，环比+0.07pct，毛利率呈现出小幅改善趋势。 财务数据方面，公司Q3 期间费用率环比+3.02pct 至8.25%，主要为财务费用影响，Q2主要系汇率波动 引起汇兑收益增加。公司经营性现金流管控优异，2025 年以来每个季度均为流入状态。 展望后续，晶澳在手资金充裕，抗风险能力强，随着转债价格下修到位资金压力进一步降低。公司报表 质量扎实，后续有望轻装上阵，公司此前发布股权激 ...