Core Insights - The company Jingao Technology (002459.SZ) reported that by the end of 2024, the net assets attributable to shareholders of the listed company will amount to 27,896.25 million yuan [1] - From January to November 2025, the company has accumulated new borrowings of 6,852.21 million yuan, which represents 24.56% of the net assets attributable to shareholders at the end of 2024 [1]

| 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2025-120 | | --- | --- | --- | | 债券代码：127089 | 债券简称：晶澳转债 | | 截至 2024 年末，公司归属于上市公司股东的净资产为 2,789,624.75 万元， 2025 年 1-11 月公司累计新增借款金额 685,221.04 万元，占 2024 年末归属于上市 公司股东的净资产的 24.56%。 二、新增借款的类型 公司 2025 年 1-11 月累计新增借款分类明细如下： 单位：万元 晶澳太阳能科技股份有限公司 关于 2025 年累计新增借款的公告 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。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 15 号——可转换公司债券》的有关规定，现就晶澳太阳能科技股份有限 公司（以下简称"公司"）2025 年累计新增借款情况公告如下： 一、主要财务数据情况 1 司偿债能力产生重大不利影响。 四、其他说明 2025 年 1-11 月新增借款数据以合并口径计算，未经审计，敬请投 ...

Core Viewpoint - The energy storage industry is experiencing rapid growth in demand, while the photovoltaic (PV) sector is facing challenges with overcapacity and declining demand. Many PV manufacturers are diversifying into energy storage to create a "second growth curve" [1]. Group 1: Industry Trends - Since the second half of 2025, energy storage demand has surged, contrasting with the struggles of the PV industry [1]. - In October 2025, energy storage battery shipments reached 59.9 GWh, marking a year-on-year increase of 67.6% and a month-on-month increase of 5.7% [2]. - The demand for energy storage is primarily driven by regions rich in solar and wind resources, with independent storage projects accounting for over 90% of the completed procurement scale in November [3][4]. Group 2: Company Strategies - Companies like LONGi Green Energy and JA Solar are actively entering the energy storage market, with LONGi acquiring a majority stake in a battery storage company and JA Solar partnering with a battery manufacturer for joint development [6]. - Many PV manufacturers lack the technical expertise in energy storage inverters and battery production, making it challenging to compete effectively in the energy storage sector [1][6]. - Trina Solar emphasizes the importance of a comprehensive approach to energy storage, integrating battery cells, battery packs, and energy management systems to optimize efficiency and safety [7]. Group 3: Market Dynamics - The shift from traditional power-side storage to independent storage is a key factor in the current demand explosion, allowing for flexible market participation [4]. - The energy storage market is expected to grow significantly, with projections indicating that the demand for storage batteries will surpass that of power batteries in the future [9]. - The ongoing energy transition and the push for carbon neutrality are driving the need for energy storage solutions, which are becoming essential for grid stability and efficiency [9].

Core Viewpoint - The establishment of Beijing JA Solar Energy Storage Technology Co., Ltd. marks a significant step in the development of the energy storage sector in China, with a registered capital of 300 million RMB and a focus on emerging energy technologies and storage services [2]. Group 1: Company Information - Beijing JA Solar Energy Storage Technology Co., Ltd. was founded on December 12, 2025, with a legal representative named Jin Bin [2]. - The company is wholly owned by JA Solar Technology Co., Ltd. and operates in the electric power and heat production and supply industry [2]. - The business scope includes research and development of emerging energy technologies, storage technology services, manufacturing and sales of new energy equipment, and various technical services [2]. Group 2: Industry Events - The 14th International Energy Storage Summit and Exhibition (ESIE 2026) is scheduled to take place from April 1 to April 3, 2026, at the Capital International Exhibition Center in Beijing, serving as a key event for the energy storage industry [4].

Core Viewpoint - JA Solar Technology has signed a framework agreement with the international certification authority TÜV Rheinland to jointly establish an evaluation system for the new generation of multi-slice technology, aiming to define and assess its innovative value and set industry standards for the photovoltaic industry [1][4]. Group 1: Industry Context - The photovoltaic industry is focusing on deepening innovation across policy, enterprise, and market levels to expand new trends and reshape the industry landscape [3][6]. - There is a growing consensus and innovative thought in the industry regarding the new generation of multi-slice design, addressing the shortcomings of conventional half-slice designs in power enhancement, aesthetics, shading resistance, cable loss, and installation convenience [3][6]. Group 2: Company Developments - JA Solar has made early investments in multi-slice design and has achieved significant results, leading to mass production applications [3][6]. - The new flagship component, DeepBlue 5.0, is based on the new generation of multi-slice design, achieving a maximum power output of 670W and an efficiency of 24.8%, along with excellent low-light performance and shading resistance [3][6]. Group 3: Collaboration and Future Plans - Under the signed agreement, JA Solar will provide product information, structure and manufacturing processes, and test samples to support TÜV Rheinland in research, testing standards, certification processes, and quality assessment [3][6]. - This collaboration exemplifies JA Solar's technological innovation strength and serves as an important model for the photovoltaic industry's collaborative advancement of production, research, and testing [3][6]. - JA Solar aims to continue working with industry partners to promote photovoltaic technology iteration and industry upgrades, contributing to the global green energy initiative [3][6].

Group 1 - Beijing Jing'ao Energy Storage Technology Co., Ltd. has been established with a registered capital of 300 million yuan [1] - The company's business scope includes research and development of emerging energy technologies, energy storage technology services, manufacturing of new energy power equipment, and sales of new energy power equipment [1] - Jing'ao Energy Storage is wholly owned by Jing'ao Solar Co., Ltd., a subsidiary of Jing'ao Technology (002459) [1]

Group 1 - Beijing Jing'ao Energy Storage Technology Co., Ltd. has been established with a registered capital of 300 million RMB [1] - The legal representative of the company is Jin Bin [1] - The business scope includes research and development of emerging energy technologies, energy storage technology services, manufacturing and sales of new energy power equipment [1] Group 2 - The company is wholly owned by Jing'ao Solar Co., Ltd., a subsidiary of Jing'ao Technology (002459) [1]

Core Viewpoint - The solar EVA industry is experiencing significant growth, driven by the rapid development of the photovoltaic sector, with China's solar EVA production expected to reach 131.1 GW in 2024, a year-on-year increase of 10.7% [1][7]. Summary by Sections 1. Overview of the Solar EVA Industry - Solar EVA is a thermosetting adhesive film made from ethylene-vinyl acetate copolymer, primarily used in solar photovoltaic modules and optical products [3]. - It possesses high transparency and strong adhesion, suitable for various materials, and is resistant to high temperatures, moisture, and UV radiation [3]. 2. Industry Chain of Solar EVA - The upstream raw materials for solar EVA include ethylene and vinyl acetate, which are polymerized to form EVA resin [4]. - The downstream application is primarily in the photovoltaic industry [4]. 3. Current Development of the Solar EVA Industry - Solar EVA holds over 50% market share due to its excellent packaging performance and low cost [1][7]. - The production of solar EVA is expected to continue growing, supported by government initiatives and technological advancements [1][7]. 4. Competitive Landscape of the Solar EVA Industry - Major players in the solar EVA market include Foster, Haiyou New Materials, and Lushan New Materials, with some foreign brands like LG Chem and Sumitomo Chemical also present [8]. 5. Development Trends in the Solar EVA Industry - Companies are expected to increase R&D investments to develop high-performance, differentiated EVA products [10]. - There will be a focus on optimizing capacity layout and enhancing collaboration between upstream and downstream enterprises to ensure stable supply chains [11][12]. - The industry will also emphasize green production and sustainable development practices to meet environmental standards [13].

Core Insights - The article discusses the current pricing trends of silicon wafers in the solar energy industry, highlighting specific price points for various types of silicon wafers and their fluctuations over time [2][3]. Pricing Trends - The highest and lowest prices for N-type G10L silicon wafers are recorded at 1.18 and 1.15 respectively, with no percentage fluctuation [2]. - N-type G12R silicon wafers have a price range of 1.20 to 1.18, also showing no percentage fluctuation [2]. - The N-type G12 silicon wafers are priced between 1.50 and 1.48, with a slight fluctuation noted [2]. - P-type M10 silicon wafers did not have any transactions recorded for the week [3]. Market Participation - The pricing data is based on the weighted average from 12 companies, which collectively accounted for 92.77% of the domestic production of monocrystalline silicon wafers in the third quarter of 2025 [3]. - The companies involved in the pricing statistics include major players such as JA Solar Technology Co., Ltd., Trina Solar Limited, and JinkoSolar Holding Co., Ltd. [3].

Group 1: Solar Module Procurement - Six solar module companies have been shortlisted for the 2026 procurement by the Three Gorges Group, including Longi Green Energy, Tongwei Co., Jinko Solar, Hefei JA Solar, Huansheng Photovoltaic, and Chint New Energy [1][15] - The bidding prices for the modules range from 0.75 to 0.763 yuan/W, with an average price of 0.756 yuan/W [1][15] Group 2: Inverter Procurement - Five companies have been shortlisted for the 2026 inverter procurement, including Sungrow Power Supply, China National Building Material Group, Zhuzhou Converter Technology National Engineering Research Center, Shanghai Electric, and Xiamen Kehua Hengsheng [3][17] - The project scale for the inverters is 3000 MW, focusing on 300-400 kW string inverters and their auxiliary equipment [4][18] Group 3: Fixed Mounting Structure Procurement - Five companies have been shortlisted for the 2026 fixed mounting structure procurement, including Nanchang Nanfeng Fire Equipment Manufacturing, Suzhou Jusheng Solar Technology, Jiangsu Guoqiang Xingsheng Energy Technology, Yunnan Huaguo Technology, and Ningxia Longxiang New Energy [4][19] - The project scale for the fixed mounting structures is 2500 MW, with various bidding prices reported [5][19]