Core Points - Jingao Technology announced the completion of its 2025 stock option incentive plan registration [2] - The registration date for the stock options was October 31, 2025 [2] - A total of 161.698185 million stock options were registered [2] - The number of individuals registered for the stock options is 1,926 [2] - The stock option is referred to as Jingao JLC5, with the code 037933 [2]

Core Viewpoint - JA Solar Technology announced the repurchase of 15,404,377 shares, representing 0.47% of the company's total share capital, through the Shenzhen Stock Exchange's centralized bidding system as of October 31, 2025 [1] Summary by Category - **Share Repurchase Details** - The company has repurchased a total of 15,404,377 shares [1] - This repurchase accounts for 0.47% of the current total share capital [1] - The repurchase was conducted via the centralized bidding system of the Shenzhen Stock Exchange [1]

Group 1: Company Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 36.809 billion, a decrease of 32.27% compared to the same period last year [2] - The net profit attributable to shareholders was CNY -3.553 billion, indicating a significant loss [2] - As of the end of Q3 2025, total assets amounted to CNY 105.38 billion, with net assets of CNY 23.174 billion [2] - In Q3 2025, revenue was CNY 12.904 billion, down 24.05% year-on-year, with a net profit of CNY -0.973 billion [2] Group 2: Shipment and Market Position - The company shipped 51.96 GW of battery modules in the first three quarters of 2025, maintaining a leading position in the industry [3] - Overseas shipments accounted for 49.78% of total shipments [3] - In Q3 2025, the company shipped 18.17 GW of battery modules [3] Group 3: Financial Strategies - The company adjusted the conversion price of its convertible bonds from CNY 38.22 to CNY 11.66 per share, effective from July 23, 2025, to enhance risk resistance [3] - A share repurchase plan was established, with a budget of CNY 200 million to CNY 400 million to buy back shares for employee stock ownership plans [3] Group 4: Market Outlook and Demand - Global new installations are projected to be between 580 GW and 600 GW in 2025, with China's new installations expected around 270 GW to 300 GW [4] - The company has begun shipping energy storage products and is focusing on strategic partnerships while utilizing existing sales channels [4] Group 5: Product Development and Pricing - The efficiency ceiling for Topcon technology is targeted between 650W and 670W, with potential for further improvements [5] - Component prices are expected to rise due to increased demand in domestic and overseas markets, particularly in the Middle East and Europe [5] - The company plans to upgrade one-third of its production capacity by the end of the year, enhancing efficiency across all production lines [5]

晶澳科技（002459）(002459.SZ)公告，公司截至2025年10月31日以集中竞价交易方式回购公司股份 1540.44万股，占目前公司总股本的比例为0.47%，成交总金额为2.17亿元(不含交易费用)。 ...

Group 1 - The company, JA Solar Technology (002459.SZ), announced a share buyback plan to repurchase 15.4044 million shares, which represents 0.47% of the total share capital [1] - The total amount for the share buyback is 217 million yuan, excluding transaction fees [1]

| | | 晶澳太阳能科技股份有限公司 关于回购公司股份进展的公告 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。 重要内容提示： 本次回购符合公司既定的回购股份方案及相关法律法规的规定。 1 三、其他说明 截至 2025 年 10 月 31 日，晶澳太阳能科技股份有限公司通过深圳证券交易 所交易系统以集中竞价交易方式回购公司股份 15,404,377 股，占目前公司总股本 的比例为 0.47%，最高成交价为 14.236 元/股，最低成交价为 13.33 元/股，成交 总金额为 217,199,530.71 元（不含印花税、交易佣金等交易费用）。 一、回购股份基本情况 晶澳太阳能科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 22 日 召开第六届董事会第四十三次会议，审议通过了《关于回购公司股份方案的议案》， 公司拟使用不低于人民币 2 亿元（含）且不超过人民币 4 亿元（含）的自有资金 及回购专项贷款以集中竞价交易方式回购部分公司发行的人民币普通股（A 股） 用于员工持股计划或股权激励。具体内容请详见公司于 2025 年 8 月 23 日、 ...

| 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2025-101 | | --- | --- | --- | | 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 关于 2025 年股票期权激励计划授予登记完成的公告 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。 重要内容提示： 根据中国证监会《上市公司股权激励管理办法》、深圳证券交易所、中国证 券登记结算有限责任公司深圳分公司有关规则的规定，晶澳太阳能科技股份有限 公司（以下简称"公司"）完成了 2025 年股票期权激励计划（以下简称"本激励 计划"）股票期权授予登记工作。期权简称：晶澳 JLC5，期权代码：037933。现 将有关事项公告如下： 一、本激励计划已履行的决策程序和批准情况 （一）2025 年 8 月 22 日，公司召开第六届董事会第四十三次会议，审议通 过了《关于<2025 年股票期权激励计划（草案）>及其摘要的议案》《关于制定<2025 年股票期权激励计划实施考核管理办法>的议案》及《关于提请股东会授权董事 会办理 2025 年股票期权激 ...

Core Insights - JinkoSolar's stock price increased by 2.06% on November 3, reaching 14.37 CNY per share, with a total market capitalization of 47.56 billion CNY [1] - The company has seen a year-to-date stock price increase of 4.51%, with significant gains over the past 5 days (10.20%), 20 days (12.18%), and 60 days (28.53%) [1] - JinkoSolar's revenue for the first nine months of 2025 was 36.81 billion CNY, a year-on-year decrease of 32.27%, while the net profit attributable to shareholders was -3.55 billion CNY, a decrease of 633.54% [2] Financial Performance - The company has cumulatively distributed 3.055 billion CNY in dividends since its A-share listing, with 2.415 billion CNY distributed over the last three years [3] - As of September 30, 2025, JinkoSolar had 147,800 shareholders, a decrease of 17.24% from the previous period, with an average of 22,370 circulating shares per shareholder, an increase of 20.84% [2] Shareholder Composition - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 214 million shares, a decrease of 7.36 million shares from the previous period [3] - Other notable shareholders include GF High-end Manufacturing Stock A and Huatai-PineBridge CSI 300 ETF, with varying changes in their holdings [3]

Core Insights - The Zhongzheng Photovoltaic Industry Index (931151) has seen a strong increase of 2.70% as of November 3, 2025, with significant gains in constituent stocks such as Tebian Electric (600089) and Hongyuan Green Energy (603185), both rising by 10.01% [1] - The Photovoltaic ETF Fund (516180) has also risen by 2.94%, with a recent price of 0.84 yuan, and has accumulated a 6.54% increase over the past week [1] - The index reflects the overall performance of listed companies involved in the photovoltaic industry chain, selecting up to 50 representative stocks [1] Company Performance - The top ten weighted stocks in the Zhongzheng Photovoltaic Industry Index as of October 31, 2025, account for 60.74% of the index, with significant players including Sunshine Power (300274) and Longi Green Energy (601012) [2] - The performance of key stocks includes: - Sunshine Power (300274): up 3.26%, weight 17.58% - Longi Green Energy (601012): up 2.61%, weight 8.38% - Tebian Electric (600089): up 10.01%, weight 7.31% - TCL Technology (000100): up 0.46%, weight 7.29% - Tongwei Co. (600438): up 1.21%, weight 4.91% - Zhengtai Electric (601877): down 0.59%, weight 2.68% - Jingcheng Machinery (300316): up 0.82%, weight 2.43% - Deyang Co. (605117): up 6.40%, weight 2.42% - TCL Zhonghuan (002129): up 2.43%, weight 2.38% - Jiejia Weichuang (300724): down 0.30%, weight 2.26% [4]

Core Viewpoint - The global photovoltaic industry is facing a severe downturn, with JinkoSolar struggling significantly, reporting substantial losses and failing to show signs of recovery compared to its peers [1][2]. Group 1: Financial Performance - In Q3 2025, JinkoSolar reported a revenue of 12.904 billion yuan, a year-on-year decrease of 24.05%, and a net loss of 973 million yuan, a staggering year-on-year decline of 349.58% [1]. - For the first three quarters of 2025, the total revenue reached 36.809 billion yuan, down 32.27% year-on-year, with cumulative net losses amounting to 3.553 billion yuan [1]. - The company's gross margin fell to -2.60%, a decrease of 8.00 percentage points year-on-year, while the net margin dropped to -9.82%, down 8.25 percentage points from the previous year [1][2]. Group 2: Market Position and Challenges - JinkoSolar's reliance on photovoltaic module sales, which account for over 90% of its revenue, has left it vulnerable to price declines in the market [2]. - The gross margin for the module segment plummeted to -5.98% in H1 2025, a drop of 10.51 percentage points year-on-year, due to a significant price drop across the photovoltaic supply chain [2]. - International trade barriers have further exacerbated the situation, with the company's European market gross margin turning negative in 2024 [2]. Group 3: Cash Flow and Financial Health - Despite ongoing losses, JinkoSolar reported a net cash flow from operating activities of 4.695 billion yuan as of September 2025, marking four consecutive quarters of improvement [4]. - The company has over 24.2 billion yuan in cash reserves, providing some support during industry fluctuations [4]. - However, financial pressures remain, with interest-bearing liabilities reaching 44.71 billion yuan, a year-on-year increase of 9.67%, and a debt-to-asset ratio of 37.81% [4]. Group 4: Business Diversification and Strategic Adjustments - JinkoSolar's energy storage business has seen significant growth, with a shipment of over 12 GWh in H1 2025, nearing the total for 2024 [6]. - The company aims to achieve profitability by 2026, focusing on technological innovation and optimizing production capacity [7]. - JinkoSolar is shifting from a price-driven to a value-driven market approach, with plans for new production lines in Oman expected to be operational by Q1 2026 [7]. Group 5: Industry Outlook and Policy Support - The current deep adjustment in the photovoltaic industry is viewed as a necessary transition towards high-quality development, moving away from price wars to value competition [9]. - Recent policy measures aimed at curbing excessive competition are expected to help stabilize the industry and promote technological upgrades [9]. - JinkoSolar's advantages in cost control, financial strength, and market positioning may translate into growth opportunities as the industry begins to recover [9].