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].

Core Insights - The company reported a revenue of 36.809 billion yuan for the first three quarters of 2025, a year-on-year decrease of 32.27% [1] - The net profit attributable to shareholders was -3.553 billion yuan, indicating a significant loss [1] - In Q3 2025, the company achieved a revenue of 12.904 billion yuan, down 24.05% year-on-year and 2.48% quarter-on-quarter, with a net profit of -0.973 billion yuan, showing a slight increase in loss compared to the previous quarter [1] Financial Performance - The company’s gross margin was -0.88% in Q3, showing a slight improvement of 0.07 percentage points quarter-on-quarter despite rising upstream and auxiliary material prices [2] - The operating expense ratio increased by 3.02 percentage points to 8.25% in Q3, primarily due to financial expenses [2] - The company has maintained positive operating cash flow since the beginning of 2025, with each quarter showing inflow [2] Market Position and Strategy - The company is expected to see an increase in overseas shipment volume in Q3 2025 due to prior overseas business expansion, with overall battery module shipment volume remaining stable compared to Q2 [2] - The company has a strong cash position and risk resilience, with reduced financial pressure following the adjustment of convertible bond prices [2] - The company’s solid financial statements and previous announcements of equity incentives and employee stock ownership plans reflect confidence in future performance growth [2] Industry Outlook - Recent developments in the photovoltaic sector suggest potential positive progress in reducing internal competition, with the company positioned as a leading integrated module manufacturer [3]

Core Viewpoint - The recent rumors regarding the photovoltaic industry, particularly concerning the storage platform and regulatory issues, caused significant market fluctuations but were quickly debunked by the China Photovoltaic Industry Association, leading to a recovery in stock prices [2][3][5]. Market Reaction - On November 12, the photovoltaic sector experienced a sharp decline, with the A-share photovoltaic index dropping over 3.5%, and individual stocks like Arctech and Longi Green Energy seeing significant losses [3][6]. - Following the clarification from the industry association, the market rebounded on November 13, with the photovoltaic sector rising by 1.40% and the photovoltaic equipment sector increasing by 2.01%, adding approximately 386 billion yuan in market value [2][7]. Industry Performance - As of the first three quarters of 2025, over half of the 70 photovoltaic equipment companies listed on A-shares reported profitability, indicating a stabilization in the industry [2][12]. - Major companies like Tongwei Co. and Longi Green Energy reported significant reductions in losses during the third quarter of 2025, with a combined loss reduction of 9.56 billion yuan [12]. Price Trends - The price of polysilicon has shown signs of recovery, with a notable increase from 38,000 yuan per ton in early 2025 to 53,200 yuan per ton by November 2025 [10]. - The average bidding prices for components have also slightly increased, reflecting a stabilization in the market [10]. Technological Advancements - The industry is pursuing technological innovations to reduce costs, with Longi Green Energy recently achieving world records in solar cell efficiency [13].