Core Viewpoint - The company JinkoSolar (002459.SZ) is facing detailed inquiries from the China Securities Regulatory Commission (CSRC) regarding its Hong Kong listing, focusing on safety production administrative penalties and pending litigation [1][3] Group 1: Regulatory Inquiries - The CSRC requires JinkoSolar to provide detailed explanations of safety production administrative penalties faced by its subsidiaries, including whether the incidents constitute major violations, the status of fines, and corrective measures taken [3] - The company must disclose any other production safety incidents and confirm if they fall under financing restrictions as per the State Council's regulations [3] - In terms of pending litigation, the CSRC demands a comprehensive update on the progress of lawsuits involving the company and its subsidiaries, assessing their potential impact on the Hong Kong listing [3] Group 2: Company Overview - JinkoSolar is a leading player in the photovoltaic industry, involved in 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 [3] - According to the prospectus, JinkoSolar ranks third globally in solar module shipments with a market share of 12.3% in 2024, maintaining a position among the top four for ten consecutive years since 2015, with products distributed across 178 countries and regions [3] Group 3: Financial Challenges - In 2024, the company reported a significant loss of 4.656 billion yuan, with a debt-to-asset ratio of 74.74%, the highest among the four major module manufacturers [4] - The company faces challenges due to changes in U.S. tariff policies affecting its operations in Southeast Asia, particularly impacting its factory in Vietnam [4] - A previously invested 1.244 billion yuan project in the U.S. was sold for 1.57 billion yuan in April 2024, indicating financial strain [4]

Company Dynamics - JinkoSolar Technology (002459.SZ) has received inquiries from the China Securities Regulatory Commission (CSRC) regarding its Hong Kong listing process, focusing on safety production-related administrative penalties and pending litigation [2] - The CSRC requires JinkoSolar to provide detailed explanations about the safety production penalties faced by its subsidiaries, including whether these incidents constitute significant violations, the progress of fines paid, and any corrective measures taken [2] - Additionally, the company must disclose any other production safety incidents and whether they fall under restrictions on financing or other disqualifications for listing as per the State Council's regulations [2] Business Overview - 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 [3] - In 2024, JinkoSolar is projected to rank third globally in photovoltaic module shipments, with a market share of 12.3%, maintaining a position among the top four for ten consecutive years since 2015 [3] - The company has a global presence, with products covering 178 countries and regions and 16 overseas sales offices established [3] Financial Challenges - The solar industry is highly competitive, and JinkoSolar faces significant challenges, reporting a net loss of 4.656 billion yuan in 2024, with a debt-to-asset ratio of 74.74%, the highest among the four major module manufacturers [3] - The company's interest-bearing debt ratio is close to 36%, indicating a high level of financial leverage [3] - Changes in U.S. tariff policies affecting Southeast Asian countries have impacted its operations in Vietnam, and a previously invested 1.244 billion yuan project in the U.S. was sold for 1.57 billion yuan in April 2024 [3]

Core Viewpoint - The company, JA Solar Technology Co., Ltd., is positioned as a leader in the photovoltaic industry, with significant advancements in technology and production capabilities, while the global solar market is experiencing robust growth driven by policy support and technological improvements [15][16][18]. Industry Overview - The global photovoltaic market saw record installations in 2024, with 599 GW added, marking a 35% year-on-year increase, and cumulative capacity exceeding 2 TW [16][17]. - Major photovoltaic markets include China, the United States, and India, which together account for over 75% of the global market share [17]. - The commitment from over 100 nations at COP28 to triple global renewable energy capacity to at least 11.2 TW by 2030 indicates a strong future for the industry [18]. - Emerging markets in Southeast Asia, Latin America, and the Middle East are witnessing significant increases in PV installations due to rising electricity demand [19]. Company Profile - JA Solar has established a comprehensive industrial chain that includes solar silicon rods, wafers, cells, modules, energy storage systems, and the development of photovoltaic power plants [32][35]. - The company has consistently ranked among the world's top photovoltaic module suppliers, achieving a top-three position in 2024 [33]. - JA Solar has been recognized as a Top Performer module supplier for nine consecutive years, highlighting its commitment to product reliability [34]. Financial Performance - In 2024, the company reported a net profit attributable to shareholders of -4.66 billion yuan, a significant decline from the previous year [12]. - Operating revenue for 2024 was approximately 70.12 billion yuan, down from 81.56 billion yuan in 2023 [12]. - The company experienced a substantial increase in operating costs, which reached approximately 66.98 billion yuan in 2024 [12]. Technological Advancements - JA Solar is focused on enhancing photoelectric conversion efficiency and reducing production costs for next-generation solar cell technologies [34]. - The company utilizes advanced crystal pulling technology to produce high-efficiency monocrystalline silicon wafers, which are integral to its solar cell manufacturing [39]. - The introduction of n-type Bycium+ cell technology has led to increased conversion efficiency and reduced production costs [40].

| 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2025-054 | | --- | --- | --- | | 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"晶澳转债"预计触发转股价格修正条件的提示性公告 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： 自 2025 年 6 月 13 日至 2025 年 6 月 26 日，晶澳太阳能科技股份有限公 司（以下简称"公司"）股票已有十个交易日收盘价低于"晶澳转债"当期转股 价格的 85%，若未来二十个交易日内有五个交易日公司股票收盘价格继续低于 当期转股价格的 85%，将可能触发"晶澳转债"的转股价格修正条件。若触发转 股价格修正条件，公司将按照《晶澳太阳能科技股份有限公司向不特定对象发行 可转换公司债券募集说明书》（以下简称《募集说明书》）的约定及时履行审议程 序和信息披露义务。敬请广大投资者注意投资风险。 一、可转换公司债券基本情况 经中国证券监督管理委员会《关于同意晶澳太阳能科技股份有限公司向不特 定对象发行可转换公司债券注册的批 ...

JA Solar Technology Co., Ltd. ENGLISH TRANSLATION OF CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR 1 JANUARY 2024 TO 31 DECEMBER 2024 IF THERE IS ANY CONFLICT BETWEEN THE CHINESE VERSION AND ITS ENGLISH TRANSLATION, THE CHINESE VERSION WILL PREVAIL KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 ( ...

JA SOLAR SUSTAINABILITY AND ESG REPORT 2024 www.jasolar.com JA SOLAR TECHNOLOGY CO., LTD. ABOUT THIS REPORT Reporting Period Reporting Boundary Report Release References Report Principles Reliability Assurance Report Statement Report Access English content, the Chinese version shall prevail. This is an annual report covering the period from January 1, 2024, to December 31, 2024 (hereinafter referred to as the "reporting period"). To improve the integrity of the Report, some data may exceed the above range ( ...

证券代码：002459 证券简称：晶澳科技 公告编号：2025-053 债券代码：127089 债券简称：晶澳转债 用等级为"AA+" 根据中国证券监督管理委员会《公司债券发行与交易管理办法》和深圳证券 交易所《深圳证券交易所公司债券上市规则》的相关规定，晶澳太阳能科技股份 有限公司（以下简称"公司"）委托信用评级机构东方金诚国际信用评估有限公 司（以下简称"东方金诚"）对公司主体及公司向不特定对象发行的可转换公司 债券（以下简称"晶澳转债"）进行了跟踪信用评级。 公司前次主体信用等级为"AA+"，评级展望为"稳定"，"晶澳转债"的信 用等级为"AA+"，评级机构为东方金诚，评级日期为 2024 年 6 月 26 日。 评级机构东方金诚在对公司经营状况及相关行业进行综合分析与评估的基 础上，于近期出具了《晶澳太阳能科技股份有限公司主体及"晶澳转债"2025 年 度跟踪评级报告》 晶澳太阳能科技股份有限公司 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。 重要提示： 前次债券评级：公司主体信用等级为"AA+"，评级展望为"稳定"， "晶澳转债"的信 用等级为"A ...

公司前次主体信用等级为"AA+"，评级展望为"稳定"，"晶澳转债"的信 用等级为"AA+"，评级机构为东方金诚，评级日期为 2024 年 6 月 26 日。 晶澳太阳能科技股份有限公司 关于"晶澳转债"跟踪信用评级结果的公告 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。 重要提示： 前次债券评级：公司主体信用等级为"AA+"，评级展望为"稳定"，"晶澳转债"的信 用等级为"AA+"。 本次债券评级：公司主体信用等级为"AA+"，评级展望为"稳定"，"晶澳转债"的信 用等级为"AA+"。 根据中国证券监督管理委员会《公司债券发行与交易管理办法》和深圳证券 交易所《深圳证券交易所公司债券上市规则》的相关规定，晶澳太阳能科技股份 有限公司（以下简称"公司"）委托信用评级机构东方金诚国际信用评估有限公 司（以下简称"东方金诚"）对公司主体及公司向不特定对象发行的可转换公司 债券（以下简称"晶澳转债"）进行了跟踪信用评级。 | | | 评级机构东方金诚在对公司经营状况及相关行业进行综合分析与评估的基 础上，于近期出具了《晶澳太阳能科技股份有限公司主体及"晶澳转债"20 ...

信用等级通知书 东方金诚债跟踪评字【2025】0192 号 晶澳太阳能科技股份有限公司： 东方金诚国际信用评估有限公司根据跟踪评级安排对贵公司及发行 的"晶澳转债"的信用状况进行了跟踪评级，经信用评级委员会评 定，此次跟踪评级维持贵公司主体信用等级为 AA+，评级展望为稳 定，同时维持"晶澳转债"的信用等级为 AA+。 东方金诚国际信用评估有限公司 信评委主任 二〇二五年六月二十日 东方金诚债跟踪评字【2025】0192 号 信用评级报告声明 5.本报告仅为受评对象信用状况的第三方参考意见，并非是对某种决策的结论或建议。东方金 诚不对发行人使用/引用本报告产生的任何后果承担责任，也不对任何投资者的投资行为和投资 损失承担责任。 6.本报告自出具日起生效，在受评债项的存续期内有效。其中主体评级结果有效期自 2025 年 6 月 20 日至 2026 年 6 月 19 日有效，该有效期除终止评级外，不因任何原因调整。在评级结果 有效期内，东方金诚有权作出跟踪评级、变更等级、撤销等级、中止评级、终止评级等决定， 必要时予以公布。 7.本报告的著作权等相关知识产权均归东方金诚所有。除委托评级合同约定外，委托方、受评 ...

债券简称：晶澳转债 债券代码：127089.SZ 股票简称：晶澳科技 股票代码：002459.SZ 债券受托管理人 晶澳太阳能科技股份有限公司 向不特定对象发行可转换公司债券 （2024年度） 中信证券股份有限公司 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 二〇二五年六月 受托管理事务报告 1 声明 中信证券股份有限公司（以下简称"中信证券"）编制本报告的内容及信息均来源 于晶澳太阳能科技股份有限公司（以下简称"晶澳科技""发行人"或"公司"）对外公 布的《晶澳太阳能科技股份有限公司 2024 年年度报告》等相关公开信息披露文件、晶 澳科技提供的证明文件以及第三方中介机构出具的专业意见。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关事宜做 出独立判断，而不应将本报告中的任何内容据以作为中信证券所作的承诺或声明。 本报告中所称"报告期"为 2024 年度。 2 | 声明 | | 2 | | --- | --- | --- | | 目录 | | 3 | | 第一节 | 可转换公司债券概况 | 4 | | 第二节 | 公司债券受托管理人履职情况 | 17 | | 第三节 ...