Core Viewpoint - JinkoSolar experienced a significant financial downturn in Q4 2023, reporting a net loss of 46.56 billion yuan, a stark contrast to its profit of 3.9 billion yuan in Q3 2023, primarily due to asset impairment losses [2][3]. Financial Performance - The company's total revenue for 2023 was 701.21 billion yuan, a year-on-year decrease of 14.02% [2]. - JinkoSolar's net loss for Q4 2023 was 41.7 billion yuan, contributing to an overall loss for the year despite a profit of 70.39 billion yuan in 2023 [2][3]. - The asset impairment losses accounted for 33.29 billion yuan, representing 71.49% of the net loss [2][3]. Asset Impairment and Market Conditions - Fixed asset impairment losses were the largest at 28.57 billion yuan, followed by inventory write-downs of 1.24 billion yuan [3]. - The decline in profitability of PERC products and increased competition in the solar market were cited as reasons for the asset impairment [3]. - Macro factors such as tightening subsidy policies and declining electricity prices affected the returns on existing power station projects [4]. Dividend Policy and Market Position - Due to the financial losses, JinkoSolar announced it would not distribute cash dividends or issue bonus shares [5]. - The company reported a total shipment of 79.45 GW of solar cells and modules, with overseas shipments accounting for approximately 49% [5]. Regional Performance - JinkoSolar's gross margin for modules fell by 12.96 percentage points to 4.82% [7]. - The domestic gross margin dropped significantly by 20.09 percentage points to -7.98%, while the gross margin in Europe decreased by 17.19 percentage points to -3.51% [7]. - The gross margin in the Americas remained the highest at 31.43%, despite a decline of 4.63 percentage points [7][8]. Production and Capacity - By the end of 2024, JinkoSolar's total asset value is projected to reach 1,129.58 billion yuan, with a net asset value of 278.96 billion yuan, a year-on-year decrease of 20.56% [9]. - The company plans to increase its production capacity to 100 GW for modules, with silicon wafer and battery capacities exceeding 80% and 70% of module capacity, respectively [8][10]. Strategic Initiatives - JinkoSolar is accelerating the construction of a 6 GW high-efficiency solar cell and 3 GW high-power solar module project in Oman [10]. - The company aims to implement a strategy focused on globalization, digitalization, and ecological sustainability, transitioning its solar product division to include energy storage solutions [12].

Core Viewpoint - Jingao Technology reported a significant decline in revenue and a net loss for 2024, primarily due to supply-demand imbalance and price drops across the solar industry [1][2] Group 1: Financial Performance - The company achieved operating revenue of 70.12 billion yuan, a year-on-year decrease of 14.02% [1] - Net profit turned to a loss of 4.656 billion yuan, compared to a profit of 7.039 billion yuan in 2023 [1] - The gross margin for the solar module business was only 4.82% in 2024, with domestic market gross margin at -7.98% and European market gross margin at -3.51% [2] Group 2: Production and Capacity - In 2024, the company shipped 79.447 GW of battery modules, with overseas shipments accounting for approximately 49% [1] - The planned production capacity for 2024 was not fully achieved, with actual module capacity reaching 100 GW, while silicon wafer and battery capacities were only over 80% and 70% of module capacity, respectively [2] - The company did not disclose operational targets for 2025, which is unusual compared to previous years [2] Group 3: Industry Context and Challenges - The solar industry is experiencing a supply-demand imbalance due to the release of new capacities, leading to widespread losses across the supply chain [3] - The global solar industry policies significantly impact the development speed and quality of the sector, creating uncertainties in both domestic and international markets [3] - The industry is facing structural overcapacity, with domestic production capacities exceeding 1100 GW, far surpassing global installation growth [3]

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 (10) 8518 5111 网址 kpmg.com/cn 晶澳太阳能科技股份有限公司董事会： 我们接受委托，按照中国注册会计师审计准则审计了晶澳太阳能科技股份有限公司 (以下 简称"晶澳科技") 2024 年度的财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债 表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司股东权益变 动表以及相关财务报表附注，并于 2025 年 4 月 24 日签发了标准无保留意见的审计报告。 关于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 自 2024 年 1 月 1 日 至 2024 年 12 月 31 日止年度财务报表 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 (10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2512726 号 晶澳太阳能科技股份有限公司全体股东： 一、审计意见 我们审计了后附的晶澳太阳能科技股份有限公司 (以下简称"晶澳科技") 财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母 公司现金流量表、合并及母公司股东权益变 ...

晶澳太阳能科技股份有限公司 内部控制审计报告 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 晶澳太阳能科技股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了晶澳太阳 能科技股份有限公司 (以下简称"晶澳科技") 2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》的规定， 建立健全和有效实施内部控制，并评价其有效性是晶澳科技董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意见，并对注 意到的非财务报告内部控制的重大缺陷进行披露。 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 ...

晶澳太阳能科技股份有限公司 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 (10) 8518 5111 网址 kpmg.com/cn 对晶澳太阳能科技股份有限公司 募集资金 2024 年度存放与使用情况专项报告的鉴证报告 毕马威华振专字第 2502911 号 晶澳太阳能科技股份有限公司董事会： 我们接受委托，对后附的晶澳太阳能科技股份有限公司 (以下简称"晶澳科技") 募集资 金 2024 年度存放与使用情况的专项报告 (以下简称"专项报告") 执行了合理保证的鉴证业务， 就专项报告是否在所有重大方面按照中国证券监督管理委员会 (以下简称"证 ...

中信证券股份有限公司 关于晶澳太阳能科技股份有限公司 2024 年度募集资金存放与使用情况的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为晶澳太 阳能科技股份有限公司（以下简称"晶澳科技"或"公司"）保荐人及持续督导 机构，根据《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号—— 上市公司募集资金管理和使用的监管要求》《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 1 号——主板上市公司规范运作》等相关 法律、法规和规范性文件的规定，对晶澳科技 2024 年度募集资金存放与使用情 况进行了核查，核查情况及核查意见如下： 一、募集资金基本情况 （一）2020 年度非公开发行股票募集资金基本情况 经中国证券监督管理委员会《关于核准晶澳太阳能科技股份有限公司非公开 发行股票的批复》（证监许可[2020]1759 号）的核准，公司于 2020 年 9 月 15 日 向 18 名特定对象非公开发行人民币普通股（A 股）244,131,455 股，发行价格为 21.3 元/股，募集资金总额为人民币 5,199,999,991.50 元，扣除承销费人民币 39,2 ...

Group 1: Aier Eye Hospital - In 2024, Aier Eye Hospital achieved an outpatient volume of 16.94 million, a year-on-year increase of 12.14% [1] - The company reported a total revenue of 20.98 billion yuan, reflecting a growth of 3.02% compared to the previous year [2] - The net profit attributable to shareholders was 3.56 billion yuan, up by 5.87% year-on-year [2] - The company introduced several advanced medical technologies and products, including the INTENSITY™ intraocular lens and new dry eye treatment technology [1][3] Group 2: Tonghuashun - Tonghuashun reported a revenue of 4.19 billion yuan in 2024, marking a 17.47% increase from the previous year [5] - The net profit attributable to shareholders reached 1.82 billion yuan, a significant growth of 30% year-on-year [4][5] - The increase in revenue and profit was primarily driven by a recovery in the securities market and rising demand for financial information services [4] Group 3: Yiwei Lithium Energy - Yiwei Lithium Energy achieved a revenue of 1.28 billion yuan in Q1 2025, with a net profit of 110.11 million yuan, reflecting a 16.60% increase in net profit [7] - The company reported a significant increase in the shipment of energy storage batteries, with a year-on-year growth of 80.54% [8] - The company is expanding into emerging markets such as eVTOL and drones, with ongoing projects and production facilities being established [9] Group 4: Huadong Medicine - Huadong Medicine reported a revenue of 10.74 billion yuan in Q1 2025, a 3.12% increase year-on-year [10] - The net profit attributable to shareholders was 914.71 million yuan, up by 6.06% compared to the same period last year [11] - The company achieved its highest historical level of net profit excluding non-recurring gains and losses, reaching 897.34 million yuan [10] Group 5: Muyuan Foods - Muyuan Foods reported a revenue of 36.06 billion yuan in Q1 2025, a year-on-year increase of 37.26% [17] - The company turned a profit with a net profit of 44.91 billion yuan, compared to a loss of 23.79 billion yuan in the same period last year [18] - The significant growth was attributed to increased pig prices and sales [17] Group 6: China Aluminum - China Aluminum reported a revenue of 55.78 billion yuan in Q1 2025, with a net profit of 3.54 billion yuan, reflecting a year-on-year increase of 58.78% [21] - The company successfully managed market price fluctuations, resulting in increased product sales and profits [21] Group 7: Hengrui Medicine - Hengrui Medicine achieved a revenue of 72.06 billion yuan in Q1 2025, a 20.14% increase year-on-year [22] - The net profit attributable to shareholders was 18.74 billion yuan, up by 36.9% compared to the previous year [22] - The increase in profit was significantly influenced by a licensing payment received during the reporting period [22] Group 8: Bull Group - Bull Group reported a revenue of 16.83 billion yuan in 2024, reflecting a 7.24% increase year-on-year [13] - The net profit attributable to shareholders was 4.27 billion yuan, a growth of 10.39% compared to the previous year [13] - The company experienced growth in its electrical connection and smart lighting businesses, as well as rapid development in its new energy sector [14]

晶澳太阳能科技股份有限公司 独立董事2024年度述职报告 本人赵玉文作为晶澳太阳能科技股份有限公司（以下简称"公司"）的独立 董事，本着对全体股东负责的态度，切实维护广大中小股东利益的原则，本人严 格按照《公司法》《证券法》《上市公司独立董事管理办法》《深圳证券交易所上 市公司自律监管指引第 1 号——主板上市公司规范运作》等法律法规及《公司章 程》《独立董事制度》的要求，恪尽职守，勤勉尽责，充分发挥参与决策、监督 制衡、专业咨询作用，促进提高公司质量，维护公司整体利益，保护中小股东合 法权益。现将 2024 年度履职情况汇报如下： 一、独立董事基本情况 本人赵玉文，男，1939 年出生，中国国籍，本科学历。1978 年任职北京太 阳能研究所，先后任研究员、副所长、研究所总工程师等职；1999 年至 2017 年， 任中国可再生能源学会（原中国太阳能学会）副理事长兼中国太阳能光伏专业委 员会主任等职；2017 年至 2022 年 3 月，任中国可再生能源学会监事长；2005 年 至 2017 年，任国际光伏科学和工程会议（PVSEC）国际咨询委员会委员及世界 光伏会议（WCPEC）国际咨询委员会委员；2017 ...