Investment Rating - The investment rating for the company is "Buy" [2][8]. Core Insights - The company has released a performance forecast indicating a loss of 200-300 million RMB for 1H25, which aligns with market expectations due to a decline in battery prices following a surge in installations in mainland China [6]. - The company has signed a strategic cooperation agreement with Schmid Pekintaş Energy to establish a 5GW solar cell production base in Turkey, which is expected to enhance its overseas capacity and market presence [6]. - Recent government meetings suggest a potential turnaround in the solar supply side, with material prices beginning to recover [6]. Financial Overview - Revenue projections for the company are as follows: 2023: 18,657 million RMB, 2024: 9,952 million RMB, 2025E: 8,431 million RMB, 2026E: 13,874 million RMB, 2027E: 15,397 million RMB, with a significant year-on-year growth of 60.9% in 2023 followed by a decline in subsequent years [5][11]. - Net profit forecasts show a loss in 2024 and 2025E, with expected profits of 1,427 million RMB in 2026 and 1,726 million RMB in 2027 [5][11]. - The company's earnings per share (EPS) are projected to be 3.59 RMB in 2023, dropping to -2.58 RMB in 2024, and recovering to 4.88 RMB in 2026 and 5.90 RMB in 2027 [5][11]. Valuation Metrics - The target price for the company has been adjusted to 49.82 RMB, reflecting a 10.2x price-to-earnings ratio for 2026 [6][7]. - The company’s market capitalization is approximately 9,538.81 million RMB, with a 52-week high of 80.40 RMB and a low of 34.80 RMB [4][6]. Market Position - The company has a significant overseas revenue contribution, accounting for 51.9% in 1H25, although this is a decrease from 58% in 1Q25 [6]. - The strategic move to establish a production base in Turkey is aimed at capturing local market opportunities and facilitating exports to higher-priced markets like the USA [6].

Core Points - Hainan Drinda New Energy Technology Co., Ltd. is proposing amendments to its articles of association and related rules, including the abolition of the supervisory board [1][3][4] - The company plans to revise its internal governance system and elect/re-elect directors at the upcoming extraordinary general meeting [1][3][4] - The company intends to appoint and reappoint auditors for the fiscal year 2025, specifically Zhonghui CPA as the domestic auditor and Deloitte as the overseas auditor [1][3][9] - The proposed adjustment of independent non-executive directors' remuneration to RMB 120,000 per year (including tax) is also on the agenda [1][7][9] Summary by Sections Proposed Amendments - The company aims to amend its articles of association to abolish the supervisory board, transferring its powers to the audit committee [3][4] - The amendments are intended to enhance corporate governance and comply with legal and regulatory requirements [3][4] Internal Governance Revisions - The company will revise its board meeting rules and shareholders' meeting rules to align with the changes in governance structure [4][5] - Additional internal governance systems, including related party transaction decision-making and external guarantee systems, will also be revised [4][5] Director Elections - The fifth board of directors will consist of 10 members, including three executive directors, two non-executive directors, one employee representative director, and four independent non-executive directors [5][6] - The nomination committee has ensured that independent non-executive director candidates meet the independence requirements set by the Hong Kong Listing Rules [6] Auditor Appointments - The board has resolved to reappoint Zhonghui CPA as the domestic auditor and appoint Deloitte as the overseas auditor for the fiscal year 2025 [9] - The remuneration for the auditors will be determined based on the audit workload and scope [9] Shareholder Meeting Details - The extraordinary general meeting is scheduled for July 31, 2025, at 2:30 PM in Suzhou, Jiangsu Province [1][10] - Shareholders must submit their attendance and proxy forms by July 24, 2025, to participate in the meeting [10][11]

Core Points - Hainan Drinda New Energy Technology Co., Ltd. has adopted electronic dissemination of corporate communications effective from December 31, 2023, in compliance with the Listing Rules of the Hong Kong Stock Exchange [1][5] - The electronic communications will include various documents such as directors' reports, annual accounts, interim reports, notices of meetings, listing documents, circulars, and proxy forms [1][5] - Both English and Chinese versions of future corporate communications will be available on the company's website and the HKExnews website instead of printed copies [2][5] Electronic Communication Arrangement - The company encourages shareholders to provide their email addresses to ensure timely receipt of actionable corporate communications by scanning a personalized QR code or returning a reply form [2][5] - If the company does not receive a functional email address, it will continue to send printed copies of actionable corporate communications until a valid email is provided [3][6] - Shareholders can request printed copies of corporate communications by completing and returning the reply form or sending an email to the company [3][6] Compliance and Contact Information - The company will be considered compliant with the Listing Rules if it sends communications to the provided email address without receiving a "non-delivery" message [3][6] - For any queries, shareholders can contact the company during business hours [3][6]

此乃要件 請即處理 閣下如對本通函的任何方面或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券 交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下的海南鈞達新能源科技股份有限公司的股份全部售出或轉讓，應立即將本通函連同 隨附的代表委任表格送交買主或承讓人，或送交經手買賣或轉讓的銀行、證券經紀或其他代理商， 以便轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不就因本通函全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 Hainan Drinda New Energy Technology Co., Ltd. 海南鈞達新能源科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：02865） (1) 擬議修訂公司章程及相關議事規則以及廢除監事會； (2) 擬議修訂內部治理制度； (3) 擬議選舉及重選董事； (4) 擬議委任及續聘2025年度核數師； (5) 擬議調整獨立非執行董事薪酬； 及 (6) 2025年第三次臨時股東大會通告 本公司將於20 ...

Hainan Drinda New Energy Technology Co., Ltd. 海南鈞達新能源科技股份有限公司 (A joint stock company incorporated in the People's Republic of China with limited liability) （在中華人民共和國註冊成立的股份有限公司） (Stock Code 股份代號：2865) Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expansion of paperless listing regime and electronic dissemination of corporate communications t ...

Hainan Drinda New Energy Technology Co., Ltd. 海南鈞達新能源科技股份有限公司 (A joint stock company incorporated in the People's Republic of China with limited liability) （在中華人民共和國註冊成立的股份有限公司） (Stock Code 股份代號：2865) 15 July 2025 Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expansion of paperless listing regime and electronic dissemination of corporate com ...

海南钧达新能源科技股份有限公司 关于召开 2025 年第三次临时股东会的通知 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。 特别提示： 本通知按照《深圳证券交易所股票上市规则》要求为 A 股股东编制，H 股股 东如参加本次临时股东会，请详阅本公司于 2025 年 7 月 15 日在香港披露易网站 （www.hkexnews.hk）发布的 2025 年第三次临时股东会通告等文件。 根据海南钧达新能源科技股份有限公司第四届董事会第七十八次会议、第 四届董事会第七十九次会议的授权，公司决定于 2025 年 7 月 31 日（星期四） 召开公司 2025 年第三次临时股东会，现将会议有关事项通知如下： 一、召开会议的基本情况 1、股东会届次：2025 年第三次临时股东会。 证券代码：002865 证券简称：钧达股份 公告编号：2025-061 4、会议召开的日期、时间： 现场会议召开时间为：2025 年 7 月 31 日（星期四）下午 14:30 开始。 网络投票时间为： 公司 A 股股东通过深交所交易系统进行网络投票的具体时间为：2025 年 7 月 31 日上午 ...

Core Viewpoint - JunDa Co., Ltd. (002865.SZ) is expected to report a net loss of between 200 million to 300 million yuan for the first half of 2025, indicating a worsening financial performance compared to the previous year's loss of 166.34 million yuan [1][2]. Financial Performance Summary - The company's projected net profit attributable to shareholders for the first half of 2025 is a loss of 200 million to 300 million yuan, compared to a loss of 166.34 million yuan in the same period last year [1][2]. - The net profit attributable to shareholders after excluding non-recurring gains and losses is expected to be a loss of 400 million to 500 million yuan, compared to a loss of 390.29 million yuan in the previous year [1][2]. - Basic earnings per share are projected to be a loss of 0.83 to 1.25 yuan per share, compared to a loss of 0.73 yuan per share in the same period last year [2]. Annual Financial Overview - In 2024, JunDa Co., Ltd. reported an operating revenue of 9.95 billion yuan, a decrease of 46.66% year-on-year [3]. - The net profit attributable to shareholders for 2024 was a loss of 591.11 million yuan, a decline of 172.47% compared to the previous year [3]. - The net profit attributable to shareholders after excluding non-recurring gains and losses was a loss of 1.12 billion yuan, a significant decrease of 299.96% year-on-year [3]. - The net cash flow from operating activities was 654.37 million yuan, down 66.94% from the previous year [3]. IPO and Market Performance - JunDa Co., Ltd. was listed on the Hong Kong Stock Exchange on May 8, 2025, with a final offer price of 22.15 HKD per share [4]. - The total amount raised from the IPO was 1.405 billion HKD, with a net amount of 1.29167 billion HKD after deducting estimated listing expenses [4]. - Currently, the stock is trading below its IPO price, indicating a state of underperformance in the market [4].

Core Viewpoint - The photovoltaic industry is experiencing widespread losses among major companies, although some, like Longi Green Energy and Aiko Technology, are significantly reducing their losses due to the penetration of BC batteries into the market [1]. Group 1: Longi Green Energy - Longi Green Energy expects a net loss of 2.4 billion to 2.8 billion yuan for the first half of 2025, a reduction of 2.443 billion to 2.843 billion yuan year-on-year [2]. - The company is still facing losses due to the main products' market prices falling below cost, but improved internal management and the introduction of HPBC 2.0 components have led to increased orders and shipments, resulting in a significant reduction in losses [2]. Group 2: Tongwei Co., Ltd. - Tongwei Co., Ltd. anticipates a net loss of approximately 4.9 billion to 5.2 billion yuan for the first half of 2025, compared to a net loss of 3.129 billion yuan in the same period last year [3]. - Despite the growth in photovoltaic installation scale, the company is facing losses due to an imbalance in supply and demand leading to depressed product prices [3]. Group 3: JA Solar Technology - JA Solar Technology expects a net loss of 2.5 billion to 3 billion yuan, compared to a loss of 874.6 million yuan in the same period last year [4]. - The company is experiencing intensified competition and price pressure across the photovoltaic supply chain, exacerbated by international trade protection policies, leading to a decline in sales prices and profitability [4]. Group 4: Junda Co., Ltd. - Junda Co., Ltd. projects a net loss of 200 million to 300 million yuan, compared to a loss of 166.34 million yuan in the same period last year [7]. - The company has significantly increased its overseas sales proportion from 23.85% in 2024 to 51.90% in the first half of 2025 by expanding into new markets [7]. - Junda successfully listed on the Hong Kong Stock Exchange, raising a net amount of 1.29 billion HKD [7]. Group 5: Aiko Technology - Aiko Technology expects a net loss of 170 million to 280 million yuan for the first half of 2025, with a projected net loss of 410 million to 520 million yuan after excluding non-recurring gains and losses [9]. - The company has optimized its product structure and significantly increased its overseas sales proportion, leading to improved overall gross margins and operational efficiency [9].

Group 1 - The company expects a net profit attributable to shareholders of -2 billion to -3 billion yuan for the first half of 2025, primarily due to supply-demand mismatches and price declines in the photovoltaic industry [1] - Despite facing cyclical adjustments, the company has made significant progress in global market expansion, core technology breakthroughs, and capital operations, demonstrating resilience as a leading Chinese photovoltaic cell manufacturer [1] Group 2 - The company's overseas sales ratio has surged to 51.90% in the first half of 2025, nearly doubling from 23.85% in 2024, indicating strong demand for its efficient battery products in international markets [2] - The company has been actively expanding its market network across Asia, Europe, North America, Latin America, and Australia, becoming a leading supplier of battery cells in markets like India and Turkey [2] Group 3 - The global photovoltaic industry is undergoing significant structural adjustments, with global installed capacity demand continuing to grow, particularly in China, which saw a new installed capacity of 197.85 GW, a year-on-year increase of 150% [3] - The industry faces challenges such as overcapacity and declining product prices, prompting a shift in national policy to guide the industry back to a healthier trajectory [3] Group 4 - The company is a typical representative of the ongoing transformation in the photovoltaic sector, leading in global market share for N-type TOPCon batteries and continuously improving efficiency through advanced technologies [4] - With the acceleration of the exit of outdated production capacity driven by policy changes, the company is expected to benefit from increased market share and improved profitability [4] Group 5 - The company successfully listed on the Hong Kong Stock Exchange on May 8, 2025, raising a net amount of 1.29 billion HKD, and was included in the Shanghai-Hong Kong Stock Connect on June 3, enhancing liquidity and valuation [5] - The company aims to achieve high-quality development through the synergy of domestic and international business, technology optimization, and capital-driven strategies [5]