Company Updates - Hainan Junda New Energy Technology Co., Ltd. has increased its registered capital from 228,556,116 RMB to 292,584,052 RMB as approved in board meetings held on June 27 and July 31, 2025 [1] - The company elected Mr. Lu Xuyang as the chairman of the fifth board of directors during the meeting on July 31, 2025, changing the legal representative from Ms. Lu Xiaohong to Mr. Lu Xuyang [1] - The company has completed the necessary business registration changes and received a new business license from the Hainan Provincial Market Supervision Administration [2] Company Information - The registered capital of the company is now 29,258.4052 million RMB, and it was established on April 3, 2003, with an indefinite business term [3] - The company's business scope includes power generation, transmission, distribution, construction engineering, import and export of goods, and manufacturing and sales of photovoltaic equipment and components [3]

Group 1 - The company announced the election of Mr. Lu Xuyang as the chairman of the fifth board of directors during the first meeting held on July 31, 2025 [1] - The entire board unanimously elected Mr. Lu Xuyang as the chairman, which also resulted in a change of the legal representative from Ms. Lu Xiaohong to Mr. Lu Xuyang [1] - The company has completed the necessary registration and filing procedures for the change, receiving a new business license from the Hainan Provincial Market Supervision Administration [1]

海南钧达新能源科技股份有限公司（以下简称"公司"）于 2025 年 6 月 27 日、2025 年 7 月 31 日分别召开了第四届董事会第七十八次会议和 2025 年第三次 临时股东会审议通过了《关于增加注册资本、修订<公司章程>及相关议事规则的 议案》，公司注册资本由 228,556,116 元增加至 292,584,052 元，具体内容详见公 司披露于巨潮资讯网（www.cninfo.com.cn）的《关于增加注册资本、修订<公司章 程>及相关议事规则的公告》（公告编号：2025-056）。 证券代码：002865 证券简称：钧达股份 公告编号：2025-071 海南钧达新能源科技股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 公司于 2025 年 7 月 31 日召开了第五届董事会第一次会议，审议通过了《关 于选举公司董事长的议案》，全体董事一致选举陆徐杨先生为公司第五届董事会 董事长。根据《公司章程》规定，董事长为公司的法定代表人，公司法定代表人 相应由陆小红女士变更为陆徐杨先生。具体内容详见公 ...

Core Viewpoint - JunDa Co., Ltd. (钧达股份) is experiencing significant stock price declines, with its H-shares hitting a new low since listing, indicating potential market concerns regarding its financial health and future performance [1][2]. Stock Performance - JunDa's A-shares closed at 40.41 CNY, down 4.67%, while H-shares closed at 18.10 HKD, down 4.49%, with an intraday low of 18.02 HKD [1]. - The H-shares are currently in a state of "破发" (below the issue price), and the A-shares have fallen below the 2023 private placement price [1]. Initial Public Offering (IPO) Details - JunDa's H-shares were listed on May 8, 2025, with a final offer price of 22.15 HKD, raising a total of 1,405.03 million HKD, and a net amount of 1,291.67 million HKD after expenses [2]. - The company previously went public on the Shenzhen Stock Exchange on April 25, 2017, raising 27.15 million CNY with a share price of 9.05 CNY [2]. Recent Fundraising Activities - In 2023, JunDa issued shares to specific investors, raising a total of 2,776 million CNY at a price of 100.00 CNY per share, with a net amount of approximately 2,738 million CNY after deducting issuance costs [4]. - The funds from the recent issuance were fully paid in cash and verified by an accounting firm [3][4].

Group 1 - The Hainan Free Trade Zone concept rose by 2.58%, ranking first among concept sectors, with 22 stocks increasing, including Haixia Co., Haima Automobile, and ST Huawen hitting the daily limit [1][2] - Notable gainers included Haikou Group, Hainan Haiyao, and Kangzhi Pharmaceutical, which rose by 6.38%, 6.14%, and 5.69% respectively [1] - The stocks with the largest declines were Hainan Huatie, Junda Co., and *ST Shuangcheng, which fell by 1.30%, 1.23%, and 1.06% respectively [1] Group 2 - The Hainan Free Trade Zone concept saw a net inflow of 358 million yuan from main funds, with 18 stocks receiving net inflows, and 6 stocks exceeding 50 million yuan [2] - The top net inflow stock was Haixia Co., with a net inflow of 108 million yuan, followed by HNA Holding, Hainan Development, and Haide Co. with net inflows of 89.09 million yuan, 82.73 million yuan, and 64.19 million yuan respectively [2][3] - The highest net inflow ratios were seen in Haide Co., ST Huawen, and Hainan Haiyao, with ratios of 14.30%, 13.37%, and 12.49% respectively [3] Group 3 - The top stocks in the Hainan Free Trade Zone concept included Haixia Co. with a daily increase of 10.03% and a turnover rate of 6.55%, followed by HNA Holding with a 1.80% increase and a turnover rate of 2.30% [3][4] - Other notable performers included Hainan Development with a 2.99% increase and a turnover rate of 8.46%, and Haikou Group with a 6.38% increase and a turnover rate of 7.54% [4] - Stocks such as Hainan Huatie and Junda Co. experienced declines of 1.30% and 1.23% respectively, with negative main fund flows [4]

Core Points - The Shanghai Composite Index is at 3906.88 points, above the six-month moving average, with a gain of 0.45% [1] - A total trading volume of A-shares reached 1,197.71 billion yuan today [1] - 158 A-shares have surpassed the six-month moving average, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - The stocks with the highest deviation rates from the six-month moving average include: - Aienju (11.21% deviation, latest price 21.46 yuan) [1] - Huifeng Diamond (8.50% deviation, latest price 31.92 yuan) [1] - Jiuan Medical (4.78% deviation, latest price 40.21 yuan) [1] - Other stocks that have just crossed the six-month moving average include: - Ningbo Energy, China National Heavy Duty Truck Group, and Tongda Shares [1] Trading Data - The trading data for stocks that broke the six-month moving average on October 14 includes: - Aienju: 13.85% increase, 18.54% turnover rate [1] - Huifeng Diamond: 15.53% increase, 14.22% turnover rate [1] - Jiuan Medical: 5.29% increase, 2.42% turnover rate [1] - Additional stocks with notable performance include: - Chutianlong (4.88% increase) and Daqian Ecology (5.04% increase) [1]

Core Viewpoint - The company, Junda Co., plans to invest approximately 198.72 million yuan in research and development (R&D) for the year 2024, focusing on advancements in photovoltaic (PV) technology and maintaining a competitive edge in the industry [1] Group 1: R&D Investment - The projected R&D expenditure for 2024 is about 198.72 million yuan [1] - The company emphasizes a research philosophy of "pre-research generation, pilot generation, and mass production generation" [1] Group 2: Technological Advancements - Junda Co. is committed to optimizing and upgrading N-type battery technology through various efficiency and cost-reduction measures, including metal composite reduction, passivation performance enhancement, optical performance optimization, and grid line thinning [1] - The company’s average mass production conversion efficiency and non-silicon cost per watt are currently leading in the industry [1] Group 3: Collaboration and Innovation - The company is also investing in the research and development of perovskite tandem solar cells, achieving a laboratory efficiency of 32.08% in collaboration with external institutions as of the first half of this year [1]

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告的內容概不 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 對 因 本 通 告 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） 董事會會議通告 海 南 鈞 達 新 能 源 科 技 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，董 事會會議將於2025年10月27日（星 期 一）舉 行，藉 以 考 慮 及 批 准 本 公 司 及 其 附 屬 公司截至2025年9月30日 止 九 個 月 之 第 三 季 度 業 績 及 其 他 事 宜。 承董事會命 截 至 本 公 告 日 期，董 事 會 成 員 包 括 執 行 董 事 陸 徐 楊 先 生、張 滿 良 先 生 及 鄭 洪 偉 先 生；非 執 行 董 事 徐 曉 平 先 生 及 徐 勇 先 生；職 工 代 表 ...

Group 1 - The company, Junda Co., Ltd. (02865.HK), announced that its board meeting will be held on October 27, 2025, to consider and approve the third quarter results for the nine months ending September 30, 2025, along with other matters [1]

Core Points - Hongjun New Energy has signed a cooperation agreement with Saudi partners to establish a 6GW high-efficiency heterojunction component production base in Saudi Arabia, marking the company's first overseas factory since its establishment in 2023 [1] - The company is part of a trend where at least 15 Chinese photovoltaic companies have announced overseas factory plans since 2025, with total investments exceeding 20.4 billion yuan, primarily in the Middle East and surrounding regions [1][2] - The Middle East is becoming a favored destination for Chinese photovoltaic companies due to strong local demand for energy transition and favorable policy environments [11][12] Company Developments - Hongjun New Energy is a new player in the photovoltaic industry, focusing on the production and sales of heterojunction solar cells and components, with Gree Group as one of its shareholders [1] - Other companies, including He Guang Tong Cheng and Zhonghuan New Energy, are also planning to establish factories in the Middle East, indicating a broader trend of Chinese companies expanding their production capabilities internationally [6][7] Industry Trends - The trend of Chinese photovoltaic companies establishing overseas factories is largely driven by the need to escape domestic market saturation and seek new growth opportunities [10][14] - The Middle East's geographical advantage and the lack of trade barriers with Western markets make it an attractive location for Chinese companies to set up production facilities [11][12] - The total planned photovoltaic capacity in the Middle East and surrounding regions is approximately 276.6GW, indicating a potential oversupply and intense competition in the market [2][12] Technological Developments - The projects in the Middle East are primarily adopting n-type technology, with Hongjun New Energy's 6GW component base being the first heterojunction project in the region [8] - The photovoltaic glass industry is also seeing a shift, with several manufacturers planning to establish production lines in the Middle East to mitigate domestic overcapacity issues [9][10] Market Challenges - The rapid expansion of photovoltaic capacity in the Middle East may lead to market oversupply and increased competition, raising concerns about the sustainability of profit margins for companies operating in the region [10][12] - The industry must be cautious of repeating past mistakes seen in Southeast Asia, where trade barriers and investigations led to significant losses for Chinese companies [15]