截至 2024 年 4 月 30 日，公司通过股票回购专用账户以集中竞价方式实施回 购公司股份 15,172,300 股，占公司总股本的 1.33%，最高成交价为 18.62 元/股， 最低成交价为 12.77 元/股，成交总金额为 240,954,755.04 元（不含交易费用）， 本次回购符合公司回购股份方案及相关法律法规的要求。 证券代码：300118 证券简称：东方日升 公告编号：2024-050 东方日升新能源股份有限公司 关于回购公司股份的进展公告 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。 东方日升新能源股份有限公司（以下简称"东方日升"、"公司"）于 2023 年 8 月 18 日召开第四届董事会第三次会议、第四届监事会第二次会议，审议通 过了《关于以集中竞价交易方式回购股份的方案的议案》，同意公司使用自有资 金或自筹资金以集中竞价方式回购公司股份，用于员工持股计划、员工股权激励 计划或减少注册资本。本次回购股份的资金总额不低于（含）人民币 15,000 万元 且不超过（含）人民币 30,000 万元，回购价格不超过（含）人民币 34.50 ...

Investment Rating - The investment rating for the company is upgraded to "Outperform" [1] Core Views - The company's profitability has been impacted by industry downturns, but heterojunction technology is expected to accelerate breakthroughs [1] - The company reported a revenue of 35.33 billion yuan in 2023, a year-on-year increase of 20.2%, and a net profit attributable to shareholders of 1.36 billion yuan, up 45.8% year-on-year [4] - The company has adjusted its profit forecasts for 2024-2025 due to declining sales prices of components and energy storage systems, with expected net profits of 542 million yuan and 785 million yuan respectively [4] Financial Performance Summary - In 2023, the company achieved a revenue of 353.3 billion yuan, with a year-on-year growth of 20.2% [4] - The net profit attributable to shareholders for 2023 was 1.36 billion yuan, reflecting a year-on-year increase of 45.8% [4] - The company reported a significant decline in Q4 2023, with revenue of 73.1 billion yuan, down 29.8% quarter-on-quarter and 12.6% year-on-year [4] - For Q1 2024, the company experienced a revenue drop to 49.3 billion yuan, a year-on-year decrease of 27% [4] Business Segments - The company's component business generated revenue of 286.7 billion yuan in 2023, with a year-on-year increase of 18.9% and a gross margin of 13.6% [5] - The energy storage segment also showed growth, with revenue of 20.8 billion yuan and a net profit of 2.06 billion yuan in 2023 [6] - The company has made significant advancements in heterojunction technology, achieving a daily average efficiency of 26% and a utilization rate of 99.6% [5] Future Projections - The company has revised its profit forecasts for 2024-2025, now expecting net profits of 542 million yuan and 785 million yuan respectively, with an additional forecast for 2026 at 876 million yuan [4][7] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.48, 0.69, and 0.77 yuan respectively [4][7] - The current stock price corresponds to price-to-earnings (P/E) ratios of 29.5, 20.4, and 18.3 for the years 2024, 2025, and 2026 respectively [4][7]

Group 1: Company Overview and Performance - Dongfang Risen is primarily engaged in the manufacturing of photovoltaic downstream battery modules and system integration, achieving revenues of approximately 35.3 billion CNY in 2023 and 4.9 billion CNY in Q1 2024, with a net profit of 1.58 billion CNY [2] - The company confirmed a component shipment revenue of approximately 18.99 GW in 2023, with an effective production capacity of about 27 GW for batteries and 35 GW for modules by the end of 2023 [2][3] Group 2: Production Capacity and Efficiency - As of now, the company has over 6 GW of annual production capacity for heterojunction batteries, with the latest production data showing a non-silicon cost of approximately 0.22 CNY/w, and the average efficiency of produced batteries reaching 26% [3][4] - The company aims to increase the power of mainstream products to approximately 715-720 W by the end of 2024 [3] Group 3: Cash Flow Management - The photovoltaic industry is capital-intensive, and cash flow management is crucial for Dongfang Risen, especially with household projects occupying operational cash flow [4] - The company plans to manage cash flow through differentiated settlement methods in sales receipts, procurement expenditures, and household project turnover [4] Group 4: International Operations and Market Strategy - The Malaysian base is operating normally, with 2023 sales to the U.S. amounting to approximately 1.44 GW, although the recognition cycle is relatively long due to DDP trade settlement [4] - The company is closely monitoring policy changes that may impact order acquisition and procurement planning, with strategies in place to maximize existing capacity [4] Group 5: Household Power Station and Energy Storage Business - In 2023, the company constructed approximately 2.3 GW of household power stations, with sales of about 200 MW and an inventory of approximately 2.1 GW by the end of the year [4] - The energy storage business contributed approximately 2 billion CNY in revenue, with adjustments made in production and shipment due to fluctuations in raw material prices and component shortages in overseas markets [5]

Financial Performance - The company's revenue for Q1 2024 was approximately ¥4.93 billion, a decrease of 27.21% compared to ¥6.78 billion in the same period last year[3]. - The net profit attributable to shareholders was a loss of approximately ¥279.52 million, representing a decline of 189.92% from a profit of ¥310.86 million in the previous year[3]. - The net cash flow from operating activities was negative at approximately ¥3.03 billion, a significant decrease of 1,972.88% compared to a positive cash flow of ¥161.90 million in the same period last year[3]. - The company reported a basic earnings per share of -¥0.25, a decline of 186.21% from ¥0.29 in the same period last year[3]. - The total comprehensive income attributable to the parent company was a loss of approximately ¥266.60 million, compared to a profit of ¥323.72 million in the previous period[20]. - The net profit for the current period was a loss of approximately ¥279.20 million, compared to a profit of ¥319.31 million in the previous period[20]. Cash Flow and Liquidity - The net cash flow from operating activities decreased by 1972.88% to -3,032,228,158.79 RMB compared to the same period last year, primarily due to a decline in sales of photovoltaic module products and increased cash outflows for household photovoltaic power station construction[9]. - The net increase in cash and cash equivalents was -790,505,360.46 RMB, a decline of 119.51% year-over-year, driven by reduced sales and increased cash outflows for construction[9]. - The ending balance of cash and cash equivalents was CNY 4,963,676,393.13, significantly lower than CNY 9,243,807,843.69 at the end of Q1 2023[22]. - The company reported a cash inflow from loans of CNY 3,864,270,828.20, compared to CNY 2,461,904,648.90 in the previous year, indicating a growth of 56.8%[22]. - Cash received from other financing activities was CNY 2,534,635,047.20, an increase of 80.1% from CNY 1,407,006,771.13 in Q1 2023[22]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥50.25 billion, down 7.36% from ¥54.25 billion at the end of the previous year[3]. - The total liabilities decreased from CNY 39.02 billion to CNY 35.33 billion, a reduction of approximately 9.7%[17]. - The company's equity attributable to shareholders decreased from CNY 15.21 billion to CNY 14.90 billion, a decline of about 2.0%[18]. - The company’s non-current liabilities increased from CNY 8.05 billion to CNY 8.72 billion, an increase of about 8.3%[17]. - Cash and cash equivalents decreased from CNY 10.57 billion to CNY 8.38 billion, a decline of about 20.7%[16]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 82,395, with the largest shareholder holding 24.82% of the shares[10]. - The largest shareholder, Lin Haifeng, holds 282,998,377 shares, with 153,376,900 shares pledged[11]. - The second-largest shareholder, Guanghua Sunshine Asset Management, holds 49,627,791 shares, representing 4.35% of the total[12]. - The company has a total of 10 major shareholders, with no significant changes in their shareholding status reported[13]. Operational Highlights - The company plans to focus on expanding its market presence and enhancing its product offerings in response to the current challenges in the photovoltaic industry[8]. - The company continues to invest in the construction of household photovoltaic power stations, indicating a focus on market expansion and new technology development[9]. - The company announced a share repurchase plan approved on September 6, 2023, to buy back shares through centralized bidding[15]. Financial Expenses and Income - The financial expenses increased by 138.10% to approximately ¥132.54 million, primarily due to higher interest expenses[7]. - The company incurred interest expenses of approximately ¥135.23 million, an increase from ¥93.55 million in the previous period[19]. - The investment income for the period was approximately ¥33.47 million, a substantial increase of 550.49% compared to a loss of -¥7.43 million in the same period last year[7]. - The company received government subsidies amounting to approximately ¥107.73 million, an increase of 72.37% from ¥62.50 million in the previous year[7]. - The company reported other income of approximately ¥107.73 million, up from ¥62.50 million in the previous period[19]. Inventory and Receivables - Accounts receivable increased from CNY 4.42 billion to CNY 4.60 billion, an increase of approximately 4.1%[16]. - The company reported a decrease in inventory from CNY 5.57 billion to CNY 5.61 billion, an increase of approximately 0.6%[16]. Accounting and Reporting Changes - The company has adopted new accounting standards starting from 2024, affecting the financial statements[22]. - The company did not undergo an audit for the Q1 2024 report[22].

社会篇：共享发展成果 治理篇：筑牢发展根基 专注，引领产品革新 赋能，打造可持续供应链 独立鉴证声明 附录 1 Contents 目 录 | 关于本报告 | 01 | 关于我们 | 05 | 可持续发展管理 | 15 | | --- | --- | --- | --- | --- | --- | | 董事长致辞 | 03 | 企业荣誉 | 05 | 可持续发展战略 | 15 | | | | 2023 亮点 | 08 | 可持续发展管理架构 | 18 | | | | 公司简介 | 11 | 利益相关方沟通 | 19 | | | | 企业文化 | 13 | 实质性议题分析 | 20 | | | | 发展历程 | 14 | | | 员工基本权益 人力资本发展 职业健康安全 社区贡献与慈善公益 23 25 26 29 31 32 环境篇 走向绿色永续 应对气候变化 环境管理合规 能源管理 水资源管理 废弃物和有害排放管理 生物多样性保护 21 35 39 41 44 社会篇 33 共享发展成果 63 67 69 70 71 专注 引领产品革新 科技创新 清洁能源机遇 打造全生命周期绿色低碳产品 质量安全 客户关系管理 ...

Financial Performance - The company's operating revenue for 2023 reached CNY 35,326,804,378.95, representing a 20.22% increase compared to CNY 29,384,723,113.68 in 2022[13]. - Net profit attributable to shareholders for 2023 was CNY 1,363,281,088.79, a 45.81% increase from CNY 944,682,017.11 in 2022[13]. - The net profit after deducting non-recurring gains and losses was CNY 1,582,641,345.52, up 55.77% from CNY 1,025,686,010.12 in 2022[13]. - The total assets at the end of 2023 amounted to CNY 54,245,929,430.61, a 41.42% increase from CNY 38,261,598,274.49 in 2022[13]. - The net assets attributable to shareholders increased by 62.47% to CNY 15,208,422,344.15 from CNY 9,371,639,016.86 in 2022[13]. - The basic earnings per share for 2023 was CNY 1.22, reflecting a 15.09% increase from CNY 1.06 in 2022[13]. - The gross profit margin for solar modules was reported at 13.59%, with an annual production capacity of 35 GW and an actual output of 21.27 GW[37]. - The gross profit margin for solar cells and modules was 13.63%, reflecting an increase of 8.62% compared to the previous year[41]. - The company achieved a total revenue of 15,520 million for the first quarter of 2023, with a projected revenue of 14,500 million for the second quarter[185]. - The company reported a total revenue of 24,000 million for the year 2023, with a year-on-year increase of 48,048 million in liabilities[192]. Market Expansion and Strategy - The annual report indicates a focus on expanding market presence and enhancing product offerings in the renewable energy sector[3]. - The company aims to increase production capacity and enhance operational efficiency to meet growing demand for solar products[3]. - The report outlines strategic plans for mergers and acquisitions to strengthen market position and expand capabilities[3]. - User data indicates a significant increase in customer base, reflecting a growing demand for solar energy solutions[3]. - The company is actively expanding its overseas market presence, particularly in North America, where it has achieved significant scale in component shipments[32]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share by 2025[165]. - The company is focusing on expanding its market presence, particularly in the renewable energy sector, with multiple subsidiaries involved in energy development[186]. - The company is exploring potential mergers and acquisitions to strengthen its competitive position in the renewable energy sector[192]. Research and Development - The company emphasizes the development of new technologies, including PERC and HJT solar cell technologies, to improve efficiency[7]. - The company plans to invest in research and development to drive innovation in solar technology and product offerings[3]. - The company has filed and authorized over 740 patent technologies, with 172 new patents granted in 2023, enhancing its R&D capabilities in high-efficiency photovoltaic cells and modules[33]. - The company is committed to enhancing its research and development efforts to improve product efficiency and reduce carbon footprints[85]. - The company is investing 200 million yuan in R&D for new solar technology aimed at increasing efficiency by 10% over the next two years[164]. - The company plans to invest 50,000 million in research and development for new energy technologies over the next three years[192]. Sustainability and Social Responsibility - The company is committed to sustainability and social responsibility, aligning with global trends in renewable energy[3]. - The company has established a carbon emission management system, detailing responsibilities and strategies for greenhouse gas reduction, focusing on improving energy efficiency and increasing the use of renewable energy[151]. - The company donated 2 million yuan to the Ninghai County Charity Association for various public welfare initiatives, including poverty alleviation and education support[157]. - The company has implemented energy-saving measures that resulted in a total electricity savings of 46,157,372 kWh, reducing carbon dioxide emissions by approximately 27,694 tons, equivalent to the annual CO2 absorption of about 369,259 trees[151]. - The company has a commitment to biodiversity protection in its project development and operations, aligning with its low-carbon production goals[156]. Governance and Management - The company has a board of directors consisting of 7 members, including 3 independent directors[97]. - The company emphasizes investor relations by sharing development results and enhancing shareholder returns through cash dividends and share buybacks[96]. - The company has established various committees, including the Audit Management Committee and the Compensation and Performance Management Committee, to enhance governance practices[97]. - The management team includes professionals with extensive experience in finance and technology, such as Wu Ying, who serves as the financial director[106]. - The company has a strong focus on corporate governance, with independent directors like He Jiazhen and Chen Liu contributing to oversight[108]. Financial Management and Cash Flow - The net cash flow from operating activities for 2023 was negative CNY 1,643,297,062.88, a decrease of 154.13% compared to CNY 3,035,985,362.89 in 2022[13]. - Operating cash inflow totaled ¥34,200,473,009.44 in 2023, a 5.56% increase from ¥32,397,701,910.80 in 2022[57]. - Operating cash outflow increased by 22.08% to ¥35,843,770,072.32 in 2023 from ¥29,361,716,547.91 in 2022[57]. - The company raised CNY 5 billion through a targeted issuance of shares to enhance its capital strength and support projects including a global high-efficiency photovoltaic R&D center[33]. - The company has committed to using part of its idle raised funds for cash management, enhancing financial efficiency[119]. Product Development and Innovation - The company launched the ultra-low carbon 210 HJT Vuxi series products, which feature unique low-temperature bifacial passivated contact technology and cost control measures, resulting in a significant cost advantage per kilowatt-hour[30]. - The company has developed new products such as the Hyper-ion series 700W+ heterojunction photovoltaic modules, which excel in reducing LCOE and meeting customer demands for high-efficiency products[33]. - The company achieved a maximum power output of 741W and a conversion efficiency of 23.90% for its Hyper-ion solar module, which was launched in 2022[93]. - The company has introduced a new solar panel technology that improves efficiency by 25%, expected to launch in Q3 2023[192]. Risk Management - Future outlook includes addressing risk factors as detailed in the management discussion section, highlighting potential challenges in the market[2]. - The company is facing risks from fluctuating raw material prices and international market conditions, which could impact its gross margin and overall operations[88]. - The company recognizes the risk of technological obsolescence in the solar photovoltaic industry and will maintain research on emerging technologies while focusing on its main technology route[89]. - The company is actively monitoring international macroeconomic trends to manage risks and adjust strategies accordingly[88]. Employee Management and Development - The total number of employees at the end of the reporting period is 15,228, with 1,794 in the parent company and 13,434 in major subsidiaries[123]. - The company has established a multi-level training system to enhance employee skills and knowledge, ensuring comprehensive coverage for new hires and management[155]. - The company emphasizes a compensation policy based on job skills, company performance, and market levels[124]. - The number of R&D personnel increased to 2,059 in 2023, up 33.53% from 1,542 in 2022[56].

本人未在公司担任除独立董事、董事会专门委员会委员以外的任何职务， 也未在公司主要股东单位担任任何职务，与公司以及主要股东之间不存在妨碍 本人进行独立客观判断的关系，符合《上市公司独立董事管理办法》第六条规 定的独立性要求。 东方日升新能源股份有限公司 独立董事 2023 年度述职报告 各位股东及股东代表： 作为东方日升新能源股份有限公司（以下简称"东方日升"、"公司"） 的独立董事，本人在任职期间严格按照《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 2 号——创业板上市公 司规范运作》等法律法规及《公司章程》《独立董事工作制度》的规定，积极履 行职责，发挥独立董事作用，重点维护中小股东的合法权益和公司整体利益。 现本人就 2023 年度履职情况报告如下： 一、基本情况 （一）独立董事基本情况 吴瑛女士，女，1983 年出生，同济大学 MBA 在读，注册会计师、国际注 册内审师。曾任安永会计师事务所审计经理、智翔信息科技股份公司集团财务 经理、科勒（中国）投资有限公司亚太区内审经理，2015 年 8 月至今担任费斯 托（中国）有限公司财务总监，2020 年 5 月起担 ...

中信建投证券股份有限公司 关于东方日升新能源股份有限公司 预计公司及下属公司开展远期结售汇业务 （二）业务规模 公司拟在股东大会审议通过之日起十二个月内开展任意时点最高余额不超 过等值 190,000.00 万美元（含本数）的远期结售汇业务及外汇期权业务，上述额 度在期限内可循环滚动使用。 及外汇期权业务的核查意见 中信建投证券股份有限公司（以下简称"保荐机构"）作为东方日升新能源 股份有限公司（以下简称"东方日升"或"公司"）向特定对象发行 A 股股票的 持续督导保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所 创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业 板上市公司规范运作》《深圳证券交易所上市公司自律监管指引第 13 号——保荐 业务》等相关规定，对东方日升预计公司及下属公司开展远期结售汇业务及外汇 期权业务事项进行了审慎核查，具体情况如下： 一、远期结售汇业务及外汇期权业务概述 （一）交易的背景与目的 当前公司境外销售业务在公司整体业务中占比较大，公司产品出口的主要结 算货币是美元、欧元、澳元等，汇率波动可能对公司生产经营产生一定的影响。 为降低汇率波动带来 ...

东方日升新能源股份有限公司 1 （二）新增投资企业的增资扩股、股权收购投资； （三）现有投资企业的增资扩股、股权收购投资； （四）公司经营性项目及资产投资； （五）股票、基金投资； （六）债券、委托贷款及其他债权投资； （七）委托理财； 备变现的各种投资，包括债券投资、股权投资和其他投资等。 第四条 投资管理应遵循的基本原则：遵循法律、法规的规定，符合公司发展战略， 合理配置公司资源，促进要素优化组合，创造良好经济效益。 对外投资管理制度 第一章 总则 第一条 为规范东方日升新能源股份有限公司（以下简称"公司"）法人治理结构， 保证公司科学、安全与高效地作出决策，明确公司股东大会、董事会等组织机构在公司 对外投资决策方面的职责，控制财务和经营风险，依据《中华人民共和国公司法》（以 下简称"《公司法》"）《中华人民共和国证券法》（以下简称"《证券法》"）《深 圳证券交易所创业板股票上市规则》（以下简称"《上市规则》"）《深圳证券交易所 上市公司自律监管指引第2号——创业板上市公司规范运作》等法律、法规及《东方日 升新能源股份有限公司章程》（以下简称"《公司章程》"）的有关规定，结合公司实 际情况，制定本制度。 ...

东方日升新能源股份有限公司 独立董事工作制度 第一章 总则 第一条 为进一步完善东方日升新能源股份有限公司（以下简称"公司"） 治理结构，促进公司规范运作，根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》《上市公司治理准则》《上市公司独立 董事管理办法》《深圳证券交易所创业板股票上市规则》及《深圳证券交易所上 市公司自律监管指引第2号——创业板上市公司规范运作》（以下简称"《规范 运作》"）等有关法律、法规、规范性文件和《东方日升新能源股份有限公司章 程》（以下简称"《公司章程》"）的有关规定，特制定本制度。 第二章 一般规定 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及公司 主要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进 行独立客观判断关系的董事。 独立董事应当独立履行职责，不受公司及其主要股东、实际控制人等单位 或者个人的影响。 第五条 公司独立董事占董事会成员的比例不得低于三分之一，其中至少 有一名会计专业人士。会计专业人士是指符合下列条件之一的人士： 1.具备注册会计师资格； 10 第三条 独立董事对公司及全体股东负有忠实与勤勉 ...