Core Viewpoint - The company, Dongfang Risen, reported significant growth in its solar energy business, with a notable increase in revenue and net profit, indicating a strong performance in the photovoltaic sector amidst industry reforms aimed at optimizing competition and enhancing profitability [1][2]. Financial Performance - In the first half of 2025, Dongfang Risen achieved a revenue of 7.443 billion yuan, with the solar power station EPC and transfer business generating 2.642 billion yuan, a year-on-year increase of 127.85% [1] - The company's net profit attributable to shareholders rose by 29.49% year-on-year, with a 39.69% increase in the second quarter [1]. Industry Trends - The Ministry of Industry and Information Technology, along with multiple departments, held a meeting to address the photovoltaic industry, focusing on eliminating backward production capacity and establishing a pricing monitoring and product pricing mechanism [1]. - The global solar EPC market is projected to reach a value of $407.6 billion by 2024, with a compound annual growth rate (CAGR) of 8.1% from 2025 to 2034 [3]. Technological Advancements - Dongfang Risen has a production capacity of 40 GW for photovoltaic modules and is actively engaged in cutting-edge technologies such as heterojunction and perovskite [2]. - The company has developed proprietary technologies, including the 0BB battery technology and ultra-thin silicon wafer technology, which enhance production efficiency and reduce costs [6][7]. Business Model and Strategy - The company has established a comprehensive business model covering the entire solar power station value chain, including development, construction, operation, and transfer [4]. - Dongfang Risen is expanding its business into distributed solar power stations while integrating energy storage solutions to enhance project profitability and efficiency [4]. Market Position and Recognition - Dongfang Risen has received multiple global certifications, including from Germany's T V and the EU, establishing a strong foundation for international sales [9]. - The company ranks among the top photovoltaic module manufacturers globally, consistently appearing in BloombergNEF's Tier 1 list [9]. Global Expansion - The company has strategically set up production bases across China, particularly in the Yangtze River Delta region, to optimize logistics and supply chain efficiency [10]. - Dongfang Risen is implementing a "four globalizations" strategy, focusing on market, manufacturing, capital, and talent globalization to enhance its competitive edge in the global market [11].

Financial Performance - The company reported a total revenue of 7.443 billion yuan for the first half of 2025, a year-on-year decrease of 28.84% [1] - The net profit attributable to shareholders was -679 million yuan, showing a year-on-year improvement of 29.49% [1] - In Q2 2025, the total revenue was 4.452 billion yuan, down 19.43% year-on-year, while the net profit was -412 million yuan, an increase of 39.69% year-on-year [1] - The gross margin was 3.1%, a decline of 65.58% compared to the previous year, while the net margin was -9.09%, an increase of 1.11% year-on-year [1] Key Financial Ratios - The company's total expenses (selling, administrative, and financial) amounted to 853 million yuan, accounting for 11.47% of revenue, which is an increase of 9.04% year-on-year [1] - The earnings per share (EPS) was -0.61 yuan, an increase of 28.55% year-on-year [1] - The operating cash flow per share was 0.36 yuan, a significant increase of 109.27% year-on-year [1] Business Model and Cash Flow - The company's performance relies heavily on research and marketing efforts, necessitating a thorough examination of the underlying drivers [2] - The cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 20.68%, and the average operating cash flow over the past three years being negative [2] - The debt situation is also critical, with interest-bearing debt ratio reaching 30.46% and negative average operating cash flow over the past three years [2] Fund Holdings - The largest fund holding the company’s shares is HSBC Jintrust Low Carbon Pioneer Stock A, with 22.9884 million shares held [3] - HSBC Jintrust Core Growth A increased its holdings to 10.4836 million shares [3] - The fund's current size is 3.4 billion yuan, with a recent net value of 2.4916, reflecting a 1.97% decline from the previous trading day but a 44.52% increase over the past year [3]

Core Insights - Dongfang Risen (300118.SZ) reported its 2025 semi-annual results, revealing that as of August 27, 2025, 21 institutional investors held a total of 154 million shares, accounting for 13.53% of the company's total equity [1] - The top ten institutional investors collectively held 13.48% of the shares, with a decrease of 1.36 percentage points compared to the previous quarter [1] Institutional Holdings - The top institutional investors include Guanghua Sunshine Asset Management, Bank of Communications, Hong Kong Central Clearing Limited, China Construction Bank, and others [1] - The number of institutional investors holding shares has remained stable, but the proportion held by the top ten has decreased [1] Public Fund Activity - One public fund, HSBC Jintrust Core Growth Mixed A, increased its holdings by 0.11% compared to the previous period [2] - One public fund, the Photovoltaic ETF, saw a slight decrease in holdings [2] - Eleven new public funds disclosed their holdings this period, including HSBC Jintrust Dynamic Strategy Mixed A and others [2] - Four public funds that were previously disclosed have not reported this period [2] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.73% compared to the previous period [2]

Core Viewpoint - Brazil's energy storage industry is on the verge of explosive growth, driven by the implementation of regulatory frameworks and increasing demand for solar energy storage solutions [2][3]. Group 1: Market Overview - Brazil's solar power generation is expected to increase its share in the total energy mix from 22.2% at the end of 2024 to 32.9% by 2029, with installed capacity rising from 51.7 GW to 88.2 GW, a net increase of 36.5 GW [2]. - The Brazilian Energy Storage Association (ABSAE) predicts that the solar energy storage sector will attract approximately 44 billion Brazilian Reais (around 8.46 billion USD) in investments by 2030, with off-grid systems, grid-level projects, and commercial/industrial storage each accounting for one-third of total investments [2]. - In 2024, battery storage demand in Brazil surged by 89%, with some regions experiencing over 190 hours of power outages annually, highlighting the urgent need for storage solutions among households and agricultural users [2]. Group 2: Regulatory and Policy Environment - The urgency of integrating battery storage systems into Brazil's electricity structure was emphasized by Rodrigo Sauaia, Executive Chairman of the Brazilian Solar Energy Association (ABSOLAR), noting that approximately 1 billion Brazilian Reais of renewable energy in the Northeast market remains unused due to a lack of infrastructure and planning [3]. - The development of storage solutions is currently hindered by pending regulatory policies, but the market is expected to flourish once these policies are established [3]. Group 3: Company Developments - CATL showcased its TENER Stack, a 9MWh modular energy storage system that improves land use efficiency by 45% and energy density by 50% compared to traditional systems [6]. - Trina Solar presented its Elementa series, which combines components, brackets, and storage to address grid stability challenges in Latin America, with a total shipment of 9 GW in Brazil and 19 GW in Latin America [10]. - Risen Energy introduced its Risen Sunease system and Risen Stack1, emphasizing safety and rapid deployment capabilities [12]. - Kehua Tech displayed its 1500V energy storage solution, designed to operate reliably in diverse climatic conditions across South America [15]. - Sungrow launched its integrated solar-storage solutions, addressing the structural electricity shortages in Brazil [17]. Group 4: Strategic Collaborations - During the exhibition, several companies, including Sungrow and DONG Energy, signed strategic cooperation agreements with local renewable energy firms to deepen collaboration in the storage sector [20].

会议全票通过了《关于召开2025年第二次临时股东大会的议案》。董事会同意公司于2025年9月16日以 现场会议与网络投票相结合的方式召开公司2025年第二次临时股东大会，股东大会召开的地点、审议议 案等具体内容详见巨潮资讯网的相关公告。 会议全票通过了《关于调整公司管理架构的议案》。根据相关规定，结合公司实际情况，公司将不再设 置监事会和监事，由董事会审计管理委员会履行《中华人民共和国公司法》规定的监事会职权，此调整 不会影响公司内部监督机制的正常运行。公司管理架构调整后，《监事会议事规则》等监事会相关制度 将相应废止，公司各项制度中涉及监事会、监事的规定不再适用。本议案尚需提交公司2025年第二次临 时股东大会审议，具体内容详见同日于巨潮资讯网披露的相关公告。 修订《公司章程》及相关制度 会议全票通过了《关于修订 <公司章程> 以及修订、新增相关制度的议案》。为促进公司规范运作，公 司拟根据最新法律法规和规范性文件要求，结合经营发展情况，对《公司章程》部分条款进行修订，同 时对多项内部规章制度进行修订或新增。其中《公司章程》等多项制度尚需提交公司2025年第二次临时 股东大会审议，董事会提请股东大会授权办理 ...

近日，东方日升新能源股份有限公司发布新版公司章程，对公司组织与行为、股东权益、经营管理等多 方面做出明确规定，为公司的规范运作和长远发展提供了坚实的制度保障。 东方日升新能源股份有限公司经中国证监会批准，于2010年9月2日在深交所创业板上市，目前注册资本 为人民币1,140,013,863.00元。公司经营期限为50年，董事长为法定代表人。 股份相关规定 公司股份发行遵循公开、公平、公正原则，每股面值1元，已发行股份数为1,140,013,863股，均为人民 币普通股。公司发起人为林海峰、仇华娟等多家企业和个人，成立日向发起人发行13,000万股，占已发 行普通股总数的100%。 公司可根据经营和发展需要增加或减少资本，增加资本方式包括向不特定或特定对象发行股份、派送红 股、公积金转增股本等。公司原则上不得收购本公司股份，但在减少注册资本、与其他公司合并等六种 情形除外。股份转让方面，公司不接受本公司股份作为质权标的，公开发行股份前已发行股份自上市交 易之日起一年内不得转让，董事、高级管理人员等有相应的股份转让限制。 股东与股东会 公司依据证券登记结算机构凭证建立股东名册，股东按持股类别享有权利、承担义务。 ...

| 东方日升（包头）新 材料有限公司 | 控股子公司 | 其他应收款 | 46,946.75 | 432.18 | 709.45 | 5,800.00 | 42,288.38 | 公司往来款 | 非经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 东方日升（宁波）光 伏科技有限公司 | 控股子公司 | 其他应收款 | 20,983.59 | 69,370.57 | 16.03 | 82,365.16 | 8,005.03 | 公司往来款 | 非经营性往来 | | 东方日升（宁波）半 导体有限公司 | 控股子公司 | 其他应收款 | 364.56 | - | 4.65 | - | 369.21 | 公司往来款 | 非经营性往来 | | 宁波蛇蟠涂生态农 业有限公司 | 控股子公司控制 的法人 | 其他应收款 | 0.73 | - | - | - | 0.73 | 公司往来款 | 非经营性往来 | | 扬州宇升光伏科技 有限公司 | 控股子公司控制 的法人 | 其他应收款 | 0.33 | - | - | - | 0.3 ...

证券代码：300118 证券简称：东方日升 公告编号：2025-068 东方日升新能源股份有限公司 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。 根据《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》等监管要求及东方日升新能源股份有限公司（以下简称"公司"、"东方日 升"）《募集资金管理制度》的规定，公司编制了 2025 年半年度募集资金存放 与使用情况的专项报告，具体情况如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位情况 经中国证券监督管理委员会出具的《关于同意东方日升新能源股份有限公司 向特定对象发行股票注册的批复》（证监许可〔2022〕2161 号）同意，公司向 特定对象发行人民币普通股（A 股）248,138,957 股，每股发行价格为人民币 20.15 元，本次募集资金总额为人民币 4,999,999,983.55 元，扣除发行费用（不含增值 税）人民币 31,464,281.93 元，实际募集资金净额为人民币 4,968,535,70 ...

证券代码：300118 证券简称：东方日升 编号：2025-067 东方日升新能源股份有限公司 关于调整公司管理架构并修订《公司章程》以及 修订、新增及废止相关制度的公告 东方日升新能源股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日召开 第四届董事会第二十一次会议、第四届监事会第十六次会议，审议通过了《关于 调整公司管理架构的议案》《关于修订<公司章程>以及修订、新增相关制度的议 案》。现将相关事项公告如下： 一、调整公司管理架构情况 | （四）以公积金转增股本； | （四）以公积金转增股本； | | --- | --- | | （五）法律、行政法规规定以及 | （五）法律、行政法规规定以及 | | 中国证券监督管理部门批准的其他方 | 中国证券监督管理部门批准的其他方 | | 式。 | 式。 | | 第二十七条 公司的股份可以依 | 第二十八条 公司的股份应当依 | | 法转让。 | 法转让。 | | 第二十八条 公司不接受本公司 | 第二十九条 公司不接受本公司 | | 的股票作为质押权的标的。 | 的股份作为质权的标的。 | | 第二十九条 发起人持有的本公 | 第三十条 公司公开发 ...

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。 证券代码：300118 证券简称：东方日升 公告编号：2025-066 东方日升新能源股份有限公司 2025 年半年度报告全文及摘要于 2025 年 8 月 28 日 在 中 国 证 监 会 指 定 的 创 业 板 信 息 披 露 网 站 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上披露，请投资者注意查阅。 特此公告。 东方日升新能源股份有限公司 2025 年半年度报告披露提示性公告 东方日升新能源股份有限公司 董事会 2025 年 8 月 27 日 ...