本公司及董事会全体成员保证公告内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 阳光电源股份有限公司（以下简称"公司"）董事会近日收到公司非独立董 事赵为先生递交的书面辞职报告。因公司内部工作调整，赵为先生申请辞去公司 第五届董事会非独立董事职务。截至本公告披露日，赵为先生直接持有公司股票 9,906,400 股。根据《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》、《公司章程》等相关规定，赵为先生的辞职报告自送达公司 董事会之日起生效。 根据《中华人民共和国公司法》、《公司章程》等有关规定，公司于 2025 年 5 月 22 日召开职工代表大会，经与会职工代表认真审议，一致同意选举赵为先 生（简历请见附件）为公司第五届董事会职工代表董事。公司已于 2025 年 5 月 22 日至 2025 年 5 月 27 日对选举结果进行公示，公示期满无异议。赵为先生将 与公司现任第五届董事会非职工代表董事共同组成公司第五届董事会，任期至公 司第五届董事会任期届满之日止。 赵为先生当选公司职工代表董事后，公司第五届董事会成员数量仍为 8 名， 其中兼任高级管理人员以及由职工代表担 ...

核心观点 公司全年实现营业收入778.57 亿元（同比+7.76%）；归母净利润110.36 亿元（同比+16.92%）；扣非后 归母净利润109.92 亿元（同比+16.03%）。Q4 单季收入279.11 亿元（同比+8.03%， 环比+47.50%）； 归母净利润34.37 亿元（同比+55.05%，环比+30.16%）；扣非后归母净利润34.37 亿元（同比+54.80%， 环比+30.16%）。 2025Q1，公司实现营业收入190.36 亿元（同比+50.92%，环比-31.79%）；归母净利润38.26 亿元（同比 +82.52%，环比+11.32%）；扣非后归母净利润38.03 亿元（同比+76.50%，环比+10.65%）。 简评 储能：出货及收入维持高增，订单全球多点开花2024 年全球储能行业需求保持高速增长，公司作为全 球储能龙头之一，全年储能系统发货量28GWh，同比+167%，收入249. 59 亿元，同比+40.21%，增速大 幅领先全球储能行业平均水平。公司在高压直流侧集成领域的技术优势推动毛利率升至36.69%（ 同比 +4.07pct），盈利能力领跑同业。核心产品Power ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha Sungrow Power Supply 300274.SZ 300274 CH In our Downgrade to Neutral on tariff headwinds published on 26 April, we turned cautious on Sungrow's 2025F earnings due to tariff headwinds and intensified competition in emerging markets. Based on our latest industry check, we estimate its 4Q24 and 1Q25 energy storage system (ESS) shipment to be strong at 10GWh and 12GWh, with US shipments accounting for 15% and 20%, respectively. Therefore, we raise Sungrow's 2Q25F earnings as its ...

"股价为何低迷？"在阳光电源5月20日的业绩说明会上，这一问题是投资者提及最多的。 5月21日开盘后，阳光电源股价一度下挫，最终收于64.23元/股，涨0.90%。今年以来公司市值已缩水超过200亿元。 在储能领域，作为头部系统集成企业的阳光电源正面临来自以宁德时代为代表的电芯供应商的直接竞争。今年1月，宁德时代拿下阿联酋19GWh储能系统订 单，为目前全球最大，震动了整个行业。 电芯厂商进入系统集成赛道，天然具有成本优势。阳光电源则选择外采电芯，一名接近阳光电源人士5月21日向贝壳财经记者确认，目前公司依然执行电芯 中性战略。 在昨日的业绩会上，阳光电源强调有信心完成今年的储能全球出货目标。 不过对于电芯厂商们的追赶，系统集成厂商们并非没有危机感，选择外采电芯的企业不约而同地选择了"去宁德化"。 持续盈利+分红却救不了股价，阳光电源遭遇电芯厂商"围剿" 对于股价问题，阳光电源方面在业绩会上重复着同样的回答口径，即"股价会受到宏观经济环境、行业发展情况、二级市场情绪、公司基本面等多重因素影 响"，同时强调公司不断提高分红比例并连续4年进行回购。 在不久前结束的A股年报披露中，阳光电源获得营收778.57亿元、 ...

Core Viewpoint - The company is actively engaging with investors and addressing concerns regarding stock performance, GDR issuance, and competition in the energy storage market. Group 1: Investor Concerns - Investors expressed dissatisfaction with the company's stock performance, particularly after the announcement of GDR issuance, which they believe has negatively impacted share value [2][3][4] - The company has been criticized for not taking sufficient measures to stabilize stock prices and for perceived insider selling by major shareholders [2][3] - The company has increased its dividend payout ratio to 20% for 2024, aiming to enhance shareholder returns [3][8] Group 2: Market Competition - The company faces significant competition from major players like Ningde Times and BYD, which are entering the energy storage market with competitive pricing [10][12][15] - The company emphasizes its core capabilities in power electronics, electrochemistry, and grid support technology to maintain competitiveness [10][12][15] - The company is committed to continuous innovation and enhancing product performance to counteract competitive pressures [10][12][15] Group 3: GDR Issuance and International Expansion - The company is actively progressing with its GDR issuance plans and aims to expand its international presence [4][19] - The company has a strong focus on increasing its overseas orders and maintaining a robust order backlog [19][20] - The company is optimistic about future growth opportunities in the renewable energy sector, driven by global trends towards carbon neutrality [13][19] Group 4: Financial Management - The company reported a significant increase in accounts receivable, amounting to 25.9 billion, and cash reserves of 25.4 billion, indicating a strong liquidity position [20][21] - The company has been actively managing its inventory and accounts receivable to mitigate risks associated with high levels of these assets [21][22] - The company has conducted stock buybacks for four consecutive years, totaling approximately 300 million, to support its stock price [19][22]

证券代码：300274 证券简称：阳光电源 公告编号：2025-047 阳光电源股份有限公司 关于控股股东部分股份解除质押及质押的公告 本公司及董事会全体成员保证公告内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 阳光电源股份有限公司（以下简称"公司"）近日收到公司控股股东、实际 控制人曹仁贤先生的通知，曹仁贤先生将其持有本公司的部分股份办理了解除质 押及质押业务。现将有关情况公告如下： 二、股东股份本次质押的基本情况 | | 是否为第一 | 本次质 | 占其 | 占公 | 是否 | 是否为 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | | 押数量 | 所持 | 司总 | | | 质押 | 质押 | 质权 | 质押 | | | 大股东及一 | | | | 为限 | 补充质 | | | | | | 称 | | （万 | 股份 | 股本 | | | 起始日 | 到期日 | 人 | 用途 | | | 致行动人 | | | | 售股 | 押 | | | | | | | | 股） ...

Core Insights - Hefei Sunshine Source Intelligent Technology Co., Ltd. has been established with a registered capital of 100 million yuan, focusing on emerging energy technology research and development, IoT technology research, and various manufacturing sectors related to power and communication equipment [1] Company Overview - The company is wholly owned by Sunshine Power, indicating a strong backing from an established entity in the energy sector [1] - The legal representative of the company is Li Han, which may suggest a leadership structure that could influence strategic decisions [1] Business Scope - The business scope includes a wide range of activities such as: - Research and development in emerging energy technologies and IoT technologies - Manufacturing of power distribution and control equipment, electronic components, and various industrial control systems [1] - Software development, particularly in artificial intelligence and its applications [1] - Technical services and consulting in areas like data processing, industrial internet, and IoT applications [1] Market Potential - The establishment of this company reflects a growing trend in the integration of artificial intelligence and IoT within the energy sector, which may present significant investment opportunities [1]

Core Viewpoint - The announcement details the completion of the second vesting period for the reserved portion of the 2022 restricted stock incentive plan of Yangguang Electric Power Co., Ltd, confirming that the vesting conditions have been met and outlining the relevant details of the stock incentive plan [1][22]. Summary by Sections Stock Incentive Plan Overview - The 2022 restricted stock incentive plan was approved by the company's board and supervisory committee, with a total of 6.5 million shares to be granted, accounting for 0.42% of the company's total share capital at the time of the announcement [2][3]. - The grant price for the restricted stock is set at 35.54 yuan per share, allowing the incentive recipients to purchase shares at this price after meeting the vesting conditions [2][3]. - The plan includes a maximum of 468 incentive recipients, primarily core and key employees of the company [2][3]. Vesting Schedule and Performance Targets - The vesting schedule is divided into four periods, with each period allowing for 25% of the granted shares to vest, contingent upon meeting specific performance targets [2][3]. - Performance targets for the first vesting period require a 40% increase in revenue or a 70% increase in net profit for 2022 compared to 2021 [4][5]. - Subsequent vesting periods have progressively higher performance targets, with the final period requiring a 160% increase in revenue and a 190% increase in net profit by 2025 compared to 2021 [4][5]. Recent Developments - As of April 25, 2025, the board confirmed that the vesting conditions for the reserved portion of the second vesting period have been met, allowing for the registration of vested shares [19][20]. - The company has adjusted the grant price to 24.46 yuan per share due to capital adjustments and stock dividends, affecting the total number of shares that remain unvested [18][22]. - The total number of incentive recipients has been adjusted due to departures, with the current number of recipients for the first grant reduced to 408 [17][22]. Listing and Circulation of Shares - The shares from this vesting period will be listed for circulation on May 16, 2025, with a total of 11.13 million shares involved [21][22]. - There are no restrictions on the sale of these shares post-vesting, and the company plans to use the funds raised from this incentive for working capital [21][22]. Legal Compliance - The legal opinion confirms that the vesting conditions have been met and that the adjustments to the incentive plan comply with relevant laws and regulations [22].

证券代码：300274 证券简称：阳光电源 公告编号：2025-046 阳光电源股份有限公司 关于 2022 年限制性股票激励计划预留授予部分第二个归属期 归属结果暨股份上市公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1、本次归属数量：11.13 万股，占目前公司总股本的 0.01%。 2、本次归属人数：23 人。 3、本次归属的限制性股票归属完成日为 2025 年 5 月 16 日（星期五）。 阳光电源股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开第五届董 事会第十七次会议和第五届监事会第十四次会议，审议通过了《关于 2022 年限制 性股票激励计划首次授予部分第三个归属期及预留授予部分第二个归属期归属条 件成就及相关事项的议案》。近日，公司已办理完成 2022 年限制性股票激励计划（以 下简称"2022 年激励计划"）预留授予部分第二个归属期限制性股票的归属登记工作， 现将有关情况公告如下： 一、股权激励计划实施情况概要 2022 年激励计划有效期为自限制性股票首次授予日起至激励对象获授的限制 性股票全部归属或 ...

Group 1 - Sunpower Technology Co., Ltd. experienced a stock price drop of 2.53% on May 15, 2025, with a registered capital of 2,073.21 million RMB [1] - The company, established in 2007 and located in Hefei, primarily engages in electricity and heat production and supply [1] - Two funds under E Fund Management, namely E Fund ChiNext ETF and E Fund CSI 300 Initiated ETF, have reduced their holdings in Sunpower Technology during the first quarter of this year [1] Group 2 - E Fund ChiNext ETF has a year-to-date return of -2.25%, ranking 2920 out of 3437 in its category [2] - E Fund CSI 300 Initiated ETF has a year-to-date return of 0.58%, ranking 2207 out of 3437 in its category [2] - The performance of E Fund ChiNext ETF shows a quarterly decline of 5.55% and a half-year decline of 10.37% [3] Group 3 - The fund managers for E Fund ChiNext ETF and E Fund CSI 300 Initiated ETF are Cheng Xi and Liu Shurong, respectively [6][8] - Cheng Xi has been managing the E Fund ChiNext ETF since May 7, 2016, while Liu Shurong has been managing the same fund since July 18, 2017 [6][8] - E Fund Management Company was established in April 2001 and has multiple shareholders, including Yingfeng Group, Guangdong Yuecai Trust, and Guangfa Securities, each holding 22.65% [11]