Core Viewpoint - The photovoltaic industry is undergoing a significant adjustment towards a transformation from "scale expansion" to "quality efficiency" by 2025, driven by global energy transition and technological iterations in the photovoltaic sector [1] Group 1: Company Developments - Zhonglai Co., as one of the earliest companies in China to achieve GW-level mass production of N-type TOPCon technology, is enhancing its "technology + market" dual-driven strategy [1] - Following the acquisition by controlling shareholder Zhejiang Energy Power, both parties are deeply collaborating in resource integration, project development, and technological synergy [1] - As a cornerstone business, Zhonglai's backplane products have cumulatively shipped over 290GW by the end of the reporting period [1] Group 2: Technological Advancements - Zhonglai has continuously iterated on backplane materials and processes, launching various advanced products such as FFC backplane, transparent grid backplane, high-reflective black backplane, and enhanced backplane [1] - The N-type TOPCon battery and module business has achieved significant technical breakthroughs, with laboratory research conversion efficiency reaching 26.99% for 210-size TOPCon batteries, and average mass production testing efficiency also improving [1] Group 3: Market Competitiveness - The technological advantages of N-type components further strengthen Zhonglai's market competitiveness, exemplified by the successful integration of the 370,000 kW photovoltaic project in Akesu, Xinjiang [1] - In July, Zhonglai signed a contract for a 100MW ecological solar energy demonstration project in Chongqing, which will utilize N-type TOPCon high-efficiency components and innovative packaging solutions [1] Group 4: Business Growth - The photovoltaic application business of Zhonglai has shown remarkable growth, with revenue increasing by 56.86% year-on-year [1] - The company's photovoltaic application business primarily focuses on distributed household projects, establishing a complete "development + construction + operation + service" model [1] - By the end of the reporting period, Zhonglai's household distributed business has covered 28 provinces (regions, municipalities) and over 1,100 districts/counties, with the capability to design and develop 3-5GW of household photovoltaic power stations annually [1]

Core Insights - Zhonglai Co., Ltd. reported a net profit attributable to shareholders of approximately -169 million yuan for the first half of 2025, indicating a reduction in losses compared to the previous year [1] - The company achieved an operating revenue of approximately 3.304 billion yuan, reflecting a year-on-year growth of 7.25% [1] Company Performance - The half-year report highlights Zhonglai's active engagement in the photovoltaic auxiliary materials, high-efficiency batteries and components, and photovoltaic application businesses [1] - The reduction in net losses suggests improvements in operational efficiency and potential recovery in the company's financial performance [1]

Core Viewpoint - The photovoltaic industry is undergoing a significant adjustment towards quality and efficiency, with companies like Zhonglai Co., Ltd. focusing on reducing losses and enhancing technological capabilities amidst a complex external environment [1] Financial Performance - Zhonglai Co., Ltd. reported a revenue of approximately 3.3 billion yuan, a year-on-year increase of 7.25%, while the net profit attributable to shareholders was approximately -169 million yuan, a reduction in losses by 44.83% compared to the previous year [1] - The company's net profit after deducting non-recurring items was approximately -190 million yuan, reflecting a 43.45% reduction in losses year-on-year [1] Technological Advancements - Zhonglai Co., Ltd. is one of the earliest companies in China to achieve GW-level mass production of N-type TOPCon technology, continuously enhancing its "technology + market" dual-drive strategy [1] - The company achieved a laboratory research conversion efficiency of 26.99% for its 210-size TOPCon cells, with an average mass production testing efficiency exceeding 27% [3] - The average conversion efficiency of its modules is 23.14%, with first-year degradation not exceeding 1% and 25-year degradation not exceeding 10.6%, placing it among the industry's leaders [3] Product Development - Zhonglai Co., Ltd. has launched differentiated products in its backplane business, including FFC backplanes and transparent grid backplanes, enhancing insulation performance and reliability in extreme environments [2] - The company introduced a new N-type all-glass encapsulation solution that significantly improves module performance and production efficiency, achieving certifications for its robust characteristics [3] Market Position and Projects - The company successfully supported the integration of a 370,000 kW photovoltaic project in Xinjiang, showcasing its N-type high-efficiency modules and system design capabilities [4] - Zhonglai Co., Ltd. signed a contract for a 100 MW ecological solar energy demonstration project in Chongqing, further validating its components' adaptability in large ground power stations [4] Business Growth - The photovoltaic application business of Zhonglai Co., Ltd. saw a remarkable revenue growth of 56.86% year-on-year, primarily driven by its household distributed business [5] - The company has developed a complete business model for household distributed solar power, covering over 28 provinces and managing more than 230,000 household solar power stations [5] Industry Outlook - The photovoltaic industry is expected to enter a critical period of capacity clearing and technological iteration in the second half of 2025, with policies promoting high-quality development favoring leading companies with technological barriers [6] - Zhonglai Co., Ltd.'s technological accumulation and market expansion advantages are anticipated to become more pronounced, supported by collaboration with its major shareholder, Zhejiang Energy [6]

公司摊薄每股收益为-0.15元，较去年同报告期摊薄每股收益增加0.13元。 公司最新总资产周转率为0.20次，较去年同期总资产周转率增加0.02次，同比较去年同期上涨11.15%。 最新存货周转率为3.40次，较去年同期存货周转率增加1.63次，实现3年连续上涨，同比较去年同期上涨 92.09%。 公司股东户数为5.31万户，前十大股东持股数量为3.97亿股，占总股本比例为36.44%，前十大股东持股 情况如下： | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | 林建伟 T | | 16.36% | | 2 | 浙江浙能电力股份有限公司 | 9.75% | | 楼布 ധ | | 2.84% | | 4 张育政 | | 2.75% | | 5 | 香港中央结算有限公司 | 0.92% | | 6 | 苏州普乐投资管理有限公司 | 0.91% | | 吴晓婷 1 | | 0.91% | | 8 | 招商银行股份有限公司-南方中证1000交易型开放式指数证券投资基金 | 0.74% | | 9 卢文星 | | 0.65% | | 10 方东晖 | | 0.60% | 2025年8 ...

Core Viewpoint - Zhonglai Co., Ltd. has shown resilience in the photovoltaic sector, with a notable increase in revenue and a significant reduction in net loss, indicating potential for recovery and growth in a competitive market [1] Financial Performance - For the first half of 2025, Zhonglai Co., Ltd. reported operating revenue of 3.304 billion yuan, representing a year-on-year growth of 7.25% [1] - The company recorded a net loss attributable to shareholders of 169 million yuan, which is a 44.83% reduction in loss compared to the previous year [1] Business Development - Zhonglai Co., Ltd. has achieved significant advancements in technology, with TOPCon battery laboratory efficiency reaching 26.99% and mass production efficiency exceeding 27% [1] - The company recently won a 280 million yuan bid for a household photovoltaic operation and maintenance project and is involved in the construction of the Shage Desert Photovoltaic Power Station in Xinjiang, indicating steady business expansion [1] Market Activity - As of August 22, 2025, Zhonglai Co., Ltd.'s stock price was 6.30 yuan, up 0.80% from the previous trading day, with a trading volume of 1.23 billion yuan [1] - On the same day, the net inflow of main funds was 4.0007 million yuan, while there was a net outflow of 6.3137 million yuan over the past five days [1]

Core Viewpoint - The photovoltaic industry is undergoing a significant adjustment in 2025, shifting from "scale expansion" to "quality and efficiency" amid rapid energy transition and technological iterations in the solar sector [1] Financial Performance - Company reported revenue of approximately 3.3 billion yuan, a year-on-year increase of 7.25% - The net profit attributable to shareholders was approximately -169 million yuan, a reduction in losses by 44.83% compared to the same period last year - The net profit after deducting non-recurring items was approximately -190 million yuan, a reduction in losses by 43.45% year-on-year [1] Technological Advancements - Company is one of the earliest to achieve GW-level mass production of N-type TOPCon technology, continuously enhancing its "technology + market" dual-drive strategy [1] - The company’s N-type TOPCon battery laboratory achieved a conversion efficiency of 26.99%, with mass production testing efficiency exceeding 27% [3] - The average conversion efficiency of components is 23.14%, with first-year degradation not exceeding 1% and 25-year degradation not exceeding 10.6% [3] Product Development - The company has launched differentiated products in the backplane business, including FFC backplane, transparent grid backplane, and enhanced backplane, focusing on improving insulation performance [2] - The N-type all-glass encapsulation solution 2.0 significantly enhances component performance and production efficiency, certified for various applications [3] Market Position and Projects - The company successfully supported the 370,000 kW photovoltaic project in Akesu, Xinjiang, showcasing its components' performance in extreme weather conditions [4] - The company signed a contract for a 100MW ecological solar energy demonstration project in Chongqing, further validating its components' adaptability in large ground power stations [4] Business Growth - The photovoltaic application business saw a revenue increase of 56.86% year-on-year, with a complete business model established for distributed household solar projects [5] - The company has developed diverse installation solutions to meet various user needs and has secured a significant operation and maintenance project worth approximately 280 million yuan [5][6] Industry Outlook - The photovoltaic industry is expected to face a critical period of capacity clearing and technological iteration in the second half of 2025, with policies promoting high-quality development benefiting leading companies with technological barriers [6]

Core Viewpoint - The photovoltaic industry is undergoing a significant adjustment towards quality and efficiency, with companies like Zhonglai Co., Ltd. focusing on reducing losses and enhancing technological capabilities amidst a complex external environment [1] Group 1: Financial Performance - Zhonglai Co., Ltd. reported a revenue of approximately 3.3 billion yuan, a year-on-year increase of 7.25%, while the net profit attributable to shareholders was approximately -169 million yuan, a reduction in losses by 44.83% compared to the previous year [1] - The company's non-recurring net profit was approximately -190 million yuan, reflecting a 43.45% reduction in losses year-on-year [1] Group 2: Technological Advancements - Zhonglai Co., Ltd. is one of the earliest companies in China to achieve GW-level mass production of N-type TOPCon technology, continuously enhancing its "technology + market" dual-drive strategy [1] - The company achieved a laboratory research conversion efficiency of 26.99% for its 210-size TOPCon cells, with an average mass production testing efficiency exceeding 27% [3] - The average conversion efficiency of its modules reached 23.14%, with first-year degradation not exceeding 1% and 25-year degradation not exceeding 10.6%, placing it among the industry's leaders [3] Group 3: Market Position and Product Development - Zhonglai Co., Ltd. has maintained its leading position in the photovoltaic backsheet business, with cumulative shipments exceeding 290 GW [2] - The company has introduced differentiated products such as FFC backsheets and transparent grid backsheets, enhancing reliability in extreme environments and achieving cost reductions through material optimization [2] - The N-type components have strengthened the company's market competitiveness, successfully supporting the integration of a 370,000 kW photovoltaic project in Xinjiang, showcasing the components' performance in extreme weather conditions [4] Group 4: Business Growth and Expansion - The photovoltaic application business of Zhonglai Co., Ltd. saw a significant revenue increase of 56.86% year-on-year, primarily driven by distributed household projects [5] - The company has developed a complete business model for distributed household projects, covering over 28 provinces and managing more than 230,000 household photovoltaic stations [5] - Recent innovations include the "Zhonglai NIWA balcony photovoltaic series" and "homestay photovoltaic thermal 24h green electricity system," expanding application scenarios and creating an integrated business ecosystem [5] Group 5: Future Outlook - The photovoltaic industry is expected to face a critical period of capacity clearing and technological iteration in the second half of 2025, with policies promoting high-quality development favoring leading companies with technological barriers [6] - Zhonglai Co., Ltd.'s technological accumulation and market expansion advantages are anticipated to become more pronounced, supported by collaboration with its major shareholder, Zhejiang Energy [6]

Meeting Information - The company will hold its first extraordinary general meeting of shareholders in 2025 on September 11, 2025, at 14:00 [1] - Network voting will be available on the same day from 9:15 to 15:00 [1][2] Voting Procedures - Shareholders can participate in the meeting either through on-site voting or online voting, but not both [2] - Voting rights are granted to all shareholders registered by September 5, 2025 [2][4] - The meeting requires a two-thirds majority for certain resolutions and a simple majority for others [4] Registration Requirements - Legal representatives of corporate shareholders must present identification and proof of shareholding [4][5] - Individual shareholders must provide identification and proof of shareholding, with provisions for proxy voting [5] Voting Process - Detailed procedures for online voting are provided, including how to express agreement, disagreement, or abstention on proposals [6] - The first valid vote will be considered in case of duplicate voting on the same proposal [6] Contact Information - The company’s securities department can be contacted for further inquiries, with provided phone and email details [5]

证券代码：300393 证券简称：中来股份 公告编号：2025-045 苏州中来光伏新材股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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。 一、召开会议的基本情况 1．股东大会届次：2025年第一次临时股东大会。 2．会议召集人：公司董事会。公司董事会于2025年8月21日召开第五届董事 会第二十二次会议审议通过了《关于提请召开2025年第一次临时股东大会的议 案》，决定于2025年9月11日（星期四）召开2025年第一次临时股东大会。 3．会议召开的合法、合规性：本次股东大会的召开符合有关法律法规、深 圳证券交易所业务规则及《公司章程》的规定。 4．会议召开的日期、时间： （1）现场会议召开时间为：2025年9月11日（星期四）下午14:00 （2）网络投票时间为：2025年9月11日 其中，通过深圳证券交易所系统进行网络投票的具体时间为：2025年9月11 日上午9:15-9:25、9:30-11:30和下午13:00-15:00；通过深圳证券交易所互联网 投票系统投票的具体时间为：2025年9月1 ...

Group 1 - The fifth meeting of the supervisory board of Suzhou Zhonglai Photovoltaic New Materials Co., Ltd. was held on August 21, 2025, and was legally convened [1][2] - The supervisory board unanimously approved the proposal regarding the 2025 semi-annual report, confirming that the report accurately reflects the company's financial status and operational results without any false records or omissions [1][2] - The supervisory board also approved the proposal concerning the special report on the use and management of raised funds for the first half of 2025, stating that the company complies with relevant regulations and does not engage in any illegal use of raised funds [2]