证券代码：300724 证券简称：捷佳伟创 公告编号：2025-088 深圳市捷佳伟创新能源装备股份有限公司 2025 年第六次临时股东会决议公告 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。 特别提示： 1、本次股东会没有出现否决议案的情形； 2、本次股东会不涉及变更以往股东会已通过的决议。 （1）现场会议时间：2025 年 12 月 29 日 14:30 （2）网络投票时间：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 12 月 29 日 9:15—9:25，9:30—11:30，13:00—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 12 月 29 日 9:15 至 15:00 的任意时 间。 2、会议召开地点：深圳市坪山区龙田街道竹坑社区金牛东路 62 号，公司会 议室 3、会议召开方式：现场表决与网络投票相结合 4、股权登记日：2025 年 12 月 22 日 5、会议召集人：公司董事会 6、会议主持人：董事长左国军先生 一、会议召开情况 1、会议召开时间： 2、公司董事、高级管理人员及见证律师出席 ...

Group 1 - The photovoltaic industry is expected to enter a new development cycle, with China's new installed capacity reaching 277.2 GW in 2024, a year-on-year increase of 27.8%, and a cumulative installed capacity of 886.7 GW by the end of 2024, reflecting a compound annual growth rate of 39.8% from 2015 to 2024 [18][19] - The penetration rate of photovoltaic power generation in China has increased from 0.4% in 2014 to 9.8% in 2024, surpassing the global average, indicating significant growth potential in the future [20][24] - The industry is currently facing "involution" competition, leading to a supply-demand imbalance and widespread losses among companies, necessitating a shift from price competition to value competition driven by technological innovation [3][28] Group 2 - Capital expenditure in the photovoltaic industry is significantly decreasing, with a 46.4% year-on-year decline in 2025, indicating a strategic shift towards focusing on advanced technologies rather than blind expansion [47][48] - The BC technology penetration rate is rapidly increasing, with market share expected to rise to 5.0% in 2024, up 4.1 percentage points from 2023, providing a differentiated and high-margin breakthrough for photovoltaic companies [67][68] - The efficiency of perovskite solar cells has reached new heights, with the potential for further industrialization and cost reduction, making them a strategic focus for the future [9][34] Group 3 - The central economic work conference has emphasized the need to deeply rectify "involution" competition, which is particularly prevalent in the photovoltaic industry, aiming to enhance quality and efficiency rather than scale [32][33] - The market is witnessing a structural adjustment, with leading companies focusing on building long-term competitive advantages through investments in next-generation technologies, such as BC and perovskite cells [48][64] - The recent procurement adjustments by China Huaneng Group for high-efficiency components, increasing the share of components with conversion efficiency of 23.8% and above to 58.3%, signal a shift towards high-quality development in the industry [71]

Summary of the Conference Call for Jiejia Weichuang Company Overview - **Company**: Jiejia Weichuang (捷佳伟创) - **Industry**: Photovoltaic Equipment and Semiconductor Equipment - **Market Capitalization**: Rmb 32.7 billion / US$ 4.66 billion - **Current Stock Price**: Rmb 93.98 - **12-Month Target Price**: Rmb 95.70, up from Rmb 73.00 Key Points Industry and Market Conditions - The photovoltaic sector is experiencing a downturn, compounded by oversupply and intensified competition in the TOPCon battery technology market [1][2] - The company’s contract liabilities and inventory of goods sent out have decreased by 48% and 57% year-on-year, indicating a decline in new orders [2][13] - Revenue from photovoltaic equipment is projected to drop by 45% in 2026 due to these market pressures [2][9] Financial Performance and Forecasts - EPS forecasts for 2025-2027 have been reduced by 9%-52% to reflect the challenges in the photovoltaic equipment sector [1][32] - Revenue projections for 2025-2027 have been adjusted downwards by 19%-57% [26][32] - The company’s stock is currently valued at 21.6x 2026E PE, which is below historical averages [1][17] Semiconductor Equipment Potential - The semiconductor equipment segment is still small but has potential for growth due to synergies with photovoltaic equipment manufacturing [3][10] - The semiconductor equipment index has risen over 90% year-to-date, indicating market optimism despite the challenges in the photovoltaic sector [3][16] Valuation Adjustments - Target price has been raised by 31% to Rmb 95.70, based on an increased valuation ratio of 22x 2026E, up from 10x 2024E [4][32] - The new target price reflects a more conservative approach given the current low point in profitability [32] Risks and Outlook - The company maintains a neutral rating due to balanced risks; potential upside from semiconductor orders could be offset by continued pressure in the photovoltaic sector [1][32] - The market is expected to remain cautious regarding the photovoltaic sector until 2026-2027, when a recovery may begin with the maturation of new technologies like perovskite cells [9][10] Additional Financial Metrics - Projected net profit for 2025 is Rmb 2.85 billion, down from previous estimates of Rmb 3.16 billion [27][28] - Operating cash flow is expected to be significantly negative in 2026, indicating potential liquidity challenges [27] Conclusion - Jiejia Weichuang is navigating a challenging environment in the photovoltaic equipment sector while exploring growth opportunities in semiconductor equipment. The adjustments in financial forecasts and target pricing reflect a cautious but strategic outlook amidst market volatility.

Market Overview - The A-share photovoltaic sector experienced a surge of nearly 3%, with leading stocks including Yangguang Electric (300274.SZ), Jiejia Weichuang (300724.SZ), and Longi Green Energy (601012.SH) showing significant gains [2] - The continuous capacity reduction in upstream silicon materials and rising silver paste prices are positively impacting the photovoltaic industry chain, leading to price increases in downstream silicon wafer companies [2][3] Price Trends - According to Infolink Consulting, the prices of silicon wafers have increased significantly due to strong pricing intentions from silicon wafer manufacturers. The average transaction prices for various types of N-type monocrystalline silicon wafers rose as follows: - N-type G10L: 1.2 yuan/piece, up 2.56% week-on-week - N-type G12R: 1.31 yuan/piece, up 9.17% week-on-week - N-type G12: 1.52 yuan/piece, up 1.33% week-on-week [2][3] Cost Structure - Silver paste has surpassed silicon materials to become the largest cost component in photovoltaic modules, with silver prices increasing over 140% this year. The cost breakdown for photovoltaic components is as follows: - Silver paste: 17% - Silicon materials: 14% - Glass: 13% [3] Component Pricing - Major component manufacturers are raising module prices in response to rising silver prices, with recent market price increases ranging from 0.02 yuan/watt to 0.04 yuan/watt. The current transaction price for mainstream distributed components is between 0.68 yuan/watt and 0.71 yuan/watt [4] Industry Performance - The photovoltaic industry's upstream polysilicon spot prices have risen from 35,400 yuan/ton to 53,600 yuan/ton, leading to a reduction in industry losses. In the first three quarters of 2025, the industry reported losses of 31.039 billion yuan, with the third quarter losses narrowing by nearly 50% compared to the second quarter [5] Regulatory Environment - The National Development and Reform Commission emphasized the need for order regulation and innovation in the photovoltaic sector, aiming to enhance industry concentration and maintain a fair competitive environment. The focus is on eliminating inefficient capacity and promoting differentiated competitive advantages [4] Capacity Growth - As of the end of November, China's total installed power generation capacity reached 3.79 billion kilowatts, a year-on-year increase of 17.1%. Solar power generation capacity specifically reached 1.16 billion kilowatts, marking a 41.9% year-on-year growth [4]

Core Viewpoint - The A-share photovoltaic sector experienced a significant price increase, with several companies leading the surge, driven by rising upstream silicon material prices and strong pricing intentions from silicon wafer manufacturers [1] Market Performance - On December 26, the A-share photovoltaic sector rose nearly 3%, with companies such as Sunshine Power (300274.SZ), Jiejia Weichuang (300724.SZ), Junda Co., Ltd. (002865.SZ), GCL-Poly Energy (002506.SZ), and Longi Green Energy (601012.SH) showing notable gains [1] Price Trends - The continuous capacity reduction in upstream silicon materials and the increase in silver paste prices are contributing to a positive price trend throughout the photovoltaic industry chain, with several silicon wafer companies raising their prices this week [1] - According to Infolink Consulting, the price of silicon wafers has strengthened significantly over the past week due to the strong willingness of silicon wafer manufacturers to maintain prices, and downstream component companies are generally responding to this industry self-discipline [1] Future Outlook - Infolink Consulting indicates that the sustainability of this price increase is contingent on whether upstream silicon material prices rise as expected, and the future price trends remain to be observed as the new round of silicon wafer pricing has not yet seen widespread transactions [1]

Core Viewpoint - The price of silicon wafers has significantly increased due to rising costs of silicon materials and silver paste, with strong price support from silicon wafer manufacturers [1][2] Group 1: Silicon Wafer Market - Silicon wafer prices have shown a notable increase in the past week, driven by strong pricing intentions from manufacturers [1] - The average transaction price for N-type G10L monocrystalline silicon wafers rose to 1.2 yuan per piece, up 2.56% week-on-week; N-type G12R wafers reached 1.31 yuan, up 9.17%; and N-type G12 wafers hit 1.52 yuan, up 1.33% [1] - The overall price increase in silicon wafers is being transmitted downstream to component manufacturers, who are responding to industry self-discipline [1][2] Group 2: Silver Paste and Component Pricing - The continuous rise in silver paste prices, which have increased over 140% this year, has made it the largest cost component in photovoltaic modules, surpassing silicon materials [2] - The cost breakdown for photovoltaic components shows silver paste at 17%, silicon materials at 14%, and glass at 13% [2] - Component market prices have been adjusted upwards by 0.02 to 0.04 yuan per watt, with current prices for distributed mainstream components ranging from 0.68 to 0.71 yuan per watt [2] Group 3: Industry Trends and Statistics - The National Development and Reform Commission emphasizes the need for order regulation and innovation in the "new three" industries, including photovoltaics [3] - As of November, China's total installed power generation capacity reached 3.79 billion kilowatts, a year-on-year increase of 17.1%, with solar power capacity at 1.16 billion kilowatts, up 41.9% [3] - The price of polysilicon in the upstream market has risen from 35,400 yuan per ton to 53,600 yuan per ton, indicating a recovery in the industry as losses narrowed to 31.039 billion yuan in the first three quarters of 2025 [3]

Overview - The report maintains a "stronger than market" rating for the renewable energy sector, highlighting that the demand for offshore wind power in China and Europe is increasing, leading to a rise in foundation demand and profit recovery for wind turbines. The "anti-involution" policy is expected to continue driving the photovoltaic sector, particularly with the expansion of perovskite technology. Overall, while short-term installation demand for renewable energy globally may be weak, there are structural opportunities in the market [1]. Key Points Supporting the Rating - The "anti-involution" trend is stabilizing wind turbine prices, enhancing profitability for manufacturers. China's offshore wind projects are becoming economically viable, contributing significantly to installed capacity. The demand for offshore wind in Europe and emerging markets is also on the rise [3]. - In the photovoltaic sector, the "anti-involution" policy remains the main theme, with a focus on the potential for capacity exits in battery and module production, as well as the industrialization potential of perovskite technology. Investment should prioritize growth-oriented new technology directions and the main industry chain benefiting from the "anti-involution" trend [3]. Investment Recommendations - For wind power, the report suggests prioritizing investments in the turbine segment, which is expected to recover profitability, and in the foundation segment that is progressing quickly in Europe. The offshore wind market is projected to grow significantly, with a focus on deep-sea projects [3]. - In the photovoltaic sector, the report emphasizes the importance of monitoring the "anti-involution" policy's impact on the industry, particularly regarding the exit of inefficient capacity and the enhancement of efficiency in battery and module production [3]. Long-term Outlook for Renewable Energy Demand - The report indicates that China's renewable energy demand is expected to remain robust in the long term, with an average annual installation capacity of over 400GW projected from 2025 to 2035. This is driven by the country's energy security needs and the ongoing transition to a low-carbon economy [13][16]. - The "136 Document" is noted for guiding the development of renewable energy projects towards market-oriented pricing, which is expected to stabilize project returns and promote high-quality development in the sector [31]. Photovoltaic Sector Insights - The report anticipates a moderate decline in photovoltaic installations in 2026 due to a phase of pre-installation in 2025, with projected installations of 290GW in 2025 and 180GW in 2026, reflecting a year-on-year decrease of 38% [33]. - The report highlights that the European photovoltaic market is facing growth challenges, with a forecasted installation of 64.2GW in 2025, indicating a slight decline. The U.S. market is also expected to experience pressure on growth due to policy adjustments [34][37]. Perovskite Technology Potential - Perovskite technology is identified as a key area for enhancing competitiveness in the photovoltaic manufacturing sector, with expectations for significant breakthroughs in industrialization by leading manufacturers in 2026 [33][44].

证券日报网讯12月16日，捷佳伟创（300724）在互动平台回答投资者提问时表示，截至2025年12月10日 公司股东户数为80806户。 ...

Core Viewpoint - The company announced the conclusion and extension of certain fundraising investment projects related to its solar energy equipment manufacturing initiatives [2] Group 1: Fundraising Investment Projects - The company has decided to conclude the fundraising investment project "High-Efficiency Solar Cell Equipment Industrialization Project - Large Size Multi-Chamber Diffusion Furnace and PECVD Equipment Production Line Construction" [2] - Remaining funds from the initial public offering will continue to be managed in a dedicated account, with future usage plans to be arranged according to the company's development strategy and operational needs, following relevant regulations [2] - The deadlines for the fundraising investment projects "High-Efficiency Solar Cell Equipment Industrialization Project - Two-in-One Transparent Conductive Film Equipment (PAR) Industrialization Project" and "Third Generation Semiconductor Equipment R&D Project" have been extended to December 31, 2026, and December 31, 2027, respectively [2]

中信建投证券股份有限公司 关于深圳市捷佳伟创新能源装备股份有限公司 1、首次公开发行募集资金使用计划及使用情况 部分募集资金投资项目结项及延期的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐人"）作 为深圳市捷佳伟创新能源装备股份有限公司（以下简称"捷佳伟创"或"公司"） 向特定对象发行股票的保荐人，根据《深圳证券交易所创业板股票上市规则（2025 年修订）》（以下简称《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（2025年修订）》（以下简称 《规范运作指引》）、《上市公司募集资金监管规则》等相关法律、法规和规范 性文件的要求，对捷佳伟创部分募集资金投资项目结项及延期事项进行了审慎核 查，具体情况如下： 一、募集资金投资项目基本情况 经中国证券监督管理委员会证监许可[2018]1159 号文《关于核准深圳市捷佳 伟创新能源装备股份有限公司首次公开发行股票的批复》核准，捷佳伟创向社会 公开发行人民币普通股（A 股）8,000 万股，每股发行价为人民币 14.16 元，募 集资金总额为人民币 113,280.00 万元，扣除承销费、保荐费以 ...