证券代码：300751 证券简称：迈为股份 公告编号：2025-045 苏州迈为科技股份有限公司 第三届董事会第十六次会议决议的公告 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。 一、董事会会议召开情况 苏州迈为科技股份有限公司第三届董事会第十六次会议通知于 2025 年 9 月 8 日以口头通知、邮件和电话的方式发出。会议于 2025 年 9 月 8 日下午 17：00 在苏州市吴江区大兢路8号行政楼1号楼会议室以现场会议结合通讯表决的方式 召开。本次会议应出席会议董事 7 人，实际参加董事 7 人(董事长周剑先生、董 事王正根先生通过通讯表决)，董事长周剑先生因公司事务未至会议现场，公司 过半数以上董事共同推举董事赵徐先生主持本次会议，公司高级管理人员列席了 会议。本次会议的召集、召开和表决程序符合有关法律、法规和《公司章程》的 规定，会议形成的决议合法有效。 二、董事会会议审议情况 本次会议以记名方式投票表决，审议通过以下事项： （一）审议通过《关于制定<职工代表董事选任制度>议案》 为完善公司治理结构，保障职工依法参与公司决策和监督，规范职工代表董 ...

Core Viewpoint - The article discusses the growing trend of perovskite line construction services in the photovoltaic industry, highlighting the increasing demand and the challenges associated with building perovskite production lines [2][4][12]. Group 1: Market Demand for Perovskite Line Construction - More than five perovskite line construction projects have been disclosed this year, with the number continuing to rise [1][3]. - Companies are eager to establish production lines or research lines to seize market opportunities, especially as having a production line is often a prerequisite for obtaining investment [10][11]. - The demand for perovskite line construction services varies significantly based on production capacity and technology paths, with service fees ranging from millions to tens of millions [10] Group 2: Challenges in Perovskite Production Line Construction - Building a perovskite production line is significantly more complex than constructing a silicon photovoltaic line due to the reliance on diverse chemical formulations for materials [6][8]. - The lack of standardized processes in perovskite production complicates the construction of production lines, as different companies adopt various methods [6][8]. - Material costs remain high in the overall cost structure of perovskite components, and the development cycle for material suppliers is lengthy, making cost reduction challenging [8][10]. Group 3: Industry Dynamics and Trends - The perovskite construction service market is primarily driven by traditional enterprises looking to transition, industrial capital, and startups, as well as academic institutions seeking to support research [2][10]. - Major state-owned energy groups have begun procuring perovskite technology services to establish experimental bases, indicating a shift towards perovskite as a key technology in the photovoltaic sector [2][4]. - The construction of a gigawatt-level perovskite production line is estimated to cost between 800 million to 1 billion yuan [4][11]. Group 4: Historical Context and Future Outlook - The construction model of outsourcing production lines has previously led to rapid capacity expansion in the photovoltaic industry, but it also resulted in financial difficulties for some companies due to overcapacity and debt [12]. - Current practices in perovskite line construction often require prepayment models to mitigate risks associated with payment defaults seen in previous industry cycles [12]. - The industry is witnessing a shift towards attracting more participants and capital into the perovskite sector, aiming to lower entry barriers [12].

Core Viewpoint - The photovoltaic industry is transitioning from "price wars" to "value reconstruction," with a comprehensive recovery across the industry chain driven by both policy and market dynamics, benefiting leading companies first [1][2]. Group 1: Industry Recovery - The first half of 2025 marks a significant recovery for the Chinese photovoltaic industry, with nearly half of the 70 listed companies in the photovoltaic equipment sector reporting positive performance [3]. - The recovery is supported by policy-driven market order optimization, which has alleviated price competition issues across the industry chain [3][4]. - The price of polysilicon has been rising since July 2025, with N-type polysilicon prices exceeding 50,000 yuan/ton, indicating a gradual restoration of profitability in the main industry chain [3]. Group 2: Policy and Demand Drivers - A series of targeted policies have been introduced since 2025 to address the industry's pain points related to "low-price disorderly competition" [4]. - The implementation of the revised Anti-Unfair Competition Law on June 27, 2025, prohibits selling products below cash cost, establishing a price floor for the photovoltaic industry [4]. - Strong demand is evident, with domestic new photovoltaic installations reaching 223.25 GW from January to July 2025, a year-on-year increase of 81% [3][4]. Group 3: Investment Opportunities in the Industry Chain - In the polysilicon segment, profitability is recovering significantly, with prices continuing to rise and reaching a maximum increase of 3.37% [5]. - Tongwei Co., Ltd. holds a 30% global market share in high-purity crystalline silicon, with a cash cost of approximately 38,000 yuan/ton, indicating strong cost control [6]. - The silicon wafer segment is transitioning to N-type technology, with N-type silicon wafer penetration expected to exceed 90% by 2025 [7]. Group 4: Technological Advancements and Market Positioning - The battery segment is dominated by TOPCon technology, with a production capacity of 967 GW, accounting for 83% of the market [8]. - JinkoSolar is a leader in N-type TOPCon technology, with a production efficiency exceeding 25% and a significant share of overseas revenue [8]. - The module segment shows clear differentiation, with N-type modules accounting for over 70% of the market, and leading companies like LONGi Green Energy and Trina Solar achieving high power outputs and certifications [9]. Group 5: Storage and New Growth Drivers - The explosive growth in the energy storage sector is a core driver of the current recovery, with increasing demand for photovoltaic and storage system integration [12]. - Sungrow Power Supply Co., Ltd. is a leading player in the energy storage system market, with a global market share of 35% in storage inverters [12].

Market Overview - On September 1, the photovoltaic equipment sector rose by 0.61% compared to the previous trading day, with Maiwei Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Stock Performance - Notable gainers in the photovoltaic equipment sector included: - Maiwei Co., Ltd. (300751) with a closing price of 100.71, up 11.45%, and a trading volume of 129,900 shares, totaling 1.274 billion yuan [1] - ST Quanwei (300716) closed at 10.91, up 11.10%, with a trading volume of 103,100 shares [1] - Jiejia Weichuang (300724) closed at 108.12, up 9.48%, with a trading volume of 386,700 shares, totaling 408.8 million yuan [1] Fund Flow Analysis - The photovoltaic equipment sector experienced a net outflow of 1.075 billion yuan from institutional investors, while retail investors saw a net inflow of 444 million yuan [2] - Key stocks with significant fund flows included: - Tongwei Co., Ltd. (600438) with a net inflow of 23 million yuan from institutional investors [3] - GCL-Poly Energy (002506) with a net inflow of 56.23 million yuan from institutional investors [3] - Jiejia Weichuang (300724) had a net inflow of 50.29 million yuan from institutional investors [3]

Summary of Conference Call Notes on Solar Industry in China Industry Overview - The solar industry in China is experiencing mixed results in 1H25, with major companies like LONGi, JA Solar, and Trina Solar reporting varying performance metrics. [1][2][3][4] - There is optimism regarding anti-involution policies, which are expected to support price increases above total costs in the second half of 2025. [1][4] Company-Specific Insights LONGi Green Energy - Reported a net loss of -RMB2.6 billion in 1H25, consistent with prior profit warnings. [2] - Gross margin improved to 1.6% in 2Q25 from -4.2% in 1Q25. [2] - Module shipment volume increased to 22.6GW in 2Q25, a 23% YoY increase, compared to 16.9GW in 1Q25. [2] - Capital expenditures rose to RMB4.4 billion in 1H25, up from RMB3.4 billion in 1H24, as the company expands its Back-Contact (BC) capacity. [2] - Asset impairments totaled RMB1.2 billion, significantly lower than RMB5.8 billion in 1H24. [2] - Maintains a strong balance sheet with RMB49.3 billion in cash and a net debt to equity ratio of -18.6%. [2] JA Solar - Reported a net loss of -RMB2.6 billion in 1H25, at the lower end of its profit warning range. [3] - Cell and module shipments totaled 33.79GW in 1H25, a 17% YoY decline. [3] - Unit revenue improved by 6% QoQ, likely due to increased installations. [3] - Announced a share repurchase plan of RMB200-400 million, representing approximately 0.5-1% of its current market cap. [3] Trina Solar - Experienced a wider net loss of -RMB1.6 billion in 2Q25, compared to -RMB1.3 billion in 1Q25. [4] - Solar module segment reported a net loss of -RMB3.3 billion on 32GW module shipments, equating to a net loss of -RMB10c/W. [4] - Management is optimistic about US module demand, particularly in the <1.5MW distributed segment, and anticipates price hikes in 2H25. [4] Maxwell Technologies - Reported a 15% YoY decline in net profit to RMB394 million in 1H25, with 2Q earnings rising by 15% YoY due to reduced operating costs. [8] - Revenue fell 14% YoY, primarily due to a 31% decline in solar equipment sales. [8] - R&D expenses increased by 10% YoY to RMB463 million in 1H25. [8] Key Market Trends - Companies are adjusting their production targets in response to market conditions, with CSI Solar reducing its 3Q25 module shipment target to 5-5.3GW from 8GW. [1] - There is an expectation of further consolidation in the industry, with smaller companies likely to exit the market by 2026. [1] - The overall sentiment remains cautiously optimistic regarding US demand and potential price increases due to tariffs. [1][4] Financial Metrics Overview - LONGi's gross profit margin improved to 1.6% in 2Q25, while JA Solar's gross profit margin was -1.0%. [10] - Trina Solar's gross profit margin was reported at 4.5% in 2Q25. [10] - The net income margins for LONGi, JA Solar, and Trina Solar were -5.9%, -7.1%, and -9.6% respectively in 2Q25. [11] Conclusion - The solar industry in China is navigating through a challenging landscape with mixed financial results among major players. [1][2][3][4] - The focus on anti-involution policies and potential price increases in the latter half of 2025 may provide a pathway for recovery and growth in the sector. [1][4]

Group 1 - The core viewpoint of the article is that China Galaxy has given a recommendation rating to Maiwei Co., Ltd. (300751.SZ) based on strong financial performance and positive industry outlook [1] - In Q2, the company's net profit attributable to shareholders increased by 43% quarter-on-quarter, driven by growth in overseas photovoltaic business and semiconductor operations, which improved gross margins [1] - The company plans to issue convertible bonds to raise approximately 1.967 billion yuan for investment in perovskite tandem projects, indicating a strategic focus on expanding its capabilities in the photovoltaic sector [1] Group 2 - The article highlights a significant difference between the company's approach to industry self-discipline and the broader trend of "anti-involution," suggesting that the photovoltaic industry's landscape may be optimized, leading to potential upward valuation [1] - The report mentions risks associated with changes in photovoltaic policies, intensified market competition, accounts receivable bad debt risks, and exchange rate fluctuations, which could impact the company's performance [1]

Core Viewpoint - The A-share market shows a mixed performance with the Shanghai Composite Index at 3845.84 points, down by 0.58%, while the total trading volume reached 239.98 billion yuan, indicating a slight decline in market sentiment [1] Group 1: Market Performance - As of 14:00 today, the Shanghai Composite Index is above the annual line, with a trading volume of 239.98 billion yuan [1] - The index has experienced a decline of 0.58% [1] Group 2: Stocks Breaking Annual Line - Eight A-shares have surpassed the annual line today, with notable stocks including Digital Human, Transsion Holdings, and *ST WanFang, showing significant deviation rates of 10.00%, 1.31%, and 0.98% respectively [1] - Stocks with smaller deviation rates that have just crossed the annual line include Maiwei Co., Ltd., Jiayou International, and Jing Sheng Mechanical, with deviation rates of 0.19%, 0.33%, and 0.46% respectively [1] Group 3: Individual Stock Performance - Digital Human saw a price increase of 14.01% with a turnover rate of 25.34%, latest price at 17.41 yuan [1] - Transsion Holdings increased by 3.12% with a turnover rate of 1.24%, latest price at 86.64 yuan [1] - *ST WanFang rose by 1.29% with a turnover rate of 5.95%, latest price at 4.72 yuan [1]

Core Viewpoint - On August 25, 2023, brokerage firms provided target prices for listed companies, with notable increases in target prices for companies in the agriculture, coal mining, and construction materials sectors, indicating potential investment opportunities in these industries [1][2]. Target Price Increases - The companies with the highest target price increases were: - Longping High-Tech (隆平高科) with a target price increase of 38.75% to 14.00 CNY [2] - Xinji Energy (新集能源) with a target price increase of 37.40% to 9.00 CNY [2] - Beixin Building Materials (北新建材) with a target price increase of 36.57% to 36.90 CNY [2] Brokerage Recommendations - A total of 163 listed companies received brokerage recommendations on August 25, with notable mentions: - Shede Liquor (舍得酒业) received 4 recommendations [4] - Shuiyang Co. (水羊股份) and Marubi Biotechnology (丸美生物) each received 3 recommendations [4] Rating Adjustments - One company had its rating upgraded: - Guodian Power (国电电力) was upgraded from "Hold" to "Buy" by Huayuan Securities [5] - Three companies had their ratings downgraded: - Minhe Livestock (民和股份) from "Buy" to "Hold" [6] - Chifeng Gold (赤峰黄金) from "Buy" to "Hold" [6] - Silan Microelectronics (士兰微) from "Buy" to "Hold" [6] First-Time Coverage - Seven companies received first-time coverage with positive ratings: - Ganhua Science and Technology (甘化科工) received a "Buy" rating from Dongwu Securities [7] - Wangneng Environment (旺能环境) received a "Buy" rating from Xinda Securities [7] - Yingliu Co. (应流股份) received an "Increase" rating from Shanxi Securities [7] - New Clean Energy (新洁能) received an "Increase" rating from Industrial Securities [7] - Weijian Medical (稳健医疗) received a "Buy" rating from Northeast Securities [7]

Core Viewpoint - The financial performance of Maiwei Co., Ltd. shows a decline in revenue and net profit for the first half of 2025, indicating potential challenges for the company moving forward [1]. Financial Performance - As of the latest report, the total operating revenue for the first half of 2025 is 4.213 billion yuan, a year-on-year decrease of 13.48% [1]. - The net profit attributable to shareholders is 394 million yuan, down 14.59% year-on-year [1]. - The non-recurring net profit stands at 364 million yuan, reflecting a decrease of 10.18% compared to the previous year [1]. - The current ratio is 1.550, while the quick ratio is 0.903, and the debt-to-asset ratio is 66.48% [1]. Market Activity - On August 25, 2025, the stock price closed at 84.39 yuan, down 1.23%, with a turnover rate of 4.95% [1]. - The trading volume was 95,700 lots, with a total transaction amount of 816 million yuan [1]. - There was a net outflow of main funds amounting to 29.89 million yuan, accounting for 3.66% of the transaction amount [1]. Company Background - Maiwei Co., Ltd. was established in 2010 and is located in Suzhou, focusing on research and experimental development [2]. - The company has a registered capital of 2.794 billion yuan and a paid-in capital of 260.22 million yuan [2]. - The legal representative of the company is Zhou Jian [1]. Investment and Intellectual Property - The company has made investments in 32 enterprises and participated in 120 bidding projects [2]. - It holds 21 trademark registrations and 535 patent applications, along with 82 administrative licenses [2].

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1] Core Insights - The report highlights the ongoing "anti-involution" efforts in the photovoltaic sector, with government initiatives aimed at regulating low-price competition and promoting product quality [1] - In the electric vehicle sector, the report anticipates continued high growth in domestic sales driven by new model releases and the upcoming sales peak, which will boost demand for batteries and materials [1] - The solid-state battery industry is showing clear trends towards industrialization, with significant advancements reported by leading companies [1] Industry Overview - The electric equipment and new energy sector saw a weekly increase of 2.28%, with notable performances in various sub-sectors: industrial automation up 3.84%, new energy vehicles up 3.69%, and photovoltaic sector up 3.39% [2][10] - The report notes that the penetration rate of new energy vehicles is expected to reach a new high of 56.7% in August, with retail sales projected to hit around 1.1 million units [2][25] - The Ministry of Industry and Information Technology held a meeting to further regulate competition in the photovoltaic industry, emphasizing the need for self-discipline and fair competition [2][25] Company Performance - Major companies reported varying profit results for the first half of 2025: - Huayou Cobalt reported a net profit of 2.711 billion yuan, up 62.26% year-on-year [27] - Tianqi Lithium reported a net profit of 3.07 billion yuan, up 27.76% year-on-year [27] - However, Tongwei Co. reported a net loss of 4.955 billion yuan [27] - The report also highlights significant partnerships, such as Chuangneng New Energy signing a battery development agreement with Dongfeng Liuzhou Automobile to supply over 30 GWh of battery products over the next five years [25][27]