Core Viewpoint - Jinko Technology's stock price has experienced fluctuations, with a current decline of 2.00% and a year-to-date increase of 14.87% as of December 18, 2023 [1] Group 1: Company Overview - Jinko Technology Co., Ltd. is located in Xiangshan Economic Development Zone, Zhejiang Province, and was established on September 9, 2005, with its IPO on March 19, 2019 [2] - The company's main business involves the research, production, sales, and service of string inverters, with revenue composition as follows: grid-connected inverters 47.97%, household photovoltaic power generation systems 21.28%, energy storage inverters 20.91%, new energy power production 8.01%, and others 1.83% [2] - Jinko Technology is classified under the power equipment industry, specifically photovoltaic equipment and inverters, and is associated with concepts such as carbon neutrality, energy storage, photovoltaic glass, solar energy, and inverters [2] Group 2: Financial Performance - For the period from January to September 2025, Jinko Technology achieved operating revenue of 5.663 billion yuan, representing a year-on-year growth of 9.71%, and a net profit attributable to shareholders of 865 million yuan, reflecting a year-on-year increase of 29.39% [2] - The company has distributed a total of 660 million yuan in dividends since its A-share listing, with 318 million yuan distributed over the past three years [3] Group 3: Shareholder Information - As of December 10, 2023, Jinko Technology had 70,500 shareholders, a decrease of 2.47% from the previous period, with an average of 4,561 circulating shares per shareholder, an increase of 2.54% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and E Fund's ChiNext ETF, both of which have reduced their holdings, while new shareholders include the Photovoltaic ETF [3]

Group 1 - The company, Jinlang Technology, focuses on the photovoltaic power generation sector and currently has no plans related to supporting commercial aerospace or satellite solar photovoltaic panels [2]

Core Insights - The energy storage industry is transitioning from simple scale and price competition to a multi-dimensional competition focusing on technological innovation, globalization, integrated layout, and capital strength [2][3]. Group 1: Industry Trends - A new generation of young leaders is emerging in the energy storage sector, characterized by their strategic execution and modern growth experiences, driving deep integration of industry, capital, and technological innovation [3]. - The "China Lithium Battery Annual Top Ten Young Leaders" selection aims to identify outstanding young leaders under 40 who are forward-thinking and innovative, contributing to the growth and market share of their companies [3]. Group 2: Company Achievements - DeYe Co., established in 2000, has shifted focus to the photovoltaic and energy storage sectors, achieving a global market share of 50% in inverter exports to South Africa, with energy storage revenue projected to account for nearly 40% of total revenue by 2024 [7][8]. - Trina Solar, founded in 1997, has optimized its business structure to include photovoltaic products, energy storage, system solutions, and digital energy services, with a cumulative energy storage system shipment exceeding 10GWh [13][14]. - Ruipu Lanjun, established in 2017, has become a global leader in portable energy storage, with a revenue of RMB 94.91 billion in the first half of 2025, marking a 24.9% increase year-on-year [18][19]. - Jinlang Technology, founded in 2005, has seen a 313.51% increase in energy storage revenue in the first half of 2025, making it the fastest-growing segment of the company [23]. - Penghui Energy, established in 2001, achieved a significant turnaround in Q3 2025, with a revenue increase of 74.96% and a net profit increase of 977.24% [29][30]. - Guoxuan High-Tech, primarily engaged in the development and production of energy storage battery systems, ranked seventh globally in power battery installation volume in 2025 [33]. - Pylon Technologies, established in 2012, has delivered over 2 million energy storage systems, achieving a revenue of RMB 20.13 billion in the first three quarters of 2025, a 42.52% increase year-on-year [41][42].

Core Insights - The energy storage industry is transitioning from simple scale and price competition to a multi-dimensional competition focusing on technological innovation, globalization, integrated layout, and capital strength [2] - A new generation of young leaders is emerging in the energy storage sector, driving the integration of industry, capital, and technological innovation [2] - The "Top Ten Young Leaders in China's Lithium Battery Industry" initiative aims to identify outstanding young leaders under 40 who are forward-thinking and innovative [2] Company Achievements - DeYe股份 (605117.SH) has shifted its focus to the photovoltaic and energy storage sectors, achieving a global market share of over 50% in user-side energy storage inverters [6][7] - In 2025, DeYe股份 reported a revenue of 88.46 billion RMB and a profit of 23.47 billion RMB, with a year-on-year growth of 10.36% and 4.79% respectively [6] - The company is pivoting towards the commercial energy storage sector, with a projected annual sales revenue of approximately 48.76 billion RMB from its new production line [7] Market Strategy - DeYe股份 has successfully targeted emerging markets such as South Africa and Brazil, with a 2023 inverter export value of 1.26 billion RMB to South Africa [7] - The company announced a strategic adjustment to focus on commercial energy storage, reallocating 6.51 billion RMB of unused funds towards this initiative [7][8] Global Expansion - DeYe股份 is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global development strategy and brand influence [8] Industry Trends - 天合光能 (688599.SH) is transitioning from a photovoltaic manufacturer to a comprehensive energy solution provider, with a cumulative energy storage system shipment exceeding 10 GWh [11][12] - The company aims to achieve a storage shipment target of 8 GWh in 2025, with expectations to double this figure in 2026 [12][13] Performance Metrics - 瑞浦兰钧 (0666.HK) reported a revenue of 94.91 billion RMB in the first half of 2025, with a year-on-year increase of 24.9% [17] - The company is focusing on high-quality development and has established a strong global presence with subsidiaries in Germany, the USA, and Indonesia [16][17] Financial Growth - 锦浪科技 (300763.SZ) saw a 313.51% year-on-year increase in energy storage revenue, reaching 7.93 billion RMB in the first half of 2025 [21] - The company is expected to achieve a total shipment of 250,000 to 300,000 units in 2025, reflecting a growth of over 180% [21] Technological Innovation - 华宝新能 has developed a new generation of DIY balcony energy storage systems and outdoor power supplies, with a revenue of 29.42 billion RMB in the first three quarters of 2025, marking a 37.95% increase [25] - The company holds 1,939 patents globally, indicating a strong commitment to technological innovation [25] Market Position - 鹏辉能源 (300438.SZ) achieved a significant turnaround in Q3 2025, with a revenue increase of 74.96% and a net profit increase of 977.24% [28] - The company is focusing on high-capacity energy storage cells and has made significant advancements in technology [29] Competitive Landscape - 国轩高科 (002074SZ) ranked seventh globally in power battery installation and eighth in energy storage cell shipments as of 2025 [32] - The company reported a revenue of 295.08 billion RMB in the first three quarters of 2025, with a year-on-year growth of 17.21% [32] Product Development - 禾迈股份 (688032.SH) launched a new series of low-voltage energy storage inverters and achieved a revenue of approximately 3 billion RMB in the first three quarters of 2025, reflecting a 67% increase [36] - The company is targeting significant growth in overseas markets, particularly in Europe, Latin America, and North America [36]

Group 1: Core Insights - The report highlights a new growth cycle for energy storage, projecting significant increases in installed capacity and demand in both domestic and international markets [2][5][32] - Domestic energy storage demand is driven by capacity pricing and innovative business models, with a projected installed capacity of 163 GWh in 2025, a 47% year-on-year increase, and 265 GWh in 2026, a 60% increase [2][32] - Internationally, the U.S. is experiencing a surge in demand due to AI data centers, while Europe and emerging markets are also showing strong growth potential [2][34] Group 2: Domestic Market Dynamics - In the domestic market, the introduction of capacity pricing subsidies by local governments has significantly boosted the internal rate of return (IRR) for energy storage projects, with IRR rates ranging from 6% to 12% [2][13] - The report notes that from January to November 2025, domestic energy storage bidding reached 190 GWh, a 138% increase year-on-year, with a total of 175 GWh awarded [2][27] - The cumulative installed capacity of domestic energy storage reached 72 GWh from January to October 2025, marking a 42% increase year-on-year [2][27] Group 3: International Market Trends - The U.S. is expected to see a demand for approximately 53 GWh of new energy storage installations in 2025, driven by AI data centers and peak load shortages [2][34] - In Europe, the energy storage market is projected to grow significantly, with an expected installation of 20 GWh in 2025, a 131% increase year-on-year, and 42 GWh in 2026, a 109% increase [2][34] - Emerging markets, particularly in the Middle East, Australia, Southeast Asia, and South America, are anticipated to contribute to a combined installation of 34 GWh in 2025, a 220% increase year-on-year [2][34] Group 4: Industry Chain and Competitive Landscape - The global demand for energy storage batteries is projected to reach 628 GWh in 2025, a 91% increase, and 663 GWh in 2026, a 61% increase [2][6] - The report indicates that leading companies in the energy storage sector, such as Tesla and BYD, are expected to strengthen their market positions as battery prices stabilize and production capacity increases [2][6] - The integration of large battery cells is expected to reduce system costs by 10-15%, enhancing the competitive advantage of leading firms [2][6] Group 5: Investment Recommendations - The report recommends strong investment in large-scale energy storage companies, including Sungrow Power Supply, CATL, and BYD, as they are positioned to benefit from the anticipated growth in the market [2][6] - It also highlights the potential for growth in residential and commercial energy storage sectors, suggesting companies like DeYe and Airo Energy as promising investment opportunities [2][6]

证券日报网讯 12月11日，锦浪科技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 总户数70478户。 （文章来源：证券日报） ...

证券日报网讯 12月10日晚间，锦浪科技发布公告称，截至2025年12月10日，公司股票已出现连续三十 个交易日中十五个交易日收盘价低于"锦浪转02"当期转股价格89.82元/股的85%的情形，已触发转股价 格向下修正条款。董事会已提议向下修正"锦浪转02"转股价格，并提交股东会审议。 （编辑 丛可心） ...

Group 1 - Tian Nai Technology's shareholders plan to reduce their holdings by no more than 2.5% of the company's shares [1] - Yu Xing Co., Ltd. shareholders intend to reduce their holdings by no more than 1% of the company's shares [1] - The controlling shareholder of Blue Sky Gas, Blue Sky Group, has had 4.33% of the company's shares judicially frozen [1] Group 2 - Jinlang's convertible bond proposal is to adjust downwards [1] - Several convertible bonds including Yinwei, Dier, and Qixiang will not be adjusted [1][2] - Dingjie convertible bond will be available for subscription on December 15 [1] Group 3 - Various convertible bonds have been listed with their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [4][6]

| 证券代码：300763 | 证券简称：锦浪科技 | | 公告编号：2025-107 | | --- | --- | --- | --- | | 债券代码：123259 | 债券简称：锦浪转 | 02 | | 锦浪科技股份有限公司 关于使用募集资金置换预先投入募投项目的自筹资 金的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何 虚假记载、误导性陈述或者重大遗漏。 锦浪科技股份有限公司（以下简称"公司"或"锦浪科技公司"）于 2025 年 12 月 10 日召开第四届董事会第十二次会议，审议通过了《关于使用募集资金置换 预先投入募投项目的自筹资金的议案》，同意公司使用募集资金置换预先投入募 集资金投资项目（以下简称"募投项目"）的自筹资金的金额合计人民币 2,210.78 万元。现将相关情况公告如下： 一、募集资金的情况概述 根据中国证券监督管理委员会《关于同意锦浪科技股份有限公司向不特定对 象发行可转换公司债券注册的批复》（证监许可〔2025〕2104 号），公司由主 承销商国泰海通证券股份有限公司向公司原股东优先配售，原股东优先配售后余 额部分（含原股东放弃优先配售部分）通过网上向社 ...

| 证券代码：300763 | 证券简称：锦浪科技 | | 公告编号：2025-110 | | --- | --- | --- | --- | | 证券代码：123259 | 债券简称：锦浪转 | 02 | | 锦浪科技股份有限公司 关于召开 2025 年第四次临时股东会的通知 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、股东会届次：2025 年第四次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易 所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》等法律、行政法规、部门规章、规范性文件及《公司章 程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 12 月 26 日 15:00 （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 26 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 ...