Core Viewpoint - The photovoltaic industry is experiencing positive developments driven by new regulatory measures aimed at energy consumption standards, which are expected to lead to industry transformation and consolidation [1][2][3]. Group 1: Regulatory Developments - The National Development and Reform Commission and the State Administration for Market Regulation have drafted a consultation document on the revision of the Price Law, which is currently open for public feedback [1]. - The Ministry of Industry and Information Technology has issued a special energy-saving inspection task list for the polysilicon industry for 2025, focusing on "comprehensive energy consumption per unit product" as a key inspection criterion [2]. Group 2: Industry Transformation - The energy consumption standards and strict inspections are expected to accelerate the elimination of outdated production capacity, optimizing industry competition structure and resource allocation [2]. - Companies that fail to meet new energy consumption standards may face elimination or mandatory rectification, which will enhance overall industry efficiency [1][2]. Group 3: Technological Upgrades - The push for higher energy consumption standards will compel companies to invest more in cost reduction and efficiency-enhancing technologies, as well as to adopt green electricity to lower carbon emissions [2][3]. - This shift is anticipated to increase the proportion of green electricity used in the industry, supporting the overall green and low-carbon development goals of the photovoltaic sector [2]. Group 4: Market Dynamics - The exit of inefficient production capacity and potential tightening of new capacity approvals are expected to suppress the supply expansion of polysilicon, while global photovoltaic installation demand remains robust [3]. - This dynamic improvement in supply and demand is likely to reverse the recent trend of oversupply and declining prices, leading to a recovery in product prices and profitability for companies in the photovoltaic industry [3]. Group 5: Industry Index and ETF - The CSI Photovoltaic Industry Index (931151) has shown a positive performance, with significant gains in constituent stocks such as Sungrow Power (300274) and LONGi Green Energy (601012) [1][4]. - The index reflects the overall performance of listed companies involved in the photovoltaic industry chain, with the top ten weighted stocks accounting for 56.16% of the index [4].

消息上，中国光伏行业协会日前发布通知称，国家发展改革委、市场监管总局研究起草了《价格法修正 草案（征求意见稿）》，并于近期面向社会公开征求意见。 国盛证券杨润思认为，光伏在反内卷的背景之下，产业链价格修复是必然趋势，预计多晶硅价格有望回 归到行业成本价之上，同时供给侧的出清政策也有望跟进出炉。随着多晶硅料价格上涨，建议持续关注 下游产业链硅片、电池片、组件等各环节的价格修复机会和弹性。(格隆汇) A股光伏设备股普遍上涨，其中，权重股阳光电源涨6.5%，首航新能、通灵股份涨超3.3%，高测股份涨 近3%，上能电气、艾罗能源涨2.5%，锦浪科技、艾能聚涨超2%。 | 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 300274 | 阳光电源 | 79.68 | 6.51% | | 301658 | 首航新能 | 34.32 | 3.47% | | 301168 | 通灵股份 | 39.94 | 3.34% | | 688556 | 高测股份 | 12.34 | 2.83% | | 688717 | 艾罗能源 | 59.16 | 2.58% | | 30082 ...

股票简称：上能电气 股票代码：300827 贵所于 2025 年 7 月 29 日出具的《关于上能电气股份有限公司申请向特定对 象发行股票的第二轮审核问询函》（审核函〔2025〕020034 号）（以下简称"《审 核问询函》"）已收悉。上能电气股份有限公司（以下简称"发行人"、"公司"、 "上能电气"）与兴业证券股份有限公司（以下简称"保荐机构"或"保荐人"）、 北京国枫律师事务所（以下简称"律师"）、公证天业会计师事务所（特殊普通 合伙）（以下简称"会计师"）等相关方对《审核问询函》所列问题进行了逐项 核查，现回复如下，请予审核。 注： 稿）》中的释义相同。 黑体（加粗） 审核问询函所列问题 关于上能电气股份有限公司 申请向特定对象发行股票的 第二轮审核问询函的回复 保荐机构（主承销商） （福州市湖东路 268 号） 公告日期：二零二五年八月 深圳证券交易所： 宋体 审核问询函所列问题的回复 楷体（加粗） 涉及审核问询函回复、募集说明书等申报文件的修改或补充披露 微小差异，系为四舍五入所致。 一致。 问题一 评、能评将于 2025 年 8 月到期?，同时，针对前述即将到期事项，问询回复称 募集说明书已补充相 ...

Company Overview - The issuer is Shangneng Electric Co., Ltd., established on March 30, 2012, with a registered capital of 358.04 million RMB [1] - The company specializes in the research, development, production, and sales of power electronic devices, focusing on photovoltaic inverters, energy storage converters, and related technologies [1][3] Financial Performance - As of March 31, 2025, the total assets amounted to 832,952.50 million RMB, with total liabilities of 607,501.44 million RMB, resulting in shareholders' equity of 225,451.06 million RMB [3] - The company reported a net profit of 8,735.51 million RMB for the first quarter of 2025 and a total revenue of 83,069.60 million RMB for the same period [3][4] - The operating profit for 2024 was 46,435.58 million RMB, showing a significant increase from 30,059.78 million RMB in 2023 [3] Market Position and Industry Trends - The global photovoltaic and energy storage industries are experiencing rapid growth, driven by government policies supporting low-carbon energy transitions [5] - The company has seen an increase in overseas revenue, with figures of 33,492.47 million RMB, 68,966.56 million RMB, and 116,288.35 million RMB over recent years, indicating a growing international presence [5][12] Research and Development - The company has consistently invested in R&D, with expenditures of 14,428.10 million RMB, 26,856.56 million RMB, and 28,994.00 million RMB in recent years, establishing a strong technological foundation [7] - The company holds patents and proprietary technologies in the field of power electronics, positioning itself as a leader in the industry [7] Capital Raising and Future Plans - The company plans to raise up to 164,860.00 million RMB through a targeted stock issuance, with funds allocated for projects including the production of 25GW photovoltaic inverters and 15GW energy storage converters [24] - The expected internal rate of return for these projects is projected to be favorable, contingent on market conditions and government policies [18] Risks and Challenges - The company faces risks related to increased competition in the photovoltaic and energy storage sectors, which could impact revenue and profit margins [5][11] - Fluctuations in raw material prices and potential trade conflicts may adversely affect operational costs and international sales [5][10]

Core Viewpoint - The document provides a supplementary legal opinion regarding the application of Shangneng Electric Co., Ltd. for a specific stock issuance, addressing inquiries from the Shenzhen Stock Exchange and clarifying the status of environmental and energy assessments related to a photovoltaic inverter project. Group 1: Project Status and Risks - The environmental impact assessment (EIA) and energy assessment (EA) for the project are set to expire in August 2025, and if the project does not commence within two years of the approval date, the project approval may automatically become invalid [2][3][4] - The project, which aims for an annual production capacity of 25GW of string photovoltaic inverters, has not yet started construction and has not applied for an extension, leading to potential risks of approval invalidation [3][4][11] - The company has updated the planned commencement date to 2026 and has obtained a new investment project filing certificate, thus mitigating the risk of expiration for the project [7][10][11] Group 2: Legal and Regulatory Compliance - The supplementary legal opinion is based on compliance with various laws and regulations, including the Company Law and Securities Law, ensuring that the issuance process adheres to industry standards and ethical norms [2][3] - The company has clarified that the project does not fall under the category of projects requiring approval management, as it is subject to filing management, which has no explicit validity period [6][7] - The company has taken necessary actions to comply with the regulations regarding projects that have not commenced within the stipulated timeframe, ensuring that the project can continue to be implemented [10][11] Group 3: Changes in Issuance Plan - The company has made adjustments to its issuance plan, including the addition of its controlling shareholder as a subscriber, but these changes do not constitute a significant alteration under relevant securities regulations [12][14][16] - The adjustments made to the issuance plan were approved in board meetings, and the overall fundraising amount and project details remain unchanged, indicating stability in the company's financial strategy [12][16][17] - The company has confirmed that no funds were invested in the project prior to the board's approval of the issuance plan, ensuring that all investments align with the approved financial strategy [17]

Core Viewpoint - The document outlines the underwriting and issuance process for Shangneng Electric Co., Ltd.'s stock offering to specific investors, detailing compliance with relevant laws and regulations, and the roles of the underwriting representatives [1][10][17]. Group 1: Issuance Overview - The underwriting institution, Industrial Securities Co., Ltd., has been appointed to sponsor Shangneng Electric's stock issuance to specific investors, with representatives Tang Tao and Zhang Siying responsible for the recommendation [1][3]. - The issuance complies with the Company Law, Securities Law, and relevant regulations from the China Securities Regulatory Commission and exchanges [2][10]. - The type of issuance is specifically targeted at certain investors, with the latest share structure indicating a total of 359,555,234 shares, of which 25.92% are subject to restrictions [4][5]. Group 2: Financial and Operational Data - As of March 31, 2025, the company reported total assets of 832,952.50 million yuan and total liabilities of 607,501.44 million yuan, resulting in owner equity of 225,451.06 million yuan [6][7]. - The company’s revenue for the first quarter of 2025 was 83,069.60 million yuan, with a net profit of 8,735.51 million yuan [6][7]. - The company has a comprehensive gross profit margin of 24.28% for the first quarter of 2025, reflecting an increase from previous years [6][7]. Group 3: Project and Fund Utilization - The funds raised from this issuance will be allocated to the production of 25GW string photovoltaic inverters, 15GW energy storage inverters, and to supplement working capital [20][21]. - The issuance is aligned with national industrial policies and complies with environmental protection and land management laws [20][21]. Group 4: Compliance and Governance - The underwriting institution has conducted thorough due diligence and confirmed that the issuer meets all legal and regulatory requirements for the stock issuance [10][11]. - The internal decision-making processes for the issuance have been properly followed, with approvals from the board of directors and shareholders [12][15][22]. - There are no conflicts of interest or significant legal issues involving the issuer or its management that would impede the issuance [19][22].

证券代码：300827 证券简称：上能电气 公告编号：2025-062 上能电气股份有限公司 关于向特定对象发行股票的第二轮审核问询函回复及 募集说明书等申请文件更新的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 上能电气股份有限公司（以下简称"公司"）于 2025 年 7 月 29 日收到深 圳证券交易所（以下简称"深交所"）出具的《关于上能电气股份有限公司申请 向特定对象发行股票的第二轮审核问询函》（审核函〔2025〕020034 号）（以下 简称"《审核问询函》"）。 公司会同相关中介机构对《审核问询函》所提出的问题进行了认真研究和落 实后，对《审核问询函》所列问题进行了逐项说明和回复，具体内容详见公司于 按照相关法规要求，公司根据项目最新进展与审核要求，会同中介机构对募 集说明书等申请文件的部分内容进行了相应补充、更新和修订，具体内容详见公 司于 2025 年 8 月 5 日在巨潮资讯网上披露的《上能电气股份有限公司向特定对 象发行股票募集说明书（修订稿）》等相关文件。 公司本次向特定对象发行股票事项尚需通过深交所审核，并经中国证券监督 ...

兴业证券股份有限公司 关于 上能电气股份有限公司 发行保荐书 兴业证券股份有限公司 2023 年度向特定对象发行股票 之 发行保荐书 保荐机构（主承销商） （福州市湖东路 268 号） 二零二五年八月 关于上能电气股份有限公司 2023年度向特定对象发行股票之发行保荐书 兴业证券股份有限公司接受上能电气股份有限公司的委托，担任其本次向特 定对象发行股票的保荐机构，唐涛和张思莹作为具体负责推荐的保荐代表人，特 为其出具本发行保荐书。 本保荐机构和保荐代表人根据《公司法》《证券法》等有关法律法规和中国 证监会、交易所的有关规定，诚实守信、勤勉尽责，并严格按照依法制定的业务 规则、行业执业规范和道德准则出具本发行保荐书，并保证所出具文件的真实性、 准确性、完整性。 3-1-1 | 目 | 录 2 | | --- | --- | | 释 | 义 3 | | 第一节 | 本次证券发行基本情况 4 | | | 一、本次证券发行具体负责推荐的保荐代表人 4 | | | 二、本次证券发行项目协办人及项目组其他成员 4 | | | 三、发行人基本情况 5 | | | 四、保荐机构与发行人关联关系的说明 8 | | | 五、保荐 ...

北京国枫律师事务所 关于上能电气股份有限公司 申请向特定对象发行股票的 补充法律意见书之二 国枫律证字[2025]AN036-13 号 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7 层 邮编：100005 北京国枫律师事务所 关于上能电气股份有限公司 申请向特定对象发行股票的 补充法律意见书之二 国枫律证字[2025]AN036-13号 致：上能电气股份有限公司（发行人） 电话（Tel）：010-88004488/66090088 传真（Fax）：010-66090016 | ਨ | | --- | | 目 | 录 1 | | --- | --- | | | 问题一 4 | | | 问题二 9 | 3-3 问题一 1. 首轮问询回复称年产 25GW 组串式光伏逆变器产业化建设项目'备案、 环评、能评将于 2025 年 8 月到期'，同时，针对前述即将到期事项，问询回 复称募集说明书已补充相关风险，'如项目未在项目备案核准之日起 2 年内开 工且未按规定申请延期的，项目核准文件或同意项目变更决定自动失效。因此， 如发行人未能在备案之日起 2 年内开 ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：300827 证券简称：上能电气 公告编号：2025-062 上能电气股份有限公司 关于向特定对象发行股票的第二轮审核问询函回复及 募集说明书等申请文件更新的提示性公告 上能电气股份有限公司董事会 2025 年 8 月 5 日 上能电气股份有限公司（以下简称"公司"）于 2025 年 7 月 29 日收到深 圳证券交易所（以下简称"深交所"）出具的《关于上能电气股份有限公司申请 向特定对象发行股票的第二轮审核问询函》（审核函〔2025〕020034 号）（以下 简称"《审核问询函》"）。 公司会同相关中介机构对《审核问询函》所提出的问题进行了认真研究和落 实后，对《审核问询函》所列问题进行了逐项说明和回复，具体内容详见公司于 2025 年 8 月 5 日在巨潮资讯网披露的相关公告。 按照相关法规要求，公司根据项目最新进展与审核要求，会同中介机构对募 集说明书等申请文件的部分内容进行了相应补充、更新和修订，具体内容详见公 司于 2025 年 8 月 5 日在巨潮资讯网上披露的《上能电气股份有限公司向特定对 ...