兴业证券股份有限公司 （福州市湖东路 268 号） 二零二五年七月 上市保荐书 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 上市保荐书 保荐机构（主承销商） 保荐机构及保荐代表人声明 兴业证券股份有限公司（以下简称"兴业证券"、"保荐人"或"保荐机 构"）及其保荐代表人已根据《中华人民共和国公司法》（以下简称《公司法》）、 《中华人民共和国证券法》（以下简称《证券法》）等法律法规和中国证监会及 深圳证券交易所的有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规 则和行业自律规范出具上市保荐书，并保证所出具文件真实、准确、完整。 在本上市保荐书中，除上下文另有所指，释义与《上能电气股份有限公司 2023 年度向特定对象发行股票募集说明书》相同。 3-3-1 | 保荐机构及保荐代表人声明 | 1 | | --- | --- | | 目 | 录 2 | | 一、发行人基本情况 | 3 | | 二、发行人本次发行情况 | 10 | | 三、本次证券发行上市的保荐代表人、协办人及项目组其他成员情况 14 | | | 四、保荐机构与发行人关联关系的说明 | 15 | | 五、保荐机构承诺事项 | ...

兴业证券股份有限公司 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 保荐机构（主承销商） （福州市湖东路 268 号） 二零二五年七月 发行保荐书 兴业证券股份有限公司 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。 | 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、保荐机构内部审核程序和内核意见 8 | | 第二节 | 保荐机构承诺 10 | | 第三节 | 对本次证券发行的推荐意见 11 | | | 一、保荐机构对发行人本次证券发行的推荐结论 11 | | | 二、本次证券发行履行《公司法》《证券法》及中国 ...

股票简称：上能电气 股票代码：300827 上能电气股份有限公司 （SINENG ELECTRIC CO., LTD.） （无锡市惠山区和惠路 6 号） 2023 年度向特定对象发行股票 募集说明书 （修订稿） 保荐机构（主承销商） （福州市湖东路 268 号） 公告日期：二零二五年七月 上能电气股份有限公司 2023 年度向特定对象发行股票募集说明书 声 明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露资 料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整 性承担相应的法律责任。 公司负责人、主管会计工作的负责人及会计机构负责人保证募集说明书中财 务会计资料真实、完整。 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明对发行人的盈 利能力、投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经 ...

Core Insights - The successful completion of the inrush current test for energy storage transformers by Shangneng Electric Co., Ltd. for ACWA in Saudi Arabia highlights the company's capability to meet international standards while addressing specific project needs [1][3] - The collaboration between technical experts from TÜV Rheinland Group, Shangneng Electric, and Shandong Provincial Quality Inspection Institute demonstrates a commitment to rigorous testing and quality assurance in the energy sector [3][4] Group 1 - The inrush current generated by transformers is closely related to voltage fluctuations in the grid, core saturation characteristics, and the unique operating conditions of photovoltaic systems [3] - The testing process involved comprehensive simulations of extreme conditions in photovoltaic systems, ensuring high precision in recording transient changes in inrush current [3] - The recognition received from both domestic enterprises and foreign experts underscores the effectiveness of the testing conducted by Shandong Provincial Quality Inspection Institute in facilitating international certification [3] Group 2 - Shandong Provincial Quality Inspection Institute has established a one-stop technical service platform aimed at meeting the export demands of domestic renewable energy equipment, leveraging advanced testing equipment and professional teams [4] - The institute's focus on enhancing testing technology and standard services is intended to support more domestic power distribution and renewable energy equipment companies in expanding their international market presence [4] - The institute aims to inject new development momentum into the domestic and international dual circulation by providing precise and reliable testing technology [4]

Core Viewpoint - The company plans to raise up to 1.649 billion yuan through a private placement to fund two major industrial projects and supplement working capital [1] Group 1: Fundraising and Shareholding Structure - The company intends to issue shares to no more than 35 specific investors, including controlling shareholder Wu Qiang, who will subscribe for 50 million yuan worth of shares [1] - After the issuance, Wu Qiang and Wu Chao will control a combined 22.69% of the company's shares, maintaining Wu Qiang as the controlling shareholder [1] - The company has a history of frequent fundraising activities, including an IPO in March 2020 that raised nearly 400 million yuan and a convertible bond issuance in 2021 that raised 420 million yuan [2] Group 2: Concerns and Market Reactions - The participation of the controlling shareholder in the private placement may raise concerns about potential conflicts of interest and profit transfer, as similar cases in the market have led to significant gains for controlling shareholders at the expense of other investors [1] - Company executives, including Li Jianfei, sold 1.7 million shares from January to April this year, cashing out over 51 million yuan [2] - The progress of previously planned projects, such as the 5GW energy storage converter project, has been slow, with only 10% completion reported as of mid-2023 [2]

Group 1 - The core viewpoint is that the photovoltaic industry is experiencing a significant price increase in silicon wafers, with various sizes seeing price hikes between 8% and 11.7% [1] - The photovoltaic industry index (931151) has shown strong performance, with component stocks such as Hongyuan Green Energy (603185) and Xiexin Integration (002506) rising by 6.84% and 6.15% respectively [1] - The photovoltaic ETF fund (159863) has also increased by 1.26%, reflecting the overall positive trend in the industry [1] Group 2 - The current focus for the photovoltaic industry is to break away from "involutionary" competition, which is crucial for policy and corporate self-rescue [2] - This transformation is expected to shift the industry from "price wars" to "quality for price," allowing for the orderly exit of backward production capacity [2] - The top ten weighted stocks in the photovoltaic industry index account for 55.39% of the index, indicating a concentration of market influence among leading companies [3]

Core Viewpoint - The company is adjusting its fundraising plan for a specific stock issuance, including changes in the total amount and the number of shares to be issued, based on recent financial investments and regulatory requirements [1][2][3][4]. Group 1: Meeting and Decision - The fourth Supervisory Board meeting was held on July 8, 2025, with all three supervisors present, and the meeting complied with relevant laws and regulations [1]. - The Supervisory Board approved a resolution to adjust the fundraising scale due to a total of 1.4 million yuan in unpaid investments in four associated companies, which will be recognized as financial investments [1][4]. Group 2: Adjustments to Issuance Plan - The number of shares to be issued has been adjusted from a maximum of 107,866,570 shares to 150,685,898 shares, which is capped at 30% of the company's total share capital before the issuance [2][3]. - The total fundraising amount has been revised from 1.65 billion yuan to 1.6486 billion yuan, with the net amount after deducting issuance costs allocated to specific projects [4][5]. Group 3: Regulatory Compliance - The adjustments made to the issuance plan are in accordance with the relevant regulations and do not require further approval from the shareholders' meeting, as authorized by previous shareholder meetings [6][7].

Core Viewpoint - The company plans to issue shares to specific investors to raise funds for expanding its production capacity in the photovoltaic inverter and energy storage sectors, capitalizing on the growing demand for renewable energy solutions driven by global carbon neutrality goals [12][20][22]. Group 1: Issuance Details - The company intends to issue shares to no more than 35 specific investors, including institutional and individual investors, with a total fundraising target of up to 1.6486 billion RMB [2][23]. - The issuance price will be set at no less than 80% of the average trading price of the company's A-shares over the 20 trading days prior to the pricing date [3][26]. - The total number of shares to be issued will not exceed 30% of the company's total share capital before the issuance, amounting to approximately 150,685,898 shares [4][28]. Group 2: Fund Utilization - The net proceeds from the issuance will be used entirely for the construction of a 25GW photovoltaic inverter production project, with a total investment of approximately 2.3409 billion RMB, of which 1.6486 billion RMB will be raised through this issuance [5][30]. - The company may use self-raised funds to initiate project implementation before the proceeds are available, with plans to replace these funds once the issuance is completed [30]. Group 3: Market Context - The global photovoltaic market is expected to grow significantly, with new installations projected to reach 530GW by 2024, reflecting a compound annual growth rate of approximately 28.55% [13][22]. - The energy storage market is also experiencing rapid growth, with new installations in China expected to reach 43.7GW in 2024, representing a year-on-year increase of 103% [16][22]. - The company has established itself as a key player in the photovoltaic inverter and energy storage sectors, ranking fourth globally in inverter shipments and maintaining a strong market presence in China [18][20].

Core Viewpoint - The company is issuing shares to specific investors, which will dilute immediate returns for existing shareholders, but it has proposed measures to compensate for this dilution and ensure the protection of minority investors' interests [1][5][10]. Group 1: Impact of Share Issuance - The share issuance will increase the total share capital from 502,286,329 shares to a maximum of 652,972,227 shares, representing an increase of up to 30% of the pre-issuance total [2][3]. - The basic earnings per share (EPS) before the issuance is projected to decrease from 1.17 yuan to 0.84 yuan under a 0% growth scenario, and further to 0.64 yuan post-issuance [3][4]. Group 2: Financial Projections - Under three different growth scenarios for net profit (0%, 10%, and 20%), the diluted EPS will be affected as follows: - For 0% growth: Basic EPS drops to 0.64 yuan [4]. - For 10% growth: Basic EPS is projected at 0.71 yuan [4]. - For 20% growth: Basic EPS is projected at 0.77 yuan [4]. Group 3: Use of Proceeds - The funds raised will be used to enhance the company's core business in power electronics, specifically in photovoltaic and energy storage solutions, aligning with national carbon neutrality policies [5][6]. - The company has a solid foundation in terms of personnel, technology, and market presence to support the investment projects [6][7]. Group 4: Measures to Mitigate Dilution - The company will implement effective measures to manage and utilize the raised funds efficiently, aiming to enhance profitability and minimize the impact of dilution on shareholder returns [8][9]. - A structured profit distribution plan has been established to ensure transparent and stable returns for shareholders, particularly focusing on small and medium investors [9][10]. Group 5: Commitments from Management - The controlling shareholders and management have made commitments to uphold the measures designed to mitigate the dilution of immediate returns, ensuring compliance with regulatory requirements [10][11].

证券代码：300827 证券简称：上能电气 公告编号：2025-051 1、逐项审议通过了《关于调整公司 2023 年度向特定对象发行股票方案的 议案》 根据《<上市公司证券发行注册管理办法>第九条、第十条、第十一条、第十 三条、第四十条、第五十七条、第六十条有关规定的适用意见——证券期货法律 适用意见第 18 号》 （以下简称"《证券期货法律适用意见第 18 号》 "） 的 相关规定，本次发行董事会决议日前六个月至本次发行前新投入和拟投入的财务 性投资金额应当从本次募集资金总额中扣除。本次发行相关董事会决议日前六个 月起至今，公司对参股公司洮南上能新能源有限公司、三能（白城）清洁能源有 限公司、无锡弘能科技有限公司、广州惠业弘能电气有限公司合计尚有 140 万元 未实缴。基于谨慎性原则，公司将对上述 4 家参股公司已认缴未实缴的 140 万元 投资认定为财务性投资，并拟调减本次发行募集资金规模。另鉴于公司股本增加 并根据《深圳证券交易所上市公司证券发行与承销业务实施细则(2025 年修订)》 的相关规定，董事会根据股东大会的授权，对公司 2023 年度向特定对象发行股 票的发行对象及认购方式、发行数量及募集 ...