上能电气股份有限公司 2023 年度向特定对象发行股票 发行情况报告书 保荐人（联席主承销商） 本公司全体董事、高级管理人员承诺本发行情况报告书不存在虚假记载、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。 董事： 吴 强 段育鹤 李建飞 吴 超 陈运萍 胡光旺 纪志成 熊源泉 权小锋 董事会审计委员会 权小锋 熊源泉 吴 超 高级管理人员： 杨春明 李建飞 陈运萍 联席主承销商 二〇二六年一月 上能电气股份有限公司 发行情况报告书 发行人全体董事、高级管理人员声明 2 成员： 上能电气股份有限公司 年 月 日 | 目 录 | | --- | | 发行人全体董事、高级管理人员声明 2 | | --- | | 目 录 3 | | 释 义 5 | | 第一节 本次发行的基本情况 6 | | 一、本次发行履行的相关程序 6 | | （一）发行人履行的内部决策程序 6 | | （二）监管部门审核注册过程 7 | | （三）募集资金到账及验资情况 7 | | （四）股份登记和托管情况 8 | | 二、本次发行基本情况 8 | | （一）发行股票的类型及面值 8 | | （二）发行数量 8 | ...

北京国枫律师事务所 关于上能电气股份有限公司 向特定对象发行股票之发行过程和认购对象合规性的 专项法律意见书 国枫律证字[2025]AN036-24号 GRANDWAY 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 电话 (Tel): 010-88004488/66090088 传真 (Fax): 010-66090016 北京国枫律师事务所 关于上能电气股份有限公司 向特定对象发行股票之发行过程和认购对象合规性的 专项法律意见书 国枫律证字[2025] AN036-24号 致: 上能电气股份有限公司 (发行人) 本所律师根据《中华人民共和国证券法》《中华人民共和国公司法》《上市 公司证券发行注册管理办法》(以下简称"《注册管理办法》")、《证券发行 与承销管理办法》《深圳证券交易所上市公司证券发行与承销业务实施细则》(以 下简称"《实施细则》")、《律师事务所从事证券法律业务管理办法》《律师 事务所证券法律业务执业规则(试行)》等相关法律、法规、规范性文件的规定, 并按照律师行业公认的业务标准、道德规范和勤勉尽责精神, ...

兴业证券股份有限公司、 国泰海通证券股份有限公司 关于上能电气股份有限公司向特定对象发行股票 发行过程和认购对象合规性的报告 深圳证券交易所： 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意上能电 气股份有限公司向特定对象发行股票注册的批复》（证监许可〔2025〕2546 号） 同意上能电气股份有限公司（以下简称"上能电气"、"发行人"或"公司"） 向特定对象发行股票的注册申请。 兴业证券股份有限公司（以下简称"兴业证券"或"保荐人（联席主承销商）"） 作为上能电气本次向特定对象发行股票（以下简称"本次发行"）的保荐人（联 席主承销商），国泰海通证券股份有限公司（以下简称"国泰海通"）作为本次 发行的联席主承销商（兴业证券与国泰海通以下合称"联席主承销商"），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》"）、《证券发行与承销管理办法》《上市公司证 券发行注册管理办法》《深圳证券交易所上市公司证券发行与承销业务实施细则》 （以下简称"《实施细则》"）等相关法律、法规、规章制度和规范性文件的要 求以及上能电气关于本次发行的相关董事会和股东会 ...

特此公告。 上能电气股份有限公司董事会 2026 年 1 月 5 日 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"）向特定对象发行股票发行承销 总结及相关文件已在深圳证券交易所备案通过，公司将依据相关规定尽快办理本 次发行新增股份的登记托管事宜。 《上能电气股份有限公司 2023 年度向特定对象发行股票发行情况报告书》 及相关文件已于同日在巨潮资讯网(www.cninfo.com.cn)上披露，敬请投资者查阅。 证券代码：300827 证券简称：上能电气 公告编号：2026-001 上能电气股份有限公司 关于向特定对象发行股票发行情况报告书披露的 ...

Core Viewpoint - The report from Guosheng Securities forecasts significant growth in the domestic energy storage industry, with expectations of a 111% year-on-year increase in new installations by 2026, reaching 283.63 GWh, and a conservative estimate of an average annual addition of over 200 GWh in domestic large-scale storage [1][4]. Domestic Large-Scale Storage - The domestic large-scale storage market is expected to benefit from policy incentives and increasing independent storage capacity, with a focus on how price transmission affects company performance [2][3]. - The price of lithium carbonate is projected to rise to 92,600 yuan per ton by December 2025, with a 13.4% month-on-month increase in the average bidding price for lithium battery energy storage EPC in November [2]. Overseas Storage Market - The trend of AI-integrated storage is anticipated to drive significant growth in the U.S. energy storage demand, with expected increments of 10 GWh in 2026, 27 GWh in 2027, and 39 GWh in 2028, accounting for 15%, 38%, and 40% of total U.S. storage demand respectively [5]. - The North American energy storage integration market is highly concentrated, with Tesla, Sungrow, and Powin being the top three market share holders [5]. International Household and Commercial Storage - The Australian household storage market is expected to grow significantly due to increased subsidies, with the government raising support to 7.2 billion AUD, while Hungary has initiated a 280 million USD subsidy plan for household storage [6]. - The demand for commercial storage in Europe, Southeast Asia, and Africa is projected to increase due to high electricity costs, with a long-term potential of 146 GWh in these regions [6]. Investment Targets - Key companies to watch in the large-scale storage sector include Sungrow (300274.SZ), Haibo Technology (688411.SH), Canadian Solar (688472.SH), Tongrun Equipment (002150.SZ), and Shuneng Electric (300827.SZ) [7]. - In the household storage segment, notable companies include Deye Technology (605117.SH), Airo Energy (688717.SH), Jinlang Technology (300763.SZ), Goodwe (688390.SH), Kstar (002518.SZ), and Pylon Technologies (688063.SH) [7].

Market Overview - The photovoltaic equipment sector experienced a decline of 0.22% on December 29, with Canadian Solar leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Stock Performance - Major gainers in the photovoltaic equipment sector included: - Maiwei Co., Ltd. (300751) with a closing price of 205.32, up 20.00% and a trading volume of 199,900 shares, totaling 3.954 billion yuan [1] - ST Quanwei (300716) closed at 11.02, up 10.64% with a trading volume of 50,900 shares [1] - Aerospace Electromechanical (600151) closed at 18.29, up 9.98% with a trading volume of 3,197,000 shares [1] - Conversely, Canadian Solar (688472) saw a significant decline, closing at 15.68, down 5.20% with a trading volume of 1,167,200 shares, totaling 1.847 billion yuan [2] - Other notable decliners included: - Shangneng Electric (300827) down 4.10% [2] - Dike Co., Ltd. (300842) down 3.96% [2] Capital Flow - The photovoltaic equipment sector experienced a net outflow of 1.895 billion yuan from institutional investors, while retail investors saw a net inflow of 2.052 billion yuan [2] - Detailed capital flow for specific stocks indicated: - Aerospace Electromechanical had a net inflow of 732 million yuan from institutional investors, but a net outflow of 448 million yuan from retail investors [3] - Maiwei Co., Ltd. had a net inflow of 355 million yuan from institutional investors, with retail investors seeing a net outflow of 18.41 million yuan [3] - Dual Energy Saving (600481) had a net inflow of 299 million yuan from institutional investors, but a net outflow of 151 million yuan from retail investors [3]

Group 1: Overseas News - US stock market has seen five consecutive days of gains, with the Dow Jones up 0.6%, Nasdaq up 0.22%, and S&P 500 up 0.32%. Major tech companies like Apple, Meta, Microsoft, and Amazon saw increases of up to 0.53%, while Tesla, Google A, and Nvidia experienced declines of up to 0.32% [1] - Nvidia denied reports of a $200 million acquisition of AI chip startup Groq, stating that only a licensing agreement for inference technology was reached [1] - Samsung and SK Hynix are reportedly raising HBM3E prices by nearly 20% for next year [1] - Sanofi plans to acquire US vaccine company Dynavax for $2.2 billion to enhance its adult vaccine portfolio [1] Group 2: Domestic Major Events - The People's Bank of China and eight other departments issued opinions to support the construction of the Western Land-Sea New Corridor, exploring cross-border payment trials for digital RMB with Singapore [2][5] Group 3: Market Strategy Insights - Everbright Securities noted that the Shanghai Composite Index has shown strong performance with six consecutive days of gains, indicating a recovery in market sentiment and potential continued inflow of funds, particularly favoring technology growth stocks [3] Group 4: Real Estate Policy Changes - Beijing's new real estate policy, effective December 24, 2025, includes four main aspects: relaxing social security requirements for non-Beijing residents, supporting multi-child families in housing needs, optimizing commercial loan interest rates, and lowering the down payment ratio for second homes [4][5] Group 5: Digital Currency Developments - The digital RMB aims to address inefficiencies and high costs in traditional cross-border payments, with optimistic projections for transaction volumes reaching 162.4 trillion yuan by 2030 [6]

Group 1 - The core point of the article highlights significant advancements in the energy storage sector, including the launch of the world's first Tesla Megablock technology storage project with a capacity of 866MWh in South Australia [3][5] - The project is part of the Neoen Goyder Renewable Energy Zone, which includes existing and planned wind and solar facilities, aiming to become Australia's largest hybrid wind-solar-storage project with a potential expansion capacity of 900MW/3600MWh [3][5] - Additionally, the article mentions that Sungrow Electric has successfully delivered 576MW of energy storage inverters to the Khavda energy base in India, marking a significant breakthrough in the Indian energy storage market [6][8] Group 2 - Furthermore, Oriental Sunrise has secured a total of 80MWh of commercial storage orders from two companies, focusing on household and commercial energy storage solutions [9][11] - The collaboration with Wuhan Yuehong involves the signing of 150 units of integrated commercial storage systems, totaling approximately 40MWh, leveraging the company's market advantages [11][13] - The partnership with Hefei Rongkun also involves a 40MWh commercial storage project, reinforcing the companies' presence in the Anhui region's commercial energy storage market [13]

Core Viewpoint - The photovoltaic industry chain is expected to gradually bottom out and improve by the second half of 2025, aided by anti-involution measures, although financial improvements may slow market clearing, making the continuation of anti-involution essential [1] Group 1: Industry Outlook - The photovoltaic demand is anticipated to recover in the latter half of the 14th Five-Year Plan due to enhanced energy storage capacity and the need for market-oriented adjustments in the domestic electricity market [1] - The global energy transition is driving strong demand for energy storage, with a projected growth rate of nearly 50% for new installations in 2026, fueled by domestic policies and decreasing costs [2] Group 2: Market Dynamics - A decline in domestic installations is expected to lead to profit differentiation among glass glue film companies, with those having overseas clients likely to increase export ratios and profit margins [3] - The high silver prices are promoting the industrialization of silver-copper paste, while auxiliary material companies are actively seeking second growth curves in sectors like semiconductors and storage [3] Group 3: Valuation and Recommendations - Current valuations for major companies in the main industry chain are at historical low levels of 1xP/B to 2.5xP/B, with potential for performance recovery and sector opportunities as demand improves in 2Q26 [4] - Recommended stocks include: 1) Quality large-scale storage and industrial storage companies such as Canadian Solar (688472.SH), Shangneng Electric (300827.SZ), and others [4] 2) High-power module manufacturers like JinkoSolar (688223.SH) and Aiko Solar (600732.SH) [4] 3) Silicon material companies such as GCL-Poly Energy (03800) and Tongwei Co., Ltd. (600438.SH) [4] 4) Optimized players like Xinyi Solar (00968) and Flat Glass Group (601865.SH) [4] 5) Companies with new product launches like Dike Co., Ltd. (300842.SZ) and Juhe Materials (688503.SH) [4]

证券代码：300827 证券简称：上能电气 公告编号：2025-089 上能电气股份有限公司 关于公司 2022 年限制性股票激励计划第一批预留授予部分 第三个归属期归属结果暨股份上市的公告 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。 重要内容提示： 1、本次归属的限制性股票上市流通日：2025 年 12 月 25 日，本次归属的限 制性股票不设限售期。 2、本次归属的限制性股票上市流通数量：13.8076 万股，占公司目前总股 本的 0.0274%。 3、本次归属的限制性股票人数：4 人。 上能电气股份有限公司（以下简称"公司"）于 2025 年 12 月 15 日召开了 第四届董事会第二十次会议，审议通过了《关于公司 2022 年限制性股票激励计 划第一批预留授予部分第三个归属期符合归属条件的议案》，现将有关情况公告 如下： 一、2022 年限制性股票激励计划简述及已履行的相关审批程序 4、授予价格（调整前）：本次限制性股票的第一批预留授予价格为 34.24 元 /股。 （一）本次激励计划简述 2022 年 8 月 19 日，公司召开第三届董事会第九次 ...