证券代码：688472 证券简称：阿特斯 公告编号：2025-026 阿特斯阳光电力集团股份有限公司 关于自愿披露公司控股股东 2025 年第一季度业绩以及 2025 年第二季度、2025 年度经营展望的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： Canadian Solar Inc.,（阿特斯集团，股票代码：CSIQ，以下简称"CSIQ"） 为阿特斯阳光电力集团股份有限公司（以下简称"公司"）的控股股东，系 一家于美国 NASDAQ 证券交易所上市的公司。CSIQ 于北京时间 2025 年 5 月 15 日在美国披露了 2025 年第一季度业绩以及 2025 年第二季度、2025 年度 经营展望等信息。截至 2025 年一季度末，CSIQ 直接持有公司 62.24%的股权。 本公告中 CSIQ 2025 年第一季度业绩以及 2025 年第二季度、2025 年度经营 展望预测数据系 CSIQ 按照美国会计准则编制，因使用的会计准则不同、外 汇转换等原因，将与公司最终定期报告中的数据存在一定差异，仅 ...

Core Viewpoint - The company, CSIQ, projects significant revenue growth for the second quarter of 2025, with total revenue expected to be between $1.9 billion and $2.1 billion, and an annual revenue forecast of $6.1 billion to $7.1 billion [1] Financial Projections - CSIQ anticipates second-quarter total revenue between $1.9 billion and $2.1 billion, equivalent to approximately RMB 13.64 billion to RMB 15.08 billion [1] - The expected gross margin for the second quarter is projected to be between 23% and 25% [1] - For the full year, total revenue is expected to range from $6.1 billion to $7.1 billion, translating to approximately RMB 43.80 billion to RMB 50.98 billion [1] Shipment Expectations - The company forecasts component shipments to be between 7.5 GW and 8.0 GW for the second quarter, with annual shipments expected to be between 25 GW and 30 GW [1] - Energy storage system shipments are projected to be between 2.4 GWh and 2.6 GWh for the second quarter, with annual expectations ranging from 7.0 GWh to 9.0 GWh [1]

Investment Rating - The industry investment rating is "Overweight" [8] Core Viewpoints - The recent reduction in tariffs between the US and China is expected to significantly benefit sectors such as energy storage, photovoltaics, and AIDC, leading to profit recovery and valuation restoration [1][6] - The report recommends key companies including CATL, Sungrow, Canadian Solar, Megmeet, and Huaneng Electric [1][6] Summary by Sections Tariff Adjustments - The recent negotiations resulted in a larger-than-expected reduction in tariffs, with the effective tax rates for various segments calculated as follows: 1. Energy storage batteries/systems: 40.9% (expected to rise to 58.4% by 2026) 2. Lithium battery materials: 56%-60.8% 3. Inverters: 57.5% [2] Energy Storage Sector - High tariffs previously led to order cancellations and a slowdown in new orders for energy storage companies. The recent tariff reductions are expected to restore profitability for companies heavily exposed to the US market, with recommendations for Sungrow and CATL [3][6] Photovoltaic Sector - The impact of tariff adjustments on photovoltaic companies is deemed limited, as most domestic companies export through overseas bases. The adjustment is expected to improve market sentiment and support valuation recovery, particularly benefiting Canadian Solar due to its US production capacity [4][6] AIDC Sector - Concerns regarding reduced overseas demand due to high tariffs have diminished. The recent tariff cuts are expected to restore valuations for AIDC-related companies, with recommendations for Megmeet and Huaneng Electric [5][6] Company Recommendations - CATL: Expected to maintain a strong market position with a projected net profit of 66.62 billion CNY in 2025 [13] - Sungrow: Anticipated revenue growth of 7.76% in 2024, with a strong outlook for its energy storage business [13] - Canadian Solar: Despite a projected decline in net profit due to tariffs, its US production capacity is expected to mitigate some impacts [13] - Megmeet: Expected to benefit from its diversified layout and strong demand in data center products [13] - Huaneng Electric: Anticipated growth in its wind and energy storage segments, maintaining a positive outlook [14]

Core Viewpoint - The recent U.S.-China trade agreement has significantly reduced tariffs, leading to a rapid recovery in the foreign trade sector, particularly in electronics and logistics, creating a 90-day "window period" for businesses to capitalize on the improved trade environment [2][4][5]. Group 1: Market Response - Following the announcement of the trade agreement, many companies, especially in the electronics sector, have seen a surge in inquiries and orders from U.S. clients who previously delayed shipments due to tariffs [2][5]. - The Shenzhen Huaqiangbei electronics market has experienced a revival, with prices for certain electronic components dropping significantly, indicating a return to normalcy in trading activities [4]. - The logistics sector anticipates a "rush" in shipping as businesses aim to maximize the 90-day window, although some companies are still assessing the situation before making large-scale shipping decisions [6][9]. Group 2: Industry Variations - Different industries are responding variably to the trade agreement; for instance, companies in the consumer electronics sector are cautious due to longer production and inventory cycles, while others with existing overseas stock are better positioned to respond quickly [9][10]. - Some sectors, like the optical module industry, report minimal impact from the tariff changes, as they were already exempt from previous tariffs, indicating that the effects of the trade agreement are not uniform across all industries [11]. - U.S. industry associations have welcomed the trade agreement but emphasize the need for long-term stability in trade policies, highlighting ongoing concerns about remaining tariffs and their impact on consumer prices [12].

Core Viewpoint - The recent U.S.-China trade negotiations have led to a significant reduction in tariffs, with the U.S. canceling 91% of additional tariffs and China reciprocating, which has revitalized the foreign trade sector and created a "window period" for businesses to resume operations and shipments [2][3][4]. Group 1: Market Reactions - Following the announcement of the joint statement, there has been a surge in inquiries and orders from U.S. clients who previously postponed orders due to tariffs, indicating a quick recovery in the foreign trade market [2][4]. - The electronics market in Shenzhen has seen a rapid return to activity, with prices for certain components, such as CPUs, dropping significantly, reflecting a shift in market dynamics [3][4]. - Companies are eager to capitalize on the 90-day window to resume shipments, with many reporting an increase in demand for shipping services [4][5]. Group 2: Shipping and Logistics - There is an expectation of a "rush" in shipping activities as companies aim to maximize their exports during the temporary tariff relief period, although some logistics providers have not yet observed a significant increase in shipping volumes [5]. - Freightos analysis indicates that while shipping rates may rise due to increased demand, they are unlikely to reach the high levels seen in the previous year [5]. - Air freight demand is also anticipated to rebound as tariffs decrease, following a period of low demand due to previous high tariffs [5]. Group 3: Industry-Specific Responses - Different industries are responding variably to the tariff changes, with some companies, like those in the consumer electronics sector, expressing caution due to longer production and shipping cycles [7]. - Companies with established overseas warehouses have a buffer against immediate tariff impacts, allowing them to adjust strategies without immediate pressure [7]. - The impact of the tariff changes varies by industry, with some sectors, such as the solar energy industry, viewing the changes as stabilizing rather than transformative [8][9]. Group 4: U.S. Market Reactions - U.S. companies are also reacting quickly, with executives from various sectors indicating plans to expedite shipments of goods previously held up by tariffs [6]. - Industry associations in the U.S. have welcomed the tariff reductions but emphasize the need for long-term, stable trade policies to avoid future disruptions [9][10].

承诺 督导上市公司建立健全并有效执行公司治理 保荐机构督促阿特斯依照相关 中国国际金融股份有限公司 关于阿特斯阳光电力集团股份有限公司 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等 有关法律、法规的规定，中国国际金融股份有限公司（以下简称 "保荐机构"） 作为阿特斯阳光电力集团股份有限公司（以下简称"阿特斯"或"公司"）持续督导 工作的保荐机构，负责阿特斯上市后的持续督导工作，并出具本持续督导跟踪报 告。 一、持续督导工作情况 序号 工作内容 持续督导情况 建立健全并有效执行持续督导工作制度，并 保荐机构已建立并有效执行了 划 的工作计划 根据中国证监会相关规定，在持续督导工作开保荐机构已与阿特斯签订《保 始前，与上市公司或相关当事人签署持续督导荐协议》，该协议明确了双方 协议，明确双方在持续督导期间的权利义务，在 持 续 督 导 期 间 的 权 利 和 义 并报上海证券交易所备案 务，并报上海证券交易所备案 持续督导期间，按照有关规定对上市公司违 法违规事项公开发表声明的，应于披露前向 上海证券交易所报告，并经 ...

中国国际金融股份有限公司 关于阿特斯阳光电力集团股份有限公司 2024 年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等 有关法律、法规的规定，中国国际金融股份有限公司（以下简称 "保荐机构"） 作为阿特斯阳光电力集团股份有限公司（以下简称"阿特斯"或"公司"）持续督导 工作的保荐机构，负责阿特斯上市后的持续督导工作，并出具本持续督导跟踪报 告。 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | | 建立健全并有效执行持续督导工作制度，并 | 保荐机构已建立并有效执行了 | | 1 | 针对具体的持续督导工作制定相应的工作计 | 持续督导制度，并制定了相应 | | | 划 | 的工作计划 | | | 根据中国证监会相关规定，在持续督导工作开 | 保荐机构已与阿特斯签订《保 | | | 始前，与上市公司或相关当事人签署持续督导 | 荐协议》，该协议明确了双方 | | 2 | 协议，明确双方在持续督导期间的权利义务， | 在持续督导期间的权利和义 | | | ...

保荐人子公司中国中金财富证券有限公司跟投的获配股份数量为本次公开发行股份数量的2.00%，即 10,821,176股，获配金额为120,115,053.60元。限售期为自上市之日起24个月。 阿特斯最终募集资金净额较原计划多172,782.43万元(行使超额配售选择权之前)；262,845.46万元(全额行 使超额配售选择权之后)。2023年6月6日，阿特斯披露的招股说明书显示，公司拟募集资金400,000.00万 元，分别用于产能配套及扩充项目、嘉兴阿特斯光伏技术有限公司研究院建设项目、补充流动资金。 阿特斯上市发行费用总额为27,792.86万元(行使超额配售选择权之前)；27,815.77万元(全额行使超额配售 选择权之后)。其中，中国国际金融股份有限公司、华泰联合证券有限责任公司、东吴证券股份有限公 司获得承销费及保荐费17,264.15万元。 中国经济网北京5月14日讯阿特斯(688472.SH)今日收报9.63元，跌幅3.51%，总市值355.18亿元。目前该 股处于破发状态。 阿特斯于2023年6月9日在上交所科创板上市，超额配售选择权行使前，公开发行股份数量541,058,824 股，占发行后 ...

晶科能源董事长李仙德表示，本轮光伏行业的供求失衡是多因素叠加作用的结果，长期维度包括行业从 补贴时代完全进入平价时代的切换，中期维度包括产业自身的扩张——收缩周期，以及主流电池技术从 PERC向TOPCon切换；短期维度包括2022年的一些国际事件对欧洲天然气价格和新能源需求的剧烈刺 激，造成本轮行业供需失衡的程度较大，时间较长。 阿特斯董事、总经理、首席执行官庄岩称，行业供过于求局面目前没有出现根本性变化，2025年公司在 行业产品价格有明显回升之前，继续平衡组件出货量和利润的关系，优先保证高价市场订单。 如何应对关税扰动：预计影响可消化，持续本土化与多元化布局 中国光伏产品作为出口新三样之一，在全球市场享有极高的份额，头部企业营收的相当部分来自海外市 场。近期国际关税政策的扰动也让企业再度思考出海策略。 5月13日，四家光伏组件头部企业晶科能源（688223.SH）、晶澳科技（002459）（002459.SZ）、天合 光能（688599.SH）、阿特斯（688472.SH）同日召开业绩会。 光伏行业曾是新能源板块最热门的赛道，但在供需失衡、贸易壁垒等多重因素冲击下，去年多家光伏企 业交出了史上最差成绩单 ...

Group 1 - The carbon neutrality ETF Taikang (560560) experienced fluctuations with mixed performance among its index constituents, led by Weiming Environmental Protection and followed by Yiwei Lithium Energy and Changjiang Electric Power [1] - As of May 13, the carbon neutrality ETF Taikang (560560) has seen a cumulative increase of 4.42% over the past week, reaching a new high of 67.5718 million yuan in size [1] - At the 2024 photovoltaic industry performance briefing held by the Shanghai Stock Exchange, executives from JinkoSolar, Canadian Solar, and Trina Solar addressed investor concerns regarding photovoltaic-related issues [1] Group 2 - The recent US-China talks have resulted in agreements that significantly benefit the electric new energy sector's export businesses to the US, particularly in areas previously affected by tariff policies [2] - JinkoSolar's management noted that the peak of distributed installation in China has passed, with market pricing becoming more rational, while long-term demand for photovoltaic energy remains strong [2] - According to Guotai Junan Securities, the domestic demand for photovoltaic installations in 2025 is expected to remain stable, with an estimated capacity of 280 GW, reflecting a slight year-on-year increase [2]