Core Viewpoint - YN Technology (688348.SH) has experienced a decline contrary to the sector, primarily due to deteriorating fundamentals and insufficient market confidence [1] Business Performance - The company announced on January 30, 2026, that it expects a net loss attributable to shareholders of 115 to 140 million yuan for 2025, a shift from a profit of 140 million yuan in 2024. The main reason for the loss is a significant drop in revenue from micro-inverters due to a downturn in the European residential photovoltaic market, alongside increased R&D and sales expenses. This result deviates significantly from some institutions' previous profit forecast of 120 million yuan, raising concerns about profitability [1] Business Development - In the first half of 2025, revenue from micro-inverters declined by 42.07%, while the growth rate of the energy storage business was only 6.74%, significantly lower than peers like Deye Technology, which saw its energy storage business nearly double. The company's energy storage business mainly relies on the domestic commercial market, with slow overseas expansion and less than 7% investment progress in self-produced capacity projects, failing to fully realize the synergy between solar and storage [2] Project Progress - As of the end of the third quarter of 2025, the company had a total of 1.826 billion yuan in cash and financial products, with a debt-to-asset ratio of only 20%. However, the progress of fundraising projects is slow, such as the R&D center project, which is only 36.33% complete and has been delayed until 2027. The contrast between ample cash and slow strategic implementation has intensified market doubts about execution capability [3] Stock Performance - On February 13, 2026, YN Technology's stock price fell by 3.43%, while the photovoltaic equipment sector declined by 3.59% and the new energy index dropped by 2.18%. Although the decline was slightly smaller than the sector, the company's market value has evaporated by nearly 50 billion yuan since its peak in 2022, representing a reduction of over 85%, highlighting individual risk amid a prolonged weak trend [4]

Group 1 - The core point of the news is that YN Technology (昱能科技) is currently experiencing a decline in stock price, with a closing price of 52.57 yuan and a drop of 3.43%, resulting in a total market capitalization of 8.216 billion yuan, indicating that the stock is in a state of loss since its IPO [1] - YN Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 8, 2022, with an initial offering price of 163.00 yuan per share and a total of 20 million shares issued [1] - The company raised a total of 326 million yuan through its initial public offering, with a net amount of 303.69949 million yuan, which is 2.481 billion yuan more than originally planned [1] Group 2 - The company announced a cash dividend of 2.2 yuan per share (including tax) and a capital reserve increase of 0.4 shares for every share held, totaling 176 million yuan in cash dividends and 32 million shares to be distributed, increasing the total share capital to 112 million shares [2] - For the year 2024, YN Technology plans to distribute a dividend of 10 yuan per 10 shares and a capital increase of 4 shares for every 10 shares held, with the record date set for July 2, 2024 [2]

Core Viewpoint - The company, YN Technology, focuses on the photovoltaic power generation sector and has experienced a decline in stock price, with a market capitalization of 8.216 billion yuan as of February 13, 2023 [1]. Company Overview - YN Technology specializes in the research, production, and sales of component-level power electronic devices for distributed photovoltaic power generation systems, including micro-inverters, smart control disconnectors, and energy communication and monitoring systems [2][3]. - The company is recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, which signifies its strong market position and innovation capabilities [2]. Financial Performance - For the first nine months of 2025, YN Technology reported a revenue of 943 million yuan, a year-on-year decrease of 38.48%, and a net profit attributable to shareholders of 66.48 million yuan, down 55.52% year-on-year [7]. - The company's overseas revenue accounted for 66.03% of total revenue, benefiting from the depreciation of the Chinese yuan [3]. Product and Market Position - The main revenue sources for YN Technology include micro-inverters and energy communication products (54.95%), commercial energy storage systems (29.14%), smart control disconnectors (8.94%), and other products (3.89%) [7]. - The company has completed its product layout in energy storage, with its single-phase household energy storage series entering mass production and being sold in European and American markets [2]. Stock and Trading Analysis - As of February 13, 2023, YN Technology's stock price decreased by 3.43%, with a trading volume of 136 million yuan and a turnover rate of 1.63% [1]. - The average trading cost of the stock is 56.69 yuan, with the stock price approaching a support level of 52.51 yuan [6].

Core Viewpoint - The company has approved the use of up to RMB 1.2 billion of temporarily idle raised funds for cash management, ensuring that it does not affect the implementation of investment projects and the safety of the raised funds [1][4]. Group 1: Fund Management Account Opening - The company has established a special settlement account for cash management of raised funds, which is exclusively for managing temporarily idle raised funds and cannot be used for non-raised funds or other purposes [2]. Group 2: Risk Control Measures - The company will strictly adhere to relevant laws and regulations, as well as its internal management systems, when conducting cash management activities [3]. - A separation of decision-making, execution, and supervision functions will be implemented to ensure effective management of cash management products [3]. - The company will invest temporarily idle raised funds in low-risk, liquid financial products offered by qualified financial institutions [3]. - The finance department will monitor cash management products and take necessary measures to mitigate risks that may affect fund safety [3]. - Independent directors and the audit committee have the authority to supervise and audit the cash management usage [3]. Group 3: Impact on Daily Operations - The cash management of temporarily idle raised funds is conducted under the premise of ensuring the normal implementation of investment projects and the safety of the raised funds, which can generate investment returns and enhance overall company performance [4].

法规、规章及其他规范性文件的规定，上述账户仅用于部分闲置募集资金进行现 金管理的专用结算，不得用于存放非募集资金或用作其他用途。 证券代码：688348 证券简称：昱能科技 公告编号：2026-007 昱能科技股份有限公司 关于开立募集资金现金管理专用结算账户的公告 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。 昱能科技股份有限公司（以下简称"公司"）于2025年6月16日召开第二届 董事会第十八次会议、第二届监事会第十五次会议，审议通过了《关于使用部分 暂时闲置募集资金进行现金管理的议案》，同意公司在保证不影响募集资金投资 项目实施、确保募集资金安全的前提下，使用最高不超过人民币12亿元（含）的 暂时闲置募集资金进行现金管理。使用期限自前次募集资金现金管理的授权到期 之日起12个月内有效，即2025年7月22日起至2026年7月21日。在使用授权期限内， 资金可以循环滚动使用。具体内容详见公司于2025年6月17日在上海证券交易所 网站（www.sse.com.cn）上披露的《关于使用部分暂时闲置募集资金进行现金管 理 ...

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric power equipment and new energy sectors, including Ningde Times, Keda Li, and others [6][7]. Core Insights - The global photovoltaic market is expected to maintain high growth during the "14th Five-Year Plan" period, with annual new installations projected to reach 725-870 GW globally and 238-287 GW domestically [3][39]. - The electric power equipment sector is witnessing significant developments, including the approval of major grid projects and the awarding of contracts for high-voltage equipment [4][39]. - The new energy vehicle market continues to show strong momentum, with major manufacturers reporting significant year-on-year delivery increases [2][14]. Summary by Sections New Energy Vehicles - In January 2026, several new energy vehicle manufacturers reported substantial delivery growth, with NIO delivering 27,182 units (+96.1% YoY) and BYD maintaining a leading position with 210,051 units delivered [2][14][24]. - The third China All-Solid-State Battery Innovation Development Summit was held, focusing on key materials and technological advancements [2][27]. New Energy Generation - The photovoltaic industry is transitioning from scale expansion to high-quality development, with a focus on technological integration and new application scenarios [39][40]. - The cancellation of export tax rebates for photovoltaic products starting April 1, 2026, marks a shift to full market competition, pushing companies towards innovation and sustainable competitiveness [45][48]. Electric Power Equipment and Automation - The State Grid's recent tender for ultra-high voltage equipment involved 119 packages, with 115 awarded, indicating robust demand in the sector [4][39]. - The approval of the first major grid project by the National Development and Reform Commission signifies a positive outlook for infrastructure development in the electric power sector [4][39]. Commercial Aerospace - The domestic first "one rocket, 36 satellites" satellite launch technology facility has been accepted, indicating advancements in commercial aerospace capabilities [5]. Market Performance - The electric power equipment and new energy sector saw a weekly increase of 2.20%, outperforming the Shanghai Composite Index, with lithium battery and solar indices showing significant gains [1].

Group 1 - The company YN Technology (688348.SH) forecasts a net loss for the year 2025, estimating a net profit attributable to shareholders of between -140 million yuan and -115 million yuan compared to the previous year [1] - For the year 2024, YN Technology reported a net profit attributable to shareholders of 140.04 million yuan and a net profit excluding non-recurring gains and losses of 121.24 million yuan [1] - The company went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 8, 2022, with an issue price of 163.00 yuan per share and a total of 20 million shares issued [1] Group 2 - YN Technology raised a total of 3.26 billion yuan from its initial public offering, with a net amount of 3.037 billion yuan, exceeding the original plan by 2.481 billion yuan [2] - The company planned to use the raised funds for research and development center construction, global marketing network development, and to supplement working capital [2] - The total issuance costs for the IPO amounted to 223.01 million yuan, including underwriting and sponsorship fees of 189 million yuan [2] Group 3 - In 2023, YN Technology announced a dividend distribution plan, distributing a cash dividend of 2.2 yuan per share and a capital reserve increase of 0.4 shares for every share held, totaling 176 million yuan in cash dividends and 32 million shares in capital increase [2] - The total share capital after the distribution will be 112 million shares, with the record date for the dividend set for June 20, 2023, and the ex-dividend date on June 21, 2023 [2] - A subsequent dividend plan was announced for 2024, proposing a distribution of 10 yuan for every 10 shares and a capital increase of 4 shares for every 10 shares held, with the record date on July 2, 2024, and the ex-dividend date on July 3, 2024 [3]

Group 1 - Zairun New Energy focuses on the research and development of perovskite battery core materials and equipment, with a strong emphasis on high-purity and high-stability products suitable for large-scale production [1] - The company has completed multiple pilot tests and its product performance has been validated by third-party authorities [1] - Zairun's high-radiation-resistant perovskite precursor materials enhance battery stability in extreme space environments, positioning the company to become a core supplier in the space photovoltaic supply chain [1] Group 2 - Aotwei is a leading domestic photovoltaic equipment enterprise, with early layouts in perovskite production line equipment and technology covering key processes such as laser etching and thin film deposition [2] - The company's self-developed laser repair equipment significantly improves battery yield and is at the forefront of industry standards [2] - Aotwei's equipment optimizes battery manufacturing processes to meet the stringent requirements of space photovoltaic applications, potentially making it a core supplier in this sector [2] Group 3 - Haiyou New Materials is a core supplier of photovoltaic packaging materials, focusing on the development of POE films and back sheets for perovskite batteries [3] - The company has developed radiation-resistant packaging films that ensure long-term stable operation of perovskite batteries in space environments [3] - As the space photovoltaic market scales, Haiyou is positioned to become a key supplier of packaging materials for perovskite batteries [3] Group 4 - Gaoce Co., Ltd. is a leading domestic company in photovoltaic cutting equipment and silicon wafer processing, actively developing ultra-thin silicon cutting technology for perovskite batteries [4] - The company's ultra-thin silicon wafers, with thicknesses as low as 50μm, meet the lightweight requirements of perovskite batteries [4] - Gaoce's technology supports the stringent demands of space photovoltaic applications, positioning it to become a core supplier of silicon wafers for perovskite batteries [4]

Core Viewpoint - The performance forecasts of energy storage listed companies show a stark contrast, with battery manufacturers benefiting from increased demand and cost optimization, while PCS manufacturers face significant performance differentiation due to technical routes and market strategies, and system integrators are under pressure from intense price competition and squeezed project margins [2] Battery Segment - Rui Pu Lan Jun expects a net profit of 630 million to 730 million RMB for 2025, marking a turnaround from a loss of approximately 135.3 million RMB in 2024, driven by increased sales and improved capacity utilization [6] - Guoxuan High-Tech anticipates a net profit of 2.5 billion to 3 billion RMB for 2025, a year-on-year increase of 107.16% to 148.59%, attributed to the rapid growth in demand for new energy vehicles and energy storage [8] - Pylon Technologies forecasts a net profit of 62 million to 86 million RMB for 2025, a 50.82% to 109.21% increase compared to the previous year, benefiting from the growth in domestic and international energy storage markets [9] - Boliwei expects a net profit of 59 million RMB for 2025, achieving a turnaround from losses due to increased sales in electric motorcycles and energy storage [10] - Nandu Power anticipates a net loss of 890 million to 1.25 billion RMB for 2025, although this represents a reduction from a loss of approximately 1.497 billion RMB in the previous year [11] - Funeng Technology forecasts a net loss of 580 million to 830 million RMB for 2025, an increase from a loss of 332 million RMB in 2024 [12] - Goodwe expects a net profit of 125 million to 162 million RMB for 2025, marking a turnaround from losses due to increased sales and improved operational efficiency [18] - Yisite anticipates a net profit of 24 million to 35 million RMB for 2025, a significant decline of 81.5% to 87.32% compared to the previous year [20] - Huazi Technology expects a net loss of 210 million to 270 million RMB for 2025, a reduction from a loss of 393 million RMB in 2024 [21] PCS Manufacturers - Shanghai Electric forecasts a net profit of 1.1 billion to 1.32 billion RMB for 2025, an increase of approximately 47% to 76% compared to the previous year, driven by steady growth in core business [17] - Goodwe anticipates a net profit of 125 million to 162 million RMB for 2025, achieving a turnaround due to increased sales and improved product structure [18] - Yisite expects a net profit of 24 million to 35 million RMB for 2025, a significant decline due to intensified industry competition [20] System Integrators - Aters expects a net profit of 900 million to 1.1 billion RMB for 2025, a decline of 51% to 60% compared to the previous year, impacted by an imbalance in supply and demand in the photovoltaic industry [28] - Tuobang Co. forecasts a net profit of 336 million to 403 million RMB for 2025, a decrease of 40% to 49.99% due to asset impairment and strategic business investments [29] - Linyang Energy anticipates a net profit of 225 million to 335 million RMB for 2025, a decline of 55.50% to 70.11% due to industry cycle fluctuations [31] - Huabao New Energy expects a net profit of 15.5 million to 23 million RMB for 2025, a decline of 90.4% to 93.53% due to external macroeconomic fluctuations [32]

Core Viewpoint - YN Technology announced an expected net profit attributable to the parent company for the year 2025 to be between -140 million and -115 million, compared to a net profit of 140.04 million in the same period last year [1] Financial Performance - The projected net profit for 2025 is estimated to be in the range of -140 million to -115 million [1] - The previous year's net profit was reported at 140.04 million [1]