每经记者｜朱成祥 每经编辑｜张益铭 丨2025年9月3日 星期三丨 NO.1 晶澳科技：拟回购2亿元至4亿元公司股份 9月2日，晶澳科技公告称，拟回购不低于2亿元且不超过4亿元公司发行的人民币普通股（A股），回购 价格不超过17.36元/股。回购的股份将在未来适宜时机全部用于员工持股计划或者股权激励。回购期限 为自董事会审议通过本次回购方案之日起12个月内。 9月2日，滨海能源公告称，股东王建林及其一致行动人于2025年7月19日至9月1日期间，王建林以集中 竞价交易方式减持公司股份212.42万股，占公司总股本的0.96%。本次减持后，王建林及其一致行动人 合计持股比例降至7.95%，变动触及1%刻度的整数倍。此次减持不会导致公司控股股东、实际控制人发 生变化，也不会影响公司的治理结构和持续经营。 点评：滨海能源股东王建林及其一致行动人的减持行为，虽然涉及股份比例不大，但仍需关注其对市场 情绪的潜在影响。减持后，持股比例降至7.95%，虽未改变公司控制权结构，但投资者可能对公司未来 发展产生疑虑。公司应加强信息披露，保持透明度，以稳定市场预期，维护投资者信心。 NO.3 道氏技术：香港佳纳出资3000万美元 ...

Company News - Yushu Technology plans to submit an IPO application in the fourth quarter [7] - Dongxin Co. has completed its verification work and will resume trading on September 3 [8] - NIO reported Q2 2025 revenue of 19.01 billion yuan, a year-on-year increase of 9.0% and a quarter-on-quarter increase of 57.9% [10] - Jingao Technology plans to repurchase shares worth 200 million to 400 million yuan [9] - Sailyus announced a 19.57% year-on-year increase in August sales of new energy vehicles [8] - Junshi Biosciences received approval for clinical trials of its JT118 injection [13] - Hengrui Medicine's subsidiary received approval for clinical trials of SHR-A2009 injection [14] Industry News - In August 2025, A-share new account openings reached 2.65 million, a year-on-year increase of 165% [5][3] - The State-owned Assets Supervision and Administration Commission and the Chinese Academy of Sciences held a training course to accelerate the development of the biopharmaceutical industry [3] - The Ministry of Industry and Information Technology issued a plan for the construction of a high-quality standard system for industrial mother machines, aiming to establish a basic system by 2026 [23] - The low-altitude commercialization is accelerating, with the drone industry expected to benefit significantly [24] - In August, the wholesale sales of new energy passenger vehicles reached 1.3 million units, a year-on-year increase of 24% and a month-on-month increase of 10% [4]

Group 1 - The Japanese political turmoil has led to a significant drop in the yen's exchange rate, with the USD/JPY rate rising over 1% [2] - The U.S. government is facing a potential shutdown due to partisan disagreements, with the deadline for funding approaching [2] - Gold prices have surged past $3,500, driven by increased demand for safe-haven assets amid geopolitical risks and expectations of a Federal Reserve rate cut [2] Group 2 - The Chinese yuan experienced a sharp rise followed by a slight correction, with future stability expected as the core goal [3] - The A-share market saw a pullback, particularly in the technology sector, but the overall trend remains upward [3] - Yushutech plans to submit its IPO application between October and December, attracting market attention due to its previous successful funding rounds [3] Group 3 - The UK bond market experienced a significant sell-off, with the 30-year bond yield reaching its highest level since 1998 at 5.68% [4] - Southbound capital has seen a net inflow exceeding HKD 100 billion this year, enhancing the pricing power of the Hong Kong stock market [5] - The "national team" funds have revealed their second-quarter holdings, with notable adjustments in positions, including increased stakes in companies like SF Express [5] - The robotics sector saw a strong rebound in the afternoon, driven by rumors of a leading company meeting with Tesla, although the information remains unverified [5]

Core Insights - The rise of emerging industries in China is leading the polymer sector into the next decade, with significant opportunities in new materials related to electric vehicles, aerospace, drones, robotics, 5G/6G communication, and artificial intelligence [1] Group 1: A+H Listing Trend - The "A+H" listing strategy has become popular among Chinese listed companies, with 11 A-share companies successfully listing on the Hong Kong stock exchange as of August 26, 2023, and 49 more in the queue [1] - Many of these companies are leaders in the new energy sector, with nearly 80% having a market capitalization exceeding 20 billion RMB [1] Group 2: Polymer Industry's Global Expansion - The polymer materials industry is also accelerating its global expansion, with only a few companies like Sinopec and Shanghai Petrochemical having A+H listings, while others like Guo'en Co. and Binhua Co. are planning to list in Hong Kong [2] - Many companies in this sector have low market capitalizations and lack global leadership capabilities, which diminishes the attractiveness of overseas fundraising [2] Group 3: China Pingmei Shenma Group's Listing Plans - China Pingmei Shenma Group is actively promoting asset securitization to establish an overseas financing platform, with plans for Henan Pingmei Shenma Superhard Materials Co. to initiate a Hong Kong listing process, expected to complete by September 2026 [3] - The group aims to have 6 to 7 listed companies by 2028, following a strategy of nurturing, reserving, and listing companies in stages [3] Group 4: Financial Performance of Listed Companies - Pingmei Co. reported a revenue of 30.281 billion RMB in 2024, with a net profit of 2.350 billion RMB, a significant decrease of 41.41% year-on-year [3] - Yicheng New Energy, with a focus on wind and solar power, saw a revenue drop of 65.38% to 3.422 billion RMB in 2024, resulting in a net loss of 851 million RMB [4] - Silane Technology, the first hydrogen silane materials company listed on the Beijing Stock Exchange, reported a revenue of approximately 705 million RMB in 2024, down 37.05% year-on-year, with a net profit decline of 74.80% [5] Group 5: Shennong Co.'s Strategic Adjustments - Shennong Co. has made strategic adjustments, including establishing a subsidiary in Thailand and collaborating with international firms to enter high-end markets [7] - The company reported a revenue of 13.968 billion RMB in 2024, a 4.08% increase, but faced a net profit decline of 77.57% due to rising costs and falling product prices [8]

Core Viewpoint - The company has approved the 2025 Stock Option Incentive Plan and has conducted a verification of the list of incentive recipients, ensuring compliance with relevant regulations and internal standards [1][2][3] Summary by Sections Public Disclosure and Verification Process - The company publicly disclosed the list of incentive recipients for the 2025 Stock Option Incentive Plan on August 23, 2025, with a feedback period until September 1, 2025 [1] - During the public disclosure period, the Compensation and Assessment Committee received inquiries from employees regarding the criteria for the incentive recipients, which were addressed by the committee and relevant departments [2] Verification Committee's Findings - The Compensation and Assessment Committee verified the eligibility of the proposed incentive recipients, including their identification documents and employment contracts with the company and its subsidiaries [2] - The committee confirmed that all listed incentive recipients met the conditions set forth in the incentive plan and relevant regulations, with no objections raised during the public consultation [3]

证券代码：002459 证券简称：晶澳科技 公告编号：2025-081 股），主要内容如下： 划或者股权激励； 亿元（含）； 会通过回购决议前 30 个交易日公司股票交易均价的 150%； 金。 债券代码：127089 债券简称：晶澳转债 晶澳太阳能科技股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： ● 晶澳太阳能科技股份有限公司拟回购部分公司发行的人民币普通股（A ● 相关股东是否存在减持计划 截至本公告披露日，公司董事、监事、高级管理人员、控股股东、实际控制 人、持股 5%以上股东在未来三个月、未来六个月内尚无明确减持计划。若相关 人员未来拟实施股份减持计划，公司将按照相关规定及时履行信息披露义务。 ● 相关风险提示 案无法实施或者只能部分实施的风险； 股份所需资金未能筹措到位，导致回购方案无法实施或者只能部分实施的风险； 财务情况、外部客观情况发生重大变化，或其他导致公司董事会决定终止本次回 购方案的事项发生，则存在回购方案无法顺利实施或者根据相关规定变更或终止 本次回购方案的风险； 法律法规规定的期限内将回购股份用于上述用 ...

（文章来源：每日经济新闻） 每经AI快讯，9月2日，晶澳科技(002459.SZ)公告称，公司拟回购不低于2亿元且不超过4亿元公司发行 的人民币普通股（A股），回购价格不超过17.36元/股。回购的股份将在未来适宜时机全部用于员工持 股计划或者股权激励。回购期限为自董事会审议通过本次回购方案之日起12个月内。 ...

| 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2025-081 | | --- | --- | --- | | 债券代码：127089 | 债券简称：晶澳转债 | | 晶澳太阳能科技股份有限公司 回购报告书 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 2、回购规模：回购资金总额不低于人民币 2 亿元（含）且不超过人民币 4 亿元（含）； 3、回购价格：不超过人民币 17.36 元/股（含），回购价格不高于公司董事 会通过回购决议前 30 个交易日公司股票交易均价的 150%； 4、回购期限：自董事会审议通过本次回购方案之日起 12 个月内； 5、回购资金来源：本次回购股份的资金来源为股票回购专项贷款及自有资 金。 ● 相关股东是否存在减持计划 截至本公告披露日，公司董事、监事、高级管理人员、控股股东、实际控制 人、持股 5%以上股东在未来三个月、未来六个月内尚无明确减持计划。若相关 人员未来拟实施股份减持计划，公司将按照相关规定及时履行信息披露义务。 ● 相关风险提示 1、若回购期限内公司股票价格持续超出回购价格上限，则 ...

| 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2025-082 | | --- | --- | --- | | 债券代码：127089 | 债券简称：晶澳转债 | | 公司于2025年8月23日通过公司OA系统对《2025年股票期权激励计划激励对 象名单》予以公示，公示期自2025年8月23日起至2025年9月1日止，公示期间员 工可向董事会薪酬与考核委员会反馈意见。 在公示期间，董事会薪酬与考核委员会收到个别员工关于激励对象范围标准 等问题的咨询，董事会薪酬与考核委员会、人力资源部门和业务部门就相关问题 向员工进行了解释说明；针对上述名单中激励对象资格的合法合规性，董事会薪 酬与考核委员会未收到相关异议反馈。 2、公司董事会薪酬与考核委员会对激励对象的核查方式 公司董事会薪酬与考核委员会核查了2025年股票期权激励计划（以下简称 "《激励计划》"）拟激励对象的名单、身份证件、拟激励对象与公司及下属子 晶澳太阳能科技股份有限公司 董事会薪酬与考核委员会关于 2025 年股票期权激励计划 激励对象名单的核查意见及公示情况说明 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 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [4][6]. Core Views - The company is expected to see a revenue recovery from 2025 onwards, with projected revenues of 61.45 billion, 69.65 billion, and 81.27 billion for 2025, 2026, and 2027 respectively, reflecting a growth rate of 23.1%, 128.2%, and 197.0% [4]. - The company has demonstrated a commitment to improving profitability through stock option incentives, aiming for a reduction in net loss by at least 5% in 2025 and achieving positive net profit in 2026 [3]. - The company has maintained a strong market position in solar cell module shipments, achieving 33.79 GW in the first half of 2025, despite a year-on-year revenue decline of 38.35% [2]. Financial Summary - The company's revenue for 2023 is projected at 81.56 billion, with a net profit of 7.04 billion, while 2024 is expected to see a decline in revenue to 70.12 billion and a net loss of 4.66 billion [1]. - The operating cash flow for the reporting period reached 45.1 billion, a significant increase of 342.44% year-on-year, indicating improved cash flow management [3]. - The company’s gross margin for the solar module segment was reported at -5.98%, a decrease of 10.51 percentage points year-on-year, but the company has managed to reduce losses per watt shipped [2].