TCL中环公告称，2026年1月24日，其控股子公司Maxeon的全资子公司SPT拟向 胜宏科技孙公司MFSS 出售马来西亚全资子公司SPMY100%股权，交易总对价不超5100万美元。2月13日，该交易已完成全部 交割工作，SPMY不再纳入公司及Maxeon合并报表范围。 ...

光伏"反内卷"持续走向"深水区"，一大信号是光伏公司接连选择结束专利"缠斗"。 继隆基绿能(601012.SH)与晶科能源(688223.SH)于去年9月底宣布结束全球范围内全部专利纠纷法律程序 后，爱旭股份(600732.SH)和TCL中环(002129.SZ)近日也官宣签订《专利许可协议》，各自撤回或终止 所有与许可专利及许可产品相关的、双方之间进行中或未决的法律程序。至此，这两家公司为期超过两 年的专利"缠斗"画上句号。 签订巨额BC专利许可协议 据第一财经记者了解，两家公司的许可费用总计16.5亿元，其中2.50亿元于2026年支付，剩余许可费分 别于2027年至2030年期间分期支付。签订《专利许可协议》后，爱旭股份获得约千项Maxeon过往以及 未来5年内新增单独或共同拥有的除美国外的所有BC电池及组件专利授权，且Maxeon(TCL中环子公司) 未对爱旭股份BC组件、电池及代工销量设限，未涉及爱旭股份反向授权义务。 "此前，部分海外大客户因专利诉讼的持续骚扰对ABC组件的提货持观望态度，授权后，这种不确定性 将得以扫除。"爱旭股份相关负责人进一步对记者表示，随着协议签署，公司电池、组件产品全线涨 ...

中信证券发布研报称，在银价暴涨的背景下，光伏电池组件头部厂商有望加快贱金属浆料替代，带动行 业成本梯度分化加剧，叠加需求结构向高效产品持续升级，落后产能或面临加速淘汰压力；同时，爱旭 股份(600732.SH)带头打响光伏行业知识产权反内卷第一枪，具备核心技术和专利优势的头部厂商有望 脱颖而出。中信证券预计光伏电池组件行业"反内卷"有望迎来加速，推荐电池组件、浆料和设备龙头厂 商。 中信证券主要观点如下： 银价大幅上涨，贱金属浆料有望加快规模化导入，加快电池成本梯队分化。 据金投网数据，受供需及金融等多重因素驱动，白银现货价格由2025年中约0.8万元/kg快速上涨至2025 年底的1.6万元/kg，目前价格约1.9万元/kg，且后续价格仍有望保持强势。以目前主流TOPCon电池为 例，我们测算银价每上涨1000元/kg，对应银浆成本上涨约1分/W，目前银浆总成本已接近2毛/W。基于 金属化成本压力，在不同技术路线中贱金属浆料替代进程有望加快： 1）HJT头部厂商，凭借已成熟应用的低成本银包铜（含银量20%-30%）浆料优势，我们估计其用银量 有望降至4mg/W以内（较TOPCon低50%以上），在电池成本端 ...

Core Viewpoint - The photovoltaic industry is moving towards a healthier competitive environment as companies are ending patent disputes, signaling a shift away from "internal competition" and towards collaboration for innovation and market stability [3][5][6]. Group 1: Patent Agreements - Longi Green Energy and JinkoSolar ended all global patent disputes in September 2022, marking a significant shift in the industry [5]. - Aiko Solar and TCL Zhonghuan recently signed a patent licensing agreement worth a total of 1.65 billion yuan, with payments scheduled from 2026 to 2030 [4]. - Aiko Solar will gain access to approximately 1,000 Maxeon patents, allowing for greater focus on development and innovation without the burden of ongoing legal disputes [4][5]. Group 2: Industry Response and Future Outlook - The resolution of patent disputes is seen as a positive response to the "anti-involution" movement within the photovoltaic sector, promoting healthy competition and innovation [5][6]. - Industry leaders have publicly opposed "patent wars," emphasizing the need to focus on technological advancement rather than legal conflicts [6]. - The Ministry of Industry and Information Technology has identified 2026 as a critical year for addressing internal competition in the photovoltaic industry, with a focus on strengthening intellectual property protection [7]. Group 3: Market Dynamics - The ongoing patent disputes had previously caused uncertainty among overseas clients regarding the procurement of ABC components, which is expected to improve following the licensing agreements [5]. - The agreements are anticipated to allow companies to raise prices on battery and component products, with Aiko Solar planning to charge a royalty fee of 0.02 yuan per watt [5]. - The industry is currently facing challenges related to supply-demand mismatches, and the Ministry plans to implement measures to achieve dynamic balance in the market [7].

行 业 及 产 业 电力设备/ 光伏设备 2026 年 02 月 10 日 爱旭股份与 Maxeon 达成专利许 研究支持 李冲 A0230524070001 lichong@swsresearch.com 联系人 李冲 A0230524070001 lichong@swsresearch.com 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 马天一 A0230525040004 maty@swsresearch.com 李冲 A0230524070001 lichong@swsresearch.com 行业点评 ⚫ 事件：爱旭股份与 Maxeon 达成"5 年期 16.5 亿元"的 BC 专利许可，核 心条款为爱旭与 Maxeon 签署 BC 电池与组件专利许可，期限五年、总额 16.5 亿元，许可区域为全球（美国除外），性质为非独家授权，双方同步 撤回相关未决诉讼。该许可协议将推动光伏"反内卷"路径从价格自律转向 知识产权法治化。 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bos ...

爱旭股份和TCL中环子公司Maxeon为期超过两年的专利"缠斗"画上句号。 光伏"反内卷"持续走向"深水区"，一大信号是光伏公司接连选择结束专利"缠斗"。 继隆基绿能（601012.SH）与晶科能源（688223.SH）于去年9月底宣布结束全球范围内全部专利纠纷法 律程序后，爱旭股份（600732.SH）和TCL中环（002129.SZ）近日也官宣签订《专利许可协议》，各自 撤回或终止所有与许可专利及许可产品相关的、双方之间进行中或未决的法律程序。至此，这两家公司 为期超过两年的专利"缠斗"画上句号。 据第一财经记者彼时从两家公司获得的口径，"未来两家公司将继续加大新技术研发，加速先进技术的 商业化与应用创新，并在未来探讨更深层次的合作。" 业内分析认为，龙头企业接连以专利付费或交叉授权的方式，选择主动结束"内耗式"的专利缠斗，是行 业持续步入健康有序发展的信号，也是对"反内卷"的积极响应。 据第一财经记者了解，两家公司的许可费用总计16.5亿元，其中2.50亿元于2026年支付，剩余许可费分 别于2027年至2030年期间分期支付。签订《专利许可协议》后，爱旭股份获得约千项Maxeon过往以及 未来5年内新 ...

投资者关系活动记录表 编号：2026-002 证券代码：301636 证券简称：泽润新能 江苏泽润新能科技股份有限公司 投资者关系活动 类别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（请文字说明其他活动内容） 参与单位名称及 人员姓名 宝盈基金 温济鹏 国寿安保 肖佳琪 广发基金 张家栋 嘉实基金 延健磊 鹏华基金 王禹萱 建信基金 蒋超 国寿养老 郭琳 国投瑞银 董政武 招商基金 刘宇晨 国金证券 张嘉文 中欧基金 张驰澄、沈少波 太保资管 袁元、刘宁、孙凯歌 宝盈基金 温济鹏 国寿安保 肖佳琪 广发基金 张家栋 嘉实基金 延健磊 鹏华基金 王禹萱 建信基金 蒋超 国寿养老 郭琳 国投瑞银 董政武 申万宏源证券 李冲 浙商证券 陈明雨 时间 2026年2月9日、10日 地点 公司会议室、线上电话会议 上市公司接待人 员姓名 董事、董事会秘书、财务总监 王亮先生 投资者关系活动主 要内容介绍 1.与同行相比，公司光伏接线盒产品毛利率较高的原因？ 公司光伏接线盒毛利率较高的原因主要系公司海外业务占比 相对较高，与国内业务相比，海外业务毛利率相对较高。 ...

Company and Industry Summary Company: Aiko Solar Co., Ltd. (爱旭股份) Key Points - **Patent Licensing Agreement**: Aiko Solar has signed a licensing agreement with Maxeon, acquiring all BC battery and module patents outside the United States for the next five years, which does not involve reverse licensing. Both parties have agreed to withdraw or terminate all ongoing or pending legal proceedings related to the licensed patents and products [1] - **Total Licensing Fee**: The total patent licensing fee amounts to RMB 1.65 billion, to be paid in installments over five years, with the first-year fee set at RMB 250 million [1] - **Cost-Effective Patent Acquisition**: The company has obtained patent authorization at a relatively low cost and is initiating a new patent charging model to pass on costs. Assuming a total shipment of approximately 150 GW for ABC components from 2026 to 2030, the corresponding patent fee is estimated to be around RMB 0.01 per watt [2] - **Product Pricing Strategy**: Following the patent collaboration, Aiko Solar plans to increase the prices of all its products by RMB 0.02 per watt as part of the patent fee strategy, aiming to foster a healthy industry order that respects intellectual property and technological innovation [2] Additional Important Information - **Legal Proceedings**: The agreement includes a clause that prevents either party from taking actions that would conflict with the granted licenses during the five-year term [1] - **Market Expansion**: The breakthrough in patent compliance is expected to open up overseas market opportunities for Aiko Solar, potentially increasing its market share and revenue [1] This summary encapsulates the critical aspects of Aiko Solar's recent developments regarding patent licensing and its implications for the company's market strategy and financial outlook.

Core Viewpoint - The A-share photovoltaic sector experienced a surge in stock prices, with multiple companies reaching their daily limit, driven by a significant patent licensing agreement between Aiko Solar and TCL Zhonghuan's subsidiary Maxeon, involving a total licensing fee of 1.65 billion yuan [1][3]. Group 1: Patent Licensing Agreement - Aiko Solar and TCL Zhonghuan signed a patent licensing agreement allowing Aiko to access all BC battery and component patents owned by Maxeon, excluding reverse licensing [1][3]. - The total licensing fee is 1.65 billion yuan, with the first-year payment set at 250 million yuan, marking the largest publicly disclosed patent licensing fee in China's photovoltaic industry to date [1][3]. - The agreement resolves ongoing patent disputes between Aiko and Maxeon, including previous lawsuits in Germany and the Netherlands regarding BC technology [3]. Group 2: Market Impact and Company Performance - Following the announcement, Aiko Solar's stock price reached 14.92 yuan per share, with a market capitalization of 31.6 billion yuan, while TCL Zhonghuan's stock was at 11.68 yuan per share, with a market cap of 47.2 billion yuan [4]. - Aiko Solar anticipates that the licensing fees will be covered by projected sales exceeding 165 GW over the next five years, with an average cost of less than 0.01 yuan per watt for licensing [4]. - The licensing model based on BC technology is expected to become a new profit growth point for Aiko Solar [4]. Group 3: Industry Context - Patent disputes are common in the photovoltaic industry, with many leading manufacturers involved in ongoing legal battles over technology rights [3][4]. - The emphasis on intellectual property protection is increasingly recognized within the photovoltaic sector, as highlighted by recent discussions on industry governance and the need for coordinated efforts to balance supply and demand [8].

Core Viewpoint - The article discusses the recent surge in stock prices of A-share photovoltaic companies following a significant patent licensing agreement between Aiko Solar and TCL Zhonghuan, highlighting the importance of intellectual property in the photovoltaic industry [1][3]. Group 1: Patent Licensing Agreement - Aiko Solar and TCL Zhonghuan signed a patent licensing agreement with a total fee of 1.65 billion yuan, marking the largest publicly disclosed patent licensing fee in China's photovoltaic industry to date [1][3]. - The agreement allows Aiko Solar to access all BC battery and component patents owned by Maxeon for the next five years, excluding reverse licensing [1][3]. - Both companies agreed to withdraw or terminate all ongoing legal proceedings related to the licensed patents, indicating a resolution to previous patent disputes [3]. Group 2: Market Impact and Financial Projections - Following the announcement, multiple A-share photovoltaic companies, including Aiko Solar and TCL Zhonghuan, experienced stock price surges, with Aiko Solar's stock reaching 14.92 yuan per share and a market capitalization of 31.6 billion yuan [1][6]. - Aiko Solar anticipates sales exceeding 165 GW over the next five years, projecting an average licensing cost of less than 0.01 yuan per watt, while charging customers a royalty fee of 0.02 yuan per watt [6]. - The licensing fee is expected to become a new profit growth point for Aiko Solar, emphasizing the shift towards a business model focused on patent collaboration and licensing [6]. Group 3: Industry Context and Trends - The article notes that patent disputes are common in the photovoltaic industry, with many leading manufacturers involved in ongoing legal battles [5][6]. - The focus on intellectual property has become a consensus in the photovoltaic sector, with industry leaders recognizing its importance for future growth and innovation [9]. - The Ministry of Industry and Information Technology has highlighted the need for enhanced intellectual property protection and risk management in the face of global energy transitions and trade protectionism [9].