Group 1 - Tianhua New Energy has achieved mass production of medium/high nickel high voltage ternary cathodes and lithium cobalt oxide products through its subsidiary Jiangsu Yili [1] - The company has received positive feedback on lithium sulfide materials sent to leading companies in the sulfide solid electrolyte sector, indicating progress in R&D and commercialization [1] - These developments highlight Tianhua New Energy's innovation capabilities and market competitiveness in the new energy materials sector, which is beneficial for its long-term growth [1] Group 2 - Tongrun Equipment's shareholder Zhuhai Yuening has reduced its stake by 3.667 million shares, decreasing its ownership from 9.9099% to 8.9003% [2] - This reduction in shareholding may impact the company's equity structure and future governance, warranting investor attention [2] - The market sentiment and stock price may also be influenced by this share reduction [2] Group 3 - Jinko Technology received renewable energy subsidy funds totaling 646 million yuan in August 2025, contributing to a total of 891 million yuan from January to August 2025, a 248% increase year-on-year [3] - The increase in subsidy funds reflects the government's strengthened support for the renewable energy sector, which is favorable for Jinko Technology and the overall photovoltaic industry [3] - Enhanced cash flow from these subsidies will aid in project construction and operations, further solidifying the company's market position in the photovoltaic sector [3]

Group 1 - Tianhua New Energy's subsidiary Jiangsu Yili has achieved mass production of medium/high nickel high voltage ternary cathodes and lithium cobalt oxide products [1] - The company has developed lithium-rich manganese-based and spinel nickel manganese lithium cathode materials, which have received positive evaluations from multiple clients and have begun partial sales [1] - Tianhua New Energy is advancing the research and industrialization of lithium sulfide materials for sulfide solid-state electrolytes, having sent samples to leading companies in the field and received favorable feedback [1] Group 2 - Tongrun Equipment's shareholder Zhuhai Yuening has reduced its holdings by 3.667 million shares, representing a decrease of 1.0095% in ownership [2] - Following the reduction, Zhuhai Yuening and its concerted parties now hold a combined ownership of 8.9003% in the company [2] - This change may impact the company's equity structure and future governance, warranting investor attention [2] Group 3 - Jinko Technology received renewable energy subsidy funds of 646 million yuan in August 2025 [3] - From January to August 2025, the company received a total of 891 million yuan in subsidies, marking a 248% increase compared to the same period last year [3] - The increase in subsidy funds is expected to enhance the company's cash flow and support project development, strengthening its market position in the photovoltaic industry [3]

Group 1 - The core viewpoint of the announcement is the update on the collection of national subsidies receivables and its impact on the fund's cash flow and investor returns [1][3][4] - The infrastructure project company has received a total of 257.8932 million yuan from the State Grid Jiangsu Electric Power Co., which has reduced the average collection period of national subsidies receivables to 1.95 years [3] - The fund will prioritize the repayment of factoring financing due by December 31, 2024, using the received funds, which is expected to reduce interest expenses by 1.7795 million yuan for the fund in 2025, thereby increasing the amount available for distribution to investors [3] Group 2 - To mitigate the volatility of the collection period for national subsidies receivables, the fund employs a bank recourse factoring method to smooth cash flow [2] - The factoring bank will purchase national subsidies receivables that are over 1.5 years old, providing immediate cash to the project company for distribution to investors [2] - The fund management will continue to monitor the collection of national subsidies receivables and will initiate factoring work for the receivables due by December 31, 2025, with an estimated amount of 551.6947 million yuan [4]

证券代码：601778 证券简称：晶科科技 公告编号：2025-104 自2025年1月1日至2025年8月31日，公司共收到可再生能源补贴资金8.91亿 元，较上年同期增加248%，占2024年全年收到可再生能源补贴资金的166%；其 中，国家可再生能源补贴资金8.50亿元，较上年同期增加272%，占2024年全年收 到国家可再生能源补贴资金的178%。 二、对公司的影响 上述可再生能源补贴资金的回收将改善公司电站的现金流，对公司未来电站 的运营产生积极影响。可再生能源补贴资金已于电量销售时确认到对应年度的电 费收入，本次回款对公司2025年度损益不会产生重大影响，具体以会计师年度审 计确认后的结果为准。敬请广大投资者注意投资风险。 特此公告。 晶科电力科技股份有限公司董事会 晶科电力科技股份有限公司 关于收到应收国家可再生能源补贴资金情况的 自愿性信息披露公告 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、准确性和完整性承担法律责任。 一、获取补贴资金的基本情况 项目公司共收到可再生能源补贴资金6.46亿元，其中国家可再生能源补贴资金 ...

Core Viewpoint - JinkoSolar announced that it received renewable energy subsidy funds of 891 million yuan from January to August 2025, representing a year-on-year increase of 248% [1] Financial Performance - The national renewable energy subsidy funds amounted to 850 million yuan, showing a year-on-year growth of 272% [1] - In August 2025, the company's photovoltaic project subsidiary received national renewable energy subsidy funds of 633 million yuan [1] Impact on Operations - The recovery of subsidy funds will improve the cash flow of the company's power plants and have a positive impact on future plant operations [1] - However, the subsidy funds will not have a significant impact on the company's profit and loss for the fiscal year 2025, with specific financial results to be confirmed after the annual audit by accountants [1]

Market Overview - The Hong Kong stock market continued to decline, with the Hang Seng Index closing down 1.12% at 25,058.51 points and a total turnover of HKD 302.33 billion [1] - The Hang Seng Technology Index performed the worst, dropping 1.85% [1] Blue Chip Performance - Semiconductor stocks led the decline, with SMIC (00981) falling 6.67% to HKD 56, impacting the Hang Seng Index by 29.59 points [2] - Other notable blue chip movements included Baidu Group-S (09888) rising 2.13% and Alibaba Group-W (09988) falling 3.21% [2] Sector Highlights Semiconductor Sector - The semiconductor sector faced significant declines, with major players like SMIC and Hua Hong Semiconductor experiencing drops of 6.67% and 5.42%, respectively [3] - SMIC announced plans to acquire remaining shares of its subsidiary, which is expected to enhance its net profit [4] Renewable Energy Sector - Solar stocks generally rose, with GCL-Poly Energy (00968) increasing by 8.43% due to recent renewable energy subsidy payments [6] - The market anticipates that September will be a critical month for the implementation of policies aimed at reducing competition in the solar sector [6] Gold Sector - Gold stocks experienced a broad decline, with notable drops such as Tongguan Gold (00340) falling 8.93% [7] - The price of gold fell below USD 3,520 per ounce, impacting market sentiment [7] Notable Stocks 中创新航 (03931) - The stock surged 13.81% to HKD 24.72 following a partnership announcement with Ashok Leyland for battery development [8] 华领医药-B (02552) - The stock rose 14.75% after reporting a significant increase in sales and profitability, marking a successful commercial transformation [9] 安能物流 (09956) - The company reported a 6.4% increase in revenue and a 10.7% rise in adjusted net profit, leading to a stock increase of 10.61% [10][11] 胡桃资本 (00905) - The stock plummeted 36.36% due to concerns over concentrated shareholding, with 94.65% of shares held by a small number of shareholders [12]

Core Viewpoint - The recent surge in renewable energy subsidies has positively impacted companies like Goldwind Technology, leading to increased investment enthusiasm in the sector [1] Company Summary - Goldwind Technology (002202) shares rose nearly 4%, currently trading at 9.06 HKD with a transaction volume of 68.06 million HKD [1] - The company reported significant revenue growth in the first half of 2025, primarily driven by increased sales in wind turbines and components [1] - The gross profit margin for Goldwind's wind turbine business improved to 8%, an increase of 4.2 percentage points year-on-year, with a notable rise in overseas sales [1] Industry Summary - Multiple renewable energy operators have recently received substantial renewable energy subsidy payments, with solar projects seeing a 232% increase in subsidies from January to August, reaching 170% of the total amount for the year [1] - Jin Kai New Energy reported a 342% increase in subsidies during the same period, amounting to 190% of the annual total [1] - The concentrated issuance of historical overdue subsidies is seen as a potential policy tool to stimulate investment in the sector, as evidenced by a 148% and 102% increase in domestic solar and wind installations, respectively, following similar subsidy distributions in the previous year [1]

Group 1 - The solar stocks have shown significant gains, with GCL-Poly Energy (03800) up 5.43% to HKD 1.36, JA Solar (600876) up 5.71% to HKD 4.63, Flat Glass (601865) up 5.85% to HKD 11.21, and Xinyi Solar (00968) up 3.25% to HKD 3.49 [1] - Several renewable energy operators have recently received substantial renewable energy subsidy funds, with solar projects under Suntech receiving a 232% year-on-year increase in subsidies, totaling 170% of the annual amount for 2024 by August [1] - JinkoSolar reported a 342% year-on-year increase in subsidies received, reaching 190% of the annual amount for 2024 by August [1] Group 2 - A recent report from Kaiyuan Securities highlights that since July, there have been numerous meetings, including a solar industry symposium on August 19, where six departments, including the Ministry of Industry and Information Technology, emphasized the need to regulate industry competition and strengthen anti-involution efforts [2] - Positive market signals have emerged, particularly in the polysilicon sector, where the price of silicon materials has been recovering since July, with the price of rod silicon reaching CNY 55 per kilogram and granular silicon at CNY 49 per kilogram as of September 1 [2] - On August 25, the bidding prices for the 3GW component procurement project by China Resources exceeded CNY 0.7 per watt, surpassing the current mainstream levels [2]

Core Viewpoint - The recent surge in renewable energy subsidies has positively impacted companies like Goldwind Technology, leading to increased stock performance and improved financial metrics in the wind energy sector [1] Group 1: Company Performance - Goldwind Technology's stock rose nearly 4%, with a current price of 9.06 HKD and a trading volume of 68.06 million HKD [1] - The company reported significant revenue growth in the first half of 2025, primarily driven by increased sales in wind turbines and components [1] - The gross margin for Goldwind's wind turbine business improved to 8%, an increase of 4.2 percentage points year-on-year, indicating a recovery in domestic wind turbine margins [1] Group 2: Industry Trends - Several renewable energy operators have recently received substantial renewable energy subsidy payments, with solar projects seeing a 232% increase in subsidies from January to August, totaling 170% of the entire amount received in 2024 [1] - Goldwind's competitor, JinkoSolar, reported a 342% increase in subsidies during the same period, reaching 190% of the total for 2024 [1] - The concentrated issuance of historical overdue subsidies is seen as a potential policy measure to stimulate investment in the renewable energy sector, as evidenced by a 148% increase in solar and a 102% increase in wind installations in 2023 following similar subsidy distributions in 2022 [1]

Group 1 - The solar stocks have shown significant gains, with GCL-Poly Energy rising by 5.43% to HKD 1.36, JA Solar increasing by 5.71% to HKD 4.63, Flat Glass Group up by 5.85% to HKD 11.21, and Xinyi Solar gaining 3.25% to HKD 3.49 [1] - Several renewable energy operators have recently received substantial renewable energy subsidy funds, with solar projects under SunPower receiving a 232% increase in subsidies from January to August, totaling 170% of the annual amount for 2024; JinkoSolar saw a 342% increase, reaching 190% of the annual amount for 2024 [1] - The issuance of historical overdue subsidies is seen as a potential policy measure to stimulate developers' investment enthusiasm, which may support domestic photovoltaic demand in 2026 [1] Group 2 - A report from Kaiyuan Securities indicates that since July, there has been a series of meetings, including a solar industry symposium held on August 19 by the Ministry of Industry and Information Technology and five other departments, aimed at regulating industry competition and reinforcing anti-involution efforts [2] - Positive market signals have emerged, particularly in the polysilicon sector, where the price of silicon materials has been recovering since July, with the price of rod silicon reaching CNY 55 per kilogram and granular silicon at CNY 49 per kilogram as of September 1 [2] - On August 25, the bidding prices for the 3GW component procurement project by China Resources exceeded CNY 0.7 per watt, surpassing the current mainstream levels [2]