本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以新风光电子科 技股份有限公司（以下简称"公司"、"新风光"）2025年年度报告为准，提请投资者注意投资风险。 证券代码：688663 证券简称：新风光 公告编号：2026-003 新风光电子科技股份有限公司 2025年度业绩快报公告 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。 一、2025年度主要财务数据和指标 单位：人民币万元 ■ 注：1.以上财务数据及指标以合并报表数据填列，但未经审计，最终结果以公司2025年年度报告为准； 2.截至本报告期末，公司已完成对兖州东方机电有限公司增资控股，将其纳入合并财务报表范围，该交 易构成同一控制下企业合并，对相关财务数据进行追溯调整；3.该数据若有尾差，为四舍五入所致。 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况 报告期内，公司实现营业收入200,851.72万元，同比减少9.87%；实现归属于母公司所有者的净利润 9,520.88万元，同比减少47.11%；实现归属于母公司 ...

Core Viewpoint - The company reported significant revenue growth in 2025, but net profit declined sharply due to increased competition and falling prices in the wind turbine market [2][3][4]. Financial Performance and Indicators - The company achieved operating revenue of 2,736,594 million yuan, a year-on-year increase of 53.81% - Net profit attributable to shareholders was 73,485.50 million yuan, a decrease of 59.44% year-on-year - Net profit excluding non-recurring gains and losses was 47,231.20 million yuan, down 70.38% year-on-year - Total assets at the end of the reporting period were 4,554,418 million yuan, a 10.00% increase from the beginning of the period - Shareholders' equity attributable to the parent company was 1,386,349.80 million yuan, a 1.02% increase from the beginning of the period - Earnings per share attributable to shareholders was 11.30 yuan, an increase of 0.98% from the beginning of the period [3]. Factors Affecting Operating Performance - The domestic wind power installation scale grew rapidly, and overseas sales increased significantly, contributing to substantial revenue growth - However, the overall profit levels declined due to: 1. Increased competition in the domestic onshore wind turbine market leading to lower bidding prices and rising costs of key components such as large castings, blade resins, and tower steel [4] 2. Market reforms in renewable energy pricing resulting in lower profit margins for wind power projects [4].

报告期内，影响经营业绩的主要因素：(1)受新能源上网电价市场化改革政策影响，部分SVG产品客户 为规避电价波动可能带来的亏损风险，选择推迟或暂缓项目并网进度，进而导致设备安装调试工作延 迟，公司相关收入确认减少，影响利润减少;(2)报告期内市场竞争加剧，公司主要产品面临价格下行压 力，进一步挤压了公司利润空间，导致利润同比减少。 新风光(688663.SH)披露2025年度业绩快报，报告期内，公司实现营业收入20.09亿元，同比减少9.87%; 实现归属于母公司所有者的净利润9520.88万元，同比减少47.11%。 ...

Core Viewpoint - The company Xin Fengguang (688663.SH) reported a decline in both revenue and net profit for the fiscal year 2025, indicating challenges in the market due to regulatory changes and increased competition [1] Financial Performance - The company achieved an operating revenue of 2.009 billion yuan, a year-on-year decrease of 9.87% [1] - The net profit attributable to the parent company's shareholders was 95.2088 million yuan, reflecting a year-on-year decrease of 47.11% [1] Factors Affecting Performance - The decline in operating performance was primarily influenced by the following factors: 1. The market-oriented reform of new energy grid connection prices led some SVG product customers to postpone or delay project grid connection progress to avoid potential losses from price fluctuations, resulting in reduced revenue recognition and profit [1] 2. Increased market competition exerted downward pressure on the prices of the company's main products, further squeezing profit margins and contributing to the year-on-year profit decline [1]

Core Insights - The company reported a significant increase in revenue for 2025, achieving 27.366 billion yuan, a year-on-year growth of 53.81% [1] - However, the net profit attributable to the parent company decreased to 735 million yuan, a decline of 59.44% year-on-year [1] - The net profit excluding non-recurring gains and losses also fell to 472 million yuan, down 70.38% year-on-year [1] Revenue and Profit Analysis - The increase in revenue was attributed to rapid growth in domestic installed capacity and high-speed growth in overseas sales [1] - Despite the revenue growth, the operating profit, total profit, net profit attributable to the parent company, and basic earnings per share all saw declines compared to the previous year [1] Market Conditions and Challenges - The decline in profitability is primarily due to intensified competition in the domestic onshore wind turbine market, leading to a decrease in bidding prices [1] - The delivery and sales of orders won in 2024 are expected to concentrate in 2025, alongside rising prices for key components such as large castings, blade resins, and tower steel, which will negatively impact the company's gross margin and profit levels [1] - The market reform of grid-connected electricity prices for new energy is expected to further reduce profit levels for wind power projects in 2025 [1]

格隆汇2月27日丨新风光(688663.SH)公布2025年年度业绩快报，报告期内，公司实现营业收入 200,851.72万元，同比减少9.87%；实现归属于母公司所有者的净利润9,520.88万元，同比减少47.11%； 实现归属于母公司所有者的扣除非经常性损益的净利润9,113.13万元，同比减少46.69%；基本每股收益 0.69元，同比减少46.51%。 报告期内，影响经营业绩的主要因素：（1）受新能源上网电价市场化改革政策影响，部分SVG产品客 户为规避电价波动可能带来的亏损风险，选择推迟或暂缓项目并网进度，进而导致设备安装调试工作延 迟，公司相关收入确认减少，影响利润减少；（2）报告期内市场竞争加剧，公司主要产品面临价格下 行压力，进一步挤压了公司利润空间，导致利润同比减少。 ...

报告期内，影响经营业绩的主要因素：（1）受新能源上网电价市场化改革政策影响，部分SVG产品客 户为规避电价波动可能带来的亏损风险，选择推迟或暂缓项目并网进度，进而导致设备安装调试工作延 迟，公司相关收入确认减少，影响利润减少；（2）报告期内市场竞争加剧，公司主要产品面临价格下 行压力，进一步挤压了公司利润空间，导致利润同比减少。 格隆汇2月27日丨新风光(688663.SH)公布2025年年度业绩快报，报告期内，公司实现营业收入 200,851.72万元，同比减少9.87%；实现归属于母公司所有者的净利润9,520.88万元，同比减少47.11%； 实现归属于母公司所有者的扣除非经常性损益的净利润9,113.13万元，同比减少46.69%；基本每股收益 0.69元，同比减少46.51%。 ...

本文为节选内容，更多报告请关注公众号：绿蚁红泥 2、 光伏：整治"内卷式"竞争持续推进，行业供需格局持续改善 2.1、 回顾：供需错配压力有所缓解，整治"内卷式"竞争持续推进 2025 年是光伏行业基本面逐渐触底，行业的核心边际变化在于供给端，整治"内卷式"竞争措施持续落地，行业悲观预期得到显著改 善，上游原材料价格企稳回升，需求端多元化格局日益明显，后续关注存量产能的限制措施。 2.2、 国内新能源发电全面入市交易，2025 年光伏新增装机大幅增长 2025 年上半年国内光伏需求爆发增长，主要受 136 号文件落地影响。2025 年 2月 9 日，国家发改委、国家能源局联合印发《关于深化 新能源上网电价市场化改革 促进新能源高质量发展的通知》（以下简称《通知》）。《通知》主要内容包括三个方面：1、推动新能源 上网电价全面由市场形成；2、建立支持新能源可持续发展的价格结算机制；3、区分存量和增量项目分类施策。《通知》规定存量项 目和增量项目以 2025 年 6 月 1日为节点划分，对于 2025 年 6 月 1 日以前投产的存量项目，将通过差价结算，实现电价等与现行政策妥 善衔接，对于 2025 年 6 月 ...

Group 1 - The recent developments in the renewable energy sector and energy infrastructure are expected to positively impact the business environment for Jingneng Clean Energy (00579.HK) [1] - The State Grid Jibei Electric Power will implement market-oriented reforms for renewable energy grid connection prices, enhancing digital support capabilities for the grid and promoting key projects like energy storage bases and pumped storage power stations [1] - The cumulative gas transmission volume of the Shan-Jing pipeline system has surpassed 800 billion cubic meters, achieving 28 years of uninterrupted operation, with an average daily gas transmission of approximately 200 million cubic meters, ensuring stable natural gas supply for the Beijing-Tianjin-Hebei region [1] Group 2 - Jingneng Clean Energy's stock price has risen by 2.17% over the past seven trading days (February 20 to 26, 2026), closing at HKD 2.35 on February 26, 2026, with a daily increase of 1.29% and a trading volume of approximately HKD 6.34 million [2] - Technical indicators show a positive MACD histogram, with the stock price above the middle band of the Bollinger Bands and short-term moving averages in a bullish arrangement, reflecting strong market sentiment [2] - The renewable energy sector has increased by 1.22% during the same period, slightly outperforming the Hang Seng Index [2]

Core Viewpoint - The article discusses the implementation of a market-based pricing mechanism for renewable energy in Shandong, effective from January 1, 2026, where the grid connection price will fluctuate based on market transactions instead of being fixed, alongside the establishment of a price difference settlement mechanism [21]. Group 1: Market Participation - Participants can enter the market through independent or aggregated trading methods, requiring registration with the Shandong Electric Power Trading Center for independent or aggregated entry, while unregistered participants will default to accepting market prices [22]. - The grid connection fee for distributed renewable energy will consist of market-based electricity fees and mechanism price difference fees [22]. Group 2: Pricing Mechanism - The market-based electricity fee will be determined by the real-time market price, which is influenced by geographical location, climate, and supply-demand relationships, with prices varying across different cities for similar projects [3][23]. - The real-time market price is calculated every 15 minutes, and the electricity generation is recorded every 15 minutes [24][26]. Group 3: Mechanism Price Difference - A price difference settlement mechanism will be established outside the market, calculating the mechanism price difference fee based on the difference between the mechanism price and the settlement reference price [29]. - The mechanism price difference fee is defined as: Mechanism Price Difference Fee = Mechanism Quantity × (Mechanism Price - Settlement Reference Price) [29]. Group 4: Pricing for Existing and New Projects - For projects commissioned before June 1, 2025, the mechanism price is set at 0.3949 yuan per kilowatt-hour, while the pricing for projects commissioned on or after June 1, 2025, will follow the bidding results published by the provincial development and reform commission [31][30]. - Self-consumed electricity and cross-province electricity transfers will not be included in the mechanism fee settlement [32]. Group 5: Calculation of Grid Connection Fees - The grid connection fee is calculated as follows: Grid Connection Fee = Market-Based Electricity Fee + Mechanism Price Difference Fee, where the market-based electricity fee includes energy fees and market operation fees [34]. - The market operation fee is based on the monthly measured deviation costs, shared among all power generation enterprises and commercial users connected to the Shandong grid [26]. Group 6: Policy Implications - Renewable energy projects benefiting from national renewable energy subsidies will continue to follow the original subsidy standards and settlement methods [38]. - Distributed photovoltaic enterprises are encouraged to study the new policies for full market entry and adjust their production strategies to enhance revenue levels [38].