证券代码：002634 证券简称：棒杰股份 公告编号：2025-063 浙江棒杰控股集团股份有限公司 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。 为推进江山年产16GW N型高效电池片及年产16GW大尺寸光伏硅片切片项目 落地，浙江棒杰控股集团股份有限公司（以下简称"公司"）于2023年7月21日 召开第六届董事会第二次会议，于2023年8月7日召开2023年第五次临时股东大会， 审议通过了《关于对外投资设立合资公司暨关联交易的议案》，同意子公司棒杰 新能源科技有限公司（以下简称"棒杰新能源"）与衢州信莲新能源股权投资合 伙企业(有限合伙)（以下简称"信莲基金"）签订《合资协议》，共同投资设立 江山棒杰新能源科技有限公司（以下简称"江山棒杰"或"合资公司"）作为江 山项目实施主体。根据《合资协议》约定，合资公司注册资本为人民币16.20亿 元，其中棒杰新能源拟以货币出资人民币8.20亿元，出资比例50.62%，信莲基金 拟以货币出资人民币8.00亿元，出资比例49.38%。合资公司的认缴出资款按项目 进度分期进行实缴，其中每一期的实缴出资额均按照双方的认缴 ...

Overview of Overseas Business - The company has concentrated its overseas business in regions such as the United States, Europe, Japan, South Korea, and Southeast Asia, with products sold to nearly 200 countries and regions globally. In 2024, overseas component shipments accounted for approximately 57.8% of total shipments, while overseas sales represented 68.6% of total revenue [2][3]. Sales Performance by Region - Sales revenue for different regions in 2024 was as follows: Europe: 13.702 billion yuan, Americas: 22.432 billion yuan, Asia-Pacific: 13.654 billion yuan, and other regions: 11.360 billion yuan. The gross profit margins for these regions were 7.35%, 26.21%, 0.23%, and 24.60%, respectively, showing significant variations compared to the previous year [2][3]. Customer Analysis - The company is required to disclose detailed information about its top five customers in each region, including customer names, main businesses, countries, cooperation duration, and sales specifics. This includes whether they are new major customers and any relationships with the company or its controlling shareholders [2][3]. Gross Margin Variations - The gross margin for the company’s products showed significant changes across regions. The gross margin in Europe and Asia-Pacific decreased, while it increased in the Americas and other regions. This was attributed to variations in sales prices and unit costs, with the Americas maintaining higher sales prices due to existing contracts and local demand [5][6]. Cost Structure and Material Prices - The overall cost structure of the company showed a downward trend in 2024, primarily due to a significant drop in the prices of key raw materials such as silicon, photovoltaic glass, and encapsulation films. The direct material costs accounted for a substantial portion of total costs, with direct materials making up 65.65% of the total cost structure [6][7]. Market Demand and Trade Policies - The company anticipates a slight increase in global installation demand in 2025, with emerging markets continuing to grow. However, demand in Europe is expected to weaken, while the Americas and Asia-Pacific markets show positive trends. Trade policies, particularly in North America and India, have a significant impact on market access and costs [6][7]. Competitive Positioning - The company has maintained a leading position in the photovoltaic industry by continuously improving its product efficiency and technology, particularly with its N-type TOPCon technology. The average efficiency of mass-produced batteries and the introduction of innovative photovoltaic modules have further solidified its competitive edge [7].