Core Insights - JinkoSolar's stock increased by 0.64% on November 7, with a trading volume of 1.203 billion yuan, indicating active market participation [1] - The company reported a significant decline in revenue and net profit for the first nine months of 2025, with revenue at 47.986 billion yuan, down 33.14% year-on-year, and a net loss of 3.92 billion yuan, a decrease of 422.67% [2] Financing and Margin Trading - On November 7, JinkoSolar had a financing buy-in of 149 million yuan and a net buy of 22.16 million yuan, with total financing and margin trading balance at 906 million yuan [1] - The financing balance of 902 million yuan represents 1.43% of the circulating market value, indicating a high level compared to the past year [1] - The company also experienced significant short selling activity, with 146,000 shares repaid and 115,400 shares sold short on the same day [1] Shareholder and Dividend Information - As of September 30, 2025, JinkoSolar had 77,300 shareholders, an increase of 4.14%, while the average circulating shares per person decreased by 3.97% [2] - The company has distributed a total of 3.355 billion yuan in dividends since its A-share listing, with 3.125 billion yuan paid out in the last three years [3] - Major shareholders include Hong Kong Central Clearing Limited, which holds 306 million shares, a decrease of 132 million shares from the previous period [3]

来源：瞭望神州 文/李克浪 中国民营经济是国民经济的重要组成部分，是推进中国式现代化和高质量发展的生力军。2023年7月19 日，《中共中央 国务院关于促进民营经济发展壮大的意见》发布。这一重要文件释放出鲜明信号：民 营经济必将在新发展格局中发挥基础性作用，通过提高资源配置效率、激发创新创业效能、赋能市场竞 争机制等渠道，引领中国经济高质量发展。 一、民营经济是推动中国高质量发展的重要主体 中国民营经济是推动经济增长的"千斤顶"。长期以来，我国民营经济在稳定增长、促进创新、增加就 业、改善民生、扩大开放等方面发挥了重要作用，经济规模已占据国民经济半壁江山，总体表现 出"56789"的特征：贡献了50%以上的税收，60%以上的国内生产总值，70%以上的技术创新成果，80% 以上的城镇劳动就业，90%以上的企业数量，已逐渐成长为国民经济发展不可或缺的一部分。进入新时 代，广大民营企业践行新发展理念，主动参与供给侧结构性改革和国家重大战略实施，在总体规模和实 力上实现新跨越。 民营经济是促进科技创新的"动力源"。民营经济在发展过程中，不断向高新技术产业、现代服务业等新 产业新业态扩展，资本密集型和技术密集型产品占比 ...

Core Insights - The research team from Nanjing University of Technology has made a breakthrough in the preparation of perovskite photovoltaic devices, achieving a power conversion efficiency of 25.19% for small-area devices, nearing the current mainstream technology's peak of 26% [1][3] - The developed technology utilizes a fully vacuum thermal evaporation method, which is non-toxic and environmentally friendly, addressing the limitations of traditional solution-based methods that use harmful solvents [2][3] - The innovative "reverse layer-by-layer" deposition strategy significantly enhances the quality of perovskite crystal films, overcoming previous efficiency bottlenecks and ensuring high stability for industrial applications [3][4] Summary by Sections Breakthrough in Technology - The small-area devices achieved a power conversion efficiency of 25.19%, while large-area cells (1 cm²) reached 23.38%, indicating substantial industrial potential [1] - The research was published in "Nature Photonics," highlighting its significance in the field [1] Environmental and Health Benefits - The new vacuum thermal evaporation technique eliminates the use of toxic solvents like DMF and DMSO, making it more suitable for large-scale production [2] - This method is considered an ideal process for transitioning high-performance perovskite photovoltaic devices from the lab to production lines [2] Efficiency and Stability - The traditional thermal evaporation method struggled to exceed 20% efficiency due to challenges in forming high-quality perovskite films [3] - The new deposition strategy, which reverses the traditional order of material application, significantly improves the interaction and diffusion of solid-state materials, leading to superior film quality [3] Industrialization Prospects - The combination of high efficiency, stability, and excellent large-area preparation performance suggests a promising industrialization outlook for this technology [4] - Perovskite solar cells are recognized as a new generation of photovoltaic technology due to their lower cost, lightweight, and flexibility, making this research a critical step towards scalable and environmentally friendly production [4]

Core Viewpoint - JinkoSolar's stock has shown significant trading activity, with a notable increase in financing and margin trading, indicating investor interest despite a decline in revenue and profit [1][2]. Financing Activity - On November 6, JinkoSolar's financing buy-in amounted to 158 million yuan, with a net buy of 60.15 million yuan after repayments [1] - The total financing balance reached 884 million yuan, accounting for 1.40% of the circulating market value, which is above the 90th percentile of the past year [1] - The margin trading data shows a high level of short selling, with a remaining short position of 635,200 shares and a short balance of 3.98 million yuan, also above the 90th percentile of the past year [1] Financial Performance - For the period from January to September 2025, JinkoSolar reported a revenue of 47.986 billion yuan, a year-on-year decrease of 33.14% [2] - The company experienced a net loss attributable to shareholders of 3.92 billion yuan, a significant decline of 422.67% compared to the previous period [2] Shareholder Information - As of September 30, 2025, the number of JinkoSolar shareholders increased to 77,300, up by 4.14%, while the average circulating shares per person decreased by 3.97% to 129,456 shares [2] - The company has distributed a total of 3.355 billion yuan in dividends since its A-share listing, with 3.125 billion yuan distributed over the past three years [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 306 million shares, a decrease of 132 million shares from the previous period [3]

Core Viewpoint - The article discusses the recent financing and advancements of Dazheng Micro-Nano Technology Co., Ltd., a leading company in the flexible perovskite solar cell industry, highlighting its plans for mass production and the significance of flexible perovskite technology in the solar energy sector [5][6]. Company Overview - Dazheng Micro-Nano was established in November 2018 and specializes in lightweight flexible perovskite battery components and precision equipment manufacturing. The company is recognized as a national high-tech enterprise [5][7]. - The company has completed a Series A3 financing round exceeding 100 million yuan, led by SPARX Asset Management's Future Creation Fund No. 3, with continued investment from Guoxing Investment [5][6]. Technological Advancements - Dazheng Micro-Nano claims to be the closest company to mass production of flexible perovskite batteries globally. It has developed core materials independently and holds the first domestic invention patent for flexible perovskite technology, with over 20 patents granted [7]. - The company has established the world's first pilot line for flexible perovskite production and plans to build a 100MW production line in Xiamen to accelerate the mass production process [5][6]. Market Potential - Flexible perovskite solar cells are recognized for their lightweight, flexibility, and strong low-light response, making them suitable for various applications, including building-integrated photovoltaics and transportation [6][7]. - The technology is included in energy strategies of multiple countries, with China and Japan emphasizing the development of efficient perovskite batteries in their respective energy innovation plans [6]. Challenges and Future Outlook - The commercialization of flexible perovskite batteries faces challenges such as long-term durability and large-scale production yield control. The establishment and operation of the 100MW production line will be crucial for validating the industrial feasibility of this technology [8].

Group 1 - The company ST Quanwei announced the transfer of 40% equity in its wholly-owned subsidiary Shenzhen Yimi New Energy Co., Ltd. to external investor Cai Jiexuan for a transfer price of RMB 0 due to unpaid registered capital [1] - After the transaction, the company's ownership in Shenzhen Yimi New Energy will decrease from 100% to 60%, but the subsidiary will still be included in the consolidated financial statements of the listed company [1] - For the first half of 2025, ST Quanwei's revenue composition is 96.06% from solar photovoltaic products and 3.94% from other businesses [1] Group 2 - As of the report date, ST Quanwei has a market capitalization of RMB 2.1 billion [2]

Group 1 - JinkoSolar's stock increased by 5.05%, reaching 6.24 CNY per share, with a trading volume of 671 million CNY and a turnover rate of 1.11%, resulting in a total market capitalization of 62.432 billion CNY [1] - JinkoSolar, established on December 13, 2006, and listed on January 26, 2022, specializes in the research, production, and sales of solar photovoltaic modules, cells, and wafers, providing high-efficiency solar products globally [1] - The company's main business revenue is entirely derived from product sales, accounting for 100% [1] Group 2 - Dazhong Fund's Dazhong Core Dual Power Mixed A Fund (090011) holds 200,000 shares of JinkoSolar, representing 4.5% of the fund's net value, making it the sixth-largest holding [2] - The Dazhong Core Dual Power Mixed A Fund has a total scale of 23.8628 million CNY and has achieved a year-to-date return of 19.18%, ranking 4353 out of 8150 in its category [2] - Since its inception, the Dazhong Core Dual Power Mixed A Fund has generated a return of 156.48% [2]

Core Insights - Dazheng Micro-Nano has completed over 100 million RMB in Series A3 financing, led by SPARX Asset Management's Future Creation Fund No. 3, with continued investment from Guoxing Investment [1] - The funding will be primarily used for the construction of the world's first 100MW production line for next-generation flexible perovskite solar cells in Xiamen, accelerating mass production [1] - Dazheng Micro-Nano, established in November 2018, specializes in lightweight flexible perovskite battery components and related precision equipment, and aims to scale up this technology globally [1] Industry Context - Perovskite photovoltaic technology is recognized as an advanced next-generation solar technology, with flexible perovskite solar cells offering unique advantages such as lightweight, flexibility, and strong low-light response [2] - Flexible perovskite cells can be integrated into building materials and various transportation applications, addressing limitations of traditional solar panels [2] - The Chinese government has included efficient perovskite battery industrialization in its "14th Five-Year" energy innovation plan, while Japan has also prioritized flexible perovskite batteries in its 2025 energy strategy [1][2] Company Capabilities - Dazheng Micro-Nano claims to be the closest to mass production in the flexible perovskite battery sector, holding the first domestic invention patent for flexible perovskite and over 20 authorized patents [2] - The company has developed core equipment for flexible perovskite preparation, which is crucial for large-scale production [2] - Dazheng Micro-Nano possesses key technology for SHJ+PSC stacked solar cells, enhancing efficiency and reducing costs, with a theoretical operational stability of over 15 years [2] Market Development - In 2023, Dazheng Micro-Nano established the world's first outdoor energy storage demonstration project, which has been performing well and supports industrialization efforts [3] - The company is conducting outdoor validations in locations such as Hunan and Japan [3] - Despite the progress, challenges remain in the commercial viability of flexible perovskite batteries, including durability and large-scale production yield control [3]

Core Insights - JinkoSolar's stock declined by 2.78% on November 4, with a trading volume of 706 million yuan, indicating a negative market sentiment towards the company [1] - The company experienced a net financing outflow of 2.02 million yuan on the same day, suggesting reduced investor confidence [1] - As of November 4, the total margin balance for JinkoSolar was 784 million yuan, which is high compared to historical levels [1] Financing and Margin Trading - On November 4, JinkoSolar had a financing buy-in of 48.51 million yuan, while the financing balance stood at 780 million yuan, accounting for 1.31% of its market capitalization [1] - The financing balance is above the 80th percentile of the past year, indicating a high level of leverage [1] - In terms of short selling, JinkoSolar repaid 96,300 shares and sold 44,700 shares on November 4, with a short selling amount of 265,500 yuan [1] Company Performance - As of September 30, JinkoSolar had 77,300 shareholders, an increase of 4.14% from the previous period, while the average number of circulating shares per shareholder decreased by 3.97% [2] - For the period from January to September 2025, JinkoSolar reported a revenue of 47.986 billion yuan, a year-on-year decrease of 33.14%, and a net profit attributable to shareholders of -3.92 billion yuan, a significant decline of 422.67% [2] Dividend and Shareholding Structure - Since its A-share listing, JinkoSolar has distributed a total of 3.355 billion yuan in dividends, with 3.125 billion yuan distributed over the last three years [3] - As of September 30, 2025, the second-largest circulating shareholder was Hong Kong Central Clearing Limited, holding 306 million shares, a decrease of 132 million shares from the previous period [3] - Other significant shareholders, such as E Fund and Huaxia, also reduced their holdings, indicating a trend of decreasing institutional investment [3]

Core Viewpoint - The company anticipates a global demand growth in the solar energy sector, with specific projections for both domestic and international markets, while also addressing its strategic plans for energy storage and product efficiency improvements [2][3][4][5][6]. Market Demand Projections - The company predicts that global new installations will range between 580 to 600 GW in 2025, with a slight decrease in growth rate compared to previous years. For the Chinese market, new installations are expected to be around 310 GW this year and between 270 to 300 GW next year. The overseas markets, particularly Europe, are expected to see stable growth, while regions like Asia-Pacific and Africa may experience accelerated growth [2]. Energy Storage Strategy - The company has already begun shipping energy storage products this year, covering residential, commercial, and large-scale storage solutions. It has established its own design and pre-sales teams and is adopting a light-asset operational model while leveraging its existing sales channels for market expansion [3]. Product Efficiency Goals - The company aims to achieve an efficiency ceiling of 650 to 670W for its Topcon technology, indicating significant potential for future improvements while balancing product economics [4]. Component Pricing Trends - In response to the ongoing anti-competitive policies, the company has adjusted its pricing strategy, leading to a recent upward trend in component prices in the domestic market. The overseas market, particularly in the Middle East and Europe, is also showing support for price increases. Although some long-term projects are still being fulfilled at lower prices, the overall trend indicates a rise in component prices, with expectations for a recovery in prices as market demand increases in the second quarter of next year [5]. High-Power Product Launch - The company has launched its latest product, DeepBlue 0, and is observing a price premium for high-power products. As production capacity is gradually released next year, the price premium is expected to increase further [6]. Financial Performance Overview - For the first three quarters of 2025, the company reported a main revenue of 36.809 billion yuan, a year-on-year decrease of 32.27%. The net profit attributable to shareholders was -3.553 billion yuan, down 633.54% year-on-year. The third quarter alone saw a revenue of 12.904 billion yuan, a decline of 24.05% year-on-year, with a net profit of -973 million yuan, down 349.58% year-on-year. The company’s debt ratio stands at 77.9% [7]. Analyst Ratings - In the past 90 days, 12 institutions have provided ratings for the stock, with 8 buy ratings and 4 hold ratings. The average target price set by analysts is 13.4 yuan [8].