江苏恒尚节能科技股份有限公司2025 年半年度报告 公司代码：603137 公司简称：恒尚节能 江苏恒尚节能科技股份有限公司 江苏恒尚节能科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人周祖伟、主管会计工作负责人华凤娟及会计机构负责人（会计主管人员）华凤 娟声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2025年上半年不进行利润分配，也不进行公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的对公司未来发展战略以及经营计划的前瞻性陈述，不构成公司对投资者的 实质承诺，敬请投资者注意风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性 ...

Core Viewpoint - The BIPV (Building Integrated Photovoltaics) industry in China is experiencing rapid growth driven by government policies aimed at promoting energy efficiency and carbon neutrality, with significant increases in installation capacity projected for 2024 [2][6][10]. Group 1: BIPV Industry Overview - BIPV technology integrates solar photovoltaic components into buildings, allowing them to generate electricity for their own use [3][10]. - The BIPV market has been activated by national policies, leading to a surge in investment and installation capacity [2][6]. Group 2: BIPV Industry Development History - BIPV development began nearly 30 years ago, with significant projects established in countries like Germany, Japan, and the USA, and the first domestic projects in China initiated in 2004 [4][10]. Group 3: BIPV Industry Policies - The Chinese government has implemented various policies to support the BIPV industry, including the "14th Five-Year Plan" and other initiatives aimed at promoting energy efficiency and carbon reduction [6][8]. - Recent policies emphasize the integration of renewable energy in construction and the promotion of distributed photovoltaic systems [8][10]. Group 4: BIPV Industry Chain - The BIPV industry chain consists of upstream component manufacturers, midstream system integrators, and downstream application scenarios, including industrial, residential, and public buildings [10][11]. - The upstream sector is characterized by high competition and market concentration, with a focus on improving photovoltaic efficiency [10][11]. Group 5: Market Data and Projections - China's BIPV installation capacity is projected to reach approximately 28,129 MW by 2024, with an additional 11,140 MW expected to be installed that year [2][6]. - The production of photovoltaic components in China is expected to grow from 76 GW in 2017 to 588 GW by 2024, reflecting a compound annual growth rate of 33.95% [11].

Core Insights - The BIPV (Building Integrated Photovoltaics) industry has gained significant attention from the Chinese government since 2021, with various policies aimed at promoting its development as part of the country's carbon neutrality goals [1][8][20] - The market for BIPV is expected to grow rapidly, with projected new installations of approximately 11,140 MW in 2024 and a cumulative capacity of around 28,129 MW [1][18] - BIPV is recognized as an effective means to develop green buildings and reduce energy consumption in the construction sector [1][18] Industry Overview - BIPV technology integrates solar photovoltaic components into buildings, allowing them to generate electricity for their own use [4] - The BIPV market is categorized into applications such as photovoltaic roofs and walls, with materials classified into crystalline and thin-film types [4] Industry Development History - The BIPV industry has evolved over nearly 30 years, with the first projects in China initiated in 2004 [5] Policy Support - The Chinese government has implemented multiple policies to support the BIPV industry, including the "14th Five-Year Plan for Energy Conservation and Green Building Development" [8][9] - Recent policies aim to enhance the integration of renewable energy in various sectors, including construction [8][9] Industry Chain - The BIPV industry chain consists of upstream component manufacturers, midstream system integrators, and downstream application scenarios [11][13] - Key players in the midstream include companies like Jianghe Group and Sentech, which provide integrated BIPV solutions [11][20] Market Potential - The market for BIPV roofs was valued at approximately 91.73 billion yuan in 2022, expected to reach 366.77 billion yuan by 2027 [15] - The BIPV curtain wall market was valued at around 6.57 billion yuan in 2022, projected to grow to 45.73 billion yuan by 2027 [15] Key Companies - Major companies in the BIPV sector include Longi Green Energy, JinkoSolar, Trina Solar, and Jianghe Group, which are involved in both manufacturing and system integration [20][21] Future Trends - The BIPV industry is expected to benefit from continued policy support and technological advancements, leading to lower costs and increased market adoption [26][27] - Innovative business models, such as energy management contracts and rooftop leasing, are anticipated to enhance project economics and accelerate market penetration [28]