Core Insights - The company reported a significant increase in revenue and a substantial narrowing of losses in the first three quarters of 2025, with revenue reaching 705 million yuan, up 54.3% year-on-year, primarily due to increased sales of photovoltaic cells and equipment, as well as a rise in the price of photovoltaic materials in Q3 [1] - The gross margin remains low but shows a clear trend of improvement, with Q3 gross margin at 1.09%, up 5.7 percentage points year-on-year, while the net profit margin improved significantly [2] - The company continues to innovate across its product lines, with advancements in photovoltaic auxiliary materials, equipment, half-cell technology, and bifacial module technology, indicating a strong focus on enhancing efficiency and production capabilities [3] - Profit forecasts for 2025-2026 have been adjusted downward due to industry cycle impacts, but the company maintains a "buy" rating based on growth potential from new equipment and an anticipated recovery in the photovoltaic industry [4] Revenue and Profitability - Revenue for the first three quarters of 2025 was 705 million yuan, a 54.3% increase year-on-year, with Q3 revenue at 254 million yuan, up 34.5% year-on-year [1] - The company reported a net loss of 254 million yuan for the first three quarters, with a narrowed loss of 75 million yuan in Q3, attributed to a significant reduction in asset impairment [1] - Gross margin for Q1-Q3 2025 was -0.34%, a decrease of 13.5 percentage points year-on-year, while the net profit margin was -36.10%, an increase of 76.3 percentage points year-on-year [2] Inventory and Cash Flow - As of Q3 2025, inventory was 162 million yuan, down 25.6% year-on-year, and contract liabilities were 32 million yuan, down 38.5% year-on-year [2] - Accounts receivable decreased by 40.9% year-on-year to 123 million yuan, indicating improved cash flow management [2] - Operating cash flow for Q1-Q3 2025 was -94 million yuan, showing improvement due to increased sales revenue and reduced cash payments for goods [2] Innovation and Product Development - The company is advancing its core products, including new auxiliary materials for n-type products that enhance efficiency by 0.05%-0.10% [3] - Self-developed equipment for key processes in photovoltaic production has completed client acceptance tests, indicating successful innovation [3] - The introduction of bifacial modules and half-cell technology is expected to enhance production efficiency and market competitiveness [3] Profit Forecast and Investment Rating - The profit forecast for 2025-2026 has been revised to net losses of 320 million yuan and a profit of 20 million yuan, respectively, with a projected profit of 150 million yuan for 2027 [4] - The current stock price corresponds to dynamic PE ratios of 357 and 43 for 2026 and 2027, respectively, reflecting the company's growth potential despite current losses [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company has significantly narrowed its losses, with a notable increase in revenue driven by higher sales of photovoltaic cells and equipment, alongside a rise in prices for photovoltaic materials [8] - The company's gross margin remains low but shows signs of improvement, with a gross margin of -0.34% for the first three quarters of 2025, reflecting a year-on-year decrease of 13.5 percentage points [8] - The company is advancing its core products and innovative technologies, with successful launches in various segments of the photovoltaic industry [8] Financial Performance Summary - For 2025, the company is projected to have total revenue of 1,349.49 million yuan, representing a year-on-year increase of 89.88% [1] - The net profit attributable to shareholders is expected to be -320.40 million yuan for 2025, showing a 50.63% improvement compared to the previous year [1] - The company's cash flow from operating activities for the first three quarters of 2025 is reported at -94 million yuan, indicating an improvement compared to the previous year [8] Product and Innovation Summary - The company has introduced new products in the photovoltaic sector, including secondary texturing products and self-developed cleaning aids, which enhance efficiency by 0.05%-0.10% [8] - The company has made progress in optimizing products for BC and HJT cells, with successful client acceptance of self-developed equipment [8] - The introduction of innovative technologies such as the "Guqin" module based on the stacking grid technology is expected to accelerate the industrialization process [8]

Core Insights - The company reported a revenue of 705 million yuan for the first three quarters of 2025, representing a year-on-year increase of 54.30% [1] - The net profit attributable to shareholders was -254 million yuan, a year-on-year increase of 50.44% [1] - The basic earnings per share for the reporting period was -0.64 yuan [1] Financial Performance - The gross margin for the first three quarters was -0.34%, a decrease of 13.52 percentage points year-on-year [1] - The net margin was -36.10%, an increase of 76.28 percentage points compared to the same period last year [1] - In Q3 2025, the gross margin was 1.09%, an increase of 5.73 percentage points year-on-year but a decrease of 1.92 percentage points quarter-on-quarter [1] - The net margin for Q3 was -29.64%, an increase of 171.68% year-on-year but a decrease of 24.07 percentage points from the previous quarter [1] Expenses and Costs - Total operating expenses for the company were 319 million yuan, an increase of 54.08 million yuan year-on-year [2] - The expense ratio was 45.29%, a decrease of 12.75 percentage points year-on-year [2] - Sales expenses increased by 14.22% year-on-year, while management expenses decreased by 23.57% [2] - R&D expenses grew by 11.37% year-on-year, and financial expenses surged by 1236.97% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 5,720, an increase of 750 from the end of the previous half-year, representing a growth of 15.09% [2] - The average market value per shareholder decreased from 1.1702 million yuan to 1.1056 million yuan, a decline of 5.52% [2] Company Overview - The company, located in Changzhou, Jiangsu Province, was established on November 19, 2009, and went public on June 29, 2023 [2] - Its main business involves the R&D, production, and sales of photovoltaic wet process auxiliary materials, photovoltaic equipment, and photovoltaic cells [2] - The revenue composition includes photovoltaic cells (57.51%), photovoltaic wet process auxiliary materials (22.75%), photovoltaic equipment (10.13%), and others (9.61%) [2] - The company belongs to the power equipment industry, specifically in photovoltaic equipment and photovoltaic cell components [2]

Core Viewpoint - Shichuang Energy, established in November 2009 and listed on the Shanghai Stock Exchange in June 2023, is a leading enterprise in the photovoltaic wet process sector, possessing a full industry chain advantage and high product cost-performance ratio [1] Group 1: Business Performance - In Q3 2025, Shichuang Energy achieved operating revenue of 705 million yuan, ranking 18th among 23 companies in the industry, significantly lower than the top two competitors, Longi Green Energy at 50.915 billion yuan and Trina Solar at 49.97 billion yuan, as well as below the industry average of 12.627 billion yuan and median of 3.01 billion yuan [2] - The main revenue components include photovoltaic cell revenue of 259 million yuan (57.51%), wet process auxiliary products revenue of 103 million yuan (22.75%), photovoltaic equipment revenue of 45.668 million yuan (10.13%), and other revenue of 43.3597 million yuan (9.61%) [2] - The net profit for the period was -254 million yuan, ranking 11th in the industry, with a significant gap compared to the top performers, Hongdian Dongci at 1.808 billion yuan and Canadian Solar at 1.011 billion yuan, although slightly better than the industry average of -744 million yuan and median of -272 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Shichuang Energy's debt-to-asset ratio was 68.78%, an increase from 44.99% in the previous year, but still below the industry average of 70.17% [3] - The gross profit margin for the period was -0.34%, a significant decline from 13.18% in the previous year and lower than the industry average of 1.80% [3] Group 3: Executive Compensation - The chairman, Fu Liming, received a salary of 1.1152 million yuan in 2024, a decrease of 14,800 yuan from 2023 [4] - The general manager, Fang Min, received a salary of 1.151 million yuan in 2024, an increase of 86,200 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders for Shichuang Energy increased by 15.09% to 5,720 households, while the average number of circulating A-shares held per household decreased by 13.11% to 20,900 shares [5]

Group 1 - The core viewpoint of the news is that Shichuang Energy's stock experienced a decline of 3.61% on September 23, with a trading volume of 47.10 million yuan, indicating market volatility [1] - As of September 23, Shichuang Energy's financing balance reached 85.39 million yuan, accounting for 4.85% of its circulating market value, which is above the 90th percentile level over the past year, indicating a high financing level [1] - The company reported a revenue of 451 million yuan for the first half of 2025, representing a year-on-year growth of 68.27%, while the net profit attributable to shareholders was -179 million yuan, a decrease of 34.43% year-on-year [2] Group 2 - Shichuang Energy has distributed a total of 17.90 million yuan in dividends since its A-share listing [3] - The company specializes in the research, production, and sales of photovoltaic wet process auxiliary materials, photovoltaic equipment, and photovoltaic cells, with its main business revenue composition being 57.51% from photovoltaic cells, 22.75% from wet process auxiliary materials, 10.13% from equipment, and 9.61% from other sources [1]

Core Points - The company is holding its 2024 Annual General Meeting (AGM) to discuss various proposals, including financial reports and future plans [1][2][3] - The company reported a significant decline in revenue and net profit for 2024, with total revenue of 710.71 million and a net loss of 648.95 million, marking a 58.93% and 466.85% decrease respectively compared to the previous year [17][18] - The company plans to propose no cash dividends or stock bonuses for 2024 due to negative retained earnings [11][12] Meeting Procedures - The AGM will take place on May 20, 2025, at the company's headquarters, with both on-site and online voting options available [8][5] - Attendees must register 30 minutes prior to the meeting and present necessary identification [1][2] - The meeting will follow a structured agenda, including the presentation of reports and voting on various proposals [9][10] Financial Performance - The company experienced a drastic drop in sales, attributed to increased competition and declining prices in the photovoltaic industry [17][18] - The total assets of the company increased by 44.25% year-on-year, reaching approximately 4.93 billion [18] - The company has increased its research and development expenses despite the financial downturn, focusing on product innovation [17] Proposals for Approval - The AGM will consider several key proposals, including the 2024 financial report, 2025 budget, and the appointment of the auditing firm Tianjian [15][16][11] - A proposal for a comprehensive credit limit of up to 2.138 billion RMB is also on the agenda to support operational funding needs [15] - The company will seek approval for a guarantee limit related to its subsidiary's operations [16] Governance and Compliance - The board of directors has conducted its duties in compliance with relevant laws and regulations, ensuring transparency and accountability [22][20] - The supervisory board has confirmed that the company has adhered to its internal control systems and has not engaged in any actions detrimental to shareholder interests [24][25] - The company emphasizes maintaining effective communication with investors and stakeholders to enhance transparency [21]

股票简称：时创能源 股票代码：688429 常州时创能源股份有限公司 Changzhou Shichuang Energy Co.,Ltd. （溧阳市溧城镇吴潭渡路 8 号） 首次公开发行股票科创板上市公告书 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小镇 B7 栋 401） 二〇二三年六月二十八日 1 本公司提醒广大投资者认真阅读刊载于上海证券交易所网站 （http://www.sse.com.cn）的本公司招股说明书"风险因素"章节的内容，注意风 险，审慎决策，理性投资。 本公司提醒广大投资者注意，凡本上市公告书未涉及的有关内容，请投资者 查阅本公司招股说明书全文。 如无特别说明，本上市公告书中的简称或名词的释义与本公司首次公开发行 股票并在科创板上市招股说明书中的相同。 特别提示 常州时创能源股份有限公司（以下简称"时创能源"、"本公司"、"发行 人"或"公司"）股票将于 2023 年 6 月 29 日在上海证券交易所科创板上市。本 公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上市 初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 2 第一 ...

科创板风险提示：本次发行股票拟在科创板上市，科创板公司具有研发 投入大、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的 市场风险。投资者应充分了解科创板的投资风险及本公司所披露的风险因素， 审慎作出投资决定。 常州时创能源股份有限公司 Changzhou Shichuang Energy Co.,Ltd. （溧阳市溧城镇吴潭渡路 8 号） 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小镇 B7 栋 401） 常州时创能源股份有限公司 招股说明书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1- ...

科创板风险提示：本次发行股票拟在科创板上市，科创板公司具有研发 投入大、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的 市场风险。投资者应充分了解科创板的投资风险及本公司所披露的风险因素， 审慎作出投资决定。 常州时创能源股份有限公司 Changzhou Shichuang Energy Co.,Ltd. （溧阳市溧城镇吴潭渡路 8 号） 首次公开发行股票并在科创板上市 招股意向书 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小镇 B7 栋 401） 常州时创能源股份有限公司 招股意向书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1- ...

投入大、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的 市场风险。投资者应充分了解科创板的投资风险及本公司所披露的风险因素， 审慎作出投资决定。 常州时创能源股份有限公司 Changzhou Shichuang Energy Co.,Ltd. （溧阳市溧城镇吴潭渡路 8 号） 首次公开发行股票并在科创板上市 招股说明书 （注册稿） 保荐机构（主承销商） （深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小镇 B7 栋 401） 科创板风险提示：本次发行股票拟在科创板上市，科创板公司具有研发 常州时创能源股份有限公司 招股说明书（注册稿） 声明：本公司的发行申请尚需经上海证券交易所和中国证监会履行相应 程序。本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。 投资者应当以正式公告的招股说明书作为投资决定的依据。 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之 相反的声明均属虚假不实陈述。 根据《证券法》的规定 ...