公告显示，阿特斯拟与控股股东CSIQ新设合资公司M和合资公司N，由阿特斯持有24.9%股份，CSIQ持有75.1%股份。其中，合资公司M将从事美国的光伏 业务，包括运营美国的光伏电池片和光伏组件工厂；合资公司N将从事美国的储能业务，包括运营美国的磷酸铁锂储能电芯、电池包以及直流储能系统等产 品的制造工厂。 同时，阿特斯拟在美国以外但供应美国的制造工厂，包括已建成的海外光伏切片工厂THX1、建设中的海外储能工厂SSTH和海外电池工厂GNCM。以上工厂 通过股权转让的方式重组为CSIQ占75.1%，CSI占24.9%。阿特斯表示，通过上述安排，其可获得一次性股权转让对价，且可以享有后续美国业务24.9%的持 续股权收益及回收前期投资。 11月30日，全球光伏组件与大型储能头部企业阿特斯(CSI，688472.SH)发布公告称，为实现在美国市场业务长期参与，保障企业正常经营，降低经营风险， 拟联合控股股东Canadian Solar Inc（以下简称"CSIQ"）设立合资企业重组美国市场业务，运营当地光伏电池/组件与储能业务，以及转让海外储能工厂、光 伏切片工厂以及电池工厂，阿特斯将保留部分持续收益权。 阿特斯表示 ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤储能 资讯~ 作为全球光伏组件与大型储能头部企业，阿特斯11月30日晚间发布公告， 为实现阿特斯在美 国市场业务长期参与 ，拟与控股股东CanadianSolarInc（下称CSIQ）新设合资公司M、N （暂定简称，以下简称"公司M"及"公司N"）。 其中， 公司M将从事美国的光伏业务 ，包括运营美国的光伏电池片和光伏组件工厂。 公司N 将从事美国的储能业务 ，包括运营美国的磷酸铁锂储能电芯、电池包以及直流储能系统等产 品的制造工厂。 据悉，阿斯特旗下储能业务子公司阿特斯储能(e-STORAGE)拥有覆盖家用、工商业及大型地 面电站的全场景储能产品线，精准满足电源侧、电网侧和用户侧等不同应用场景的多元化智能 能源管理需求。为公共事业、工商业和家庭用户提供可融资的、端到端的一站式交钥匙储能系 统解决方案，并支持电池容量升级服务。 公司M、N将通过租赁阿特斯的部分海外资产开始运营，考虑到该类租赁资产的验收及正式启 用的时间有一定的不确定性，阿特斯会在2026年度日常关联交易中对租金进行合理预计，后 续也会考虑新投资产或在合适的时机收购资 ...

Core Viewpoint - The company, Arctech (688472.SH), announced a business adjustment in the U.S. market, forming two joint ventures with its controlling shareholder, Canadian Solar Inc (CSIQ), to comply with the U.S. "Inflation Reduction Act" (OBBB) [1][2][5] Group 1: Business Adjustment Details - Arctech will hold a 24.9% stake in the new joint ventures, while CSIQ will hold 75.1% [1][2] - The joint venture M will focus on domestic photovoltaic operations in the U.S., while N will engage in energy storage, including lithium iron phosphate battery cells and systems [2][5] - The total assessed value for the equity transfer is 469 million yuan, with the 75.1% stake valued at 352 million yuan [3][8] Group 2: Financial Performance - In the first three quarters of the year, Arctech reported total revenue of 31.27 billion yuan, a year-on-year decrease of 8.51%, and a net profit of 989 million yuan, down 49.41% [4][9] - The company shipped 19.9 GW of photovoltaic modules and 5.8 GWh of large-scale energy storage, with energy storage business growing by 32% year-on-year [4][9] - Arctech's overseas sales have consistently accounted for over 70% of its revenue, with operations in over 20 countries [4][9] Group 3: Market Context and Strategic Implications - The U.S. is the second-largest photovoltaic market globally, with a mature electricity market mechanism, making it a strategic focus for Arctech [5][10] - The adjustment aims to mitigate operational risks and ensure long-term participation in the U.S. market while protecting the interests of the company and its investors [5][10] - Arctech is noted as the only photovoltaic company explicitly adjusting its U.S. business structure in response to the OBBB Act, indicating a potential trend among other companies facing similar challenges [5][10]

阿特斯太阳能(CSIQ.US)盘前涨超2.7%，报28.3美元。消息面上，阿特斯日前发布公告称，计划与控股 股东Canadian Solar(CSIQ)，针对美国市场业务进行调整。阿特斯拟与控股股东CSIQ新设合资公司M、 N，阿特斯持有这两家公司24.9%股份，CSIQ持有75.1%的股份。其中，公司M将从事美国光伏业务， 包括运营阿特斯在美国的光伏电池片和光伏组件工厂。公司N从事美国的储能业务，包括运营阿特斯在 美国的磷酸铁锂储能电芯、电池包(Pack)以及直流储能系统等产品的制造工厂。(格隆汇) ...

Core Viewpoint - The company, Canadian Solar Inc. (CSI), is restructuring its operations in the U.S. market by forming joint ventures with its controlling shareholder, Canadian Solar Inc. (CSIQ), to optimize its business in response to regulatory changes and market conditions [1][2][3] Group 1: Joint Ventures and Business Focus - CSI will establish two joint ventures, referred to as "Company M" and "Company N," with CSI holding 24.9% and CSIQ holding 75.1% of the shares in each [1] - Company M will focus on domestic photovoltaic operations in the U.S., including the operation of solar cell and module factories, while Company N will engage in energy storage, covering the manufacturing of lithium iron phosphate energy cells, battery packs, and DC storage systems [1][2] Group 2: Asset Restructuring - CSI plans to restructure three manufacturing plants located outside the U.S. that primarily supply the U.S. market through a share transfer, with CSIQ acquiring 75.1% of these plants [2] - The planned capacities for the plants are 3 GWh for SSTH, 2.9 GW for GNCM, and 8 GW for THX1, with net assets valued at 378 million, 37 million, and 55 million respectively [2] Group 3: Regulatory Compliance and Market Strategy - The restructuring is primarily aimed at complying with the U.S. OBBB Act, which imposes restrictions on foreign entities' ownership in U.S. operations [2][3] - Following the transaction, CSI will benefit from 25% of the joint ventures' operational profits, rental income from U.S. capacity, and a one-time payment from the share transfer, which is valued at 352 million [3] Group 4: Market Context and Performance - The U.S. is the second-largest photovoltaic market globally, with a mature electricity market and a rapidly growing energy storage sector, making it a strategic focus for CSI [3] - Despite challenges in the photovoltaic industry, CSI has shown strong performance, achieving a net profit of 990 million in the first three quarters of 2025, with a significant increase in energy storage shipments [4]

中金公司分析指出，根据美国OBBB法案对FEOC的股权限制，市场普遍预期美国业务相关的资产股权 比例将下调至25%以下，本次交易方案符合市场预期。若交易完成，阿特斯（CSI）除了获得合资公司 运营美国业务25%投资收益、非美海外产能的25%投资收益以及一次性的股权转让对价外，还将获得美 国产能的租赁收入，将很大程度上弥补持股比例减少对业绩的潜在影响。 【阿特斯回应调整在美业务架构：主要基于规避"大而美"法案的约束】11月30日，阿特斯阳光电力集团 股份有限公司（以下简称"阿特斯"或"CSI"， 688472.SH）发布公告，宣布拟与控股股东Canadian Solar Inc（注册于加拿大的美股上市公司，以下简称"CSIQ"）通过设立合资公司和股权转让的方式，对美国 市场业务进行优化调整。 根据公告披露的交易方案，阿特斯将与CSIQ共同新设两家合资公司（暂称为"M公司"与"N公司"）。其 中，阿特斯在两家公司中持股24.9%，CSIQ持股75.1%。调整后，M公司将专注于美国本土的光伏业 务，运营位于美国的光伏电池片和组件工厂；N公司则主要从事美国的储能业务，涵盖运营美国的磷酸 铁锂储能电芯、电池包以及直流储 ...

通过该等安排，公司可获得一次性股权转让对价，且可以享有后续美国业务24.9%的持续股权收益及回 收前期投资。 公司M、N将通过租赁CSI的部分海外资产开始运营，考虑到该类租赁资产的验收及正式启用的时间有 一定的不确定性，公司会在2026年度日常关联交易中对租金进行合理预计。后续也会考虑新投资产或在 合适的时机收购资产或引入第三方海外合格投资者。同时公司(CSI)拟将在美国以外但供应美国的制造 工厂，包括已建成的海外光伏切片工厂THX1、建设中的海外储能工厂SSTH和海外电池工厂GNCM通过 股权转让的方式重组为CSIQ占75.1%，CSI占24.9%。 阿特斯(688472.SH)公告，公司拟与控股股东Canadian Solar Inc(简称"CSIQ")针对美国市场业务进行调 整，新设合资公司M、N，其中CSI持有24.9%股份，CSIQ持有75.1%股份。公司M将从事美国的光伏业 务，包括运营美国的光伏电池片和光伏组件工厂。公司N将从事美国的储能业务，包括运营美国的磷酸 铁锂储能电芯、电池包(Pack)以及直流储能系统等产品的制造工厂。 ...

Core Viewpoint - The company, along with its controlling shareholder Canadian Solar Inc (CSIQ), is establishing two joint ventures in the U.S. market to enhance its photovoltaic and energy storage operations [1] Group 1: Joint Ventures - A new joint venture, Company M, will focus on photovoltaic business in the U.S., including the operation of solar cell and module factories [1] - Another joint venture, Company N, will engage in energy storage business, operating lithium iron phosphate battery cells, battery packs, and DC storage systems [1] - CSIQ will hold 75.1% of the joint ventures, while the company will retain 24.9% [1] Group 2: Asset Management and Operations - The joint ventures will commence operations by leasing certain overseas assets from CSI, with the timeline for asset acceptance and formal activation being uncertain [1] - The company plans to reasonably estimate rental fees for the 2026 fiscal year based on these leases [1] - Future considerations include new investments, asset acquisitions, or bringing in third-party qualified investors at appropriate times [1] Group 3: Restructuring and Financial Implications - The company intends to restructure its overseas manufacturing plants that supply the U.S. market, transferring ownership to CSIQ (75.1%) and CSI (24.9%) [1] - This restructuring will provide the company with a one-time equity transfer payment and allow it to benefit from 24.9% of ongoing equity returns from U.S. operations, as well as recover prior investments [1]

（BatteryEnergyStorageSystem）等产品的制造工厂。公司M、N将通过租赁阿特斯的部分海外资产开始 运营，考虑到该类租赁资产的验收及正式启用的时间有一定的不确定性，公司会在2026年度日常关联交 易中对租金进行合理预计。后续也会考虑新投资产或在合适的时机收购资产或引入第三方海外合格投资 者。 北京商报讯（记者 马换换 王蔓蕾）11月30日晚间，阿特斯（688472）披露公告称，公司拟与控股股东 CSIQ新设合资公司M、N（以下简称"公司M"及"公司N"），其中公司持有24.9%股份，CSIQ持有75.1% 股份。 公告显示，公司M将从事美国的光伏业务，包括运营美国的光伏电池片和光伏组件工厂。公司N将从事 美国的储能业务，包括运营美国的磷酸铁锂储能电芯、电池包（Pack）以及直流储能系统 同时，公司拟将在美国以外但供应美国的制造工厂，包括已建成的海外光伏切片工厂THX1、建设中的 海外储能工厂SSTH和海外电池工厂GNCM通过股权转让的方式重组为CSIQ占75.1%，公司占24.9%。通 过该等安排，公司可获得一次性股权转让对价，且可以享有后续美国业务24.9%的持续股权收益及回收 前期投资 ...