Core Viewpoint - The company, Aishuo Co., Ltd., is experiencing a significant increase in orders for its ABC battery and components business, which has reached full capacity but still cannot meet the growing demand [1][13]. Financial Performance - In the first half of the year, Aishuo Co., Ltd. reported a net profit of -237.6 million yuan, an improvement of 86.38% year-on-year, with a second-quarter net profit of 62.86 million yuan, up 103.8% [2][15]. - The company's total revenue for the first half was approximately 8.45 billion yuan, a 63.63% increase compared to the same period last year [2]. - Despite the second-quarter profitability, the company faces significant financial pressure, with cash and cash equivalents of 2.136 billion yuan against short-term borrowings of 3.988 billion yuan [3][15]. Business Strategy and Market Position - Aishuo Co., Ltd. has invested heavily in the wind power sector, signing a resource development agreement for a 112.5MW wind project with a total investment of approximately 750 million yuan [3][16]. - The company has committed to expanding its production capacity, with a strategic cooperation agreement to build a 30GW high-efficiency crystalline silicon solar cell project in Jinan, with a total investment of around 36 billion yuan [9]. Technology and Industry Trends - The company has chosen to focus on the BC technology route, which, while theoretically offering higher efficiency, has proven to be complex and costly, leading to financial challenges [8][10]. - The market acceptance of BC technology is increasing, with Aishuo Co., Ltd. reporting a significant growth in orders for its ABC components, indicating a potential turnaround [11][13]. Challenges and Outlook - The company's asset-liability ratio has risen to 85.75%, with total liabilities reaching 29.15 billion yuan, reflecting the financial strain from its aggressive expansion and technology investments [9][10]. - Despite the challenges, the company is optimistic about the future, with expectations that BC technology will gain market share by 2025 [12][17].

Meeting Overview - The 37th meeting of the 9th Board of Directors of Shanghai Aishuo New Energy Co., Ltd. was held on June 20, 2025, with all 7 directors present, and the meeting was conducted in accordance with relevant laws and regulations [2][3]. Resolutions Passed - The board approved the adjustment of the 2023 plan for issuing A-shares to specific targets, with a unanimous vote of 7 in favor [3][14]. - The board also approved the third revised draft of the 2023 plan for issuing A-shares to specific targets, again with a unanimous vote [6][16]. - The board passed the third revised draft of the analysis report on the 2023 plan for issuing A-shares to specific targets, with all votes in favor [7][17]. - The feasibility analysis report for the use of funds raised from the 2023 A-share issuance was also approved unanimously [9][18]. - The board approved the second revised draft of the measures to mitigate the dilution of immediate returns from the 2023 A-share issuance, with all votes in favor [10][25]. Adjustments to A-Share Issuance Plan - The company adjusted the number of shares to be issued to not exceed 547,893,181 shares, which is approximately 30% of the total share capital before the issuance [19][20]. - The adjustment was made due to historical stock incentive plans and other factors affecting the total share capital [20][21]. - The other contents of the issuance plan remain unchanged, and the plan requires approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission before implementation [21][22]. Necessity and Reasonableness of the Issuance - The issuance is deemed necessary to expand the production capacity of ABC batteries, which are crucial for meeting the growing market demand for N-type batteries [31]. - The company has a well-established talent management system and a professional team to support the implementation of the fundraising projects [32][33]. - The company has accumulated significant technological strength in solar cell manufacturing, which will aid in the successful execution of the fundraising projects [34][35]. Measures to Mitigate Dilution of Immediate Returns - The company plans to accelerate the construction of fundraising projects to achieve expected goals more quickly [37]. - It will also manage funds effectively to enhance overall profitability and ensure that the fundraising projects and existing business can drive each other’s growth [38]. - The company aims to improve operational management and internal controls to provide a solid institutional guarantee for its development [39]. Stock Incentive Plan - The company completed the registration of the first grant of restricted stock under the 2025 stock incentive plan, with a total of 13.13 million shares granted at a price of 5.68 yuan per share [45][46]. - The stock incentive plan aims to enhance employee motivation and align their interests with those of the shareholders [45][46].