12月15日晚，苏州中来光伏新材股份有限公司（300393.SZ，以下简称"中来股份"）发布公告称，副董事长兼总经理林建伟因未履行私募基金差额补足承 诺，收到江苏证监局出具的责令改正措施决定，相关违规行为已记入证券期货市场诚信档案，截至目前尚有1.77亿元补偿款未支付。 公开资料显示，2021年1月，时任中来股份董事长、总经理的林建伟就中来股份2亿元认购的4只私募基金（泓盛腾龙1号、腾龙4号、方际正帆1号、正帆顺风 2号）损失作出公开承诺：若相关诉讼或仲裁裁决生效满两年后，中来股份仍未追回投资本金损失差额，其将在3个月内补足。据了解，上述私募基金于2020 年12月出现大额亏损，亏损幅度达97.18%，后续相关仲裁陆续裁决基金管理人需赔偿损失，但中来股份仅累计收回本金2152.78万元。按照承诺约定，林建 伟应于2025年8月12日前支付1.78亿元差额补偿款，然而其仅支付100万元，剩余1.77亿元逾期未履约，构成违规。 值得注意的是，深交所此前已于12月12日向林建伟下发监管函，指出其行为违反相关上市规则。此外，中来股份针对上述私募基金的相关诉讼及仲裁虽已生 效，但执行回款微薄，多数案件处于终本执行状态， ...

Core Insights - The "2025 8th China International Photovoltaic and Energy Storage Industry Conference and Investment Forum" has commenced in Chengdu, focusing on the explosive growth of the energy storage industry, the photovoltaic industry cycle, challenges in the lithium iron phosphate sector, and the new sodium battery market [1] - The energy storage industry is experiencing a significant surge, with installed capacity increasing by 60% year-on-year from January to September 2025, while the photovoltaic industry is in a phase of adjustment seeking breakthroughs amid cyclical fluctuations [2][3] - Sodium-ion batteries are emerging as a new growth point in the industry due to their resource advantages, with expectations for market share growth [1][3] Energy Storage Industry - The energy storage market is currently facing a "chip shortage," with companies cautious about expansion despite high demand for storage and lithium iron phosphate [4] - From January to August 2025, Chinese energy storage companies secured over 250 new overseas orders, totaling 188 GWh, representing a 183% year-on-year increase [3] - The expected market value of lithium iron phosphate materials in 2026 is projected to reach 250 billion yuan, despite the industry facing structural contradictions and a significant price drop of 80.2% from 2022 to 2025 [3][4] Photovoltaic Industry - The photovoltaic industry is undergoing a "de-involution" adjustment phase, with companies seeking to navigate cyclical fluctuations and identify investment opportunities [1][5] - The industry has experienced cyclical volatility, with the latest expansion cycle occurring from 2022 to 2023, leading to a cautious approach from some companies [5][7] - The current low point in the photovoltaic market is viewed as a potential opportunity for growth, as companies that survive the downturn may emerge stronger [7] Sodium-ion Battery Development - Sodium-ion batteries are gaining traction due to their advantages in cycle life and energy density, with expectations for rapid commercialization and market expansion [1][13] - The resource availability of sodium is significantly higher than that of lithium, mitigating concerns over supply chain vulnerabilities [13] - Sodium-ion technology is advancing, with capabilities to achieve over 10,000 cycles, making it suitable for current energy storage needs [13]

Core Viewpoint - The photovoltaic industry is undergoing a significant adjustment towards a transformation from "scale expansion" to "quality efficiency" by 2025, driven by global energy transition and technological iterations in the photovoltaic sector [1] Group 1: Company Developments - Zhonglai Co., as one of the earliest companies in China to achieve GW-level mass production of N-type TOPCon technology, is enhancing its "technology + market" dual-driven strategy [1] - Following the acquisition by controlling shareholder Zhejiang Energy Power, both parties are deeply collaborating in resource integration, project development, and technological synergy [1] - As a cornerstone business, Zhonglai's backplane products have cumulatively shipped over 290GW by the end of the reporting period [1] Group 2: Technological Advancements - Zhonglai has continuously iterated on backplane materials and processes, launching various advanced products such as FFC backplane, transparent grid backplane, high-reflective black backplane, and enhanced backplane [1] - The N-type TOPCon battery and module business has achieved significant technical breakthroughs, with laboratory research conversion efficiency reaching 26.99% for 210-size TOPCon batteries, and average mass production testing efficiency also improving [1] Group 3: Market Competitiveness - The technological advantages of N-type components further strengthen Zhonglai's market competitiveness, exemplified by the successful integration of the 370,000 kW photovoltaic project in Akesu, Xinjiang [1] - In July, Zhonglai signed a contract for a 100MW ecological solar energy demonstration project in Chongqing, which will utilize N-type TOPCon high-efficiency components and innovative packaging solutions [1] Group 4: Business Growth - The photovoltaic application business of Zhonglai has shown remarkable growth, with revenue increasing by 56.86% year-on-year [1] - The company's photovoltaic application business primarily focuses on distributed household projects, establishing a complete "development + construction + operation + service" model [1] - By the end of the reporting period, Zhonglai's household distributed business has covered 28 provinces (regions, municipalities) and over 1,100 districts/counties, with the capability to design and develop 3-5GW of household photovoltaic power stations annually [1]

Core Viewpoint - The photovoltaic industry is undergoing a significant adjustment towards quality and efficiency, with companies like Zhonglai Co., Ltd. focusing on reducing losses and enhancing technological capabilities amidst a complex external environment [1] Financial Performance - Zhonglai Co., Ltd. reported a revenue of approximately 3.3 billion yuan, a year-on-year increase of 7.25%, while the net profit attributable to shareholders was approximately -169 million yuan, a reduction in losses by 44.83% compared to the previous year [1] - The company's net profit after deducting non-recurring items was approximately -190 million yuan, reflecting a 43.45% reduction in losses year-on-year [1] Technological Advancements - Zhonglai Co., Ltd. is one of the earliest companies in China to achieve GW-level mass production of N-type TOPCon technology, continuously enhancing its "technology + market" dual-drive strategy [1] - The company achieved a laboratory research conversion efficiency of 26.99% for its 210-size TOPCon cells, with an average mass production testing efficiency exceeding 27% [3] - The average conversion efficiency of its modules is 23.14%, with first-year degradation not exceeding 1% and 25-year degradation not exceeding 10.6%, placing it among the industry's leaders [3] Product Development - Zhonglai Co., Ltd. has launched differentiated products in its backplane business, including FFC backplanes and transparent grid backplanes, enhancing insulation performance and reliability in extreme environments [2] - The company introduced a new N-type all-glass encapsulation solution that significantly improves module performance and production efficiency, achieving certifications for its robust characteristics [3] Market Position and Projects - The company successfully supported the integration of a 370,000 kW photovoltaic project in Xinjiang, showcasing its N-type high-efficiency modules and system design capabilities [4] - Zhonglai Co., Ltd. signed a contract for a 100 MW ecological solar energy demonstration project in Chongqing, further validating its components' adaptability in large ground power stations [4] Business Growth - The photovoltaic application business of Zhonglai Co., Ltd. saw a remarkable revenue growth of 56.86% year-on-year, primarily driven by its household distributed business [5] - The company has developed a complete business model for household distributed solar power, covering over 28 provinces and managing more than 230,000 household solar power stations [5] Industry Outlook - The photovoltaic industry is expected to enter a critical period of capacity clearing and technological iteration in the second half of 2025, with policies promoting high-quality development favoring leading companies with technological barriers [6] - Zhonglai Co., Ltd.'s technological accumulation and market expansion advantages are anticipated to become more pronounced, supported by collaboration with its major shareholder, Zhejiang Energy [6]

Core Viewpoint - The photovoltaic industry is undergoing a significant adjustment towards quality and efficiency, with companies like Zhonglai Co., Ltd. focusing on reducing losses and enhancing technological capabilities amidst a complex external environment [1] Group 1: Financial Performance - Zhonglai Co., Ltd. reported a revenue of approximately 3.3 billion yuan, a year-on-year increase of 7.25%, while the net profit attributable to shareholders was approximately -169 million yuan, a reduction in losses by 44.83% compared to the previous year [1] - The company's non-recurring net profit was approximately -190 million yuan, reflecting a 43.45% reduction in losses year-on-year [1] Group 2: Technological Advancements - Zhonglai Co., Ltd. is one of the earliest companies in China to achieve GW-level mass production of N-type TOPCon technology, continuously enhancing its "technology + market" dual-drive strategy [1] - The company achieved a laboratory research conversion efficiency of 26.99% for its 210-size TOPCon cells, with an average mass production testing efficiency exceeding 27% [3] - The average conversion efficiency of its modules reached 23.14%, with first-year degradation not exceeding 1% and 25-year degradation not exceeding 10.6%, placing it among the industry's leaders [3] Group 3: Market Position and Product Development - Zhonglai Co., Ltd. has maintained its leading position in the photovoltaic backsheet business, with cumulative shipments exceeding 290 GW [2] - The company has introduced differentiated products such as FFC backsheets and transparent grid backsheets, enhancing reliability in extreme environments and achieving cost reductions through material optimization [2] - The N-type components have strengthened the company's market competitiveness, successfully supporting the integration of a 370,000 kW photovoltaic project in Xinjiang, showcasing the components' performance in extreme weather conditions [4] Group 4: Business Growth and Expansion - The photovoltaic application business of Zhonglai Co., Ltd. saw a significant revenue increase of 56.86% year-on-year, primarily driven by distributed household projects [5] - The company has developed a complete business model for distributed household projects, covering over 28 provinces and managing more than 230,000 household photovoltaic stations [5] - Recent innovations include the "Zhonglai NIWA balcony photovoltaic series" and "homestay photovoltaic thermal 24h green electricity system," expanding application scenarios and creating an integrated business ecosystem [5] Group 5: Future Outlook - The photovoltaic industry is expected to face a critical period of capacity clearing and technological iteration in the second half of 2025, with policies promoting high-quality development favoring leading companies with technological barriers [6] - Zhonglai Co., Ltd.'s technological accumulation and market expansion advantages are anticipated to become more pronounced, supported by collaboration with its major shareholder, Zhejiang Energy [6]

Core Viewpoint - The company, Jiangsu Lanfeng Bio-chemical Co., Ltd., reported a net loss of approximately 25.25 million yuan for the year 2024, while its revenue increased by 2.96% to approximately 179.31 million yuan, indicating a challenging operational environment due to industry pressures and competitive pricing in the photovoltaic sector [4][10][30]. Financial Performance - The company achieved a total revenue of 179,314.10 thousand yuan in 2024, marking a 2.96% increase compared to the previous year [4]. - The net profit attributable to shareholders was -25,250.08 thousand yuan, which represents a reduction in losses by 7,975.97 thousand yuan compared to the previous year [4]. - Total assets at the end of the reporting period were 341,883.42 thousand yuan, a 0.57% increase year-on-year, while total liabilities decreased by 1.36% to 310,625.48 thousand yuan [4]. - The equity attributable to shareholders increased by 29.01% to 3,253.69 thousand yuan [4]. Business Segments - The company operates primarily in two segments: agrochemical and photovoltaic new energy [4]. - In the agrochemical sector, the company focuses on the research, production, and sales of efficient, low-toxicity pesticides, fungicides, and herbicides, maintaining its market position despite industry challenges [5]. - In the photovoltaic sector, the company is advancing its N-type TOPCon technology to enhance battery efficiency and expand its market presence, although it faces significant pressure from declining product prices and increased competition [7]. Profit Distribution Plan - The company plans not to distribute cash dividends, issue bonus shares, or increase capital reserves due to negative retained earnings and a net loss for the year [10][12]. - The board believes that this decision aligns with the company's operational performance and future development strategy, ensuring sufficient funds for ongoing operations and projects [10][12]. Audit and Compliance - The company has proposed to reappoint Gongzheng Tianye Accounting Firm as its auditor for the year 2025, following a satisfactory performance in the previous audit [14][26]. - The audit firm has a strong track record and is deemed capable of meeting the company's auditing needs [15][25]. Financing and Guarantees - The company intends to apply for a comprehensive credit limit of up to 3 billion yuan from financial institutions for operational needs, with certain directors providing guarantees without charging fees [31][35]. - This financing strategy is aimed at supporting the company's strategic goals and ensuring operational continuity [36][40].