Core Viewpoint - The enthusiasm for perovskite technology among companies stems from the realization that investments in crystalline silicon are often unprofitable, while the photovoltaic market presents significant opportunities, making perovskite the "only choice" [1][4]. Industry Trends - In the past three years, major photovoltaic companies and energy firms have entered the perovskite sector, with expectations for mass production to begin in 2025 [7]. - Companies like GCL-Poly and several startups are building gigawatt-level production lines, indicating a strong commitment to perovskite technology [3][8][9]. - Leading crystalline silicon manufacturers, including LONGi Green Energy and Trina Solar, have also invested in perovskite-silicon tandem cell research, with some already establishing hundred-megawatt production lines [10]. Market Space - Many domestic perovskite companies are targeting applications in areas like streetlights and carports, aiming to penetrate markets that crystalline silicon cannot easily cover [14]. - GCL-Poly has opted to replace crystalline silicon components directly in photovoltaic power plants, indicating a strategic focus on larger-scale applications [15]. - The efficiency of perovskite-silicon tandem cells is projected to reach up to 43%, significantly higher than current crystalline silicon efficiencies, which have not surpassed 26% [18][10]. Technological Complexity - Perovskite technology is considered more complex than crystalline silicon, which may delay the onset of competitive "involution" seen in the crystalline silicon market [5][24]. - The production of perovskite involves significant material innovations, requiring flexible manufacturing capabilities to adapt to new formulations [25][26]. - The transition from single-junction to tandem cells is crucial, as tandem cells can achieve higher efficiencies, but they also present additional technical challenges [28][29]. Future Outlook - The perovskite sector is expected to evolve significantly over the next decade, with the potential for substantial growth and innovation, unlike the stagnation seen in the crystalline silicon market [31].

Core Viewpoint - The article emphasizes the importance of investor engagement and communication with listed companies, particularly focusing on Jinko Power Technology Co., Ltd. (Jinko Technology) as part of the "I am a Shareholder" initiative by the Shanghai Stock Exchange [1][3]. Group 1: Company Overview - Jinko Technology is a leading clean energy supplier and service provider, focusing on three main sectors: photovoltaic power station development, power station services, and energy services [7][10]. - As of December 31, 2024, the company has total assets exceeding 425 billion yuan and a self-owned power station installed capacity of over 6.4 GW, ranking among the industry leaders [10][17]. - The company has established photovoltaic power stations across 27 provinces in China and has a domestic project reserve capacity of over 30 GW, with an overseas power station capacity of 3.4 GW [17]. Group 2: Investor Engagement Activities - The "I am a Shareholder" event organized by the Shanghai Stock Exchange and Shenwan Hongyuan Securities allowed investors to visit Jinko Technology, providing them with insights into the company's operations and management [3][12]. - During the event, investors toured the company's data display center and production facilities, gaining a detailed understanding of Jinko's development history and industry overview [5][10]. Group 3: Future Development and Strategy - Jinko Technology aims to enhance its core competitive advantages by focusing on both centralized and distributed business development, while also exploring investment opportunities in commercial, residential, and energy storage projects [10][12]. - The company plans to maintain a "light asset" operation strategy to accelerate capital turnover and increase the scale of power station transfers, while also investing heavily in comprehensive energy services [10][12]. - Jinko Technology is transitioning from a clean energy investor to a clean energy service provider, leveraging its global resource integration capabilities to mitigate operational risks [10][12]. Group 4: Industry Insights - A senior analyst from Shenwan Hongyuan Research Institute provided insights into the electricity industry, discussing the latest developments, core enterprise operations, and investment value, which received positive feedback from investors [11][12]. - The company is optimistic about the industry's recovery, citing supportive government policies and measures that are expected to positively impact performance [15].

Group 1 - The company will suspend the conversion of its convertible bonds "Jinko Convertible Bonds" from June 26, 2025, until the first trading day after the equity distribution registration date [1][2] - The profit distribution plan for 2024 includes a cash dividend of 0.0279 yuan per share (including tax) to all shareholders, excluding the company's repurchased shares [1][2] - The company will adjust the conversion price of "Jinko Convertible Bonds" according to the terms outlined in the bond issuance prospectus after the implementation of the profit distribution plan [2] Group 2 - The company will publish the implementation announcement of the profit distribution and the adjustment of the conversion price for "Jinko Convertible Bonds" on June 27, 2025 [2] - Holders of "Jinko Convertible Bonds" wishing to receive the dividend must convert their bonds by June 25, 2025 [2][3]

| 证券代码：601778 | 证券简称：晶科科技 | 公告编号：2025-073 | | --- | --- | --- | | 转债代码：113048 | 转债简称：晶科转债 | | 晶科电力科技股份有限公司 关于"晶科转债"可选择回售的第九次提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: "晶科转债"持有人可回售部分或全部未转股的可转换公司债券。"晶科转 债"持有人有权选择是否进行回售，本次回售不具有强制性。 风险提示：如可转债持有人选择回售，则等同于以 100.27 元人民币/张 （含当期利息）卖出持有的"晶科转债"。截至本公告发出前的最后一个交易日， "晶科转债"的收盘价格高于本次回售价格，可转债持有人选择回售可能会带来 损失，敬请关注选择回售的投资风险。 本次满足回售条款而"晶科转债"持有人未在上述回售期内申报并实施回 售的，本计息年度即 2025 年 4 月 23 日至 2026 年 4 月 22 日不能再行使回售权。 晶科电力科技股份有限公司（以下简称"公司"）的股票自2025年4月 ...

| 证券代码：601778 | 证券简称：晶科科技 公告编号：2025-074 | | --- | --- | | 转债代码：113048 | 转债简称：晶科转债 | 证券停复牌情况：适用 因实施 2024 年年度权益分派,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113048 | 晶科转债 | 可转债转股停牌 | 2025/6/26 | | | | 权益分派公告前一交易日（2025 年 6 月 26 日）至权益分派股权登记日期间， 公司可转换公司债券"晶科转债"将停止转股，股权登记日后的第一个交易日起"晶 科转债"恢复转股。 一、本次权益分派方案的基本情况 2025 年 4 月 16 日，晶科电力科技股份有限公司（以下简称"公司"）召开第三 届董事会第二十三次会议，审议通过了《关于 2024 年度利润分配预案的议案》， 公司 2024 年度利润分配方案为：以实施权益分派股权登记日的总股本扣除公司回 购股份的余额为基数，向 ...

Group 1 - The core viewpoint of the announcement is that the credit rating for Jinko Power Technology Co., Ltd.'s convertible bonds remains unchanged at AA, with a stable outlook [1][2] - The previous credit rating for the company and its convertible bonds was also AA, indicating consistency in the company's creditworthiness [1][2] - The tracking credit rating was conducted by United Ratings Co., Ltd., based on a comprehensive analysis of the company's operational status and related industry conditions [2] Group 2 - The announcement confirms that the tracking rating report was issued on June 17, 2025, and is available on the Shanghai Stock Exchange website [2] - The company issued the convertible bonds on April 23, 2021, and the previous rating was conducted on May 28, 2024 [1][2] - The announcement emphasizes the board's responsibility for the accuracy and completeness of the information provided [1]

Company Overview - Jinko Power Technology Co., Ltd. maintains a long-term credit rating of AA with a stable outlook for both the company and its convertible bonds [1][4] - The company has a strong competitive advantage in business operations, photovoltaic power station installed capacity, and distribution areas [4][5] Financial Performance - In 2024, the company achieved a total operating revenue of 4.775 billion yuan, a year-on-year increase of 9.25% [6][8] - The operating cash flow turned positive, increasing from -598 million yuan in 2023 to 1.045 billion yuan in 2024 [6][8] - The average on-grid electricity price decreased by 0.09 yuan/kWh to 0.49 yuan/kWh in 2024 [6][21] Operational Highlights - The company added a total of 1,879 MW of new grid-connected capacity in 2024, with a total installed capacity of 6.448 billion MW, representing a growth of 20.32% year-on-year [6][20] - The company’s photovoltaic power generation increased by 28% to 6.714 billion kWh in 2024 [6][21] - The company has diversified its energy services, including energy storage and electricity sales, with significant growth in green electricity trading [15][24] Industry Context - The photovoltaic industry is facing increased competition and challenges due to rising installed capacity and limited grid absorption capacity [10][11] - The transition to a market-oriented pricing system for renewable energy is expected to introduce greater uncertainty in electricity pricing, impacting profitability [21][22] - The overall power supply in China is projected to remain tight, with a shift towards clean energy investments [10][11] Debt and Credit Risk - The company has a manageable debt burden, with a total debt of 22.596 billion yuan as of March 2025 [8][9] - The convertible bonds have a low probability of default, supported by strong cash flow and debt service coverage [5][8] - The company’s receivables from electricity subsidies remain high, impacting liquidity [7][8]

"晶科转债"持有人可回售部分或全部未转股的可转换公司债券。"晶科转 债"持有人有权选择是否进行回售，本次回售不具有强制性。 风险提示：如可转债持有人选择回售，则等同于以 100.27 元人民币/张 （含当期利息）卖出持有的"晶科转债"。截至本公告发出前的最后一个交易日， "晶科转债"的收盘价格高于本次回售价格，可转债持有人选择回售可能会带来 损失，敬请关注选择回售的投资风险。 | 证券代码：601778 | 证券简称：晶科科技 | 公告编号：2025-072 | | --- | --- | --- | | 转债代码：113048 | 转债简称：晶科转债 | | 晶科电力科技股份有限公司 关于"晶科转债"可选择回售的第八次提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 本次满足回售条款而"晶科转债"持有人未在上述回售期内申报并实施回 售的，本计息年度即 2025 年 4 月 23 日至 2026 年 4 月 22 日不能再行使回售权。 晶科电力科技股份有限公司（以下简称"公司"）的股票自2025年4月 ...

| 证券代码：601778 | 证券简称：晶科科技 | 公告编号：2025-071 | | --- | --- | --- | | 转债代码：113048 | 转债简称：晶科转债 | | 晶科电力科技股份有限公司 关于"晶科转债"可选择回售的第七次提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: "晶科转债"持有人可回售部分或全部未转股的可转换公司债券。"晶科转 债"持有人有权选择是否进行回售，本次回售不具有强制性。 风险提示：如可转债持有人选择回售，则等同于以 100.27 元人民币/张 （含当期利息）卖出持有的"晶科转债"。截至本公告发出前的最后一个交易日， "晶科转债"的收盘价格高于本次回售价格，可转债持有人选择回售可能会带来 损失，敬请关注选择回售的投资风险。 本次满足回售条款而"晶科转债"持有人未在上述回售期内申报并实施回 售的，本计息年度即 2025 年 4 月 23 日至 2026 年 4 月 22 日不能再行使回售权。 晶科电力科技股份有限公司（以下简称"公司"）的股票自2025年4月 ...

| 证券代码：601778 | 证券简称：晶科科技 | 公告编号：2025-069 | | --- | --- | --- | | 转债代码：113048 | 转债简称：晶科转债 | | 晶科电力科技股份有限公司 关于"晶科转债"可选择回售的第六次提示性公告 （一）有条件回售条款 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: "晶科转债"持有人可回售部分或全部未转股的可转换公司债券。"晶科转 债"持有人有权选择是否进行回售，本次回售不具有强制性。 风险提示：如可转债持有人选择回售，则等同于以 100.27 元人民币/张 （含当期利息）卖出持有的"晶科转债"。截至本公告发出前的最后一个交易日， "晶科转债"的收盘价格高于本次回售价格，可转债持有人选择回售可能会带来 损失，敬请关注选择回售的投资风险。 本次满足回售条款而"晶科转债"持有人未在上述回售期内申报并实施回 售的，本计息年度即 2025 年 4 月 23 日至 2026 年 4 月 22 日不能再行使回售权。 晶科电力科技股份有限公司（以下简称"公司"） ...