证券代码：688348 证券简称：昱能科技 公告编号：2025-024 昱能科技股份有限公司 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、准确性和完整性依法承担法律责任。 重要内容提示： （二）公司于 2023 年 4 月 25 日召开第一届董事会二十次会议、第一届监事 会十二次会议审议通过了《关于 2022 年度利润分配及资本公积转增股本预案的议 案》，以实施权益分派股权登记日登记的总股本 80,000,000 股为基数，向全体股 东每 10 股派发现金红利 22 元（含税），每 10 股以资本公积金转增 4 股。2023 年 本次拟解除限售股份由 38,617,526 股转增为 54,064,537 股。 （三）公司于 2024 年 4 月 22 日召开第二届董事会八次会议、第二届监事会 七次会议审议通过了《关于 2023 年度利润分配及资本公积转增股本预案的议案》， 以实施权益分派股权登记日登记的总股本 112,000,000 股，扣除公司回购专用证 券账户中股份数 1,306,412 股后的股本 110,693,588 股为基数。向全体股东每 ...

首次公开发行部分限售股股票上市流通的核查意见 东方证券股份有限公司（以下简称"保荐机构"）作为昱能科技股份有限公 司（以下简称"公司"、"昱能科技"）首次公开发行股票并在科创板上市持续督 导保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板 股票上市规则》《科创板上市公司持续监管办法（试行）》《上海证券交易所科创 板上市公司自律监管指引第 1 号——规范运作》等有关规定，对昱能科技首次公 开发行部分限售股股票上市流通的事项进行了审慎核查，核查情况及核查意见如 下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2022 年 4 月 12 日出具的《关于同意昱能科技股份有限公司首次公开发行股票注册的批复》（证 监许可[2022]681 号），同意公司首次公开发行股票的注册申请。公司首次向社会 公众公开发行人民币普通股（A 股）股票 20,000,000 股，并于 2022 年 6 月 8 日 在上海证券交易所科创板上市，发行完成后总股本为 80,000,000 股，其中有限售 条件流通股 61,761,450 股，无限售条件流通股 18,238,550 ...

证券代码：688348 证券简称：昱能科技 公告编号：2025-024 昱能科技股份有限公司 首次公开发行部分限售股股票上市公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 75,690,352股。 二、本次上市流通的限售股形成后至今公司股本数量变化情况 （一）公司首次公开发行 A 股股票完成后总股本为 80,000,000 股，其中有限 售条件流通股 61,761,450 股，无限售条件流通股 18,238,550 股。 （二）公司于 2023 年 4 月 25 日召开第一届董事会二十次会议、第一届监事 会十二次会议审议通过了《关于 2022 年度利润分配及资本公积转增股本预案的议 案》，以实施权益分派股权登记日登记的总股本 80,000,000 股为基数，向全体股 东每 10 股派发现金红利 22 元（含税），每 10 股以资本公积金转增 4 股。2023 年 5 月 22 日，公司召开 2022 年年度股东大会，审议通过上述议案并于 ...

Core Viewpoint - The report from CICC indicates that inverter exports have shown a month-on-month increase in April, with significant growth in exports to Europe, particularly Germany and the Netherlands, while also highlighting the recovery in demand from Eastern Europe [1][2]. Export Data Summary - In April, inverter exports to Europe increased, with Germany's exports at $0.94 billion, up 167% year-on-year and 48% month-on-month, and the Netherlands at $1.62 billion, flat year-on-year but up 63% month-on-month [2]. - Exports to Eastern Europe showed rapid growth, with Czech Republic exports at $0.17 billion, up 96% year-on-year and 200% month-on-month [2]. - In the Americas, exports to the U.S. were $0.2 billion, down 11% year-on-year and 18% month-on-month, primarily due to tariff policy fluctuations, while exports to Brazil were $0.4 billion, down 42% year-on-year and 13% month-on-month [2]. - Emerging markets showed mixed results, with India at $0.4 billion, down 2% year-on-year and 16% month-on-month, while Pakistan's exports were $0.5 billion, up 2% year-on-year and 25% month-on-month, and Vietnam at $0.1 billion, up 58% year-on-year and 2% month-on-month [2]. Regional Export Performance - All provinces in China reported month-on-month increases in export amounts in April, indicating a positive demand outlook [3]. - Jiangsu's exports were $1.02 billion, up 12% year-on-year and 24% month-on-month; Zhejiang's exports were $1.95 billion, up 22% year-on-month and 23% month-on-month; Guangdong's exports were $2.87 billion, up 3% year-on-year and 25% month-on-month [3]. - Jiangsu and Zhejiang, focusing on household inverters, showed larger month-on-month increases compared to provinces exporting larger inverters, with expectations for continued growth in May and June [3]. Price Trends - The average export price per unit of inverters increased in April, driven by a higher proportion of commercial storage products, which typically have larger power ratings [4]. - Domestic prices for grid-connected inverters remained stable from March to April, with prices for 20KW, 50KW, and 110KW inverters at 0.14, 0.13, and 0.12 yuan/W respectively [4]. Investment Recommendations - The expectation is for inverter companies to achieve month-on-month growth in shipments in Q2, with a focus on companies with lower exposure to the U.S. market and higher shares in Europe and emerging markets [5]. - Recommended companies include YN Technology (688348.SH) and Jinlang Technology (300763.SZ), with related stocks including Deye Co., Ltd. (605117.SH) and GoodWe (683901.SH) [5].

Core Viewpoint - Jiaxing City is advancing the construction of a strong manufacturing innovation city by focusing on the high-end, intelligent, and green development paths, establishing a modern industrial structure through the "135N" advanced manufacturing cluster system [1][14]. Group 1: New Quality Productive Forces - New Quality Productive Forces, introduced by President Xi Jinping, emphasize innovation as the main driving force, characterized by high technology, efficiency, and quality, aligning with the new development concept [2]. - This concept is crucial for promoting high-quality economic development and constructing a modern industrial system [2]. Group 2: Economic Performance of Jiaxing City - Jiaxing's GDP reached 756.95 billion yuan in 2024, with a year-on-year growth of 5.6%, surpassing the national average [4]. - The industrial structure is optimized, with the primary, secondary, and tertiary industries contributing 2.0%, 49.5%, and 48.5% respectively [4]. Group 3: Industrial Development and Innovation - Jiaxing has implemented a strong manufacturing strategy, achieving a 6.5% year-on-year increase in industrial added value, contributing 45.2% to economic growth [6]. - In 2024, 24 out of 33 major industrial sectors experienced growth, with advanced manufacturing sectors like electrical machinery and equipment manufacturing showing significant increases of 19.8% and 17.7% respectively [7]. Group 4: Technological Innovation and Intellectual Property - Jiaxing saw a total of 39,500 patent authorizations in 2024, with a notable 5,953 invention patents, marking a 22.2% increase [9]. - The city has recognized 579 new national high-tech enterprises, bringing the total to 4,509, and 1,500 new provincial technology-based SMEs, totaling 10,694 [9]. Group 5: Policy Framework for New Quality Productive Forces - The "New Quality Productive Forces" strategy was included in the State Council's work report, guiding the construction of a modern industrial system [11]. - Jiaxing has established a "1+N" policy system to support the development of new quality productive forces, with various policies targeting emerging industries and traditional industry upgrades [11]. Group 6: Modern Industrial System - Jiaxing's modern industrial system is supported by three major industries: chemical new materials, intelligent photovoltaics, and high-end equipment, with emerging industries like integrated circuits and hydrogen energy as growth drivers [22]. - The city aims to create a significant impact in the Yangtze River Delta region through its advanced manufacturing clusters [14][15]. Group 7: Future Development Trends - Jiaxing is expected to see a rise in strategic emerging industries, with a target of over 45% by 2027, and aims to establish 2-3 globally leading technology standard clusters [26]. - The city plans to enhance digital transformation, with 80% of large-scale enterprises expected to complete intelligent upgrades [27].

Core Viewpoint - The company is experiencing fluctuations in stock price and is focusing on expanding its overseas business while managing inventory levels and enhancing its technological capabilities [1][2][4][5]. Group 1: Stock Performance - As of May 23, 2025, the stock price of YN Technology (688348) closed at 40.18 yuan, down 3.25% from the previous week [1]. - The company's current market capitalization is 6.279 billion yuan, ranking 39th in the photovoltaic equipment sector and 2345th in the A-share market [1]. Group 2: Business Focus and Strategy - The company aims to maintain its domestic industrial storage business at last year's levels, focusing on benchmark projects to drive subsequent operations and maintenance services [2]. - The emphasis on overseas markets for industrial storage has led to preparations for shipping some overseas orders, with increased demand in Europe due to power outages [2]. - The company has multiple micro-inverter product series utilizing gallium nitride technology and has invested in a leading enterprise in the gallium nitride field [2][3]. Group 3: Financial Performance - For the fiscal year 2024, the company reported a revenue of 1.771 billion yuan, a year-on-year increase of 24.70%, while the net profit attributable to shareholders was 140 million yuan, a decrease of 36.41% [4][5]. - The company plans to distribute a cash dividend of 4 yuan per 10 shares, totaling approximately 61.81 million yuan [5]. Group 4: Project Developments - The Nanjing National Expo Center 25MW project, which is the largest distributed photovoltaic power generation project using micro-inverters in China, was connected to the grid in April 2025, expected to generate an annual economic benefit of 10 million yuan [2][6].

昱能科技股份有限公司 2024 年年度股东大会会议资料 证券代码：688348 证券简称：昱能科技 昱能科技股份有限公司 2024 年年度股东大会 会议材料 2025 年 5 月 昱能科技股份有限公司 2024 年年度股东大会资料 目 录 | 2024 年年度股东大会须知 | 2 | | | --- | --- | --- | | 2024 年年度股东大会会议议程 | 4 | | | 2024 年年度股东大会会议议案 | 6 | | | 议案一：关于 2024 | 年度董事会工作报告的议案 | 6 | | 议案二：关于 2024 | 年度监事会工作报告的议案 | 7 | | 议案三：关于 2024 | 年度独立董事述职报告的议案 | 8 | | 议案四：关于 2024 | 年度财务决算报告的议案 | 9 | | 议案五：关于 2024 | 年年度报告及其摘要的议案 | 10 | | 议案六：关于 2024 | 年度利润分配预案的议案 | 11 | | 议案七：关于续聘会计师事务所的议案 | | 14 | | 议案八：关于 2025 | 年度董事薪酬方案的议案 | 17 | | 议案九：关于 2025 | 年度 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 1.771 billion yuan for 2024, representing a year-on-year growth of 25%. However, the net profit attributable to shareholders decreased by 36% to 140 million yuan. In Q4 2024, revenue fell to 238 million yuan, down 47% year-on-year and 63% quarter-on-quarter, with a net loss of 9 million yuan [2][4]. - For Q1 2025, the company achieved a revenue of 191 million yuan, a decline of 55% year-on-year, while the net profit was 29 million yuan, down 28% year-on-year [2][4]. - The company’s micro-inverter and energy communication products sold 960,000 units in 2024, a slight decrease of 2% year-on-year, with European revenue accounting for 62% of total sales [10]. - The gross margin for micro-inverter and energy communication products was 38.4%, maintaining a good level, while the inventory at year-end was 1.09 million units, a decrease of 21% from the previous year [10]. - The company’s energy storage business generated revenue of 540 million yuan in 2024, with a gross margin of 13.3%, showing significant growth [10]. - The company expects a profit of over 300 million yuan for 2025, with a stable outlook for micro-inverter demand and potential growth in the energy storage sector [10]. Financial Summary - In 2024, total revenue was 1.771 billion yuan, with a gross profit of 548 million yuan, resulting in a gross margin of 31% [13]. - The company’s operating profit for 2024 was 183 million yuan, with a net profit of 145 million yuan, translating to an EPS of 0.90 yuan [13]. - The projected revenue for 2025 is 2.061 billion yuan, with an expected net profit of 314 million yuan and an EPS of 2.01 yuan [13].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 1.771 billion yuan in 2024, representing a year-on-year growth of 25%. However, the net profit attributable to shareholders was 140 million yuan, a decrease of 36% year-on-year. In Q4 2024, revenue dropped to 238 million yuan, down 47% year-on-year and 63% quarter-on-quarter, with a net profit of -9 million yuan, reflecting a 124% year-on-year decline [2][4]. - For Q1 2025, the company achieved a revenue of 191 million yuan, a decline of 55% year-on-year, with a net profit of 29 million yuan, down 28% year-on-year [2][4]. Summary by Sections Financial Performance - In 2024, the company sold 960,000 units of micro-inverters and energy communication products, a decrease of 2% year-on-year. The gross margin for these products was 38.4%, maintaining a good level. The inventory at the end of 2024 was 1.09 million units, a reduction of 21% compared to the previous year [10]. - The company's industrial storage business generated a revenue of 540 million yuan in 2024, with a gross margin of 13.3%, showing significant growth. The revenue from smart control circuit breakers was 190 million yuan, up 15% year-on-year, with a gross margin of 45.8%, an increase of 9.1 percentage points [10]. - For Q1 2025, the company expects a decline in micro-inverter sales year-on-year, but a relatively stable performance quarter-on-quarter, primarily due to subdued grid connection demand in the European market. The gross margin for micro-inverters is expected to improve [10]. Market Outlook - The demand for micro-inverters is expected to stabilize, with a potential increase in shipments in Q2 2025, supported by recent power outages in Southern Europe that may boost demand. The industrial storage business is anticipated to develop steadily after last year's explosive growth, with efforts to expand into overseas markets likely to enhance profitability [10]. - The company is projected to achieve a profit of over 300 million yuan in 2025 [10].

（二）保荐代表人 潘金亮、王震 东方证券股份有限公司 关于昱能科技股份有限公司 2024年度持续督导工作现场检查报告 根据《上海证券交易所科创板股票上市规则》和《上海证券交易所上市公司自 律监管指引第 11 号——持续督导》等有关法律法规的规定，东方证券股份有限公司 （以下简称"东方证券"或"保荐机构"）作为正在履行昱能科技股份有限公司（以 下简称"昱能科技"或"公司"）持续督导工作的保荐机构，对公司 2024 年度（以 下简称"本持续督导期间"）规范运作情况进行了现场检查，现就现场检查的有关情 况报告如下： 一、本次现场检查的基本情况 （一）保荐机构 东方证券股份有限公司 （三）现场检查时间 2025 年 4 月 24 日-2025 年 4 月 25 日 （四）现场检查人员 潘金亮、王震、龚昕烨 （五）现场检查内容 公司治理和内部控制情况、信息披露情况、独立性情况、与控股股东、实际控 制人及其他关联方资金往来情况、募集资金使用情况、关联交易、对外担保、重大 对外投资、公司经营情况等。 （六）现场检查手段 1、查看公司主要生产经营场所和募投项目现场； 2、访谈公司高级管理人员等相关人员； 1 3、查阅公司财务 ...