Core Insights - The photovoltaic industry has shown significant improvement in Q3 2025, with many companies turning losses into profits, indicating a positive trend that is expected to continue [1][22] - The future evolution of the photovoltaic industry is determined by "storage capacity" for mid-term valuation and the integration of AI in data centers for long-term success [1][23] Industry Overview 1. Silicon Material - GCL-Poly's Q3 profit from photovoltaic materials reached approximately 960 million yuan, a significant recovery from a loss of 1.81 billion yuan in the same period last year [2] - Tongwei and Daqo New Energy also reported substantial improvements, with Daqo achieving a profit of 73 million yuan in Q3 [2] - The silicon material sector has seen a price surge, with futures prices rising from 30,000 yuan/ton in Q2 to 58,000 yuan/ton in Q3, indicating a strong recovery [2][4] 2. Silicon Wafer - Second-tier silicon wafer companies like Hongyuan Green Energy and Shuangliang Energy have turned profitable, with Hongyuan reporting a profit of 500 million yuan in Q3 [7] - Longi Green Energy has also shown a notable reduction in losses, approaching breakeven [8] 3. Battery Components - Battery component manufacturers, including Longi, Jinko, Trina, and Tongwei, have reported improvements, except for JA Solar, which saw a decline in Q3 performance [10] 4. Inverters - Most inverter companies have experienced profit growth, driven by the expanding energy storage market, with Sungrow reporting a net profit of 11.8 billion yuan [14] - However, companies like Hemai and YN Energy faced losses due to weak demand in the European residential market [12][14] 5. Auxiliary Materials - The auxiliary materials sector, particularly the film industry, faced a challenging period in Q3, but prices have started to recover, indicating a potential turnaround [15][16] - Foster's overseas market share has increased significantly, contributing to its revenue growth [16] 6. Photovoltaic Equipment - Overall profits in the photovoltaic equipment sector are declining, but many companies still maintain good profitability [18] - Companies like Jiejia Weichuang and Maiwei are actively expanding into overseas markets, which is becoming a new growth point [19] Key Recognitions from Q3 Reports - The darkest period for the photovoltaic industry appears to be over, with most companies showing improved performance [22] - The demand for energy storage has exceeded expectations, with significant growth projected for the global storage market [23][25] - The residential market is showing signs of weakness, prompting companies to shift focus towards commercial markets [26][27] - Leading companies are beginning to demonstrate robust operational performance, indicating a shift towards a more competitive landscape [28][29] - New technologies that align with the AI era are expected to gain traction, enhancing the commercial value of photovoltaic products [31]

Core Viewpoint - YN Technology's stock rose by 5.34% on November 5, reaching a price of 57.19 CNY per share, with a trading volume of 1.44 billion CNY and a turnover rate of 1.67%, resulting in a total market capitalization of 8.938 billion CNY [1] Company Overview - YN Technology Co., Ltd. is located in Jiaxing, Zhejiang Province, established on March 24, 2010, and listed on June 8, 2022. The company specializes in the research, production, and sales of component-level power electronic devices in distributed photovoltaic power generation systems [1] - The revenue composition of YN Technology includes: micro-inverters and energy communication products (54.95%), commercial and industrial energy storage systems (29.14%), intelligent control disconnectors (8.94%), others (3.89%), and household energy storage products (3.06%) [1] Fund Holdings - According to data from major funds, Dachen Fund has a significant holding in YN Technology. The Dachen Fengxiang Return Mixed A Fund (009653) held 13,600 shares in the third quarter, accounting for 0.49% of the fund's net value, ranking as the seventh largest holding. The estimated floating profit for today is approximately 39,400 CNY [2] - The Dachen Fengxiang Return Mixed A Fund was established on November 18, 2020, with a latest scale of 36.7892 million CNY. Year-to-date returns are 4.76%, ranking 6802 out of 8150 in its category; the one-year return is 7.1%, ranking 6246 out of 8043; and since inception, the return is 16.52% [2] Fund Manager Profile - The fund manager of Dachen Fengxiang Return Mixed A Fund is Su Bingyi, who has a cumulative tenure of 13 years and 274 days. The total asset scale of the fund is 1.9 billion CNY, with the best fund return during his tenure being 251.69% and the worst being -71.74% [3]

Group 1 - The company has established a special account for the storage of raised funds and signed a tripartite supervision agreement with the sponsor and the bank [2][3] - The total amount raised from the initial public offering (IPO) was RMB 326 million, with a net amount of RMB 303.7 million after deducting issuance costs [2] - The special account will be used exclusively for the storage and use of over-raised funds, ensuring compliance with relevant regulations [3][4] Group 2 - The tripartite supervision agreement was signed on November 3, 2025, to regulate the management and use of raised funds [3][5] - The agreement stipulates that the sponsor has the right to supervise the use of funds and can conduct on-site investigations [5][6] - The bank is required to provide monthly account statements and notify the sponsor of any significant withdrawals from the special account [6][7]

证券代码：688348 证券简称：昱能科技 公告编号：2025-041 昱能科技股份有限公司 关于新增募集资金专户并签订募集资金专户存储三方监 管协议的公告 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。 一、 募集资金基本情况 经中国证券监督管理委员会出具的《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），同意昱能科技股份有限 公司（以下简称"公司"）首次公开发行股票的注册申请，并经上海证券交易所 同意，公司首次向社会公众公开发行人民币普通股（A股）股票2,000万股，发行 价格为每股人民币163.00元，募集资金总额为人民币326,000.00万元，扣除发行 费用（不含增值税）人民币22,300.51万元后，实际募集资金净额为人民币 303,699.49万元。募集资金已于2022年6月2日全部到位，并经天健会计师事务所 （特殊普通合伙）审验，于2022年6月3日出具天健验[2022]第243号《验资报告》。 二、《募集资金专户存储三方监管协议》的签订情况和募集资金专户的开设情 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company experienced a slight decline in micro-inverter shipments in Q3, with overseas commercial storage and household storage becoming new growth drivers [8] - The revenue for Q3 2025 was approximately 292 million yuan, a year-on-year decrease of 53.98% and a quarter-on-quarter decrease of 36.61% [8] - The company is expected to see a revenue increase in Q4 2025, with an estimated total shipment of about 700,000 units for the year, reflecting a decline of 20-30% [8] - The energy storage business is anticipated to grow significantly, with domestic commercial storage revenue expected to reach approximately 500 million yuan in 2025, and overseas commercial storage projected to achieve 50 million yuan [8] Financial Summary - Total revenue forecast for 2023A is 1,420 million yuan, with a year-on-year growth of 6.11% [1] - The net profit attributable to the parent company for 2023A is projected at 220.22 million yuan, reflecting a year-on-year decrease of 38.92% [1] - The earnings per share (EPS) for 2023A is estimated at 1.41 yuan, with a price-to-earnings (P/E) ratio of 39.73 [1] - The company’s gross margin for Q3 2025 was 27.87%, showing a year-on-year decrease of 0.43 percentage points [8] - The operating cash flow for 2024A is projected at 653 million yuan [9]

Core Points - The company, YN Technology Co., Ltd., will hold a Q3 2025 earnings presentation on November 7, 2025, from 15:30 to 16:30 [2][4] - The presentation aims to provide investors with a comprehensive understanding of the company's Q3 2025 operational results and financial status [2][3] - The meeting will be conducted via online and telephone conference, allowing for interactive communication with investors [3][4] Meeting Details - The meeting is scheduled for November 7, 2025, from 15:30 to 16:30 [4] - It will take place on the Value Online platform (www.ir-online.cn) [4] - Key participants include Chairman Ling Zhimin, CFO Zhu Jialei, and IR Manager Xue Jingwen [4] Investor Engagement - Investors can submit questions until 12:00 on November 7, 2025, through the designated website [4] - Participation in the meeting is encouraged, with access available until 15:30 on the same day [4] - Contact information for the company's securities department is provided for further inquiries [5]

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2] Core Viewpoints - The "14th Five-Year Plan" emphasizes strong support for the development of the new energy industry, aiming to eliminate barriers to the construction of a unified national market and accelerate the establishment of a new energy system [4][35] - The report highlights the recent performance of the power equipment sector, which has outperformed the CSI 300 index, with a year-to-date increase of 46.13% [11][12] - The report suggests focusing on leading companies benefiting from the robust development of new energy storage technologies [40] Market Review - As of October 30, 2025, the power equipment sector has risen by 4.66% over the past two weeks, outperforming the CSI 300 index by 2.68 percentage points, ranking 3rd among 31 sectors [11] - The wind power equipment sector decreased by 0.30%, while the photovoltaic equipment sector increased by 5.86% [19] - The top three performing stocks in the power equipment sector over the past two weeks were Fangyuan Co., Tongguan Copper Foil, and Penghui Energy, with increases of 46.23%, 36.88%, and 35.39% respectively [20] Valuation and Industry Data - As of October 30, 2025, the price-to-earnings (PE) ratio for the power equipment sector is 34.61 times, with sub-sectors such as motors and batteries showing higher PE ratios of 62.48 and 35.09 respectively [24] - The report provides detailed valuation metrics for various sub-sectors, indicating significant variations in PE ratios compared to historical averages [24] Industry News - The report discusses the recent publication of the "14th Five-Year Plan" which aims to enhance the supply of new energy and promote the safe and orderly replacement of fossil energy [35] - It notes that in September 2025, the national electricity market transaction volume reached 573.2 billion kWh, a year-on-year increase of 9.8% [35] - The report also highlights the competitive bidding for new energy pricing mechanisms in Chongqing, with a total scale of 4.86 billion kWh for wind and photovoltaic projects [36] Company Announcements - The report includes financial performance updates from several companies, such as Guodian NARI and Mingyang Smart Energy, detailing their net profit changes for the first three quarters of 2025 [38]

Group 1 - The stock price of YN Technology (昱能科技) has declined by 2.98%, closing at 54.31 yuan, indicating that the stock is currently in a state of loss since its IPO [1] - YN Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 8, 2022, with an initial offering price of 163.00 yuan per share and issued 20 million shares [1] - The total amount raised from the IPO was 326 million yuan, with a net amount of 303.7 million yuan, which is 2.481 billion yuan more than originally planned [1] Group 2 - The company announced a cash dividend of 2.2 yuan per share and a capital reserve increase of 0.4 shares for every share held, totaling 176 million yuan in cash dividends and 32 million shares to be distributed [2] - The total share capital after the dividend distribution will be 112 million shares, with the record date set for June 20, 2023, and the ex-dividend date on June 21, 2023 [2] - A future dividend plan for June 27, 2024, includes a distribution of 10 yuan for every 10 shares and a capital increase of 4 shares for every 10 shares held, with the record date on July 2, 2024, and the ex-dividend date on July 3, 2024 [2]

证券代码：688348 证券简称：昱能科技 公告编号：2025-040 昱能科技股份有限公司 关于召开2025年第三季度业绩说明会的公告 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： 昱能科技股份有限公司（以下简称"公司"）于 2025 年 10 月 31 日发布公 司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三 季度经营成果、财务状况，公司计划于 2025 年 11 月 7 日下午 15:30-16:30 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络及电话会议方式召开，公司将针对 2025 年第三季 度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露 允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点和方式 会议召开时间：2025 年 11 月 7 日（星期五）15:30-16:30 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络及 ...

Core Insights - YN Technology (688348.SH) reported its Q3 2025 results on October 31, 2025, highlighting a total of 34.99 million A-shares held by 8 institutional investors, accounting for 22.39% of the company's total share capital [1] - The institutional holding percentage decreased by 1.27 percentage points compared to the previous quarter [1] Institutional Holdings - The institutional investors include Tian Tong Gao Xin Group Co., Ltd., Jiaxing Huineng Investment Management Partnership (Limited Partnership), Jiaxing Huiying Investment Management Partnership (Limited Partnership), Haining Industrial Investment Group Co., Ltd., Hangzhou Silan Holdings Co., Ltd., Hangzhou Huairui Jiayin Equity Investment Partnership (Limited Partnership), Tianhong Zhongzheng New Energy Index Enhanced A, and Dacheng Fengxiang Return Mixed A [1] - The number of newly disclosed public funds this quarter is 1, specifically Tianhong Zhongzheng New Energy Index Enhanced A [1] - A total of 85 public funds were not disclosed this quarter compared to the previous quarter, including Southern Zhongzheng 1000 ETF, Huaxia Zhongzheng 1000 ETF, GF Zhongzheng 1000 ETF, Penghua Sci-Tech Innovation Board New Energy ETF, and Fortune Zhongzheng 1000 ETF [1]