重要内容提示： | 回购方案首次披露日 | 2024/6/26 | | --- | --- | | 回购方案实施期限 | 2024/6/25~2025/6/24 | | 预计回购金额 | 100,000 万元~120,000 万元 | | 回购用途 | □减少注册资本 □用于员工持股计划或股权激励 | | | √用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 12,976,405 股 | | 累计已回购股数占总股本比例 | 0.60% | | 累计已回购金额 | 21,558.910169 万元 | | 实际回购价格区间 | 15.82 元/股~24.91 元/股 | 一、 回购股份的基本情况 2024 年 6 月 25 日，公司召开第三届董事会第七次会议，审议通过了《关于以 集中竞价交易方式回购公司股份方案的议案》，同意公司以自有资金通过集中竞价 交易方式回购公司无限售条件的 A 股流通股。回购股份将用于转换公司发行的可 转换为股票的公司债券，回购价格不超过人民币 31.00 元/股（含），回购资金总 额不低于人民币 100,000 万元（含），不超过人民币 120, ...

| 证券代码：688599 | 证券简称：天合光能 | 公告编号： | 2024-105 | | --- | --- | --- | --- | | 转债代码：118031 | 转债简称：天 23 转债 | | | 天合光能股份有限公司 关于公司提供担保的进展公告 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： 担保发生时间：2024 年 11 月 1 日至 2024 年 11 月 30 日 被担保人名称：天合光能股份有限公司（以下简称"公司"）及其合并 报表范围内下属子公司 本期担保发生额：人民币 12.91 亿元 本次担保是否有反担保：是 被担保人中无公司关联方。 对外担保逾期的累计数量：公司无逾期对外担保情况 截至本公告披露日，公司及合并报表范围内下属子公司对外担保余额为 591.28 亿元，占公司最近一期经审计净资产的 187.58%，其中公司对合并报表范 围内下属子公司提供的担保余额为 567.28 亿元。 一、担保情况概述 （一）本期新增担保情况 为满足公司生产经营和流动资金周转需要，在确保运作 ...

Market Development - The photovoltaic module market has significant growth potential, although demand growth may slow as the market matures. The cost advantages of photovoltaic power will continue to highlight its importance in the global energy transition [3] - Trina Solar has diversified its business model beyond modules to include energy storage systems, distributed systems, and photovoltaic brackets, allowing for broader market engagement and growth opportunities [3] Industry Trends - The photovoltaic industry is expected to see a shift in competitive dynamics, moving from a focus on manufacturing scale to differentiated solutions in energy storage and integrated management systems [3] - Companies must enhance their capabilities in multi-product technology and lifecycle solutions to improve profitability and market share [3] Overseas Market Strategy - Trina Solar's overseas sales accounted for approximately 50% of its module business, over 65% for bracket sales, and more than 35% for energy storage in Q3 2024 [3] - The company aims to deepen its competitive edge in global markets, leveraging product diversity and geographical expansion to achieve growth above industry averages [4] Energy Storage Development - Trina Solar ranks among the top three globally in photovoltaic module shipments and is positioned in the top two for distributed systems and top six for tracking brackets [4] - The energy storage segment is transitioning from a cultivation phase to a growth and harvest phase, with significant profit margins expected as overseas orders increase [4]

| 证券代码：688599 | 证券简称：天合光能 公告编号：2024-103 | | --- | --- | | 转债代码：118031 | 转债简称：天 23 转债 | 天合光能股份有限公司 关于债券持有人可转债持有比例变动达到 10% 的公告 特此公告。 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、股东配售可转债情况 经中国证券监督管理委员会证监许可[2023]157 号文同意注册，天合光能股 份有限公司（以下简称"公司"）于 2023 年 2 月 13 日向不特定对象发行了 8,864.751 万张可转换公司债券（以下简称"天 23 转债"），每张面值 100 元， 发行总额 886,475.10 万元。本次发行可转换公司债券的期限为自发行之日起六 年，即自 2023 年 2 月 13 日至 2029 年 2 月 12 日。 1 债"29,068,640 张，占发行总量的 32.79%。具体变动明细如下: | 持有人 | 本次变动前 | 占发行 | 本次变动情况 | 占发行 | 本次变动后 | | | -- ...

Core Viewpoint - The Chinese photovoltaic industry, after over 30 years of development, has become a key force in the new energy system and faces significant challenges in 2024, including severe supply-demand imbalances and intensified competition, leading to a crisis in the industry [1] Group 1: Industry Challenges - The photovoltaic industry is experiencing its most severe challenges, with multiple factors contributing to a serious imbalance in supply and demand, resulting in unhealthy competition and increased trade protectionism [1] - The industry has historically turned crises into opportunities, and there is a need to maintain confidence in high-quality development despite current difficulties [1][2] Group 2: Recommendations for Improvement - The industry must adopt self-discipline and government regulation to maintain fair competition and create a high-quality market environment [2][3] - A self-discipline agreement was released on October 14, marking a critical first step, with a call for increased self-discipline efforts and adherence to selling above cost price [3] - Emphasis on technological innovation and stronger intellectual property protection is essential for high-quality development, as current protections are inadequate and contribute to unhealthy competition [3] Group 3: Future Development Strategies - There is a need to develop new energy storage and microgrid systems to support the construction of a new power system, addressing bottlenecks in grid access and energy consumption [4] - Policies should encourage private investment in distribution networks and microgrids, as well as support for commercial and residential rooftop solar installations [4]

Core Viewpoint - The solar industry must strengthen self-discipline and establish a determination to break free from inertia in order to achieve high-quality development [1] Group 1: Industry Self-Discipline and Regulation - The combination of industry self-discipline and government regulation is essential to build a market environment conducive to high-quality development [2] Group 2: Technological Innovation and Intellectual Property - Emphasizing technological innovation and enhancing intellectual property protection are fundamental to solidifying the foundation for high-quality development [3] Group 3: Development of New Energy Storage and Microgrids - Promoting the development of new energy storage and microgrids is crucial for constructing a new power system and expanding the application space for high-quality development [4] - The bottleneck for large-scale solar development is limited grid access and consumption difficulties, necessitating the acceleration of policies for renewable energy consumption and regulation [4] - There is a need for diverse market entities to invest in distribution networks and microgrids, with specific measures to encourage private enterprises [4] - Increased policy guidance and support are recommended to integrate solar energy with various production and living scenarios, as well as to enhance support for commercial and residential rooftop solar installations [4] - Encouragement for the construction of source-grid-load-storage systems that combine green electricity with new loads such as computing centers and green hydrogen is suggested to further unleash the potential for solar energy development [4]

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company experienced a significant decline in net profit, with a 116.67% year-on-year decrease in the first three quarters of 2024, primarily due to impairment losses [3]. - Despite the profit decline, the company is actively pursuing its overseas strategy and has shown a robust cash flow with a net inflow of 39.89 billion RMB in Q3 2024 [3]. - The company has restructured its 5GW solar module factory in the U.S., which is expected to enhance its profitability in the American market [3]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 631.47 billion RMB, a decrease of 22.16% year-on-year [3]. - The projected earnings per share (EPS) for 2024 is adjusted to -0.29 RMB, with subsequent years forecasted at 1.73 RMB for 2025 and 2.21 RMB for 2026 [3][4]. - The company's total market capitalization is approximately 56.79 billion RMB, with a circulating share count of 2,179.37 million [2]. Business Performance - The company shipped nearly 16.5GW of solar modules in Q3 2024, with significant contributions from the U.S. market [3]. - The distributed system sales volume approached 1GW, while the mounting structure shipments reached about 2GW, with over 70% being tracking mounts [3]. - The energy storage segment saw shipments of approximately 850MWh, with a notable increase in gross margin [3]. Valuation Metrics - The company’s projected P/E ratios are -89.2 for 2024, 15.1 for 2025, and 11.8 for 2026 [4][6]. - The projected EBITDA for 2024 is 2,665 million RMB, with a significant increase expected in subsequent years [4][5]. - The company’s revenue is expected to decline by 25.5% in 2024, followed by growth rates of 22.7% and 22.9% in 2025 and 2026, respectively [4][6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][5]. Core Views - The company reported a revenue of 631.47 billion yuan for the first three quarters of 2024, a year-on-year decrease of 22.16%. The net profit attributable to the parent company was -8.47 billion yuan, down 116.67% year-on-year [3][4]. - In Q3 2024, the revenue was 201.79 billion yuan, reflecting a year-on-year decline of 36.41% and a quarter-on-quarter decline of 18.34%. The net profit attributable to the parent company was -13.73 billion yuan, a year-on-year decrease of 189.31% [3][4]. - The company is expected to benefit from the supply-side clearing in the industry and has a forward-looking layout in Indonesia and the United States, which is anticipated to start production in Q4 2024 [5]. Financial Performance - The Q3 expense ratio was 12.76%, which increased year-on-year and quarter-on-quarter due to revenue decline, while absolute expenses remained stable [4]. - The company’s cash flow from operating activities in Q3 was 39.89 billion yuan, with cash on hand increasing to 262.04 billion yuan and inventory decreasing to 264.13 billion yuan, indicating a stable operational status [4]. Future Outlook - The company is focusing on commercial photovoltaic projects and expanding into operation and maintenance services, enhancing its market competitiveness [5]. - The photovoltaic support business is expected to maintain stable profit contributions, and the recent favorable supply-side developments in the photovoltaic industry may lead to an earlier cyclical turning point [5]. - The company is projected to achieve a net profit attributable to the parent company of 4.1 billion yuan in 2025, corresponding to a PE ratio of 13 times [5].

| 证券代码：688599 | 证券简称：天合光能 | 公告编号：2024-101 | | --- | --- | --- | | 转债代码：118031 | 转债简称：天 23 转债 | | 关于关联方参与股权投资暨关联交易的公告 天合光能股份有限公司 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。 1 股份暨经营合作的公告》，因此本次关联方认购 FREYR 股权属于关联方与公司 共同投资，已构成关联交易，但不构成《上市公司重大资产重组管理办法》规定 的重大资产重组。 本事项已经公司第三届董事会独立董事第四次专门会议审议通过，公司 第三届董事会第十四次会议及第三届监事会第八次会议审议通过，关联董事高纪 凡、高纪庆、高海纯回避表决。本事项无需提交公司股东大会审议。 一、关联交易概述 （一）交易概述 重要内容提示： 交易概述：天合光能股份有限公司（以下简称"公司"）于 2024 年 11 月 5 日召开第三届董事会第十四次会议及第三届监事会第八次会议，会议审议通过 了《关于关联方参与股权投资暨关联交易的议案》，公司的关联方 ...

华泰联合证券有限责任公司 关于天合光能股份有限公司 关于关联方参与股权投资暨关联交易事项的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为天合光能股份有限公司（以下简称"天合光能"或"公司"）持续督导的保荐 人，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》和《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，对天合光能关于关联方参与股权投资暨关联交易事项进行了核查， 具体情况如下： 一、合作投资暨关联交易概述 （一）交易概述 公司的关联方 Trinaway Investment Second Ltd.（以下简称"Trinaway"）拟以 14,752,500 美元认购 FREYR Battery, Inc.,（以下简称"FREYR"）定向发行的 14,050,000 股新股。FREYR 是一家在美国纽约证券交易所上市的公司（纽交所 证券代码：FREY），为可持续电池和清洁能源解决方案的开发商，其使命是通过 在电池和可再生能源价值链上实现技术工业化，加速全球能源系统的脱碳。 公司于 2024 年 11 月 5 日召开了第三 ...