This company and all members of its board of directors guarantee that the content of the information disclosure is true, accurate, and complete, and that there are no false records, misleading statements, or major omissions.
Jiangxi Haiyuan Composite Materials Technology Co., Ltd. (hereinafter referred to as the "Company" or "Haiyuan Composite") received the "Inquiry Letter Regarding the 2025 Annual Report of Jiangxi Haiyuan Composite Materials Technology Co., Ltd." (Inquiry Letter [2026] No. 133) issued by the Company Management Department of the Shenzhen Stock Exchange on May 12, 2026 (hereinafter referred to as the "Inquiry Letter"). Upon receiving the Inquiry Letter, the Company's board of directors attached great importance to it, organized relevant departments and personnel to conduct a thorough investigation and verification of the issues raised in the Inquiry Letter, and now provides the following explanations:
(Note: Unless otherwise specified, the amounts in the tables in this reply are in RMB, and any discrepancies are due to rounding.)
Question 1: Regarding the deduction of operating revenue
The annual report shows that the Company achieved an operating revenue of 38,880.76 million yuan in 2025, a year-on-year increase of 100.36%. The amount after deducting operating revenue is 37,918.77 million yuan. Among them, the operating revenue from photovoltaic business in 2025 was 22,993.68 million yuan, a year-on-year increase of 475.23%, and the operating revenue from composite materials business was 14,467.47 million yuan, a year-on-year increase of 66.56%. During the reporting period, the Company had related party transactions with Shenzhen Ziguang Lighting Technology Co., Ltd. and Ziguang Industrial Technology (Chuzhou) Co., Ltd. for the sale of photovoltaic modules, with a transaction amount of 19,760.70 million yuan, accounting for 50.82% of the operating revenue in 2025. Please ask your company to:
(1) Based on the overall supply and demand situation of the photovoltaic industry, product price trends, etc., please explain the specific reasons and reasonableness for the significant year-on-year increase in the Company's photovoltaic business revenue in 2025, and list the names, related party relationships, establishment dates, registered and paid-in capital, number of insured employees, whether they are listed as dishonest judgment debtors, sales content, sales amount and proportion, credit policy and payment, and accounts receivable for the top ten customers of photovoltaic business.
Reply:
- Specific reasons and reasonableness for the significant year-on-year increase in photovoltaic business revenue in 2025
(1) In 2025, the Company's photovoltaic business achieved an operating revenue of 22,993.68 million yuan, a year-on-year increase of 475.23%.