宝胜科技创新股份有限公司 2025 年第二次临时股东大会会议材料 宝胜科技创新股份有限公司 2025 年第二次临时股东大会会议材料 二〇二五年十一月五日 1 | | 会议议程 3 | | --- | --- | | | 会议须知 5 | | 议案 | 1：关于取消监事会并修订<公司章程>及其附件的议案 7 | | 议案 | 2：关于修订《股东会议事规则》的议案 9 | | 议案 | 3：关于修订《董事会议事规则》的议案 10 | | 议案 | 4：关于修订《独立董事工作制度》的议案 11 | | 议案 | 5：关于修订《对外担保管理制度》的议案 12 | | 议案 | 6：关于修订《关联交易管理制度》的议案 13 | | 议案 | 7：关于修订《募集资金管理制度》的议案 14 | | 议案 | 8：关于调整 2025 年度日常关联交易预计额度的议案的议案 15 | | 议案 | 9：关于发行应收账款资产证券化产品的议案的议案 21 | 宝胜科技创新股份有限公司 2025 年第二次临时股东大会会议材料 会议议程 会议时间： 1、现场会议召开时间：2025 年 11 月 10 日（星期一）15：00 3 二、主持 ...

Core Viewpoint - Baoshen Co., Ltd. has demonstrated strong performance in the electric wire and cable industry, achieving steady growth in scale and profitability, while optimizing its structure amidst a challenging market environment [2][10]. Financial Performance - The company reported total revenue of 37.65 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 6.22%, maintaining its leading position among 40 comparable companies in the industry [2][4]. - Net profit attributable to shareholders reached 59.49 million yuan, a significant increase of 138.08% year-on-year, while the net profit excluding non-recurring items surged by 312.28% to 46.72 million yuan [3][4]. - Key profitability indicators improved, with the weighted average return on equity (ROE) rising to 1.70%, up 1.04 percentage points year-on-year, and the return on invested capital (ROIC) increasing to 1.85%, up 1.02 percentage points [3][4]. Financial Structure - The balance sheet showed improvements, with inventory decreasing by 29.42% compared to the end of the previous year, and the proportion of inventory to total assets declining by 5.11 percentage points [4]. - The net cash flow from operating activities improved by 696 million yuan year-on-year, indicating enhanced cash flow management capabilities [4]. Technological Innovation - Baoshen Co., Ltd. holds over 560 patents and has achieved significant breakthroughs in specialized cable fields, establishing a competitive edge in high-tech applications [5][6]. - The company has adopted a closed-loop model of "R&D - Transformation - Revenue," with R&D investment reaching 748 million yuan in 2024, focusing on high-value sectors such as new energy and low-altitude economy [6]. Product Range and Market Position - The company produces over 1,000 varieties and more than 100,000 models of wire and cable products, covering all voltage levels and applications [7]. - Baoshen Co., Ltd. has secured major contracts in the power energy sector and is involved in high-speed rail and advanced transportation projects, reinforcing its position as a core supplier [7]. New Industry Layout - The company has strategically positioned itself in eight key sectors, including aerospace, new energy, and new infrastructure, with significant growth in the low-altitude economy and AI markets [9][10]. - Baoshen Co., Ltd. aims to capture 15% of the low-altitude economy market by 2030, with projected revenues from related sectors exceeding 1 billion yuan by 2025 [9][10].

Group 1 - An international research team has developed a germanium material with superconducting properties, enabling zero-resistance conductivity and lossless current flow, paving the way for scalable quantum devices based on existing semiconductor technologies [1] - The realization of superconductivity in semiconductors is expected to enhance the performance of computer chips and solar cells, driving advancements in quantum technology [1] - The application of this new material could lead to significant improvements in the operational speed of smart devices and more efficient zero-loss transmission in power grids and renewable energy systems, potentially triggering technological revolutions across various industries [1] Group 2 - High-temperature superconductors offer advantages over low-temperature superconductors, including higher critical temperatures, currents, and magnetic fields, expanding the application space for superconducting materials [2] - The A-share market has 27 stocks related to superconductors, with a total market capitalization of 619.1 billion yuan as of November 3, and these stocks have averaged a 57.75% increase this year, significantly outperforming the Shanghai Composite Index [2] - Notable stocks with substantial profit growth include Yongding Co., which reported a net profit of 329 million yuan for the first three quarters, a year-on-year increase of 474.3% [2] Group 3 - Ice Wheel Environment has been the most frequently researched stock by institutions this year, with 65 institutional surveys, highlighting its technological advantages in providing cooling equipment for data centers and liquid cooling systems [3]

Core Viewpoint - Baoshen Co., Ltd. (600973.SH) reported a revenue of 37.65 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 6.22% [1] - The net profit attributable to shareholders reached 59.49 million yuan, marking a significant year-on-year increase of 138.08% [1] - The basic earnings per share stood at 0.043 yuan [1] Financial Performance - Total operating revenue for the first three quarters: 37.65 billion yuan, up 6.22% year-on-year [1] - Net profit attributable to parent company shareholders: 59.49 million yuan, up 138.08% year-on-year [1] - Basic earnings per share: 0.043 yuan [1]

Core Insights - Baoshen Co., Ltd. is a leading enterprise in the domestic cable industry, established on June 30, 2000, and listed on the Shanghai Stock Exchange on August 2, 2004, with its headquarters in Jiangsu Province [1] Group 1: Business Performance - In Q3 2025, Baoshen's revenue reached 37.65 billion yuan, ranking first among 40 companies in the industry, significantly surpassing the second-ranked Far East Group's 20.21 billion yuan, with the industry average at 5.82 billion yuan and the median at 2.93 billion yuan [2] - The net profit for the same period was 83.75 million yuan, ranking 20th in the industry, while the top performer, Dongfang Cable, reported a net profit of 914 million yuan, and the second, Jinbei Electric, reported 536 million yuan, with the industry average at 131 million yuan and the median at 81.95 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Baoshen's debt-to-asset ratio was 80.14%, an increase from 79.34% year-on-year, and significantly higher than the industry average of 54.36% [3] - The gross profit margin for Q3 2025 was 4.54%, down from 4.72% year-on-year and below the industry average of 13.49% [3] Group 3: Executive Compensation - The salary of President Shao Wenlin for 2024 is set at 1 million yuan, a decrease of 342,000 yuan compared to 1.342 million yuan in 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 22.89% to 46,300, while the average number of circulating A-shares held per account increased by 29.68% to 29,600 [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest with 55.05 million shares, an increase of 34.56 million shares from the previous period [5]

证券代码：600973 证券简称：宝胜股份 公告编号：2025-040 宝胜科技创新股份有限公司 第八届监事会第十七次会议决议公告 本公司监事会及全体监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个别及连带责任。 宝胜科技创新股份有限公司（以下简称"公司"）于 2025 年 10 月 20 日以传 真、电子邮件及专人送达等方式向公司全体监事发出了召开第八届监事会第十七 次会议的通知及相关议案等资料。2025 年 10 月 30 日下午 15：00，第八届监事 会第十七次会议在宝应县苏中路 1 号公司宝胜会议中心会议室召开，会议应到监 事 5 名，实到监事 5 名。会议由监事会主席戚侠先生主持。会议的召开符合《公 司法》等有关法律、法规和《公司章程》的规定。 会议就以下事项进行审议： 公司监事会对董事会编制的公司 2025 年第三季度报告进行了认真审核，并 提出如下的审核意见： 1、公司 2025 年第三季度报告的编制和审议程序符合法律、法规和《公司章 程》以及公司内部管理制度的相关规定； 2、公司 2025 年第三季度报告的内容和格式符合中国证监会和上海 ...

Financial Performance - The company's operating revenue for the third quarter was CNY 12,497,244,700.37, a decrease of 4.54% compared to the same period last year[4] - The total profit for the third quarter increased by 153.09% year-on-year, amounting to CNY 8,239,867.39[9] - The net profit attributable to shareholders of the listed company was CNY -7,031,927.70, reflecting a decline of 211.10% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -11,008,596.71, a decrease of 264.40% year-on-year[4] - Total operating revenue for the first three quarters of 2025 reached ¥37.65 billion, a 6.2% increase from ¥35.44 billion in the same period of 2024[19] - Net profit for the first three quarters of 2025 was ¥83.75 million, compared to ¥13.63 million in 2024, representing a significant increase of 514.5%[20] - Operating profit increased to ¥105.91 million in 2025 from ¥23.77 million in 2024, marking a growth of 345.5%[20] - Total comprehensive income for the first three quarters of 2025 was ¥179.10 million, compared to ¥50.76 million in 2024, indicating a growth of 252.5%[20] Earnings Per Share - The basic earnings per share for the third quarter was CNY -0.006, a decrease of 250.00% year-on-year[5] - The diluted earnings per share for the third quarter was also CNY -0.006, reflecting the same percentage decrease as basic earnings per share[5] - Basic and diluted earnings per share rose to ¥0.043 in 2025, up from ¥0.018 in 2024, reflecting a 138.9% increase[22] Cash Flow and Liquidity - The cash flow generated from operating activities was CNY 310,259,958.97, an increase of 74.99% compared to the same period last year[5] - Cash flow from operating activities showed a net outflow of ¥118.17 million in 2025, an improvement from a net outflow of ¥814.15 million in 2024[21] - Cash and cash equivalents at the end of Q3 2025 totaled ¥2.39 billion, down from ¥2.85 billion at the end of Q3 2024[23] - The company's cash and cash equivalents rose to RMB 3,267,229,040.08 from RMB 2,832,327,848.72, marking an increase of about 15.4%[15] Assets and Liabilities - The total assets at the end of the reporting period were CNY 21,609,884,367.17, representing a 3.69% increase from the end of the previous year[5] - The total liabilities increased to RMB 17,317,549,874.01 from RMB 16,717,922,570.00, indicating a rise of about 3.6%[17] - The total assets reached RMB 21,609,884,367.17, up from RMB 20,841,283,738.05, representing an increase of approximately 3.7%[16] - The total equity attributable to shareholders rose to RMB 3,575,047,778.09 from RMB 3,409,599,506.70, reflecting an increase of approximately 4.9%[17] Shareholder Information - The company had a total of 46,349 common shareholders at the end of the reporting period[12] Expenses - The company reported a decrease in sales expenses to ¥215.60 million in 2025 from ¥265.76 million in 2024, a reduction of 19%[19] - Research and development expenses were ¥529.33 million in 2025, slightly down from ¥555.40 million in 2024, a decrease of 4.7%[19] Other Comprehensive Income - The company experienced a significant increase in other comprehensive income, which reached ¥95.35 million in 2025, compared to ¥37.14 million in 2024, an increase of 156.5%[20] Future Outlook - The company's net profit for the first nine months of 2025 will be detailed in the upcoming earnings report[18] - The new accounting standards or interpretations will be implemented starting from 2025, affecting the financial statements at the beginning of the year[24] - The announcement was made by the Board of Directors of Baosheng Technology Innovation Co., Ltd. on October 30, 2025[25]

证券代码：600973 证券简称：宝胜股份 公告编号：2025-039 宝胜科技创新股份有限公司 第八届董事会第二十二次会议决议公告 本议案已经公司审计委员会审议通过。审计委员会认为：公司《2025 年第 三季度报告》能够充分反映公司的财务状况以及经营成果和现金流量，编制和审 核程序也符合中国证监会和上海证券交易所的规定，审计委员会同意将此报告提 交公司董事会审议。 详见同日刊登于《中国证券报》、《上海证券报》和《证券时报》和登载于上 海证券交易所网站（www.sse.com.cn）的《宝胜科技创新股份有限公司 2025 年 第三季度报告》。 特此公告。 宝胜科技创新股份有限公司董事会 2025 年 10 月 31 日 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个别及连带责任。 宝胜科技创新股份有限公司（以下简称"公司"）于 2025 年 10 月 20 日以传 真、电子邮件及专人送达等方式向公司全体董事、监事及高级管理人员发出了召 开第八届董事会第二十二次会议的通知。2025 年 10 月 30 日上午 9:30，第八届 董事会第 ...

Core Viewpoint - Baosheng Co., Ltd. has experienced a decline in stock price and trading activity, with a notable drop of 12.22% year-to-date, despite a recent increase in revenue and profit [1][2]. Financial Performance - For the first half of 2025, Baosheng Co., Ltd. reported a revenue of 25.152 billion yuan, representing a year-on-year growth of 12.53% [2]. - The net profit attributable to shareholders for the same period was 66.522 million yuan, showing a significant increase of 256.54% compared to the previous year [2]. Stock Market Activity - As of October 30, Baosheng's stock price was 5.53 yuan per share, with a market capitalization of 7.584 billion yuan [1]. - The stock has seen a trading volume of 70.2252 million yuan, with a turnover rate of 0.92% [1]. - The company experienced a net outflow of 7.6239 million yuan in principal funds, with large orders showing a slight buying interest [1]. Shareholder Information - As of June 30, the number of shareholders for Baosheng Co., Ltd. was 60,100, a decrease of 23.72% from the previous period [2]. - The average number of circulating shares per shareholder increased by 31.09% to 22,815 shares [2]. Dividend Distribution - Since its A-share listing, Baosheng Co., Ltd. has distributed a total of 514 million yuan in dividends, with no dividends paid in the last three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 20.4915 million shares, a decrease of 635,100 shares from the previous period [3].

Core Insights - The nuclear power cable industry is crucial for the safe and stable operation of nuclear power plants, designed to meet extreme performance requirements such as high temperature resistance, radiation resistance, and low smoke halogen-free flame retardancy [1][6][3] - China's nuclear power sector is a key support for energy structure transformation and achieving carbon neutrality goals, with a national strategy focused on the "active, safe, and orderly development of nuclear power" [1][6] - The industry is entering a high prosperity cycle driven by policies, market demand, and technological advancements, with a significant market expansion expected [1][9] Industry Overview - Nuclear power cables are specifically designed for the unique environments of nuclear power plants, requiring high insulation, temperature, radiation, and corrosion resistance [2][3] - The cables play a core role in power transmission, signal control, and system safety, making them essential components for stable power system operation [2][6] Policy Environment - The Chinese government has set ambitious targets for nuclear power capacity, aiming for 70 million kilowatts by 2025 and 131 million kilowatts by 2030, with ongoing approvals for advanced reactor projects [6][9] - Recent policies have been introduced to support the nuclear industry across various dimensions, including development planning, safety assurance, and market access [6][9] Industry Chain - The upstream of the nuclear power cable industry includes suppliers of metals and insulation materials, with domestic companies like Jiangxi Copper and China Aluminum being significant players [7] - The midstream consists of cable manufacturing, dominated by companies such as Jiangsu Shangshang Cable and Far East Group, indicating a high market concentration [7] - The downstream includes nuclear power plant construction units and equipment manufacturers, driving continuous demand for cable products [7] Current Development Status - China's nuclear power sector has seen rapid growth, with 58 operational nuclear reactors and a total installed capacity of 60.88 million kilowatts as of 2024, ranking third globally [8][9] - The industry is expected to see a market scale exceeding 3 billion yuan in 2024, with projections of reaching 3.44 billion yuan by 2025, reflecting a robust annual growth rate of approximately 12% [9][10] Competitive Landscape - The industry is characterized by a few leading domestic companies that dominate the market, such as Anhui Cable and Jiangsu Shangshang Cable, which have achieved breakthroughs in high-end product localization [10] - Other notable companies include Baosheng Co., Shangwei Co., and Hualing Cable, which contribute to the competitive landscape with their specialized cable products [10] Future Development Trends - The industry is expected to evolve through technological innovation, market expansion, and global positioning, focusing on high-end materials and smart monitoring technologies [11][12] - New application scenarios are emerging, including small modular reactors and nuclear hydrogen production, which will drive demand for specialized cables [12] - Chinese companies are anticipated to accelerate their global presence, leveraging the Belt and Road Initiative to enhance their international competitiveness [13]