| 证券代码：601137 | 证券简称：博威合金 | 公告编号：临 | 2025-052 | | --- | --- | --- | --- | | 债券代码：113069 | 债券简称：博 转债 23 | | | 宁波博威合金材料股份有限公司 二、公司 2023 年股票期权与限制性股票激励计划预留授予股票期权第一个行 权期（期权代码：1000000530）的实际可行权期间为 2024 年 12 月 18 日-2025 年 11 月 29 日，目前尚处于行权阶段。 三、本次限制行权期为 2025 年 5 月 20 日-2025 年 6 月 3 日，在此期间股票期权 （期权代码：1000000398、1000000530）的全部激励对象将限制行权。 四、公司将按照有关规定及时向中国证券登记结算有限责任公司上海分公司申 请办理限制行权相关事宜。 特此公告。 宁波博威合金材料股份有限公司董事会 2025年5月15日 关于 2023 年股票期权与限制性股票激励计划 之股票期权限制行权的提示性公告 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、准确性和完整性承担 ...

2024年年度股东大会决议公告 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、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 证券代码：601137 证券简称：博威合金 公告编号：临 2025-051 债券代码：113069 债券简称：博23转债 宁波博威合金材料股份有限公司 | 1、出席会议的股东和代理人人数 | 553 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 332,788,165 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 41.0295 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 是 二、 议案审议情况 (一) 非累积投票议案 1、 议案名称：《2024 年度董事会工作报告》 审议结果：通过 表决情况： (一) 股东大会召开的时间：2025 年 5 月 8 日 (二) 股东大会召开的地点：宁 ...

上海市锦天城律师事务所 关于宁波博威合金材料股份有限公司 2024 年年度股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于宁波博威合金材料股份有限公司 2024 年年度股东大会的 法律意见书 致：宁波博威合金材料股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受宁波博威合金材料股份 有限公司（以下简称"公司"）委托，就公司召开 2024 年年度股东大会（以下 简称"本次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下简 称《公司法》）、《上市公司股东会规则》等法律、法规、规章和其他规范性文 件以及《宁波博威合金材料股份有限公司章程》（以下简称《公司章程》）的有 关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的相关事 项 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - In 2025Q1, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A-shares turned positive from negative, and the year-on-year revenue growth rate slightly turned negative. After excluding finance and petroleum & petrochemicals, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A non-financial and non-petroleum & petrochemicals also turned positive from negative, while the year-on-year revenue growth rate slightly declined. In terms of size style, the year-on-year growth rates of CSI 500 and CSI 1000 in the single quarter of 2025Q1 turned significantly positive from negative. In terms of major sectors, the growth rates of net profit attributable to the parent of the consumer and growth sectors led in 2025Q1, those of the cyclical and financial sectors slightly turned positive, and the negative growth rate of the stable sector significantly narrowed. In terms of industries, the performance growth rates of the midstream cyclical, some consumer, and growth industries generally improved, with agriculture, forestry, animal husbandry, and fishery, household appliances, automobiles, electronics, and non-banking maintaining high-speed growth [3][19][21]. - The average negative growth of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed, and the revenue growth rate declined. After excluding some extreme values, the average growth rate of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed from -42.76% in 2024Q4 to -2.23%, and the average growth rate of single-quarter revenue in 2025Q1 decreased from 8.51% in 2024Q4 to 5.36% [3][33]. - Some convertible bonds are recommended for investment. In the cyclical sector, it is recommended to overweight convertible bonds such as Guocheng, Huayou, and Guangda. In the consumer sector, it is recommended to overweight convertible bonds in agriculture, forestry, animal husbandry, and fishery, as well as Zhongchongzhuan 2, Xinruzhuan, and Baolong. In the growth sector, it is recommended to overweight convertible bonds such as Weice, Haopeng, Guoli, and Weil [3][7][13]. Summary by Relevant Catalogs 1. 2025Q1 Performance Growth Convertible Bond Recommendations - Among the existing 472 convertible bonds, 372 achieved profitability in the single quarter of 2025Q1. After excluding those with a balance of less than 300 million yuan and a remaining term of less than 1 year, 109 convertible bonds remain. Some convertible bonds are recommended for investment based on factors such as the sustainability of the company's high performance growth and the current price and conversion premium rate of the convertible bonds [6]. - **Cyclical Sector**: It is recommended to overweight convertible bonds with mineral resource advantages such as Guocheng and Huayou, Guangda with a positive business trend, Dongcai, Dinglong, Anji, and Zhengfan that benefit from the domestic substitution of semiconductor materials, Keli and Bo 23 that benefit from the accelerated development of the robot and AI industries, and Polai that benefits from the recovery of consumer demand and domestic substitution [7]. - **Consumer Sector**: It is recommended to overweight convertible bonds in agriculture, forestry, animal husbandry, and fishery, including Muyuan, Juxing, Wenshi, Xiwangzhuan 2, and Hefeng. Also recommended are Zhongchongzhuan 2, the leading pet food company, Xinruzhuan, the leading regional dairy company, and Baolong, an automobile parts manufacturer [13]. - **Growth Sector**: It is recommended to overweight Weice, the leading domestic third-party integrated circuit testing service provider, Haopeng, a consumer battery manufacturer, Guoli, an electronic vacuum device manufacturer, and Weil, the global CIS leader [15]. 2. All A: Technology and Domestic Demand Lead, Midstream Cycle Warms Up - **Overall A-share Performance**: In 2025Q1, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A-shares turned positive from negative, and the year-on-year revenue growth rate slightly turned negative. After excluding finance and petroleum & petrochemicals, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A non-financial and non-petroleum & petrochemicals also turned positive from negative, while the year-on-year revenue growth rate slightly declined [19]. - **Size Style Performance**: In 2025Q1, the year-on-year growth rates of CSI 500 and CSI 1000 in the single quarter turned significantly positive from negative, while the year-on-year growth rate of net profit attributable to the parent of SSE 50 slightly turned negative from positive [20]. - **Sector Performance**: In 2025Q1, the growth rates of net profit attributable to the parent of the consumer and growth sectors led, those of the cyclical and financial sectors slightly turned positive, and the negative growth rate of the stable sector significantly narrowed. The revenue growth rate of the growth sector led among all sectors [21][23]. - **Industry Performance**: In 2025Q1, the performance growth rates of the midstream cyclical, some consumer, and growth industries generally improved, with agriculture, forestry, animal husbandry, and fishery, household appliances, automobiles, electronics, and non-banking maintaining high-speed growth. In terms of ROE and other aspects, the ROE levels of most downstream cyclical and consumer sectors declined, the gross profit margins of the optional consumer sector generally declined, and the net profit margins of the midstream cyclical sector generally recovered. The top 30 sub-industries in terms of single-quarter profit growth rate in 2025Q1 were mainly concentrated in the electronics, computer, and media industries [25][28][32]. 3. Convertible Bonds: Narrowing Negative Profit Growth, Declining Revenue Growth Rate - As of May 5, 2025, the existing 472 convertible bonds covered 27 out of 30 CITIC first-level industries, and 92% of the underlying stocks of the convertible bonds had a market value of less than 3 billion yuan. In terms of size style, the issuers of convertible bonds were generally closer to small and medium-cap stocks [33]. - The average negative growth of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed, and the revenue growth rate declined. After excluding some extreme values, the average growth rate of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed from -42.76% in 2024Q4 to -2.23%, and the average growth rate of single-quarter revenue in 2025Q1 decreased from 8.51% in 2024Q4 to 5.36% [33].

文 | 赶碳号科技 2024年，Boviet Solar宣布启动该项目。项目位于美国北卡州皮特县，分两期，总占地为100万平方英尺（约合140亩），一期约为40万平方英尺。 另外，该公司预计二期计划将于2026年下半年投产，再投资1亿美元，扩建60万平方英尺厂房，主要生产太阳能电池。两期工程竣工后，博维特园区将拥 有超过100万平方英尺的制造和研发空间。这是北卡罗来纳州有史以来最大的清洁能源制造项目之一。 据当地官员介绍，博威特一期工程将创造460个本地技术岗位。二期工程预计将新增908个岗位，使直接就业岗位总数超过1300个，并在该地区创造近2000 个间接就业岗位。这对于皮特县的经济、房地产市场和劳动力培训项目来说都是利好消息。 明知山有虎，偏向虎山行！中国光伏企业正勇敢地走出去。4月24日，博威合金在美国的2GW组件工厂正式投产。该工厂主要将生产Boviet的Gamma系列 单面和Vega系列双面光伏组件，面向美国的住宅、商业、工业和公用事业客户。 因为项目重大，该州州长乔什·斯坦与商界领袖和民选官员共同出席了博维特太阳能公司位于格林维尔的新太阳能组件工厂的盛大开业典礼。 该工厂位于美国北卡罗来纳州的格 ...

Investment Rating - The investment rating for the company is maintained at "Buy" [6] Core Views - The company reported Q1 2025 revenue of 4.964 billion RMB, representing a year-over-year increase of 10.59% and a quarter-over-quarter increase of 22.08%. The net profit attributable to the parent company was 317 million RMB, up 20.64% year-over-year and 23.74% quarter-over-quarter [1][2] - The company is strategically expanding its photovoltaic component production capacity in the United States, with a focus on high-demand sectors such as AI, which utilizes copper materials [3][4] - The forecasted EPS for 2025-2027 is 1.62, 1.98, and 2.14 RMB respectively, with a target price set at 20.30 RMB [4][7] Summary by Sections Financial Performance - In Q1 2025, the company's revenue increased by 10.59% year-over-year and 22.08% quarter-over-quarter, primarily due to the growth in new material sales. However, the operating costs rose by 11.87% year-over-year and 41.35% quarter-over-quarter, leading to a decline in gross margin [2] - The company reported a net profit of 317 million RMB in Q1 2025, reflecting a 20.64% increase year-over-year and a 23.74% increase quarter-over-quarter [1][2] Strategic Initiatives - The company is implementing a "new materials as the main focus, renewable energy as a supplement" strategy, with significant investments in the U.S. to avoid tariffs on solar products from Southeast Asia [3] - The company plans to produce 3GW of TOPCon solar cells for export to Europe and India, benefiting from tax advantages compared to domestic competitors [3] Valuation and Forecast - The expected gross margin for new materials and renewable energy businesses in 2025 is projected to be 50.5% and 49.5% respectively, with corresponding EPS estimates of 0.82 and 0.80 RMB [4] - The target price of 20.30 RMB is based on a valuation of 13.8X PE for new materials and 11.2X PE for renewable energy [4]

| 债券代码：113069 | 债券简称：博 23 | | | | | --- | --- | --- | --- | --- | | 证券代码：601137 | 证券简称：博威合金 | 转债 | 公告编号：临 | 2025-050 | 宁波博威合金材料股份有限公司 关于终止对全资子公司增资的公告 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、准确性和完整性承担法律责任。 一、增资事项基本情况及进展 宁波博威合金材料股份有限公司（以下简称"公司"）于 2024 年 10 月 24 日召开 第六届董事会第四次会议，审议通过了《关于对全资子公司增资的议案》，同意以 自有资金 5,000 万美元为全资子公司博威合金（香港）国际贸易有限公司增资（以下 简称"博威合金（香港）"），同意博威合金（香港）以自有资金 6,000 万美元为其全 资子公司 COOPER ROLLED PRODUCTS INC.（以下简称"CRP 公司"）增资，同意 全资子公司博威尔特太阳能科技有限公司以自有资金 6,000 万美元为其全资子公司博 威尔特（海阳）太阳能科技有限公司增资。具体 ...

证券代码：601137 证券简称：博威合金 公告编号：临2025-049 具体内容详见上海证券交易所网站（www.sse.com.cn）上披露的《宁波博威合金材 料股份有限公司 2025 年第一季度报告》。本议案在提交董事会审议前，已提交公司董 事会审计委员会审议通过，委员一致同意将本议案提交董事会审议。 二、审议通过了《关于终止对全资子公司增资的议案》 公司第六届董事会第四次会议审议通过了《关于对全资子公司增资的议案》，同意全 资子公司博威合金（香港）国际贸易有限公司以自有资金 6,000 万美元为其全资子公司 COOPER ROLLED PRODUCTS INC.（以下简称"CRP 公司"）增资，现因公司经营策略调整， 决定终止对 CRP 公司增资事项，本次终止增资不会对公司财务状况和经营状况产生重大 影响，不存在损害公司及股东利益的情形，也不会影响公司未来的发展规划。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 债券代码：113069 债券简称：博23转债 宁波博威合金材料股份有限公司 第六届董事会第十一次会议决议公告 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 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 4,964,240,650.25, representing a 10.59% increase compared to CNY 4,489,041,580.90 in the same period last year[3] - Net profit attributable to shareholders was CNY 316,783,405.57, up 20.64% from CNY 262,585,735.77 year-on-year[3] - Basic earnings per share increased to CNY 0.39, a rise of 14.71% from CNY 0.34 in the same period last year[3] - The net profit after deducting non-recurring gains and losses was CNY 305,917,074.66, which is a 21.95% increase from CNY 250,859,086.64 in the previous year[3] - Total revenue for Q1 2025 reached ¥4,964,240,650.25, an increase of 10.6% compared to ¥4,489,041,580.90 in Q1 2024[15] - Net profit for Q1 2025 was ¥316,783,405.57, representing a 20.6% increase from ¥262,585,735.77 in Q1 2024[17] - Basic earnings per share for Q1 2025 were ¥0.39, compared to ¥0.34 in Q1 2024[17] - The company reported a total comprehensive income of ¥318,516,062.56 for Q1 2025, up from ¥174,524,169.61 in Q1 2024[17] Cash Flow and Liquidity - The net cash flow from operating activities was negative CNY 703,708,974.30, an improvement from negative CNY 1,060,297.13 in the previous year, indicating a significant reduction in cash outflow[3] - Operating cash flow for Q1 2025 was negative at -¥703,708,974.30, an improvement from -¥1,060,297.13 in Q1 2024[18] - The net cash flow from financing activities was 992,888,533.90, contrasting with a negative cash flow of -802,718,693.53 in the previous period, showing improved financing conditions[19] - The cash and cash equivalents at the end of the period totaled 1,670,641,046.11, down from 2,894,512,277.03, indicating a decrease in liquidity[19] - The company experienced a net decrease in cash and cash equivalents of -360,694,370.92, compared to -990,129,039.10 in the previous period, suggesting a reduction in cash burn[19] Assets and Liabilities - Total assets at the end of the reporting period were CNY 18,402,217,692.78, reflecting a 6.40% increase from CNY 17,295,399,736.92 at the end of the previous year[3] - The company's current assets totaled RMB 11,200,691,569.42, up from RMB 10,619,875,360.54, indicating an increase of about 5.5%[12] - Inventory levels rose to RMB 5,775,166,016.02 from RMB 5,266,690,068.50, representing an increase of approximately 9.6%[12] - The company's accounts receivable stood at RMB 2,245,270,466.92, compared to RMB 2,150,317,076.96, marking an increase of approximately 4.4%[12] - The total liabilities decreased slightly to RMB 6,056,721,219.94 from RMB 6,349,683,814.00, reflecting a decrease of about 4.6%[13] - The company's non-current assets totaled RMB 7,201,526,123.36, an increase from RMB 6,675,524,376.38, indicating a growth of approximately 7.8%[13] Financing Activities - The company experienced a 223.69% increase in net cash flow from financing activities, attributed to increased borrowings during the period[6] - Total cash inflow from financing activities amounted to 2,307,864,321.02, up from 663,255,492.44, reflecting a strong capital raising effort[19] - The company repaid debts amounting to 1,276,553,434.95, which is a decrease from 1,437,856,317.26, indicating a reduction in debt servicing[19] Other Financial Metrics - The weighted average return on equity was 3.69%, slightly up by 0.04 percentage points from 3.65%[3] - Research and development expenses for Q1 2025 were ¥109,727,347.59, slightly up from ¥104,085,979.82 in Q1 2024[16] - Deferred income increased to ¥284,088,253.58 in Q1 2025, compared to ¥240,809,357.08 in Q1 2024[14] - The company reported a significant increase in prepayments by 98.16%, primarily due to increased advance payments for materials[6] - The impact of exchange rate changes on cash and cash equivalents was 4,218,118.59, compared to 56,315,177.98 previously, reflecting a decrease in foreign exchange gains[19] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 46,933[7] - The company reported a total of 229,537,181 shares held by its largest shareholder, Bo Wei Group Co., Ltd.[10] Future Outlook - The company plans to implement new accounting standards starting in 2025, which may affect future financial reporting[20]

二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 43736.9万股，累计占流通股比： 53.95%，较上期变化： -810.07万股。 | 名称 | 持有数量(万股) | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 博威集团有限公司 | 22953.72 | 28.31 | 396.85 | | 博威亚太有限公司 | 8000.00 | 9.87 | 不变 | | 宁波博威金石投资有限公司 | 2752.07 | 3.39 | 不变 | | 谢朝春 | 2204.72 | 2.72 | 不变 | | 金鹰基金-浦发银行-深圳前海金鹰资产管理有限公司 | 1968.18 | 2.43 | -811.97 | | 宁波梅山保税港区隽瑞投资合伙企业(有限合伙) | 1404.53 | 1.73 | 不变 | | 宁波博威合金（601137）材料股份有限公司-2020年员 | 1334.63 | 1.65 | 不变 | | 工持股计划 | | | | | 宁波见睿投资咨询有限公司 | 1303.49 | 1.61 | 不变 ...