骆驼集团股份有限公司 骆驼集团股份有限公司 对外担保管理制度 对外担保管理制度 第一条 为了加强对骆驼集团股份有限公司（以下简称"公司"）对外担保 行为的管理，控制和降低担保风险，保证公司的资产安全，根据《中华人民共和 国公司法》、《中华人民共和国证券法》、《中华人民共和国担保法》、《骆驼集团股 份有限公司章程》（以下简称《公司章程》）、《上海证券交易所股票上市规则》、 《上海证券交易所公司自律监管指引第 1 号——规范运作》的有关规定，结合本 公司的实际情况，特制定本制度。 第二条 公司为他人提供担保，包括为其控股子公司提供担保，适用本制度。 公司对外担保应遵循平等、自愿、诚实信用的原则。 第三条 对外担保决策程序及权限范围 公司对外担保必须经董事会或股东会审议；应由股东会审批的对外担保事项, 必须经董事会审议通过后,方可提交股东会审批。 1、公司下列对外担保行为（包括但不限于）,须经股东会审议通过。 （1）单笔担保额超过公司最近一期经审计净资产 10%的担保； （2）公司及其控股子公司的对外担保总额，超过公司最近一期经审计净资 产 50%以后提供的任何担保； （3）公司及其控股子公司的对外担保总额，超过公 ...

第二条 本制度适用于公司及合并范围内的子公司的委托理财管理。 第三条 本制度所称委托理财是指公司利用闲置募集资金、闲置自有资金通 过委托商业银行、证券公司、基金公司或信托公司等金融机构进行短期(1 年内）、低 风险（风险级别 R1-R2）委托理财的行为。 骆驼集团股份有限公司 委托理财管理制度 第一章 总则 第一条 为规范骆驼集团股份有限公司（以下简称"公司"）委托理财业务的 管理，提高资金运作效率，防范委托理财决策和执行过程中的相关风险，维护股东 和公司的利益，根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上海 证券交易所股票上市规则》、《上海证券交易所上市公司自律监管指引第 5 号——交 易与关联交易》等有关法律、法规、规范性文件及《骆驼集团股份有限公司章程》 （以下简称《公司章程》）等的有关规定，结合公司实际情况，制定本制度。 公司不得通过委托理财等投资的名义规避购买资产或者对外投资应当履行的 审议程序和信息披露义务，或者变相为他人提供财务资助。 公司可以对理财产品资金投向实施控制或者重大影响的，应当充分披露资金 最终投向、涉及的交易对手方或者标的资产的详细情况，并充分揭示投资风险以 及公司 ...

骆驼集团股份有限公司 股东会议事规则 骆驼集团股份有限公司 股东会议事规则 第一章 总 则 第一条 为规范骆驼集团股份有限公司（以下简称"公司"）行为，保证股 东会依法行使职权，根据《中华人民共和国公司法》（以下简称《公司法》）、 《中华人民共和国证券法》（以下简称《证券法》）、《上市公司股东会规则》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《骆驼集团股份 有限公司章程》（以下简称《公司章程》）以及国家其他相关法律、法规，制定 本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规则。公司应 当严格按照法律、行政法规、《上市公司股东会规则》及《公司章程》的相关规 定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当 勤勉尽责，确保股东会正常召开和依法行使职权。 第三条 股东会应当在《公司法》和《公司章程》规定的范围内行使职权。 第四条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次， 应当于上一会计年度结束后的六个月内举行。临时股东会不定期召开，出现《公 司章程》第四十九条规定的应当召开临时股东会的情形时，临时股 ...

骆驼集团股份有限公司 董事会秘书工作细则 骆驼集团股份有限公司 董事会秘书工作细则 第一章 总则 第一条 为了促进公司的规范运作，明确董事会秘书的职责权限，充分发挥 董事会秘书的作用，根据《中华人民共和国公司法》（以下简称《公司法》）、 《中华人民共和国证券法》（以下简称《证券法》）《上海证券交易所股票上市 规则》（以下简称《上市规则》）等有关法律法规的规定，并依据《骆驼集团股 份有限公司章程》（以下简称"公司章程"）、《董事会议事规则》的规定，制 定本工作细则。 第二条 公司设董事会秘书一名。董事会秘书为公司高级管理人员，对董事 会负责。 董事会秘书应遵守法律、行政法规、部门规章和公司章程的有关规定，承担 高级管理人员的有关法律责任，对公司负有忠实义务和勤勉义务，不得利用职权 为自己或他人谋取利益。 法律、法规及公司章程对公司高级管理人员的有关规定，适用于董事会秘书。 第二章 任职资格 第三条 董事会秘书由公司董事会聘任。 （二）最近三年受到过中国证监会的行政处罚； （三）最近三年受到过证券交易所公开谴责或者三次以上通报批评； （四）上海证券交易所认定不适合担任董事会秘书的其他情形。 董事会秘书原则上由专职 ...

骆驼集团股份有限公司 董事会提名委员会工作细则 骆驼集团股份有限公司 董事会提名委员会工作细则 第一章 总 则 第一条 为规范骆驼集团股份有限公司（以下简称公司）董事、高级管理人 员的选聘工作，优化公司董事会组成，完善公司治理结构，根据《中华人民共和 国公司法》（以下简称《公司法》）、《上市公司治理准则》《上市公司独立董 事管理办法》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《骆 驼集团股份有限公司章程》（以下简称《公司章程》）及其他有关规定，公司特 设立董事会提名委员会，并制定本工作细则。 第二条 董事会提名委员会是公司董事会经股东会批准设立的专门工作机 构，对董事会负责，向董事会报告工作。 第二章 人员组成 第三条 提名委员会成员由 5 名董事组成，其中独立董事应当过半数并担任 召集人。 第四条 提名委员会委员由董事长、二分之一以上独立董事或者全体董事的 三分之一提名，并由董事会选举产生。 第五条 提名委员会设主任委员（召集人）一名，由独立董事委员担任，负 责主持委员会工作；主任委员在委员内选举，并报请董事会批准产生。 第六条 提名委员会任期与董事会任期一致，委员任期届满，连选可以连任。 ...

骆驼集团股份有限公司 董事会薪酬与考核委员会工作细则 骆驼集团股份有限公司 董事会薪酬与考核委员会工作细则 第一章 总 则 第一条 为进一步建立健全骆驼集团股份有限公司（以下简称公司）董事及 高级管理人员（以下简称高管人员）的考核和薪酬管理制度，完善公司治理结构， 根据《中华人民共和国公司法》《上市公司治理准则》《上市公司独立董事管理 办法》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《骆驼集 团股份有限公司章程》（以下简称"公司章程"）及其他有关规定，公司特设立 董事会薪酬与考核委员会，并制定本工作细则。 第二条 薪酬与考核委员会是公司董事会经股东会批准设立的专门工作机 构，对董事会负责，向董事会报告工作。 第三条 本细则所称董事是指在本公司支取薪酬的董事，高管人员是指董事 会聘任的总经理、副总经理、董事会秘书、财务负责人及公司章程规定的其他高 级管理人员。 第二章 人员组成 第四条 薪酬与考核委员会成员由 5 名董事组成，其中独立董事应当过半数 并担任召集人。 第五条 薪酬与考核委员会委员由董事长、二分之一以上独立董事或者全体 董事的三分之一提名，并由董事会选举产生。 第六条 薪酬与考核委 ...

Report Summary 1. Report Industry Investment Rating - No information provided about the industry investment rating in the report. 2. Core View of the Report - The warehousing receipts of lithium carbonate continue to increase, causing the futures market to face downward pressure [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: The closing prices of the 2507 and 2509 contracts of lithium carbonate decreased by 700 yuan and 660 yuan respectively compared to the previous trading day. The trading volumes of the 2507 and 2509 contracts decreased by 17,674 and 581 respectively, while the open interests increased by 2,850 and 1,128 respectively. The warehousing receipt volume increased by 630 hands [2]. - **Spot Market Data**: The price of battery - grade lithium carbonate was 68,250 yuan/ton, a decrease of 600 yuan/ton compared to the previous trading day. The price of industrial - grade lithium carbonate was 66,500 yuan/ton, also a decrease of 600 yuan/ton compared to the previous trading day [2]. 3.2 Macro and Industry News - **Price Information**: SMM's battery - grade lithium carbonate index price was 68,372 yuan/ton, a decrease of 626 yuan/ton compared to the previous trading day. The average price of battery - grade lithium carbonate was 68,250 yuan/ton, and that of industrial - grade lithium carbonate was 66,500 yuan/ton, both decreasing by 600 yuan/ton compared to the previous trading day [2]. - **Corporate Performance**: As of April 29, 21 listed battery companies had announced their first - quarter results. 15 companies were profitable, with CATL having the highest profit of 13.96 billion yuan. In terms of net profit growth, Camel Group had the highest growth rate of 51.89%, followed by Gotion High - tech with 45.55% and Capchem with 39.30%. In terms of operating income, CATL's operating income exceeded 80 billion yuan, and EVE Energy and Sunwoda's operating incomes exceeded 10 billion yuan [4]. 3.3 Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral view [4].

Core Insights - The company reported Q1 2025 performance with revenue of 4.136 billion yuan, a year-on-year increase of 19.7% but a quarter-on-quarter decrease of 2.9%, and a net profit attributable to shareholders of 237 million yuan, up 51.9% year-on-year and up 87.1% quarter-on-quarter, meeting market expectations [1] Industry Trends - The lead-acid battery shipments continued to show steady growth, with an estimated shipment of nearly 10 GWh in Q1 2025, representing a year-on-year increase of 5-6%. The growth in both the original equipment and aftermarket segments remained stable, while overseas shipments benefited from the capacity and order releases from the Malaysia factory, showing a year-on-year increase of 20-25%. The overall revenue from lead-acid batteries is estimated to be between 3-3.1 billion yuan, a year-on-year increase of 6-7%, with lead prices higher than the same period in 2024. The gross margin for lead-acid batteries is expected to recover, with an estimated gross margin of nearly 19% in Q1, an increase of 1-1.5 percentage points quarter-on-quarter [2] - The low-voltage lithium battery segment saw further volume growth, with shipments exceeding 200,000 units in Q1 2025, a quarter-on-quarter increase of 20-25%. Revenue is estimated to be between 150-160 million yuan, remaining stable quarter-on-quarter and showing a year-on-year increase of 260-270% [2] Profitability and Cost Management - The company benefited from scale effects, continuing the trend of reduced losses in lithium battery profitability. The period expense ratio improved significantly, with a decrease of 2.3 percentage points year-on-year and 2.2 percentage points quarter-on-quarter. Specific expenses such as sales, management, R&D, and financial expenses saw year-on-year changes of -0.8, -0.7, -0.4, and -0.5 percentage points respectively, and quarter-on-quarter changes of -1.1, -0.5, -0.2, and -0.4 percentage points respectively. Additionally, the company reported over 10 million yuan in stock/equity investment income in Q1 2025, an increase of nearly 40 million yuan compared to the same period in 2024 [3] Earnings Forecast and Valuation - The earnings forecast for 2025 and 2026 remains unchanged at 845 million yuan and 1.092 billion yuan respectively. The target price is maintained at 9.0 yuan, with an outperform rating in the industry. The current stock price corresponds to a P/E ratio of 11.7x for 2025 and 9.1x for 2026, while the target price corresponds to a P/E ratio of 12.5x for 2025 and 9.7x for 2026, indicating an upside potential of 6.4% [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated stable operations in its main business, with a projected dividend payout ratio of no less than 50% over the next three years [1][6] - The company reported a significant increase in net profit for Q1 2025, with a year-on-year growth of 51.9%, attributed to stable revenue growth and positive impacts from equity investments [4][5] - The company is a leader in the domestic low-voltage lead-acid battery market, with a notable increase in overseas sales by approximately 68.5% in 2024 [5] Financial Performance - In 2024, the company achieved an operating revenue of 155.92 billion yuan, a year-on-year increase of 10.7%, and a net profit attributable to shareholders of 6.14 billion yuan, up 7.3% year-on-year [4] - For Q1 2025, the company reported an operating revenue of 41.36 billion yuan, reflecting a year-on-year growth of 19.7% [4] - The company has revised its profit forecasts for 2025-2026, now expecting net profits of 9.60 billion yuan and 12.72 billion yuan, respectively [4] Market Position and Strategy - The company is actively expanding its overseas market channels while maintaining a steady increase in its domestic market share [5] - The low-voltage lithium battery segment has seen a historic breakthrough in sales, generating revenue of 4.05 billion yuan in 2024, with a year-on-year increase of 376% [5] Shareholder Returns - The company plans to distribute a cash dividend of 2.90 yuan per 10 shares for 2024, with a total payout of 3.40 billion yuan, resulting in a dividend payout ratio of 55.41% [6] - The company has committed to maintaining a cash dividend payout ratio of no less than 50% annually from 2025 to 2027 [6] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 10.1, 7.6, and 6.7 times, respectively, indicating a favorable valuation outlook [4][7] - The company's revenue is expected to grow at a compound annual growth rate (CAGR) of approximately 10.3% from 2023 to 2027 [7]

Core Viewpoint - Camel Group, a leading company in the automotive low-voltage battery industry, aims to achieve a revenue target of 20 billion yuan by 2025, leveraging its dual strategy of low-voltage lead-acid and lithium batteries [1][5]. Financial Performance - In Q1 2025, the company reported a revenue of 4.136 billion yuan, a year-on-year increase of 19.74%, and a net profit attributable to shareholders of 237 million yuan, up 51.89% [1][3]. - For the full year 2024, Camel Group achieved a revenue of 15.592 billion yuan, representing a 10.75% increase, and a net profit of 614 million yuan, which is a 7.26% growth [1][2]. Market Position and Strategy - Camel Group maintains its leading position in the domestic automotive low-voltage lead-acid battery market, with a 10.69% increase in sales volume in 2024, totaling 38.3008 million kVAh [2][3]. - The company has secured 54 projects for fuel vehicles and 18 for new energy vehicles, with clients including high-end brands like BMW and Audi, as well as new energy vehicle manufacturers like Xiaomi and Seres [1][2]. International Expansion - In 2024, Camel Group expanded its international presence by developing 60 new customers and extending its business to 117 countries and regions, resulting in a 68.49% increase in overseas sales [3][4]. - The company aims to achieve over 10 billion yuan in overseas revenue by 2030, focusing on building a global market presence [4][5]. Historical Development - Camel Group originated from a small repair shop in Hubei and has evolved into a significant player in the battery industry, transitioning to a private enterprise and listing on the Shanghai Stock Exchange in 2011 [4][5]. - The company has consistently improved its ranking in the "Top 500 Private Enterprises in China," moving from 456th in 2020 to 336th in 2024, reflecting its stable market competitiveness [5].