Financial Performance - The company's operating revenue for the first half of 2024 was ¥682,123,743.35, a decrease of 25.23% compared to ¥912,264,967.45 in the same period last year[15]. - The net profit attributable to shareholders for the first half of 2024 was ¥50,652,683.63, down 51.48% from ¥104,393,703.85 in the previous year[15]. - The net cash flow from operating activities decreased by 87.26%, amounting to ¥50,189,252.63 compared to ¥393,952,382.67 in the same period last year[15]. - The basic earnings per share for the first half of 2024 was ¥0.22, a decline of 50.00% from ¥0.44 in the same period last year[16]. - The weighted average return on net assets decreased to 1.84%, down 1.79 percentage points from 3.63% in the previous year[16]. - The total assets at the end of the reporting period were ¥3,335,919,175.84, a slight decrease of 0.16% compared to ¥3,341,373,217.01 at the end of the previous year[15]. - The net assets attributable to shareholders decreased by 4.36%, amounting to ¥2,631,957,395.03 compared to ¥2,751,823,384.95 at the end of the previous year[15]. - The company reported a total non-recurring gains and losses of RMB 4,139,701.75, with significant contributions from government subsidies (RMB 2,691,240.40) and fair value changes of financial assets (RMB 1,020,663.55)[18]. Market Conditions - The company faced a decline in sales orders due to weak terminal market demand, leading to reduced revenue and profit[17]. - The European electric bicycle market saw a sales volume of approximately 5.13 million units in 2023, a year-on-year decrease of 7%, but the market penetration rate increased from 27.2% in 2022 to about 30%[21]. - The European electric motorcycle market registered a decline of 20.1% in 2023, indicating a cooling demand after rapid growth in 2022[23]. - The traditional electric bicycle market in China is entering a phase of stock competition, with a focus on high-quality development following the "new national standard" policy[22]. Research and Development - The company specializes in the research, production, and sales of electric bicycle motors and electrical systems, with a strong focus on customized products to enhance customer value and maintain competitive advantage[19]. - The company is committed to increasing R&D investment to develop better-performing products based on existing offerings[25]. - The company launched the GVT (Gear, Variable, Transmission) technology platform and the G500A automatic five-speed hub, enhancing the riding experience with automatic shifting capabilities[30]. - The company received multiple awards for its DP C010 instrument, including the 2024 China Cycle Innovation Award and the 2024 German Design Award, recognizing its R&D capabilities in smart interactive solutions[30]. Environmental Compliance - The company achieved a significant milestone by obtaining the pollution discharge registration permit on October 17, 2023, with registration number 91320594752730989M002W, indicating compliance with environmental regulations[48]. - The company reported zero production wastewater, with only domestic sewage treated and discharged into the municipal system, meeting standards[48]. - The company effectively managed air emissions, ensuring that all pollutants from welding, adhesive processes, and kitchen fumes met the stipulated discharge standards[48]. - Noise levels from production equipment were maintained below 65dB(A) during the day and 55dB(A) at night, complying with the industrial noise emission standards[48]. - The company implemented measures for solid waste management, achieving zero emissions through proper storage and disposal of hazardous and general industrial waste[48]. - The company is committed to reducing carbon emissions by utilizing renewable resources in product development and enhancing automation in manufacturing processes[50]. - A photovoltaic solar power station was established to reduce energy consumption and promote sustainable practices[50]. Corporate Governance - The controlling shareholder Wang Qinghua committed to lock up shares for 36 months post-IPO and extend the lock-up by 6 months if the stock price falls below the issue price for 20 consecutive trading days within the first 6 months[52]. - The company aims to avoid and reduce related party transactions, ensuring that any unavoidable transactions adhere to fair market pricing principles[55]. - Wang Qinghua also pledged not to engage in any business that competes with the company's main operations, ensuring no conflict of interest[54]. - The company has implemented measures to prevent dilution of immediate returns, as detailed in the prospectus[56]. - The company’s board members and senior management are restricted to transferring no more than 25% of their shares annually during their tenure[53]. - The company has established a commitment to ensure that the prospectus does not contain false records or misleading statements[52]. - The company will not distribute cash dividends to shareholders who violate competition commitments until compliance is achieved[54]. - The company’s controlling shareholders have committed to not transferring shares for 6 months after leaving their positions[53]. - The company will ensure that any related party transactions are conducted in accordance with legal and regulatory requirements to protect minority shareholders[55]. - The company’s controlling shareholders will cease operations of any competing businesses if conflicts arise with the company’s expanded operations[54]. Financial Position - The total amount of raised funds is CNY 130,320,000, with a net amount after issuance costs of CNY 123,758,020[64]. - As of the reporting period, the cumulative investment of raised funds reached CNY 117,654,810, representing an investment progress of 95.07%[64]. - The lithium-ion battery pack production project has a planned investment of CNY 239,442,400, with a cumulative investment of CNY 251,029,200, achieving 104.84% of the planned progress[66]. - The overseas market marketing project has a planned investment of CNY 129,748,800, with a cumulative investment of CNY 128,223,800, achieving 98.82% of the planned progress[66]. - The company has permanently supplemented CNY 81,210,300 of remaining raised funds into working capital after terminating certain investment projects[68]. - The company repurchased and canceled 139,342 restricted stocks due to unmet conditions for the third release of the incentive plan[71]. - The total share capital after the capital reserve transfer increase is adjusted to 235,013,003 shares, effective from July 8, 2024[72]. - The company has not reported any changes in the feasibility of projects funded by raised capital[66]. - The cumulative investment of raised funds in the electric drive system technology center upgrade project is CNY 134,079,400, achieving 100% of the planned progress[66]. - The company has not disclosed any significant changes in the use of raised funds during the reporting period[67]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 13,030[75]. - The top shareholder, Wang Qinghua, holds 68,040,000 shares, representing 40.50% of the total shares[75]. - The second-largest shareholder, He Xianbing, holds 27,463,899 shares, accounting for 16.35%[75]. - The total number of restricted shares at the beginning of the period was 139,342, with all being released during the reporting period[73]. - The financial director, Zhou Qin, reduced her holdings from 16,968 shares to 8,484 shares due to the repurchase and cancellation of restricted stock[77]. - The company has no changes in controlling shareholders or actual controllers during the reporting period[77]. - There were no strategic investors or general corporations becoming top shareholders due to new share placements[76]. - The company did not issue any bonds or convertible bonds during the reporting period[77]. - The number of shares held by the top ten shareholders does not include any shares lent through margin trading[75]. - There were no changes in the number of restricted shares held by the top ten shareholders during the reporting period[76]. Asset and Liability Management - As of June 30, 2024, total current assets amounted to CNY 2,257,279,475.11, a slight decrease from CNY 2,267,464,055.68 as of December 31, 2023, representing a decline of approximately 0.9%[78]. - The company's cash and cash equivalents decreased to CNY 1,490,391,159.78 from CNY 1,543,303,904.09, reflecting a reduction of about 3.4%[78]. - Accounts receivable increased significantly to CNY 333,753,879.43 from CNY 275,186,864.30, marking an increase of approximately 21.3%[78]. - Total liabilities as of June 30, 2024, reached CNY 703,961,780.81, up from CNY 589,549,832.06, indicating an increase of around 19.4%[80]. - The company's total equity decreased to CNY 2,631,957,395.03 from CNY 2,751,823,384.95, a decline of about 4.3%[80]. - Fixed assets increased to CNY 669,415,785.47 from CNY 536,108,359.36, representing a growth of approximately 24.8%[79]. - The company reported a significant increase in inventory, which rose to CNY 232,225,744.53 from CNY 225,577,005.20, an increase of about 2.9%[78]. - Short-term borrowings rose to CNY 4,572,860.38 from CNY 2,490,391.70, reflecting an increase of approximately 83.5%[79]. - The company’s other receivables increased to CNY 7,992,252.84 from CNY 6,300,114.63, marking an increase of about 26.9%[78]. - Deferred income tax assets increased to CNY 30,746,582.45 from CNY 24,565,237.49, representing an increase of approximately 25.2%[79]. Revenue Recognition and Accounting Policies - The company recognizes revenue when control of goods is transferred to customers, which is determined by the ability to direct the use of and obtain substantially all economic benefits from the goods[175]. - The company allocates transaction prices to multiple performance obligations based on their standalone selling prices[175]. - The company uses the input method or output method to determine the progress of service performance for revenue recognition[175]. - The company recognizes revenue from domestic sales when products are delivered and accepted by customers, and payment is received, ensuring that the risks and rewards of ownership have transferred[176]. - For international sales, revenue is recognized upon customs clearance and receipt of payment, with similar conditions regarding the transfer of risks and rewards[176]. - The company ensures that all revenue recognition and cost accounting practices comply with relevant accounting standards and regulations[177]. Taxation - The company has been recognized as a high-tech enterprise, allowing it to enjoy a reduced corporate income tax rate of 15% for three consecutive years starting from 2023[189]. - The main tax rates applicable to the company include a 13% VAT, 25% corporate income tax, and 7% urban maintenance and construction tax[187]. - The company confirms deferred tax assets related to deductible temporary differences arising from mergers if future taxable income is expected to be sufficient[181]. - The company has a tax rate of 15% for its subsidiaries in the Netherlands and Germany, while the tax rate in Poland is 19% and in the United States is 21%[188]. Employee Compensation and Benefits - Employee compensation includes various forms of remuneration, with short-term compensation recognized as liabilities in the period services are provided[163]. - The company recognizes short-term employee benefits, including wages and bonuses, as liabilities and expenses in the period incurred[164]. - For defined benefit plans, the company calculates the present value of obligations and service costs using actuarial assumptions[165]. - The company confirms employee compensation liabilities for termination benefits when the company cannot unilaterally withdraw the benefits or when costs related to restructuring are recognized[167]. Financial Instruments and Risk Management - Financial instruments are classified based on the business model and cash flow characteristics, including those measured at amortized cost and fair value[131]. - The company applies the expected credit loss model for impairment of loan commitments and financial guarantee contracts[133]. - The company recognizes expected credit losses based on the risk of default for financial assets measured at amortized cost and those measured at fair value with changes recognized in other comprehensive income[136]. - The company prioritizes the use of observable inputs for fair value measurement, categorizing inputs into three levels based on their observability[140].

八方电气（苏州）股份有限公司 2024 年半年度募集资金存放与使用的专项报告 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个别及连带责任。 根据中国证券监督管理委员会《上市公司监管指引第 2 号-上市 公司募集资金管理和使用的监管要求》《上海证券交易所上市公司自 律监管指引第 1 号——规范运作》等文件的要求，现将八方电气（苏 州）股份有限公司（以下简称"公司"）截至 2024 年 6 月 30 日募集 资金存放与使用的情况说明如下： 一、募集资金基本情况 经中国证券监督管理委员会证监许可[2019]1741 号《关于核准 八方电气（苏州）股份有限公司首次公开发行股票的批复》核准，公 司于 2019 年 10 月向社会公开发行人民币普通股（A 股）3,000.00 万 股，每股发行价为 43.44 元，应募集资金总额为人民币 130,320.00 万元，扣除保荐机构（主承销商）保荐费、承销费不含税金额合计 4,823.40 万元，公司实际募集资金 125,496.60 万元（其中募集资金 净额 123,758.02 万元，其他发行费用 ...

证券代码：603489 证券简称：八方股份 公告编号：2024-034 八方电气（苏州）股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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。 重要内容提示： 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半 1 会议召开时间：2024 年 9 月 6 日(星期五) 下午 15:00-16:00 会议召开地点： 上海证券 交易所上证路演中心（ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 年度的经营成果及财务指标的具体情况与投资者进行互动交流和沟 通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 投资者可于 2024 年 8 月 30 日(星期五) 至 9 月 5 日(星期四)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮 箱 security@bafang-e.com 进行提问。公司将在说明会上对投资者普 遍关注的问题进行回答。 八 ...

Investment Rating - The report maintains a "Buy" rating for the company, citing the gradual normalization of inventory levels and the potential for improved profitability in the second half of 2024 [2][3] Core Views - The company's performance has been under pressure due to high industry inventory and slowing end-demand, particularly in the European e-bike market, where sales in Germany and the Netherlands declined by 4.55% and 6.79% respectively in 2023 [1] - Long-term demand for e-bikes remains strong, supported by government subsidies and infrastructure investments in Europe, low penetration in the US, and policy support in China [1] - The company has accelerated brand building and improved after-sales services, participating in major international exhibitions and launching a direct-to-dealer service system [1] Financial Projections - Revenue is projected to grow from 1,764 million RMB in 2024 to 2,278 million RMB in 2026, with a CAGR of 12.92% [2] - Net profit is expected to increase from 146 million RMB in 2024 to 245 million RMB in 2026, with a CAGR of 15.92% [2] - The company's PE ratio is forecasted to decline from 29x in 2024 to 17x in 2026, indicating improving valuation metrics [2] Market Performance - The company's stock price has underperformed the CSI 300 index, with a relative decline of 41% over the past year [5] - Over the past three months, the stock has seen a relative decline of 16.54% and an absolute decline of 26.39% [6] Financial Health - The company's gross margin is expected to improve from 28.9% in 2023 to 31.1% in 2026, driven by better inventory management and cost control [7] - ROE is projected to increase from 4.6% in 2023 to 8.1% in 2026, reflecting improved profitability and efficiency [7] - The company maintains a strong balance sheet with a low debt-to-equity ratio, expected to remain below 23% through 2026 [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next 6-12 months [3]. Core Views - The company is expected to see a significant improvement in performance as channel inventory gradually normalizes, with a forecasted increase in net profit from 128 million in 2023 to 146 million in 2024, and further to 211 million in 2025 [2][7]. - The report highlights that despite a challenging 2023 due to high inventory levels and reduced demand in Europe, the long-term demand for electric bicycles remains strong, supported by government subsidies and infrastructure investments [1][2]. - The company is actively enhancing its brand presence and after-sales service, participating in major international exhibitions and launching a direct-to-dealer service system to improve customer service [1]. Summary by Sections Financial Performance - Revenue is projected to recover from 1.648 billion in 2023 to 1.764 billion in 2024, with a growth rate of 7.08% [2][7]. - Net profit is expected to rise from 128 million in 2023 to 146 million in 2024, reflecting a growth rate of 14.09% [2][7]. - The company's earnings per share (EPS) is forecasted to increase from 0.76 in 2023 to 0.62 in 2024 [2][7]. Market Outlook - The European electric bicycle market is anticipated to grow due to increased support for low-carbon transportation, while the U.S. market presents significant growth potential due to its lower current penetration rate [1][2]. - The domestic market is also expected to benefit from government initiatives aimed at promoting electric bicycles as part of a broader strategy for sustainable transportation [1]. Brand and Service Development - The company has participated in key international trade shows to showcase its diverse range of electric bicycle models tailored to different market needs [1]. - The introduction of the direct-to-dealer service system aims to enhance customer service efficiency and align the company's service standards with leading global brands [1].

Company Overview - The company, founded in 2003, specializes in motor and supporting electrical systems, with core founders coming from technical backgrounds [6] - The chairman, Wang Qinghua, holds a degree in Electrical Engineering from Harbin Institute of Technology and has extensive experience in motor development [6][7] - Wang Qinghua directly holds 40.47% of the company's shares as of Q1 2024, making him the controlling shareholder [8] - The company's core products include mid-drive motors, hub motors, and complete electrical systems, primarily sold to overseas e-bike brands and domestic vehicle assemblers [9] Market Position and Technology - The company has mastered core technologies, including torque sensors, and competes with international brands like Bosch and Shimano [10] - It is one of the few companies globally capable of independently producing torque sensors, a key factor for entering the mid-to-high-end market [10] - The company's mid-drive motors historically achieved gross margins above 40%, peaking at 54% in 2020 [11] - Hub motors, which integrate motors, controllers, and sensors, also maintain gross margins around 40% [11] Financial Performance - Revenue peaked in 2022 at CNY 2.65 billion but declined by 42.2% in 2023 to CNY 1.65 billion [17][18] - Q1 2024 revenue further decreased by 34.5% year-over-year due to weak market demand [17] - Net profit margin dropped significantly from 28.8% in 2020 to 5.6% in Q1 2024 [22] - ROE declined sharply to 3.8% in 2023, down from 62.1% in 2018 [31][32] Product and Market Trends - The company expanded into the traditional e-bike market with direct-drive hub motors, achieving CNY 780 million in revenue in 2022, a 64% year-over-year increase [15] - However, the gross margin for direct-drive hub motors is low, dropping to 0.7% in 2023 [19][21] - E-bike motor sales peaked in 2021 and have been declining since, with 2023 sales down 46% year-over-year [18][19] - The European market, which accounts for a significant portion of sales, has seen slowing demand due to geopolitical conflicts and inflation [30][36] Industry Dynamics - The e-bike market in Europe, the company's primary market, experienced a slowdown in 2022 due to high inventory levels and geopolitical tensions [40] - The traditional e-bike market in China, driven by the "New National Standard" policy, is also nearing the end of its replacement cycle, leading to slower growth [42] - Major domestic e-bike manufacturers like Yadea and Aima have seen revenue growth slow significantly in 2023 [43] Cash Flow and Dividends - The company has maintained strong cash flow, generating CNY 1.64 billion in operating cash flow from 2019 to 2023 [44] - It has a high dividend payout ratio, averaging 51% since its IPO, with cumulative dividends of CNY 1.01 billion [49] - Despite declining profitability, the company has no significant interest-bearing debt and holds CNY 1.48 billion in cash and financial assets as of Q1 2024 [50]

证券代码：603489 证券简称：八方股份 公告编号：2024-030 八方电气（苏州）股份有限公司 关于办理完成注册资本变更登记的公告 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个别及连带责任。 因经营发展的实际需求，八方电气（苏州）股份有限公司（以下 简称"公司"）对注册资本进行了变更，并对《公司章程》的相应条 款进行了修订，上述事项已经公司第三届董事会第三次会议及 2023 年年度股东大会审议通过。具体内容详见公司于 2024 年 4 月 20 日披 露的《关于变更注册资本及修订<公司章程>的公告》（2024-013）。 公司近期办理了相关工商变更登记及备案手续，并于 2024 年 7 月 18 日取得了江苏省市场监督管理局换发的营业执照。本次变更完 成后，公司注册资本由 16811.8637 万元变更为 23501.3003 万元。公 司营业执照内容如下： 法定代表人：王清华 注册资本：23501.3003 万元整 成立日期：2003 年 07 月 28 日 住所：苏州工业园区东堰里路 6 号 - 1 - 经营范围：研发组装 ...

证券代码：603489 证券简称：八方股份 公告编号：2024-029 二、公司股份总数变动情况 自公司披露贺先兵先生本次减持计划至本公告披露日，公司股份 总数变动情况如下： 1.限制性股份回购注销 1 八方电气（苏州）股份有限公司 关于持股 5%以上股东、董事兼副总经理 调整减持计划之减持数量的公告 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个别及连带责任。 一、股东原减持计划情况概述 八方电气（苏州）股份有限公司（以下简称"公司"）持股 5% 以上股东、董事兼副总经理贺先兵先生因个人资产规划需求，拟通过 大宗交易方式向其配偶李俊丽女士持有 100%份额的上海烜鼎私募基 金管理有限公司-烜鼎星宿 9 号私募证券投资基金转让公司股份不超 过 3,362,372 股，即不超过当时公司股份总数 168,118,637 股的 2%， 减持期间为 2024 年 7 月 4 日至 2024 年 10 月 3 日，减持价格为市场 价格（以下简称"本次减持计划"）。具体内容详见公司于 2024 年 6 月 13 日披露的《关于持股 5%以上股东、 ...

Financial Performance - The company expects a net profit attributable to shareholders for the first half of 2024 to be between 50 million and 62 million yuan, a decrease of 42.39 million to 54.39 million yuan compared to the same period last year, representing a year-on-year decline of 40.61% to 52.10%[10] - The expected net profit attributable to shareholders after deducting non-recurring gains and losses for the first half of 2024 is projected to be between 47 million and 59 million yuan, a decrease of 33.17 million to 45.17 million yuan compared to the same period last year, indicating a year-on-year decline of 35.99% to 49.01%[12] - The total profit for the first half of 2023 was reported at 117.60 million yuan, with a net profit attributable to shareholders of 104.39 million yuan, and a net profit after deducting non-recurring gains and losses of 92.17 million yuan[5] Market Conditions - The company cites ongoing geopolitical conflicts and inflation as factors negatively impacting overseas terminal market demand, leading to high inventory levels within channels that are being slowly digested[13] Financial Reporting - The financial data provided is preliminary and has not been audited by registered accountants, with the final figures to be disclosed in the official half-year report for 2024[10]

证券代码：603489 证券简称：八方股份 公告编号：2024-027 八方电气（苏州）股份有限公司 2023 年年度权益分派实施公告 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。 A 股每股现金红利 1 元（含税），每股转增股份 0.4 股 相关日期 | 股份 | 股权登记日 | | 最后交易日 | 除权（息）日 | 新增无限售条件 | 现金红利 | | --- | --- | --- | --- | --- | --- | --- | | 类别 | | | | | 流通股份上市日 | 发放日 | | Ａ股 | | 2024/7/5 － | | 2024/7/8 | 2024/7/8 | 2024/7/8 | 差异化分红送转： 是 一、 通过分配、转增股本方案的股东大会届次和日期 本次利润分配及转增股本方案经八方电气（苏州）股份有限公司 （以下简称"公司"）2024 年 5 月 16 日的 2023 年年度股东大会审议通 过。 1 重要内容提示： 公司不存在首发战略配售股份 每股分配比例，每股转增比例 二、 分配、转增股本 ...