证券代码：603659 证券简称：璞泰来 公告编号：2025-016 被担保人名称及是否为关联担保：广东卓高新材料科技有限公司（以下 简称"广东卓高"）、四川紫宸科技有限公司（以下简称"四川紫宸"），本 次担保为上海璞泰来新能源科技股份有限公司（以下简称"璞泰来"、"公 司"）为其全资子公司广东卓高、四川紫宸提供的担保，不属于关联担保。 本次担保金额及已实际为其提供的担保余额：本次因公司子公司广东卓 高、四川紫宸授信事宜，公司分别与中国银行股份有限公司肇庆分行、华夏银 行股份有限公司成都分行签署了《最高额保证合同》，本次公司为广东卓高、 四川紫宸担保金额分别为8,000万元、10,000万元。本次担保事项后，扣除已履 行到期的担保，公司及子公司已累计向子公司广东卓高、四川紫宸提供担保金 额分别为96,000万元、230,000万元。2025年至今公司及子公司累计向子公司广 东卓高、四川紫宸提供担保金额分别为8,000万元、10,000万元，公司前述担保 在公司股东大会批准的担保额度范围内。 本次担保是否有反担保：无。 对外担保逾期的累计数量：无。 特别风险提示：截至本公告日，扣除已履行到期的担保，本次新增担保 ...

Group 1 - The company is holding a shareholder meeting on April 10, 2025, to discuss various proposals including the 2025 stock option incentive plan [2][4][8] - The meeting will include voting on the proposed stock option incentive plan, its management measures, and related matters [3][9] - The company aims to establish a long-term incentive mechanism to enhance the motivation and responsibility of its management and core personnel [8][22] Group 2 - The proposed stock option incentive plan includes granting a total of 32 million stock options, which accounts for 1.50% of the company's total share capital [26][27] - The plan is designed to attract and retain key management personnel and core employees, enhancing the company's competitiveness [22][24] - The stock options will have a waiting period and specific conditions for exercise, with the first exercise period starting 12 months after the grant date [30][32] Group 3 - The company plans to waive its right of first refusal on the transfer of 71% equity in its associate company, Sichuan Yindile Materials Technology Group Co., Ltd., to a related party [12][13] - The decision to waive the right is based on the company's strategy to focus resources on its core business areas, particularly in negative electrode materials and membrane materials [13][20] - The company currently holds a 26% stake in Yindile, and this transaction will not affect its equity percentage or consolidated financial statements [14][20]

上海璞泰来新能源科技股份有限公司 2025 年第二次临时股东大会会议材料 上海璞泰来新能源科技股份有限公司 会议材料 2025 年第二次临时股东大会 上海璞泰来新能源科技股份有限公司 2025 年第二次临时股东大会会议材料 目 录 | 一、会议议程…………………………………………………………………………………………………….3 | | --- | | 二、会议须知…………………………………………………………………………………………………….5 | | 三、会议议案…………………………………………………………………………………………………….7 | 2 上海璞泰来新能源科技股份有限公司 2025 年第二次临时股东大会会议材料 上海璞泰来新能源科技股份有限公司 2025 年第二次临时股东大会会议议程 时间：（1）现场会议召开时间：2025 年 4 月 10 日星期四下午 14:00。 （2）网络投票时间：采用上海证券交易所网络投票系统，通过交易系统投 票平台的投票时间为股东大会召开当日的交易时间段，即 9:15-9:25， 9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为股东大会召开当 ...

Macro Strategy - The report emphasizes that expanding consumer demand is more effective than capacity reduction policies in addressing low inflation, as service prices have dropped to historical lows, which is the core issue of the current price cycle [1][10] - If consumption policies are strengthened, service prices could rise by 2 percentage points, leading to a GDP deflator increase from -0.7% to +0.39%, which would be more beneficial than the effects of capacity reduction [1][10] - Historical comparisons indicate that the current price pressure is primarily demand-driven, with the second industry contributing only 48% to the current low inflation, significantly lower than previous years [1][10] Fixed Income Strategy - The report discusses the introduction of buying and selling government bonds as a new monetary policy tool in China, aimed at managing interest rate risks amid a declining yield environment [2][12] - It highlights that the People's Bank of China has primarily focused on buying government bonds to release liquidity, given the current low inflation environment [2][12] - The effectiveness of these operations will depend on the central bank's ability to provide clear forward guidance to shape market expectations [2][12] Company Analysis: Zhengfan Convertible Bonds - Zhengfan Convertible Bonds are expected to list at a price between 115.63 and 128.82 yuan, with a subscription rate of 0.0048% [3][15] - The bonds have a solid debt protection feature, with a conversion premium rate of approximately 25% anticipated on the first day of listing [3][15] - Zhengfan Technology has shown steady revenue growth, with a compound annual growth rate of 34.10% from 2019 to 2023, and a revenue of 38.35 billion yuan in 2023, reflecting a 41.78% year-on-year increase [3][15] Company Analysis: Kelun-Botai - Kelun-Botai's revenue for 2024 is projected at 19.3 billion yuan, a 25.5% increase year-on-year, with a gross profit of 12.74 billion yuan, up 67.8% [5][16] - The company is expected to see rapid growth in multiple products as they commercialize, with significant clinical data supporting their efficacy [5][16] - Revenue forecasts for 2025 and 2026 have been raised to 17.8 billion and 35.6 billion yuan, respectively, with an expected revenue of 58.9 billion yuan in 2027 [5][16] Company Analysis: China National Materials - China National Materials reported a total revenue of 461.27 billion yuan for 2024, a 0.7% increase, and a net profit of 29.83 billion yuan, up 2.3% [6][19] - The company has shown resilience in its Q4 performance, with overseas engineering and operation maintenance businesses performing well [6][19] - The company plans to distribute a cash dividend of 4.5 yuan per 10 shares, reflecting its commitment to shareholder returns [6][19]

证券研究报告·公司点评报告·电池 璞泰来（603659） 发布 25 年股权激励草案，业绩考核目标超预 期彰显管理层信心 买入（维持） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 15464 | 15340 | 13678 | 17394 | 21990 | | 同比（%） | 71.90 | (0.80) | (10.84) | 27.17 | 26.42 | | 归母净利润（百万元） | 3104 | 1912 | 1525 | 2509 | 3323 | | 同比（%） | 77.53 | (38.42) | (20.23) | 64.51 | 32.48 | | EPS-最新摊薄（元/股） | 1.45 | 0.89 | 0.71 | 1.17 | 1.55 | | P/E（现价&最新摊薄） | 13.30 | 21.60 | 27.08 | 16.46 | 12.42 | [Table_Tag] [Table_S ...

证券研究报告·公司点评报告·电池 璞泰来（603659） 发布 25 年股权激励草案，业绩考核目标超预 期彰显管理层信心 买入（维持） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 15464 | 15340 | 13678 | 17394 | 21990 | | 同比（%） | 71.90 | (0.80) | (10.84) | 27.17 | 26.42 | | 归母净利润（百万元） | 3104 | 1912 | 1525 | 2509 | 3323 | | 同比（%） | 77.53 | (38.42) | (20.23) | 64.51 | 32.48 | | EPS-最新摊薄（元/股） | 1.45 | 0.89 | 0.71 | 1.17 | 1.55 | | P/E（现价&最新摊薄） | 13.30 | 21.60 | 27.08 | 16.46 | 12.42 | [Table_Tag] [Table_S ...

璞泰来: 上海璞泰来新能源科技股份有限公司2025 年股票期权激励计划实施考核管理办法 上海璞泰来新能源科技股份有限公司 上海璞泰来新能源科技股份有限公司（以下简称"公司"）为进一步完善公司 法人治理结构，健全公司的激励约束机制，形成良好均衡的价值分配体系，充分 调动公司员工的积极性，使其更诚信勤勉地开展工作，以保证公司业绩稳步提升， 确保公司发展战略和经营目标的实现，公司拟实施2025年股票期权激励计划（以 下简称"股权激励计划"或"股票期权激励计划"）。 为保证股权激励计划的顺利实施，现根据《中华人民共和国公司法》《中华 人民共和国证券法》《上市公司股权激励管理办法》等有关法律、法规和规范性 文件以及《公司章程》、公司股票期权激励计划的相关规定，并结合公司的实际 情况，特制定本办法。 一、考核目的 进一步完善公司法人治理结构，建立和完善公司激励约束机制，保证公司股 权激励计划的顺利实施，并在最大程度上发挥股权激励的作用，进而确保公司发 展战略和经营目标的实现。 二、考核原则 考核评价必须坚持公正、公开、公平的原则，严格按照本办法和考核对象的 业绩进行评价，以实现股权激励计划与激励对象工作业绩、贡献紧密结合 ...

Group 1 - The report evaluates the total equity value of Sichuan Yindile Material Technology Group Co., Ltd. as part of a share acquisition by Ribor Fashion Group Co., Ltd. [6][29] - The assessment date is set for December 31, 2024, and the market value of the total equity is estimated at 2,005 million RMB, reflecting an increase of 101.93% from the book value of 985.73 million RMB [8][29] - The evaluation methods used include the asset-based approach and the income approach, with the income approach being selected as the final conclusion [6][29] Group 2 - Sichuan Yindile focuses on the research, production, and sales of lithium-ion battery adhesives, primarily using the PAA technology route [9][26] - The company has established itself as a leading player in the domestic lithium battery adhesive market, with a strong customer base in the lithium battery industry [8][9] - The financial performance shows a projected revenue of 637.55 million RMB and a net profit of 203.68 million RMB for the year 2024 [26][29] Group 3 - The total assets of Yindile as of the assessment date are reported at 1,289.55 million RMB, with total liabilities of 303.82 million RMB, resulting in a net asset value of 985.73 million RMB [29][30] - The company’s main assets include inventory valued at approximately 459.44 million RMB and investment properties valued at around 25.41 million RMB [30] - The report highlights potential risks related to market demand fluctuations in the electric vehicle and energy storage sectors, which could impact the company's future profitability [8][9]

璞泰来: 北京市金杜律师事务所上海分所关于上海 璞泰来新能源科技股份有限公司2025年股票期权激 励计划（草案）之法律意见书 金杜同意将本法律意见书作为公司实行本计划的必备文件之一，随其他材料 一起上报或公告，并依法对所出具的法律意见承担相应的法律责任。 本法律意见书仅供公司为实行本计划之目的使用，不得用作任何其他目的。 金杜同意公司在其为实行本计划所制作的相关文件中引用本法律意见书的相关内 容，但公司作上述引用时，不得因引用而导致法律上的歧义或曲解，金杜有权对 上述相关文件的相应内容再次审阅并确认。 金杜根据《公司法》《证券法》《管理办法》等有关法律法规、中国证监会 和上海证券交易所（以下简称"上交所"）有关规定的要求，按照律师行业公认的 业务标准、道德规范和勤勉尽责精神，现出具法律意见如下： 一、公司实施本计划的主体资格 北京市金杜律师事务所上海分所 关于上海璞泰来新能源科技股份有限公司 法律意见书 致：上海璞泰来新能源科技股份有限公司 北京市金杜律师事务所上海分所（以下简称"金杜"或"本所"）接受上海璞泰 来新能源科技股份有限公司（以下简称"公司"）委托，根据《中华人民共和国公 司法》（以下简称"《公司 ...

璞泰来: 上海璞泰来新能源科技股份有限公司第四 届董事会第三次会议决议公告 证券代码:603659 证券简称:璞泰来 公告编号:2025-010 上海璞泰来新能源科技股份有限公司 第四届董事会第三次会议决议公告 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、董事会会议召开情况 上海璞泰来新能源科技股份有限公司（下称"公司"、"本公司"、"璞泰来"） 第四届董事会第三次会议通知于2025年3月15日以电子邮件、电话通知的方式发出，会议 于2025年3月25日在公司会议室采用现场结合通讯表决的方式召开，应参加表决董事5人， 实际参加表决董事5人，会议由公司董事长梁丰先生召集并主持。本次会议的召集及召开 程序符合《公司法》、《证券法》及《公司章程》的相关规定，会议合法有效。 二、董事会会议审议情况 经与会董事讨论和审议，以记名投票方式审议一致通过并形成以下决议： (一)审议通过了《关于 <上海璞泰来新能源科技股份有限公司2025年股票期权激励> 计划（草案）>及其摘要的议案》 为进一步建立、健全公司长效激励机制，把握行业发展机 ...