北京中伦文德（杭州）律师事务所 法律意见书 北京中伦文德（杭州）律师事务所 关于 浙江野马电池股份有限公司 2025 年第二次临时股东会 之 法律意见书 电话：0571-83685215 传真：0571-83685215 邮编：311200 北京中伦文德（杭州）律师事务所 法律意见书 北京中伦文德（杭州）律师事务所 地址：杭州市萧山区钱江世纪城广孚中心 1301 北京中伦文德（杭州）律师事务所 法律意见书 北京中伦文德（杭州）律师事务所 关于浙江野马电池股份有限公司 2025 年第二次临时股东会之 法律意见书 致：浙江野马电池股份有限公司 北京中伦文德（杭州）律师事务所（以下称"本所"）接受浙江野马电池股份 有限公司（以下称"公司"）的委托，指派律师出席公司 2025 年第二次临时股东 会（以下称"本次股东会"），本所律师根据《中华人民共和国公司法》（以下称 "《公司法》"）、《中华人民共和国证券法》（以下称"《证券法》"）、《上市 公司股东会规则》（以下称"《股东会规则》"）等法律、法规和规范性法律文件 以及《浙江野马电池股份有限公司公司章程》（以下称"《公司章程》"）的规定， 就公司本次股东会的召集召开程 ...

证券代码：605378 证券简称：野马电池 公告编号：2025-043 浙江野马电池股份有限公司 2025年第二次临时股东会决议公告 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： (五) 公司董事和董事会秘书的出席情况 二、 议案审议情况 (一) 累积投票议案表决情况 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 195 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 192,598,052 | | 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 | 73.6945 | | 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，股东会主持情况 等。 (一) 股东会召开的时间：2025 年 11 月 17 日 (二) 股东会召开的地点：浙江省宁波市镇海区骆驼街道荣吉路 818 号公司会 议室 (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： 本次股东会由公司董事会召集 ...

投资者及其一致行动人余元康、陈恩乐、陈一军、余谷峰、陈科军、余谷涌保证 向本公司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 证券代码：605378 证券简称：野马电池 公告编号：2025-042 浙江野马电池股份有限公司 关于股东权益变动触及 1%刻度的提示性公告 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | 控股股东/实际控制人及其一致行动人 □其他 5%以上大股东及其一致行动人 | | --- | --- | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | | | □其他______________（请注明） | 2.信息披露义务人信息 | 信息披露义务人名称 | | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | --- | | 陈一军 |  | 控股股东/实控人 |  | | | □ | 控股股东/实控人的一致 | 不适用 | | | 行动人 | | | | | □ | 其他直接持 ...

Core Viewpoint - Yema Battery (605378.SH) faces significant operational challenges, with a notable contrast between revenue growth and a sharp decline in net profit, indicating a "revenue without profit" dilemma [1][2][20]. Financial Performance - In the first three quarters of 2025, Yema Battery achieved total revenue of 1.028 billion yuan, a year-on-year increase of 8.15%, but the net profit attributable to shareholders plummeted by 53% to 54.656 million yuan [1]. - For Q3 2025, revenue was 443 million yuan, up 4.37% year-on-year, while net profit fell by 50.58% to 24.03 million yuan [1]. - The gross profit margin dropped to a record low of 14.26%, down 7.22 percentage points from 21.48% in the same period of 2024 [2][6]. Market Dynamics - The global zinc-manganese battery market is projected to reach approximately 8 billion USD in 2025, with a compound annual growth rate of only 2%, leading to intensified price competition [6]. - Yema Battery primarily operates under an OEM model, which limits its pricing power and exposes it to aggressive pricing pressures from larger clients [6][7]. Competitive Position - Compared to competitors, Yema Battery's profitability is significantly lower, with peers like Nanfu Battery achieving a gross margin of 48% and Changhong Energy at 16% [6]. - The company is heavily reliant on OEM production for international brands, which constrains its ability to establish a strong market presence with proprietary brands [7]. Industry Trends - The zinc-manganese battery industry is experiencing increasing concentration, with leading companies like Nanfu and Shuanglu dominating the market, capturing 60% of the domestic alkaline battery market [8]. - The shift towards alkaline batteries over carbon batteries is further squeezing the market space for smaller players like Yema Battery [8]. Cash Flow and Receivables - Yema Battery's accounts receivable reached 390 million yuan, a 20% increase year-on-year, indicating declining cash flow efficiency [9][12]. - The high accounts receivable, which accounted for 38% of total receivables and 17.3% of total assets, suggests potential risks in cash recovery [9][12]. Future Outlook - The company is exploring a transition to new energy solutions, such as sodium batteries, but faces significant challenges due to high technical barriers and resource allocation issues [13][20]. - The current high valuation of Yema Battery, with a price-to-earnings ratio of 75, is seen as unsustainable given its declining profitability and growth prospects compared to peers [15][17].

Core Viewpoint - Yema Battery (605378.SH) announced significant share reductions by major shareholders, indicating a shift in ownership structure and potential implications for control and governance [1] Shareholder Reductions - Shareholder Chen Yijun reduced holdings by a total of 118.27 thousand shares from November 1 to November 13, 2025, through both centralized bidding and block trading [1] - Shareholder Yu Gufeng reduced holdings by a total of 175.99 thousand shares during the same period, also utilizing centralized bidding and block trading [1] - Shareholder Chen Kejun reduced holdings by a total of 123.47 thousand shares through similar methods [1] - The total reduction in shares by these shareholders amounted to 417.73 thousand shares, leading to a decrease in the actual controller's ownership from 73.8187% to 72.2203%, marking a change that touches the 1% threshold [1]

Core Insights - The article discusses the recent block trading activity of Yema Battery, highlighting significant transactions and market performance [2][3]. Trading Activity - On November 13, Yema Battery experienced 21 block trades, totaling 2.83 million shares and a transaction value of 63.75 million yuan, with a trading price of 22.51 yuan, representing an 18.18% discount compared to the closing price [2]. - Over the past three months, Yema Battery has recorded 37 block trades, with a cumulative transaction value of 106 million yuan [3]. Market Performance - Yema Battery's closing price on the same day was 27.51 yuan, reflecting a 10.00% increase, with a turnover rate of 6.10% and a total trading volume of 432 million yuan [3]. - The net inflow of capital for Yema Battery was 253 million yuan for the day, and over the past five days, the stock has risen by 7.97% with a total net capital inflow of 258 million yuan [3]. Company Background - Zhejiang Yema Battery Co., Ltd. was established on November 6, 1996, with a registered capital of 2.613464 billion yuan [3].

Core Insights - On November 13, a block trade of Yema Battery involved 2.8319 million shares, with a transaction value of 63.7462 million yuan, accounting for 12.85% of the total trading volume for the day [1] - The transaction price was 22.51 yuan, representing an 18.18% discount compared to the market closing price of 27.51 yuan [1] Trading Details - The block trade occurred on November 13, 2025, with the stock code 605378 for Yema Battery [2] - The transaction price was consistently recorded at 22.51 yuan across multiple entries, indicating a stable trading price during this block transaction [2][3] - The total transaction amount was reported at 63.7462 million yuan, with a significant volume of 2.8319 million shares traded [1][2]

Group 1 - The stock of Yema Battery increased by 5.34%, closing at 26.23 yuan, with three block trades totaling 450,000 shares and a transaction amount of 10.08 million yuan [1] - Each of the three block trades occurred at a price of 22.41 yuan for 15,000 shares, with a premium rate of -14.56%, indicating a discount from the market price [1] - Over the past three months, Yema Battery has recorded 16 block trades with a total transaction amount of 42.63 million yuan, while the stock has seen a cumulative decline of 5.99% in the last five trading days, with a net outflow of 23.44 million yuan from main funds [1]

Group 1 - On November 11, a block trade of Yema Battery involved 450,000 shares with a transaction value of 10.0845 million yuan, accounting for 2.29% of the total trading volume for the day [1] - The transaction price was 22.41 yuan, which represents a discount of 14.56% compared to the market closing price of 26.23 yuan [1] Group 2 - The block trade details include a transaction date of November 11, 2025, with a trading volume of 15 shares at a price of 22.41 yuan, resulting in a transaction amount of 336.15 thousand yuan [2] - Multiple buying and selling departments were involved in the transactions, indicating a diverse participation in the block trade [2]

Group 1 - The core viewpoint of the news is the significant rise in power equipment stocks, indicating a positive trend in the sector [1] Group 2 - Zhonglai Co., Ltd. experienced a 20% limit-up increase in stock price [1] - Haibo Sichuang's stock rose over 11% [1] - Jixin Technology's stock increased by more than 7% [1] - Yunnan Energy Investment, Yijing Photovoltaic, and Kuake Electronics all saw stock price increases of over 6% [1] - Yema Battery, Shangen Electric, and Penghui Energy experienced stock price rises of over 5% [1]