Core Insights - ST Pava (688184.SH) reported its Q3 2025 results on October 31, 2025, revealing significant institutional investor interest with 12 institutions holding a total of 67.8372 million shares, representing 42.65% of the total share capital [1] Institutional Holdings - The top ten institutional investors collectively hold 40.74% of ST Pava's shares, with a slight decrease of 0.52 percentage points compared to the previous quarter [1] - Notable institutional investors include Zhujing Zhaoyuan Investment Co., Zhejiang Zheshang Industrial Investment Fund, and Xiamen Jianfa New Industry Equity Investment No. 2 Partnership [1] Public Fund Disclosure - In this reporting period, two public funds were disclosed, including Xingquan CSI 800 Six-Month Holding Index Enhanced A and Xingquan CSI 300 Index Enhanced (LOF) A, which were not reported in the previous quarter [1]

Core Points - The company has reported a total impairment loss of 88.455 million yuan for the first three quarters of 2025, reflecting a cautious approach to asset valuation [10][11][12] - The company has taken measures to address internal control deficiencies and has made significant management changes, including the resignation of key executives [40][41][54] - The company is actively pursuing the recovery of funds misappropriated by a former executive, totaling 191.338 million yuan, with some repayments already received [55][56] Financial Data - The company reported an impairment provision of 9.9328 million yuan for inventory and 56.4085 million yuan for fixed assets during the first three quarters of 2025 [8][10] - The total reduction in profit due to impairment provisions for the first three quarters is 88.455 million yuan [10][11] Management and Governance - The fourth board meeting of the company was held on October 29, 2025, where several key resolutions were passed, including the approval of the third-quarter report and the reappointment of the auditing firm [15][20][22] - The company has appointed a new management team, including a new chairman and general manager, to enhance governance and operational efficiency [40][41] Risk Management - The company has been under risk warning since May 6, 2025, due to a negative audit opinion on its internal controls for the 2024 financial year [37][38] - The company is implementing a comprehensive internal control review and has engaged third-party auditors to assist in identifying and rectifying deficiencies [39][54]

Group 1 - ST Pava held its fourth second board meeting on October 29, 2025, via telecommunication, where it reviewed the proposal for the reappointment of the accounting firm [1] - For the year 2024, ST Pava's revenue composition is 99.12% from new energy battery materials and 0.88% from other businesses [1] - As of the report, ST Pava has a market capitalization of 1.6 billion yuan [1]

证券代码：688184 证券简称：ST 帕瓦 公告编号：2025-098 浙江帕瓦新能源股份有限公司 关于 2025 年前三季度计提资产减值准备的公告 公司 2025 年前三季度计提各项减值损失 8,845.50 万元，具体情况如下： 单位：人民币 万元 | 序号 | | 项目 | 2025 年前三季度计提金额 | | --- | --- | --- | --- | | 1 | 资产减值损失 | 存货跌价损失 | 993.28 | | | | 固定资产减值损失 | 5,640.85 | | 2 | 信用减值损失 | 应收账款坏账损失 | 2,439.48 | | | | 其他应收款坏账损失 | -228.11 | | | | 合计 | 8,845.50 | 二、计提资产减值准备事项的具体说明 （一）存货跌价准备计提方法及金额 公司存货采用成本与可变现净值孰低计量，按照存货类别成本高于可变现净 值的差额计提存货跌价准备。经测试，公司 2025 年前三季度对存货计提跌价准 备 993.28 万元。 （二）固定资产减值准备计提方法及金额 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏 ...

证券代码：688184 证券简称：ST 帕瓦 公告编号：2025-095 浙江帕瓦新能源股份有限公司 关于续聘会计师事务所的公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 拟聘任会计师事务所名称：天健会计师事务所（特殊普通合伙）（以下 简称"天健会计师事务所"） 一、拟聘任会计师事务所的基本情况 （一）机构信息 2、投资者保护能力 天健会计师事务所具有良好的投资者保护能力，已按照相关法律法规要求计 提职业风险基金和购买职业保险。截至 2024 年末，累计已计提职业风险基金和 购买的职业保险累计赔偿限额合计超过 2 亿元，职业风险基金计提及职业保险购 买符合财政部关于《会计师事务所职业风险基金管理办法》等文件的相关规定。 天健会计师事务所近三年存在执业行为相关民事诉讼，在执业行为相关民事 诉讼中存在承担民事责任情况。天健会计师事务所近三年因执业行为在相关民事 诉讼中被判定需承担民事责任的情况如下： | 原告 | 被告 | 案件时间 | 主要案情 | 诉讼进展 | | --- | --- | --- | - ...

证券代码：688184 证券简称：ST 帕瓦 公告编号：2025-096 浙江帕瓦新能源股份有限公司 关于召开2025年第五次临时股东会的通知 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 一、 召开会议的基本情况 （一） 股东会类型和届次 2025年第五次临时股东会 召开日期时间：2025 年 11 月 17 日14 点 30 分 召开地点：浙江省诸暨市陶朱街道友谊北路 57 号本公司会议室 （五） 网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 11 月 17 日 至2025 年 11 月 17 日 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会召开当日的 9:15-15:00。 股东会召开日期：2025年11月17日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 ...

证券代码：688184 证券简称：ST 帕瓦 公告编号：2025-094 浙江帕瓦新能源股份有限公司 第四届董事会第二次会议决议的公告 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、董事会会议召开情况 表决结果：7 票同意，0 票反对，0 票弃权 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的 《2025 年第三季度报告》。 （二）审议通过《关于续聘会计师事务所的议案》 经审核，董事会认为：综合考虑公司业务发展、审计需求及审计工作连续性 等情况，同意续聘天健会计师事务所（特殊普通合伙）为公司 2025 年度财务报 告审计机构及内部控制审计机构，聘期一年。 浙江帕瓦新能源股份有限公司（以下简称"公司"）第四届董事会第二次会 议于 2025 年 10 月 29 日以通讯方式召开，本次会议通知已通过书面和通讯方式 通知全体董事。本次会议由董事长王振宇主持，应参会董事 7 名，实际参会董事 7 名，公司高级管理人员列席会议。本次会议的召集、召开程序符合有关法律法 规、规范性文件及《公司章程 ...

证券代码：688184 证券简称：ST 帕瓦 公告编号：2025-097 浙江帕瓦新能源股份有限公司 关于公司股票被实施其他风险警示的进展公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 天健会计师事务所（特殊普通合伙）作为浙江帕瓦新能源股份有限公司 （以下简称"公司"）审计机构，对公司 2024 年度财务报告内部控制出具了否 定意见的审计报告。根据《上海证券交易所科创板股票上市规则》第 12.9.1 条 第一款第（三）项的相关规定，公司 A 股股票于 2025 年 5 月 6 日被实施其他风 险警示。 根据《上海证券交易所科创板股票上市规则》第 12.9.5 条："上市公司 股票因第 12.9.1 条第一款第二项至第五项规定情形被实施其他风险警示的，在 被实施其他风险警示期间，公司应当至少每月披露 1 次提示性公告，分阶段披露 涉及事项的解决进展情况。"公司将每月披露一次其他风险警示相关事项的进展 情况，提示相关风险。 一、公司股票被实施其他风险警示的相关情况 天健会计师事务所（特殊普通合伙）作为公司审 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥116,342,568.27, a decrease of 40.01% compared to the same period last year[3]. - The total profit for the period was -¥45,501,356.99, showing an improvement of 64.21% year-over-year[3]. - The net profit attributable to shareholders was -¥45,501,356.99, a 57.08% reduction in losses compared to the previous year[3]. - Total operating revenue for the first three quarters of 2025 was CNY 355,542,958.75, a decrease from CNY 777,185,213.60 in the same period of 2024, representing a decline of approximately 54.4%[19]. - The net loss for the first three quarters of 2025 was CNY 203,932,008.55, compared to a net loss of CNY 440,364,091.48 in the same period of 2024, showing an improvement of approximately 53.7%[21]. Cost Management - The company implemented cost control measures, which helped narrow the net profit loss despite a decline in sales revenue[8]. - Total operating costs for the first three quarters of 2025 were CNY 477,169,540.33, down from CNY 1,019,896,375.51 in 2024, indicating a reduction of about 53.2%[20]. - Research and development expenses totaled ¥4,112,308.07, down 81.84% from the same period last year, reflecting a shift to centralized project management[3][8]. - Research and development expenses for the first three quarters of 2025 were CNY 21,026,066.62, a significant decrease from CNY 66,015,771.17 in 2024, representing a reduction of approximately 68.1%[20]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 9,017[11]. - The largest shareholder, Zhuji Zhaoyuan Investment Co., Ltd., holds 24,000,000 shares, representing 15.09% of total shares[11]. - The top ten shareholders hold significant stakes, with the second-largest shareholder, Zhang Bao, owning 16,560,000 shares (10.41%)[11]. - The company has no significant changes in the participation of major shareholders in margin trading and securities lending[12]. Assets and Liabilities - Total assets at the end of the period were ¥2,011,112,285.55, a decrease of 25.28% from the end of the previous year[3]. - The company's total assets decreased from CNY 2,691,374,545.92 to CNY 2,011,112,285.55, reflecting a reduction of about 25.3%[16]. - Total liabilities decreased from CNY 875,552,909.18 to CNY 421,347,853.37, a decline of approximately 52.0%[16]. - The total equity attributable to shareholders decreased from CNY 1,815,821,636.74 to CNY 1,589,764,432.18, a decline of approximately 12.4%[16]. Cash Flow - The cash flow from operating activities showed a net outflow of -¥396,360,372.80 for the year-to-date, a 7.94% improvement compared to the previous year[3]. - The net cash flow from operating activities for the first three quarters of 2025 was -$396.36 million, compared to -$430.53 million in 2024, showing a slight improvement[23]. - Total cash outflow from operating activities in the first three quarters of 2025 was $873.60 million, down from $1.50 billion in 2024, indicating a reduction of approximately 41.7%[23]. - The net cash flow from investing activities was -$21.57 million in 2025, compared to -$56.74 million in 2024, reflecting a significant improvement[24]. - Cash inflow from financing activities in 2025 was $334.56 million, while cash outflow was $200.30 million, resulting in a net cash flow of $134.26 million[24]. Other Financial Metrics - The basic earnings per share for the period was -¥0.29, an improvement of 56.06% year-over-year[3]. - The weighted average return on equity was -2.56%, a 37.56% improvement compared to the previous year[3]. - The company's basic and diluted earnings per share for the first three quarters of 2025 were both CNY -1.29, compared to CNY -2.76 in the same period of 2024, indicating an improvement in per-share performance[22]. - The company's cash and cash equivalents as of September 30, 2025, amount to ¥85,140,085.53, a decrease from ¥399,357,384.14 at the end of 2024[14]. - The ending cash and cash equivalents balance for the first three quarters of 2025 was $64.01 million, compared to $124.64 million in 2024, a decrease of approximately 48.7%[24]. Operational Notes - There are no other important reminders regarding the company's operational situation during the reporting period[13]. - The company will implement new accounting standards starting in 2025, which may affect the financial statements[25].

Group 1 - The average premium of the latest closing prices of listed Sci-Tech Innovation Board stocks compared to their issue prices is 147.14%, with 119 stocks experiencing a decline in value [1][2] - Among the 589 listed Sci-Tech Innovation Board stocks, 468 have closing prices above their issue prices, while the highest premium is seen in Shangwei New Materials at 4311.48% [1][2] - The stocks with the largest declines include ST Pava, with a decline of 75.93%, and Chengda Bio, with a decline of 72.26% [1][2] Group 2 - ST Pava was issued at 51.88 yuan and is currently priced at 10.30 yuan, reflecting a significant decline [2] - Chengda Bio was issued at 110.00 yuan and is currently priced at 27.33 yuan, also showing a substantial decline [2] - Other notable declines include Wanrun New Energy at 70.07%, Tianyi New Materials at 65.40%, and CanSino at 64.27% [2][3] Group 3 - The data indicates a trend of significant price volatility among Sci-Tech Innovation Board stocks, with a notable number of stocks trading below their issue prices [1][2] - The industry average price-to-earnings ratio for ST Pava is 29.25, while its issue price was based on a P/E ratio of 93.68, indicating a substantial overvaluation at the time of issuance [1] - The performance of these stocks may reflect broader market conditions and investor sentiment towards the technology and innovation sectors [1][2]