Core Viewpoint - ST Pava is facing significant operational and financial challenges due to allegations of fund misappropriation by its actual controller and chairman, Zhang Bao, leading to investigations and a decline in financial performance [2][3][4]. Group 1: Allegations and Investigations - On August 1, 2025, ST Pava received a notice from law enforcement regarding the investigation of Zhang Bao for suspected embezzlement [2]. - Zhang Bao previously disclosed the misappropriation of company funds amounting to 191 million yuan, with a total of 204 million yuan including interest calculated at the LPR rate [3]. - The company has acknowledged significant internal control deficiencies that contributed to these issues and has classified the misappropriated funds as other receivables [3][5]. Group 2: Financial Performance - ST Pava experienced rapid growth from 2020 to 2022, with a revenue of 1.656 billion yuan in 2022, representing a 91.21% year-on-year increase, and a net profit of 146 million yuan, up 74.52% [6]. - However, in 2023, the company reported a revenue drop to 1.284 billion yuan and a net profit of 19.12 million yuan, which later adjusted to a net loss of 97.37 million yuan in the annual report [7]. - The company continued to face losses in 2024, with a net loss of 732 million yuan, attributed to market competition and supply-demand imbalances [7][8]. Group 3: Operational Measures - In response to its financial difficulties, ST Pava has proposed measures such as shutting down inefficient production lines, reducing management costs, and optimizing existing assets, with a focus on achieving profitability in 2025 [8].

证券时报·数据宝统计显示，已上市的589只科创板股中，最新收盘价较发行价平均溢价116.81%，其 中，收盘价较发行价溢价的有447只，溢价幅度最高的是上纬新材，最新收盘价较发行价溢价 4443.07%，热景生物、百利天恒、安集科技等紧随其后，分别溢价1105.04%、1102.27%、1087.29%。 最新收盘价较发行价出现折价的有141只，也即是破发。 科创板股最新收盘价较发行价平均溢价116.81%，其中，141股出现破发。 破发幅度最大的是万润新能，最新价较发行价折价78.95%，该股2022年9月29日上市，发行价为299.88 元，发行市盈率为75.25倍，行业平均市盈率为19.21倍，公司主要从事锂电池正极材料的研发、生产和 销售。 其次是ST帕瓦，该股2022年9月19日上市，最新价较发行价折价76.58%，发行价为51.88元，发行市盈率 为93.68倍，行业平均市盈率为29.25倍，公司主要从事新能源电池材料的研发、生产和销售。 成大生物最新价较发行价折价70.99%，天宜新材最新价较发行价折价65.45%，中科微至最新价较发行 价折价61.35%，康希诺最新价较发行价折价60.04%， ...

Group 1 - Weihai Guangtai reported a net profit of 83.32 million yuan for the first half of 2025, a year-on-year decrease of 22.41%, while total revenue reached 1.425 billion yuan, an increase of 10.91% [1] - Haowei Group expects a net profit increase of 39.43% to 49.67% for the first half of 2025, estimating a profit range of 1.906 billion to 2.046 billion yuan [1] - Tengda Construction won a bid for a project worth 118 million yuan, with a construction period of 500 calendar days [1] Group 2 - Shanda Power plans to use up to 520 million yuan of idle raised funds for cash management, investing in safe and liquid products with a term not exceeding 12 months [3] - Rundu Co., Ltd. received approval for the listing application of its chemical raw material drug, which is suitable for surgical treatment in adults and children over one month old [4] - Zhongyuan Qihua's subsidiary's clinical trial application for a drug aimed at treating pulmonary fibrosis has been accepted [4] Group 3 - Shanghai Xiba plans to establish a joint venture with Yuyuan Rare Earth, focusing on advanced materials for lithium-ion solid-state batteries, with a registered capital of 200 million yuan [6] - Aorite's senior management plans to reduce their holdings by up to 62,500 shares, accounting for 0.02% of the company's total equity [7] - Yipin Hong's subsidiary's clinical trial application for a new oral drug for endometriosis has been accepted [8] Group 4 - Haya Pharmaceutical plans to lease idle assets covering 22,671.39 square meters for a period of 10 years [9] - Southern Precision Engineering applied for a credit limit of 50 million yuan from a bank for operational purposes [11] - Jindawei's subsidiary established a joint venture with a registered capital of 5 million yuan, focusing on the sale of food additives and health products [12] Group 5 - Gaode Infrared signed a product order contract worth 307 million yuan, expected to account for 11.46% of the company's audited revenue for 2024 [13] - Xichang Electric will implement a low valley electricity price policy starting September 1, 2025, which is expected to reduce net profit by approximately 5.55 million yuan [14] - Huyou Pharmaceutical's first subject has been dosed in a Phase I clinical trial for a drug targeting advanced solid tumors [16] Group 6 - Chuanheng Co., Ltd. received a patent for a dust removal system in mining operations [17] - Spring Wind Power's application for issuing convertible bonds has been accepted by the Shanghai Stock Exchange [18] - Liuyao Group plans to repurchase shares worth between 100 million and 200 million yuan [19] Group 7 - Baiyun Electric has obtained a commitment letter for a stock repurchase loan of up to 18 million yuan [20] - Tonghe Pharmaceutical received a patent for a method of preparing an intermediate for a migraine treatment drug [21] - Tainkang's subsidiary's Phase II clinical trial for a drug for vitiligo has shown significant efficacy and safety [23] Group 8 - Yuhua Tian's secretary and deputy general manager resigned for personal reasons [24] - Heizhima's controlling shareholder is planning a change in control, leading to a temporary suspension of stock trading [25] - Keda Li's subsidiary completed a capital increase, raising its registered capital to 700 million yuan [26] Group 9 - Fangda Special Steel's shareholder plans to reduce holdings by up to 1% of the company's shares [28] - ST Pava's director is under investigation for alleged embezzlement, but the company's operations remain normal [29] - Jiachuan Video's controlling shareholder is planning a change in control, resulting in a temporary stock suspension [32] Group 10 - Danhua Technology will change its stock name to Jinmei Technology starting August 7, 2025, due to a relocation of its registered office [33] - Morning Wind Technology's shareholder plans to reduce holdings by up to 1% of the company's shares [34] - Leshan Electric will adjust residential gas prices starting September 1, 2025, which is expected to increase gross profit by approximately 2.7 million yuan [35] Group 11 - SAIC Motor reported a total vehicle sales of 337,500 units in July 2025, a year-on-year increase of 34.22%, with significant growth in new energy vehicle sales [36] - LIGONG Navigation's shareholders plan to reduce holdings by up to 3% of the company's shares [37] - United Imaging's employee stock ownership platform plans to reduce holdings by up to 1.62% of the company's shares [38] Group 12 - Beiqi Blue Valley's subsidiary reported a 6.38% decline in sales in July 2025 [39] - Watson Bio's clinical research application for an mRNA vaccine has been accepted [40]

Group 1 - ST Pava announced its first share buyback on August 4, 2025, repurchasing 50,000 shares, which represents 0.03% of the total share capital, with a total expenditure of approximately 500,000 RMB [1] - The highest and lowest prices during the buyback were 10.11 RMB/share and 9.91 RMB/share, respectively [1] - For the year 2024, ST Pava's revenue composition was 99.12% from new energy battery materials and 0.88% from other businesses [1] Group 2 - As of the report, ST Pava's market capitalization is 1.6 billion RMB [1]

二、 回购股份的进展情况 证券代码：688184 证券简称：ST 帕瓦 公告编号：2025-071 浙江帕瓦新能源股份有限公司 关于第五期以集中竞价交易方式首次回购公司股份 暨回购进展的公告 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： | 回购方案首次披露日 | 2025/6/12 | | --- | --- | | 回购方案实施期限 | 股东大会审议通过后 3 个月 | | 预计回购金额 | 1,000万元~2,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 50,000股 | | 累计已回购股数占总股本比例 | 0.03% | | 累计已回购金额 | 502,987.76元 | | 实际回购价格区间 | 9.91元/股~10.11元/股 | 一、 回购股份的基本情况 浙江帕瓦新能源股份有限公司（以下简称"公司"）于 2025 年 6 月 11 日、2025 年 7 月 1 ...

格隆汇8月4日丨ST帕瓦（维权）(688184.SH)公布，2025年8月4日，公司通过上海证券交易所交易系统 以集中竞价交易方式首次回购公司股份5万股，占公司总股本的比例为0.03%，回购成交的最高价为 10.11元/股，最低价为9.91元/股，支付的资金总额为人民币502,987.76元（不含印花税、交易佣金等交 易费用）。 ...

成大生物最新价较发行价折价71.07%，天宜新材最新价较发行价折价66.00%，康希诺最新价较发行价 折价61.65%，中科微至最新价较发行价折价61.65%，金迪克最新价较发行价折价57.21%。（数据宝） 科创板股破发幅度排名 科创板股最新收盘价较发行价平均溢价114.49%，其中，143股出现破发。 证券时报·数据宝统计显示，已上市的589只科创板股中，最新收盘价较发行价平均溢价114.49%，其 中，收盘价较发行价溢价的有445只，溢价幅度最高的是上纬新材，最新收盘价较发行价溢价 3686.03%，热景生物、安集科技、百利天恒等紧随其后，分别溢价1090.17%、1085.87%、1079.76%。 最新收盘价较发行价出现折价的有143只，也即是破发。 破发幅度最大的是万润新能，最新价较发行价折价79.04%，该股2022年9月29日上市，发行价为299.88 元，发行市盈率为75.25倍，行业平均市盈率为19.21倍，公司主要从事锂电池正极材料的研发、生产和 销售。 其次是ST帕瓦，该股2022年9月19日上市，最新价较发行价折价76.75%，发行价为51.88元，发行市盈率 为93.68倍，行业平 ...

Core Viewpoint - ST Pava is facing a severe governance and financial crisis, highlighted by the investigation of its co-controller and director Zhang Bao for embezzlement, alongside significant management changes and financial misreporting [1][2][3]. Financial Issues - ST Pava's financial troubles began in its second year post-IPO, with a reported revenue of 1.17 billion yuan in 2023, a year-on-year decline of 29.26%, and a net loss of 97.37 million yuan, marking a 166.79% decrease [3]. - The company experienced further losses in 2024, with a net loss expanding to 727 million yuan, reflecting a year-on-year decline of 193.37% [3]. - The company raised 1.743 billion yuan during its IPO, but its market value has since plummeted to 1.592 billion yuan, below the net amount raised [6]. Governance and Management Changes - Zhang Bao, the co-controller and director, was formally investigated for embezzlement, having previously resigned from his roles as chairman and general manager due to "personal health reasons" [2]. - Recent management changes include the resignation of key personnel, such as the deputy general manager and core technical staff, which has raised concerns about the company's operational stability [5]. Internal Control and Compliance Issues - The company has been flagged for significant internal control deficiencies, leading to inaccurate financial reporting and a warning from the Zhejiang Securities Regulatory Bureau [4]. - Issues identified include inflated revenue figures, inadequate inventory depreciation provisions, and mismanagement of company seals, which have contributed to the company's financial misreporting [4]. Market Position and Competitive Landscape - ST Pava operates in a highly competitive market for ternary precursor materials, facing pressure from larger firms like Huayou Cobalt and Greeenme, which have strengthened their market positions through technological advancements [6]. - Despite attempts to pivot towards high-end products, the company has struggled to convert these efforts into profitability, exacerbating its survival challenges [6]. Customer and Market Confidence - The company has faced scrutiny regarding the qualifications of its major customers, which has further eroded market confidence [7]. - As of August 4, ST Pava's stock price fell to 9.95 yuan per share, reflecting a continued decline in investor sentiment [7].

Core Viewpoint - ST Pava's actual controller Zhang Bao is under investigation for embezzlement, but the company's operations remain normal and unaffected by this incident [1] Group 1: Company Management and Control - Zhang Bao, one of the actual controllers and a board member, is being investigated for embezzlement by the police [1] - Other board members and senior management are performing their duties normally, and there has been no change in company control [1] - Zhang Bao resigned from his positions as chairman and general manager due to health reasons prior to the investigation [1] Group 2: Financial Issues - Zhang Bao has allegedly misappropriated a total of 191 million yuan, with 141 million yuan through suppliers and 49.91 million yuan from sales funds [2] - The total amount of misappropriated funds, including interest calculated at the LPR rate, amounts to 204 million yuan [2] - As of July 1, 2025, ST Pava has received 30 million yuan of the misappropriated funds back from Zhang Bao [2] Group 3: Company Performance - In 2024, ST Pava reported a revenue of 949 million yuan, a decrease of 0.6% year-on-year, and a net profit attributable to shareholders of -727 million yuan, a decrease of 193.37% year-on-year [3] - The company specializes in the research, production, and sales of new energy battery materials, focusing on lithium-ion and sodium-ion battery cathode materials [3] Group 4: Stock Performance - As of August 4, ST Pava's stock price decreased by 1.2%, closing at 9.89 yuan per share, with a total market value of 1.573 billion yuan [4]

Group 1 - ST Pava disclosed that its co-actual controller and director, Zhang Bao, is under investigation for embezzlement as of August 1, 2025, but the company's operations remain normal and control has not changed [1] - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on September 19, 2022, with an initial public offering of 33,594,557 shares at a price of 51.88 yuan per share [1] - ST Pava's stock has been in a downward trend since its listing, currently trading below its initial listing price [1] Group 2 - The total amount raised from ST Pava's initial public offering was 1,742,885,617.16 yuan, with a net amount of 1,595,130,043.93 yuan after deducting issuance costs [2] - The final net amount raised exceeded the original plan by 85.75 million yuan, which was intended for a 40,000-ton ternary precursor project and to supplement working capital [2] Group 3 - The total issuance costs for ST Pava's initial public offering amounted to 14,775.56 million yuan, including underwriting fees of 12,234.99 million yuan [3] - On July 12, 2023, ST Pava announced a dividend plan of 3.3 yuan per 10 shares (pre-tax) and a bonus issue of 2 shares, with the ex-dividend date set for July 19, 2023 [3]