上市首日，ST帕瓦盘中最高价45.92元，为该股上市以来最高价。该股目前处于破发状态。 中国经济网北京9月2日讯 ST帕瓦(688184.SH)近日披露2025年半年度报告。报告期内，该公司实现营业 收入2.39亿元，同比下降58.99%；实现归属于上市公司股东的净利润-1.58亿元，上年同期为-3.34亿元； 实现归属于上市公司股东的扣除非经常性损益的净利润-1.61亿元，上年同期为-3.39亿元；经营活动产 生的现金流量净额为-1.63亿元，上年同期为-1.14亿元。 2023年、2024年，ST帕瓦实现营业收入分别为9.54亿元、9.49亿元，实现归属于上市公司股东的净利润 分别为-2.48亿元、-7.27亿元，实现归属于上市公司股东的扣除非经常性损益的净利润分别为-2.50亿 元、-7.32亿元。 ST帕瓦于2025年8月3日晚间披露《关于公司共同实际控制人之一、董事张宝被立案侦查的公告》。公 告显示，ST帕瓦于2025年8月1日收到公安机关出具的《立案决定书》，公司共同实际控制人之一、董 事张宝涉嫌职务侵占被公安机关立案侦查。截至公告披露日，ST帕瓦其他董事、监事和高级管理人员 均正常履职，公司控制 ...

Core Viewpoint - ST Pava has made significant progress in optimizing its sales order structure and enhancing product value, despite a decline in revenue compared to the previous year. The company has reduced its net profit loss by over 50%, indicating a solid step towards improving profitability [1] Financial Performance - The company reported a revenue of 239 million yuan, showing a decrease compared to the same period last year. However, the net profit loss decreased from 334 million yuan to 158 million yuan, reflecting a reduction of over 50% in losses [1] Management Changes - ST Pava announced significant management changes, electing Wang Baoliang as the new chairman and general manager, and appointing Pu Weifeng as the deputy general manager and board secretary. This restructuring aims to enhance internal control and governance amid market challenges [2] Internal Control Enhancements - The new management has initiated a series of internal control reforms, including hiring third-party audit and consulting firms to review the internal control system. The accounts receivable amount significantly decreased to 34.2 million yuan, down 84.02% year-on-year, demonstrating the effectiveness of these internal control measures [2] Sales and Market Strategy - The company has expanded its sales team, introduced industry talents, and established a "sales-production" daily coordination mechanism. These efforts aim to boost market vitality and team cohesion, reflecting the importance of internal control management [3] Technological Innovation - ST Pava emphasizes technological innovation as a core driver of development. The company has made substantial R&D investments, resulting in numerous proprietary research outcomes and non-patented technologies that enhance its core competitiveness [4] Lithium and Sodium Battery Development - In the lithium battery sector, ST Pava focuses on the NCM ternary precursor technology, achieving breakthroughs in high-voltage multi-element precursor technology. In the sodium battery field, the company has developed a proprietary technology system for sodium-ion battery materials, with stable shipments and ongoing low-cost product development [4] Solid-State Battery Strategy - The company is strategically positioning itself in the solid-state battery market, recognizing its potential in high-end consumer electronics and new energy vehicles. ST Pava has applied for 21 invention patents in this area and has made significant progress in developing solid-state electrolyte materials [5] Future Outlook - Looking ahead, ST Pava will continue to adhere to an innovation-driven development strategy, focusing on technological innovation as its core competitive advantage while strengthening internal controls and governance for sustainable high-quality growth [6]

Core Viewpoint - ST Pava has significantly reduced its net loss in the first half of 2025 and has seen a substantial decrease in accounts receivable, indicating improvements in internal control and management restructuring efforts [1][2]. Financial Performance - In the first half of 2025, ST Pava reported a net profit attributable to shareholders of -158 million yuan, a year-on-year improvement of 52.61% [2]. - Accounts receivable decreased to 34.2 million yuan, down 84% compared to the same period last year [2]. Management Restructuring - The company has undergone a management team overhaul, with the resignation of former Chairman and General Manager Zhang Bao, and the appointment of Wang Baoliang as the new Chairman and General Manager [2]. - The management team has been actively holding meetings to enhance internal control and governance [3]. Internal Control Improvements - ST Pava has initiated multiple internal control measures, including financial training for staff and the establishment of a specialized team to manage accounts receivable [3][4]. - The company has engaged a third-party consulting firm, Zhongcheng Consulting, to assist in restructuring its internal control system, focusing on process reengineering, organizational change, and compliance [4]. Strategic Initiatives - The company is committed to optimizing its sales order structure, which has led to a decrease in revenue but improved profitability metrics [2]. - ST Pava plans to closely monitor market dynamics and may consider share buyback strategies to enhance investor confidence and maintain market value [5].

Core Viewpoint - ST Pava (688184) reported a significant decline in revenue and a negative net profit for the first half of 2025, indicating ongoing financial struggles and a weak business model [1][3]. Financial Performance - Total revenue for the first half of 2025 was 239 million yuan, a decrease of 58.99% year-on-year [1]. - The net profit attributable to shareholders was -158 million yuan, an improvement of 52.61% compared to the previous year [1]. - In Q2 2025, total revenue was 159 million yuan, down 45.36% year-on-year, with a net profit of -102 million yuan, up 55.59% year-on-year [1]. - The gross margin was -16.63%, a decrease of 7.12% year-on-year, while the net margin was -66.23%, down 15.54% year-on-year [1]. - The total of selling, administrative, and financial expenses reached 42.99 million yuan, accounting for 17.98% of total revenue, an increase of 311.55% year-on-year [1]. Balance Sheet and Cash Flow - Cash and cash equivalents increased by 25.02% to 372 million yuan [1]. - Accounts receivable dropped by 84.02% to 34.2 million yuan [1]. - Interest-bearing debt surged by 637.72% to 155 million yuan [1]. - The company reported a negative operating cash flow per share of -1.03 yuan, a decrease of 45.1% year-on-year [1]. Business Model and Investment Returns - The company's historical return on invested capital (ROIC) has been low, with a median of 6.14% since its listing, and a particularly poor ROIC of -28.71% in 2024 [3]. - The business model relies heavily on R&D and capital expenditures, necessitating careful evaluation of the effectiveness of these investments [3]. Financial Health Indicators - The cash flow situation is concerning, with cash and cash equivalents covering only 75.44% of current liabilities [4]. - The average net cash flow from operating activities over the past three years has been negative, indicating ongoing financial challenges [4].

Group 1 - The company has revised its articles of association, which will be submitted for approval at the shareholders' meeting [1] - The revised articles of association have been disclosed on the Shanghai Stock Exchange website [1] - The company will authorize its management to handle subsequent registration and filing matters after the shareholders' meeting approval [1] Group 2 - The company raised a total of RMB 174,288.56 million from the public offering of 33,594,557 shares at an issue price of RMB 51.88 per share [2] - After deducting underwriting and sponsorship fees of RMB 12,234.99 million, the net amount raised was RMB 159,513.00 million [2] - The funds were deposited into the company's fundraising supervision account on September 14, 2022 [2] Group 3 - The company has established a fundraising management system to regulate the management and use of raised funds [5] - The company signed tripartite supervision agreements with several banks to ensure the proper storage of raised funds [6] - As of June 30, 2025, the management of the raised funds has complied with relevant regulations and internal management systems [5][6] Group 4 - The company has temporarily used up to RMB 150 million of idle raised funds to supplement working capital, with a repayment period not exceeding 12 months [9][10] - The company also plans to use up to RMB 727 million of idle raised funds for cash management, focusing on safe and liquid investment products [12] Group 5 - The company has not used any over-raised funds for permanent working capital or to repay bank loans during the reporting period [14] - There have been no changes in the implementation location or method of the fundraising investment projects [15] - The company has confirmed that all disclosed information regarding the use of raised funds is accurate and complete [20] Group 6 - The company is conducting a board of directors' election as the current term is about to expire [23] - The company has nominated candidates for both non-independent and independent director positions for the fourth board of directors [24] - The election will be conducted using a cumulative voting system at the upcoming shareholders' meeting [24][41]

Group 1 - ST Pava held its 27th meeting of the third board of directors on August 28, 2025, where it reviewed the proposal to amend the "Audit Committee Work Rules" [1] - For the year 2024, ST Pava's revenue composition is as follows: 99.12% from new energy battery materials and 0.88% from other businesses [1] - As of the report date, ST Pava has a market capitalization of 1.7 billion yuan [1] Group 2 - The domestic first A-level car exhibition in the second half of the year features nearly 120 brands and 1,600 vehicles, indicating a competitive landscape in the southwest region [1] - The new energy sector is expected to significantly alter the automotive market dynamics [1]

2025年第四次临时股东大会 证券代码：688184 证券简称：ST 帕瓦 公告编号：2025-079 浙江帕瓦新能源股份有限公司 关于召开2025年第四次临时股东大会的通知 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） 股东大会类型和届次 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 9 月 15 日14 点 00 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大会网络投票系统 网络投票起止时间：自2025 年 9 月 15 日 至2025 年 9 月 15 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日的 9:15-15:00。 （六） 融资融券、转融通、约定购回业务账户和沪股通投资 ...

证券代码：688184 证券简称：ST 帕瓦 公告编号：2025-075 浙江帕瓦新能源股份有限公司 第三届监事会第二十二次会议决议的公告 经与会监事认真审议，本次会议审议通过了如下议案： （一）审议通过《关于 2025 年半年度报告及其摘要的议案》 经审核，监事会认为：公司《2025 年半年度报告》及其摘要的编制和审议 程序符合相关法律法规、规范性文件及《公司章程》等的规定，公允地反映了公 司 2025 年 6 月 30 日的财务状况及 2025 年半年度的合并经营成果和现金流量情 况。监事会同意公司《2025 年半年度报告》及其摘要。 表决结果：3 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 年半年度报告》及《2025 年半年度报告摘要》。 （二）审议通过《关于 2025 年半年度募集资金存放与使用情况的专项报告 的议案》 经审核，监事会认为：公司 2025 年半年度募集资金存放与使用情况符合《上 海证券交易所科创板上市公司自律监管指引第 1 号—规范运作》《上海证券交易 本公司监事会及全体监事保证本公告内容不存在任何虚假记 ...

证券代码：688184 证券简称：ST 帕瓦 公告编号：2025-082 浙江帕瓦新能源股份有限公司 第三届董事会第二十七次会议决议的公告 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 浙江帕瓦新能源股份有限公司（以下简称"公司"）第三届董事会第二十七 次会议于 2025 年 8 月 28 日在公司会议室以现场方式召开，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宝良主持，应参会董事 9 名，实际参会董事 8 名，公司监事、高管列席会议。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》等的规定，作出的决议合法、有 效。 二、董事会会议审议情况 海证券交易所科创板上市公司自律监管指引第 1 号—规范运作》《上海证券交易 所科创板股票上市规则》及公司《募集资金管理制度》等法律法规、规范性文件 的规定，不存在改变或变相改变募集资金用途的情形，不存在损害股东利益的情 形。董事会同意公司《2025 年半年度募集资金存放与使用情况的专项报告》。 本议案已经公司审计委 ...

证券代码：688184 证券简称：ST 帕瓦 公告编号：2025-081 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 ...