Investment Rating - The report maintains a "Buy" investment rating for the company [3][6] Core Insights - The company is experiencing a significant performance upturn due to the expansion of its two-wheeled battery business, particularly in the European and Southeast Asian markets, where it has established a stable customer base and is benefiting from the recovery of the electric bicycle market [3] - The company has successfully upgraded its cylindrical battery cells, achieving full production and sales, which has led to increased recognition from strategic customers in the two-wheeled vehicle and battery swapping sectors [4] - The company is projected to turn profitable in 2025, with an expected net profit of approximately 59 million yuan, driven by the growth in electric motorcycle and battery swapping businesses, as well as improved operational efficiency [5] Financial Projections - The company forecasts revenues of 26.8 billion yuan, 32.5 billion yuan, and 38.7 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.58 yuan, 1.04 yuan, and 1.34 yuan [6][9] - The projected growth rates for revenue are 45.4% in 2025, 21.3% in 2026, and 19.1% in 2027, indicating a strong upward trend in financial performance [9] - The company is expected to achieve a return on equity (ROE) of 5.4% in 2025, increasing to 10.5% by 2027, reflecting improved profitability [9]

Financial Performance - In 2025, the company achieved total operating revenue of 273,347.61 million yuan, an increase of 48.24% compared to the previous year[3] - The net profit attributable to the parent company's owners reached 5,540.09 million yuan, reflecting a growth of 157.35% year-on-year[5] - The net profit attributable to the parent company after deducting non-recurring gains and losses was 4,229.63 million yuan, up by 150.10% from the previous year[5] - The basic earnings per share were 0.56 yuan, a significant increase of 157.73% year-on-year[9] Assets and Equity - The company's total assets at the end of 2025 were 291,857.90 million yuan, an increase of 8.41% from the beginning of the period[6] - The equity attributable to the parent company's owners was 112,123.02 million yuan, growing by 6.94% compared to the beginning of the period[6] Business Growth Drivers - The company benefited from the rapid growth in the two-wheeled vehicle battery exchange and shared mobility sectors, leading to increased sales volume[8] - The successful implementation of previously developed energy storage projects contributed to the increase in business volume[8] - The full production capacity of the cylindrical battery production line was achieved, enhancing economies of scale[8] Cautionary Note - The company warns that the financial data for 2025 is preliminary and unaudited, urging investors to be aware of investment risks[10]

Core Viewpoint - The company reported significant growth in its 2025 annual performance, indicating a strong recovery and positive financial trajectory [1] Financial Performance - The company achieved an operating revenue of 2.733 billion yuan, representing a year-on-year increase of 48.24% [1] - The net profit attributable to shareholders of the listed company was 55.4009 million yuan, marking a turnaround from losses [1] - Basic earnings per share reached 0.56 yuan, reflecting a year-on-year growth of 157.73% [1]

Core Viewpoint - The electric motorcycle market in China is experiencing a dual increase in inventory and exports for 2025, influenced by new national standards and the ban on gasoline motorcycles, leading to a complex market dynamic [2][10]. Market Overview - In 2025, the total sales of gasoline and electric motorcycles are projected to be approximately 21.97 million units, with exports around 13.37 million units and domestic sales about 8.6 million units, indicating that exports account for 60% of total sales, surpassing domestic sales [3]. - Domestic sales of motorcycles are expected to decline by 3.45% year-on-year, while exports are anticipated to grow by 21%, highlighting the significance of overseas markets amid domestic restrictions [4]. Electric Motorcycle Segment - The electric motorcycle segment has shown slow growth due to policy constraints, with 2025 sales expected to reach 3.5062 million units, reflecting a mere 1.14% year-on-year increase, while the penetration rate of new energy is about 16% [6]. - Despite sluggish sales growth, production of electric motorcycles is projected to reach 3.6118 million units in 2025, marking a 6.03% increase year-on-year, with December alone seeing a production of 339,100 units, a 7% month-on-month increase [6]. Inventory and Production Dynamics - The production of electric motorcycles exceeding sales is attributed to manufacturers' strategies to stockpile inventory in response to uncertainties brought by new national standards [7]. - Manufacturers are preparing "over-standard vehicles" to meet the demand of users seeking longer range and commuting capabilities due to the new speed limit of 25 km/h imposed by the new standards [8]. Export Growth and Market Competition - The overall export data for motorcycles is strong, with electric motorcycle exports experiencing significant growth, reflecting domestic manufacturers' competitive positioning under the new standards [9]. - Major domestic electric motorcycle brands are actively participating in international exhibitions, showcasing new technologies and products, with a focus on commuter and off-road electric motorcycles [9]. New National Standards Impact - The new national standards are reshaping the demand landscape for two-wheeled vehicles, with a notable increase in interest for electric motorcycles as they offer better performance for long commutes compared to electric bicycles [10][11]. - The introduction of the new standards has led to a resurgence of lead-acid two-wheeled vehicles, regaining significant market share, indicating a shift in consumer preferences [13]. Lithium Battery Integration - The combination of lithium batteries and new national standards is seen as a promising avenue for electric motorcycles, with manufacturers focusing on lightweight, high-capacity, and high-safety batteries [15]. - Lithium batteries are positioned as superior alternatives to gasoline engines, with ongoing developments in battery technology aimed at enhancing performance and safety [16]. International Market Opportunities - Despite a modest growth rate of 1.14% in domestic electric motorcycle sales, exports are projected to grow by 18%, indicating a trend of "blooming within the walls" as domestic brands expand internationally [19]. - Southeast Asia represents a significant market for electric motorcycles, although challenges such as higher initial costs compared to gasoline motorcycles and existing consumer preferences for fuel-based options persist [20]. Strategies for Market Penetration - To achieve competitive pricing in international markets, manufacturers are focusing on local production and collaboration with local brands to mitigate the impact of decreasing export tax rebates [22]. - In contrast to Southeast Asia's price-sensitive market, developed markets like Europe are more receptive to higher-priced electric motorcycles, supported by government incentives aimed at promoting sustainable transportation [23]. Brand Positioning and Future Outlook - Chinese electric motorcycle brands are increasingly participating in European markets, with strategies ranging from affordable models to high-end offerings, enhancing brand recognition and market penetration [24]. - The evolving landscape of domestic regulations and standards will continue to influence the export dynamics of electric motorcycles, necessitating adaptive strategies from manufacturers [24].

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of approximately 59 million yuan in 2025, marking a turnaround from losses in the previous year [1][2]. Group 1: Financial Performance - The company has released a performance forecast indicating a projected net profit of about 59 million yuan for 2025, with a net profit of approximately 41 million yuan after excluding non-recurring gains and losses, representing a year-on-year turnaround [2]. - The financial data provided is preliminary and will be confirmed in the audited annual report for 2025 [2]. Group 2: Capital Increase - The company plans to issue A-shares to specific investors, aiming to raise no more than 650 million yuan for projects including the intelligent manufacturing of large cylindrical batteries [3]. - The application for this capital increase has been accepted by the Shanghai Stock Exchange as of January 30, 2026, but it still requires approval from the exchange and registration with the China Securities Regulatory Commission, introducing uncertainty regarding final approval and timing [3]. Group 3: Business Operations - The company has made progress in the electric motorcycle and two-wheeler battery swap business, as well as in the recovery of the European market [4]. - However, the capital increase project faces challenges related to capacity digestion, necessitating attention to changes in downstream demand [4]. - The company has recovered 40.75 million yuan from previous payment disputes through mediation, with an outstanding amount of 18.45 million yuan still to be collected [4].

Core Viewpoint - The adjustment of the export tax rebate policy for photovoltaic products, effective from April 1, 2026, is aimed at guiding the lithium battery industry towards high-quality development and optimizing production capacity structure, despite causing short-term cost pressures for companies [1]. Group 1: Policy Impact - The export tax rebate rate for battery products will be reduced from 9% to 6% from April 1, 2026, to December 31, 2026 [1]. - This policy change is part of a broader strategy to shift the industry focus from scale expansion to high-quality development, which is expected to accelerate the elimination of outdated production capacity [1]. Group 2: Company Preparedness - The company acknowledges that while there will be short-term cost pressures due to the policy change, it is well-prepared to leverage its proactive overseas capacity layout, continuous technological innovation, and excellent operational capabilities to gain a favorable position in the changing industry landscape [1].

Core Viewpoint - The company has reached a mediation agreement regarding a lawsuit against GNW POWER LIMITED for unpaid debts totaling 87.9865 million yuan, which will not affect its normal operations [2][3][4]. Group 1: Lawsuit Background - The company, through its subsidiary GREENWAY POWER LIMITED, supplied lithium battery products to GNW POWER LIMITED, which has accumulated unpaid debts of 87.9865 million yuan as of March 17, 2025 [3]. - ELLEYHILL POWER (PTY) LTD provided a guarantee for the debts owed by GNW, leading the company to file a lawsuit for the recovery of overdue payments [3]. Group 2: Mediation Progress - The company received a civil mediation document from the Dongguan Intermediate People's Court, confirming the total unpaid amount of 87.9865 million yuan as of June 4, 2025 [4]. - ELLEYHILL POWER (PTY) LTD will directly pay 5 million yuan of the unpaid warranty to the company's account, while it will not bear further repayment responsibilities for the remaining debts [4][5]. - GNW POWER LIMITED is required to gradually repay 11.4008 million yuan of the unpaid amount [5]. Group 3: Financial Impact - The company has already recovered 40.7478 million yuan, with 18.4545 million yuan still pending collection [7]. - The mediation agreement will not impact the company's normal production and operations, as it has already made adequate provisions for bad debts according to accounting standards [8]. - Future collections of receivables are expected to positively influence the company's financial status and operational results [8].

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、准确性和完整性依法承担法律责任。 广东博力威科技股份有限公司（以下简称"公司"）于 2026 年 1 月 30 日收 到上海证券交易所出具的《关于受理广东博力威科技股份有限公司科创板上市公 司发行证券申请的通知》（上证科审（再融资）〔2026〕12 号）。上海证券交易所 依据相关规定对公司报送的科创板上市公司发行证券的募集说明书及相关申请 文件进行了核对，认为申请文件齐备，符合法定形式，决定予以受理并依法进行 审核。 公司本次向特定对象发行 A 股股票事项尚需通过上海证券交易所审核，并获 得中国证券监督管理委员会（以下简称"中国证监会"）作出予以注册的决定后 方可实施。上述事项最终能否通过上海证券交易所审核，并获得中国证监会予以 注册的决定及其时间尚存在不确定性。 公司将根据该事项的进展情况及时履行信息披露义务，敬请广大投资者注意 投资风险。 特此公告。 证券代码：688345 证券简称：博力威 公告编号：2026-004 广东博力威科技股份有限公司 关于向特定对象发行 A 股股票申请获得上海证券交易 所受理 ...

募集说明书 股票代码：688345 股票简称：博力威 广东博力威科技股份有限公司 Guangdong Greenway Technology Co., Ltd. （广东省东莞市东城街道同沙同欢路6号） 2025 年度向特定对象发行 A 股股票 募集说明书 （申报稿） 1-1-1 （住所：东莞市莞城区可园南路一号） 二〇二六年一月 募集说明书 声 明 本公司及全体董事、高级管理人员承诺本募集说明书内容真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，按照诚信原则履行承诺，并承担相应 的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、完整。 中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定或意 见，均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证， 也不表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断 或保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营 ...

东莞证券股份有限公司 关于广东博力威科技股份有限公司 2025 年度向特定对象发行 A 股股票 之 发行保荐书 保荐机构（主承销商） 二〇二六年一月 发行保荐书 声 明 东莞证券股份有限公司（以下简称"东莞证券"或"保荐机构"）接受广东 博力威科技股份有限公司（以下简称 "发行人"、"公司"或"博力威"）的 委托，担任发行人 2025 年度向特定对象发行 A 股股票（以下简称"本次发行"） 的保荐机构，并指定何理荣先生、张晓枭先生担任本次保荐工作的保荐代表人。 本保荐机构及保荐代表人根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《证券 发行上市保荐业务管理办法》《上市公司证券发行注册管理办法》（以下简称"《注 册管理办法》"）等有关法律、法规的规定，诚实守信，勤勉尽责，严格按照依 法制订的业务规则、行业执业规范和道德准则出具本发行保荐书，并保证所出具 文件的真实性、准确性和完整性。 本发行保荐书如无特别说明，相关用语具有与《广东博力威科技股份有限公 司 2025 年度向特定对象发行 A 股股票募集说明书》中相同的含义。 3-1-1 | 声 | 明 ...