Core Viewpoint - The implementation of the "Document 136" is seen as a transformative opportunity for the renewable energy sector, shifting the focus from price competition to value creation in the energy storage industry [1][2]. Summary by Sections Policy Impact - The "Document 136," released by the National Development and Reform Commission and the National Energy Administration, aims to promote market-driven pricing for renewable energy and establish a supportive framework for high-quality development [1]. - The document sets a clear timeline for existing and new projects, with projects completed before June 1, 2025, benefiting from stable pricing mechanisms, while new projects will face market competition [2]. Market Dynamics - Existing projects will have stable returns, while new projects may experience revenue volatility due to market pricing, prompting many companies to rush to connect before the deadline [2]. - The focus will shift towards independent energy storage solutions post the "531 rush," emphasizing profitability over price wars [2]. Strategic Focus - The company plans to concentrate on developing application scenarios in the energy storage sector, adopting the "Energy Storage + X" concept to integrate energy storage across various industries [2][3]. - The company has already established multiple application scenarios and signed cooperation agreements with major industry players, including Huawei and CATL, to enhance energy storage applications [3]. Industry Growth Projections - The energy storage sector is expected to grow significantly, with projections of reaching 500 to 800 GWh in the next three years [4]. - As of the end of 2024, the installed capacity of new energy storage projects in China is expected to reach 73.76 GW / 168 GWh [4]. - The rapid growth of the energy storage industry is anticipated to create favorable development opportunities for companies, driven by increasing renewable energy capacity and improved policy support [4].

Core Points - The company announced a cash dividend of 1.10 yuan per share (including tax) for the fiscal year 2024, approved at the annual shareholders' meeting on May 28, 2025 [1][2] - The total cash dividend distribution amounts to 198,101,741.20 yuan (including tax), based on a total share capital of 180,092,492 shares [2] - The cash dividends will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the registration date [1][2] Distribution Plan - The cash dividend will be distributed to shareholders who hold unrestricted circulating shares, with specific provisions for different types of shareholders [5][6] - For individual shareholders holding shares for more than one year, the dividend income is exempt from personal income tax, resulting in an actual cash dividend of 1.10 yuan per share [5] - For shareholders holding shares for less than one year, the tax will be calculated upon the transfer of shares, with the actual cash dividend remaining at 1.10 yuan per share until then [5][6] Tax Implications - Shareholders holding shares for one month or less will incur a 20% tax on their dividend income, while those holding for one month to one year will incur a 10% tax [6] - Qualified Foreign Institutional Investors (QFII) will have a 10% corporate income tax withheld, resulting in an actual cash dividend of 0.99 yuan per share [7] - For investors through the Hong Kong Stock Exchange, a 10% tax will also be withheld, leading to a net cash dividend of 0.99 yuan per share [7] Additional Information - The company will not withhold corporate income tax for other institutional investors and corporate shareholders, who are responsible for their own tax payments, receiving a gross cash dividend of 1.10 yuan per share [8] - For any inquiries regarding the dividend distribution, shareholders can contact the Securities Legal Affairs Department at the provided phone number [8]

证券代码：688411 证券简称：海博思创 公告编号：2025-033 北京海博思创科技股份有限公司 2024年年度权益分派实施公告 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： 每股现金红利1.10元（含税） 相关日期 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/12 | 2025/6/13 | 2025/6/13 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司于2025 年 5 月 28 日召开的2024年年度股东大会审议 通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股 东。 公司存在首发战略配售股份，首发战略配售股份尚未上市流通。 是否涉及差异化分红送转：否 每股分配比例 （2）公司未确认持有人证券专用账户的现金红利由本公司自行派发。 3. 扣税说 ...

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [45]. Core Viewpoints - The report highlights the initiation of pilot projects for the construction of a new power system by the National Energy Administration, focusing on innovative technologies and models to drive breakthroughs in the sector [3][35]. - The report suggests paying attention to leading companies in virtual power plant technology, which is identified as a key support for the new power system [3][40]. Summary by Sections Market Review - As of June 5, 2025, the Shenwan Power Equipment industry has seen a decline of 2.16% over the past two weeks, underperforming the CSI 300 index by 1.23 percentage points, ranking 28th among 31 industries [11]. - The industry has experienced a year-to-date decline of 5.44%, again underperforming the CSI 300 index by 3.98 percentage points [11]. - The wind power equipment sector increased by 0.10%, while the photovoltaic equipment sector decreased by 2.43% in the last two weeks [11][17]. Valuation and Industry Data - As of June 5, 2025, the overall PE (TTM) for the power equipment sector is 24.42 times, with sub-sectors showing varied valuations: - Electric Motor II: 47.23 times - Other Power Equipment II: 39.92 times - Photovoltaic Equipment: 16.73 times - Wind Power Equipment: 30.46 times - Battery: 24.46 times - Grid Equipment: 23.80 times [26]. Industry News - The National Energy Administration has issued a notice to conduct pilot projects focusing on seven key areas, including virtual power plants and intelligent microgrids, to explore new technologies and models for the new power system [35]. - The report also mentions the promotion of green electricity direct connection development, emphasizing the importance of source-load matching [35]. Company Announcements - The report includes various company announcements, such as the completion of a hydrogen production and refueling station in Wuhai, which is expected to enhance logistics efficiency [38]. - It also notes the share repurchase plans of several companies, indicating ongoing corporate actions in the sector [38]. Weekly Perspective on Power Equipment Sector - The report emphasizes the importance of the new power system construction and suggests focusing on companies that are leading in virtual power plant technology [40]. - It highlights the potential for significant advancements in the sector, driven by government initiatives and technological innovations [40].

31只个股今日获机构买入型评级，13股机构首次关注。 行业来看，电子、机械设备等行业最受青睐，均有4只个股上榜机构买入评级榜。电力设备、汽车等行 业也较受机构关注，分别有3只、3只个股上榜。（数据宝） 机构今日买入型评级记录 | 代码 | 简称 | 机构名称 | 最新评级 | 上次评级 | 预测目标价（元） | 最新收盘价（元） | | --- | --- | --- | --- | --- | --- | --- | | 688256 | 寒武纪 | 第一上海 | 买入 | 未评级 | 987.00 | 595.86 | | 688411 | 海博思创 | 广发证券 | 买入 | 未评级 | 88.90 | 70.15 | | 300634 | 彩讯股份 | 国投证券 | 买入-A | 买入-A | 29.63 | 26.51 | | 603918 | 金桥信息 | 国泰海通 | 增持 | 未评级 | 21.59 | 17.85 | | 601702 | 华峰铝业 | 中金公司 | OUTPERFORM | 未评级 | 21.24 | 16.15 | | 601163 | 三角轮胎 | 国泰海通 | 增持 ...

Group 1 - The company focuses on the rapid expansion of energy storage systems, having shifted its strategy in 2019 to concentrate on energy storage integration, divesting from other businesses to capitalize on the growing demand for renewable energy consumption [1] - From 2021 to 2024, the company's energy storage system sales are projected to reach 0.7, 2.2, 6.2, and 11.8 GWh, indicating a rapid growth in shipment scale, with a strong domestic market share and breakthroughs in overseas markets expected [1] - The company anticipates revenue of 8.27 billion yuan in 2024, representing an 18.4% year-on-year increase, with a gross margin of 18.5% and a net margin of 7.9%, significantly outperforming the industry [1] Group 2 - The domestic market is undergoing a transition from policy-driven to market-driven dynamics, with the cancellation of mandatory storage requirements prompting companies to shift from "low-price bidding" to "value creation" [1] - Globally, the demand for energy storage is expected to grow steadily, with projections of new installations reaching approximately 228, 280, and 366 GWh from 2025 to 2027, reflecting year-on-year growth rates of 18%, 23%, and 31% respectively [2] - The company is leveraging its product and channel advantages to expand both domestically and internationally, establishing partnerships with leading state-owned enterprises and enhancing its presence in overseas markets through collaborations with major international firms [2] Group 3 - As a leading player in the energy storage integration industry, the company is projected to achieve net profits of 889 million, 1.14 billion, and 1.35 billion yuan from 2025 to 2027, with year-on-year growth rates of 37.3%, 28.1%, and 18.9% respectively [3] - The expected earnings per share (EPS) for the same period are forecasted to be 4.94, 6.32, and 7.52 yuan per share, with a reference valuation of 18x PE for 2025, leading to a reasonable value estimate of 88.90 yuan per share [3]

证券代码：688411 证券简称：海博思创 公告编号：2025-032 重要内容提示： 会议召开时间：2025 年 06 月 06 日（星期五）16:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 05 月 29 日（星期四）至 06 月 05 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@hyperstrong.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 北京海博思创科技股份有限公司（以下简称"公司"）已于 2025 年 04 月 29 日发布公司 2024 年年度报告及 2025 年第一季度报告，为便于广大投资者更 全面深入地了解公司 2024 年度及 2025 年第一季度经营成果、财务状况，公司计 划于 2025 年 06 月 06 日（星期五）16:00-17:00 举行 2024 年度暨 2025 年第一 季度业绩说明会，就投资者关心的问题 ...

国浩律师（上海）事务所 股东大会法律意见书 国浩律师（上海）事务所 关于北京海博思创科技股份有限公司 2024 年年度股东大会的法律意见书 致：北京海博思创科技股份有限公司 北京海博思创科技股份有限公司（以下简称"公司"）2024 年年度股东大 会于 2025 年 5 月 28 日召开，国浩律师（上海）事务所（以下简称"本所"）依 法接受公司的委托，指派本所律师出席会议，并依据《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》《上市公司股东会规则》 及其他现行有效的法律、法规及规范性文件规定及《北京海博思创科技股份有限 公司章程》（以下简称"《公司章程》"）出具本法律意见书。 本所律师按照中华人民共和国（以下简称"中国"，仅为本法律意见书之目 的，不包括香港特别行政区、澳门特别行政区和中国台湾地区）现行法律、法规 的规定对本次股东大会的召集、召开程序是否合法及是否符合《公司章程》的规 定、出席会议人员资格和召集人资格、股东大会表决程序和表决结果的合法有效 性发表法律意见。 本法律意见书中不存在虚假、严重误导性陈述及重大遗漏，否则本所律师愿 意承担相应的法律责任。 本所律师仅依据本法律 ...

证券代码：688411 证券简称：海博思创 公告编号：2025-030 北京海博思创科技股份有限公司 2024年年度股东大会决议公告 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： 本次股东大会由公司董事会召集，董事长张剑辉先生主持，会议由现场投票 结合网络投票的表决方式召开，会议的召集、召开和表决程序符合《公司法》及 《公司章程》的规定。 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 28 日 （二） 股东大会召开的地点：北京市海淀区丰豪东路 9 号院 2 号楼 C 座会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 180 | | --- | --- | | 普通股股东人数 | 180 | | 2、出席会议的股东所持有的表决权数量 | 86,931,442 | | 普通股股东所持有表决权数量 | 86,931,442 | | 3、出席会议的股东所持有表 ...

证券代码：688411 证券简称：海博思创 公告编号：2025-031 北京海博思创科技股份有限公司 关于调整 2024 年度利润分配总额的公告 利润的比例为30.18%。如在实施权益分派的股权登记日前公司总股本发生变动 的，公司拟维持每股现金分红金额不变，相应调整分配总额。 二、利润分配方案披露至今的股份相关变化 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。 重要内容提示： ●现金分红总额调整：北京海博思创科技股份有限公司（以下简称"海博思 创"或"公司"）维持每10股派发现金红利11元（含税）不变，现金分红总额由 195,503,162.80元（含税）调整为198,101,741.20元（含税）。 ●本次调整原因：2025年5月16日，公司在中国证券登记结算有限责任公司 上海分公司完成2022年股票期权激励计划（以下简称"本次激励计划"）第一个 行权期的股票登记工作。本次登记的行权新增股票数量为2,362,344股，本次行 权后，公司总股本由177,730,148股变更为180,092,492股。在公司实施权益分派 ...