证券代码：688411 证券简称：海博思创 公告编号：2025-034 北京海博思创科技股份有限公司 关于全资子公司开立募集资金专项账户 并签订募集资金专户存储四方监管协议的公告 根据中国证券监督管理委员会于 2024 年 12 月 19 日出具的《关于同意北京 海博思创科技股份有限公司首次公开发行股票注册的批复》(证监许可〔2024〕 1869 号），公司首次公开发行人民币普通股 4,443.2537 万股，每股面值为人民 币 1 元，发行价格为每股人民币 19.38 元，募集资金总额为人民币 86,110.26 万元，扣除各项发行费用人民币 9,462.97 万元(不含增值税）后，实际募集资金 净额为人民币 76,647.28 万元。截至 2025 年 1 月 22 日，上述募集资金的划转已 经全部完成，募集资金已经中汇会计师事务所（特殊普通合伙）予以验证并出具 中汇会验[2025]0067 号《验资报告》。 上述募集资金已经全部存放于公司开立的募集资金专户，并与保荐机构、存 放募集资金的商业银行签署了《募集资金专户存储三方监管协议》。 二、《募集资金专户存储四方监管协议》的签订情况和募集资金专户的开 立 ...

Core Viewpoint - The strategic partnership between Haibo Sine and Huawei Digital Energy aims to explore integrated solar and storage solutions, marking a transition from strategic collaboration to value co-creation in the renewable energy sector [1][4]. Group 1: Collaboration Dimensions - The partnership focuses on three main areas: integrating photovoltaic and storage technologies to enhance clean energy development, co-creating a digital energy innovation ecosystem, and expanding global market opportunities [2]. - The collaboration will advance smart photovoltaic and storage integration technologies, particularly in large ground power stations and distributed solar applications, to improve efficiency and stability in clean energy utilization [2]. - Both companies will work together on technology research, standard formulation, and innovative solutions to explore storage applications in various scenarios and regions [2]. Group 2: Technological Integration - The collaboration aims to break traditional boundaries by deeply coupling smart storage and digital energy, enhancing the response speed of storage systems in photovoltaic fluctuation scenarios [3]. - This integration will optimize energy utilization and provide a more efficient stabilizer for new power systems [3]. Group 3: Value Co-Creation - The partnership signifies a shift from mere commercial cooperation to a shared commitment to creating industry value, fostering a healthy industrial, ecological, and value chain [4]. - The collaboration is framed as a "new energy marathon," emphasizing the importance of collective efforts in promoting smart energy upgrades and establishing new power systems where renewable energy becomes the primary energy source globally [4].

Group 1 - The core viewpoint of the articles is the strategic partnership between Haibo Shichuang and Huawei Digital Energy, aimed at exploring integrated solar and storage solutions to drive a green energy revolution [1][2] - Both companies will leverage their strengths in ICT and power electronics to collaborate in areas such as smart energy storage and digital renewable energy, promoting the intelligent upgrade of the energy power industry [1] - The partnership will focus on technological innovation in the energy storage sector, exploring future development directions and high-quality, high-performance technical solutions for energy storage products [1][2] Group 2 - Haibo Shichuang, established in 2011, is a leading provider of energy storage system solutions and services, ranking first in installed capacity among domestic power stations as of the end of 2024 [1] - The signing ceremony signifies a new strategic phase in the partnership, transitioning from "strategic hand-in-hand" to "value co-existence," enhancing the commitment to digital and intelligent transformation in the energy industry [2] - The collaboration aims to provide efficient, intelligent, and sustainable green energy solutions for global customers, promoting the energy sector's transition towards green, low-carbon, and sustainable practices [2]

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 ...

Core Insights - The article emphasizes the importance of grid energy storage as a key infrastructure for building a new power system, focusing on its roles in balancing power supply and demand, stabilizing grid operations, and efficiently integrating renewable energy sources [1][14]. Industry Overview - Grid energy storage refers to systems that store electrical energy through physical or chemical means and release it back to the grid when needed, aiming to balance supply and demand, enhance grid stability, and promote renewable energy consumption [2]. - The technology is categorized by storage principles (mechanical, electrochemical, electromagnetic, thermal) and application duration (short-term, medium-term, long-term) [2][3]. Current Development Status - As of Q1 2025, grid-side energy storage has shown robust growth, with a power scale share of 52.3%, a year-on-year increase of 17 percentage points. New installations reached 2.63 GW/6.48 GWh, reflecting year-on-year growth of 46%/68% [1][14]. - The industry has transitioned from technology exploration to large-scale application over the past three decades, with lithium-ion batteries dominating the market [6][12]. Policy Framework - The Chinese government has integrated carbon peak and carbon neutrality into its ecological civilization strategy, identifying energy storage as a critical technology for supporting high proportions of renewable energy integration [8]. - Policies have been issued to accelerate the development of new energy storage, with targets set for 30 GW of installed capacity by 2025 and a fully market-oriented development by 2030 [8][9]. Competitive Landscape - The grid-side energy storage industry in China has formed a competitive landscape characterized by a tripartite structure of state-owned enterprises, private companies, and technology firms [16]. - Major players include State Grid and Southern Power Grid, which dominate large projects, while battery giants like CATL and BYD control core supply chain segments [16][18]. Future Trends - The industry is expected to see diversification in technology routes, with long-duration storage solutions like flow batteries and compressed air storage gaining traction [22]. - Market-driven models will replace mandatory storage policies, with shared storage and virtual power plants becoming mainstream, enhancing the economic viability of storage projects [23][24].

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].

Summary of Key Points Core Viewpoint - A total of 31 stocks received buy ratings from institutions today, with 13 stocks being newly covered by institutions. The highest attention was on Niuwei Co., which received two buy ratings from institutions [1]. Institutional Ratings - 32 buy rating records were published today, involving 31 stocks. Among these, 9 ratings provided future target prices, with 6 stocks showing an upside potential exceeding 20%. Cambricon Technologies had the highest upside potential of 65.64%, with a target price of 987.00 CNY compared to the latest closing price of 595.86 CNY. Other notable stocks with high upside potential include Xuefeng Technology and Huafeng Aluminum, with upside potentials of 44.96% and 31.52% respectively [1][2]. - There were 13 new buy ratings issued today, covering stocks such as Haibo Technology and Cambricon Technologies [1]. Market Performance - Stocks with buy ratings averaged a gain of 0.71% today, outperforming the Shanghai Composite Index. Among the gainers, CaiXun Co., Mercury Home Textile, and Shuangxiang Co. had the highest increases of 5.83%, 5.71%, and 5.22% respectively. Conversely, Jianghuai Automobile, Sitwei, and Gujing Gongjiu experienced significant declines of 7.70%, 2.33%, and 1.74% respectively [1]. Industry Focus - The electronics and machinery equipment sectors were the most favored, each having 4 stocks listed in the buy rating category. The power equipment and automotive sectors also attracted attention, with 3 stocks each receiving buy ratings [2].

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]