一、监事会会议召开情况 科威尔技术股份有限公司（以下简称"公司"）第二届监事会第二十二次会议 于 2024 年 10 月 28 日在公司会议室以现场会议的方式召开，会议通知于 2024 年 10 月 22 日以电子邮件的方式送达公司全体监事。本次会议由监事会主席夏亚 平先生召集和主持，会议应到监事 5 人，实到监事 5 人。 本次会议的召集、召开和表决程序符合《公司法》等有关法律法规、规范性 文件及《公司章程》《监事会议事规则》等的有关规定，会议决议合法、有效。 二、监事会会议审议情况 （一）审议通过《关于公司<2024 年第三季度报告>的议案》 监事会认为，公司 2024 年第三季度报告的编制和审议程序符合法律法规和 《公司章程》的相关规定；其内容与格式符合中国证监会和上海证券交易所的相 关规定，所包含的信息真实反映出公司报告期内的经营情况和财务状况等事项； 在本次定期报告编制过程中，监事会未发现参与公司 2024 年第三季度报告编制 和审议的人员有违反保密规定的行为。监事会全体成员保证公司 2024 年第三季 度报告内容不存在任何虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、 准确性和完整性依法承担 ...

国泰君安证券股份有限公司（以下简称"保荐机构"）作为科威尔技术股份 有限公司（以下简称"科威尔"或"公司"）的保荐机构，根据《证券发行上市 保荐业务管理办法》《上海证券交易所科创板股票上市规则》《科创板上市公司持 续监管办法（试行）》等有关规定，对科威尔首次公开发行股票部分募投项目结 项并将节余募集资金永久补充流动资金事项进行了核查，具体情况如下： 一、募集资金情况 国泰君安证券股份有限公司 关于科威尔技术股份有限公司首次公开发行股票 部分募投项目结项并将节余募集资金 永久补充流动资金的核查意见 （一）募集资金基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2020 年 8 月 11 日出具的《关于同意合肥科威尔电源系统股份有限公司首次公开发行股票注 册的批复》（证监许可〔2020〕1748 号），同意公司首次公开发行股票的注册申 请。公司公开发行人民币普通股 2,000 万股，每股发行价格为人民币 37.94 元， 募集资金总额为人民币 758,800,000.00 元，扣除不含税的发行费用人民币 69,248,075.48 元，实际募集资金净额为人民币 689,551,924.52 元， ...

Financial Performance - Revenue for Q3 2024 was ¥123,250,549.56, a decrease of 8.82% compared to the same period last year[3] - Net profit attributable to shareholders for Q3 2024 was ¥9,790,209.54, down 61.10% year-over-year[3] - Net profit excluding non-recurring gains and losses for Q3 2024 was ¥7,096,286.72, a decline of 68.08% compared to the previous year[3] - Basic earnings per share for Q3 2024 were ¥0.12, a decrease of 62.50% year-over-year[3] - The weighted average return on equity for Q3 2024 was 0.75%, a decrease of 1.62 percentage points from the previous year[3] - Total operating revenue for the first three quarters of 2024 reached ¥377,239,212.77, an increase of 6.9% compared to ¥355,001,790.37 in the same period of 2023[20] - Net profit for the first three quarters of 2024 was ¥50,773,763.92, a decrease of 31.7% from ¥74,383,368.92 in the previous year[20] - Earnings per share (EPS) for the first three quarters was ¥0.62, down from ¥0.94 in the same period last year[21] Cash Flow and Investments - Operating cash flow for Q3 2024 was ¥20,489,922.89, an increase of 24.11% from the previous quarter[3] - Cash flow from operating activities amounted to ¥372,607,731.96, compared to ¥337,333,257.07 in the first three quarters of 2023, indicating a growth of 10.5%[22] - Net cash flow from operating activities decreased to -$14,921,905.92 from $11,077,975.98 year-over-year[24] - Total cash inflow from investment activities was $253,584,290.28, down from $293,036,406.06 in the previous period[24] - Cash outflow from investment activities increased significantly to $417,056,902.03 from $179,087,805.65[24] - Net cash flow from financing activities was -$59,846,444.38, compared to -$29,329,010.17 in the prior year[25] - The ending balance of cash and cash equivalents decreased to $431,573,635.30 from $614,794,461.78[25] - Cash inflow from financing activities totaled $35,157,776.41, slightly up from $34,091,407.50[25] - Cash outflow for dividend distribution and interest payments rose to $50,901,207.59 from $30,251,979.38[25] - The company received tax refunds amounting to $15,269,252.64, an increase from $13,389,170.46[24] - Cash paid to employees increased to $103,858,575.09 from $88,381,437.81[24] - The company reported a significant increase in cash paid for other operating activities, totaling $85,379,123.44 compared to $59,954,468.36 previously[24] Assets and Liabilities - Total assets at the end of Q3 2024 were ¥1,708,889,768.90, a decrease of 1.41% from the end of the previous year[4] - Shareholders' equity attributable to the parent company was ¥1,308,920,533.92, down 0.11% compared to the end of the previous year[4] - The company reported an increase in total liabilities to ¥400,589,095.80 from ¥422,747,527.05 year-over-year[19] - Total assets decreased to RMB 1,708,889,768.90 from RMB 1,733,310,189.21, a decline of approximately 1.4%[16] - Current liabilities decreased to RMB 376,609,686.90 from RMB 400,014,793.15, a reduction of about 5.8%[16] - Non-current assets increased to RMB 335,162,705.44 from RMB 261,434,691.33, an increase of approximately 28.1%[16] - The total equity attributable to shareholders was ¥1,308,920,533.92, a slight decrease from ¥1,310,312,164.89 in the previous year[19] Research and Development - R&D expenditure for Q3 2024 totaled ¥19,998,286.99, a decrease of 13.65% year-over-year[4] - Research and development expenses were ¥60,467,465.35, slightly down from ¥62,351,371.98 in the previous year[20] Market and Competition - The company experienced increased competition and rising costs, impacting profit margins and overall profitability[7] Shareholder Information - Total number of common shareholders at the end of the reporting period is 4,422[9] - The largest shareholder, Fu Shitao, holds 22,437,272 shares, representing 26.70% of total shares[11]

证券代码：688551 证券简称：科威尔 公告编号：2024-048 科威尔技术股份有限公司 关于首次公开发行股票部分募投项目结项并将节余 募集资金永久补充流动资金的公告 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。 科威尔技术股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召开第 二届董事会第二十二次会议、第二届监事会第二十二次会议，审议通过了《关于 部分募投项目结项并将节余募集资金永久补充流动资金的议案》，同意公司将募 投项目"测试技术中心建设项目"予以结项，并将该结项项目的节余募集资金永 久补充流动资金。保荐机构国泰君安证券股份有限公司（以下简称"保荐机构"） 出具了同意的核查意见。 一、募集资金情况 （一）募集资金基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2020 年 8 月 11 日出具的《关于同意合肥科威尔电源系统股份有限公司首次公开发行股票注册的 批复》（证监许可〔2020〕1748 号），同意公司首次公开发行股票的注册申请。 公司公开发行人民币普通股 2,000 万 ...

证券代码：688551 证券简称：科威尔 公告编号：2024-045 科威尔技术股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： | | --- | 1 号——回购股份》等相关规定，在回购股份期间，公司应当在每个月前三个交易 日内公告截至上月末的回购进展情况。现将公司本次回购方案实施进展情况公告 如下： 截至 2024 年 9 月 30 日，公司已累计回购股份 328,942 股，占公司总股本的比 例为 0.3915%，回购成交的最高价为 26.72 元/股，最低价为 24.75 元/股，支付的总 金额为 8,476,495.51 元（不含印花税、交易佣金等交易费用）。 上述回购股份符合相关法律法规及公司回购股份方案的规定。 三、其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定，在回购期限内根据市场情况择机做出 回购决策并予以实施，同时根据回购股份事项进展情况及时履行信息披露义务 ...

国泰君安证券股份有限公司 关于科威尔技术股份有限公司 2024 年半年度持续督导跟踪报告 国泰君安证券股份有限公司（以下简称"国泰君安"或"保荐人"）作为科 威尔技术股份有限公司（以下简称"科威尔"或"公司"）持续督导工作的保荐 人，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》《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》等有关法律、法 规的规定，负责科威尔上市后的持续督导工作，并出具本持续督导半年度跟踪报 告。 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | | 建立健全并有效执行持续督导工作制度， | 保荐人已建立健全并有效执行了持续督 | | 1 | 并针对具体的持续督导工作制定相应的 | 导制度，并制定了相应的工作计划。 | | | 工作计划。 | | | | 根据中国证监会相关规定，在持续督导工 | 保荐人已与公司签订《保荐协议》，该协 | | | 作开始前，与上市公司或相关当事人签署 | 议明确了双方在持续督导期间的权利和 | | 2 | 持续 ...

科威尔技术股份有限公司 关于以集中竞价交易方式首次回购公司股份的公告 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。 | 回购方案首次披露日 | 2024/8/26 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 个月 12 | | 预计回购金额 | 2,000 万元~3,000 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 | 328,942 股 | | 累计已回购股数占总股本比例 | 0.3915% | | 累计已回购金额 | 元 8,476,495.51 | | 实际回购价格区间 | 24.75 元/股~26.72 元/股 | 证券代码：688551 证券简称：科威尔 公告编号：2024-044 号——回购股份》等相关规定，公司应当在首次回购股份事实发生的次一交易日 予以公告，现将公司首次回购股份情况公告如下： 2024 年 9 月 10 日，公司通过上海证券交易所交 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][6] Core Views - The company achieved a revenue of 254 million yuan in the first half of 2024, representing a year-on-year growth of 15.54%, while the net profit attributable to the parent company was 42 million yuan, down 16.57% year-on-year [5] - The company is focusing on strategic stability to address external uncertainties, enhancing technological innovation, and improving operational efficiency [5] - The small power distribution channel has been established, and the company is actively exploring hydrogen energy development opportunities both domestically and internationally [5] Revenue and Profit Analysis - In Q2 2024, the company reported a revenue of 143 million yuan, a year-on-year increase of 16.46%, with a net profit of 24 million yuan, down 16.20% year-on-year [5] - The testing power segment generated a revenue of 199 million yuan in H1 2024, with a gross margin of 50.74% [5] - The hydrogen energy testing equipment segment achieved a revenue of 46 million yuan in H1 2024, with a gross margin of 49.24% [5] Financial Forecast - The projected net profits for 2024, 2025, and 2026 are 128 million yuan, 177 million yuan, and 235 million yuan, respectively, indicating year-on-year growth rates of 8.9%, 39.2%, and 32.6% [6][9] - The expected revenue for 2024 is 671 million yuan, with a year-on-year growth of 26.9% [9] Valuation - The company is assigned a PE valuation of 24-26 times for 2024, corresponding to a reasonable value range of 36.42-39.46 yuan per share [6]

证券代码：688551 证券简称：科威尔 公告编号：2024-042 科威尔技术股份有限公司 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： 科威尔技术股份有限公司（以下简称"公司"）拟通过集中竞价交易方式以自有 资金回购公司部分已发行股份，回购方案主要内容如下： ●回购股份金额：不低于人民币 2,000.00 万元（含），不超过人民币 3,000.00 万元（含），具体回购资金总额以实际使用的资金总额为准。 ●回购股份资金来源：公司自有资金。 ●回购股份用途：本次回购的股份将在未来适宜时机全部用于股权激励或员工 持股计划，并将在公司披露股份回购实施结果暨股份变动公告后 3 年内转让；若 未能在规定期限内转让完毕，则将依法履行减少注册资本的程序，未转让股份将 予以注销。如国家对相关政策作调整，则本次回购方案按调整后政策实行。 ●回购股份价格：不超过人民币 42 元/股（含），该价格不高于公司董事会通过 回购决议前 30 个交易日公司股票交易均价的 150%。 ●回购股份方式：通过上海证券交易所系统以集中竞价 ...

Investment Rating - The stock is rated as "Buy" and the rating is maintained [2] Core Views - The company's performance is under short-term pressure, but the product structure improvement in test power supply is promising [3] - In H1 2024, the company achieved revenue of 250 million yuan, a year-on-year increase of 15.5%, but net profit attributable to the parent company was 40 million yuan, a year-on-year decrease of 16.6% [3] - The main reasons for the lower-than-expected performance are slow progress in the power semiconductor business and a decline in the gross margin of test power supply [3] - The company plans to repurchase 20-30 million yuan of shares [3] - The test power supply business achieved revenue of 200 million yuan in H1 2024, a year-on-year increase of 20.3%, but the gross margin declined due to price reductions, intensified competition, and a higher proportion of high-power test power supply in the sales structure [3] - The hydrogen energy industry is expected to benefit from the increasing penetration of new energy, with hydrogen fuel cell vehicle sales in China projected to grow from 3,400 units in 2022 to 412,400 units in 2030, with a CAGR of 82.2% [3] Financial Performance and Forecast - Revenue for 2024-2026 is forecasted to be 710 million yuan, 970 million yuan, and 1.26 billion yuan, respectively [3] - Net profit attributable to the parent company for 2024-2026 is forecasted to be 140 million yuan, 200 million yuan, and 280 million yuan, respectively [3] - The PE ratios for 2024-2026 are expected to be 14x, 10x, and 8x, respectively [3] - In H1 2024, the company's gross margin and net margin were 50.4% and 16.2%, respectively, down by 4.9 ppts and 6.3 ppts year-on-year [3] - The sales expense ratio increased to 14.7%, while the management expense ratio and R&D expense ratio decreased to 9.7% and 15.9%, respectively [3] Industry Outlook - The hydrogen energy industry is expected to see significant growth, with the number of hydrogen refueling stations in China projected to exceed 1,000 by 2025, and green hydrogen production capacity expected to reach nearly 1 million tons [3] - The test power supply business is expected to benefit from the increasing penetration of new energy and the development of hydrogen energy [3] Financial Metrics - The company's total market capitalization is 2.1 billion yuan, with a P/E ratio of 17.04 and a debt-to-asset ratio of 24.4% [1] - The company's EPS for 2024-2026 is forecasted to be 1.72 yuan, 2.43 yuan, and 3.28 yuan, respectively [5] - The company's ROE for 2024-2026 is forecasted to be 9.9%, 12.3%, and 14.2%, respectively [7]