Investment Rating - The report maintains a positive outlook on leading equipment manufacturers in the photovoltaic industry, anticipating their ability to navigate through the current cycle [1]. Core Insights - The photovoltaic equipment industry is experiencing short-term performance pressure, with a focus on waiting for industry recovery [6][42]. - The industry is characterized by both growth and cyclical attributes, influenced by supply, demand, and technological factors [3]. Summary by Sections Industry Performance - In 2024, the total revenue of the photovoltaic equipment industry reached 848.6 billion, a year-on-year increase of 2%, while the net profit attributable to shareholders was 54.8 billion, down 57% year-on-year [10]. - The first quarter of 2025 saw a total revenue of 158.3 billion, a decrease of 19% year-on-year, with net profit dropping to 15 billion, down 40% year-on-year [10]. Profitability Analysis - The industry's gross margin for 2024 was 24%, a decrease of 6 percentage points year-on-year, while the net profit margin was 6%, down 9 percentage points year-on-year [16]. - The report highlights that leading equipment manufacturers maintain higher profitability compared to the industry average, with gross margins around 30% [28]. Equipment Segment Insights - In the silicon wafer equipment segment, low-oxygen single crystal furnaces and tungsten wire diamond saws are expected to have promising futures, with ongoing international expansion [43]. - The battery equipment segment is seeing accelerated cost reduction and efficiency improvements, particularly with HJT technology, and overseas orders are expected to increase [43]. Market Trends - The report notes a slowdown in the expansion of silicon wafer production capacity in 2024, with a focus on the introduction of new technologies as downstream markets recover [60]. - The Middle East is emerging as a significant market for photovoltaic equipment, with expected growth in installed capacity driven by energy diversification efforts [65]. Cash Flow and Financial Health - The industry has seen a significant improvement in cash flow since Q3 2024, with a net operating cash flow of 9.25 billion in Q1 2025 [40].

会议召开时间：2025 年 5 月 22 日（星期四）9:30-10:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （https://roadshow.sseinfo.com/） 证券代码：688598 证券简称：金博股份 公告编号：2025-035 湖南金博碳素股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 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，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： 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 5 月 15 日（星期四）至 5 月 21 日（星期三）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 KBC@kbcarbon.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。 湖南金博碳素股份有限公司（以下简称"公司"）已于 2025 年 4 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 地了解公司经营成果及 ...

Investment Rating - The report indicates a positive outlook for the chemical industry, suggesting a new cycle may begin due to improved domestic supply and demand, increased global market share, and declining crude oil prices [3][4]. Core Viewpoints - The chemical industry is expected to enter a new cycle driven by domestic supply-demand improvements and global market share growth, despite potential short-term impacts from overseas demand [3][5]. - The report highlights that the supply side is gradually improving due to reduced fixed asset investment growth and government policies aimed at curbing excessive competition [5][10]. - On the demand side, domestic consumption is anticipated to recover steadily, supported by government initiatives to boost consumption and stabilize the economy [26][33]. - Cost factors are favorable, with significant declines in international crude oil and domestic coal prices, which will support the profitability of chemical products [42][49]. - The report recommends specific companies within various segments of the chemical industry, including refrigerants, amino acids, military and new materials, and fertilizers, indicating potential investment opportunities [5][57]. Summary by Sections Supply Side - The report notes that the chemical industry has faced profitability pressures since 2022, but the current production cycle is nearing its end, which may lead to gradual improvement in profitability as capacity is digested [11][12]. - China's global market share in chemical products has been steadily increasing, with 2023 figures showing a 43.1% share of global sales [25][20]. Demand Side - The report emphasizes that domestic demand is expected to recover, aided by government policies aimed at stimulating consumption and investment [26][33]. - The real estate sector shows signs of stabilization, which could further support demand for chemical products [33]. Cost Side - The report highlights a significant decline in crude oil prices, with Brent crude falling by 14.71% since the beginning of 2025, which is expected to positively impact the cost structure of the chemical industry [42][38]. - Domestic coal and natural gas prices have also shown a downward trend, enhancing the cost competitiveness of chemical products [49][47]. Valuation - The report indicates that the valuation of the basic chemical and petrochemical sectors is at historical lows, suggesting substantial room for recovery as market conditions improve [54][50].

Financial Performance - The company reported a total revenue of 160 million yuan for Q1 2025, a decrease of 20.99% year-on-year [1] - The net profit attributable to the parent company was -85.51 million yuan, down 56.33% year-on-year [1] - The gross margin was -9.08%, a decline of 263.45% compared to the previous year [1] - The net margin was -52.68%, a decrease of 95.71% year-on-year [1] - The company’s accounts receivable accounted for 67.49% of the latest annual revenue [1] Key Financial Metrics - Total revenue for Q1 2024 was 202 million yuan, compared to 160 million yuan in Q1 2025 [1] - The company’s cash and cash equivalents decreased by 38.85% to 171 million yuan [1] - The total interest-bearing debt was 338 million yuan, down 19.91% [1] - Earnings per share for Q1 2025 was -0.42 yuan, a decline of 61.54% year-on-year [1] - The company’s net asset per share was 24.95 yuan, down 42.32% [1] Business Model and Strategy - The company relies heavily on capital expenditure and equity financing for its performance, necessitating careful evaluation of capital projects [3] - The company has developed a carbon materials industrialization platform focusing on diverse applications and advanced carbon-based composite materials [5] - The company is actively promoting its carbon-based composite materials in various fields, including photovoltaics, semiconductors, transportation, hydrogen energy, and batteries [5] Fund Holdings - The largest fund holding in the company is the Guotai Golden Eagle Growth Mixed Fund, with 2.3081 million shares newly entered into the top ten holdings [4] - Other funds that have newly entered the top ten holdings include Zhongyin Income Mixed A and Guotai Research Advantage Mixed A [4]

据金博股份消息，4月28日，金博股份与氢璞创能在湖南氢璞创能生产基地签署战略合作协议，聚焦氢 燃料电池碳纸领域深度合作。 ...

证券代码：688598 证券简称：金博股份 公告编号：2025-030 湖南金博碳素股份有限公司 关于使用部分闲置募集资金及自有资金进行现金管理的公告 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、准确性和完整性依法承担法律责任。 湖南金博碳素股份有限公司（以下简称"公司"）2025 年 4 月 28 日召开 第四届董事会第二次会议、第四届监事会第二次会议审议通过了《关于使用部 分闲置募集资金进行现金管理的议案》《关于使用部分闲置自有资金进行现金 管理的议案》，同意公司在确保不影响募集资金项目建设和使用、募集资金和 自有资金安全的情况下，使用最高额度不超过人民币 60,000 万元（或等值外 币）的闲置募集资金和不超过人民币 100,000 万元（或等值外币）的闲置自有 资金适时进行现金管理。上述事项无需提交股东大会审议，在使用授权期限内 可循环滚动使用额度。具体情况如下： 一、募集资金基本情况 根据公司 2021 年 10 月 11 日召开的第二届董事会第二十八次会议、2021 年 10 月 27 日召开的 2021 年第二次临时股东大会，公司拟向特定 ...

2024 年 环境、社会和公司治理（ESG）报告 湖南金博碳素股份有限公司 +86-0737-6202107 KBC@kbcarbon.com 湖南省益阳市高新技术开发区鱼形山路 588 号 | 目录 | | 社会篇 | 01 | 环境篇 | | 未来展望 | | --- | --- | --- | --- | --- | --- | --- | | | | 引领科技创新 | 21 | 规范环境管理 | 49 | | | 报告说明 | 01 | 共创产业价值 | 27 | 优化资源管理 | 53 | 附录 | | 董事长致辞 | 03 | 保障员工权益 | 35 | 创新生态管理 | 57 | | | 关于金博 | 05 | 践行社会责任 | 45 | | | | | 议题重要性评估 | 13 | | | | | | | 可持续发展管理 | 18 | | | 治理篇 | 03 | | | 可持续发展理念 | 18 | | | | | | | 可持续发展治理架构 | 18 | | | 提升治理效能 | 67 | | | | | | | 强化党建引领 | 72 | | 02 04 附录 | 附录 1：关键绩效表 ...

湖南金博碳素股份有限公司（以下简称"公司"）第四届监事会第二次会 议于 2025 年 4 月 28 日在金博研究院会议室以现场会议方式召开。会议通知于 2025 年 4 月 17 日以电子邮件及电话的方式发出，会议应出席监事 3 人，实际出 席监事 3 人。本次会议由监事会主席游达明先生召集并主持，本次会议的召集 和召开程序、出席会议人员的资格和表决程序均符合《中华人民共和国公司法》 （以下简称"《公司法》"）和《湖南金博碳素股份有限公司章程》（以下简 称"《公司章程》"）等相关规定，会议形成的决议合法、有效。 二、监事会会议审议情况 证券代码：688598 证券简称：金博股份 公告编号：2025-027 湖南金博碳素股份有限公司 第四届监事会第二次会议决议公告 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。 一、监事会会议召开情况 本议案需提交公司股东大会审议。 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《2024 年年度报告》及《2024 年年度报告摘要》。 经与会监事投票表决， ...