Company Overview - Full Name: Zhejiang Airo Network Energy Technology Co., Ltd [1] - Abbreviation: Airo Energy [1] - Stock Code: 688717.SH [1] - IPO Application Date: June 30, 2022 [1] - Listing Date: January 3, 2024 [1] - IPO Underwriter: China Merchants Securities [1] - IPO Law Firm: King & Wood Mallesons [1] - IPO Audit Firm: Rongcheng Accounting Firm [1] Disclosure and Evaluation - Disclosure Issues: Required to adjust the prospectus for information disclosure; contradictions in the sponsor's report regarding the distribution model and client disclosures; required to re-disclose major raw material suppliers, technical level, and market position; required to remove redundant disclosures about market position and operational achievements; required to enhance content on "core technology leakage risk"; required to delete "R&D failure risk" and related important commitments [1] - Regulatory Penalties: No deductions [2] - Public Supervision: No deductions [2] Listing Performance - Listing Cycle: Airo Energy's listing cycle is 552 days, shorter than the average of 629.45 days for 2024 A-share companies [3] - Multiple Applications: Not applicable, no deductions [4] - Issuance Costs: Underwriting and sponsorship fees amount to 206.62 million, with a commission rate of 9.28%, higher than the average of 7.71% [4] - First Day Performance: Stock price increased by 57.98% on the first day of listing [5] - Three-Month Performance: Stock price increased by 41.32% compared to the issuance price within three months of listing [7] Financial Metrics - Issuance Price-Earnings Ratio: Airo Energy's issuance P/E ratio is 7.95 times, which is 45.64% of the industry average of 17.42 times [8] - Actual Fundraising Ratio: Expected fundraising of 1.047 billion, actual fundraising of 2.226 billion, with an oversubscription ratio of 112.64% [9] Short-Term Performance - Short-Term Financial Performance: In 2024, the company's operating revenue decreased by 31.30% year-on-year, net profit attributable to the parent decreased by 80.88%, and non-recurring net profit attributable to the parent decreased by 86.39% [10] - Subscription and Underwriting Rates: Abandonment rate is 0.35% [11] Overall Evaluation - Total Score: Airo Energy's IPO project scored 80.5 points, classified as B-level. Negative factors affecting the score include the need for improved disclosure quality, high issuance cost rate, excessive actual fundraising, and declines in revenue and net profit in the first accounting year [11]

Core Viewpoint - Airo Energy announced that its controlling shareholder, Mr. Li Xinf, has completed a share buyback plan by purchasing 300,700 shares, representing approximately 0.19% of the company's total share capital, for a total amount of approximately 20.0044 million RMB, exceeding the planned minimum buyback amount of 20 million RMB [2]. Summary by Category - **Share Buyback Details** - The buyback occurred from August 1, 2025, to September 24, 2025 [2]. - The total number of shares purchased was 300,700 [2]. - The total transaction amount was approximately 20.0044 million RMB, excluding transaction fees [2]. - The buyback exceeded the lower limit of the planned buyback amount of 20 million RMB [2]. - The buyback plan has been fully implemented [2].

Company Actions - Airo Energy announced that from August 1, 2025, to September 24, 2025, Mr. Li Xinfeng increased his shareholding by approximately 300,000 shares, representing about 0.19% of the company's total share capital [1] - The total transaction amount for the share purchase was approximately 20.0044 million RMB, exceeding the lower limit of the buyback plan set at 20 million RMB, indicating the completion of the related buyback plan [1] Market Context - On the anniversary of "9.24", the total market capitalization of A-shares surpassed 116 trillion RMB, highlighting significant transformations reshaping the new ecosystem of China's capital market [1]

已披露增持计划情况 浙江艾罗网络能源技术股份有限公司（以下简称"艾罗能源"或"公司"） 于 2025 年 4 月 9 日披露了《关于控股股东增持公司股份计划的公告》，公司控股 股东、实际控制人、董事长、总经理李新富拟自 2025 年 4 月 9 日起 6 个月内， 通过上海证券交易所交易系统允许的方式（包括但不限于集中竞价、大宗交易等） 增持公司股份，本次合计增持金额不低于人民币 2,000 万元，不超过人民币 3,000 万元。 增持计划的实施结果 自 2025 年 8 月 1 日至 2025 年 9 月 24 日，李新富先生通过上海证券交易所 系统以集中竞价交易方式累计增持公司股份 300,700 股，约占公司总股本的 0.19%，成交总额约为 2,000.44 万元人民币（不含交易费用），已超过增持计划 下限金额 2,000 万元，本次增持计划已实施完毕。 | 增持主体名称 | 李新富 | | | | --- | --- | --- | --- | | 增持主体身份 | 控股股东或实控人 | 是 | 否 | | | 控股股东或实控人的一致行动人 | 是 | 否 | | | 直接持股 5%以上股东 ...

北京市金杜律师事务所 关于浙江艾罗网络能源技术股份有限公司 控股股东增持公司股份的法律意见书 致：浙江艾罗网络能源技术股份有限公司 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》）、《上市公司收购管理办法》（以下简称《收 购管理办法》）等有关规定，北京市金杜律师事务所（以下简称本所）接受浙江 艾罗网络能源技术股份有限公司（以下简称公司或艾罗能源）的委托，就公司控 股股东李新富（以下简称增持人）增持浙江艾罗网络能源技术股份有限公司股份 （以下简称本次增持）的相关事宜，出具本法律意见书。 为出具本法律意见书，本所及本所律师根据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等有关规定及本法 律意见书出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤 勉尽责和诚实信用原则，对本次增持所涉及的事实和法律问题进行了充分的核查 验证，保证本法律意见书所认定的事实真实、准确、完整，所发表的结论性意见 合法、准确，不存在虚假记载、误导性陈述或者重大遗漏，并承担相应法律责任。 本法律意见书的出具已得到增持人的如下保证： 1. 其 ...

Group 1 - The core point of the article is that Airo Energy (688717.SH) has completed a share buyback plan, with the chairman and general manager, Li Xinf, purchasing a total of 300,700 shares, representing approximately 0.19% of the company's total share capital [1] - The total amount spent on the share buyback was approximately 20.0044 million RMB, which exceeds the lower limit of the buyback plan set at 20 million RMB [1] - The buyback period was from August 1, 2025, to September 24, 2025, and the plan has now been fully implemented [1]

Core Viewpoint - The controlling shareholder of Airo Energy, Li Xinf, has completed a share buyback plan, acquiring a total of 300,700 shares, which represents 0.19% of the company's total equity, with a total transaction amount of 20.0044 million yuan, exceeding the lower limit of the buyback plan of 20 million yuan [1] Summary by Relevant Sections - Share Buyback Details - Li Xinf's share buyback occurred from August 1, 2025, to September 24, 2025 [1] - The total shares acquired were 300,700, amounting to 20.0044 million yuan [1] - The buyback plan has been fully implemented [1] - Shareholding Structure - Post buyback, Li Xinf and his concerted parties hold a total of 56,396,700 shares [1] - This represents a holding percentage of 35.25% of the company's total equity [1]

Group 1 - The core point of the article is that Airo Energy (688717.SH) has completed a share buyback plan, with the chairman and general manager, Li Xinf, purchasing a total of 300,700 shares, representing approximately 0.19% of the company's total equity [1] - The total amount spent on the share buyback was approximately 20.0044 million RMB, excluding transaction fees, which exceeds the lower limit of the buyback plan set at 20 million RMB [1] - The buyback period was from August 1, 2025, to September 24, 2025, and the plan has now been fully implemented [1]

Group 1 - The core viewpoint of the news highlights the financial performance and trading activities of Airo Energy, indicating a decline in stock price and significant trading volume on September 22, with a net financing outflow of 4.27 million yuan [1] - As of September 22, Airo Energy's total margin trading balance reached 302 million yuan, accounting for 4.08% of its market capitalization, which is above the 90th percentile of the past year [1] - The company reported a total of 7,771 shareholders as of June 30, a decrease of 10.26%, while the average circulating shares per person increased by 58.91% [2] Group 2 - For the first half of 2025, Airo Energy achieved operating revenue of 1.807 billion yuan, representing a year-on-year growth of 14.09%, and a net profit attributable to shareholders of 142 million yuan, up 37.65% year-on-year [2] - Airo Energy has distributed a total of 150 million yuan in dividends since its A-share listing [3]

Core Viewpoint - The report highlights the financial performance and operational stability of Zhejiang Airo Network Energy Technology Co., Ltd. for the first half of 2025, indicating a positive growth trajectory in revenue and profit, driven by technological innovation and sustained R&D investment [1][13]. Financial Performance - In the first half of 2025, the company achieved a revenue of 1,806.70 million yuan, representing a year-on-year increase of 14.09% [1]. - The net profit attributable to shareholders was 141.78 million yuan, up 37.65% year-on-year, while the net profit excluding non-recurring items reached 104.91 million yuan, reflecting a 59.53% increase [1]. - R&D expenses totaled 318.92 million yuan, a 34.08% increase from the previous year, accounting for 17.65% of revenue [1][17]. Risk Factors - The company faces several risks, including: - **Core Competitiveness Risks**: Risks related to technological upgrades and potential loss of key technical personnel [3][4]. - **Operational Risks**: A decline in gross margin, which was reported at 33.57%, down 4.69 percentage points from the previous period [6]. - **Financial Risks**: Risks associated with accounts receivable and foreign exchange fluctuations, with accounts receivable net amounting to 713.30 million yuan, representing 10.63% of total assets [8][9]. Industry Context - The company operates in a technology-intensive industry, particularly in the photovoltaic and energy storage sectors, which are experiencing significant policy-driven growth in regions like Europe and the U.S. [10][11]. - The industry is subject to risks related to policy changes, subsidy reductions, and international trade disputes, which could impact the company's sales and market position [12][13]. R&D and Innovation - The company has maintained a strong focus on R&D, with a notable increase in R&D spending and a robust pipeline of patents, including 10 new invention patents granted in the first half of 2025 [17][18]. - The core technologies developed by the company are crucial for maintaining its competitive edge in the market [15][16]. Compliance and Governance - The company has adhered to regulatory requirements for information disclosure, with no significant compliance issues reported in the first half of 2025 [2][13].