Core Viewpoint - Zhuhai Gree (688772.SH) announced a share reduction plan by its employee shareholding entities, which hold a total of 138,869,365 shares, accounting for 12.32% of the company's total share capital [1][2]. Group 1: Shareholding and Reduction Plan - The employee shareholding entities plan to reduce their holdings by up to 22,551,363 shares, representing no more than 2.00% of the company's total share capital, within three months after the announcement [1]. - The shareholding entities are controlled by the actual controller Xu Yanming, who has committed not to participate in this reduction plan [3]. Group 2: Company Background and Financials - Zhuhai Gree was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 15, 2021, with an initial public offering of 15,571,360 shares at a price of 14.43 yuan per share [3]. - The total amount raised from the initial public offering was 2.247 billion yuan, with a net amount of 2.104 billion yuan after deducting issuance costs [4]. - The final net amount raised was 1.145 billion yuan less than the original plan of 3.249 billion yuan, which was intended for various projects including a polymer lithium battery production base and a research center upgrade [5]. Group 3: Bond Issuance - On October 24, 2022, the company issued 3,089,043 convertible bonds with a total amount of 308.904 million yuan, which began trading on November 17, 2022 [6]. - The total fundraising from the two rounds of financing amounts to 5.336 billion yuan [7].

| 证券代码：688772 | 证券简称：珠海冠宇 | 公告编号：2025-016 | | --- | --- | --- | | 转债代码：118024 | 转债简称：冠宇转债 | | 珠海冠宇电池股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 大股东的基本情况 截至本公告披露日，珠海冠宇电池股份有限公司（以下简称"公司"）员工 持股主体（不含控股股东）合计持有公司股份 138,869,365 股（占公司总股本的 12.32%）。上述员工持股主体均为公司实际控制人徐延铭先生控制，系公司控股 股东珠海普瑞达投资有限公司（以下简称"普瑞达"）一致行动人，上述股份为 相关股东于公司首次公开发行前取得的股份，已于 2024 年 10 月 15 日解除限售 并上市流通。 员工持股主体基本信息如下：股东珠海普瑞达二号投资有限公司（以下简称 "普瑞达二号"）持有公司股份 64,235,943 股，占公司总股本的 5.70%；珠海普 宇投资合伙企业（有限合伙）（以下简称"普 ...

| 证券代码：688772 | 证券简称：珠海冠宇 公告编号：2025-015 | | --- | --- | | 债券代码：118024 | 债券简称：冠宇转债 | 珠海冠宇电池股份有限公司 关于诉讼进展暨终审裁定驳回原告起诉的公告 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。 重要内容提示： 案件所处的诉讼阶段：终审裁定；撤销一审判决，驳回东莞新能源科技 有限公司的起诉。 公司所处的当事人地位：二审上诉人、一审第一被告 是否对上市公司产生影响：截至本公告披露日，珠海冠宇电池股份有限 公司（以下简称"公司"）与宁德新能源科技有限公司、东莞新能源科技有限公 司（以下单独或合称"ATL"）之间的专利争议案件中已有 14 个 ATL 的专利被 国家知识产权局宣告或法院判决无效，已有 12 个案件被 ATL 主动撤诉，已有 2 个案件被法院驳回 ATL 的起诉。公司所研发生产的产品具有完全自主的知识产 权，本次诉讼进展不会对公司的日常经营产生负面影响，也不会对公司当期及未 来损益产生负面影响。 一、诉讼的基本情况 2022 年 ...

关于控股子公司增资暨关联交易的进展公告 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、准确性和完整性依法承担法律责任。 | 证券代码：688772 证券简称：珠海冠宇 转债简称：冠宇转债 | 公告编号：2025-014 | | --- | --- | | 转债代码：118024 | | 珠海冠宇电池股份有限公司 公司名称：浙江冠宇电池有限公司 注册资本：228,422.4211（万元） 类型：其他有限责任公司 一、本次增资暨关联交易事项概述 为增强浙江冠宇电池有限公司（以下简称"浙江冠宇"）持续经营和发展能 力，补充其流动资金，珠海冠宇电池股份有限公司（以下简称"珠海冠宇"或"公 司"）分别于 2024 年 12 月 8 日、2024 年 12 月 13 日、2024 年 12 月 31 日，召开 公司第二届独立董事专门会议第三次会议、第二届董事会第二十四次会议、2024 年第二次临时股东大会审议通过《关于控股子公司增资暨关联交易的议案》，同 意公司和外部投资人（含其指定投资主体）以投前估值 307,530 万元对浙江冠宇 进行增资，各方合计增资金额不超 ...

Investment Rating - The report maintains a "Buy" rating for Zhuhai Guanyu (688772) [2][12] Core Views - The company is expected to achieve steady growth in 2024, with projected total revenue of 11.545 billion yuan, a year-on-year increase of 0.87%, and a net profit attributable to shareholders of 434 million yuan, a year-on-year increase of 26.22% [6][7] - The company has effectively expanded its market share, reduced costs through refined management, and increased foreign exchange gains due to the rising USD/RMB exchange rate [7] - The rise of AI is expected to stimulate demand in the consumer electronics sector, with the company increasing its supply ratio in consumer PACK business [8][11] Company Overview - Latest closing price: 17.07 yuan - Total shares: 1.128 billion; Total market capitalization: 19.2 billion yuan - 52-week high/low: 19.22/11.64 yuan - Debt-to-asset ratio: 66.4%; P/E ratio: 55.06 [4] Financial Performance - For 2024, the company anticipates total revenue of 11.545 billion yuan, with a growth rate of 0.87% [16] - The net profit attributable to shareholders is projected to be 434 million yuan, reflecting a growth rate of 26.22% [16] - The company expects to achieve net profits of 4.3 billion yuan, 9.0 billion yuan, and 13.9 billion yuan for 2024, 2025, and 2026 respectively [12] Market Trends - The global notebook market is projected to grow by 5% in 2024, with the company increasing its sales volume of lithium batteries for laptops by 10.51% in the first half of 2024 [8] - The smartphone market is also expected to grow, with a projected increase of 7.1% in global smartphone shipments in 2024, leading to a 13.09% increase in the company's smartphone battery sales [8]

Investment Rating - The report maintains a "Buy" rating for Zhuhai Guanyu (688772) [2][12] Core Views - The company is expected to achieve steady growth in 2024, with projected total revenue of 11.545 billion yuan, a year-on-year increase of 0.87%, and a net profit attributable to shareholders of 434 million yuan, a year-on-year increase of 26.22% [6][7] - The company has effectively expanded its market share, reduced costs through refined management, and increased foreign exchange gains due to the rising USD/RMB exchange rate [7] - The rise of AI is expected to stimulate demand in the consumer electronics sector, with the company increasing its supply ratio in consumer PACK business [8][11] Company Overview - Latest closing price: 17.07 yuan - Total shares: 1.128 billion - Total market capitalization: 19.2 billion yuan - 52-week high/low: 19.22/11.64 yuan - Debt-to-asset ratio: 66.4% - Price-to-earnings ratio: 55.06 [4] Financial Performance - For 2024, the company anticipates total revenue of 11.545 billion yuan, with a growth rate of 0.87% [16] - The net profit attributable to shareholders is projected to be 434 million yuan, reflecting a growth rate of 26.22% [16] - The company expects to achieve net profits of 4.3 billion yuan, 9.0 billion yuan, and 13.9 billion yuan for the years 2024, 2025, and 2026 respectively [12] Market Trends - The global notebook market is projected to grow by 5% in 2024, with the company increasing its sales volume of lithium batteries for notebooks by 10.51% in the first half of 2024 [8] - The smartphone market is also expected to grow, with a projected increase of 7.1% in global smartphone shipments in 2024, leading to a 13.09% increase in the company's smartphone battery sales [8]

Investment Rating - The investment rating for Zhuhai Guanyu (688772) is "Buy" (maintained) [1] Core Views - Q4 performance met market expectations with 2024 revenue projected at 11.5 billion yuan, a year-on-year increase of 0.9%, and net profit attributable to shareholders expected to reach 434 million yuan, a year-on-year increase of 26% [1] - The company is expected to benefit from new product launches in the mobile sector, with a projected shipment of 3.8 billion units in 2024, representing a 15% year-on-year increase [1] - The company is positioned as a global leader in consumer lithium batteries, with the potential for a second growth curve through its energy storage battery business [1] Financial Summary - Total revenue for 2022 was 10.974 billion yuan, with a projected increase to 11.545 billion yuan in 2024 and 14.695 billion yuan in 2025, reflecting a growth rate of 27.28% [1] - Net profit attributable to shareholders was 90.95 million yuan in 2022, expected to rise to 434.42 million yuan in 2024 and 843.75 million yuan in 2025, indicating a significant growth trajectory [1] - The latest diluted EPS is projected to be 0.39 yuan in 2024 and 0.75 yuan in 2025, with corresponding P/E ratios of 46.77 and 24.08 [1]

| 证券代码：688772 | 证券简称：珠海冠宇 | 公告编号：2025-013 | | --- | --- | --- | | 债券代码：118024 | 债券简称：冠宇转债 | | 珠海冠宇电池股份有限公司 关于 2024 年计提资产减值准备的公告 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。 一、2024 年计提资产减值准备情况 根据《企业会计准则》及珠海冠宇电池股份有限公司（以下简称"公司"） 会计政策、会计估计的相关规定，为了真实、准确地反映公司 2024 年的财务状 况和经营成果，基于谨慎性原则，公司对截至 2024 年 12 月 31 日合并报表范围 内可能发生信用及资产减值损失的有关资产计提资产减值准备。 2024 年，公司确认资产减值损失和信用减值损失共计 28,867.64 万元，具体 如下： 单位：万元 | | 项 目 | 本期金额 | | | --- | --- | --- | --- | | 信用减值损失 | 应收账款坏账损失 | | 132.75 | | | 其他应收款坏账损失 | | 4. ...

Financial Performance - Total operating revenue for 2024 reached RMB 1,154,485.61 million, an increase of 0.87% compared to the previous year[4] - Net profit attributable to shareholders of the parent company was RMB 43,442.33 million, up 26.22% year-on-year[4] - Profit before tax increased by 82.48% to RMB 10,952.42 million compared to the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 52.16% to RMB 35,166.15 million[4] - Basic earnings per share increased by 25.81% to RMB 0.39[4] Assets and Equity - Total assets at the end of 2024 were RMB 2,120,015.26 million, a decrease of 1.43% from the beginning of the year[4] - Shareholders' equity attributable to the parent company increased by 2.51% to RMB 714,982.24 million[4] Market and Investment - The company achieved significant market expansion, effectively increasing customer share and mitigating the impact of raw material price fluctuations[9] - Continuous investment in R&D has been made to enhance product competitiveness[9] - The increase in the USD to RMB exchange rate contributed to higher foreign exchange gains[9]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [2][8]. Core Insights - The company is focusing on expanding its market potential and consolidating its advantages in the consumer electronics sector, particularly in laptop and smartphone battery sales, which have shown significant growth [5][6]. - The company is also strategically shifting towards the power and energy storage sectors, aiming to become a leading player in low-voltage automotive batteries and drone batteries, while carefully managing its production capacity [6][7]. - The anticipated revenue for the company is projected to reach 11.934 billion yuan in 2024, with a net profit of 450.6 million yuan, reflecting substantial growth compared to previous years [10][8]. Company Overview - The latest closing price of the company's stock is 17.00 yuan, with a total market capitalization of 19.2 billion yuan [4]. - The company has a total share capital of 1.128 billion shares, with a debt-to-asset ratio of 66.4% and a price-to-earnings ratio of 54.84 [4]. Financial Projections - Revenue is expected to grow from 11.446 billion yuan in 2023 to 17.001 billion yuan by 2026, with a compound annual growth rate of approximately 18.1% [10]. - The net profit is projected to increase significantly from 344.19 million yuan in 2023 to 1.38544 billion yuan in 2026, indicating a strong growth trajectory [10][8]. Market Performance - The stock has shown a positive trend, with a projected increase of 33% from February 2024 to February 2025, reflecting investor confidence in the company's growth prospects [3][8].