第二个归属期归属结果暨股份上市公告 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： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 4,500,659股。 本次股票上市流通总数为4,500,659股。 本次股票上市流通日期为2025 年 5 月 28 日。 | 证券代码：688772 | 证券简称：珠海冠宇 公告编号：2025-046 | | --- | --- | | 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 关于 2023 年限制性股票激励计划首次授予部分 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司相关业务规定，珠海冠宇电池股份有限公司（以下简称"公司"） 于近日收到中国证券登记结算有限责任公司上海分公司出具的《证券变更登记证 明》，公司已完成 2023 年限制性股票激励计划（以下简称"本激励计划"）首次授 予部分第二个归属期的股份登记工作。现将有关情况公告如下： 一、本次限制性股票归属的决策程序及相关信息披露 ...

| 证券代码：688772 | 证券简称：珠海冠宇 公告编号：2025-047 | | --- | --- | | 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 调整前转股价格：23.25 元/股 调整后转股价格：23.19 元/股 冠宇转债本次转股价格调整实施日期：2025 年 5 月 27 日 证券交易所网站（www.sse.com.cn）披露的《关于2023年限制性股票激励计划首次 授予部分第二个归属期归属结果暨股份上市公告》。 关于本次限制性股票归属登记完成后调整可转债转股 价格暨转股停牌的公告 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。 重要内容提示： 证券停复牌情况：适用 因珠海冠宇电池股份有限公司（以下简称"公司"）部分限制性股票归属完成 增发新股,本公司的相关证券停复牌情况如下： | | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 1180 ...

Core Viewpoint - Zhuhai Guanyu Battery Co., Ltd. is undergoing a significant change in shareholding structure, with a decrease in the shareholding ratio of several investment entities due to both voluntary reductions and passive dilution from stock incentives and convertible bonds [1][2][3]. Group 1: Shareholding Changes - The shareholding ratio of the information disclosure obligors has decreased from 30.20% to 30.00%, with a total reduction of 572,602 shares [5][6]. - The main reason for the decrease includes the need for funds leading to a reduction in shares through centralized bidding, as well as passive dilution from the conversion of convertible bonds and the vesting of restricted stock [4][5][6]. Group 2: Information Disclosure Obligors - The main information disclosure obligors include Zhuhai Prida Investment Co., Ltd., Zhuhai Prida No. 2 Investment Co., Ltd., and several other investment partnerships, all controlled by Xu Yanming [2][3][4]. - Xu Yanming holds a significant stake in these entities, with a 60.72% ownership in Zhuhai Prida Investment Co., Ltd. [2][3]. Group 3: Future Plans - The information disclosure obligors plan to reduce their holdings by up to 22,551,363 shares, which is approximately 2.00% of the total share capital, within a specified timeframe [4][5]. - There is a possibility of future increases or decreases in shareholdings, depending on the circumstances surrounding stock incentives and market conditions [4][5][6].

Core Viewpoint - The equity change is primarily due to the vesting of restricted stock, concentrated auction trading reduction, and passive dilution, without triggering a mandatory takeover bid [1]. Summary by Sections Equity Change Overview - The actual controller, Xu Yanming, and the controlling shareholder, Zhuhai Pruida Investment Co., Ltd., along with their concerted action entities, collectively hold shares in the company [1]. - The total share capital increased from 1,121,855,747 shares to 1,127,568,192 shares due to the conversion of convertible bonds and the vesting of restricted stock [1]. - The shareholding ratio of Xu Yanming and the controlling shareholder decreased from 30.20% to 30.00% due to passive dilution [1]. Basic Information of Major Shareholders - Zhuhai Pruida Investment Co., Ltd. has a registered capital of 150 million RMB and was established on December 4, 2017 [1]. - Xu Yanming holds a 60.72% stake in Pruida, with the remaining shareholders holding a combined 39.28% [1]. - Other employee shareholding entities include Zhuhai Pruida No. 2 Investment Co., Zhuhai Puyu Investment Partnership, Zhuhai Xuyu Investment Partnership, and others, all managed by Xu Yanming [1][2][3]. Shareholding Changes - From May 13 to May 16, 2025, the employee shareholding entities reduced their holdings through concentrated auction trading, totaling 1,089,000 shares, which is approximately 0.0966% of the total shares [3]. - The reduction in shareholding was executed without any share reduction from the actual controller or the controlling shareholder [3][4]. Post-Change Shareholding Structure - After the equity change, the shareholding structure shows that Pruida holds 19,997,360 shares (17.73%), while other entities also show slight reductions in their holdings [4]. - The overall shareholding ratio of the information disclosure obligors decreased slightly, reflecting the passive dilution effect [4].

珠海冠宇电池股份有限公司 简式权益变动报告书 上市公司名称：珠海冠宇电池股份有限公司 股票上市地点：上海证券交易所 股票简称：珠海冠宇 股票代码：688772 信息披露义务人 1：珠海普瑞达投资有限公司 住所或通讯地址：珠海市横琴新区宝华路 6 号 105 室-40950(集中办公区) 信息披露义务人 2：珠海普瑞达二号投资有限公司 住所或通讯地址：珠海市横琴石山村 57 号第二层 信息披露义务人 3：珠海普宇投资合伙企业（有限合伙） 住所或通讯地址：横琴粤澳深度合作区永兴四巷 3 号第一层 101 单元 信息披露义务人 4：珠海旭宇投资合伙企业（有限合伙） 住所或通讯地址：珠海市横琴新区宝华路 6 号 105 室-65555(集中办公区) 信息披露义务人 5：珠海际宇投资合伙企业（有限合伙） 住所或通讯地址：珠海市横琴新区宝华路 6 号 105 室-65550(集中办公区) 信息披露义务人 6：珠海惠泽明投资合伙企业（有限合伙） 住所或通讯地址：珠海市横琴新区宝华路 6 号 105 室-51887(集中办公区) 信息披露义务人 7：珠海普明达投资合伙企业（有限合伙） 住所或通讯地址：珠海市横琴新区宝华路 6 ...

| 证券代码：688772 | 证券简称：珠海冠宇 | 公告编号：2025-045 | | --- | --- | --- | | 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 关于股东权益变动的提示性公告 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： 本次权益变动主要系限制性股票归属、集中竞价交易减持及被动稀释， 不触及要约收购。 员工持股主体如下：珠海普瑞达二号投资有限公司（以下简称"普瑞达二号"）、 珠海普宇投资合伙企业（有限合伙）（以下简称"普宇"）、珠海旭宇投资合伙 企业（有限合伙）（以下简称"旭宇"）、珠海际宇投资合伙企业（有限合伙） （以下简称"际宇"）、珠海惠泽明投资合伙企业（有限合伙）（以下简称"惠 泽明"）、珠海普明达投资合伙企业（有限合伙）（以下简称"普明达"）、珠 海凯明达投资合伙企业（有限合伙）（以下简称"凯明达"）、珠海际宇二号投 资合伙企业（有限合伙）（以下简称"际宇二号"）、珠海泽高普投资合伙企业 （有限合伙）（以下简称"泽高 ...

Investment Rating - The investment rating for Zhuhai Guanyu is "Buy" and is maintained [7]. Core Views - Zhuhai Guanyu reported a Q1 2025 revenue of 2.5 billion yuan, a year-on-year decrease of 2.0% and a quarter-on-quarter decrease of 17.4%. The net profit attributable to the parent company was -20 million yuan, indicating a shift to loss compared to the previous year and quarter. The non-recurring net profit was -50 million yuan, with a widening loss year-on-year and a shift to loss quarter-on-quarter [2][5]. Summary by Sections Financial Performance - In Q1 2025, the company's consumer battery shipments are expected to show a slight year-on-year increase, with major customer shipments remaining stable. The gross margin for the quarter was 21.38%, down 3.28 percentage points year-on-year and 3.89 percentage points quarter-on-quarter, primarily impacted by export tax rebates [11]. - The total operating cash flow for Q1 2025 was 507 million yuan, showing a decline both year-on-year and quarter-on-quarter. Asset impairment losses were 48 million yuan, while other income was 41 million yuan, and capital expenditures reached 845 million yuan [11]. Market Outlook - The company is expected to benefit from increased demand for mobile batteries driven by AI and product upgrades. Q2 is anticipated to show significant growth, with positive impacts from export tax rebates and rising cobalt prices. The second half of the year may see improved profitability with the launch of new products such as steel shells and silicon-carbon [11].

Investment Rating - The investment rating for Zhuhai Guanyu is "Buy" and is maintained [6]. Core Views - Zhuhai Guanyu's Q1 2025 report indicates a revenue of 2.5 billion yuan, a year-on-year decrease of 2.0% and a quarter-on-quarter decrease of 17.4%. The net profit attributable to the parent company is -20 million yuan, marking a shift to a loss compared to the previous year and quarter. The non-recurring net profit is -50 million yuan, with an expanded loss compared to the previous year and a shift to a loss quarter-on-quarter [2][4]. Financial Performance Summary - In Q1 2025, the company's consumer battery shipments are expected to show a slight year-on-year increase, with major customer shipments maintaining their share. The gross margin for Q1 2025 is 21.38%, down 3.28 percentage points year-on-year and 3.89 percentage points quarter-on-quarter, primarily impacted by export tax rebates. The overall impact on gross margin is considered controllable [10]. - The total operating cash flow for Q1 2025 is 507 million yuan, showing a decline both year-on-year and quarter-on-quarter. The company incurred asset impairment losses of 48 million yuan and capital expenditures of 845 million yuan [10]. - Looking ahead, the company is expected to benefit from increased demand for mobile phone batteries driven by AI and product upgrades, with Q2 anticipated to show significant growth. The second half of the year may see improved profitability with the release of new products [10].

Investment Rating - The investment rating for Zhuhai Guanyu (688772) is "Buy" and is maintained [1] Core Views - The report indicates that the company's Q1 2025 performance was affected by seasonal factors and export tax rebate impacts, but a gradual recovery is expected starting from Q2 [1] - The company is projected to achieve significant revenue growth in the coming years, with total revenue expected to reach 14,474 million yuan in 2025, representing a year-on-year increase of 25.41% [1] - The net profit attributable to the parent company is forecasted to be 862.31 million yuan in 2025, showing a substantial growth of 100.37% year-on-year [1] Financial Projections - Total revenue projections for Zhuhai Guanyu are as follows: - 2023: 11,446 million yuan - 2024: 11,541 million yuan - 2025: 14,474 million yuan - 2026: 17,729 million yuan - 2027: 21,088 million yuan [1] - Net profit attributable to the parent company is projected as: - 2023: 344.19 million yuan - 2024: 430.36 million yuan - 2025: 862.31 million yuan - 2026: 1,332.60 million yuan - 2027: 1,614.23 million yuan [1] - The report anticipates a significant increase in earnings per share (EPS), with projections of 0.76 yuan in 2025 and 1.43 yuan in 2027 [1] Market Data - The closing price of the stock is reported at 12.66 yuan, with a market capitalization of 14,275.01 million yuan [5] - The stock has a price-to-earnings (P/E) ratio of 41.47 for 2023, decreasing to 16.55 in 2025 and further to 8.84 in 2027 [1][5] Operational Insights - The report highlights that the consumer segment's revenue in Q1 2025 was 21 billion yuan, reflecting a decline of over 10% year-on-year, primarily due to export tax rebate impacts [8] - The company is expected to enhance its profitability in the consumer business, projecting revenues of 120 billion yuan in 2025, contributing profits of 11-12 billion yuan [8] - The report notes that the company has secured contracts with major automotive manufacturers, indicating strong growth potential in the power segment [8]