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].

| 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 ...

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 ...

5月16日，A股三大指数涨跌不一。国证通用航空产业指数走势震荡，截至发稿涨0.72%。成分股中，利 君股份涨停，国睿科技、联创光电、应流股份、珠海冠宇、中海达、航天电子等股涨幅居前。 相关产品中，跟踪国证通用航空产业指数的通用航空ETF基金（159230）正在发行中。根据公司公告， 通用航空ETF基金（159230）于5月7日至5月16日进行发售。该ETF即将于今日结束募集。 消息面上，据央广网，2025年5月10日，中国低空经济产业发展联盟（以下简称"联盟"）在三亚正式成 立。这一联盟的成立，标志着我国低空经济产业迈入以产业协同、场景创新为核心驱动力的高质量发展 新阶段。该联盟致力于为全球低空经济发展贡献"中国智慧"与"海南方案"。联盟宣布将以海南为创新试 验田，重点推动无人机物流、城市空中交通（UAM）、低空文旅等场景落地，并展示电力巡检无人 机、医疗急救运输机等前沿应用。中国低空经济产业发展联盟创始发起人、联席理事长焦涌表示，未来 三年，联盟将联动低空经济领域上下游企业，计划推动100个标志性场景落地，孵化50家独角兽企业， 并助力海南低空经济规模突破千亿。联盟成立后，将通过产业协同、场景创新与国际合作 ...

近日，从 珠海特区报获悉， 珠海冠宇位于 珠海斗门的 新型锂电池生产建设项目已正式封顶， 计划今年11月竣工并投入使用。 该项目位于斗门区井岸镇顺宇路北侧，总用地面积约3.7万平方米，建筑面积约12.4万平方米，于2024年12月开工建设。 项目主体结构提前 50天完成封顶，为后续设备安装、调试奠定基础。 起点锂电注意到，在机器人领域，珠海冠宇近期也取得了一些进展。消息显示， 珠海冠宇 联合国内某头部整车集团旗下机器人科技公司，就 高性能软包锂电池在智能机器人领域的创新应用展开了积极合作与探索。据悉 该方案将首先应用于机器狗，后续还将扩大到人形机器人应用 领域。 据 珠海冠宇表示，目前其 正携手多家客户加速拓展、推动机器人电池业务落地， 智能机器人电池业务有望成为公司增长的新引擎。 作 者：能 苑 据悉，项目建成后，珠海冠宇将新增多条全自动新型锂电池生产线，实现自动化与智能化生产。此外，珠海冠宇还将部署自主研发的人工智能 大数据伴生系统，整合信息数据流，实现从生产到管理的全方位智能化升级。同时，项目将积极推动新节能技术的应用，引入绿电等节能减排 措施，努力打造"零碳工厂"。 除国内项目以外， 珠海冠宇海外项目 ...

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 the electric power equipment industry is "Outperform the Market" [2][6]. Core Viewpoints - The recent US-China trade talks have resulted in significant tariff reductions, which are expected to positively impact the electric new energy sector's exports to the US. Key affected areas include the power battery supply chain, photovoltaic inverters, energy storage batteries, AIDC equipment, grid equipment, consumer lithium batteries, and wind power components. These sectors are anticipated to experience a recovery and acceleration in shipments to the US starting from May [4][5][6]. - The agreement reached during the talks includes the US committing to cancel 91% of tariffs imposed on Chinese goods and modifying 34% of reciprocal tariffs, with a 90-day suspension on 24% of these tariffs. Similarly, China will cancel 91% of its retaliatory tariffs on US goods and suspend 24% of the reciprocal tariffs for 90 days [3][6]. Summary by Relevant Sections - **Tariff Changes**: The US will cancel 91% of tariffs on Chinese goods and modify 34% of reciprocal tariffs, while China will cancel 91% of retaliatory tariffs and suspend 24% of reciprocal tariffs for 90 days [3][6]. - **Market Impact**: The agreement is expected to benefit companies in the electric new energy sector, particularly those involved in the power battery and energy storage battery supply chains, such as Ningde Times, Keda Li, and Xinjubang. Other companies to watch include Sunshine Power, Shenghong Co., and Megmeet [4][7]. - **Market Demand**: The US accounts for 10-15% of global power battery market demand, 30-40% of large energy storage market demand, and 10% of the global photovoltaic market demand. The successful conclusion of the trade talks is expected to enhance the short-term and long-term development prospects for various sectors [7].

其他财务数据方面，2025Q1 经营净现金流达5.07 亿元，同环比均有所下降。资产减值损失0.48 亿元， 其他收益0.41 亿元，资本开支8.45 亿元。 展望来看，公司趋势上受益于AI 带来的手机电池需求增长和产品升级，目前看Q2 预计环比有望实现可 观增长，且出口退税、钴涨价等影响也会积极传导；下半年伴随钢壳、硅碳等新产品放量，盈利能力有 望改善。动力电池伴随启停、无人机放量，逐步减亏正在兑现。 风险提示 1、消费电池销量不及预期风险； 2、项目进度不及预期风险。 事件描述 珠海冠宇发布2025 年一季报，公司2025Q1 营业收入25.0 亿元，同比下降2.0%，环比下降17.4%；归母 净利润-0.2 亿元，同比转亏，环比转亏；扣非净利润-0.5 亿元，同比亏损幅度扩大，环比转亏。 事件评论 拆分来看，2025Q1 公司消费电池出货预计同比略增，行业淡季表现较平淡；其中大客户出货占比预计 基本维持。2025Q1 单季度毛利率达21.38%，同比下降3.28pct，环比下降3.89pct，其中出口退税的影响 在2025Q1 完整体现，按规定的退税比例、出口敞口、小部分传导预期估算，对整体毛利率影响可 ...

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].

Concept Performance - The top-performing concept sectors today include China Shipbuilding System with a gain of 6.55%, Chengfei Concept at 5.77%, and Military Information Technology at 4.28% [1] - Conversely, the underperforming sectors include Recombinant Protein down by 0.94%, Sugar Substitute down by 0.82%, and Transgenic down by 0.77% [1] Capital Inflow - The Tonghuashun Fruit Index concept sector saw a net inflow of 2.447 billion yuan, with 18 stocks experiencing net inflows and 8 stocks exceeding 100 million yuan in net inflow [1] - Leading the net inflow is Luxshare Precision with 836 million yuan, followed by Dongshan Precision, GoerTek, and Lens Technology with net inflows of 266 million yuan, 254 million yuan, and 201 million yuan respectively [1] Stock Performance - As of May 12, the Tonghuashun Fruit Index concept rose by 4.17%, ranking fourth among concept sectors, with 20 stocks increasing in value [3] - Notable gainers include Lens Technology at 9.63%, Changying Precision at 7.04%, and Luxshare Precision at 6.36% [3] Capital Inflow Ratios - Leading the capital inflow ratios are Lingyi iTech, Dongshan Precision, and Pengding Holdings with net inflow rates of 12.28%, 10.69%, and 10.53% respectively [2][4] - The detailed capital inflow data shows that Luxshare Precision had a turnover rate of 3.80% with a net inflow ratio of 9.08% [2]