| 证券代码：688772 | 证券简称：珠海冠宇 | 公告编号：2025-062 | | --- | --- | --- | | 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胜诉的公告 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： 对公司产生的影响：截至本公告披露日，公司与 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 4 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，公司坚决以法律手段和事实依据积极应诉，全 力维护公司的合法权益和投资者利益。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，珠海冠宇电池股份有限公司（以下简称"公司"）收到福建省福 州市中级人民法院（以下简称"福州中院"）送达的关于宁德新能源科技有限公 司、东莞新能源科技有限公司 ...

Core Viewpoint - Zhuhai Guanyu has won a final judgment from the Supreme People's Court, dismissing ATL's lawsuit request, which marks a significant legal victory for the company in its patent dispute with ATL [1] Summary by Relevant Sections - **Legal Outcome** - The Supreme People's Court issued a civil judgment that revoked the first-instance ruling and rejected ATL's lawsuit request [1] - A total of 14 ATL patents have been declared or judged invalid, with 12 cases voluntarily withdrawn by ATL and 4 cases dismissed by the court [1] - **Impact on Business** - The recent litigation progress is not expected to negatively affect the company's daily operations or future financial performance [1]

Group 1: Photovoltaic Silicon Material Industry - The photovoltaic silicon material industry is expected to accelerate capacity consolidation, with the Ministry of Industry and Information Technology emphasizing the need for high-quality development in the solar industry [1] - By 2027, the industry is projected to enter a stable development phase, with significant advantages in the silicon material segment due to differences in capacity costs and financial strength among companies [1] - Key companies to watch include GCL-Poly Energy, Xinte Energy, Tongwei Co., and TBEA [1] Group 2: Solid-State Battery Industry - The solid-state battery industry is witnessing continuous advancements, with equipment from Winbond Technology successfully delivered to major domestic clients [2] - Material production is ramping up, with significant capacity in oxide electrolytes and expectations for sulfide electrolytes to achieve ton-level shipments by 2025 [2] - Companies of interest in this sector include Xiamen Tungsten, Tianqi Lithium, and others involved in the solid-state battery supply chain [2] Group 3: Offshore Wind Power Development - The central government is promoting the orderly development of offshore wind power, with a focus on enhancing the marine economy and encouraging private investment [3] - Goldwind Technology has secured over 7.7GW of international orders for 2024, with significant revenue growth reported for its international subsidiary [3] - Key players in the wind power sector include Goldwind Technology, Oriental Cable, and Dajin Heavy Industry [3] Group 4: Data Center Investment - Global data center investments are accelerating, with Amazon planning to invest AUD 20 billion (approximately USD 13.1 billion) in Australia and SK Telecom collaborating with Amazon Web Services for a significant data center project in South Korea [4] - The deployment of NVIDIA's GB300 AI systems is underway, indicating a growing demand for AI computing resources [4] - Companies to monitor in the AIDC power equipment sector include Jinpan Technology, Xinte Electric, and others [4] Group 5: Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, with Goldwind Technology rated "Outperform" and projected to have an EPS of 1.28 in 2025 [5] - Jinpan Technology and other companies also received "Outperform" ratings, indicating positive market sentiment [5] Group 6: Industry Performance Overview - The electric power equipment sector outperformed the market in June, with a 6.68% increase compared to a 2.5% rise in the CSI 300 index [13] - The sector's PE ratio at the end of June was 30.3, reflecting a slight recovery in valuations [13] - The report highlights that the electric power equipment industry has shown strong performance across various sub-sectors, including lithium battery materials and wind power [23]

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the **steel shell battery industry**, highlighting its growing adoption driven by **EU environmental regulations** that mandate all products meet lifecycle recyclability standards by **2027** [1][5][25]. - Major companies involved include **Zhuhai Guanyu**, **Lianying Laser**, and **Haopeng Technology**, which are positioned to benefit from the shift towards steel shell batteries in consumer electronics [1][6][24]. Core Insights and Arguments - **Advantages of Steel Shell Batteries**: Compared to traditional aluminum-plastic soft packs, steel shell batteries offer better heat dissipation, higher strength, and flexible structures, enhancing device safety, battery life, and design innovation [1][3][5]. - **Market Demand**: Apple has begun using steel shell batteries in its Pro series and plans to expand this to more models, including ultra-thin and foldable versions. Samsung is also adopting steel shell batteries in its new SS26 model [2][5]. - **Projected Growth**: - Lianying Laser expects new orders in consumer electronics to reach **1.2-1.5 billion yuan** in 2025, with potential to exceed **1.8 billion yuan** in 2026 [1][9]. - Zhuhai Guanyu anticipates its market share in Apple's steel shell battery segment to rise from **10%** in 2024 to over **20%** in 2025 and nearly **40%** in 2026, with revenues projected at **3.5 billion yuan** in 2025 and **5 billion yuan** in 2026 [1][16]. - Haopeng Technology is expected to generate over **6 billion yuan** in revenue in 2025, benefiting from growth in laptops, wearables, and AI products [1][20]. Additional Important Insights - **Impact of EU Regulations**: The EU's environmental legislation is a significant driver for companies like Apple and Samsung to transition to steel shell batteries, which meet the new recyclability standards [5][25]. - **Market Potential Beyond Smartphones**: Other Apple products, such as iPads, computers, headphones, and watches, are also expected to adopt steel shell batteries, potentially creating an additional **2 billion yuan** in demand [11][12]. - **Lianying Laser's Competitive Edge**: As Apple's exclusive supplier, Lianying Laser has a strong position in the laser welding sector, which is crucial for steel shell battery production [13][15]. - **Android Market Potential**: The demand for steel shell batteries among Android manufacturers is significant, with estimates suggesting that **50-60%** of the market could shift to steel shell batteries, representing a market space of **4-4.8 billion yuan** [3][14]. - **Zhuhai Guanyu's Performance**: The company is experiencing a recovery in the consumer electronics sector, with a projected revenue of **12.5 billion yuan** in 2025 and **16 billion yuan** in 2026, driven by new customer acquisitions and increased production capacity [17][18]. Conclusion The steel shell battery industry is poised for significant growth, driven by regulatory changes and technological advancements. Key players like Zhuhai Guanyu, Lianying Laser, and Haopeng Technology are well-positioned to capitalize on this trend, with substantial revenue and market share growth expected in the coming years.

Core Viewpoint - The article highlights the upcoming 2025 Fifth Start Point Two-Wheeled Vehicle Battery Swap Conference and Lightweight Power Battery Technology Summit, emphasizing the growth and innovation in the battery industry, particularly in the context of electric vehicles and battery swapping technology [1][2]. Group 1: Event Details - The event is themed "Battery Swap City, Smart Two-Wheelers" and will take place on July 11, 2025, at the Shenzhen Baoan Dengxilu International Hotel [2]. - Various prominent companies are sponsoring and participating in the event, including Yadi Technology Group, Tailin Group, and New Day Co., among others [2]. Group 2: Zhuhai Guanyu's Developments - Zhuhai Guanyu has two major lithium battery projects entering environmental assessment public notice, with a total investment of 3 billion yuan for an expansion project and 1 billion yuan for a new AI+ lithium battery sample laboratory [3][4]. - The expansion project aims to increase the production capacity of consumer battery cells to 512.4 million units per year, while the new laboratory will add 1.26 million units annually [3][4]. Group 3: Financial Performance - In 2024, Zhuhai Guanyu achieved total revenue of approximately 11.545 billion yuan, a year-on-year increase of 0.87%, with over 90% of revenue coming from consumer battery business [4]. - The net profit attributable to shareholders was 434 million yuan, reflecting a 26.22% increase, while the net profit after deducting non-recurring items rose by 52.16% to 352 million yuan [4]. Group 4: Battery Market Position - Zhuhai Guanyu is focusing on the low-voltage lithium battery market, securing partnerships with major automotive companies such as Dongfeng Nissan and SAIC Volkswagen for low-voltage lithium battery supply [5][6]. - The company is continuously iterating on low-voltage lithium battery technology, with products covering various specifications, including 12V lithium iron phosphate and 48V ternary batteries [6].

Summary of Key Points Core Viewpoint - The announcement provides an update on the convertible bonds issued by Zhuhai CosMX Battery Co., Ltd., detailing the conversion status, outstanding amounts, and adjustments to the conversion price over time [1]. Convertible Bond Issuance Overview - The company issued convertible bonds totaling RMB 3,089 million, with a maturity of six years starting from November 17, 2022 [1]. - The conversion price has been adjusted multiple times, currently set at RMB 22.89 per share as of June 19, 2025 [1]. Conversion Status - As of June 30, 2025, only 3,441 shares have been converted, representing 0.0003% of the total shares before conversion [1]. - The amount of unconverted convertible bonds stands at RMB 3,088,962,000, accounting for 99.9974% of the total issuance [1]. Share Capital Changes - The total share capital increased from 1,127,568,192 to 1,132,068,851 shares due to the completion of the second vesting period of the 2023 restricted stock incentive plan [1].

| 证券代码：688772 | 证券简称：珠海冠宇 公告编号：2025-060 | | --- | --- | | 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 关于第二期以集中竞价交易方式回购公司股份的进展 公告 截至 2025 年 6 月 30 日，公司通过上海证券交易所交易系统以集中竞价交易 方式累计回购公司股份 3,634,391 股，占公司总股本的 0.32%，回购成交的最高价 为 12.89 元/股，最低价为 11.92 元/股，支付的资金总额为人民币 44,885,154.07 元 （不含交易费用）。 一、回购股份的基本情况 2025 年 4 月 13 日，公司召开第二届董事会第二十七次会议，审议通过了《关 于第二期以集中竞价交易方式回购公司股份方案的议案》，同意公司使用自有资金 及股票回购专项贷款以集中竞价交易方式回购公司股份。本次回购资金总额不低 于人民币 10,000 万元（含）且不超过人民币 20,000 万元（含），回购价格不超过 人民币 23 元/股（含）。回购期限为自董事会审议通过本次回购股份方案之日起不 超过 12 个月。本次回购的股份将用于可转换 ...

| 证券代码：688772 | 证券简称：珠海冠宇 | 公告编号：2025-061 | | --- | --- | --- | | 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 可转债转股结果暨股份变动公告 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： 累计转股情况：截至 2025 年 6 月 30 日，"冠宇转债"累计已有人民币 81,000 元转换为公司股票，累计转股数量为 3,441 股，占"冠宇转债"转股前公 司已发行股份总额的 0.0003%。 未转股可转债情况：截至 2025 年 6 月 30 日，尚未转股的"冠宇转债" 金额为人民币 3,088,962,000 元，占"冠宇转债"发行总量的 99.9974%。 本季度转股情况：自 2025 年 4 月 1 日至 2025 年 6 月 30 日期间，"冠宇 转债"未发生转股。 一、可转债发行上市概况 经中国证券监督管理委员会证监许可〔2022〕2139 号文同意注册，公司于 2022 年 10 月 24 日向不特 ...

Core Viewpoint - Zhuhai Gree (688772.SH) announced the results of its shareholder reduction plan, where employee shareholding entities reduced their holdings by a total of 22,551,363 shares, accounting for 1.99% of the company's total share capital [1][3][4] Shareholder Reduction Details - Before the reduction, employee shareholding entities held a total of 138,869,365 shares, representing 12.32% of the total share capital [1] - The reduction was executed through centralized bidding and block trading, with a total reduction amounting to 311,952,460.86 yuan [3][5] - The reduction period was from May 13, 2025, to June 26, 2025, with a reduction price range of 13.60 to 14.35 yuan per share [5] Current Shareholding Status - After the reduction, the current shareholding of the employee shareholding entities stands at 317,256,888 shares, which is 28.02% of the total share capital [3][5] - The controlling shareholder Xu Yanming and the major shareholder Prida did not participate in this reduction [4] Fundraising and Financial Information - Zhuhai Gree's initial public offering raised a total of 2.247 billion yuan, with a net amount of 2.104 billion yuan after deducting issuance costs [6] - The company aimed to raise 3.249 billion yuan for various projects, including the construction of a polymer lithium battery production base and a research center upgrade [6][7] - The total fundraising from two rounds amounts to 5.336 billion yuan [7]

Core Viewpoint - Zhuhai Guanyu Battery Co., Ltd. maintains a stable credit rating of AA, reflecting its leading position in the consumer lithium battery sector and strong cash flow, despite facing challenges such as high customer concentration and declining prices in the lithium battery supply chain [1][2][3]. Company Overview - Zhuhai Guanyu is a major supplier in the consumer lithium battery market, ranking first in notebook battery shipments and second in tablet battery shipments globally in 2024 [1][2][11]. - The company has established stable relationships with high-quality clients, including HP, Lenovo, Apple, and Xiaomi, with significant orders from strategic customers in 2024 [1][2][11]. - The company reported a net profit of -0.57 billion in Q1 2025, down from 2.87 billion in 2024, indicating performance pressure [1][2]. Financial Performance - Total assets as of March 2025 were 212.22 billion, with total liabilities at 76.93 billion and equity at 73.98 billion [1][2]. - Operating income for 2024 was 24.98 billion, a decrease from 115.41 billion in 2023, while net profit showed a decline [1][2]. - The company’s cash flow from operating activities remained strong, with a net inflow of 5.07 billion in Q1 2025 [1][2]. Market Environment - The lithium battery industry is experiencing rapid growth, with consumer battery production expected to increase significantly due to recovering demand in the electronics sector [6][7]. - The global market for electric vehicles is also growing, with 12.87 million units sold in China in 2024, reflecting a 35.5% year-on-year increase [8][9]. - The company faces challenges from increased competition and price volatility in the lithium battery supply chain, which could impact profitability [9][10]. Risks and Challenges - High customer concentration poses a risk, as the top five customers accounted for 52.29% of total sales in 2024 [1][2][13]. - The company’s export revenue is significantly affected by changes in tax policies, with the export tax rebate rate reduced from 13% to 9% in December 2024 [1][2][10]. - The ongoing price decline in the lithium battery supply chain may lead to inventory impairment risks and pressure on profit margins [1][2][9]. Future Outlook - The company is expected to maintain a stable credit outlook, supported by its market share and customer base in the consumer lithium battery sector [2][3]. - Continued investment in production capacity and technology is necessary to adapt to industry standards and maintain competitiveness [9][10][14]. - The company is actively expanding its overseas production capacity to mitigate risks associated with domestic market fluctuations and trade policies [1][2][10].