| 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 Points - Zhuhai Guanyu (688772.SH) announced a change in shareholder equity due to restricted stock vesting, block trading reduction, and passive dilution, without triggering a mandatory takeover [1][2] - The total share capital of the company increased from 1,121,855,747 shares to 1,127,568,192 shares, resulting in a dilution of shareholding percentages for the actual controller Xu Yanming and the controlling shareholder [2] - After the equity change, Xu Yanming and the controlling shareholder, Zhuhai Pruida, along with their concerted action personnel, hold a total of 338,270,363 shares, representing 30.00% of the total share capital [3] Fundraising and Financials - Zhuhai Guanyu raised a total of 2.247 billion yuan through its initial public offering, with a net amount of 2.104 billion yuan after deducting issuance costs, which was 1.145 billion yuan less than originally planned [4][5] - The company intended to raise 3.249 billion yuan for various projects, including the construction of a polymer lithium battery production base and a research and development center upgrade [4] - The total amount raised from two fundraising activities is 5.336 billion yuan [6]

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].

| 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 ...

Group 1 - The A-share market showed mixed performance on May 16, with the National General Aviation Industry Index experiencing fluctuations and rising by 0.72% at the time of reporting [1] - The General Aviation ETF (159230) is currently being issued, with the subscription period running from May 7 to May 16, and is set to close today [1] - Notable stocks within the index include Lijun Co., Ltd., which hit the daily limit, along with Guorui Technology, Lianchuang Optoelectronics, Yingliu Co., Ltd., Zhuhai Guanyu, Zhonghaidah, and Aerospace Electronics, which saw significant gains [1] Group 2 - The China Low Altitude Economy Industry Development Alliance was officially established on May 10, 2025, in Sanya, marking a new phase of high-quality development driven by industrial collaboration and scenario innovation [2] - The alliance aims to contribute "Chinese wisdom" and "Hainan solutions" to global low-altitude economic development, focusing on applications such as drone logistics, urban air mobility (UAM), and low-altitude tourism [2] - The alliance plans to promote 100 landmark scenarios and incubate 50 unicorn companies over the next three years, with a goal of helping Hainan's low-altitude economy exceed 100 billion [2] Group 3 - There has been a surge in eVTOL (electric Vertical Take-Off and Landing) intent orders this year, with expectations for frequent test flights starting in the second half of the year [3] - By 2027, it is anticipated that some major cities will achieve eVTOL commercialization, aiming for "air taxi" services, with large cities expected to enter the low-altitude economy era by 2030 [3] - The national government is placing significant emphasis on the development of the low-altitude economy, with major eVTOL manufacturers receiving numerous intent orders, suggesting a focus on components, complete machines, infrastructure support, and air traffic management operations [3]

Core Viewpoint - Zhuhai Guanyu is advancing its lithium battery production capabilities with new projects and expanding into emerging markets, positioning itself for growth in both domestic and international markets [1][2]. Group 1: New Projects and Developments - Zhuhai Guanyu's new lithium battery production project in Doumen, Zhuhai, has officially topped out and is scheduled for completion and operation in November 2023 [1]. - The project covers an area of approximately 37,000 square meters with a building area of about 124,000 square meters, and the main structure was completed 50 days ahead of schedule [1]. - The new facility will feature multiple fully automated lithium battery production lines and will integrate an AI big data system for comprehensive smart upgrades in production and management [1]. - The company is also implementing energy-saving technologies and aims to create a "zero-carbon factory" [1]. Group 2: International Expansion - Zhuhai Guanyu has initiated a consumer battery project in Malaysia with a total investment not exceeding 2 billion yuan, expected to commence production by the end of 2025 [1]. - This project will enhance the company's ability to penetrate international markets and meet the demands of overseas consumer clients, further solidifying its global manufacturing footprint [1]. Group 3: Financial Performance - In the previous year, Zhuhai Guanyu reported total revenue of 11.541 billion yuan, a year-on-year increase of 0.83%, and a net profit of 430 million yuan, reflecting a growth of 25.03% [2]. - The rapidly growing power and energy storage business generated revenue of 982 million yuan, marking a significant year-on-year increase of 48.70% [2]. - Low-voltage lithium batteries and industry drone batteries accounted for 80.38% of the revenue in the power business, indicating strong demand in these segments [2]. Group 4: Innovations in Robotics - Zhuhai Guanyu is collaborating with a leading domestic automotive group’s robotics company to explore the application of high-performance soft-pack lithium batteries in intelligent robotics [3]. - The initial application of this technology will be in robotic dogs, with plans to expand into humanoid robots in the future [3][4]. - The intelligent robotics battery business is anticipated to become a new growth engine for the company [4].

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].