使用部分闲置募集资金进行现金管理的核查意见 招商证券股份有限公司 关于珠海冠宇电池股份有限公司 （二）现金管理额度及期限 招商证券股份有限公司（以下简称"主承销商"或"保荐机构"）作为珠海 冠宇电池股份有限公司（以下简称"珠海冠宇"或"公司"）首次公开发行股票 并在科创板上市和向不特定对象发行可转换公司债券的保荐机构，根据《上市公 司募集资金监管规则》《上海证券交易所科创板上市公司自律监管指引第 1 号— —规范运作》等相关法律法规及规范性文件，对珠海冠宇本次使用部分闲置募集 资金进行现金管理事项进行了审慎核查，核查情况及核查意见如下： 根据公司当前的募集资金使用状况、募集资金投资项目建设进度并考虑保持 充足的流动性，公司拟使用不超过人民币 4 亿元（单日最高余额，含本数）暂时 闲置募集资金进行现金管理，该额度自公司董事会审议通过之日起 12 个月内可 循环滚动使用。 （三）资金来源 本次现金管理的资金来源系公司部分暂时闲置的募集资金。 截至 2025 年 9 月 30 日，公司 2021 年首次公开发行股票募集资金使用情况 如下： | 发行名称 | 2021 | 年首次公开发行股票 | | | | | -- ...

| 证券代码：688772 | 证券简称：珠海冠宇 公告编号：2025-089 | | --- | --- | | 转债代码：118024 | 转债简称：冠宇转债 | （一）现金管理目的 为了提高募集资金使用效率，珠海冠宇电池股份有限公司（以下简称"公 司"）在确保不影响募集资金投资项目建设、不改变募集资金使用用途、不影响 公司正常运营及确保资金安全并有效控制风险的前提下，利用公司暂时闲置募集 资金进行现金管理，以更好地实现公司募集资金的保值增值，增加公司收益，维 护公司全体股东的利益。 珠海冠宇电池股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 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： 现金管理产品种类：安全性高、流动性好、满足保本要求的低风险产品， 包括但不限于定期存款、通知存款、大额存单、结构性存款、证券公司保本型收 益凭证及国债逆回购等。 现金管理额度及期限：不超过人民币 4 亿元（单日最高余额，含本数）， 该额度自公司董事会审议通过之日起 12 个月内可循环滚动使用。 已履行的审议程序 ...

Market Overview - The battery sector increased by 2.45% compared to the previous trading day, with Jinfu Technology leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Top Gainers in the Battery Sector - Jinfu Technology (300128) closed at 7.36, up 20.07% with a trading volume of 1.7793 million shares and a transaction value of 1.251 billion [1] - Penghui Energy (300438) closed at 38.39, up 12.19% with a trading volume of 675,000 shares and a transaction value of 2.528 billion [1] - Zhuhai Guanyu (688772) closed at 27.59, up 10.23% with a trading volume of 565,200 shares and a transaction value of 1.492 billion [1] - Other notable gainers include Jia Yuan Technology (688388) up 8.30%, Zhongke Electric (300035) up 8.11%, and Tongguan Copper Foil (301217) up 6.96% [1] Market Capital Flow - The battery sector saw a net inflow of 2.082 billion from institutional investors, while retail investors experienced a net outflow of 1.929 billion [2][3] - The main stocks with significant net inflows include Yiyuan Lithium Energy (300014) with 317 million and Jinfu Technology (300128) with 264 million [3] Notable Decliners - Huazi Technology (300490) closed at 11.00, down 3.68% with a trading volume of 450,500 shares and a transaction value of 500 million [2] - Haike Sina (301292) closed at 26.00, down 3.63% with a trading volume of 175,000 shares and a transaction value of 459 million [2] - Other decliners include Tianli Lithium Energy (301152) down 2.93% and Binhai Energy (000695) down 2.85% [2]

Core Insights - Zhuhai's industrial clusters are accelerating due to a new wave of industrial transformation, with significant growth in various sectors, particularly integrated circuits and high-end equipment manufacturing [1][5] - The "Agile Service Mechanism" introduced by the Zhuhai Power Supply Bureau is a pioneering approach in Guangdong, aimed at enhancing electricity supply efficiency and integrating deeply into the industrial ecosystem [2][6] Industrial Growth - From January to August this year, the industrial added value in Zhuhai increased by 4.2% year-on-year, with the city's industrial electricity consumption growth rate ranking first in the Pearl River Delta [1] - The "4+3" industries in Zhuhai saw an added value growth of 5.8%, with specific sectors like integrated circuits, high-end equipment manufacturing, new energy, and new-generation information technology growing by 19.5%, 18.1%, 16.7%, and 11.1% respectively [1] Agile Service Mechanism - The Agile Service Mechanism allows for customized, preemptive, and intelligent electricity services, breaking traditional supply models and addressing the rapid electricity demand from high-end projects [2][3] - This mechanism involves early engagement with project stakeholders during the investment phase, ensuring that power supply infrastructure aligns with project timelines, thus avoiding redundant construction [3][6] Challenges and Solutions - The production of PCB, a core component in the electronics industry, requires stable and continuous electricity supply, leading to explosive growth in electricity demand as new projects commence [2][4] - The Zhuhai Power Supply Bureau has implemented a "parallel attack" strategy to expedite electricity supply for projects, significantly reducing the time required for electricity connection [2][3] Customized Services - The Zhuhai Power Supply Bureau has established dedicated service records for 255 enterprises in the electronics and circuit industry, providing tailored electricity diagnostics and energy-saving recommendations [6] - The integration of AI and proactive government engagement has enhanced the efficiency of electricity services, directly impacting production capacity and competitiveness in the industry [6] Market Impact - The successful implementation of the Agile Service Mechanism has allowed companies like Zhuhai Guanyu Battery Co., Ltd. to achieve significant time savings in electricity connection, thus gaining a competitive edge in the market [5][6] - The innovative practices of the Zhuhai Power Supply Bureau exemplify a shift from being mere infrastructure providers to becoming enablers of industrial ecosystems, fostering new productive forces [6]

Core Insights - The solid-state battery industry is set to hold its annual conference and award ceremony on November 8, 2025, in Guangzhou, focusing on new technologies and ecosystem development [2] - The event will feature over 1000 participants and includes concurrent exhibitions and forums related to sodium batteries [2][4] Group 1: Event Details - The event is organized by Qidian Solid-State Battery, Qidian Lithium Battery, and SSBA Solid-State Battery Alliance [2] - The main theme of the event is "Focusing on New Technologies, Building a New Ecosystem" [2] - The event will take place at the Guangzhou Nansha International Convention and Exhibition Center [2] Group 2: Participating Companies - Notable companies participating include CATL, BYD, and Ru Tian Technology, among others [2] - The first batch of speakers, sponsors, and exhibitors has been announced, showcasing a diverse range of industry players [2] Group 3: Industry Developments - Zhuhai Guanyu has disclosed advancements in silicon anode batteries, achieving a 25% high-silicon anode battery with a volumetric energy density of 900Wh/L, leading the industry [3] - The company aims to steadily increase the silicon content in its anode materials while ensuring product performance stability [3] - Realme and Zhuhai Guanyu have developed the world's first 100% silicon-carbon anode battery, which is applied in a concept smartphone with a 15000mAh battery [3]

Core Insights - The "2025 International Low Altitude Economic Trade Expo (Guangzhou) / 8th Global Unmanned Systems Conference (GUSC2025)" is scheduled to take place from December 12 to 14, 2025, in Guangzhou, focusing on the theme "Innovate Low Altitude, Service Trade Globally" [1][2] Group 1: Event Overview - The expo will utilize a variety of formats including dynamic and static displays, exhibitions and conferences, as well as indoor and outdoor settings, covering six major topics: meetings, exhibitions, performances, introductions, investments, and trade [1] - The event aims to leverage Guangzhou's position as an international transportation hub and trade gateway, focusing on five core areas: domestic and international low altitude economic policies, industry development trends, core technology innovations, standard alignment, and practical applications [1] Group 2: Highlights and Participation - The expo will feature a 60,000 square meter exhibition area, with 80% of the exhibition space already secured, and is expected to attract over 600 industry chain enterprises and more than 50,000 domestic and international attendees from over 50 countries and regions [3] - Key highlights include over 20 professional forums and seminars, the awarding of the "Golden Wing Award" to set industry benchmarks, and the introduction of an innovative trade service model termed "1+5+N" [2][3] - Notable participating companies include EHang, Xpeng, DJI, and many other leading firms in the low altitude economy sector [3]

Group 1 - The core performance data for Q3 2025 shows record revenue of 4.1-4.3 billion, a year-on-year increase of over 30%, and a net profit of 253 million, marking a significant improvement in profitability [1][2] - Revenue growth is primarily driven by increased shipment volumes in consumer electronics batteries rather than raw material price hikes, with the company having pre-stocked materials to support operations until early 2026 [1][4] - The product mix has improved with a higher proportion of high-margin products, such as steel-shell batteries and high-silicon anode batteries, contributing to profit enhancement [1][2] Group 2 - The consumer electronics segment has seen breakthroughs across multiple categories, with a notable increase in market share from North American clients, particularly in mobile phone batteries [2][5] - The company plans to expand production capacity for steel-shell batteries from 20 million units annually in 2025 to 80 million by mid-2026, with a long-term goal of 100 million units [1][3] - New emerging consumer electronics, including AI wearable devices and gaming consoles, are expected to contribute significantly to revenue by 2026 [2][10] Group 3 - The drone battery segment has transitioned from a drag on performance to a potential profit generator, with a 200% year-on-year increase in shipments for agricultural and industrial drones in the first half of 2025 [2][10] - The automotive start-stop battery business is gaining traction, with the company securing contracts with 60%-70% of the top 20 automotive manufacturers in China [3][8] - The company is exploring opportunities in the energy storage sector through its Taiwan office, with initial small-scale customer progress [3] Group 4 - The 2026 revenue target of 17 billion is deemed achievable, supported by existing customer share increases and growth in emerging sectors [3][4] - Cost control measures include pre-stocking raw materials to mitigate price risks and focusing R&D on high-margin products to reduce inefficient spending [3][9] - The overall gross margin is expected to improve due to the increased share of steel-shell batteries, while net margins are projected to align with industry leaders as revenue grows [9]

Core Viewpoint - Zhuhai Guanyu (688772.SH) is expected to achieve record-high revenue and significant profit growth in the first three quarters of 2025, driven by market share gains and refined operational strategies [1][2]. Financial Performance - The company anticipates revenue between 10.198 billion and 10.398 billion yuan, representing a year-on-year increase of 19.73% to 22.07% [2]. - The projected net profit attributable to shareholders is between 367 million and 417 million yuan, reflecting a growth of 36.88% to 55.54% compared to the previous year [2]. - The non-recurring net profit is expected to be between 245 million and 295 million yuan, with a year-on-year increase of 36.03% to 63.78% [2]. Business Operations - Zhuhai Guanyu focuses on the research, production, and sales of consumer batteries, being a major supplier of polymer lithium-ion batteries globally [2][3]. - The company has expanded its product offerings to include power and energy storage batteries, while maintaining a strong emphasis on consumer battery products [3]. - The sales volume of lithium batteries for laptops increased by 6.93%, while smartphone battery sales surged by 43.28% in the first half of 2025 [3]. Research and Development - The company has invested a total of 34.26 billion yuan in R&D over the past two and a half years, with R&D expenses exceeding 10 billion yuan in both 2023 and 2024 [5]. - As of June 30, 2025, the R&D team consists of 4,496 personnel, accounting for 20.10% of the total workforce [5]. - The company emphasizes technological innovation in key areas such as high-energy-density batteries and fast-charging technologies, establishing a strong technical foundation in the lithium-ion battery sector [4][5].

Group 1 - The company Zhuhai Guanyu announced that it has no overdue or litigation-related external guarantees [1]

证券研究报告 | 2025年10月20日 珠海冠宇（688772.SH） 优于大市 收入重回快速增长轨道，新技术新产品加速放量 风险提示：需求不及预期；新客户开拓不及预期；原材料价格剧烈波动。 投资建议：调整盈利预测，维持优于大市评级。基于公司下游客户手机销量 表现亮眼以及新产品放量对于经营的积极影响，我们上调 2025 年盈利预测、 维持 2026-2027 年盈利预测。我们预计公司 2025-2027 年实现归母净利润 6.41/14.01/18.08 亿元（原预测为 6.10/14.01/18.08 亿元），同比 +49%/+119%/+29%，EPS 分别为 0.57/1.24/1.60 元，动态 PE 为 40/18/14 倍。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 11,446 | 11,541 | 14,176 | 18,348 | 21,792 | | (+/-%) | 4.3% | 0.8% | 22.8% | 29.4% ...