中信证券股份有限公司 关于深圳市德赛电池科技股份有限公司 2024 年度持续督导定期现场检查报告 | 保荐人名称：中信证券股份有限公司 被保荐公司简称：德赛电池 | | | --- | --- | | （以下简称"中信证券"或"保荐人"） | | | 保荐代表人姓名：杨贤 联系电话：020-32258106 | | | 保荐代表人姓名：曾展雄 联系电话：020-32258106 | | | 现场检查人员姓名：杨贤、曾展雄 | | | 现场检查对应期间：2024 年 1 月 1 日-2024 年 12 月 31 日 | | | 现场检查时间：2025 年 4 月 22 日 | | | 一、现场检查事项 现场检查意见 | | | （一）公司治理 是 否 不适用 | | | 现场检查手段： | | | 查阅了上市公司最新章程、三会议事规则及会议材料，取得上市公司董事、监 | | | 事、高级管理人员名单及其变化情况，取得上市公司关联方清单，查阅关于公 | | | 司控股股东、实际控制人、董事、监事、高级管理人员的信息披露文件及相关 | | | 变更决策文件，查看上市公司生产经营场所对上市公司高级管理人员进行访 | ...

Group 1: Business Growth and Strategy - The company will focus on lithium battery power management systems and packaging integration, expanding into energy storage batteries and advanced packaging in strategic emerging fields to enhance customer service and competitiveness [2][3] - The lithium battery industry is expected to maintain high growth rates in the coming years, driven by AI technology and the demand for smart hardware products [3] - The company aims to optimize its product structure by accelerating the exit from low-margin consumer electronics and focusing on high-potential emerging businesses [3][4] Group 2: Financial Performance - In 2024, the company achieved a consolidated revenue of CNY 20.859 billion, a year-on-year increase of 2.83%, while net profit attributable to shareholders decreased by 26.49% to CNY 413 million [5] - The energy storage cell business revenue grew by 56.04% year-on-year, but the gross margin was only 2.83%, indicating challenges in profitability [4] Group 3: Customer Dependency and Market Expansion - The revenue from the top five customers accounted for 67.84%, 65.17%, and 59.09% of total revenue from 2022 to 2024, respectively, showing a decreasing trend in customer concentration [4] - The company is actively exploring new markets, particularly in the Middle East, to establish substantial business operations by 2025 [4] Group 4: Research and Development - R&D expenses increased by 40.05% year-on-year in 2024, focusing on energy storage cells and AI-BMS systems, with expectations for commercialization breakthroughs in 2025 [5] - The company emphasizes the importance of balancing R&D investment with short-term profitability to ensure sustainable growth [4] Group 5: Operational Efficiency and Cash Flow - The company maintains stable net cash flow from operating activities, with no refinancing plans currently in place [4] - Inventory management strategies will be enhanced to improve turnover efficiency, particularly for standardized energy storage cell products [4]

Summary of Desay Battery Conference Call Company Overview - Desay Battery reported a revenue of 14.38 billion yuan in 2024, a year-on-year increase of 6.49%. However, net profit declined primarily due to losses in the energy storage battery business, with losses in Hunan battery operations expanding to 405 million yuan, resulting in a decrease of approximately 170 million yuan in net profit attributable to shareholders [1][2][3]. Key Financial Metrics - In Q1 2025, the company achieved a revenue of 4.369 billion yuan, a year-on-year increase of 6.69%, with a net profit of 48.66 million yuan, up 10.96% [1][3]. - For 2024, the total operating income was 20.859 billion yuan, a 2.83% increase, while net profit attributable to shareholders was 413 million yuan, down 26.49% [2]. - The overall gross margin improved in 2024 due to a decrease in lithium battery material prices and internal efficiency improvements [2][10]. Business Segments Performance - The smartphone business accounted for 38.22% of total revenue in 2024, while wearables contributed 12.38%, electric tools, smart terminals, and mobility accounted for 16.27%, and notebooks and tablets made up 13.76%. Energy storage products represented 9% [1][4]. - The energy storage business saw a revenue increase of 56.04% to 1.887 billion yuan, while the SIP (System in Package) business grew by 24.99% to 2.67 billion yuan [1][3]. Cost and Expense Analysis - Total operating expenses for 2024 were 1.469 billion yuan, a year-on-year increase of 27.18%, with R&D expenses rising by 250 million yuan due to new project developments and increased personnel [1][7]. - The company plans to reduce energy storage business losses from 405 million yuan in 2024 to between 200 million and 250 million yuan in 2025 [1][13]. Strategic Initiatives - Desay Battery aims to deepen its focus on lithium batteries, power management, and packaging integration while expanding into energy storage and advanced packaging sectors [2][8]. - The company is also enhancing its manufacturing capabilities in Vietnam, with production capacity expected to more than double by 2025 [2][14]. Market Outlook - The consumer electronics business is projected to grow by 10%-20% in 2025, with electric tools expected to exceed 20% growth [1][16]. - Despite uncertainties in the macro environment, including geopolitical issues and trade policies, the company anticipates opportunities for revenue growth [2][16]. Long-term Vision - Desay Battery targets to achieve a revenue of 5 billion yuan in the SIP business by 2028, with a net profit margin exceeding 5% [2][17]. - The company plans to explore new opportunities in AI, low-altitude economy, and robotics, leveraging lithium battery applications in these fields for long-term growth [2][19].

Group 1: Yishitong - Yishitong has made progress in several new material projects, including solid oxide battery (SOC) systems, high-purity quartz sand, bismuth stone, thermally conductive spherical alumina, and flame-retardant materials [1] - The SOC system project is progressing as planned, with the single battery pilot line operating stably, and the stack pilot production line expected to be completed by 2025 [1] - High-purity quartz sand's technical indicators and performance optimization have been completed, with plans to test in a single crystal factory by 2025 and establish a thousand-ton pilot line [1] - Bismuth stone shipments are expected to increase in 2024, with a slight decrease in price, and significant shipment growth anticipated in Q1 2025 [1] - The sales revenue of ceramic flame-retardant materials is increasing, with plans to expand into more application scenarios [1] Group 2: Desay Battery - Desay Battery anticipates uncertainties in the macroeconomic environment but aims to explore new markets and businesses for performance growth [2] - In 2024, revenue from smartphone battery business is expected to decline by 10.39%, influenced by both volume and price [2] - In Q1 2025, revenue from smartphone batteries is projected to grow by 8.97%, while wearable device batteries are expected to increase by 15.79% [2] - Revenue from electric tools, smart home, and mobility businesses is expected to grow by 24.37%, while energy storage business revenue is projected to decline by 14.86% [2] - The company plans to continue expanding production capacity in Vietnam, with expected revenue growth in Vietnam to double compared to last year [2] Group 3: Yahui Pharmaceutical - Yahui Pharmaceutical has made progress in the approval and commercialization of APL-1702, with the listing application accepted and review underway [3] - APL-2501 has completed multiple experiments, with IND submission expected by mid-2026, showing strong clinical competitive potential [3] - The company is targeting patients with strong willingness to pay for the initial positioning of Haikewei, gradually promoting blue light cystoscopy technology as a standard solution [3] - APL-2302 shows good pharmacokinetic characteristics and significant anti-tumor effects, having entered clinical research [3] - The company expects rapid revenue growth in 2024 and plans to upgrade its commercialization system in 2025, including hiring a Chief Commercial Officer and optimizing the organizational structure [3]

证券代码：000049 证券简称：德赛电池 深圳市德赛电池科技股份有限公司投资者关系活动记录表 编号：2025-001 二、回答调研提问，主要问答简述如下： 1、智能手机类产品 24 年收入下滑，量和价的影响分别是？ 答：公司智能手机类电池业务营业收入同比下降 10.39%，量和 价的影响差不多，量下降了约 5%，整体出货均价也下降了 5%左 右。 2、2025 年一季度收入分业务情况？客户拉货节奏有提前吗？ 答：2025 年一季度，公司智能手机类电池业务营业收入同比增 长 8.97%，智能穿戴类设备电池业务营业收入同比增长 15.79%，笔 记本和平板电脑电池业务营业收入同比增长 14.96%，电动工具、智 能家居和出行类业务营业收入同比增长 24.37%，储能业务同比下降 了 14.86%。 从年初客户指引看一季度实际出货情况，出货节奏没有明显的 提前。 | 投资者关 | ■特定对象调研 □分析师会议 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 系活动类 | □媒体采访 □业绩说明会 | | | | | ...

Group 1 - The Tonghuashun Fruit Index concept declined by 1.38%, ranking among the top declines in the concept sector, with companies like Lens Technology, Lante Optics, and Changying Precision experiencing significant drops [1][2] - Among the stocks in the Tonghuashun Fruit Index, only two stocks saw price increases, with Zhongshi Technology and BOE A rising by 2.20% and 0.26% respectively [1][2] Group 2 - The concept sectors with the highest gains today included Supply and Marketing Cooperatives (+3.93%), Cross-Border Payment (CIPS) (+3.65%), and Glyphosate (+3.57%), while the China AI 50 and Nvidia concept saw declines of -2.09% and -1.48% respectively [2] - The Tonghuashun Fruit Index experienced a net outflow of 587 million yuan from main funds, with 14 stocks seeing net outflows, and five stocks experiencing outflows exceeding 50 million yuan [2] - The stock with the highest net outflow was Luxshare Precision, with a net outflow of 184 million yuan, followed by Goer Technology and Lingyi iTech with outflows of 165 million yuan and 61.8 million yuan respectively [2][3]

证券代码：000049 证券简称：德赛电池 公告编号：2025-012 深圳市德赛电池科技股份有限公司 关于召开 2024 年年度股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳市德赛电池科技股份有限公司（以下简称"公司"或"本公司"）第十一届 董事会第六次会议决定于2025年5月19日（星期一）下午14:45召开公司2024年年 度股东会。现将有关事宜通知如下： 一、召开会议的基本情况 1、股东会届次：2024年年度股东会 （2）公司董事、监事和高级管理人员。 2、股东会的召集人：本公司第十一届董事会 3、本次股东会会议召开符合有关法律、行政法规、部门规章、规范性文件 和公司《章程》的规定。 4、会议召开日期和时间： 现场会议召开时间：2025年5月19日（星期一）下午14:45 网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 5 月 19 日的交易时间，即 9:15-9:25,9:30-11:30 和 13:00-15:00；通过深圳 证券交易所互联网投票的具体时间为 2025 年 5 月 19 日 9:1 ...

一、监事会会议召开情况 深圳市德赛电池科技股份有限公司（以下简称"公司"）第十一届监事会第四次会 议通知于 2025 年 4 月 7 日以电子邮件形式发出，会议于 2025 年 4 月 18 日在惠州市德 赛大厦 24 楼会议室以现场方式召开。公司实有监事 3 人，实际出席会议 3 人。会议由 监事会主席夏志武先生主持，会议符合《公司法》和《公司章程》的规定，所作决议合 法有效。 二、监事会会议审议情况 会议采取举手表决的方式，以 3 票同意，0 票反对，0 票弃权的表决结果审议通过 了以下 8 项议案，并同意将议案 2 至议案 4 提交公司 2024 年年度股东会审议： 1、《2024 年度财务决算报告》 证券代码：000049 证券简称：德赛电池 公告编号：2025-003 深圳市德赛电池科技股份有限公司 第十一届监事会第四次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 《2024 年度财务决算报告》详情请见公司于 2025 年 4 月 22 日登载于巨潮资讯网 上的公司 2024 年度审计报告。 2、《2024 年度利润分配预案》 详情请 ...

证券代码：000049 证券简称：德赛电池 公告编号：2025-002 二、董事会会议审议情况 会议审议通过了以下 15 项议案，并同意将议案 2 至议案 4、议案 10 及议案 11 共 5 个议案提交 2024 年年度股东会审议批准： （一）非关联交易事项 董事会以 9 票同意，0 票弃权，0 票反对的表决结果审议通过了以下议案： 深圳市德赛电池科技股份有限公司 第十一届董事会第六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 深圳市德赛电池科技股份有限公司（以下简称"公司"）第十一届董事会第六次会 议通知于 2025 年 4 月 7 日以电子文件形式通知董事、监事和高管，会议于 2025 年 4 月 18 日在惠州市德赛大厦 24 楼会议室以现场方式召开。应出席董事 9 名，实际出席 董事 9 名。会议由董事长刘其主持，监事和高管人员列席了会议。本次会议符合《公 司法》和《公司章程》的规定，所作决议合法有效。 1、《2024 年度财务决算报告》 本议案已经公司董事会审计委员会事前审议通过。 《2024 年度财务决算 ...

深圳市德赛电池科技股份有限公司 关于 2024 年度利润分配预案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 深圳市德赛电池科技股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开第十一届董事会第六次会议及第十一届监事会第四次会议，审议通过了 《2024 年度利润分配预案》。本次利润分配预案尚需提交公司 2024 年年度股东 会审议通过后方可实施。现将相关事项公告如下： 一、2024 年度利润分配预案的基本情况 经天健会计师事务所（特殊普通合伙）审计，公司 2024 年度合并报表中实 现归属于上市公司股东的净利润为人民币 413,011,992.42 元；母公司 2024 年度 净利润为 253,987,618.02 元，根据《公司法》和《公司章程》的有关规定，提取 法定盈余公积金 25,398,761.80 元后，截至 2024 年 12 月 31 日，母公司可供分配 利润为 295,549,126.08 元。 在符合利润分配原则、保证公司正常经营和长远发展的前提下，公司 2024 年度利润分配预案为：以公司总股本 384,638 ...