Group 1: Company Overview and Product Development - The company is a leading domestic supplier of electrical insulation systems, focusing on enhancing the technology level of high-end insulation materials and promoting the localization of key insulation material technologies [1][2]. - Core products include insulation resins, slot wedges, laminated products, fiber products, binding products, mica products, and pulling products, with applications across various industries [1]. - The company holds 90 invention patents and 30 utility model patents, participating in the formulation of 19 national standards and 21 group standards, indicating a strong technical reserve [1]. Group 2: Financial Performance - In 2024, the company achieved a 9% increase in operating revenue compared to the previous year, although net profit attributable to shareholders and earnings per share decreased [3]. - The decline in profitability is attributed to a decrease in product prices due to intensified market competition and proactive pricing strategies to gain market share, as well as ongoing investments in new projects that have not yet fully realized their benefits [3]. Group 3: Future Growth and Strategy - The company plans to focus on its core insulation materials business, continuously developing new products and expanding its customer base to enhance profitability and improve operational performance [4][6]. - Current orders are sufficient, with first-quarter revenue exceeding the same period last year by 30%, indicating a positive growth trend [4]. - The company aims to provide safe, environmentally friendly, and sustainable insulation system solutions for various sectors, including wind power, rail transportation, industrial motors, household appliances, and hydropower [6]. Group 4: Market Position and Industry Outlook - The company maintains a strong position in the rail transportation market and deepens strategic cooperation with key clients like CRRC [2][5]. - The industry is expected to have broad market prospects and development space, with the company committed to becoming a world-class insulation material service provider [6]. Group 5: International Business - Currently, the company's products are primarily sold domestically, with no direct overseas sales reported [7].

Industry Overview - The insulation products industry in China has developed rapidly since the 1990s, establishing a comprehensive industrial system and becoming the largest insulation products market globally. The market size is projected to reach approximately 77.5 billion yuan in 2024, with a year-on-year growth of 2.79% [1][14]. - The industry has matured technologically, with leading companies capable of developing high-end insulation products, gaining competitive advantages in international markets [1][14]. Market Dynamics - The insulation products are essential components in electrical equipment and electronic devices, serving various functions such as mechanical support, heat dissipation, and moisture protection [3]. - The industry benefits from the rapid development of sectors like renewable energy, efficient energy-saving motors, and rail transportation, contributing to a relatively prosperous market environment [5]. Policy Environment - Recent policies have been introduced to support the insulation products industry, including the "Implementation Plan for Accelerating the Breakthrough of 'Six New' Manufacturing in Henan Province" and the "Implementation Plan for the Innovation and Development of the Fine Chemical Industry (2024-2027)" [5][7]. Industry Chain - The upstream of the insulation products industry includes raw materials such as phenol, formaldehyde, and epoxy resin, which are essential for production. The industry is moving towards high-quality and environmentally friendly production due to supply-side structural reforms [8][10]. - The downstream applications include generator manufacturing, power transmission, new energy vehicles, and electronic communications, with increasing demand driven by the national "dual carbon" goals [8][11]. Key Companies - Notable companies in the insulation products sector include Dongcai Technology, Huazheng New Materials, and Shunma Electric, among others. These companies are focusing on innovation and expanding their market presence [16][19][21]. - Dongcai Technology reported a revenue of 32.45 million yuan in the first quarter of 2024, while Huazheng New Materials achieved 28.24 million yuan in the same period [18]. Development Trends - The industry is expected to focus on technological innovation, particularly in high-performance and environmentally friendly insulation materials. Innovations such as nano-modification and composite insulation technologies are anticipated to gain traction [23][24]. - The shift towards green and sustainable practices is becoming a priority, with increasing demand for halogen-free and biodegradable insulation materials [24][25]. Conclusion - The insulation products industry in China is poised for growth, driven by technological advancements, supportive policies, and expanding applications across various sectors. The competitive landscape is evolving, with both international giants and domestic players striving for market share through innovation and quality improvements [16][23].

Industry Overview - The insulation materials are defined as materials that do not conduct electricity under permissible voltage but can conduct under certain electric field strengths. Their primary function is to isolate charged conductors in electrical equipment, allowing current to flow along specific paths while providing mechanical support and protection [1][11]. - Insulation materials are categorized into solid, liquid, and gas types, with solid materials further divided into organic and inorganic categories [2][3]. Industry Chain Analysis - The insulation materials industry chain consists of upstream raw materials (e.g., phenol, formaldehyde, epoxy resin), midstream production (solid, liquid, and gas insulation materials), and downstream applications in sectors like electrical infrastructure, new energy vehicles, and aerospace [5][8]. Industry Development History - The insulation materials industry in China has evolved through four stages: initial development, technology introduction, technology innovation, and the current phase of industrial upgrading driven by new energy [11][12]. Policy Background - Recent policies from various government departments aim to promote the development of high-efficiency and environmentally friendly insulation materials, supporting the industry's high-quality growth [14]. Current Industry Status - The number of bidding projects in the insulation materials sector has shown a fluctuating growth trend, peaking at 612 projects in 2023 [15]. - The financing activity in the insulation materials industry has increased, with a peak financing amount of 2.025 billion yuan in 2022 [15]. - The market size of the insulation materials industry in China grew from 86.4 billion yuan in 2018 to 120.6 billion yuan in 2023, with a compound annual growth rate of 6.9% [19]. Competitive Landscape - The insulation materials industry is concentrated in economically developed eastern coastal regions, particularly Guangdong and Jiangsu provinces [20]. - Major companies in the insulation materials sector include Shandong Glass Fiber, Dongcai Technology, and Yuxing Co., with revenues exceeding 1.8 billion yuan for Shandong Glass Fiber in 2023 [24]. Future Development Trends - The market size of insulation materials is expected to exceed 200 billion yuan by 2030, with a compound annual growth rate of 7.8% from 2025 to 2030 [26]. - The industry is trending towards high-end and environmentally friendly products, with a focus on enhancing product performance and providing comprehensive insulation system solutions [28].

证券代码：001255 证券简称：博菲电气 公告编号：2025-039 浙江博菲电气股份有限公司 监事会关于 2025 年限制性股票激励计划激励对象名单的公 示情况说明及审核意见 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。 浙江博菲电气股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开 第三届董事会第十三次会议及第三届监事会第十次会议，审议通过了《关于<浙 江博菲电气股份有限公司 2025 年限制性股票激励计划（草案）>及其摘要的议案》 等相关议案。根据中国证监会《上市公司股权激励管理办法》（以下简称"《管 理办法》"）、《深圳证券交易所股票上市规则》（以下简称"《上市规则》"）、 《深圳证券交易所上市公司自律监管指南第 1 号——业务办理》（以下简称"《自 律监管指南第 1 号》"）等法律、法规和规范性文件以及《公司章程》的相关规 定，公司对 2025 年限制性股票激励计划（以下简称"本次激励计划"）激励对 象的姓名和职务在公司内部进行了公示。公司监事会结合公示情况对激励对象名 单进行了核查，具体情况如下： 一、公示情况及核查方式 （ ...

Core Insights - The company reported a total revenue of 341 million yuan for 2024, a year-on-year increase of 9.45%, but the net profit decreased significantly by 59.87% to 13.24 million yuan [1][2] - In Q1 2025, the company showed signs of recovery with a revenue of 92.05 million yuan, a year-on-year increase of 30.97%, and a net profit of 2.88 million yuan, marking a 455.38% increase [1][3] Financial Performance - The company's operating cash flow for 2024 was 32.72 million yuan, an increase of 26.04% compared to the previous year [1] - Basic earnings per share for 2024 were 0.17 yuan, with a weighted average return on equity of 1.79% [1] - The proposed dividend distribution for 2024 is 0.4 yuan per 10 shares (including tax) [1] Challenges and Risks - The core business of electrical insulation materials faced structural demand differentiation, with traditional sectors like wind power and rail transit experiencing order fluctuations, negatively impacting performance [2] - The company is under pressure regarding accounts receivable management and inventory turnover, with accounts receivable at 181 million yuan by the end of 2024 [2] - Increased R&D investment and fixed growth in market expansion costs have kept the expense ratio high, despite some cost reductions in raw materials [2] Recovery Indicators - The Q1 2025 performance improvement was attributed to concentrated order deliveries in the wind power sector and effective cost control measures [3] - The net cash flow from operating activities decreased by 188.32% compared to the previous year, primarily due to increased cash payments for goods and services [3]

证券代码：001255 证券简称：博菲电气 公告编号：2025-038 浙江博菲电气股份有限公司 关于 2025 年一季度计提资产减值准备及信用减值准备的公 | | 小计 | 1,605,717.51 | | --- | --- | --- | | 资产减值损失 | 存货跌价损失 | 73,125.00 | | | 小计 | 73,125.00 | | | 合计 | 1,678,842.51 | 注：1、上述数据未经审计；2、减值损失以正数列示。 三、本次计提资产减值准备及信用减值准备的合理性说明 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、本次计提资产减值准备及信用减值准备情况概述 为真实、准确反映浙江博菲电气股份有限公司（以下简称"公司"）截至 2025 年 3 月 31 日的财务状况和经营成果，根据《深圳证券交易所股票上市规则》、 《企业会计准则》及公司会计政策的相关规定，基于谨慎性原则，公司及下属子 公司对各类资产进行了全面检查和减值测试，对截至 2025 年 3 月 31 日合并报表 范围内有关资产计提相应的减值准备。2025 年 1-3 ...

证券代码：001255 证券简称：博菲电气 公告编号：2025-037 浙江博菲电气股份有限公司 关于 2024 年度计提资产减值准备及信用减值准备的公告 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。 一、本次计提资产减值准备及信用减值准备情况概述 为真实、准确反映浙江博菲电气股份有限公司（以下简称"公司"）截至 2024 年 12 月 31 日的财务状况和经营成果，根据《深圳证券交易所股票上市规 则》、《企业会计准则》及公司会计政策的相关规定，基于谨慎性原则，公司及下 属子公司对各类资产进行了全面检查和减值测试，对截至 2024 年 12 月 31 日合 并报表范围内有关资产计提相应的减值准备。2024 年 1-12 月公司计提资产减值 准备及信用减值准备合计 2,934,664.62 元。 二、计提资产减值准备及信用减值准备情况 公司及下属子公司对截至 2024 年 12 月 31 日的应收票据、应收账款、其他 应收款、应收款项融资、合同资产、存货、固定资产等资产进行全面清查，并按 资产类别进行了减值测试，对可能发生减值损失的相关资产计提减值准备。202 ...

Financial Performance - The company's basic earnings per share decreased by 58.54% from 0.41 to 0.17 yuan in 2024 compared to 2023 [1] - Net profit fell by 60.61% from 0.33 billion yuan in 2023 to 0.13 billion yuan in 2024 [1] - Revenue increased by 9.29% from 3.12 billion yuan in 2023 to 3.41 billion yuan in 2024 [1] - Return on equity dropped significantly by 59.87% from 4.46% in 2023 to 1.79% in 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 1.4969 million shares, accounting for 7.48% of the circulating shares, with a decrease of 45,400 shares compared to the previous period [1] - New entrants among the top shareholders include Morgan Stanley & Co. International PLC with 285,100 shares and Jiang Guoxiang with 144,200 shares [2] - Notable exits from the top shareholders include Chen Jiantang and Goldman Sachs, who held 225,200 and 221,000 shares respectively [2] Dividend Distribution - The company announced a dividend distribution of 0.4 yuan per share (including tax) [3]

证券代码：001255 证券简称：博菲电气 公告编号：2025-033 浙江博菲电气股份有限公司 浙江博菲电气股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开第 三届董事会第十四次会议，审议通过了《关于提请股东大会延长授权董事会以简 易程序向特定对象发行股票授权有效期的议案》，同意提请股东大会将授权有效 期自原届满之日起延长 12 个月。上述议案尚需提交公司股东大会审议。现将相 关情况公告如下： 一、概述 公司于 2024 年 4 月 23 日召开第三届董事会第四次会议，审议通过了《关于 提请股东大会授权董事会办理小额快速融资相关事宜的议案》，同意公司董事会 提请股东大会授权董事会向特定对象发行融资总额不超过人民币 3 亿元且不超 过最近一年末净资产 20%（以下简称"本次发行"）的股票，授权期限为自公司 2023 年度股东大会审议通过之日起至公司 2024 年度股东大会召开之日止。公司 于 2024 年 5 月 15 日召开 2023 年年度股东大会，审议通过了上述议案。 鉴于上述议案有效期即将届满，相关事项仍在筹备中，为保证本项工作的延 续性和合规有效性，公司于 2025 年 4 月 ...

1 现场检查报告 现场检查报告 华泰联合证券有限责任公司 关于浙江博菲电气股份有限公司 2024 年现场检查报告 根据中国证监会《证券发行上市保荐业务管理办法》和《深圳证券交易所上 市公司自律监管指引第 13 号——保荐业务》等有关法律法规的要求，华泰联合 证券有限责任公司作为浙江博菲电气股份有限公司（以下简称"博菲电气"或"公 司"）首次公开发行股票并上市持续督导阶段的保荐人，于 2025 年 4 月 21 日对 浙江博菲电气股份有限公司 2024 年有关情况进行了现场检查，报告如下： | 保荐人名称：华泰联合证券有限责任公司 被保荐公司简称：博菲电气 | | | | --- | --- | --- | | 保荐代表人姓名：刘天际 联系电话：021-38966590 | | | | 保荐代表人姓名：夏俊峰 联系电话：021-38966590 | | | | 现场检查人员姓名：刘天际、夏俊峰 | | | | 年度 现场检查对应期间：2024 | | | | 现场检查时间：2025 年 月 日 4 21 | | | | 一、现场检查事项 现场检查意见 | | | | （一）公司治理 不适用 | 是 | 否 | ...