保荐总结报告书 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 首次公开发行股票并在主板上市 之保荐总结报告书 保荐人名称 华泰联合证券有限责任公司 保荐人编号 Z26774000 一、保荐人及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐人及保荐代表人对其真实性、准确性、完整性承担法律 责任。 2、本机构及本人自愿接受中国证券监督管理委员会（以下简称"中国证监 会"）、深圳证券交易所对保荐总结报告书相关事项进行的任何质询和调查。 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 二、保荐人基本情况 | 情况 | 内容 | | --- | --- | | 保荐人名称 | 华泰联合证券有限责任公司 | | 注册地址 | 深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小 | | | 镇 栋 B7 401 | | 主要办公地址 | 上海市浦东新区东方路保利广场 E 座 20 楼 | | 法定代表人 | 江禹 | | 联系人 | 刘天际、夏俊峰 | | 联系电话 | 021-389665 ...

关于浙江博菲电气股份有限公司 2024 年度保荐工作报告 | 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 | 一、保荐工作概述 华泰联合证券有限责任公司 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 次 0 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括 但不限于防止关联方占用公司资源的制度、 | 是 | | 募集资金管理制度、内控制度、内部审计制 | | | 度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月 1 次 | | （2）公司募集资金项目进展是否与信息披露 | 是 | | 文件一致 | | | ...

Core Viewpoint - The company is focused on enhancing the quality and performance of its electrical insulation materials to meet the high demands of the power equipment industry while expanding its market share through new customer development and market exploration [2][3]. Company Performance - In 2024, the company reported a 9% increase in revenue compared to the previous year, but experienced a decline in net profit and earnings per share due to price reductions driven by increased market competition and strategic pricing adjustments [4]. - The company has a strong order backlog, with Q1 revenue exceeding the same period last year by 30%, indicating a positive growth trend [5][11]. Research and Development - The company invests over 7% of its revenue in R&D annually, holding 90 invention patents and 30 utility model patents, and actively participates in setting national and group standards [2][4]. - The R&D efforts are aligned with the technological advancements in downstream industries such as wind power, rail transportation, industrial motors, and new energy vehicles [2]. Market Strategy - The company aims to strengthen its core business in electrical insulation materials while expanding into composite materials, optimizing its industrial layout, and deepening strategic partnerships with key clients like CRRC [3][9]. - Future plans include focusing on high-end electrical insulation materials and polymer composite materials, with a commitment to creating value for customers and contributing to sustainable development [9]. Financial Metrics - The company's Q1 2025 report shows a revenue of 92.05 million yuan, a year-on-year increase of 30.97%, and a net profit of 2.88 million yuan, a significant increase of 455.38% [11]. - The company's gross margin stands at 28.22%, with a debt ratio of 39.32% [11].

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 ...