证券代码：002121 证券简称：科陆电子 公告编号：2025062 深圳市科陆电子科技股份有限公司 第九届董事会第二十一次（临时）会议决议的公告 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。 深圳市科陆电子科技股份有限公司（以下简称"公司"）第九届董事会第二十 一次（临时）会议通知已于 2025 年 12 月 22 日以即时通讯工具、电子邮件及书面 等方式送达各位董事，会议于 2025 年 12 月 29 日以通讯表决方式召开。本次会议 应参加表决的董事 9 名，实际参加表决的董事 9 名。本次会议的召集、召开和表决 程序符合《中华人民共和国公司法》和《公司章程》的有关规定。 与会董事经过讨论，审议通过了以下议案： 一、审议通过了《关于 2026 年度公司及子公司向银行等金融机构及类金融 机构申请综合授信额度的议案》； 具体详见刊登在 2025 年 12 月 30 日《证券时报》、《中国证券报》、《证券日 报》、《上海证券报》及巨潮资讯网（www.cninfo.com.cn）上的《关于 2026 年度 公司及子公司向银行等金融机构及类金融机构申请综合授信额 ...

董事会薪酬与考核委员会关于 2024 年股票期权激励计划 预留部分激励对象名单（授予日）的核查意见 深圳市科陆电子科技股份有限公司（以下简称"公司"）董事会薪酬与考核 委员会依据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股权 激励管理办法》（以下简称"《管理办法》"）《深圳证券交易所上市公司自律监 管指南第 1 号——业务办理》等有关法律、法规、规范性文件和《深圳市科陆电 子科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定，对公司 2024 年股票期权激励计划（以下简称"本次激励计划"）预留部分激励对象名 单进行审核，发表核查意见如下： 一、本次激励计划预留部分激励对象为在公司（含子公司）任职的董事、高 级管理人员、核心管理人员、核心技术/业务人员，不包括公司独立董事、单独 或合计持有公司 5%以上股份的股东或实际控制人及其配偶、父母、子女。 深圳市科陆电子科技股份有限公司 4、具有《中华人民共和国公司法》规定的不得担任公司董事、高级管理人员 情形的； 5、法律法规规定不得参与上市公司股权激励的； 6、中国证监会认定的其他情形。 三、公司和本次激励计划预留部分激励对象均未出现《管理 ...

证券代码：002121 证券简称：科陆电子 公告编号：2025061 深圳市科陆电子科技股份有限公司 关于为子公司提供担保的进展公告 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。 特别提示： 截至本公告披露日，深圳市科陆电子科技股份有限公司（以下简称"公司"） 及子公司对外担保总额度为人民币190,000万元，占公司2024年12月31日经审计 净资产的380.61%；公司及子公司对外担保余额折合人民币为63,359.12万元，占 公司2024年12月31日经审计净资产的126.92%。敬请广大投资者注意投资风险。 一、担保情况概述 公司于2024年12月13日、2024年12月30日召开的第九届董事会第十三次（临 时）会议、2024年第五次临时股东大会审议通过了《关于2025年度为子公司提供 担保的议案》，同意公司为下属子公司投标、合同履行有关事项及银行综合授信 业务提供担保，担保额度总计不超过（含）人民币190,000万元（本担保额度包 括现有担保的展期或者续保及新增担保），具体内容详见公司刊登在2024年12月 14日《证券时报》、《中国证券报》、《上 ...

Core Viewpoint - The company has signed a guarantee contract with Bank of Communications Yichun Branch to provide a joint liability guarantee for its wholly-owned subsidiary, Yichun Kelu Energy Storage Technology Co., Ltd., for financing not exceeding 500 million yuan [1] Group 1: Financial Obligations - As of the announcement date, the total external guarantee amount for the company and its subsidiaries is 1.9 billion yuan, which accounts for 380.61% of the audited net assets as of the end of 2024 [1] - The balance of guarantees stands at 634 million yuan, representing 126.92% of the total guarantee amount [1] Group 2: Subsidiary Performance - Yichun Kelu Energy Storage Technology Co., Ltd. reported revenue of 1.306 billion yuan and a net profit of 27.4063 million yuan for the period from January to September 2025 [1]

Core Viewpoint - Kelu Electronics experienced a stock price decline of 2.08% on December 18, with a current price of 7.54 CNY per share and a total market capitalization of 12.523 billion CNY [1] Group 1: Financial Performance - For the period from January to September 2025, Kelu Electronics achieved a revenue of 3.586 billion CNY, representing a year-on-year growth of 23.42% [2] - The net profit attributable to shareholders for the same period was 232 million CNY, showing a significant year-on-year increase of 251.10% [2] Group 2: Stock Market Activity - The stock price of Kelu Electronics has increased by 73.33% year-to-date, with a slight increase of 0.27% over the last five trading days, but a decline of 5.87% over the last 20 days and 3.21% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent occurrence on October 27, where it recorded a net buy of -104 million CNY [1] Group 3: Shareholder Information - As of September 30, 2025, Kelu Electronics had 75,000 shareholders, an increase of 7.23% from the previous period, with an average of 18,664 circulating shares per shareholder, a decrease of 6.74% [2] - The third-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 57.6314 million shares, which is an increase of 35.0651 million shares from the previous period [3]

Core Insights - The data center industry has become a core incremental application scenario for the power equipment sector, directly driving demand growth and technological iteration in power equipment [1] - The capital expenditure (CapEx) in the data center industry is characterized by large scale, long investment return cycles, and rapid technological iteration, necessitating the incorporation of AI industry multidimensional indicators for accurate demand forecasting [1] Demand Side - Overseas capital expenditure from major companies reached $99.617 billion in Q3 2025, reflecting an 80.39% year-on-year increase and a 9.54% quarter-on-quarter rise [2] - Domestic capital expenditure showed a slowdown, with Alibaba's CapEx at 31.501 billion yuan, an 80.10% year-on-year increase but a 18.55% quarter-on-quarter decrease, while Tencent's CapEx was 12.983 billion yuan, down 24.05% year-on-year and 32.05% quarter-on-quarter [2] Supply Chain - Nvidia reported a record revenue of 362.571 billion yuan in Q3 2025, with data center products accounting for over 85% of total revenue, marking a 62.49% year-on-year increase [2] - TSMC's revenue in November 2025 reached 343.614 billion New Taiwan dollars, a 24.5% year-on-year increase, despite a 6.5% quarter-on-quarter decline [2] - The CPU price index rose to 98.20 in October 2025, while DRAM spot prices surged over 200% from $12.85 to $38.76 between October and December 2025, indicating strong server demand [2] Application Side - The number of AI models is steadily increasing, with the Token call volume on the OpenRouter platform reaching 5.78 trillion, a 6.62% decrease week-on-week [3] - The release of new models such as Grok4Fast and GPT-5nano led to a more than 50% price drop for Tokens scoring over 40 on the ArtificialAnalysis intelligence index in Q3 2025 [3] Investment Recommendations - The construction of AI data centers is expected to drive demand for SST, with an estimated 14 GW of new data center installations globally in 2024, maintaining high growth rates [3] - Recommended stocks include Sunshine Power (300274.SZ), with additional attention to Kehua Data (002335.SZ), Keda Electronics (002518.SZ), Kelu Electronics (002121.SZ), Magmi Tech (002851.SZ), Jinpan Technology (688676.SH), and Sifang Co. (601126.SH) [3]

Core Insights - Chinese energy storage companies are rapidly expanding into international markets, seizing opportunities from explosive global market growth [1] - In the first half of 2025, Chinese energy storage companies added overseas orders totaling 163 GWh, representing a year-on-year increase of 246% [1] - More than 50 companies are involved in overseas expansion, covering over 50 countries and regions [1] Company Performance - Over 100 listed companies in A-shares are engaged in energy storage business, with 56 companies reporting overseas revenue exceeding 100 million yuan in the first half of 2024 [1] - Among these, 41 companies achieved year-on-year revenue growth in overseas business, accounting for over 70% [1] - Nine companies reported over 50% year-on-year growth, with Yongzhen Co., Kelu Electronics, and Shangneng Electric doubling their overseas revenue [1] - Yongzhen Co. had the highest growth rate at 275.95%, followed by Kelu Electronics at 126.84% and Shangneng Electric at 105.85% [2]

Group 1: Company Developments - Trina Solar announced a sales contract for 1.4 GWh of energy storage products with North American customers, utilizing the Elementa2Pro liquid-cooled storage system and a new generation PCS, creating a complete AC-side integrated solution [1] - Trina Solar has signed multiple overseas energy storage orders since September, with a total of over 10 GWh in hand, expected to be delivered mainly in 2025-2026, indicating a doubling of orders since September [1] - Gotion High-Tech reported that its energy storage battery shipments ranked seventh globally in the first half of 2025, actively expanding into international markets with customized service solutions [2] Group 2: Market Trends - The energy storage market is entering a rapid development phase, driven by the increasing share of renewable energy and the need for stable power system operations [3] - Major economies are implementing supportive policies for energy storage development, such as the U.S. Inflation Reduction Act, which offers tax credits up to 30% for storage projects, potentially increasing to 40% for domestic manufacturing [3] - Analysts predict that global large-scale energy storage installations will see significant growth, with an expected addition of 244 GW and 432 GWh in 2025 and 2026, respectively, representing year-on-year growth of 56% and 77% [3] Group 3: International Expansion - Chinese energy storage companies are rapidly expanding their international market presence, with new overseas orders reaching 163 GWh in the first half of 2025, a 246% increase year-on-year [4] - Over 100 listed companies in A-shares are involved in energy storage, with 56 companies reporting overseas business revenues exceeding 100 million yuan in the first half of 2024, and over 70% of these companies experiencing year-on-year revenue growth [4] - Companies like Kelu Electronics and Shangneng Electric reported significant increases in overseas business revenue, with Kelu achieving 12.81 billion yuan, a 126.84% increase, and Shangneng reporting 9.77 billion yuan, a 105.85% increase [5]

Core Insights - Trina Solar's subsidiary signed contracts for a total of 1.4 GWh of energy storage products with customers in North America, utilizing the Elementa2Pro liquid cooling storage system and a new generation PCS for a complete AC-side integrated solution [1] Group 1: Company Developments - Trina Solar has secured multiple overseas energy storage orders since September, with a total of over 10 GWh in hand, expected to be delivered mainly in 2025-2026, indicating a doubling of orders since September [2] - Guoxuan High-Tech ranked seventh globally in energy storage battery shipments for the first half of 2025, actively expanding its international market presence with tailored service solutions for various countries [3] - Kelu Electronics reported overseas revenue of 1.281 billion yuan for the first half of the year, a year-on-year increase of 126.84%, and is expanding into new markets such as Greece, Czech Republic, and Poland [6] - Shangneng Electric achieved overseas revenue of 977 million yuan in the first half of the year, a year-on-year increase of 105.85%, with overseas revenue accounting for 44.73% of total revenue [6] Group 2: Market Trends - The energy storage market is entering a rapid development phase, driven by the increasing share of renewable energy and the need for stable power system operations [4] - Global policies are increasingly supporting energy storage development, with the U.S. Inflation Reduction Act providing tax credits of up to 30% for storage projects, and the UK introducing a long-term electricity storage investment support plan [4] - Chinese energy storage companies are seizing global market opportunities, with a reported 246% year-on-year increase in overseas orders for the first half of 2025, covering over 50 countries [5]

Group 1: Company Operations and Capacity - The Yichun energy storage base has an annual production capacity of approximately 10 GWh and is currently operating at full capacity [1] - The planned initial capacity for the Indonesian energy storage production base is about 3 GWh, with a target launch in 2026 [1] - The company will adjust its capacity planning according to business development and market expansion needs [1] Group 2: Revenue Structure - In the first half of 2025, the revenue from smart grid and energy storage businesses accounted for 48.74% and 49.83% of total revenue, respectively [2] - Domestic and international market revenues represented 50.22% and 49.78% of total revenue [2] Group 3: International Market Expansion - The company is focusing on a global layout for its energy storage business, particularly in the Americas and Europe, while also targeting the Asia-Pacific and Middle East markets [2] - A localized team is being established to enhance sales, technology, and service capabilities [2] Group 4: Competitive Advantages - The company has been involved in the energy storage sector since 2009, gaining significant technical expertise and project experience [2] - It has developed core components for energy storage systems in-house, enhancing its ability to provide comprehensive solutions [2] Group 5: Smart Grid Business Development - The company is actively pursuing opportunities in the overseas smart grid market, with over 200 million yuan in AMI project orders signed in Africa in the first half of 2025 [2] - Successful entry into the South African market with smart meter products [2] Group 6: Response to New Market Demands - The rise in energy consumption from data centers is driving the need for stable power supply solutions, with "renewable energy + storage" being a key strategy [3] - The company is adapting to new market demands by tracking emerging trends and preparing relevant technologies and business strategies [3] Group 7: Impact of Major Shareholder - The support from major shareholder Midea Group enhances the company's capabilities in R&D, manufacturing, supply chain, and branding [3] - The company is focusing on core business areas and increasing market expansion efforts under the guidance of its strong shareholder [3]