本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 南通江海电容器股份有限公司（以下简称"公司"或"本公司"）第七届 董事会第二次会议决定于2025年5月20日召开公司2024年年度股东大会，现将有 关事项通知如下： 证券代码：002484 证券简称：江海股份 公告编号：2025-020 南通江海电容器股份有限公司 关于召开2024年年度股东大会的通知 一、召开会议基本情况 1、股东大会的届次：2024年年度股东大会。 2、会议召集人：公司董事会。 3、会议召开的合法、合规性：本次股东大会召开经公司第七届董事会第二 次会议审议通过，召集程序符合有关法律、行政法规、部门规章、规范性文件和 《公司章程》的规定。 4、会议时间： （1）现场会议召开时间：2025年5月20日（星期二）下午14:30。 （2）网络投票时间为：2025年5月20日。其中通过深圳交易所系统进行网络 投票的具体时间为：2025年5月20日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系统投票的具体时间为：2025年5月20日9:15至 下午15:00 ...

南通江海电容器股份有限公司 证券代码：002484 证券简称：江海股份 公告编号：2025-017 第七届监事会第二次会议决议公告 本公司及监事会全体成员保证公告内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 南通江海电容器股份有限公司（以下简称公司）第七届监事会第二次会议于 2025年4月3日在公司会议室召开，通知于2025年3月24日以微信等送达方式发出， 会议于2025年4月3日在公司一楼会议室以现场方式召开。会议由监事会主席乐德 美主持，会议应到监事3人，实到监事3人，监事顾华、潘翔以现场方式参加本次 会议。符合《公司法》和《公司章程》的规定，会议审议并通过如下决议： 1、审议通过了《公司 2024 年度监事会工作报告》 《2024 年度监事会工作报告》的具体内容详见刊登于公司指定信息披露网 站"巨潮资讯网"（www.cninfo.com.cn）。 本议案赞成票3票，反对票0票，弃权票0票，此项决议通过。 本议案尚待股东大会审议通过。 2、审议通过了《关于公司 2024 年度公司财务决算报告》 《公司 2024 年度公司财务决算报告》的具体内容详见刊登于公司指定信息 披露网站"巨潮资讯网 ...

南通江海电容器股份有限公司（以下简称"公司"）第七届董事会独立董 事专门会议第一次会议通知于 2025年3月24日以微信送达。会议于 2025年4月3日 以现场方式召开，应出席会议独立董事 3名，实际出席会议独立董事 3名，会议的召 集和召开符合《公司法》《上市公司独立董事管理办法》《公司章程》和公司《独立 董事制度》的有关规定，决议合法有效。本次独立董事专门会议审议并通过如下议 案： 一、以3票同意，0票反对，0票弃权的表决结果审议并通过了《关于选举第七届 董事会独立董事专门会议召集人的议案》 为进一步完善公司法人治理结构，充分发挥独立董事在公司治理中的作用，根 据《公司法》《上市公司治理准则》《上市公司独立董事管理办法》《深圳证券交 易所上市公司自律监管指引第1号--主板上市公司规范运作》《公司章程》及其他有 关规定，选举公司第七届董事会独立董事李锋先生担任公司第七届董事会独立董事 专门会议召集人，任期与第七届董事会届期相同。 二、3票同意，0票反对，0票弃权的表决结果审议并通过了《关于预计公司2025 年度日常经营关联交易额度的议案》 公司根据日常经营活动的需要对2025年度日常经营关联交易进行了预估， ...

本公司及董事会全体成员保证公告内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 南通江海电容器股份有限公司（以下简称"公司"）第七届董事会第二次 会议（以下简称"会议"）通知于2025年3月24日以邮件、微信等送达方式发 出，会议于2025年4月3日在公司一楼会议室以现场结合通讯方式召开。应到董 事9人，实到董事9人。公司监事、高级管理人员列席了本次会议。本次会议的 召集、召开以及参与表决董事人数符合《中华人民共和国公司法》、《公司章 程》等有关法律、法规的规定。会议由董事长陈卫东先生主持，经参加会议董 事认真审议并经记名投票方式表决，通过以下决议： 1、审议通过了《关于2024年度总裁工作报告的议案》。 本议案赞成票9票，反对票0票，弃权票0票，此项决议通过。 证券代码:002484 证券简称：江海股份 公告编号：2025-016 南通江海电容器股份有限公司 第七届董事会第二次会议决议公告 2、审议通过了《关于公司2024年度财务决算报告的议案》，具体内容详见 公司指定信息披露网站"巨潮资讯网"（www.cninfo.com.cn）并同意提交公司 2024年年度股东大会表决。 本议案赞成票9票， ...

证券代码:002484 证券简称：江海股份 公告编号：2025-019 南通江海电容器股份有限公司 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公告内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、审议程序 南通江海电容器股份有限公司（以下简称"公司"或"本公司"）于2025 年4月3日召开了第七届董事会第二次会议和第七届监事会第二次会议，审议通 过了《2024年度利润分配预案》，根据《公司法》《公司章程》等相关规定， 该议案尚需提交公司2024年度股东大会审议。 二、利润分配预案的基本情况 (一) 本次利润分配的基本内容 1、本次利润分配预案为 2024 年度利润分配预案。 2、公司 2024 年度利润分配预案：经天衡会计师事务所（特殊普通合伙） 审计，2024 年度公司合并报表归属于母公司股东的净利润为 654,664,296.72 元，其中：2024 年度母公司实现净利润 627,802,567.68 元,加上年初未分配 利润 1,711,976,857.25 元，减去 2024 年度提取的盈余公积 94,170,385.15 元 （按母公司净利润 10%提取法定盈 ...

Dividend Distribution - The company plans to distribute a cash dividend of RMB 2.60 per 10 shares, amounting to a total of RMB 219,492,252.98, which represents 33.53% of the net profit attributable to ordinary shareholders for 2024[9]. - The cash dividend amount is 100% of the total profit distribution amount, indicating a strong commitment to returning value to shareholders[125]. - The company has a cash dividend policy that aligns with its articles of association and shareholder resolutions, ensuring clarity and compliance[124]. - The company plans to maintain a minimum cash dividend ratio of 20% in future distributions, especially during significant capital expenditure phases[125]. - The total number of shares for the dividend calculation is based on 844,200,973 shares after accounting for repurchased shares[127]. - The company has not proposed any stock dividends or capital reserve transfers in the current profit distribution plan[127]. - The company has not made any adjustments to its cash dividend policy during the reporting period, maintaining consistency in its approach[123]. Financial Performance - The company's operating revenue for 2024 was ¥4,808,152,503.52, a decrease of 0.76% compared to ¥4,844,923,743.00 in 2023[6]. - The net profit attributable to shareholders for 2024 was ¥654,664,296.72, down 7.41% from ¥707,069,109.46 in 2023[6]. - The cash flow from operating activities increased by 13.57% to ¥647,751,619.66 in 2024, compared to ¥570,344,924.47 in 2023[6]. - The company achieved a basic earnings per share of ¥0.7753 in 2024, a decline of 7.63% from ¥0.8393 in 2023[6]. - The total assets at the end of 2024 were ¥7,466,764,100.82, reflecting a 2.80% increase from ¥7,263,050,307.80 at the end of 2023[6]. - Total revenue for 2024 is CNY 4,808,152,503.5, a decrease of 0.76% compared to CNY 4,844,923,743.0 in 2023[48]. - Revenue from electronic components is CNY 4,602,551,254.5, accounting for 95.72% of total revenue, with a year-on-year decrease of 0.96%[48]. - Domestic sales increased by 6.28% to CNY 3,799,394,922.1, representing 79.02% of total revenue, while foreign sales decreased by 20.57% to CNY 1,008,757,581.3, accounting for 20.98%[48]. Research and Development - The company is focusing on expanding into new markets and developing products in automotive electronics, industrial automation, renewable energy, and artificial intelligence[6]. - The company has established a mature R&D, operations, and service team to effectively respond to risks associated with new market entries and product developments[7]. - The company is committed to deepening its understanding of customer needs and application scenarios to align with global industry benchmarks[6]. - The company has advanced its talent development program, enhancing its soft power and ESG initiatives[38]. - The company has established a national postdoctoral research station and a provincial engineering technology research center, emphasizing its commitment to R&D[39]. - The company is actively involved in R&D across three major types of capacitors, positioning itself as a leader in the power electronics sector[43]. - The company's R&D expenses increased by 16.23% year-over-year, reaching ¥269,899,396.00, which is 5.61% of total revenue[58]. Market Strategy and Competition - The company emphasizes its competitive advantages in technology, customer resources, product variety, production capacity, and procurement capabilities to address market competition[5]. - The company has a robust strategy to provide value-added services to strategic customers and actively engage in joint product development[5]. - The company has established multiple strategic alliances with international partners to enhance its technological capabilities and market position[45]. - The company is collaborating with key domestic and international clients on AI server and data center power compensation projects, showing promising results[38]. - The company has reported a significant growth potential in solid-state capacitors, expecting over 50% growth in the automotive sector[36]. - The company is focusing on expanding its product lines in film capacitors and has made technological breakthroughs in core materials for aluminum electrolytic capacitors[36]. Risk Management - The company has implemented measures to mitigate exchange rate risks due to a significant proportion of exports, including pricing mechanisms and forward foreign exchange contracts[8]. - The company has taken out relevant liability insurance to further safeguard its operations and mitigate risks[7]. - The company has faced challenges in achieving expected benefits from its investment projects due to slower market and user expansion, as well as intense competition leading to price reductions[73]. - The company has adjusted its investment strategy to proceed with expansion in phases based on market conditions[73]. Corporate Governance - The company has improved its corporate governance structure in compliance with relevant laws and regulations, ensuring transparency and accountability[87]. - The company emphasizes high-quality information disclosure and investor relationship management to communicate its value effectively[85]. - The company maintains a high level of independence from its controlling shareholders in terms of assets, personnel, finance, and operations[89]. - The company has established an independent financial department with a standardized accounting system and financial management policies[91]. - The company has not provided guarantees to major shareholders or their affiliates, ensuring financial independence[91]. Shareholder Information - The total number of shares held by the board members at the end of the period was 40.06 million shares, with an increase of 1.13 million shares[95]. - The largest shareholder, Yiwei Investment Co., Ltd., holds 28.81% of the shares, totaling 245,021,000 shares, with no change during the reporting period[175]. - The company reported a total of 33,568 ordinary shareholders at the end of the reporting period, a decrease from 52,215 at the end of the previous month[174]. - The company’s actual controller, Yiwei Investment Co., Ltd., has not changed during the reporting period[178]. Audit and Compliance - The audit opinion issued was a standard unqualified opinion, signed on April 3, 2025[187]. - The audit included a review of management's estimates and assumptions regarding goodwill impairment[192]. - The internal control audit report confirmed that the company maintained effective financial reporting internal controls as of December 31, 2024[133]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[136]. - The company has not disclosed any measures taken to reduce carbon emissions during the reporting period[136].

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [5]. Core Insights - The company focuses on aluminum electrolytic capacitors while expanding into film capacitors and supercapacitors, establishing a comprehensive industry chain advantage [3]. - The aluminum electrolytic capacitor remains the company's traditional strength, maintaining a leading position in the domestic market, with a revenue share of 80.8% in H1 2024 [3]. - The film capacitor business is accelerating its layout in the new energy and electric vehicle markets, with a revenue share of 9.39% in H1 2024 [3]. - The supercapacitor business is well-positioned to meet the growing demand for AI computing, with a revenue share of 4.59% in H1 2024 [3]. - The GTC conference highlighted the trend of lithium-ion supercapacitors, showcasing the company's advantages in this area [4]. - The company has achieved operational readiness for its "supercapacitor industrialization" and "high-voltage large-capacity film capacitor expansion" projects, enhancing its technological edge in high-end capacitors [4]. Financial Projections - Revenue projections for the company from 2024 to 2026 are estimated at 51.5 billion, 61.5 billion, and 71.02 billion respectively, with corresponding EPS of 0.85, 1.05, and 1.20 [5]. - The current stock price corresponds to a PE ratio of 24.3, 19.7, and 17.1 for the years 2024, 2025, and 2026 respectively [5]. - The company's main revenue for 2024 is projected to grow by 6.3%, with a significant increase of 19.5% in 2025 [8].

Core Viewpoint - The company is positioned to benefit from the growing demand in AI servers and other emerging industries, leveraging its unique capabilities in capacitor technology [3][4][6]. Group 1: Supercapacitors - The company's supercapacitors are primarily used in smart meters, wind power, smart grid upgrades, rail transportation, and port machinery, with a new application emerging in AI servers [3]. - The company is in discussions with relevant manufacturers regarding technical solutions for AI servers, highlighting its product adaptability and advantages in capacity, short expansion cycles, and low costs [3]. Group 2: Aluminum Electrolytic Capacitors - The company's aluminum electrolytic capacitors are expected to see increased demand in AI and small power supply applications, with potential cost reductions from using green electricity for material production [4]. - Breakthroughs in MLPC technology are anticipated to enhance the application of aluminum electrolytic capacitors in AI servers, with positive developments reported from relevant clients [4]. Group 3: Strategic Investments - The completion of state-owned capital entry is expected to support the company's growth, with Zhejiang Investment acquiring a 15.78% stake, making it the controlling shareholder [5]. - The acquisition process involved a share transfer agreement and subsequent stock purchases, indicating strong backing from state-owned entities [5]. Group 4: Industry Opportunities - The company is the only domestic player and one of the few globally to operate in aluminum electrolytic capacitors, film capacitors, and supercapacitors, positioning it well to capitalize on high demand from AI servers and electric vehicles [6]. - In the first three quarters of 2024, the company reported revenues of 3.539 billion yuan, a year-on-year decrease of 6.33%, and a net profit of 494 million yuan, down 9.71% year-on-year, reflecting the challenges faced in the current market [6].

Group 1: Industry Insights - The organic silicon sector is experiencing continuous improvement in profitability, with an optimizing industry structure [3] - The agricultural sector is focusing on new breeding directions and industry transformations following the recent seed industry conference [4] Group 2: Company Performance - Zijin Mining (601899.SH) reported a revenue of 303.64 billion yuan for 2024, a year-on-year increase of 3.5%, and a net profit of 32.1 billion yuan, up 51.8% year-on-year [5] - Jianghai Co., Ltd. (002484.SZ) achieved a revenue of 3.539 billion yuan in the first three quarters of 2024, a decrease of 6.33% year-on-year, with a net profit of 494 million yuan, down 9.71% [7] - Horizon Robotics (9660.HK) saw a decline in non-vehicle solution revenue to 72 million yuan in 2024, compared to 81 million yuan in 2023, but improved gross margin by 10.4 percentage points [8] - Furuida (600223.SH) reported a revenue of 3.98 billion yuan and a net profit of 240 million yuan for 2024, with a proposed dividend of 0.06 yuan per share [9] - Pinduoduo (PDD.O) achieved a revenue of 393.84 billion yuan in 2024, a 59% year-on-year growth, and a GAAP net profit of 112.43 billion yuan, up 87.3% year-on-year [10]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights the increasing trend of using supercapacitors in AI servers to address power consumption challenges and overload shocks, with the GB300 chip expected to integrate supercapacitor modules as peak-shaving components [3][4] - The GB300 chip is projected to enhance performance and power efficiency, with a 50% increase in FP4 computing performance and a 50% increase in high-bandwidth memory (HBM) capacity from 192GB to 288GB [3] - Supercapacitors are favored for their rapid response to power fluctuations, stability in power supply, high power density, and long cycle life compared to traditional battery systems [5] Summary by Sections Industry Overview - The report discusses the anticipated growth in the application of supercapacitors in AI data centers, driven by the need for improved power quality and system reliability [4][5] Technological Advancements - The GB300 chip's design will mirror that of the B200 chip but will feature significant improvements in performance and power consumption, with a total design power (TDP) of 1.4KW [3] Market Dynamics - The report identifies key players in the supercapacitor market, such as Japan's Musashi and Jianghai Co., which are positioned to benefit from the growing demand in AI server applications [5][6] Investment Recommendations - The report suggests focusing on companies with established supercapacitor production capabilities and strong partnerships in the power supply sector, particularly Jianghai Co. [6]