Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company is positioned as a leader in lithium batteries, particularly in the data center sector, and is expected to benefit from the growth driven by AI data centers [2][8] - The company has a solid foundation in the UPS-battery segment, with stable performance and established relationships with major clients [3][8] - Financial projections indicate significant revenue and profit growth from 2025 to 2027, with expected revenues of 41.33 billion, 49.08 billion, and 60.25 billion respectively, and net profits of 2.57 billion, 3.94 billion, and 5.78 billion [8] Financial Summary - Revenue for 2023 is projected at 36 billion yuan, with a year-on-year decline of 11.7%, followed by a slight decline in 2024 [1] - The company anticipates a revenue increase of 16.3% in 2025, 18.7% in 2026, and 22.8% in 2027 [1] - Net profit is expected to rebound significantly in 2025 with a growth rate of 164.3%, followed by 53.5% in 2026 and 46.8% in 2027 [1][8] - The latest diluted EPS is projected to be 0.67 yuan in 2025, 1.03 yuan in 2026, and 1.51 yuan in 2027 [1][8] Business Segments - The lithium-ion battery segment achieved revenue of 636 million yuan in the first half of 2025, with a year-on-year growth of 5.72% [2] - The UPS-battery segment generated revenue of 616 million yuan, showing a slight decline of 0.23% year-on-year, but maintaining a gross margin of 19.14% [3] - The company has established long-term partnerships with major players in both domestic and international markets, enhancing its competitive position [3]

Market Overview - The battery sector experienced a decline of 0.34% on the previous trading day, with Xiongtao Co. leading the losses [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Notable gainers in the battery sector included: - Nongyu Technology (300953) with a closing price of 160.12, up 14.53% and a trading volume of 182,400 shares, totaling 2.7 billion yuan [1] - Jiayuan Technology (688388) closed at 31.13, up 10.59% with a trading volume of 677,300 shares, totaling 2.148 billion yuan [1] - Dexin Technology (603032) closed at 24.88, up 9.99% with a trading volume of 96,100 shares, totaling 239 million yuan [1] - Major decliners included: - Xiongtao Co. (002733) closed at 19.73, down 9.62% with a trading volume of 366,000 shares, totaling 745 million yuan [2] - Tongguan Copper Foil (301217) closed at 30.29, down 8.10% with a trading volume of 422,900 shares, totaling 1.316 billion yuan [2] - Defu Technology (301511) closed at 33.09, down 7.85% with a trading volume of 441,800 shares, totaling 1.489 billion yuan [2] Capital Flow - The battery sector saw a net outflow of 4.549 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.46 billion yuan [2][3] - Key stocks with significant capital flow included: - Fulin Precision (300432) with a net inflow of 267 million yuan from institutional investors [3] - Yema Battery (605378) with a net inflow of 118 million yuan from institutional investors [3] - Xiangtan Electric (002125) with a net inflow of 86 million yuan from institutional investors [3]

Core Insights - The company reported a 1.44% year-on-year increase in revenue for the first half of 2025, reaching 1.606 billion yuan [2] - The net profit attributable to shareholders grew by 25.42% year-on-year to 90.077 million yuan, while the net profit after deducting non-recurring items decreased by 3.85% to 69.7128 million yuan [2] Company Performance - The company's revenue for the first half of 2025 was 1.606 billion yuan, reflecting a modest growth compared to the previous year [2] - The net profit attributable to shareholders showed significant growth, indicating strong operational performance [2] - The decline in net profit after deducting non-recurring items suggests potential challenges in maintaining profitability from core operations [2] Industry Context - The company is benefiting from the global trend of industries embracing AI, leading to the rapid development of computing centers and data centers [2] - The company holds a competitive advantage in research and technology for UPS power supplies in computing and data centers, supported by strong customer relationships [2] - The battery business related to computing and data centers has become a major growth driver for the company's profits and is expected to continue its rapid growth in the future [2]

Financial Performance - The company reported a total revenue of 1.606 billion yuan for the first half of 2025, an increase of 1.44% year-on-year [1] - The net profit attributable to shareholders reached 90.08 million yuan, reflecting a year-on-year increase of 25.42% [1] - In Q2 2025, total revenue was 942 million yuan, up 3.18% year-on-year, while net profit for the quarter was 69.08 million yuan, up 28.6% year-on-year [1] - The gross margin was 18.7%, down 7.74% year-on-year, while the net margin improved to 5.44%, an increase of 18.79% year-on-year [1] Financial Ratios and Metrics - The company's accounts receivable accounted for 1108.39% of the latest annual net profit, indicating a significant amount of receivables [1][3] - The total of selling, administrative, and financial expenses was 128 million yuan, representing 7.99% of revenue, an increase of 9.51% year-on-year [1] - Earnings per share (EPS) increased to 0.24 yuan, a rise of 26.32% year-on-year, while operating cash flow per share surged to 0.38 yuan, up 393.66% year-on-year [1] Debt and Cash Flow - The company has a healthy cash position, with cash assets covering 99.7% of current liabilities [3] - The interest-bearing debt reached 1.271 billion yuan, with a debt-to-asset ratio of 23.25% [3] Investment Insights - The company's return on invested capital (ROIC) was 3.14% last year, indicating weak capital returns [3] - The historical financial performance shows a median ROIC of 4.12% over the past decade, with one year of losses since its IPO [3] - The largest fund holding the company’s shares is the浦银安盛环保新能源A fund, which has recently increased its position [4]

| 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 深圳市三瑞科技发展有限公司 | 32.31 | | 2 | 张华农 | 5.10 | | 3 | 深圳市雄才投资有限公司 | 2.27 | | 4 | 香港中央结算有限公司 | 1.15 | | 5 | 魏春木 | 0.96 | | ଚି | 王若萍 | 0.93 | | 7 | 浙商证券资管-青岛城投科技发展有限公司-浙商资管聚金鼎瑞1号单一资产管理 计划 | 0.71 | | 8 | 李晓忠 | 0.65 | | ਰੇ | 赖清华 | 0.48 | | 10 | 彭斌 | 0.47 | 公司摊薄每股收益为0.24元，在已披露的同业公司中排名第22，较去年同报告期摊薄每股收益增加0.05元，同比较去年同期上涨26.32%。 公司最新总资产周转率为0.30次，在已披露的同业公司中排名第18。最新存货周转率为1.68次。 公司股东户数为4.97万户，前十大股东持股数量为1.73亿股，占总股本比例为45.02%，前十大股东持股情况如下： 2025年8月26日，雄韬股份(002733.SZ)发布2025年中报。 公司营业总收入 ...

Core Viewpoint - The report indicates a decrease in institutional ownership in Xiongtao Co., Ltd. (002733.SZ) as of August 25, 2025, with a total of 5 institutional investors holding 140 million shares, representing 36.48% of the total share capital, down by 2.41 percentage points from the previous quarter [1] Institutional Investors - A total of 5 institutional investors disclosed their holdings in Xiongtao Co., Ltd., with a combined shareholding of 140 million shares, accounting for 36.48% of the total share capital [1] - The institutional ownership decreased by 2.41 percentage points compared to the previous quarter [1] Public Funds - One new public fund disclosed its holdings during this period, namely the浦银安盛环保新能源A类 [1] - Eight public funds were no longer disclosed compared to the previous quarter, including several funds such as 宏利转型机遇股票A and 国泰金龙行业精选混合 [1] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings during this period, showing a slight decrease in foreign investment [1]

Core Insights - The company reported a revenue of 1.606 billion yuan for the first half of 2025, representing a year-on-year increase of 1.44% [1] - The net profit attributable to shareholders of the listed company was 90.077 million yuan, showing a year-on-year growth of 25.42% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 69.7128 million yuan, which is a year-on-year decrease of 3.85% [1] - The basic earnings per share stood at 0.24 yuan [1]

Group 1 - The core point of the article is that Xiongtao Co., Ltd. held its fourth board meeting for 2025 on August 25, 2025, to review the semi-annual report and related documents [1] - For the year 2024, the revenue composition of Xiongtao Co., Ltd. is as follows: UPS power supply batteries account for 39.0%, lithium-ion batteries account for 37.84%, battery materials and accessories account for 11.25%, communication batteries account for 6.73%, and energy storage batteries account for 4.25% [1] - As of the report date, the market capitalization of Xiongtao Co., Ltd. is 8.3 billion yuan [1]

法定代表人： 主管会计工作的负责人： 会计机构负责人： 第 3 页 共 3 页 非经营性资金占用及其他关联资金往来情况汇总表 2025年6月30日 | 编制单位：深圳市雄韬电源科技股份有限公司 | | | | | | | | | | 单位：人民币元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 占用方与上市公 | 上市公司核算的 | 2025年期初 | 2025年1-6月占用累计 | 2025年1-6月占用 | 2025年1-6月偿还累计 | | 2025年6月30日 | | | 非经营性资金占用 | 资金占用方名称 | 司的关联关系 | 会计科目 | 占用资金余额 | 发生金额 （不含利息） | 资金的利息 （如有） | 发生金额 | 其他 | 占用形成原因 占用资金余额 | 占用性质 | | 控股股东、实际控制人及其附属企业 | | | | | | | | | | 非经营性占用 | | 小 计 | - | - | - | | | | | | | - | | 前控股股东、实际控制人及其附属企业 | | ...

根据中国证券监督管理委员会颁布的《上市公司监管指引第 2 号—上市公司募集资金管 理和使用的监管要求》、深圳证券交易所颁布的《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》等相关规定，本公司董事会将 2025 年半年度募集资金存 放与使用情况说明如下： 一、募集资金基本情况 深圳市雄韬电源科技股份有限公司 关于 2025 年半年度募集资金存放与使用情况的专项报告 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、误导性陈述或者重大遗漏。 （一）2016 年度非公开发行股票 1、实际募集资金金额和资金到账时间 经中国证券监督管理委员会"证监许可〔2016〕1349 号"文件许可，公司于 2016 年 8 月 5 日向特定投资者非公开发行人民币普通股 44,113,207 股，每股面值 1.00 元，每股发行 价格为人民币 21.20 元，共募集资金 935,199,988.40 元，扣除发行费用 18,569,918.12 元后， 募集资金净额为 916,630,070.28 元。上述资金已于 2016 年 8 月 25 日到位，且业经中勤万信 会计师事务所(特殊 ...