Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others [4][5]. Core Insights - The new energy vehicle market shows strong growth, with significant delivery increases from various manufacturers, indicating a competitive landscape [2][11]. - The photovoltaic sector is experiencing a shift towards overseas production capacity, with companies like Junda establishing a 5GW solar cell base in Turkey to meet local demand [3][35]. - The National Energy Administration has initiated pilot projects for new power system construction, focusing on seven key technology areas [4]. Summary by Sections New Energy Vehicles - In May 2025, several new energy vehicle manufacturers reported strong delivery numbers, with Li Auto delivering 40,856 units and BYD maintaining a leading position with 382,476 units [2][11]. - Zeekr achieved a remarkable 37.7% month-on-month growth in deliveries, showcasing the competitive dynamics in the market [2][21]. Photovoltaics - Junda's agreement to build a 5GW solar cell base in Turkey aims to fill the local production gap and enhance global service efficiency [3][35]. - The photovoltaic industry is facing a decline in production, with a 12.7% decrease in output in May due to reduced domestic orders [3][38]. - Price stability is observed in the solar component market, with TOPCon dual-glass components priced between 0.60-0.72 RMB per watt [3][38]. Electric Equipment and Industrial Control - The National Energy Administration's pilot projects will focus on critical technologies such as smart microgrid integration and virtual power plant aggregation [4]. - Key companies to watch include CATL, Keda, and others, which are expected to benefit from these developments [4].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others [4][5]. Core Insights - The new energy vehicle market shows strong growth, with significant delivery increases from various manufacturers, indicating a competitive landscape [2][11]. - The photovoltaic sector is experiencing a shift towards overseas production capacity, with companies like Junda establishing a 5GW solar cell base in Turkey to meet local demand [3][35]. - The National Energy Administration has initiated pilot projects for new power system construction, focusing on seven key technology areas [4]. Summary by Sections New Energy Vehicles - In May 2025, several new energy vehicle manufacturers reported strong delivery numbers, with Li Auto delivering 40,856 units and BYD maintaining a leading position with 382,476 units [2][11]. - Zeekr achieved a remarkable 37.7% month-on-month growth in deliveries, highlighting the competitive dynamics in the market [2][21]. Photovoltaics - Junda's agreement to build a 5GW solar cell base in Turkey aims to address local production gaps and enhance global service efficiency [3][35]. - The photovoltaic industry is facing a decline in production, with a reported 12.7% decrease in output in May due to reduced domestic orders [3][38]. - Price stability is observed in the solar component market, with TOPCon dual-glass components priced between 0.60-0.72 RMB per watt [3][38]. Electric Equipment and Industrial Control - The National Energy Administration's pilot projects will focus on critical technologies such as smart microgrid integration and virtual power plant aggregation [4]. - Key companies to watch include CATL, Keda, and others, which are expected to benefit from these developments [4].

Core Viewpoint - The trend of Chinese companies going public in the U.S. and Hong Kong is facing significant challenges due to stricter regulatory scrutiny and a growing number of failed IPO attempts [2][4][12] Group 1: Regulatory Environment - The IPO review process in mainland China has become increasingly stringent, leading many companies to shift their focus to Hong Kong, where financial transparency and governance requirements have also intensified [4] - The SEC imposes strict requirements on financial disclosures and audits, making companies with financial flaws or internal control deficiencies more likely to face IPO rejections [7] Group 2: Financial Challenges - Dipu Technology, an AI high-tech firm, reported cumulative losses of 2.4 billion yuan over three years, with a staggering debt-to-asset ratio of 965.3%, raising concerns about its liquidity and operational sustainability [5] - Companies are experiencing liquidity crises, reduced R&D spending, and high employee turnover, which can hinder their IPO prospects [5] Group 3: Valuation and Market Conditions - Flashback Technology's IPO attempt failed due to valuation discrepancies and a downturn in the industry cycle, highlighting the need for sustainable profit models rather than reliance on market sentiment [6] - Investors should be cautious of companies with high valuations, low profitability, and high debt, especially during industry downturns [6] Group 4: Compliance and Legal Issues - Companies must manage internal communications and external promotions carefully during the IPO quiet period to avoid legal violations that could delay or derail their IPO plans [9] - New Hehua Chinese Medicine Co. faced multiple IPO failures due to allegations of financial fraud and governance issues, demonstrating the importance of compliance in the IPO process [11] Group 5: Successful IPO Strategies - Successful IPOs are often characterized by clear business models, progress in technology commercialization, and strong ESG governance capabilities, forming a "iron triangle" for success [13] - Companies should leverage policy benefits and pre-review mechanisms to address compliance challenges and adapt their strategies based on industry characteristics and target markets [12]

呈交日期: 2025年6月5日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年5月31日 狀態: 新提交 公司名稱: 海南鈞達新能源科技股份有限公司 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02865 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 63,432,300 | RMB | | | 1 RMB | | 63,432,300 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 63,432,300 | RMB | | | 1 RMB | | 63,432,300 | | 2. 股份分類 | 普通股 | 股份類別 | A | | | 於 ...

Core Viewpoint - JunDa Co., Ltd. successfully listed on the Hong Kong Stock Exchange, marking a significant milestone for the company as a leading global photovoltaic battery manufacturer, with a strategic focus on "technology + globalization + capital empowerment" to drive growth [1][5]. Group 1: Company Overview - JunDa's main business involves the research, production, and sales of photovoltaic batteries, with a competitive edge rooted in rapid technological iteration [1]. - The company has established a strong position in the N-type battery segment, achieving a market share of approximately 17.9% globally, ranking second among specialized photovoltaic battery manufacturers [2]. - JunDa's self-developed "MoNo2" series batteries have a conversion efficiency exceeding 26.3%, with a bifacial rate of 90%, showcasing its technological leadership [2]. Group 2: Production and Sales - The company has built a leading N-type battery industrial base with an annualized production capacity of 44.4 GW, supported by a vertically integrated supply chain [3]. - JunDa maintains high production efficiency through automated production lines and a "sales-driven production" strategy, ensuring high capacity utilization [3]. - The company has established deep partnerships with nine of the top ten global photovoltaic module manufacturers, ensuring a stable customer base and market share [3]. Group 3: Globalization Strategy - JunDa is capitalizing on the accelerating global energy transition, with increasing demand for photovoltaic solutions in emerging markets such as the Middle East, Africa, and India [4]. - The company has successfully increased its overseas sales proportion from 4.69% in 2023 to 58% in Q1 2025, indicating significant progress in its globalization strategy [5]. - JunDa aims to further integrate into local industry chains in overseas markets through technology cooperation and capacity construction [5]. Group 4: Capital Empowerment - The company raised HKD 1.405 billion through its Hong Kong listing, with 75% allocated to overseas photovoltaic battery production projects, reducing debt pressure and enhancing global sales network development [6]. - The entry into the Hong Kong Stock Connect is expected to broaden JunDa's investor base and enhance market liquidity, attracting more capital inflow [6]. - The dual listing strategy strengthens JunDa's international brand recognition and positions it favorably for valuation enhancement amid narrowing AH share premium trends [7].

Core Viewpoint - JunDa Co., Ltd. is expanding its production capacity overseas, particularly in Turkey, to meet the growing demand for photovoltaic batteries in the global market, despite facing significant losses in recent quarters [1][3]. Group 1: Production Capacity and Sales - By the end of 2024, JunDa Co., Ltd. will have a production capacity of 44GW for N-type TOPCon batteries, with P-type capacity fully impaired by the end of 2023 (impairment amounting to 890 million yuan) [1][3]. - The company shipped 33.74GW of battery products, with over 90% being N-type, representing a year-on-year growth of 50.58% [1][3]. Group 2: Overseas Expansion Plans - JunDa Co., Ltd. has signed a strategic cooperation agreement with Turkish renewable energy company Schmid Pekintaş Energy to jointly build a 5GW N-type high-efficiency photovoltaic battery production base in Turkey [1]. - The decision to establish production capacity in Turkey is based on a comprehensive assessment of the country's fiscal policies, trade conditions, and resource availability, aiming to satisfy the demand in Turkey, Europe, and other global markets [1]. - The company is also advancing a photovoltaic battery project in Oman, with plans to complete a 5GW high-efficiency battery capacity by the end of 2025 [2]. Group 3: Market Dynamics and Financial Performance - Turkey's component production capacity has surpassed 15GW, ranking first in Europe, but there is a significant shortage in battery production due to high technical barriers and talent requirements [2]. - JunDa Co., Ltd. has seen a substantial increase in overseas sales, with 23.85% of sales coming from international markets in 2024, a significant rise from 4.69% in 2023, and further growth to 58% in the first quarter of 2025 [2]. - Despite strategic expansions, the company reported a net loss of approximately 600 million yuan in 2024 and continued to incur losses in the first quarter of 2025, with a net loss of 106 million yuan, marking the fourth consecutive quarter of losses [3].

证券代码：002865 证券简称：钧达股份 公告编号：2025-045 海南钧达新能源科技股份有限公司 关于注销 2021 年股票期权激励计划首次授予部分 和预留授予部分股票期权的公告 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。 海南钧达新能源科技股份有限公司（以下简称"公司"或"钧达股份"）于2025 年6月3日召开第四届董事会第七十七次会议和第四届监事会第五十六次会议，审 议通过了《关于注销2021年股票期权激励计划首次授予部分和预留授予部分股票 期权的议案》，现将有关事项公告如下： 一、2021 年股票期权激励计划已履行的相关审批程序 公司〈2021 年股票期权激励计划（草案）〉及其摘要的议案》《关于公司〈2021 年股票期权激励计划实施考核管理办法〉的议案》《关于提请股东大会授权董事会 办理公司 2021 年股票期权激励计划相关事宜的议案》等相关议案。公司独立董事 已对公司股权激励计划相关事项发表了同意的意见。 于公司〈2021 年股票期权激励计划（草案）〉及其摘要的议案》《关于公司〈2021 年股票期权激励计划实施考核管理办法〉的议案》《关于核实 ...

证券代码：002865 证券简称：钧达股份 公告编号：2025-044 海南钧达新能源科技股份有限公司 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。 一、监事会会议召开情况 （一）审议通过《关于注销 2021 年股票期权激励计划首次授予部分和预留授 予部分股票期权的议案》 经审核，监事会认为： 鉴于 2021 年股票期权激励计划首次授予部分第三个行权期和预留授予部分第 三个行权期行权条件未满足，相关激励对象持有的股票期权不得行权。根据公司 予部分 81 名激励对象合计 1,245,415 份已获授但尚未行权的股票期权，以及 2021 年股票期权激励计划预留授予部分 2 名激励对象合计 251,095 份已获授但尚未行权 的股票期权予以注销。 海南钧达新能源科技股份有限公司（以下简称"公司"）第四届监事会第五十六 次会议于2025年6月3日以通讯表决的方式召开。公司于2025年5月30日以专人送达 及电子邮件方式向公司全体监事发出了会议通知。公司监事共3人，参加本次会议 监事3人，本次会议由监事会主席刘忍妹女士召集及主持。本次会议的召集、召开 程序符合《公司法 ...

证券代码：002865 证券简称：钧达股份 公告编号：2025-048 海南钧达新能源科技股份有限公司 关于注销 2023 年第二期股票期权激励计划 首次授予部分和预留授予部分股票期权的公告 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。 海南钧达新能源科技股份有限公司（以下简称"公司"或"钧达股份"）于2025 年6月3日召开第四届董事会第七十七次会议和第四届监事会第五十六次会议，审 议通过了《关于注销2023年第二期股票期权激励计划首次授予部分和预留授予部 分股票期权的议案》，现将有关事项公告如下： 一、2023 年第二期股票期权激励计划已履行的相关审批程序 1、2023 年 9 月 27 日，公司召开第四届董事会第五十二次会议，审议通过了 《关于〈海南钧达新能源科技股份有限公司 2023 年第二期股票期权激励计划（草 案）〉及其摘要的议案》《关于〈海南钧达新能源科技股份有限公司 2023 年第二 期股票期权激励计划实施考核管理办法〉的议案》《关于提请股东大会授权董事会 办理公司 2023 年第二期股票期权激励计划相关事宜的议案》等相关议案。公司独 立董事 ...

证券代码：002865 证券简称：钧达股份 公告编号：2025-045 海南钧达新能源科技股份有限公司 关于注销 2021 年股票期权激励计划首次授予部分 和预留授予部分股票期权的公告 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。 海南钧达新能源科技股份有限公司（以下简称"公司"或"钧达股份"）于2025 年6月3日召开第四届董事会第七十七次会议和第四届监事会第五十六次会议，审 议通过了《关于注销2021年股票期权激励计划首次授予部分和预留授予部分股票 期权的议案》，现将有关事项公告如下： 一、2021 年股票期权激励计划已履行的相关审批程序 1、2021 年 11 月 15 日，公司召开第四届董事会第四次会议,审议通过了《关于 公司〈2021 年股票期权激励计划（草案）〉及其摘要的议案》《关于公司〈2021 年股票期权激励计划实施考核管理办法〉的议案》《关于提请股东大会授权董事会 办理公司 2021 年股票期权激励计划相关事宜的议案》等相关议案。公司独立董事 已对公司股权激励计划相关事项发表了同意的意见。 2、2021 年 11 月 15 日，公司召开第四 ...