Core Points - HeKang New Energy (300048) announced on November 3 that its subsidiary, Anhui Midea HeKang Power Engineering Co., Ltd., received a government subsidy of 7 million yuan [1] - The government subsidy is related to revenue and represents 67.99% of the company's most recent audited net profit attributable to shareholders [1]

Core Viewpoint - 合康新能's subsidiary received a government subsidy of 7 million yuan, which significantly impacts the company's recent financial performance and is related to its operational activities, though it is not sustainable [1] Financial Impact - The government subsidy accounts for 67.99% of the company's most recent audited net profit attributable to shareholders [1] - The subsidy will be recorded as other income and is expected to increase the company's total profit by 5.6 million yuan in the fiscal year 2025 [1]

关于公司收到政府补助的公告 证券代码：300048 证券简称：合康新能 编号：2025－079 北京合康新能科技股份有限公司 关于公司收到政府补助的公告 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、获得补助的基本情况 北京合康新能科技股份有限公司（以下简称"公司"）下属子公司安徽美的合 康电力工程有限公司近日收到政府补助款 700 万元，上述政府补助与收益相关， 补助金额占公司最近一期经审计归属于上市公司股东净利润的 67.99%。上述政 府补助与公司日常经营活动相关，不具有可持续性。 二、补助的类型及其对上市公司的影响 1、补助的类型 根据《企业会计准则第 16 号-政府补助》的规定，与资产相关的政府补助， 是指企业取得的、用于购建或以其他方式形成长期资产的政府补助；与收益相关 的政府补助，是指除与资产相关的政府补助之外的政府补助。公司本次收到的政 府补助属于与收益相关的政府补助。 3、补助对公司的影响 1 关于公司收到政府补助的公告 公司本次收到的上述政府补助与公司日常活动相关，属于与企业日常经营活 动相关的政府补助，计入其他收益，金额为 700 ...

Core Insights - Hakon New Energy is a leading enterprise in the high-voltage inverter industry in China, established in June 2003 and listed on the Shenzhen Stock Exchange in January 2010, with a focus on energy-saving and environmental protection products [1] Group 1: Business Performance - In Q3 2025, Hakon New Energy reported revenue of 6.182 billion yuan, ranking 2nd in the industry, surpassing the industry average of 2.494 billion yuan but still trailing behind the leader, Huichuan Technology, which had revenue of 31.663 billion yuan [2] - The main business composition includes 4.066 billion yuan from photovoltaic EPC, accounting for 90.41%, while high-voltage inverters contributed 281 million yuan, making up 6.25% [2] - The net profit for the same period was 91.342 million yuan, ranking 13th in the industry, with the industry leader, Huichuan Technology, achieving a net profit of 4.317 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Hakon New Energy's debt-to-asset ratio was 61.56%, higher than the previous year's 59.88% and above the industry average of 34.21% [3] - The gross profit margin for the same period was 8.66%, down from 15.02% year-on-year and significantly lower than the industry average of 33.30% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 12.27% to 27,800, while the average number of circulating A-shares held per shareholder increased by 14.78% to 40,600 [5] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 36.1354 million shares, an increase of 17.8359 million shares from the previous period [5] Group 4: Future Projections - According to Guotou Securities, Hakon New Energy is expected to generate revenues of 6.5 billion yuan, 8.375 billion yuan, and 9.76 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 36.09%, 28.84%, and 16.55% [5] - The projected net profit for the same years is 146 million yuan, 216 million yuan, and 331 million yuan, with growth rates of 1316.6%, 48.4%, and 53% [5] - Key business highlights include significant growth in photovoltaic EPC, new product launches in inverters and household storage, breakthroughs in high-voltage inverters for nuclear power, and rapid development in the new energy sector supported by Midea Group [5]

关于为子公司提供担保的进展公告 证券代码：300048 证券简称：合康新能 编号：2025－078 北京合康新能科技股份有限公司 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。 特别风险提示： 北京合康新能科技股份有限公司（以下简称"公司"）提供担保总额已超过最 近一期经审计净资产 100%、对资产负债率超过 70%的单位担保金额已超过公司 最近一期经审计净资产 50%，敬请投资者注意相关担保风险。 一、担保情况概述 （二）决策程序 公司于 2024 年 12 月 10 日和 2024 年 12 月 30 日召开了第六届董事会第十五 次会议和 2024 年第二次临时股东会审议通过了《关于 2025 年度申请综合授信额 度 及 担 保 额 度 预 计 的 议 案 》 。 详 情 可 见 公 司 披 露 在 巨 潮 资 讯 网 （www.cninfo.com.cn）的相关公告。 二、被担保人基本情况 1 关于为子公司提供担保的进展公告 安徽美的合康电力工程有限公司 1、基本情况 （一）为子公司提供担保的进展 为支持子公司业务发展需要 ...

Core Viewpoint - Midea Group's subsidiary, Hakon New Energy, reported significant growth in revenue and net profit for the first three quarters of 2025, indicating a robust business performance and successful project acquisitions in the renewable energy sector [1] Financial Performance - Hakon New Energy achieved a revenue of 6.181 billion yuan, representing a year-on-year increase of 98.61% [1] - The net profit attributable to shareholders reached 73.9959 million yuan, showing a remarkable year-on-year growth of 584.40% [1] - In Q3 alone, the company recorded a revenue growth of 20.08% and a net profit increase of 24.18% compared to the same quarter last year [1] Business Developments - The company secured multiple orders in the high-voltage frequency conversion business related to nuclear power projects [1] - Hakon New Energy participated in the world's first "dual-tower single machine" solar thermal storage power station project, enhancing its product and technology recognition [1] - The company completed its first batch of green certificate applications and green electricity transactions, indicating progress in its photovoltaic EPC platform transformation [1] Product Innovations - Since June, the company has ramped up production of its first-generation overseas household energy storage products, with installations delivered in Europe and Australia during Q3 [1] - New products, including the second-generation household energy storage integrated machine and split machine series, are expected to be launched in Q4 [1]

Group 1 - The core point of the article is that Hekang New Energy (SZ 300048) held its 24th meeting of the 6th board of directors on October 23, 2025, to discuss the fourth vesting period of the 2020 restricted stock incentive plan [1] - For the first half of 2025, Hekang New Energy's revenue composition was 90.75% from new energy, 6.25% from industrial automation, and 3.0% from other industries [1] - As of the report date, Hekang New Energy had a market capitalization of 7.3 billion yuan [1] Group 2 - A notable transaction involved a well-known brand spending 170 million yuan to acquire 2,000 shares of a target company with a registered capital of only 10,000 Hong Kong dollars, raising questions about the necessity of the acquisition [1]

Core Viewpoint - Beijing Hekang New Energy Technology Co., Ltd. reported significant growth in revenue and net profit for the first three quarters of 2025, indicating a robust business performance [1]. Financial Performance - The company achieved total revenue of 6.182 billion yuan, representing a year-on-year increase of 98.61% [1]. - The net profit attributable to shareholders reached 73.9959 million yuan, showing a substantial year-on-year growth of 584.4% [1]. - In Q3 alone, the company generated revenue of 1.685 billion yuan, which is a 20.08% increase compared to the same quarter last year [1]. - The net profit for Q3 was 2.8122 million yuan, reflecting a year-on-year growth of 24.18% [1]. Business Developments - Hekang New Energy secured multiple orders for its high-voltage variable frequency business from nuclear power projects [1]. - The company participated in the world's first "dual-tower single machine" solar thermal storage power station project, which has received recognition for its products and technology [1]. - Hekang New Energy's subsidiary completed its first batch of green certificate applications and green electricity transactions, indicating a shift towards a stable and reliable renewable energy supply platform [1]. - The company has begun ramping up production of its first-generation overseas household energy storage products since June, with installations in Europe occurring in Q3 [1]. - New products, including the second-generation household energy storage integrated machine and separate machine series, are expected to be launched in Q4 [1].

Financial Performance - The company's total revenue for Q3 2025 is 6.182 billion yuan, with a net profit attributable to shareholders of 73.9959 million yuan [1] - The net cash inflow from operating activities is 268 million yuan, which is a decrease of 170 million yuan compared to the same period last year, representing a year-on-year decline of 38.83% [1] Financial Ratios - The latest debt-to-asset ratio is 61.56%, an increase of 1.67 percentage points compared to the same period last year [3] - The latest gross profit margin is 8.66%, which is a decrease of 0.24 percentage points from the previous quarter and a decrease of 6.36 percentage points from the same period last year [3] - The latest return on equity (ROE) is 4.03% [3] Earnings and Efficiency - The diluted earnings per share (EPS) is 0.07 yuan [4] - The latest total asset turnover ratio is 1.29 times [4] - The latest inventory turnover ratio is 6.91 times [4] Shareholder Information - The number of shareholders is 27,800, with the top ten shareholders holding a total of 367 million shares, accounting for 32.51% of the total share capital [4] - The largest shareholder is Guangdong Midea HVAC Equipment Co., Ltd., holding 18.50% of the shares [4]

Core Viewpoint - Hekang New Energy (300048.SZ) reported significant growth in its financial performance for the first three quarters of 2025, indicating strong operational momentum and profitability improvements [1] Financial Performance - The company's operating revenue for the first three quarters reached 6.182 billion yuan, representing a year-on-year increase of 98.61% [1] - The net profit attributable to shareholders of the listed company was 73.9959 million yuan, showing a substantial year-on-year growth of 584.40% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 42.5393 million yuan, reflecting a year-on-year increase of 451.42% [1] - Basic earnings per share stood at 0.0662 yuan [1]