Group 1 - The core viewpoint of the article is that HeKang New Energy (300048.SZ) has announced a restricted stock incentive plan for 2025, aiming to grant a total of 29.73 million shares at a price of 5.27 yuan per share to 129 incentive recipients [1] - The plan focuses on company-level net profit growth as the key performance indicator, with strict three-year assessment targets set based on the 2025 performance [1] - The specific net profit growth rate targets are set at no less than 108% for 2026, 441% for 2027, and 974% for 2028 [1]

Core Insights - The core viewpoint of the article emphasizes the significant role of medium and high-voltage variable frequency drives (VFDs) in industrial production, driven by China's "dual carbon" strategy and policy support, leading to a stable growth in market demand [1][10]. Industry Overview - Medium and high-voltage VFDs are essential for adjusting motor speed and operational status to meet various process requirements, commonly used in fans, pumps, and compressors [1][6]. - The market size of China's medium and high-voltage VFD industry is projected to grow from 10.8 billion yuan in 2017 to 21.6 billion yuan in 2024, with a compound annual growth rate (CAGR) of 10.41% [1][11]. Industry Chain - The upstream of the medium and high-voltage VFD industry includes raw materials and components such as transformers, IGBTs, capacitors, and cooling systems [8]. - The downstream applications encompass sectors like electricity, petrochemicals, construction materials, coal, and metallurgy [8]. Market Demand and Growth - The demand for medium and high-voltage VFDs is significantly influenced by the need for energy conservation and emission reduction in high-energy-consuming industries, particularly under strict environmental regulations [1][10]. - The industrial power generation in China is expected to grow from 6,275.82 billion kWh in 2017 to 9,418.1 billion kWh in 2024, with a CAGR of 5.97% [9][10]. Competitive Landscape - The medium and high-voltage VFD industry in China features a diversified competitive landscape, with both international brands (like Schneider, ABB, Siemens) and domestic leaders (like Invt, Huichuan Technology, and HeKang New Energy) [11]. - Domestic companies are gaining market share by leveraging localized service responsiveness and competitive product pricing [11]. Key Companies - Invt Electric Co., Ltd. focuses on industrial automation and energy sectors, reporting a revenue of 1.153 billion yuan from VFDs in the first half of 2025, a year-on-year increase of 6.56% [12]. - Huichuan Technology Co., Ltd. provides automation solutions across various industries, with a revenue of 8.807 billion yuan from general automation in the first half of 2025, reflecting a year-on-year growth of 17.11% [13]. Development Trends - Future trends in the medium and high-voltage VFD industry include energy efficiency optimization and enhanced dynamic response capabilities through advanced semiconductor devices and control algorithms [14]. - The integration of VFDs into the industrial internet will enable full lifecycle digital management, enhancing operational efficiency and predictive maintenance [15]. - VFDs are expected to evolve into power conversion nodes with multi-energy interfaces, supporting renewable energy integration and smart grid functionalities [15].

Core Viewpoint - Midea Group has made significant adjustments to its renewable energy sector by establishing a new "Renewable Energy Division," indicating a heightened focus on solar and energy storage businesses [2][10]. Group 1: Organizational Changes - Midea Group has announced the formation of a "Renewable Energy Division," which will integrate its renewable product companies and energy technology companies, with Wang Jianguo, the Group's Executive President, appointed as the division's president [2][10]. - The establishment of the Renewable Energy Division signifies the increased importance of solar and energy storage businesses within Midea Group, as indicated by internal sources from Hekang New Energy [2][3]. Group 2: Performance of Subsidiaries - Both subsidiaries under Midea's Renewable Energy Division, Hekang New Energy and Kelu Electronics, have recently turned profitable but face significant challenges [2][10]. - Hekang New Energy reported a revenue of 4.776 billion yuan and a net profit of 10.2961 million yuan in 2024, achieving profitability, but its net profit margin remains low at 0.16% [4][12]. - Kelu Electronics has faced continuous losses from 2021 to 2024, totaling 4.64 billion yuan in losses, although it reported a net profit of 232 million yuan in the first three quarters of 2025, driven by a booming overseas energy storage market [5][14]. Group 3: Financial Challenges - Hekang New Energy's overall gross margin is only 8.91%, down 7.13 percentage points from the previous year, with significant declines in gross margins across its main business segments [4][12]. - Kelu Electronics has a high debt ratio exceeding 90%, with short-term debts amounting to 3.3 billion yuan, creating substantial short-term repayment pressure [6][14]. - Midea Group provided a guarantee of 2.3 billion yuan for Kelu Electronics and its subsidiaries to address overseas business performance issues due to the company's precarious financial situation [7][14]. Group 4: Market Dynamics - Kelu Electronics' reliance on the high-margin overseas energy storage market raises concerns about its sustainable profitability, as domestic market conditions may lead to declining margins [15]. - The company has faced operational challenges, including being barred from participating in bidding activities by a major client, Southern Power Grid, due to quality and compliance issues [16][17].

（文章来源：证券日报） 证券日报网讯 12月29日，合康新能发布公告称，合康新能第六届董事会第二十六次会议审议通过《关 于及其摘要的议案》。 ...

格隆汇12月29日丨合康新能(300048.SZ)公布2025年限制性股票激励计划，本激励计划拟授予激励对象 的限制性股票数量为2,973万股，占本激励计划草案公告日公司股本总额112,829.7357万股的2.63%。本 激励计划首次授予的激励对象共计129人，本激励计划首次授予激励对象限制性股票的授予价格为5.27 元/股，预留部分限制性股票授予价格与首次授予的限制性股票授予价格相同。 ...

南财智讯12月29日电，合康新能公告，公司董事会近日收到公司董事王宗浩先生和职帅先生递交的书面 辞职报告，王宗浩先生因工作调动申请辞去公司董事、董事会审计委员会委员职务，职帅先生因工作调 动申请辞去公司董事职务。王宗浩先生和职帅先生辞职后不再担任公司任何职务。王宗浩先生和职帅先 生的辞职报告自送达董事会之日起生效。 ...

北京合康新能科技股份有限公司股权激励计划自查表 | 第二十三条、第二十九条规定的方法确定授予价 | | | | --- | --- | --- | | | 格、行权价格的，应当对定价依据及定价方式作 | | | | 出说明，聘请独立财务顾问核查并对股权激励计 | | | | 划的可行性、是否有利于上市公司的持续发展、 | | | | 相关定价依据和定价方法的合理性、是否损害上 | | | | 市公司利益以及对股东利益的影响发表明确意见 | | | | | 并披露 | | | （7）激励对象获授权益、行使权益的条件。拟分次授 | | | | 出权益的，应当披露激励对象每次获授权益的条件 | | | | ；拟分期行使权益的，应当披露激励对象每次行 | | | | 使权益的条件；约定授予权益、行使权益条件未 | | | | 成就时，相关权益不得递延至下期；如激励对象 | | | | 包括董事和高级管理人员，应当披露激励对象行 是 | | | | 使权益的绩效考核指标；披露激励对象行使权益 | | | | 的绩效考核指标的，应当充分披露所设定指标的 | | | | 科学性和合理性；公司同时实行多期股权激励计 | | ...

北京合康新能科技股份有限公司 2025 年限制性股票激励计划（草案） 股票简称：合康新能 股票代码：300048 北京合康新能科技股份有限公司 2025 年限制性股票激励计划（草案） 二〇二五年十二月 1 北京合康新能科技股份有限公司 2025 年限制性股票激励计划（草案） 声明 本公司及全体董事保证本激励计划及其摘要不存在虚假记载、误导性陈述或重 大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 2 北京合康新能科技股份有限公司 2025 年限制性股票激励计划（草案） 特别提示 五、本激励计划首次授予激励对象限制性股票的授予价格为 5.27 元/股，预留 部分限制性股票授予价格与首次授予的限制性股票授予价格相同。在本激励计划公 告当日至激励对象完成限制性股票归属登记前，若公司发生资本公积转增股本、派 发股票红利、派息、股份拆细或缩股、配股等事宜，限制性股票的授予价格和权益 数量将根据本激励计划做相应的调整。 一、《北京合康新能科技股份有限公司 2025 年限制性股票激励计划（草案）》（以 下简称"本激励计划"）由北京合康新能科技股份有限公司（以下简称"合康新能"、"公 司"或"本公司"）依据《 ...

北京合康新能科技股份有限公司 2025 年限制性股票激励计划（草案）摘要 股票简称：合康新能 股票代码：300048 北京合康新能科技股份有限公司 2025 年限制性股票激励计划 （草案）摘要 二〇二五年十二月 1 北京合康新能科技股份有限公司 2025 年限制性股票激励计划（草案）摘要 声明 本公司及全体董事保证本激励计划及其摘要不存在虚假记载、误导性陈述或重 大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 特别提示 一、《北京合康新能科技股份有限公司 2025 年限制性股票激励计划（草案）》（以 下简称"本激励计划"）由北京合康新能科技股份有限公司（以下简称"合康新能"、"公 司"或"本公司"）依据《中华人民共和国公司法》《中华人民共和国证券法》《深圳证 券交易所创业板股票上市规则》《上市公司股权激励管理办法》《深圳证券交易所创 业板上市公司自律监管指南第 1 号——业务办理》和其他有关法律、行政法规、规 范性文件，以及《公司章程》等有关规定制订。 二、本激励计划采取的激励形式为限制性股票（第二类限制性股票）。股票来 源为公司向激励对象定向发行的本公司人民币 A 股普通股股票。 符合本激励 ...

北京市中伦律师事务所 关于北京合康新能科技股份有限公司 股权激励计划的 法律意见书 二〇二五年十二月 北京 • 上海 • 深圳 • 广州 • 成都 • 武汉 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 香港 • 东京 • 伦敦 • 纽约 • 洛杉矶 • 旧金山• 阿拉木图 法律意见书 Beijing • Shanghai • Shenzhen • Guangzhou • Chengdu • Wuhan • Chongqing • Qingdao • Hangzhou • Nanjing •Haikou•Hong Kong • Tokyo • London • New York • Los Angeles • San Francisco •Almaty | | | 北京市中伦律师事务所 关于北京合康新能科技股份有限公司 股权激励计划的 法律意见书 致：北京合康新能科技股份有限公司 根据北京合康新能科技股份有限公司（以下简称"合康新能"、"公司"）与 北京市中伦律师事务所（以下简称"本所"）签订的《专项法律服务合同》的约 定及受本所指派，本所律师作为公司 2025 年限制性股票激励计划（以下简称"激 励 ...