浙江南都电源动力股份有限公司 关于向子公司增资的公告 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、本次增资事项概述 浙江南都电源动力股份有限公司（以下简称"公司"、"南都电源"）于 2025 年 12 月 29 日召开第九届董事会第六次会议，审议通过了《关于向子公司 增资的议案》。为满足子公司安徽南都华拓新能源科技有限公司（以下简称"华 拓新能源"）的日常经营发展需要，进一步增强其资金实力，提高整体经营能力 和行业竞争力，保证其长期稳定发展，公司拟对华拓新能源进行增资。具体如下： 以自有资金向华拓新能源增资 50,000 万元，认购南都华拓新能源新增注册 资本 2,380.95 万元，其中 2,380.95 万元计入注册资本，其余 47,619.05 万元列 入资本公积。南都华拓新能源其余股东界首融城高新技术股权投资基金合伙企业 （有限合伙）（以下简称"界首融城投资基金"）放弃本次增资的优先认缴出资 权。 本次增资完成后，公司将持有华拓新能源 83.64%股权，由于剩余少数股东 所持 16.36%股份系对应附回购条款的股权投资款，增资完成后，公司实际将 ...

上海市锦天城律师事务所 关于浙江南都电源动力股份有限公司 2025 年第四次临时股东会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于浙江南都电源动力股份有限公司 2025 年第四次临时股东会的 法律意见书 致：浙江南都电源动力股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受浙江南都电源动力股份 有限公司（以下简称"公司"）委托，就公司召开 2025 年第四次临时股东会（以 下简称"本次股东会"）的有关事宜，根据《中华人民共和国公司法》（以下简 称《公司法》）《上市公司股东会规则》等法律、法规、规章和其他规范性文件 以及《浙江南都电源动力股份有限公司章程》（以下简称《公司章程》）的有关 规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东会所涉及的 ...

证券代码：300068 证券简称：南都电源 公告编号：2025-067 浙江南都电源动力股份有限公司 2025 年第四次临时股东会决议公告 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。 特别提示： 1.本次股东会存在否决议案的情形，被否决议案为《关于变更公司注册地址 及修订公司章程的议案》。 2.本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开的时间： （1）现场会议召开时间：2025 年 12 月 29 日（星期一）14:30； （2）网络投票时间：2025 年 12 月 29 日（星期一）； 其中通过深圳证券交易所交易系统进行网络投票的时间为：2025 年 12 月 29 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 系统投票的具体时间为：2025 年 12 月 29 日 9:15-15:00 期间的任意时间。 2、现场会议地点：浙江省杭州市西湖区文二西路 822 号公司会议室。 3、会议召开方式：本次股东会采取现场投票表决与网络投票相结合的方 式 ...

证券代码：300068 证券简称：南都电源 公告编号：2025-068 浙江南都电源动力股份有限公司 第九届董事会第六次会议决议公告 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。 特此公告。 浙江南都电源动力股份有限公司 董 事 会 2025 年 12 月 29 日 一、审议通过了《关于向子公司增资的议案》 为满足子公司安徽南都华拓新能源科技有限公司的日常经营发展需要，进一 步增强其资金实力，提高整体经营能力和行业竞争力，保证其长期稳定发展，经 审议，董事会同意公司以自有资金向安徽南都华拓新能源科技有限公司增资 50,000万元。 上述议案已经公司第九届董事会战略委员会审议通过，具体内容详见同日刊 登于巨潮资讯网（http://www.cninfo.com.cn）的相关公告。 表决结果：7票同意，0票反对，0票弃权。 浙江南都电源动力股份有限公司（以下简称"公司"）第九届董事会第六次 会议于2025年12月29日以现场表决与通讯表决相结合的方式召开。公司于2025 年 12 月 26 日以当面送达、电子邮件或电话的方式通知了全体董事，本次会议应 参会的董事 ...

Core Viewpoint - The company, Zhejiang Nandu Power Supply Co., Ltd., has terminated its planned change of control and related divestiture of its lead recycling business, but will continue to optimize its business structure and focus on its core operations in the energy storage sector [1][2][3] Group 1: Control Change and Business Strategy - The planned change of control was initiated on December 11 but was terminated on December 18 due to a lack of consensus among the parties involved [3] - The company emphasizes that the termination will not affect its financing capabilities or expansion pace during the energy storage boom, as it remains focused on lithium battery development and market leadership [2][3] - The company is undergoing a strategic transition from lead to lithium, which is crucial for its long-term growth and operational efficiency [2][3] Group 2: Financial Performance and Challenges - As of Q3 2025, the company reported total assets of 17.399 billion and total liabilities of 13.746 billion, resulting in a debt-to-asset ratio of approximately 79% [3][4] - Despite financial pressures, the company has seen a turnaround in its operating performance, achieving profitability in Q2 and Q3, with a net cash flow from operating activities of approximately 860 million [4] - The company plans to adjust its capital structure to support its growing funding needs for its core energy storage business [4] Group 3: Legal Issues and Product Quality - The company is involved in a significant lawsuit with Xinri Co., which has recently seen new developments, including a court ruling that requires a retrial [5][6] - The company asserts that its products meet quality standards and will actively defend its interests in the lawsuit, having already set aside provisions for potential liabilities [5] - The company is enhancing its quality control systems and increasing R&D investments to improve product performance and safety [5][6] Group 4: Technological Advancements - The company has made substantial progress in the commercialization of solid-state battery technology, with a recent contract for a 2.8 GWh energy storage project [6] - It has developed solid-state batteries with energy densities of 350 Wh/kg and a cycle life retention rate of over 92% [6] - The company is focusing on differentiated advantages in its integrated industry approach, targeting various energy storage applications through refined management strategies [6]

Core Viewpoint - China Mobile has announced a centralized procurement project for lithium iron phosphate batteries for communication from 2026 to 2028, with a procurement scale of approximately 8.229 billion Ah (2.633 GWh) [2][4]. Group 1: Procurement Details - The number of winning bidders is set to be between 9 to 10, with share allocations varying based on the number of bidders. If 9 companies win, the shares will be 17.07%, 14.63%, 13.41%, 12.20%, 10.98%, 9.76%, 8.54%, 7.32%, and 6.09%. If 10 companies win, the shares will be 15.63%, 13.54%, 12.50%, 11.46%, 10.42%, 9.38%, 8.33%, 7.29%, 6.25%, and 5.20% [2][4][5]. - The highest bid limit is set based on the average market price of lithium iron phosphate and electrolyte as of the last pricing cycle before the bid submission deadline [5]. Group 2: Bidder Qualifications - Bidders must be legally established independent entities within the People's Republic of China and must be manufacturers, as agent bids and joint bids are not accepted [6][7]. - Bidders must provide a complete range of capacity specifications for the lithium iron phosphate battery products, with a sales performance of no less than 50 million RMB in the domestic market from July 1, 2022, to June 30, 2025 [6][7]. Group 3: Submission and Evaluation Process - Bids must be submitted electronically through China Mobile's procurement system, with a deadline set for February 9, 2026, at 10:00 AM [11]. - The evaluation of bids will include a qualification review, and any bids that do not pass this review will be rejected [10].

证券日报网讯 12月26日，南都电源在互动平台回答投资者提问时表示，公司通过2020年初至2025年战 略转型完成后，经营性现金流已呈持续增长态势，2025年三季度末公司的经营性现金流净值约为8.6亿 元，完全支撑公司后续生产经营所需的货币资金。公司外部积极拓展融资渠道，以实现融资活动净流 入；公司一直严格进行供应链管控，加大应收账款催收，提升存货周转，提高经营活动现金净流入。目 前与主要供应商合作及结算基本正常，不存在因付款延迟导致供应商中断的情况。 （文章来源：证券日报） ...

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment and new energy industry [2] Core Insights - The demand for grid equipment is expected to increase due to domestic and international resonance, driven by significant investments in smart grids, west-to-east power transmission, and urban-rural grid upgrades [2][4] - The cumulative investment in national grid projects reached 560.4 billion yuan from January to November 2025, reflecting a year-on-year increase of 5.9% [4][38] - The export value of domestic transformers reached 8.08 billion USD from January to November 2025, marking a year-on-year growth of 35.19% [4][59] Summary by Sections Market Review - As of December 25, 2025, the electric power equipment industry rose by 2.10% over the past two weeks, outperforming the CSI 300 index by 0.11 percentage points [11] - The wind power equipment sector increased by 4.37%, while the photovoltaic equipment sector rose by 1.59% [11][19] Valuation and Industry Data - The PE (TTM) ratio for the electric power equipment sector is 33.43 times, with sub-sectors like motors at 59.57 times and photovoltaic equipment at 30.07 times [4][24] - The report highlights that the demand for high-efficiency, energy-saving, and environmentally friendly transformers will dominate the future market [4][46] Industry News - The rapid development of artificial intelligence in the U.S. is driving the construction of large-scale data centers, which require high-performance transformers for stable and efficient power supply [4][56] - The report suggests focusing on leading new energy companies with technological and scale advantages [4][60]

每经AI快讯，有投资者在投资者互动平台提问：南都电源2025年的固态电池已经成功率先打开市场， 取得大订单！展望2026年，固态电池对公司的利润影响有多大？ （文章来源：每日经济新闻） 南都电源（300068.SZ）12月26日在投资者互动平台表示，公司固态电池目前主要是以半固态电池产品 集成储能产品进行出货，对于2026年的利润影响，与在手订单交付节奏、后续订单的获取情况相关。公 司将不断推出适用各类应用场景的系列半固态电池产品，强化电池产品安全性能，进一步提升公司在主 营业务领域的市场竞争力。 ...

Core Viewpoint - The company, Zhejiang Nandu Power Supply Co., Ltd., has terminated its planned change of control and related divestiture of its lead recycling business, but will continue to optimize its business structure and focus on its core operations in the energy storage sector [2][3][5]. Group 1: Control Change and Business Strategy - The planned change of control was initiated on December 11 but was terminated on December 18, leading to a resumption of trading on December 19 [2][4]. - The company stated that the termination of the control change will not affect its financing capabilities or expansion pace during the energy storage boom, emphasizing a focus on lithium battery technology and sustainable development [3][5]. - The company is undergoing a strategic transition from lead to lithium, which is crucial for its long-term growth and operational efficiency [3][5]. Group 2: Financial Situation - As of the end of Q3 2025, the company reported total assets of 17.399 billion and total liabilities of 13.746 billion, resulting in a debt-to-asset ratio of approximately 79% [5]. - Despite financial pressures, the company has a significant order backlog that supports future performance, and it has reported a turnaround in operating performance since Q2, achieving profitability in both Q2 and Q3 [5][6]. - The company is actively working on capital structure adjustments to meet its growing funding needs for its core energy storage business [5]. Group 3: Legal Issues - The company is involved in a significant lawsuit with Xinri Co., which has seen new developments, including a court ruling that requires a retrial of the case [6][7]. - The company maintains that its products meet quality standards and will vigorously defend its position in the lawsuit, having already set aside provisions for potential liabilities [7]. Group 4: Technological Advancements - The company has made substantial progress in the commercialization of solid-state battery technology, securing contracts for 2.8 GWh of new energy storage projects [7][8]. - It has developed solid-state batteries with energy densities of 350 Wh/kg and is conducting research on various solid-state battery technologies to enhance its competitive edge [8]. - The company is focusing on a systematic strategy to convert its technological advantages into market competitiveness, targeting diverse energy storage applications [8].