证券代码：300153 证券简称：科泰电源 公告编号：2026-003 上海科泰电源股份有限公司 关于持股5%以上股东减持股份预披露公告 新疆荣旭泰投资有限合伙企业保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供 的信息一致。 特别提示： 新疆荣旭泰投资有限合伙企业（以下简称"新疆荣旭泰"）持有 上海科泰电源股份有限公司（以下简称"公司"）1,634.17 万股股 份（占公司总股本比例 5.1068%）。新疆荣旭泰计划在 2026 年 4 月 16 日至 2026 年 7 月 15 日期间以集中竞价方式减持不超过 320 万股公司 股份（即不超过公司总股本比例 1%）。 3、计划减持数量和比例：新疆荣旭泰计划以集中竞价方式减持 不超过 320 万股公司股份（即不超过公司总股本比例 1%）。若此期间 公司有送股、资本公积金转增股本等股份变动事项，将对该数量进行 相应调整。 4、减持期间：自本公告披露之日起 15 个交易日后的三个月内（即 2026 年 4 月 16 日至 2026 年 7 月 15 日）。 公司于近日收到新 ...

Summary of Conference Call Notes Company and Industry Involved - The discussion revolves around the **power generation industry**, specifically focusing on **cogeneration (柴发)** systems and their demand in the context of global energy needs and geopolitical tensions. Key Points and Arguments Global Demand and Supply Dynamics - The global demand for cogeneration systems is approximately **17,000 to 18,000 units annually** under normal conditions, with projections indicating a **30% to 60% growth** in demand over the next few years [2][3]. - China's demand is estimated at **5,000 to 6,000 units**, contributing significantly to the overall market [2]. - The current global production capacity for high-speed cogeneration units is dominated by major players like Caterpillar, Cummins, and Mitsubishi, each with a capacity of **3,000 to 4,000 units** [3]. - The annual production expansion rate of these manufacturers is insufficient to meet the increasing demand, leading to a projected supply gap that domestic manufacturers are expected to fill [4]. Price Trends - There is an anticipated price increase for cogeneration systems, with projections indicating a **15% increase** in China by the end of the year [4][5]. - Price increases in the U.S. and Europe are expected to be **10% to 15% higher** than in China, reflecting regional market dynamics [5]. Impact of Geopolitical Events - Recent conflicts in the Middle East, particularly involving Iran, have disrupted energy supply chains and increased the urgency for backup power solutions, particularly for data centers [5][6]. - The conflict has led to a surge in demand for cogeneration systems as businesses seek reliable power sources amid instability [8][9]. - The situation has prompted inquiries from various clients in Europe and the Middle East for large-scale purchases of cogeneration systems [9][10]. Market Opportunities - The demand for backup power systems is expected to rise significantly, especially in regions affected by conflict, as businesses recognize the need for reliable energy sources [22]. - Companies like **KOTAI, Taihao, and Sumida** are actively pursuing global expansion, with KOTAI locking in **1,000 units** for international markets, primarily in the **3 to 5 MW range** [12][26]. - The export distribution shows that over **40%** of these units are destined for the U.S., with additional markets in Southeast Asia and Europe [35][36]. Profit Margins - The profit margins for cogeneration systems are generally around **20% to 30%**, with higher margins for engines exceeding **30%** [28][29]. - The pricing strategy is influenced by the urgency of demand, especially in conflict-affected areas, allowing manufacturers to command higher prices [30][32]. Future Outlook - The ongoing geopolitical tensions are likely to sustain high demand and price increases for cogeneration systems, with manufacturers expected to benefit from the supply constraints faced by competitors [32]. - The overall market sentiment remains positive, with expectations of continued growth in both domestic and international markets for cogeneration systems [39]. Other Important but Possibly Overlooked Content - The discussion highlighted the importance of backup power systems in non-AIDC applications, such as oil refineries and chemical plants, which are increasingly recognizing the need for reliable power amid potential disruptions [22]. - The production capacity of the power generation sector is currently underutilized, with many manufacturers capable of producing more than the current demand, indicating potential for future growth [23].

Summary of Conference Call Notes Industry Overview - The conference call focuses on the **diesel generator set (柴发)** industry, particularly in the context of North America and domestic manufacturers in China [1][2]. Key Points and Arguments North American Market Dynamics - North American AI data centers are shifting towards self-supplied power due to lengthy grid approval cycles (3-5 years), leading to a demand for tens of gigawatts (GW) of diesel generators [1]. - Major North American tech companies, including Microsoft, Google, Amazon, and Meta, have committed to self-supply power for new AI data centers, which will significantly increase the demand for backup power equipment [3]. - The approval process for new grid connections is lagging behind the rapid construction of data centers, creating a preference for self-supply solutions among tech companies [3]. Domestic Manufacturers' Competitive Advantages - Domestic manufacturers have a significant cost advantage, with generator prices 20%-30% lower than those of overseas competitors [4]. - The average price for a 3MW high-end generator is estimated to be between 6 million to 7 million RMB, with an export net profit margin of around 20% [1][4]. - Domestic manufacturers can deliver products in about six months, compared to 1.5-2 years for overseas companies, providing a clear competitive edge [4]. Domestic Demand Forecast - Domestic demand for diesel generators is expected to grow by 40%-50% in 2026, with an estimated total of around 6,000 units due to the release of pent-up ITC construction demand and unexpected growth in large model computing power [1][6]. - The industry is entering a new price increase cycle starting January 2026, with expected price increases in both the generator and engine segments [6]. Industry Growth Drivers - The industry is driven by a combination of "overseas demand overflow" and "domestic demand recovery," leading to a new phase of simultaneous volume and price increases [7]. - The tightening supply-demand relationship in the domestic market is expected to push prices higher, with domestic OEM generator prices already rising to around 3 million RMB [6][7]. Important but Overlooked Content Recommended Companies - Key companies to watch in the generator segment include **泰豪科技 (Taihao Technology)**, **科泰电源 (KOTAI Power)**, and **苏美达 (Sumida)**. In the engine segment, focus on **玉柴国际 (Yuchai International)** and **潍柴动力 (Weichai Power)** [2][8]. - Taihao Technology has secured a significant order of approximately 5GW (around 10 billion RMB) for North America, with deliveries expected to start in 2026 [1][8]. - KOTAI Power has achieved substantial deliveries in Southeast Asia and is actively pursuing international qualification certifications [8]. Market Trends - The diesel generator industry is experiencing a phase of rising prices and demand due to the interplay of international orders and domestic recovery, indicating a robust growth trajectory for the sector [7][8].

Investment Rating - The investment rating for the automotive industry is "Positive" (maintained) [1] Core Insights - The report highlights that with the global expansion of AI capital expenditure, the diesel generator segment is expected to benefit directly from the increased demand for AI data center construction (AIDC). The domestic supply chain is anticipated to achieve both volume and price increases due to the supply-demand imbalance in diesel generators [4][20] - The global diesel generator market is projected to reach approximately $22.6 billion by 2026, with overseas demand at $19.6 billion and domestic demand at $3 billion. This corresponds to a global demand of about 42,000 units, with overseas demand at 35,600 units and domestic demand at 6,600 units [24][25] Summary by Sections 1. Diesel Generators: Key Power Source for Data Centers - Diesel generators are a critical power source for data centers, typically comprising a system of "grid + UPS + diesel generators" to provide backup power during outages [9] 2. Demand: Higher Overseas than Domestic, with Significant Growth Potential in Domestic Market - The report indicates that global AI capital expenditure is expected to exceed $600 billion in 2026, a year-on-year increase of over 70%. Major companies like Google, Amazon, Meta, and Microsoft are significantly increasing their investments in AI infrastructure [15][17] - Domestic companies such as ByteDance, Alibaba, and Tencent are also optimistic about their AI capital expenditure plans for 2026, contributing to the overall demand for diesel generators [15][18] 3. Supply: Acceleration of Domestic Substitution, Price and Profitability Expected to Improve - The global diesel generator market is dominated by foreign companies like Cummins and Caterpillar, but their cautious expansion cycles have led to supply shortages. Domestic suppliers are expected to gain market share due to price and delivery advantages [27] - The average price of a single unit in the domestic market is close to 3 million yuan, with prices expected to rise continuously from 2024. The price of units using foreign engines has increased by about 20% [27]

Financial Data - As of the end of January, the social financing scale increased by 8.2% year-on-year, and the broad money supply (M2) grew by 9.0%, significantly higher than the nominal GDP growth rate, creating a favorable monetary environment for economic recovery [3]. Stock Market Adjustments - The Hang Seng Index will increase its constituent stocks from 88 to 90, with the inclusion of CATL, Luoyang Molybdenum, and Laopu Gold, while Zhongsheng Holdings will be removed. These changes will take effect after the market closes on March 6 and will be implemented on March 9 [3]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) announced administrative penalties and market bans against Tianfeng Securities for alleged violations related to financing and information disclosure for Wuhan Contemporary Technology Industry Group [3]. Company News - Southwest Securities plans to issue A-shares to specific investors, raising up to 6 billion yuan to supplement its capital for various business operations [7]. - SAIC Group's subsidiary, SAIC Jin控, will establish a private equity fund with an initial subscription of 2.5 billion yuan, focusing on solid-state batteries and other advanced technologies [8]. - KOTAI Power has decided to terminate its H-share issuance preparations, stating that this decision will not significantly impact its operations [8]. - YG Chip received a notice from the CSRC regarding an investigation for suspected information disclosure violations, while its business activities continue normally [8]. - Meituan expects a loss of 23.3 billion to 24.3 billion yuan for the fiscal year 2025, primarily due to a shift from a profit of approximately 52.4 billion yuan in 2024 to an operational loss in 2025, alongside increased investments in overseas operations [9]. - Zongshen Power plans to swap motorcycle engine-related assets with Longxin General's assets to resolve competition issues and promote clearer business development [9]. Industry Insights - Huatai Securities believes that the advancement of a unified national electricity market will benefit the new power system construction from multiple dimensions, focusing on the accelerated development of energy storage, continuous construction of the main grid, and structural growth in renewable energy demand [11].

Core Viewpoint - KOTAI Power (300153) has announced the termination of its H-share issuance and listing preparations, citing a comprehensive assessment of various factors and actual circumstances [1] Group 1: Company Decision - The decision to terminate the H-share issuance is based on a careful evaluation of multiple factors [1] - The company asserts that its current operating conditions are stable [1] - The termination will not significantly impact the company's operational activities or sustainable development [1] Group 2: Shareholder Impact - The company emphasizes that the decision does not harm the interests of the company or all shareholders, particularly minority shareholders [1]

Core Viewpoint - The company has decided to terminate the preparation work for the issuance of H-shares and listing on the Hong Kong Stock Exchange due to a comprehensive consideration of various factors including macroeconomic conditions, capital market environment, and its own actual situation [1] Group 1 - The decision was made during the 14th meeting of the 6th Board of Directors held on February 12, 2026 [1] - The company emphasizes the principle of safeguarding shareholder interests and being responsible to shareholders in its decision-making process [1] - The termination of the H-share issuance is based on discussions and analyses with relevant intermediary institutions [1]

Group 1 - The company announced the termination of its overseas issuance of shares (H-shares) and related preparations for listing on the Hong Kong Stock Exchange during a board meeting held on February 12, 2026 [1] - The company experienced a dramatic shift in net profit, increasing ninefold before suddenly reporting a loss exceeding 200 million [1] - The chairman personally contributed 50 million to cover the financial shortfall, raising questions among shareholders about the company's financial management [1]

目前，公司经营状况稳定，此次终止 H 股发行上市，是公司基于 对多方面因素的全面权衡及实际情况作出的审慎决策，不会对公司的 经营活动和持续发展造成重大影响，不存在损害公司及全体股东特别 1 / 2 证券代码：300153 证券简称：科泰电源 公告编号：2026-002 上海科泰电源股份有限公司 关于终止公司境外发行股份（H股）并在香 港联合交易所有限公司上市相关筹备工作 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、准确和完整， 没有虚假记载、误导性陈述或者重大遗漏。 上海科泰电源股份有限公司（以下简称"公司"）于 2025 年 9 月 29 日召开第六届董事会第十二次会议，审议通过了《关于授权公 司管理层启动公司境外发行股份（H 股）并在香港联合交易所有限公 司上市相关筹备工作的议案》，同意授权公司管理层启动 H 股发行上 市的前期筹备工作。具体内容详见公司于 2025 年 9 月 30 日刊登于巨 潮资讯网的相关公告。 结合宏观经济环境、资本市场环境、公司自身实际情况、资金需 求和发展规划等多重因素的综合考量，并始终秉持维护股东利益、对 股东负责的原则，经公司与相关中介机构审慎讨论分析后，公司于 ...

证券代码：300153 证券简称：科泰电源 公告编号：2026-001 上海科泰电源股份有限公司 第六届董事会第十四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完 整，没有虚假记载、误导性陈述或者重大遗漏。 上海科泰电源股份有限公司（以下称"公司"）第六届董事会第 十四次会议于 2026 年 2 月 12 日以现场会议与网络会议相结合的方式 召开，会议通知于 2026 年 2 月 11 日以电子邮件形式送达了全体董事， 并提请了对本次会议提前通知时限进行豁免，会议应参加董事 8 人， 实际参加董事 8 人，其中独立董事 3 人。本次董事会的召集和召开符 合《中华人民共和国公司法》和《公司章程》的规定。会议由公司董 事长谢松峰先生主持，经全体董事表决，形成决议如下： 一、审议通过《关于终止公司境外发行股份（H 股）并在香港联 合交易所有限公司上市相关筹备工作的议案》 结合宏观经济环境、资本市场环境、公司自身实际情况、资金需 求和发展规划等多重因素的综合考量，并始终秉持维护股东利益、对 股东负责的原则，经公司与相关中介机构审慎讨论分析后，决定终止 公司境外发行股份（H 股）并在香港联合交易 ...