证券代码：300207 证券简称：欣旺达 公告编号：<欣>2025-041 欣旺达电子股份有限公司 关于召开2024年度股东大会的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 欣旺达电子股份有限公司（以下简称"公司"或"欣旺达"）于2025年4月 21日在中国证券监督管理委员会指定信息披露网站上发布了《关于召开2024年度 股东大会的通知》，于2025年4月29日在中国证券监督管理委员会指定信息披露 网站上发布了《关于2024年度股东大会增加临时提案暨股东大会补充通知的公告》 现将有关2024年度股东大会的有关安排再次公告如下： 公司定于2025年5月14日(周三)召开2024年度股东大会，通知事项如下: 一、召开本次会议的基本情况 1.股东大会届次：2024年度股东大会 2.股东大会的召集人：欣旺达电子股份有限公司董事会 3.会议召开的合法性和合规性：公司第六届董事会第十六次会议同意召开本 次股东大会，并将公司第六届董事会第十七次会议审议通过的相关议案一并提交 本次股东大会审议。本次会议召开符合有关法律、行政法规、部门规章、规范性 文件和《欣旺 ...

证券代码：300207 证券简称：欣旺达 公告编号：<欣>2025-040 欣旺达电子股份有限公司 关于使用闲置自有资金进行证券投资的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 欣旺达电子股份有限公司（以下简称"公司"）于2025年2月12日分别召开 了第六届董事会第十五次会议、第六届监事会第十五次会议，审议通过了《关于 2025年度使用闲置自有资金进行证券投资的议案》，同意公司围绕主业以证券投 资方式对境内外产业链优质上市公司进行投资，在确保不影响公司正常运营的情 况下，拟使用不超过人民币3亿元（含）的闲置自有资金进行证券投资，有效期 限自本次董事会审议通过之日起12个月内有效。具体内容详见2025年2月14日公 司于巨潮资讯网（www.chinfo.com.cn）披露的《关于2025年度使用闲置自有资 金进行证券投资的公告》（公告编号：<欣>2025-006）。 一、本次证券投资的基本情况 （一）投资目的 出于长期战略发展考虑，公司拟围绕主业，通过对产业链上下游优质上市公 司进行投资，进一步加强产业链合作及协同，提高资源利用及产出效率，提升公 ...

以下文章来源于高工产研 ，作者GGII 会议时间： 6月9日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 高工产研 . 高工产业研究院（简称GGII）是一家专注国内新兴产业市场研究与咨询的第三方机构，涉及的新兴产 业主要包括锂电池、储能、氢能与氢燃料电池、新能源汽车、智能汽车、LED照明与显示、机器人、新 材料等。 6月会议预告 2025高工钠电 产业峰会 主办单位： 高工钠电、高工产业研究院（GGII） 总冠名： 众钠能源 2025高工固态电池 技术与应用峰会 主办单位： 高工锂电、高工储能、高工产业研究院（GGII） 总冠名： 利元亨 会议时间： 6月10日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 2024年，中国锂电行业经历深度调整，需求增速放缓叠加产品价格持续下探，企业整体承压，各 企业业绩出现两极分化，尾部企业业绩下滑甚至亏损，与之形成鲜明对比的是，头部企业依旧保持 较高的盈利能力，展现出强大的韧性。 GGII统计了2024年中国24家锂电上市企业财务数据，并拆分出其锂电池业务收入，以窥探我国锂 电产业发展形势。 整体来看，2024年24家锂电上市公司锂电业务营业 ...

Core Viewpoint - The company has shown significant growth in revenue and profit, indicating an improvement in its core business profitability, particularly in the consumer and power battery sectors [1][2]. Financial Performance - In 2024, the company achieved a revenue of 56.021 billion yuan, a year-on-year increase of 17.05%, with a net profit of 1.605 billion yuan, reflecting a substantial growth of 64.99% [1]. - For Q1 2025, the company reported a revenue of 12.289 billion yuan, up 11.97% year-on-year, and a net profit of 0.386 billion yuan, which is a 21.23% increase [1]. Product Segmentation - Consumer batteries remain the core business, generating 30.405 billion yuan in revenue (54.27% of total), with a growth of 6.52% in 2024 [2]. - Power battery revenue reached 15.139 billion yuan (27.02% of total), showing a significant growth of 40.24%, with a shipment volume of 25.29 GWh, an increase of 116.90% [2]. - Energy storage systems generated 1.889 billion yuan (3.37% of total) in revenue, with a shipment volume of 8.88 GWh, up 107% [2]. Profitability - The overall gross margin for the company in 2024 was 15.18%, an increase of 0.58 percentage points year-on-year, with consumer battery gross margin at 17.65%, up 2.74 percentage points [2]. - In Q1 2025, the gross margin further improved to 16.88%, a year-on-year increase of 0.92 percentage points [2]. Research and Development - The company invested 3.33 billion yuan in R&D in 2024, with Q1 2025 R&D expenses at 0.932 billion yuan, a 31.28% increase, focusing on advanced technologies like fast-charging and solid-state batteries [2]. Market Outlook - The global market for consumer electronics is recovering, with increasing demand for high-energy-density batteries driven by AI developments [3]. - The power and energy storage markets are expected to enter an upward cycle over the next three years, with the company achieving doubled sales in these segments in 2024 [3]. Supply Chain and Production Capacity - The company has been increasing its self-supply rate for consumer battery cells, aiming for over 40% in the future, and enhancing its global supply chain capabilities with new production bases in Vietnam [3]. - The profitability of power and energy storage products is expected to improve as production capacity utilization increases [3]. Investment Outlook - The company is projected to achieve net profits of 2.158 billion yuan, 2.815 billion yuan, and 3.753 billion yuan for the years 2025 to 2027, respectively, benefiting from the expansion of AI applications and significant profit elasticity in the power and energy storage sectors [4].

Core Viewpoint - The lithium battery industry is transitioning from a rapid growth phase to a saturation phase in 2023, and is expected to enter an adjustment phase in 2024, characterized by intense competition and significant price wars, leading to widening gaps between leading and smaller companies. However, a recovery is anticipated in 2025, bringing new opportunities [1]. Group 1: Company Performance - CATL is projected to have a revenue of approximately 362 billion yuan in 2024, a year-on-year decline of about 10%, but a net profit of 50.7 billion yuan, an increase of about 15%. Battery sales are expected to reach around 475 GWh, a growth of approximately 21.8% [3]. - Guoxuan High-Tech is expected to achieve a revenue of about 35.39 billion yuan in 2024, a year-on-year increase of about 12%, with a net profit of approximately 1.2 billion yuan, up about 28.5% [5]. - EVE Energy anticipates a revenue of around 48.6 billion yuan in 2024, a slight decline of about 0.35%, with a net profit of approximately 4.07 billion yuan, an increase of about 0.63% [7]. - Penghui Energy is projected to have a revenue of about 7.96 billion yuan in 2024, a year-on-year increase of approximately 14.8%, but a net loss of 252 million yuan, a decline of about 685.7% [8]. - Ruipu Lanjun expects a revenue of approximately 17.8 billion yuan in 2024, a year-on-year increase of about 29%, but a loss of about 1.35 billion yuan, although this loss is a reduction of about 30% compared to the previous year [10]. - Zhongchuang Innovation anticipates a revenue of about 27.75 billion yuan in 2024, a year-on-year increase of about 2.76%, with a profit of approximately 840 million yuan, up about 93% [11]. - Xinwanda is projected to achieve a revenue of around 56 billion yuan in 2024, a year-on-year increase of about 17%, with a net profit of approximately 1.46 billion yuan, an increase of about 36.4% [12]. Group 2: Market Trends and Insights - The lithium battery market in 2024 is described as facing significant challenges, with slowing demand growth, frequent product iterations, and continuous capacity expansion, leading to persistent price declines. The performance gap between leading and smaller companies is widening, with top companies like CATL and BYD maintaining growth despite the price wars [15]. - The industry is experiencing a shift from a diverse market to a more concentrated one, with many weaker players being eliminated or acquired, leading to a "80/20" market distribution [17]. - Looking ahead to 2025, key trends will include technological breakthroughs, safety improvements, supply chain optimization, and international expansion. Emerging markets such as two-wheeled vehicles and robotics are expected to drive growth, while safety concerns will prompt stricter regulations [18].

Core Viewpoint - Geely Automobile is undergoing a strategic transformation by divesting its non-core business, specifically selling stakes in Geely Xinhua to focus on enhancing its core automotive business competitiveness [1][2] Group 1: Transaction Details - Geely Automobile announced a share transfer agreement with Zhejiang Jiyue, where it will sell 41.5% and 28.5% stakes in Geely Xinhua for RMB 49.8 million and RMB 34.2 million respectively [1] - After the completion of the sale, Geely Automobile will no longer hold any equity in Geely Xinhua [1] Group 2: Business Focus and Strategy - Geely Xinhua primarily develops, produces, and sells electric vehicle battery cells, modules, and packs [1][2] - The divestment is aimed at allowing Geely Automobile to concentrate on its main business and optimize cash flow, as the synergy effects with other brands under Geely Holdings are weak [2] - The company plans to streamline its business structure, enhance resource efficiency, and improve brand focus through this strategic shift [1][2]

Group 1 - The company has terminated two major projects: the "Smart Hardware Comprehensive Production Base Project" and the "30GWh Power Battery Production Base Project," raising concerns about strategic adjustments and operational risks [1][2] - The investment scale for the terminated projects was 2 billion and 12 billion respectively, both of which were in the preliminary preparation stage and had not yet commenced construction [1] - In 2024, the company is projected to achieve revenue of 56.021 billion, a year-on-year increase of 17.05%, and a net profit of 1.468 billion, corresponding to a net profit margin of only 2.62%, significantly lower than peers like CATL and Guoxuan High-Tech [1][2] Group 2 - The company's cash reserves exceeded 17 billion by the end of 2024, and the termination of the two projects may reflect a shift towards a more conservative capital allocation strategy [2] - The company has a long-term asset-liability ratio exceeding 60%, with a current ratio below the industry average, indicating significant short-term debt repayment pressure [2] - The company announced a financing plan in March 2023 to raise 4.8 billion for various projects, but progress on this has been lacking, which could lead to increased financial risk if large-scale investments rely on debt [2] Group 3 - The company's performance growth is overshadowed by structural contradictions in its operating model, including high R&D investment versus low net profit margins, and the risk of overcapacity in production [2] - The termination of the two projects is seen as a risk management measure, but without effective improvement in profitability and optimization of capacity layout, the company's vision of becoming a "world-class new energy enterprise" may face greater challenges [2]

Group 1: Event Overview - The 2025 Shanghai Auto Show is themed "Embrace Innovation, Win the Future," featuring an exhibition area of 360,000 square meters, with the parts section exceeding 100,000 square meters for the first time, making it one of the most technology-dense sections of the show [1] - Nearly 50 international companies, including Sony, Intel, Momenta, Dolby Laboratories, and Mobileye, are making their debut at this year's Shanghai Auto Show [3] Group 2: Industry Trends - The number of technology companies and supply chain exhibitors at the Shanghai Auto Show has significantly increased, indicating a deeper integration of technology and automobiles in the era of intelligent connected new energy [3] - The electric vehicle sector continues to grow, with new energy vehicles occupying a substantial market share, prompting advancements in power battery technology aimed at faster charging, longer range, and greater longevity [3] Group 3: Company Innovations - A new HEV all-scenario solution and commercial vehicle electrification solution were showcased by Xinwanda, which collaborates with the Renault-Nissan Alliance to develop a battery capable of 60C fast charging and 70C discharging, with a lifespan of over 20 years [5] - Xinwanda's range-extended battery pack can achieve 2-6C fast charging and supports over 500 kilometers of pure electric range, widely used in Li Auto's L series models [7] - In the commercial vehicle sector, Xinwanda introduced a dedicated power battery for heavy trucks, featuring a modular platform with flexible energy configurations from 155kWh to 804kWh, and a lifespan guarantee of 8 years or 2 million kilometers [9] Group 4: Competitive Technologies - EVE Energy presented various solutions, including OMNI versatile batteries and flying vehicle batteries, with a focus on large cylindrical batteries as the optimal solution for new energy vehicles due to higher manufacturing efficiency and standardized design [13][15] - Bosch showcased innovations in automotive architecture, including a new generation of 48V low-voltage electrical system solutions, which are expected to become a trend in the Chinese market within the next three to five years [19][23]

"可持续发展不仅仅是一个标签或荣誉，而是企业核心竞争力的最高维度。"在4月25日召开的2025企 业可持续发展大会上，欣旺达副总裁兼首席可持续发展官梁锐表示，企业若想在激烈竞争中存活，必 须将ESG从"附加题"升级为"必答题"。 眼下，可持续发展不仅是政策要求，更是未来市场的入场券。为满足欧盟电池法规及客户要求，ESG 管理成为电池企业的重点任务。产业数字化、生态绿色化、经营智能化、资源循环化、业务全球化也 成为中国锂电产业保持全球领先地位的努力方向。 欣旺达以"深刻理解政策趋势，全面满足客户要求，卓越履行社会责任"为指导原则，在行业内率先行 动，通过搭建并实施了一套全面的可持续战略体系，各项评级均稳步提升。2024年，公司被Wind ESG评为AA级，CDP评级为B级，MSCI ESG评级为BBB级。首次荣登《财富》ESG影响力排行榜， 连续2年入选福布斯中国2024年度ESG启发案例，荣登南方周末2023中国企业社会责任榜TOP3。 确立LEAP可持续发展战略 欣旺达专注锂电产业28年，在新能源行业中占据重要席位。梁锐介绍，当前公司公司已发展成为3C 消费类电池领域的隐形冠军；动力电池装机量已跻身全球前十 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The Q1 2025 performance met market expectations, with revenue of 12.3 billion and a year-on-year increase of 12% [8] - The company's battery cell self-supply rate has increased to 40%, with a target of 50%+ for 2025 [8] - The report anticipates a significant profit contribution from the consumer battery segment, projecting a profit of over 2.5 billion for 2025, representing a growth of 10-20% [8] - The report highlights the ongoing expansion of energy storage customers and expects a narrowing of losses in the power storage segment [8] - R&D expenses have increased, but operating cash flow showed strong performance, with a net cash flow of 1.53 billion in Q1 2025, up 116% year-on-year [8] - The report maintains profit forecasts for 2025-2027, projecting net profits of 2.05 billion, 2.49 billion, and 3.01 billion respectively, with corresponding P/E ratios of 17x, 14x, and 12x [8] Financial Summary - Total revenue for 2023 is projected at 47.86 billion, with a year-on-year decrease of 8.24%, followed by a recovery in 2024 with a 17.05% increase [1] - The net profit attributable to shareholders for 2023 is estimated at 1.08 billion, with a slight increase of 0.77% year-on-year [1] - The latest diluted EPS for 2023 is projected at 0.58 yuan, with a P/E ratio of 32.40 [1] - The company's total assets are expected to grow from 87.32 billion in 2024 to 107.63 billion by 2027 [9]