公司简称：新雷能 证券代码：300593 上海荣正企业咨询服务（集团）股份有限公司 关于 北京新雷能科技股份有限公司 2025 年限制性股票激励计划首次授予相关事项 之 独立财务顾问报告 2025 年 10 月 | | | | | | 一、释义 | 新雷能、本公司、公司、上 | 指 | 北京新雷能科技股份有限公司 | | --- | --- | --- | | 市公司 | | | | 财务顾问、独立财务顾问 | 指 | 上海荣正企业咨询服务（集团）股份有限公司 | | 本激励计划、本次激励计划 | 指 | 北京新雷能科技股份有限公司 2025 年限制性股票激励 | | | 计划 | | | 限制性股票、第二类限制性 | 指 | 符合本激励计划授予条件的激励对象，在满足相应归 | | 股票 | | 属条件后分次获得并登记的本公司股票 | | 激励对象 | 指 | 按照本激励计划规定，有资格获得一定数量限制性股 票的公司员工 | | 授予日 | 指 | 公司向激励对象授予限制性股票的日期，授予日必须 | | | | 为交易日 | | 授予价格 | 指 | 公司授予激励对象每一股限制性股票的价格 | | 有效期 | ...

Financial Performance - The company's operating revenue for the third quarter reached ¥376,780,219.70, representing a year-on-year increase of 94.87%[5] - The net profit attributable to shareholders was ¥5,282,105.07, a significant increase of 107.59% compared to the same period last year[5] - The basic earnings per share were ¥0.01, reflecting an increase of 108.11% year-on-year[5] - The company's revenue for the year-to-date period was ¥928,656,487.73, reflecting a 36.16% increase compared to the same period last year[11] - Total operating revenue for the current period reached ¥928,656,487.73, a significant increase from ¥682,024,221.17 in the previous period, representing a growth of approximately 36.2%[27] - The company reported a net loss of ¥88,129,523.65 for the current period, compared to a net loss of ¥145,597,311.36 in the previous period, representing a 39.5% improvement in net loss year-over-year[28] - The total comprehensive income for the current period was -¥72,908,161.60, compared to -¥145,595,754.68 in the previous period, indicating a 50% reduction in comprehensive loss[28] Cash Flow and Assets - The company reported a net cash flow from operating activities of -¥127,788,342.03, indicating a substantial decline of 1,969.65% year-to-date[5] - Cash and cash equivalents decreased significantly from ¥627,730,782.83 to ¥401,014,143.15, a drop of approximately 36.1%[25] - Cash and cash equivalents at the end of the period stood at ¥401,002,636.08, down from ¥527,878,156.98, representing a decrease of approximately 24%[30] - The total current assets decreased to ¥2,670,038,946.39 from ¥2,805,604,440.14, a decline of approximately 4.8%[25] - The total non-current assets increased to ¥1,705,737,869.96 from ¥1,476,502,530.70, showing a growth of about 15.5%[25] - Total liabilities rose to ¥1,812,081,262.24 from ¥1,645,053,066.13, an increase of approximately 10.2%[25] - The total equity attributable to shareholders decreased to ¥2,386,833,733.54 from ¥2,461,468,755.95, reflecting a decline of about 3.0%[26] Shareholder Information - Total number of common shareholders at the end of the reporting period is 25,603[13] - The largest shareholder, Wang Bin, holds 19.35% of shares, totaling 104,957,909 shares[13] - The top 10 shareholders hold a combined total of 186,000,000 shares, representing a significant portion of the company's equity[14] - The total number of shares held by the top 10 unrestricted shareholders is 104,000,000 shares[14] - The company has no preferred shareholders or related party transactions among the top shareholders[15] Operating Costs and Expenses - Operating costs increased by 41.01% year-on-year, totaling ¥556,819,981.38, driven by higher revenue[11] - Total operating costs increased to ¥1,019,409,866.18 from ¥834,692,747.96, reflecting a rise of about 22.1%[27] - The company incurred total operating expenses of ¥943,892,404.55, which is an increase from ¥852,270,933.75 in the previous period, reflecting a rise of about 10.8%[29] - Financial expenses rose by 50.87% to ¥26,167,826.17, attributed to increased loan scales and interest expenses[11] Research and Development - Research and development expenses amounted to ¥296,973,677.27, slightly up from ¥293,150,744.86, indicating a focus on innovation[27] - The company has decided to postpone the "R&D Center Construction Project" completion date to April 2026 due to macroeconomic and market conditions[20] - The company maintains that the postponed R&D project still aligns with its strategic planning and remains necessary and feasible[20] - The company has approved a new stock incentive plan and employee stock ownership plan for 2025[18] Investment Activities - The company generated cash inflows from investment activities totaling ¥444,103,459.15, compared to ¥430,188,974.32 in the previous period, showing a slight increase of 3.2%[30] - The company reported a net investment income of ¥1,850,732.35, down from ¥3,103,347.52, reflecting a decrease of approximately 40.3%[27] Financial Management - The company emphasizes strict management and efficient use of raised funds to mitigate investment risks[20] - The company’s total liabilities increased, impacting its financial leverage and cash flow management strategies moving forward[31]

Group 1 - The core viewpoint of the news is that Beijing Xinle Energy Technology Co., Ltd. has shown a significant stock performance increase of 5.84%, reaching a price of 24.66 CNY per share, with a total market capitalization of 13.378 billion CNY [1] - The company specializes in modular power supplies, customized power supplies, high-power power supplies, and systems, with its main business revenue composition being 98.86% from power supplies and motor drives, and 1.14% from other supplementary sources [1] Group 2 - From the perspective of fund holdings, a fund under Founder Fubon has a significant position in Xinle Energy, with 77,000 shares held, accounting for 4.37% of the fund's net value, making it the tenth largest holding [2] - The Founder Fubon Core Advantage Mixed A fund has achieved a year-to-date return of 10.33% and a one-year return of 12.25%, ranking 5858 out of 8155 and 5193 out of 8031 respectively [2] Group 3 - The fund manager of Founder Fubon Core Advantage Mixed A is Wu Hao, who has been in the position for 7 years and 127 days, with the fund's total asset size being 4.352 billion CNY [3] - During Wu Hao's tenure, the best fund return was 115.15%, while the worst return was -33.88% [3]

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry [6] Core Insights - The 20th Central Committee's Fourth Plenary Session emphasizes the importance of military equipment construction, indicating that the military equipment development is expected to accelerate with the implementation of the 14th Five-Year Plan [9][12] - The successful testing of the Zhuque-3 rocket marks a significant advancement in reusable rocket technology, which is anticipated to lower launch costs and accelerate satellite networking [14][17] - The military sector's stock prices have stabilized recently, with a focus on both domestic and international demand, highlighting the investment value in the military industry [18] Summary by Sections Investment Suggestions and Targets - The report suggests focusing on military electronics, new domains, and the aerospace propulsion chain, with specific stock recommendations including: - Military Electronics: Aerospace Electric (002025, Buy), Zhonghang Optical (002179, Buy), and others [18] - New Domains: Haige Communication (002465, Buy) and others [18] - Aerospace Propulsion Chain: Xibei Superconductor (688122, Buy) and others [18] - Military Trade/Main Equipment: Zhonghang Shenfei (600760, Unrated) and others [18] Industry Performance - The defense and military industry index increased by 2.81%, underperforming compared to the Shanghai Composite Index [21][22] - The report notes that the military industry has shown resilience, with a focus on key components and materials as demand rises [18][21] Recent Developments - The report highlights significant recent events in the military sector, including successful military exercises and advancements in military technology [30][31]

Core Insights - The stock of Xinle Energy increased by 17.65% on the trading day, with a turnover rate of 12.65% and a total transaction value of 1.26 billion yuan, showing a price fluctuation of 20.79% [2] Trading Activity - Institutional investors net bought 11.74 million yuan, while the Shenzhen Stock Connect recorded a net sell of 6.32 million yuan [2] - The top five trading departments accounted for a total transaction value of 384 million yuan, with a net buying amount of 38.66 million yuan [2] - Among the trading departments, four institutional special seats were involved, with a total buying amount of 86.27 million yuan and a selling amount of 74.52 million yuan, resulting in a net buy of 11.74 million yuan [2] Fund Flow - The stock experienced a net inflow of 131 million yuan from major funds, with a significant single net inflow of 126 million yuan and a large single net inflow of 4.76 million yuan [2] - Over the past five days, the net inflow of major funds totaled 216 million yuan [2] Margin Trading Data - As of October 24, the margin trading balance for the stock was 339 million yuan, with a financing balance of 337 million yuan and a securities lending balance of 1.92 million yuan [3] - In the last five days, the financing balance increased by 23.45 million yuan, representing a growth of 7.47%, while the securities lending balance decreased by 154,800 yuan, a decline of 7.46% [3]

Market Performance - The other power equipment sector increased by 2.25% compared to the previous trading day, with Xinle Energy leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Highlights - Xinfu Energy (300593) closed at 23.80, up 17.65% with a trading volume of 569,500 shares and a transaction value of 1.26 billion [1] - Keda (002518) closed at 42.04, up 7.52% with a trading volume of 250,500 shares [1] - Shenghong Co. (300693) closed at 40.37, up 6.46% with a trading volume of 312,700 shares [1] - Dongfang Electric (600875) closed at 21.47, up 6.29% with a trading volume of 1,160,000 shares [1] Capital Flow - The other power equipment sector experienced a net outflow of 800 million from institutional investors, while retail investors saw a net inflow of 540 million [2] - The net inflow from speculative funds was 261 million [2] Individual Stock Capital Flow - Shanghai Electric (601727) had a net inflow of 193 million from institutional investors, while it faced a net outflow of 29.43 million from speculative funds [3] - Xinle Energy (300593) saw a net inflow of 140 million from institutional investors, with a net outflow of 48.90 million from speculative funds [3] - Dongfang Electric (600875) had a net inflow of 146 million from institutional investors, with a net outflow of 65.44 million from speculative funds [3]

Core Viewpoint - The commercial aerospace sector is experiencing a significant upward trend, with notable stock price increases among key companies in the industry [1] Group 1: Company Performance - Aerospace Intelligent Equipment (航天智装) has seen its stock price rise over 15%, reaching a historic high [1] - New Ray Energy (新雷能) has increased by more than 10% [1] - Other companies such as High De Infrared (高德红外), China Satellite (中国卫星), and Torch Electronics (火炬电子) are also witnessing stock price increases [1]

Core Insights - Newray Energy's stock price has increased by 84.29% year-to-date, with a recent rise of 6.34% over the last five trading days [1] - The company reported a revenue of 5.52 billion yuan for the first half of 2025, reflecting a year-on-year growth of 12.93%, while the net profit attributable to shareholders was -951.385 million yuan, a decrease of 39.82% [2] Financial Performance - As of October 27, Newray Energy's stock was trading at 20.64 yuan per share, with a market capitalization of 11.197 billion yuan [1] - The company has seen significant trading activity, with a total transaction volume of 248 million yuan and a turnover rate of 2.71% [1] - The company has made cumulative cash distributions of 1.7 billion yuan since its A-share listing, with 1.04 billion yuan distributed in the last three years [3] Shareholder Structure - As of September 30, Newray Energy had 25,600 shareholders, a decrease of 2.96% from the previous period, with an average of 17,586 circulating shares per shareholder, an increase of 3.05% [2] - Notable institutional shareholders include Huaxia Military Safety Mixed Fund, which increased its holdings by 13.586 million shares, and Changxin National Defense Military Quantitative Mixed Fund, which is a new shareholder [3]

Core Insights - New Ray Energy's stock price has increased by 81.52% year-to-date, with a recent rise of 9.07% over the last five trading days [1] - The company reported a revenue of 5.52 billion yuan for the first half of 2025, reflecting a year-on-year growth of 12.93%, but a net profit loss of 951.39 million yuan, a decrease of 39.82% compared to the previous year [2] Financial Performance - As of October 24, New Ray Energy's stock was trading at 20.33 yuan per share, with a market capitalization of 11.03 billion yuan [1] - The company has seen significant trading activity, with a total turnover of 623.06 million yuan and a turnover rate of 0.69% [1] - The company has made cumulative cash distributions of 170 million yuan since its A-share listing, with 104 million yuan distributed in the last three years [3] Shareholder Structure - As of September 30, the number of shareholders decreased by 2.96% to 25,600, with an average of 17,586 shares held per shareholder, an increase of 3.05% [2] - Major institutional shareholders include Huaxia Military Industry Safety Mixed Fund, which increased its holdings by 13.59 million shares, and Changxin National Defense Military Industry Quantitative Mixed Fund, which is a new shareholder [3]

Core Viewpoint - New Ray Energy's stock has experienced significant fluctuations, with a year-to-date increase of 73.75%, but a recent decline of 4.00% over the last five trading days [1] Company Overview - New Ray Energy Technology Co., Ltd. was established on June 11, 1997, and went public on January 13, 2017. The company specializes in modular power supplies, customized power supplies, high-power power supplies, and systems for various industries including telecommunications, aerospace, military, railways, electricity, industrial control, and broadcasting [2] - The company's main business revenue composition is 98.86% from power supplies and motor drives, with 1.14% from other sources [2] - New Ray Energy is classified under the power equipment sector, specifically in other power equipment [2] Financial Performance - For the first half of 2025, New Ray Energy reported revenue of 552 million yuan, representing a year-on-year growth of 12.93%. However, the net profit attributable to shareholders was a loss of 95.14 million yuan, a decrease of 39.82% compared to the previous year [2] - Since its A-share listing, the company has distributed a total of 170 million yuan in dividends, with 104 million yuan distributed in the last three years [3] Shareholder Information - As of September 30, 2025, New Ray Energy had 25,600 shareholders, a decrease of 2.96% from the previous period. The average number of circulating shares per shareholder increased by 3.05% to 17,586 shares [2] - The top ten circulating shareholders include notable funds, with Huaxia Military Industry Safety Mixed Fund being the second-largest shareholder, increasing its holdings by 13.59 million shares [3]