2025 年 3 月 第一章 总则 运达能源科技集团股份有限公司 章 程 第二条 公司系依照《公司法》和其他有关法律法规的规定，由原浙江运达 风力发电工程有限公司整体变更设立的股份有限公司（以下简称"公司"）。 第三条 公司于 2019 年 4 月 4 日经中国证券监督管理委员会核准，首次向 社会公众发行人民币普通股 7,349 万股，于 2019 年 4 月 26 日在深圳证券交易所 创业板上市。 第八条 董事长为公司的法定代表人。 第九条 公司全部资产分为等额股份，股东以其认购的股份为限对公司承担 责任，公司以其全部资产对公司的债务承担责任。 第四条 公司注册名称：中文名称：运达能源科技集团股份有限公司 英文名称：Windey Energy Technology Group Co., Ltd 集团名称：运达能源科技集团 第五条 公司住所：浙江省杭州市临平区顺风路 558 号，邮政编码：311106。 第六条 公司注册资本为人民币 786,929,305 元。 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为， 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和 国证券法 ...

1．出席董事会情况 2024 年度，公司共召开董事会 12 次，其中 7 次以现场结合视频方式召开， 5 次以通讯方式召开，本人出席董事会会议情况如下： 运达能源科技集团股份有限公司 2024 年度独立董事述职报告 （潘斌） 本人作为运达能源科技集团股份有限公司（以下简称"公司"）第五届董事 会独立董事，严格按照《公司法》《证券法》《深圳证券交易所创业板股票上市规 则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运 作》《上市公司独立董事管理办法》及《公司章程》《独立董事工作制度》等规定， 在 2024 年度任职期间，忠实勤勉、恪尽职守，主动了解公司的生产经营运作情 况，认真审议董事会各项议案，并对相关事项发表独立、客观、专业的意见，发 挥独立董事的作用，切实维护公司整体利益和全体股东特别是中小股东的合法权 益。现就 2024 年度履行独立董事职责的情况汇报如下： 一、独立董事基本情况 潘斌先生，1972 年出生，中国国籍，无境外永久居留权，硕士研究生学历， 法律职业资格。现任上海虎博投资管理有限公司、文德启帆（上海）企业管理咨 询有限公司、徕铂科服（上海）信息科技有限公司执行董事，广 ...

一、主要会计数据和财务指标 | 名称 持有数量(万股) | | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 浙江省机电集团有限公司 | 28080.00 | 40.40 | 不变 | | 香港中央结算有限公司 | 1271.77 | 1.83 | 230.53 | | 中国太平洋人寿保险股份有限公司-分红-个人分红 | 752.10 | 1.08 | 不变 | | 中节能实业发展有限公司 | 557.72 | 0.80 | -222.28 | | 招商量化精选股票A | 531.75 | 0.77 | 新进 | | 中国太平洋人寿保险股份有限公司-传统-普通保险 产品 | 450.00 | 0.65 | -209.61 | | 华夏复兴混合A | 434.38 | 0.63 | 新进 | | 中节能科技投资有限公司 | 362.12 | 0.52 | -226.53 | | 南方中证1000ETF | 348.79 | 0.50 | -128.75 | | 杨洚 | 325.00 | 0.47 | 新进 | | 较上个报告期退出 ...

Financial Performance - The company's operating revenue for 2024 reached ¥22,198,114,934, representing an increase of 18.54% compared to ¥18,726,725,600 in 2023[16] - The net profit attributable to shareholders for 2024 was ¥464,827,466, marking a 12.24% increase from ¥414,145,079 in the previous year[16] - The net cash flow from operating activities for 2024 was ¥2,038,602,519, which is a 15.24% increase from ¥1,768,943,050 in 2023[16] - Basic earnings per share for 2024 were ¥0.67, up 11.67% from ¥0.60 in 2023[16] - Total assets at the end of 2024 amounted to ¥38,669,363,713, reflecting a 12.22% increase from ¥34,457,787,139 at the end of 2023[16] - The net assets attributable to shareholders increased by 8.23% to ¥5,677,233,805 from ¥5,245,427,984 in 2023[16] - The weighted average return on net assets for 2024 was 8.50%, an increase from 8.19% in 2023[16] - In Q1 2024, the company reported revenue of approximately $3.75 billion, which increased to about $8.27 billion by Q4 2024, reflecting a growth of 120% over the year[18] - The net profit attributable to shareholders rose from approximately $70.66 million in Q1 2024 to about $198.02 million in Q4 2024, marking an increase of 180%[18] - The net cash flow from operating activities improved significantly, from a negative $1.41 billion in Q1 2024 to a positive $2.76 billion in Q4 2024[18] Dividend and Shareholder Returns - The company plans to distribute a cash dividend of ¥0.6 per 10 shares, totaling approximately ¥47,215,758.30 based on 786,929,305 shares[4] - The company declared a cash dividend of CNY 0.6 per 10 shares, totaling CNY 47,215,758.30, which represents 100% of the distributable profit[165] - The total distributable profit for the reporting period was CNY 1,549,063,489.32[165] Market and Industry Position - The company has reported a significant increase in user data and market expansion strategies, although specific figures were not disclosed in the provided content[16] - The global energy landscape is undergoing profound changes, with the renewable energy sector experiencing unprecedented opportunities and challenges, positioning the company favorably within this context[26] - The Chinese government continues to support the renewable energy industry with policies aimed at enhancing market expectations and optimizing the development environment[27] - The company is aligned with national goals to increase non-fossil energy generation capacity to 55% by 2024, with wind and solar power expected to account for over 17% of total electricity generation[28] - The company is actively involved in initiatives to improve the consumption of renewable energy and the construction of a new power system, which is crucial for achieving carbon neutrality goals[29] Wind Power Sector Performance - Wind power equipment sales revenue reached 18.053 billion yuan, with external sales capacity of 11,618.31 MW, a year-on-year increase of 37.22%[54] - New wind power equipment orders totaled 30,893.01 MW, representing a year-on-year growth of 96.65%, with total orders on hand reaching 39,866.74 MW[56] - The wind power sector contributed ¥21.99 billion, accounting for 99.04% of total revenue, with a year-on-year growth of 17.89%[67] - Sales of wind turbines amounted to ¥18.05 billion, making up 81.33% of total revenue, with a 12.76% increase compared to the previous year[67] Research and Development - Research and development expenses rose by 9.53% to ¥605.61 million, reflecting ongoing investment in innovation[78] - The company's R&D investment for 2024 amounted to ¥692,978,818.15, representing a 5.2% increase from ¥656,046,996.61 in 2023[80] - R&D expenditure accounted for 3.12% of total revenue in 2024, down from 3.50% in 2023[80] - The number of R&D personnel decreased by 2.39% from 419 in 2023 to 409 in 2024[80] Corporate Governance and Management - The company has established a governance structure that includes a shareholders' meeting, board of directors, and supervisory board, all functioning independently[130] - The board of directors consists of 9 members, including 3 independent directors, and held 12 meetings during the reporting period[126] - The supervisory board has 3 members, including 1 employee representative, and convened 11 meetings to oversee the company's financial status and major matters[126] - The company has appointed independent directors with diverse backgrounds, including finance and law, to enhance governance[140] - The company has a strong management team with extensive experience in various roles, including engineering and finance[137] Environmental and Social Responsibility - The company is committed to reducing carbon emissions and aims to become a leading, respected, and internationally competitive renewable energy service provider[180] - The company has engaged in social welfare activities, including donations and support for local communities, to improve living standards[185] - The company has implemented a comprehensive environmental impact assessment system for new projects to minimize adverse effects on local biodiversity[184] - The company actively participates in rural wind power projects, providing clean energy to rural areas and promoting green development[186] Strategic Initiatives and Future Plans - The company aims to establish a business ecosystem with six major sectors, focusing on wind power equipment manufacturing, clean energy development, and new energy engineering contracting[40] - The company plans to enhance its global strategic layout by improving its international marketing network and innovating overseas business models to increase market share and profitability[109] - The company is focusing on expanding its market presence and enhancing its product offerings through new technologies[138] - The company plans to enhance operational management and internal controls to improve asset quality and increase revenue[190] Risks and Challenges - The company faces risks from policy changes affecting wind power investments, which could impact product sales[114] - The company is exposed to market competition risks, with increasing concentration in the industry potentially affecting market share and pricing[115] - Supply chain risks are present due to reliance on suppliers for key components, which could impact production and profit margins if not managed effectively[117]

Key Points - The article discusses the recent developments in the renewable energy sector, particularly focusing on solar energy, wind energy, electric vehicles, and hydrogen fuel cells, highlighting the positive trends and potential investment opportunities in these industries [1][15][43]. New Energy - Shanghai Marine Bureau released the "Shanghai Marine Industry Development Plan (2025-2035)" focusing on offshore renewable energy [1] - The National Development and Reform Commission issued guidelines to promote high-quality development of the renewable energy green power certificate market [1] - Domestic solar power installations in January-February reached 39.47 GW, a year-on-year increase of 7% [4] - The export of solar battery components remained stable, with a total export of 47.7 GW in January-February, a decrease of 3% year-on-year [8] Wind Energy - The Shanghai Marine Bureau announced plans to promote deep-sea wind power projects, indicating a strong push for offshore wind energy development [15] - The global wind turbine market saw a total installation of 121.6 GW in 2024, with offshore wind accounting for 11.7 GW [18] - Domestic wind turbine manufacturers are expected to increase their market share overseas, driven by competitive pricing [19] Electric Vehicles & Lithium Batteries - NIO and CATL signed a strategic cooperation agreement to build a comprehensive battery swap network [38] - The sales of electric vehicles in China showed significant growth, with 42.7 million units sold in the first half of March, a year-on-year increase of 41% [28] - BYD launched its new models, Han L and Tang L, with competitive pricing and advanced technology [31] Hydrogen and Fuel Cells - Central state-owned enterprises are leading green hydrogen demonstration projects, with a significant increase in project bids [43] - The installation of fuel cell systems in January-February remained stable, with a total installed capacity of 40.84 MW [44]

■ 储能电芯框采 ！楚能新能源等5企入围 今日（即3月19日），中车发布2025年度储能电芯框架协议采购中标候选人。楚能新能源、海辰储能、瑞浦兰钧、赣锋锂电、天合储能5家企业入 围。 据项目招标公告显示，该项目招标人为中车青岛四方车辆研究所有限公司，拟采购314Ah的储能电芯，采购数量为2995200块。投标人近三年 314Ah及以上电芯供货。 ■ 6GWh储能系统框采！中车等9企入选 3月18日，中国华电集团有限公司相关项目工程2025年磷酸铁锂电化学储能系统框架采购批次评标结果公示，共计 6个 中标候选人， 3个 备选中 标候选人入选。 在公布的中标候选人中， 中标均价为 0.4751元/Wh ，其中 最高中标价来自海博思创，为0.486元/Wh，最低中标价来自易事特，为0.4583 元/Wh。 插播 ： 3000+精准目标用户群，构建用户侧储能项目示范、精品展示及采购对接平台 ， 2025全球用户侧储能产业价值峰会暨应用示范展6月启幕 ！ 点击 下方" 阅读原文 "了解详情 近日，多家企业宣布中标储能相关项目或是签供货协议，涉及 订单规模超21GWh。 近日，运达股份联合洪都拉斯当地电力企业EQUINS ...

Investment Rating - The report maintains a "Recommended" rating for the electrical equipment industry [3][22]. Core Insights - In January 2025, the central enterprises' wind power project bidding totaled 6.24GW, indicating an increase in market concentration among leading companies [4][10]. - The total approved wind power projects in January 2025 reached 11.3GW, with 85 projects, including 81 onshore and 2 offshore projects [4][10]. - The average bidding price for onshore wind projects (including towers) was 2199 RMB/kW, while the average price excluding towers was 1598 RMB/kW [4][10]. Summary by Sections Industry Performance Review - The photovoltaic index decreased by 0.59% from February 10 to 14, 2025, while the CSI 300 index increased by 1.19%, indicating underperformance of the photovoltaic sector [9]. - The wind power index fell by 1.65% during the same period, with only a few stocks showing positive growth [9]. Industry Updates - The bidding scale for central enterprise wind power projects in January 2025 saw a year-on-year decline of 70.4%, attributed to the large-scale project releases in 2024 and ongoing project planning and approval processes [5][11]. - Despite the decline in bidding scale, there are emerging characteristics in market concentration, regional distribution, and pricing trends, highlighting the competitive edge of comprehensive wind turbine manufacturers [5][11]. Key Companies - Notable companies in the sector include Dongfang Cable, Dajin Heavy Industry, Jinlei Co., Sunshine Power, and CITIC Bo [5].

本次发行完成后，募集资金将全部用于补充流动资金。未来，运达股份有望凭借此次定增带来的资金优 势，加速技术创新和市场拓展，推动主营业务的高质量发展，进一步提升核心竞争力，在新能源领域发 挥更加重要的作用。 据了解，运达股份主营业务为大型风力发电机组的研发、生产和销售，新能源电站的投资运营业务，同 时积极培育智慧服务业务，拓展储能、新能源项目EPC总承包、并网侧的产品和服务、新能源数字化产 品、综合能源服务等多元化业务。 3月3日，运达股份(300772)发布2024年度向特定对象发行股票上市公告书。公告显示，本次发行数量为 0.85亿股，发行价格为每股8.22元，募集资金总额约为7亿元，募集资金净额为6.96亿元。新增股份将于 2025年3月7日在深圳证券交易所上市。 此次发行对象为运达股份控股股东机电集团，认购的股份自上市之日起36个月内不得转让。此举不仅彰 显了控股股东机电集团对公司未来发展的坚定信心，同时也为公司的持续发展注入了强劲的资金支持。 通过全额认购本次发行的0.85亿股股份，机电集团进一步巩固了其在公司的控股地位，并表达了长期持 有和支持公司成长的意愿。 ...

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The wind power sector is experiencing accelerated export growth, with China's wind turbine exports reaching 5.19 GW in 2024, a year-on-year increase of 41.7% [7][14]. - The photovoltaic (PV) equipment sector is facing challenges with significant losses across the supply chain, prompting companies to adopt debt-to-equity swaps to mitigate cash flow issues [8][10]. - India's new mandatory energy storage policy for solar projects is expected to open up opportunities for Chinese energy storage companies in the Indian market [9][32]. Summary by Sections Wind Power - Wind power exports are on the rise, with major companies like Goldwind and Envision Energy leading the market, exporting 2.48 GW and 2.28 GW respectively in 2024 [14][15]. - The wind power index increased by 0.04% in the week of February 24-28, 2025, outperforming the CSI 300 index by 2.27 percentage points [16]. - The current price-to-earnings (P/E) ratio for the wind power sector is approximately 19.84 times [16]. Photovoltaic - Companies in the photovoltaic sector are implementing debt-to-equity swaps to address severe cash flow issues, with JinkoSolar and Aotai Technology being notable examples [8][10]. - The overall P/E ratio for the photovoltaic sector is around 35.2 times, indicating high valuation despite ongoing losses [4]. - The supply chain is under pressure, with upstream polysilicon production expected to decrease by 32%-46% in 2025, which may help stabilize prices in the future [8]. Energy Storage & Hydrogen - India's new policy mandates that all renewable energy projects include at least 10% co-located energy storage systems, potentially leading to a storage capacity of at least 14 GW by 2030 [9][32]. - The energy storage index saw a decline of 0.58%, with a current P/E ratio of 28.23 times [4]. - The hydrogen sector is also gaining attention, with companies focusing on electrolyzer technology and fuel cell systems [9]. Investment Recommendations - For wind power, focus on companies like Mingyang Smart Energy, Dongfang Cable, and Yaxing Anchor Chain due to favorable market conditions [9]. - In the photovoltaic sector, attention is drawn to companies like Longi Green Energy and Tongwei Co., as the industry undergoes significant changes [9]. - In energy storage, companies like Sungrow Power Supply and Sunking Electric are highlighted for their strong growth potential [9].

股票上市地点：深圳证券交易所 股票简称：运达股份 股票代码：300772 运达能源科技集团股份有限公司收购报告书摘要 !"#$%&'()*+,-./ 0123456/ 上市公司名称：运达能源科技集团股份有限公司 收购人名称：浙江省机电集团有限公司 住所：浙江省杭州市上城区清波街道延安路 95 号 通讯地址：浙江省杭州市上城区清波街道延安路 95 号 !"#$%&'&()*+ 运达能源科技集团股份有限公司收购报告书摘要 !"#$% 本部分所述词语或简称与本报告书摘要"释义"所述词语或简称具有相同含 义。 一、本报告书摘要依据《公司法》《证券法》《收购管理办法》《准则第 16 号》等法律、法规和规范性文件编写。 二、依据《证券法》《收购管理办法》的规定，本报告书摘要已全面披露了 收购人在运达股份拥有权益的股份。截至本报告书摘要签署日，除本报告书摘要 披露的持股信息外，收购人没有通过任何其他方式在运达股份拥有权益。 三、收购人签署本报告书摘要已获得必要的授权和批准，其履行亦不违反收 购人章程或内部规则中的任何条款，或与之相冲突。 四、本次收购系收购人机电集团认购运达股份向特定对象发行股票所导致。 本次发行完成后，机 ...