宁波迦南智能电气股份有限公司 章 程 二〇二五年九月 | | | 第一章 总则 第一条 为维护宁波迦南智能电气股份有限公司（下称"公司"）、股东、职工 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》 （下称"《公司法》"）、《中华人民共和国证券法》（下称"《证券法》"）和其他 有关规定，结合公司实际情况，制定本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司。 公司系由宁波迦南电子有限公司依法整体变更设立的股份有限公司，于 2016 年 11 月 18 日在宁波市工商局注册登记，并取得营业执照（统一社会信用代码为 913302827133274413）。 第三条 公司于 2020 年 8 月 12 日经中华人民共和国证券监督管理委员会（以 下简称"中国证监会"）同意注册，首次向社会公众发行人民币普通股 3,334 万股， 并于 2020 年 9 月 1 日在深圳证券交易所上市。 第四条 公司中文名称：宁波迦南智能电气股份有限公司。 英文名称： NINGBO JIANAN ELECTRONICS CO., LTD。 第五条 公司住所：浙江省慈溪市开源路 315 号，邮 ...

证券代码：300880 证券简称：迦南智能 公告编号：2025-040 宁波迦南智能电气股份有限公司 2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、本次股东大会的会议召开和出席情况 （一）会议召开情况 1、会议召开日期和时间： 3、会议的召开方式：现场表决与网络投票相结合的方式召开。 4、会议召集人：本次股东大会由董事会召集，会议的召集经第三届董事会 第十八次会议审议通过。 5、会议主持人：董事长章恩友先生。 6、会议召开的合法、合规性：本次股东大会的召集、召开程序符合有关法 律、行政法规、部门规章、规范性文件和《公司章程》的规定。 （二）会议出席情况 1、出席会议股东的总体情况 （1）现场会议召开时间：2025 年 9 月 17 日（星期三）下午 14:30。 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的时间 2025 年 9 月 17 日上午 9:15-9:25,9:30-11:30，下午 ...

Group 1 - The core viewpoint of the news is that the power equipment sector experienced a decline of 0.5% on the previous trading day, with 聚星科技 leading the losses [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] - The power equipment sector saw significant individual stock movements, with 崧盛股份 rising by 8.94% and 聚星科技 falling by 4.95% [1][2] Group 2 - The trading volume for the power equipment sector showed a net outflow of 9.35 billion yuan from institutional funds, while retail investors contributed a net inflow of 8.54 billion yuan [2] - The top gainers in the sector included 崧盛股份, 南网科技, and 大烨智能, with respective increases of 8.94%, 6.70%, and 5.76% [1] - Conversely, the top losers included 聚星科技, 温州宏丰, and 良信股份, with respective declines of 4.95%, 3.81%, and 3.31% [2]

一、对外投资概述 为落实宁波迦南智能电气股份有限公司（以下简称"公司"或"本公司"） 战略发展规划，加强产业协同效应，借助专业机构的投研优势及资源，加快围绕 主营业务优化产业布局，进一步提升公司可持续发展和综合竞争能力，公司全资 子公司浙江迦创自有资金投资有限公司（以下简称"迦创投资"）拟作为有限合 伙人以自有资金出资人民币 8,470 万元，与普通合伙人暨基金管理人北京美锦嘉 创私募基金管理有限公司（以下简称"美锦嘉创"）合作，投资设立嘉兴睿世嘉 创股权投资合伙企业（有限合伙）（以下简称"睿世嘉创"或"有限合伙"）。 睿世嘉创认缴出资总额为 8,500 万元，其中迦创投资出资占比为 99.6471%。 2025 年 7 月 30 日，睿世嘉创已在嘉兴市南湖区行政审批局完成了工商备案 登记并取得了营业执照。详见公司于 2025 年 8 月 1 日在中国证监会指定的创业 板信息披露网站巨潮资讯网（http://www.cninfo.com.cn）披露的《关于全资子公 司与专业投资机构共同投资设立基金暨完成工商登记并取得<营业执照>的公告》 （公告编号：2025-029）。 证券代码：300880 证券简称：迦南 ...

Core Viewpoint - Canaan Intelligent (迦南智能) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1][3]. Financial Performance - Total revenue for the first half of 2025 was 402 million yuan, a decrease of 26.79% year-on-year [1]. - Net profit attributable to shareholders was 65.7753 million yuan, down 44.48% year-on-year [1]. - In Q2 2025, total revenue was 249 million yuan, a decline of 25.93% year-on-year, with net profit of 48.5767 million yuan, down 44.28% year-on-year [1]. - Gross margin was 25.78%, a decrease of 17.31% year-on-year, while net margin was 16.14%, down 23.84% year-on-year [1]. - Total operating expenses (sales, management, and financial expenses) amounted to 24.2794 million yuan, accounting for 6.04% of revenue, an increase of 12.81% year-on-year [1]. Balance Sheet and Cash Flow - Accounts receivable reached 332 million yuan, representing 172.06% of the latest annual net profit [1]. - Cash and cash equivalents were 309 million yuan, a decrease of 17.48% year-on-year [1]. - Interest-bearing debt increased significantly to 18.2438 million yuan, a rise of 2332.51% year-on-year [1]. - Earnings per share (EPS) was 0.34 yuan, down 44.74% year-on-year, while operating cash flow per share was -0.41 yuan, a decrease of 271.1% year-on-year [1]. Historical Performance and Projections - The company's return on invested capital (ROIC) for the previous year was 17.98%, indicating strong capital returns [3]. - Historical data shows a median ROIC of 17.22% since the company went public, with the worst year being 2020 at 11.01% [3]. - Analysts expect the company's performance in 2025 to reach 201 million yuan, with an average EPS forecast of 1.03 yuan [3].

Meeting Overview - The 14th meeting of the third Supervisory Board was held on August 17, 2025, with all members notified in advance and three supervisors present for voting [1] - The meeting's resolutions were passed through a written voting process, ensuring compliance with legal and regulatory requirements [1] Resolutions Passed - The Supervisory Board approved the review of the company's 2025 semi-annual report and its summary, confirming that the report accurately reflects the company's actual situation without any false records or misleading statements [1] - The board also confirmed that the disclosure of information regarding fundraising investment projects was timely, accurate, and complete, adhering to relevant regulations and ensuring no misuse of funds occurred [2][3] - A resolution was passed to abolish the "Rules of Procedure for Supervisory Meetings," transferring the supervisory powers to the Audit Committee of the Board, which aims to enhance corporate governance and operational standards [3] Voting Results - All resolutions received unanimous support with 3 votes in favor, 0 against, and 0 abstentions [2][3]

Core Viewpoint - Canaan Intelligent (迦南智能) is facing short-term performance pressure, with a focus on deepening its overseas and new energy business layout, and has been given an "Accumulate" rating by Guojin Securities [1] Financial Performance - In the first half of 2025, Canaan Intelligent reported revenue of 400 million yuan, a year-on-year decrease of 26.8%, and a net profit attributable to shareholders of 70 million yuan, down 44.5% year-on-year [2] - The gross profit margin for the first half of 2025 was 25.8%, a decline of 5.4 percentage points year-on-year [2] - In Q2 2025, revenue was 250 million yuan, a year-on-year decrease of 25.9%, with a net profit of 50 million yuan, down 44.3% year-on-year [2] Operational Analysis - The core business of smart metering and systems is experiencing short-term fluctuations due to the bidding rhythm, with a significant revenue drop of 36.3% to 320 million yuan in the first half of 2025 [3] - The gross profit margin for the core business fell to 28.3%, down 4.8 percentage points year-on-year, primarily due to a slowdown in the State Grid's bidding and delivery rhythm [3] - Revenue from lower-margin metering boxes and accessories increased by 85.4% to 80 million yuan, contributing to the overall decline in gross profit margin [3] - It is expected that the core business will recover to positive growth in the second half of 2025 as the bidding rhythm resumes [3] Growth Strategy - The company is making steady progress in its second growth curve, with breakthroughs in overseas and new energy businesses [4] - In June 2025, Canaan Intelligent established a joint venture foreign trade company, Canaan International, in Hangzhou to promote smart metering and new energy products abroad [4] - The company is enhancing its local service capabilities and steadily increasing its market share overseas through increased R&D investment and local factory collaborations [4] - In the new energy sector, the company has successfully won bids for seven segments from state-owned enterprises, expanding its charging pile products into various application scenarios [4] Profit Forecast and Valuation - Based on the company's semi-annual report and the latest industry assessments, it is projected that the net profit attributable to shareholders will reach 200 million, 230 million, and 280 million yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth of 4%, 16%, and 19% [5] - The current price corresponds to a price-to-earnings ratio (PE) of 20, 17, and 15 times for the years 2025, 2026, and 2027 [5]

Investment Rating - The report has downgraded the investment rating to "Accumulate" [6] Core Views - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 400 million yuan, down 26.8% year-on-year, and net profit at 70 million yuan, down 44.5% year-on-year [3] - The decline in performance is attributed to adjustments in customer order delivery schedules and the impact of product structure on delivered goods [3] - The core business of smart metering and systems has shown weakness, with revenue dropping 36.3% year-on-year to 320 million yuan, primarily due to a slowdown in the bidding and delivery schedule of electric meters by the State Grid [4] - The company has made progress in its second growth curve, with breakthroughs in overseas and new energy businesses, including the establishment of a joint venture for international trade and successful bids for charging station products [5] Summary by Sections Performance Review - In the first half of 2025, the company achieved revenue of 400 million yuan, a decrease of 26.8% year-on-year, and a net profit of 70 million yuan, down 44.5% year-on-year, with a gross margin of 25.8%, down 5.4 percentage points [3] Operational Analysis - The traditional core business of smart metering and systems saw a significant revenue decline of 36.3% year-on-year to 320 million yuan, with a gross margin decrease to 28.3% [4] - The revenue from lower-margin metering boxes and accessories increased by 85.4% to 80 million yuan, contributing to the overall decline in gross margin [4] - Expectations for recovery in the core business are based on the anticipated resumption of the State Grid's bidding schedule in the second half of the year [4] Growth Prospects - The company is advancing its second growth curve with notable achievements in overseas markets and new energy sectors [5] - A joint venture was established in Hangzhou to promote smart metering and new energy products internationally [5] - The company has successfully bid for seven segments of charging station products, expanding its application in various scenarios [5] Profit Forecast and Valuation - The forecast for net profit from 2025 to 2027 is 200 million yuan, 230 million yuan, and 280 million yuan, representing year-on-year growth rates of 4%, 16%, and 19% respectively [6] - The current price corresponds to a price-to-earnings ratio of 20, 17, and 15 times for the years 2025 to 2027 [6]

Core Viewpoint - Canaan Intelligent (300880.SZ) reported a revenue of 402 million yuan for the first half of 2025, reflecting adjustments in customer order delivery plans, with signs of operational resilience emerging as the decline in Q2 performance narrowed compared to Q1 [1] Group 1: Business Performance - The company is focusing on two core directions: deepening partnerships in charging pile cooperation and expanding into overseas markets, aligning with industry trends in new energy and new power systems [1] - Canaan Intelligent's subsidiary, Canaan New Energy, won a bid for the State Grid Gansu's charging station construction project, marking a breakthrough in the new energy business [2] - The company has secured seven segments for charging piles from state-owned enterprises, indicating a successful expansion from traditional power equipment supply to new energy equipment and services [2] Group 2: Capacity Expansion - A groundbreaking ceremony was held for a project in Cixi, Ningbo, with a total investment of 466 million yuan, aimed at developing and manufacturing high-power charging equipment [3] - The project will have an annual production capacity of 50,000 high-power supercharging piles and supporting direct current charging modules, set to be completed by December 2026 [3] - The company is optimizing the performance of high-power charging equipment while expanding its market presence across various charging station layouts [3] Group 3: International Expansion - Canaan Intelligent is accelerating its overseas market development, having established a joint foreign trade company in Hangzhou to leverage resource advantages and promote international business growth [4] - The company is focusing on technology export and localized operations, responding to the Belt and Road Initiative and international capacity cooperation opportunities [4] - Participation in international exhibitions, such as the European Smart Energy Exhibition, has enhanced the company's global visibility and brand influence [5] Group 4: Overall Outlook - In the first half of 2025, Canaan Intelligent achieved key breakthroughs in the new energy sector through its charging pile business, gradually opening up overseas markets [6] - The advancements in both domestic and international operations are expected to support the company's performance recovery and long-term growth [6]

Group 1 - The core viewpoint of the article is that Canaan Intelligent (300880.SZ) reported a significant decline in both revenue and net profit for the first half of 2025 compared to the same period last year [1] Group 2 - The company achieved an operating income of 402 million yuan, representing a year-on-year decrease of 26.79% [1] - The net profit attributable to shareholders of the listed company was 65.7753 million yuan, down 44.48% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 60.0162 million yuan, a decrease of 47.28% year-on-year [1] - The basic earnings per share were 0.3371 yuan [1]