Group 1 - The company Zhongrong Electric announced the appointment of Gongzheng Tianye as the auditing firm for the fiscal year 2025, with the original signing auditors being Lou Xinjie and Zhang Xin [1] - Due to a work adjustment, Zhang Xin will be replaced by Ji Jindan as the signing auditor for the 2025 audit project [1] - The quality control reviewer, originally appointed as Zhang Lei, will be replaced by Chen Xia due to internal adjustments at Gongzheng Tianye [1]

关于审计机构变更签字会计师及项目质量控制复核人的公告 证券代码：301031 证券简称：中熔电气 公告编号：2026-006 西安中熔电气股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 西安中熔电气股份有限公司（以下简称"公司"或"本公司"）于2025年4 月18日召开了第三届董事会第二十次会议及第三届监事会第十九次会议，审议通 过了《关于续聘会计师事务所的议案》。根据公司董事会审计委员会的建议，同 意续聘请公证天业会计师事务所（特殊普通合伙）（以下简称"公证天业"）为 公司2025年度审计机构。该议案已经2025年5月12日召开的公司2024年年度股东 大 会 审 议 通 过 。 具 体 内 容 详 见 公 司 2025 年 4 月 21 日 于 巨 潮 资 讯 网 （www.cninfo.com.cn）披露的《关于续聘会计师事务所的公告》（公告编号： 2025-038）。 二、变更后签字注册会计师及项目质量控制复核人的基本信息 1、基本信息 签字注册会计师：嵇金丹 2018年成为注册会计师，2014年开始从事上市公司审计，2023年开始在公证 ...

Group 1 - The core viewpoint of the news is that Zhongrong Electric experienced a decline in stock price and significant trading activity, indicating potential volatility in its market performance [1] - On January 29, Zhongrong Electric's stock fell by 3.33%, with a trading volume of 426 million yuan, and a net financing outflow of 976.78 million yuan [1] - As of January 29, the total margin balance for Zhongrong Electric was 271 million yuan, with a financing balance of 269 million yuan, representing 1.95% of its market capitalization [1] Group 2 - As of January 9, the number of shareholders for Zhongrong Electric decreased by 5.15% to 12,900, while the average circulating shares per person increased by 5.43% to 5,314 shares [2] - For the period from January to September 2025, Zhongrong Electric reported a revenue of 1.434 billion yuan, a year-on-year increase of 48.47%, and a net profit attributable to shareholders of 242 million yuan, up 101.77% [2] - Since its A-share listing, Zhongrong Electric has distributed a total of 176 million yuan in dividends, with 136 million yuan distributed over the past three years [2]

Summary of Zhongrong Electric's Conference Call Company Overview - Zhongrong Electric's revenue from the new energy vehicle (NEV) segment exceeds 60%, while the wind and solar energy storage segment accounts for over 20%, with other segments making up about 10% [2][5][17]. Key Points and Arguments Revenue Growth - NEV sales increased by over 50% year-on-year, surpassing the industry average growth rate of approximately 28% [2][6]. - The communication business is expected to maintain a high growth rate, with a year-on-year increase of about 55% in the first half of the year [7][13]. Future Projections - The company anticipates achieving its integrated circuit product target of 250 million by 2026, with optimistic growth expected as 800V models become mainstream [2][8]. - The company is confident in matching or exceeding industry growth rates in the energy storage sector, with a strong market presence [9]. Product Development - The 800V product is currently in testing, with large-scale production expected to begin in 2027 [12]. - New products are projected to improve gross margins, although specific figures will be confirmed post mass supply [15]. Market Penetration - In 2026, the company expects automotive-related sales to reach approximately 1.2 billion, with a rapid increase in market penetration in the NEV sector [17]. - The company is actively pursuing integrated design for BDU products, aiming for increased market share in the long term [23]. Industry Dynamics Material Costs - Rising copper and silver prices have pressured gross margins, prompting the company to implement measures such as hiring specialized teams and expanding sales channels [3][25][26]. - The company plans to communicate with clients regarding price increases and focus on cost reduction to mitigate the impact of raw material price fluctuations [26]. International Expansion - The Thai factory has six production lines operational, with plans to add more to meet demand from the Americas and Europe [20]. - The company aims for overseas business to account for 40%-50% of total revenue within the next five years [28]. Additional Insights - Solid-state circuit breakers will not completely replace fuses, as both have advantages in different applications [16]. - The company is exploring opportunities in the HVDC sector, with applications in various components and a focus on developing electronic fuses [31]. Financial Outlook - The projected performance for 2025 is between 383 million and 432 million, with the company typically taking the midpoint for estimates [4]. - Stock incentive expenses are expected to be around 36 million in 2026, decreasing to over 20 million in 2027 [29][30].

Investment Rating - The report does not provide specific investment ratings for the industry sectors mentioned [2]. Core Insights - The overall industry strategy focuses on the simultaneous rise in energy storage volume and price, with ongoing themes in space and AI [3]. - The new energy vehicle supply chain is entering an upward cycle, benefiting companies like CATL and EVE Energy due to the electrification upgrade and optimization of energy storage patterns [3]. - By the end of December 2025, China's electric vehicle charging infrastructure is expected to reach 20.092 million units, a year-on-year increase of 49.7% [3]. - Global energy storage battery shipments are projected to reach 640 GWh in 2025, a year-on-year increase of 82.9%, with CATL maintaining a leading position [3][25]. - The solid-state battery sector is entering a critical phase of engineering and industrialization, with companies like Xiamen Tungsten and Peking University Technology benefiting [4]. Summary by Sections Energy Storage and New Energy - The energy storage trend continues to improve, with companies like Sungrow Power and Huaneng Power benefiting from a significant increase in domestic procurement, which exceeded 100 GWh for the first time [5]. - The average price of lithium battery storage systems has rebounded by 6.39% to 0.5226 yuan/Wh [5]. - AI expansion and global grid upgrades are driving demand for power equipment, benefiting companies like TBEA and Sanyuan Electric [5]. Lithium Carbonate and Battery Materials - The supply and demand for lithium carbonate are exceeding expectations, with companies like Salt Lake Potash and Hunan Youneng benefiting from favorable market conditions [4]. - The cost of phosphoric iron lithium cathode materials has increased, with processing fees rising by 318.7 yuan/ton compared to November averages [4][27]. AI and Robotics in New Energy - The integration of AI and humanoid robots in the new energy sector is gaining traction, with companies like Zhejiang Rongtai and Keda Li benefiting from advancements in robotics [7]. - Tesla's shift towards becoming a robotics company is expected to create new growth cycles, with significant implications for the automotive industry [7][26]. Market Trends and Projections - The report highlights that the global energy storage battery shipment is expected to reach 1,090 GWh in 2026, a year-on-year increase of 70% [25]. - The market for commercial energy storage products is evolving, with larger capacity batteries becoming mainstream and driving innovation in the sector [29].

Group 1 - The company Zhongrong Electric announced that its fourth board meeting will be held on January 26, 2026, to discuss the proposal for the first extraordinary general meeting of shareholders in 2026 [1] Group 2 - International gold prices have surpassed $5,000, marking a 280% increase over the past seven years, with experts suggesting that the key factors influencing this trend include the US dollar, the international monetary system, interest rate cuts, and technological revolutions [1]

西安中熔电气股份有限公司 关于开展商品期货套期保值业务的可行性分析报告 一、开展商品期货套期保值业务的目的 西安中熔电气股份有限公司（以下简称"公司"）主营业务的主要原材料中铜材质 类、银材质类原材料的占比较高，该类原材料的价格波动将对公司主营业务成本造成较 大影响。公司开展商品期货套期保值业务旨在规避铜、银等原材料价格剧烈波动对公司 生产经营带来的不确定风险，充分利用期货市场的套期保值功能，促进产品成本的相对 稳定，保障企业持续健康运行。 二、开展商品期货套期保值业务的基本情况 1、主要涉及的交易品种 公司套期保值期货期权品种限于在场内市场交易的与公司及下属子公司的生产经 营有直接关系的铜、银等原料相关的期货、期权品种。 2、额度及期限 （1）自第四届董事会第六次会议审议通过之日起至 2026 年第一次临时股东大会审 核通过《关于调整商品期货套期保值业务保证金额度的议案》为止，公司商品期货套期 保值业务开展中占用的可循环使用的保证金最高额度不超过（即授权有效期内任一时点 都不超过）9,000 万元人民币。在上述额度范围内，资金可循环使用。 （2）自 2026 年第一次临时股东大会审核通过《关于调整商品期货套 ...

关于开展商品期货套期保值业务的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 证券代码：301031 证券简称：中熔电气 公告编号：2026-003 西安中熔电气股份有限公司 西安中熔电气股份有限公司（以下简称"公司"）于2026年1月26日召开第四届董事会 第六次会议，审议通过《关于开展商品期货套期保值业务的议案》、《关于调整商品期货套 期保值业务保证金额度的议案》，同意公司开展商品期货套期保值业务。为及时规避原材料 价格剧烈波动对公司生产经营带来的不确定风险，本次商品期货套期保值业务开展授权额 度分批执行，其中自第四届董事会第六次会议审议通过之日起至2026年第一次临时股东大会审核 通过《关于调整商品期货套期保值业务保证金额度的议案》为止，可循环使用的保证金最高额度 为不超过9000万元人民币，在上述额度范围内，资金可循环使用；2026年第一次临时股东大 会审核通过后，可循环使用的保证金最高额度调整为不超过20,000万元人民币，期限为自股东 大会审核通过之日起不超过12个月，在上述额度范围内，资金可循环使用。本事项已经第四届 董事会审计委员会202 ...

证券代码：301031 证券简称：中熔电气 公告编号：2026-005 西安中熔电气股份有限公司 关于召开2026年第一次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 西安中熔电气股份有限公司（以下简称"公司"或"中熔电气"）第四届 董事会第六次会议审议通过了《关于提请召开2026年第一次临时股东大会的议 案》，决定于2026年2月11日（星期三）召开2026年第一次临时股东大会。现将 本次会议的有关事项提示如下： 一、召开会议的基本情况 1、会议届次：2026年第一次临时股东大会 2、股东大会的召集人：公司第四届董事会 3、会议召开的合法、合规性：本次股东大会的召开符合有关法律、行政法 规、部门规章、规范性文件、深圳证券交易所业务规则和公司章程等规定。 4、会议召开的日期、时间： 1 决的，以第一次有效投票表决结果为准。 6、会议的股权登记日：2026年2月6日（星期五）。 7、出席对象： （一）截至2026年2月6日（星期五）下午深圳证券交易所收市时，在中国证 券登记结算有限责任公司深圳分公司登记在册的本公司全体股东均有权出席股 东大 ...

经与会董事认真审议，会议以记名投票表决方式通过了以下议案并形成如下决 议： （一）审议并通过《关于开展商品期货套期保值业务的议案》。 为及时规避原材料价格剧烈波动对公司生产经营带来的不确定风险，充分 利用期货市场的套期保值功能，促进产品成本的相对稳定，保障企业持续健康 运行。董事会同意公司开展商品期货套期保值业务，商品期货套期保值业务开 展中占用的可循环使用的保证金最高额度不超过（即授权有效期内任一时点都 不超过）9,000万元人民币，在上述额度范围内，资金可循环使用；期限为自本 次董事会审议通过之日起至2026年第一次临时股东大会审核通过《关于调整商 品期货套期保值业务保证金额度的议案》为止。董事会同时审议通过了公司编 制的《关于开展商品期货套期保值业务的可行性分析报告》。具体内容详见公 司同日于巨潮资讯网（http://www.cninfo.com.cn）披露的《关于开展商品期货套 期保值业务的公告》和《关于开展商品期货套期保值业务的可行性分析报告》 本议案已经审计委员会审议通过，无需提请公司股东大会审议。 表决结果：9票同意、0票反对、0票弃权、0票回避表决。 证券代码：301031 证券简称：中熔电气 ...