Core Viewpoint - The company, Zhongrong Electric (301031), is actively expanding its production capacity and exploring new markets, particularly in overseas locations, while maintaining strong financial performance and strategic growth plans. Group 1: Company Operations and Strategy - The company plans to have its overseas production base in Thailand account for approximately 10% of total capacity, primarily serving European and North American markets, although domestic supply remains preferred due to lower costs [2] - The second phase of the company's project in Xi'an has commenced construction, with an expected completion date by the end of 2027 [3] - The company is exploring applications for products like Efuse in the robotics sector, indicating a focus on innovation and market entry [4] Group 2: Financial Performance - In Q1 2025, the company reported a main revenue of 390 million yuan, a year-on-year increase of 44.98%, and a net profit attributable to shareholders of 60.75 million yuan, up 125.81% [9] - The company's debt ratio stands at 49.42%, with investment income of 160,500 yuan and financial expenses of 2.47 million yuan, while maintaining a gross profit margin of 38.56% [9] Group 3: Market Trends and Product Development - The demand for incentive fuses in high-voltage applications is becoming an industry trend, with expectations for increased market penetration as the need for active protection rises [8] - The company is addressing pricing pressures by focusing on technological innovation and providing differentiated products that add value beyond just price [7] Group 4: Future Growth and M&A Strategy - The company aims to enhance its product portfolio through acquisitions by 2030, considering strategic fit, team integration, and long-term growth potential of target businesses [6]

Group 1: Company Overview and Strategic Planning - The chairman shared insights on the company's development history, strategic layout, technological advantages, and the prospects of the new energy sector [2] - The second phase of the Xi'an base project has commenced, with preliminary completion expected by the end of 2027 [2] - The company plans to enhance its product portfolio through acquisitions before 2030, focusing on strategic fit, team integration, and industry growth potential [3] Group 2: Production and Market Strategy - The planned production capacity in Thailand is expected to account for approximately 10% of total capacity, primarily serving the European and North American markets [2] - The company is exploring applications for products like Efuse in the robotics field, currently in the early market stage [2] - The company maintains stable cash flow, with payment cycles influenced by various factors, primarily due to a customer base consisting of industry leaders [3] Group 3: Competitive Positioning and Product Trends - The company mitigates pricing pressure by focusing on R&D capabilities, quality control, and service responsiveness, rather than solely on price competition [3] - The trend of using incentive fuses in high-voltage scenarios is becoming standardized, with significant growth expected in market penetration due to rising demand for active protection [3]

Core Viewpoint - The Chinese automotive fuse industry is experiencing rapid growth driven by the booming automotive sector, particularly in the new energy vehicle (NEV) market, with a projected market size of 1.6 billion yuan in 2024, representing a year-on-year growth of 38.17% [1][10]. Industry Overview - Automotive fuses, also known as automotive circuit breakers, are critical components in vehicle electrical systems, designed to protect against overloads and short circuits by automatically disconnecting the circuit [2]. - The industry has evolved through four main stages: initial technology accumulation, standard transition, domestic replacement, and the current phase of intelligent transformation [3][4]. Industry Development History - The industry began with technology accumulation from the 1950s to the 1970s, followed by a transition to international standards in the 1980s, leading to improvements in product quality and reliability [3]. - From 1996 to 2010, domestic manufacturers began to close the gap with foreign brands, while the period from 2011 onwards has seen a shift towards high-voltage and intelligent fuses due to the rise of NEVs [4]. Industry Supply Chain - The upstream supply chain includes raw materials such as conductive metals (copper, silver), insulating materials (ceramics, glass), and arc-extinguishing materials [6]. - The midstream involves the manufacturing of automotive fuses, while the downstream is primarily the automotive industry [6]. Market Size - The automotive fuse market in China is expected to reach 1.6 billion yuan in 2024, with high-end products like incentive and intelligent fuses seeing a penetration rate exceeding 15% [10]. Key Companies' Performance - The competitive landscape is characterized by foreign brands dominating the high-end market, while domestic companies like Zhongrong Electric are gaining market share through technological advancements [12]. - Zhongrong Electric has achieved over 20% global market share in high-voltage fuses for NEVs, while Haoli Technology focuses on cost advantages in the traditional and mid-range NEV markets [12]. Industry Development Trends 1. **Technological Upgrades and High-End Breakthroughs** - The industry is moving towards higher voltage and current capabilities, with new products exceeding 1000V being developed [17]. - Intelligent fuses with integrated communication interfaces and self-diagnostic functions are becoming essential for safety in autonomous driving and vehicle networking [17]. 2. **Diversification of Market Demand and Scene Expansion** - The application of automotive fuses is expanding beyond traditional vehicles to include the entire new energy vehicle supply chain, with increasing demand in charging stations and energy storage systems [19]. 3. **Deepening Domestic Replacement and Global Layout** - Domestic manufacturers are accelerating the replacement of foreign brands and expanding globally, with companies like Zhongrong Electric establishing subsidiaries abroad to mitigate trade barriers [20].

证券代码：301031 证券简称：中熔电气 公告编号：2025-067 西安中熔电气股份有限公司 关于回购公司股份进展的公告 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。 西安中熔电气股份有限公司（以下简称"公司"）于2024年7月9日召开了第 三届董事会第十六次会议，审议通过了《关于回购公司股份方案的议案》，同 意公司使用自有资金以集中竞价交易方式回购公司部分人民币普通股（A股） 股份（以下简称"本次回购"），用于实施股权激励计划或员工持股计划。本 次回购的资金总额不低于人民币2,000万元（含），不超过人民币4,000万元（ 含），回购价格上限不超过人民币100元/股（含）。回购股份的实施期限自公 司董事会审议通过回购方案之日起12个月内。具体内容详见公司2024年7月9日 和2024年7月16日刊登于巨潮资讯网（www.cninfo.com.cn）的《关于回购公司 股份方案的公告》（公告编号：2024-049）和《回购报告书》（公告编号： 2024-057）。公司于2024年7月18日于巨潮资讯网披露了《关于2023年年度权益 分派实施后调整回购股份价 ...

Core Viewpoint - The company has adjusted the number and grant price of the restricted stock incentive plan for 2022 due to the implementation of equity distributions in 2023 and 2024, ensuring compliance with relevant regulations and maintaining the plan's continuity [1][9]. Summary by Sections 1. Adjustment of Restricted Stock Incentive Plan - The board of directors approved the adjustment of the grant price from 99.38 yuan per share to 66.24 yuan per share, and the number of restricted stocks from 306.4135 million shares to 453.49198 million shares [1][7]. - The adjustments were made following the company's equity distributions in 2023 and 2024, which necessitated changes to the grant price and quantity of restricted stocks [7][9]. 2. Approval Procedures - The company conducted several board and supervisory meetings to review and approve the incentive plan and its adjustments, ensuring all necessary approvals were obtained [2][4][5]. - Independent directors provided their opinions on the adjustments, affirming the legitimacy of the process [5][9]. 3. Impact of Adjustments - The adjustments to the incentive plan are in accordance with the "Management Measures for Equity Incentives of Listed Companies" and will not materially affect the company's financial status or operational results [9]. - The adjustments are designed to align with the company's ongoing incentive strategy and ensure the plan's effectiveness [9]. 4. Legal Opinions - The adjustments have received the necessary approvals and are compliant with relevant laws and regulations, as confirmed by legal counsel [9].

Summary of Key Points Core Viewpoint The announcement details the achievement of the first vesting conditions for the 2022 Restricted Stock Incentive Plan of Xi'an Zhongrong Electric Co., Ltd, highlighting the successful fulfillment of performance criteria and the corresponding stock vesting for eligible participants. Group 1: Incentive Plan Overview - The incentive plan involves 158 participants, primarily core management and technical personnel, with a total of 331.3871 million shares allocated, representing 5% of the company's total equity [2][12] - The plan's effective period lasts up to 78 months from the initial grant date, with specific vesting conditions outlined [3][4] Group 2: Vesting Conditions - The first vesting period is set for 20% of the granted shares, contingent upon meeting performance targets, with the first vesting date occurring 18 months post-grant [13][14] - The performance targets require a compound annual growth rate (CAGR) of at least 25% in revenue from 2021 to 2027, with specific annual revenue benchmarks [8][14] Group 3: Performance Assessment - The company reported a revenue of approximately 384.92 million yuan in 2021 and 754.60 million yuan in 2022, indicating a CAGR of 65.9%, thus meeting the first vesting condition [14] - Individual performance assessments categorize results into four levels (A, B, C, D), affecting the vesting ratio for each participant [9][10] Group 4: Financial Impact - The vesting of 857,167 shares will not significantly impact the company's financial status or operational results, and the overall equity structure remains compliant with listing requirements [16]

Core Viewpoint - The legal opinion letter from Shanghai Jintiancheng Law Firm confirms that Xi'an Zhongrong Electric Co., Ltd.'s 2022 restricted stock incentive plan adjustments, vesting conditions, and the cancellation of unvested restricted stocks have been properly authorized and comply with relevant laws and regulations [1][4][13]. Summary by Sections Legal Basis and Procedures - The law firm reviewed the 2022 restricted stock incentive plan and related documents, ensuring compliance with the Securities Law, Company Law, and other relevant regulations [2][3]. - The company has followed necessary procedures for the adjustments in grant price and quantity, as well as for the vesting and cancellation of restricted stocks [4][5]. Adjustments to Grant Price and Quantity - Due to the company's 2023 and 2024 profit distribution plans, adjustments to the grant price and quantity of restricted stocks were necessary. The adjusted grant price is calculated to be 66.24 yuan per share [6][9]. - The adjustments are in accordance with the incentive plan's provisions regarding capital reserve transfers and profit distributions [8][9]. Vesting Conditions - The first vesting period for the restricted stocks is from July 19, 2024, to July 17, 2025. A total of 147 individuals are eligible for vesting, with 857,167 shares confirmed for vesting [11][12]. - The company achieved a compound annual growth rate of over 25% in revenue, meeting the performance criteria for the vesting of restricted stocks [11][12]. Cancellation of Unvested Stocks - A total of 123,227 shares of restricted stocks were canceled due to the departure of certain incentive recipients and unsatisfactory performance evaluations [13][12]. - The cancellation aligns with the provisions of the incentive plan, which stipulates that unvested stocks are forfeited upon the recipient's departure or failure to meet performance criteria [13][12]. Conclusion - The adjustments, vesting, and cancellations have received the necessary approvals and are in compliance with the relevant laws, regulations, and the company's incentive plan [14].

Group 1 - The company held its second meeting of the fourth board of directors on May 30, 2025, with all nine directors present, complying with relevant laws and internal regulations [1] - The board approved an adjustment to the 2022 restricted stock incentive plan, changing the grant price from 99.38 yuan per share to 66.24 yuan per share and increasing the number of shares from 3.307535 million to 4.8951518 million [1] - The board also approved the cancellation of 91,760 shares from the 2022 incentive plan due to the departure of 11 incentive targets and the non-qualification of 123,227 shares based on performance assessments [2] Group 2 - The board approved the achievement of the first vesting condition for the initial grant of the 2022 restricted stock incentive plan, allowing 857,167 shares to vest for 147 incentive targets [2] - The voting results for all resolutions included 6 votes in favor, 0 against, 0 abstentions, and 3 abstentions from voting [2][3]

证券代码：301031 证券简称：中熔电气 公告编号：2025-063 西安中熔电气股份有限公司 关于调整2022年限制性股票激励计划 限制性股票数量及授予价格的公告 本公司及全体董事会成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者遗漏。 西安中熔电气股份有限公司（以下简称"中熔电气"或"公司"）于 2025 年 5 月 30 日召开了第四届董事会第二次会议，审议通过了《关于调整 2022 年限 制性股票激励计划限制性股票数量及授予价格的议案》，因公司实施了 2023 年度 权益分派、2024 半年度权益分派、2024 年度权益分派，根据《西安中熔电气股 份有限公司 2022 年限制性股票激励计划》（以下简称"本激励计划"或"《激励 计划》"）等的相关规定及公司 2023 年第一次临时股东大会的授权，公司董事会 同意将本激励计划首次及预留授予限制性股票的授予价格由 99.38 元/股调整为 66.24 元/股，授予数量由 330.7535 万股调整至 489.51518 万股，其中首次授予 部分由 306.4135 万股调整至 453.49198 万股，预留部分由 24.34 万股调整 ...

证券代码：301031 证券简称：中熔电气 公告编号：2025-064 西安中熔电气股份有限公司 关于作废2022年限制性股票激励计划 部分已授予尚未归属的限制性股票的公告 本公司及全体董事会成员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或者遗漏。 根据西安中熔电气股份有限公司（以下简称"公司"）2023年第一次临时 股东大会的授权，公司于2025年5月30日召开第四届董事会第二次会议审议通过 了《关于作废2022年限制性股票激励计划部分已授予尚未归属的限制性股票的 议案》，同意作废已授予尚未归属的第二类限制性股票共计123,227股，现就相 关情况公告如下： 3、2022年12月22日，公司召开第三届董事会第六次会议，审议通过《关于 <西安中熔电气股份有限公司2022年限制性股票激励计划(草案修订稿)>及摘要 5 的议案》《关于<西安中熔电气股份有限公司2022年限制性股票激励计划实施考 核管理办法（修订稿）>的议案》《关于取消2023年第一次临时股东大会部分提 案并增加临时提案的议案》。公司独立董事发表了独立意见。 4、2022年12月22日，公司召开第三届监事会第六次会议，审议通过《 ...