Core Viewpoint - Zhejiang Hengwei (301222.SZ) reported a decline in both revenue and net profit for the first three quarters of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for the first three quarters was 475 million yuan, a year-on-year decrease of 7.90% [1] - The net profit attributable to shareholders was 61.24 million yuan, reflecting a year-on-year decline of 29.79% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 55.75 million yuan, down 32.92% year-on-year [1] - Basic earnings per share stood at 0.6109 yuan [1]

Financial Performance - The company's operating revenue for Q3 2025 was ¥199,499,675.12, a decrease of 1.20% compared to the same period last year[4] - Net profit attributable to shareholders was ¥25,224,188.92, down 0.66% year-on-year, while the net profit after deducting non-recurring gains and losses was ¥24,057,487.98, an increase of 4.83%[4] - Year-to-date net profit attributable to shareholders decreased by 29.79% to ¥61,237,191.89, with a year-to-date net profit after deducting non-recurring gains and losses down 32.92% to ¥55,747,458.88[4] - The basic earnings per share for Q3 2025 was ¥0.2516, reflecting a decrease of 29.02% year-on-year[4] - The company's total revenue for the current period was ¥474,699,003.68, a decrease from ¥515,437,677.92 in the previous period[22] - The net profit for the current period is 61,237,191.89, a decrease of 29.7% compared to 87,217,627.82 in the previous period[24] - Operating profit for the current period is 70,754,205.79, down 30.4% from 101,708,070.84 in the previous period[24] - The total comprehensive income for the current period is 52,341,319.00, compared to 87,088,190.74 in the previous period, reflecting a significant decline[24] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,608,237,355.39, an increase of 6.89% from the end of the previous year[4] - The company's total assets as of September 30, 2025, amounted to ¥1,608,237,355.39, an increase from ¥1,504,563,452.76 at the beginning of the period[19][21] - Total current assets increased to ¥1,259,725,087.20 from ¥1,202,643,601.10[19] - Total liabilities rose to ¥175,327,557.61 from ¥85,914,916.07[21] - The company's retained earnings increased to ¥410,482,826.10 from ¥379,318,114.20[21] Cash Flow - The company reported a significant increase in cash flow from operating activities, with a net cash flow of ¥83,465,280.76, up 364.28% year-to-date[4] - Cash flow from operating activities generated a net amount of 83,465,280.76, a turnaround from a negative cash flow of -31,582,605.36 in the previous period[27] - Cash inflow from investment activities totaled 2,017,274,799.20, an increase from 1,864,742,499.15 in the previous period[27] - Cash outflow from investment activities was 2,104,141,539.29, compared to 1,899,995,705.55 in the previous period, indicating increased investment spending[27] - The ending cash and cash equivalents balance is 821,872,083.72, down from 861,367,184.03 at the end of the previous period[28] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 11,429[9] - The largest shareholder, Jiaxing Hengmao Enterprise Management Co., Ltd., holds 38.13% of the shares, totaling 38,220,150 shares[10] - Wang Jianping, a significant shareholder, holds 12.48% of the shares, amounting to 12,511,725 shares, with 9,383,794 shares under lock-up[10] - Wang Jianhong holds 9.37% of the shares, totaling 9,390,675 shares, with 7,043,006 shares under lock-up[10] - Wang Xiaoyang, another key shareholder, owns 4.94% of the shares, which is 4,954,200 shares, with 3,715,650 shares under lock-up[10] - The company has a total of 20,179,950 shares that were newly restricted during the reporting period[12] - The company has not disclosed any changes in the shareholding structure of the top 10 shareholders due to margin trading activities[10] Share Repurchase - The company plans to repurchase shares using between RMB 25 million and RMB 50 million, at a price not exceeding RMB 36.50 per share, within 12 months from the board's approval date[13] - The maximum repurchase price for shares has been adjusted to RMB 36.20 per share due to dividend distributions[14] - The company repurchased a total of 1,091,800 shares, accounting for 1.08% of the total share capital, with a total transaction amount of ¥25,047,815.46[15] - The share repurchase price ranged from a minimum of ¥19.65 to a maximum of ¥26.25 per share[15] - Following the repurchase, the company decided to cancel the repurchased shares, reducing the total share capital from ¥101,333,400 to ¥100,241,600[16] Organizational Changes - The company adjusted its organizational structure, eliminating the supervisory board and introducing a worker representative director position[17] Tax and Expenses - The company reported a tax expense of 9,437,837.56, down from 14,752,599.70 in the previous period, reflecting a lower tax burden[24] - Research and development expenses for the current period were 14,859,224.54, a decrease from 16,649,026.57 in the previous period[24] Market Impact - The decline in net profit was primarily attributed to the impact of the US-China trade war, increased competition, and a reduction in export tax rebate rates from 13% to 9%[7] Foreign Exchange - The company experienced a foreign exchange loss of -8,895,872.89, compared to a loss of -129,437.08 in the previous period, indicating increased volatility in currency exchange[24]

Group 1: Company Overview and Product Information - The company specializes in the research, production, and sales of high-performance environmentally friendly zinc-manganese batteries, including alkaline and carbon batteries [2][3] - The main products include LR03, LR6, LR14, LR20, and 6LR61 series alkaline batteries, which are widely used in various consumer and industrial applications [2][3] - The market demand for zinc-manganese batteries is stable, with a broad market space and positive future prospects due to the increasing trend towards wireless, smart, and compact devices [2][3] Group 2: Cost Management and Supply Chain - Direct material costs for zinc-manganese batteries account for over 80% of operating costs, primarily involving zinc powder, zinc cans, steel shells, and other raw materials [2][3] - The company maintains stable procurement prices due to long-term relationships with suppliers and will continue to optimize supply chain management to mitigate raw material price fluctuations [3][4] - Strategies include exploring new procurement channels and methods, such as "nearby procurement" and "staggered procurement," to avoid price peaks [3][4] Group 3: Market Expansion and Sales Strategy - The company exports zinc-manganese battery products mainly to developed countries and regions, including Europe, North America, and Japan, serving high-quality clients [4][5] - Following the establishment of a production base in Vietnam, the company is actively expanding its market presence through trade shows and enhanced overseas marketing efforts [4][5] - The company is also adapting its products based on domestic consumer feedback to improve quality and performance [4][5] Group 4: Production Capacity and Utilization - The production capacity utilization rate at the new Vietnam base is high, and there has been no significant idle capacity at the Jiaxing base due to sufficient orders [5][6] - The company has completed the first phase of its high-performance battery project, with ongoing batch sales and order deliveries from the Vietnam facility [5][6] Group 5: Future Development and R&D - Currently, there are no plans for developing new energy vehicle batteries or solid-state batteries, but the company remains open to innovations in battery technology [6][7] - Future production plans include CR2032 and CR2045 series lithium-manganese batteries for applications in electronic watches, automotive electronics, and smart devices [9][10] Group 6: Response to International Trade Environment - The company is focused on a global strategy to ensure sustainable development amidst uncertainties in the international trade environment [7][8] - It aims to diversify its raw material supply chain and enhance production efficiency through its facilities in China and Vietnam [7][8] - The sales team is actively engaging in various market expansion strategies to secure more overseas clients while maintaining steady domestic growth [7][8]

Market Overview - The battery sector experienced a decline of 0.53% on the previous trading day, with Defu Technology leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Top Gainers in the Battery Sector - Haike Xinao (301292) saw a closing price of 26.44, with a significant increase of 12.46% and a trading volume of 317,800 shares, amounting to 788 million yuan [1] - Jinyinhai (300619) closed at 37.67, up 12.35%, with a trading volume of 224,800 shares and a turnover of 810 million yuan [1] - Qiaocheng Ultrasonic (688392) closed at 103.40, rising by 11.97% with a trading volume of 72,800 shares, totaling 728 million yuan [1] Top Losers in the Battery Sector - Defu Technology (301511) closed at 32.27, down 5.95%, with a trading volume of 288,100 shares and a turnover of 928 million yuan [2] - Keda Li (002850) closed at 174.01, decreasing by 5.05%, with a trading volume of 87,900 shares and a turnover of 1.526 billion yuan [2] - Anfu Technology (603031) closed at 39.85, down 4.18%, with a trading volume of 71,500 shares and a turnover of 285 million yuan [2] Capital Flow in the Battery Sector - The battery sector experienced a net outflow of 3.121 billion yuan from institutional investors, while retail investors saw a net inflow of 3.336 billion yuan [2][3] - Notable net inflows from retail investors included Tianqi Materials (002709) with 2.12 billion yuan and Greenmei (002340) with 2.11 billion yuan [3] - Major net outflows from institutional investors included Shida Shenghua (603026) with 94.291 million yuan and Jinyinhai (300619) with 71.922 million yuan [3]

证券代码：301222 证券简称：浙江恒威 公告编号：2025-048 关于回购股份注销完成暨股份变动公告 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。 特别提示： 1、浙江恒威电池股份有限公司（以下简称"公司"）本次注销的回购股份 数量为1,091,800股，占注销前公司总股本的比例为1.08%，回购注销金额为人民 币25,047,815.46元；本次回购注销完成后，公司总股本由101,333,400股减少为 100,241,600股。 2、公司于2025年9月26日在中国证券登记结算有限责任公司深圳分公司办理 完成上述1,091,800股回购股份的注销手续，后续将依据相关规定在市场监督管理 局办理变更登记及章程备案等相关事宜。 根据《中华人民共和国公司法》《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9号——回购股份》等有关法律、行政法 规和部门规章的规定，现将本次回购股份注销完成情况公告如下： 一、回购股份概述 公司于2024年2月19日召开第三届董事会第四次会议，审议通过了《关于回 购公司股份方案的议案》。公司拟使用不低 ...

2025 年度持续督导培训的报告 招商证券股份有限公司 关于浙江恒威电池股份有限公司 根据《证券法》、《上市公司募集资金监管规则》和《深圳证券交易所上市公 司自律监管指引第 10 号——股份变动管理》、《深圳证券交易所上市公司自律监 管指引第 18 号——股东及董事、高级管理人员减持股份》等规则要求，保荐机 构对上市公司相关人员进行了创业板上市公司集资金存放与使用、股份交易、控 股股东行为规范等方面的培训。 深圳证券交易所： 招商证券股份有限公司（以下简称保荐机构）作为浙江恒威电池股份有限公 司（以下简称浙江恒威、公司）首次公开发行股票并在创业板上市的保荐机构， 根据《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等相关规 定，对浙江恒威相关人员进行了 2025 年度持续督导培训并报告如下： 一、培训时间 2025 年 9 月 25 日。 二、培训地点及培训方式 浙江恒威电池股份有限公司（嘉兴市秀洲区正阳西路 77 号）会议室，现场 及线上视频培训结合。 三、参加培训人员 浙江恒威董事、高级管理人员、中层以上管理人员及上市公司控股股东和实 际控制人。对于因故通过线上视频接入方式参加培训的人员，保 ...

Core Viewpoint - Zhejiang Hengwei's stock experienced a decline of 2.22% on September 25, with a trading volume of 111 million yuan, indicating a challenging market environment for the company [1]. Financing Summary - On September 25, Zhejiang Hengwei had a financing buy-in amount of 12.39 million yuan and a financing repayment of 11.14 million yuan, resulting in a net financing buy of 1.25 million yuan [1]. - As of September 25, the total financing and securities balance for Zhejiang Hengwei was 70.80 million yuan, accounting for 2.26% of its market capitalization, which is above the 90th percentile level over the past year, indicating a high financing balance [1]. - There were no short-selling activities on September 25, with a short-selling balance of 0.00 yuan, also reflecting a high percentile level over the past year [1]. Business Performance Summary - As of June 30, the number of shareholders for Zhejiang Hengwei was 9,421, a decrease of 3.19% from the previous period, while the average circulating shares per person increased by 3.29% to 3,112 shares [2]. - For the first half of 2025, Zhejiang Hengwei reported a revenue of 275 million yuan, a year-on-year decrease of 12.22%, and a net profit attributable to shareholders of 36.01 million yuan, down 41.75% year-on-year [2]. - Since its A-share listing, Zhejiang Hengwei has distributed a total of 172 million yuan in dividends, with 111 million yuan distributed over the past three years [2]. - As of June 30, 2025, the seventh largest circulating shareholder was Baodao Growth Zhihang Stock A, holding 202,100 shares as a new shareholder [2]. Business Overview - Zhejiang Hengwei Battery Co., Ltd. is located in Jiaxing City, Zhejiang Province, and was established on January 14, 1999. The company was listed on March 9, 2022, and specializes in the research, production, and sales of high-performance environmentally friendly zinc-manganese batteries [1]. - The revenue composition of the company's main business includes alkaline batteries (73.24%), carbon batteries (21.10%), and other products (5.66%) [1].

Core Viewpoint - Zhejiang Hengwei (301222.SZ) announced a share transfer agreement between shareholders Wang Jianping and Wang Jianhong, resulting in a change in the shareholding structure of Jiaxing Hengmao, which will not affect the company's control or operations [1] Group 1 - Wang Jianhong transferred 9.0680% of her shares in Jiaxing Hengmao to Wang Jianping, leading to Wang Jianping holding 25.0680% and Wang Jianhong holding 17.9320% of the shares [1] - The share transfer has been approved by the shareholders' meeting and has completed the necessary registration with market supervision authorities [1] - This adjustment in shareholding is an internal transfer among the controlling shareholders and does not involve a reduction of shares in the market or a takeover bid [1] Group 2 - The shareholding structure adjustment will not lead to any changes in the controlling shareholder, actual controller, or concerted actions, nor will it alter the company's governance structure or management team [1] - The company's normal production, operational activities, and financial status will not be materially affected by this share transfer [1]

证券代码：301222 证券简称：浙江恒威 公告编号：2025-047 浙江恒威电池股份有限公司 关于控股股东股权结构调整的公告 信息披露义务人嘉兴恒茂企业管理有限公司保证向本公司提供的信息真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏。 特别提示： 1、本次股权结构调整系浙江恒威电池股份有限公司（以下简称"公司"） 之控股股东嘉兴恒茂企业管理有限公司（以下简称"嘉兴恒茂"）之股东汪剑平 先生与汪剑红女士所持嘉兴恒茂的股权比例发生变化，属于控股股东内部股东之 间进行的股份转让，不存在向市场减持公司股份的情形，亦不涉及要约收购的情 形。 2、本次股权结构调整事项不会导致公司控股股东、实际控制人及一致行动 人发生变更，不会改变公司的治理结构和管理层构成，不会对公司的正常生产经 营活动、财务状况等产生实质影响。 公司于 2025 年 9 月 25 日收到控股股东嘉兴恒茂出具的《关于嘉兴恒茂股权 结构调整的告知函》，获悉嘉兴恒茂内部股东汪剑平先生与汪剑红女士于近日签 署了《股权转让协议》，本次股权转让将导致嘉兴恒茂的股权结构发生变化，现 将相关情况公告如下： 一、控股股东股权结构调整概况 嘉兴恒茂的股东汪 ...

上海市浩信律师事务所 关于浙江恒威电池股份有限公司控股股东内部股权 调整事项之法律意见书 致：浙江恒威电池股份有限公司 上海市浩信律师事务所（以下简称"本所"）接受浙江恒威电池股份有限公 司（以下简称"浙江恒威"或"公司"）的委托，作为其常年法律顾问，就公司 控股股东嘉兴恒茂企业管理有限公司（以下简称"嘉兴恒茂"）内部股权调整事 宜（以下简称"本次调整"），根据《中华人民共和国公司法》《中华人民共和国 证券法》《上市公司收购管理办法》《深圳证券交易所创业板股票上市规则》等法 律、法规及规范性文件的规定，出具本法律意见书。 本所律师已对本次调整所涉及的相关文件资料进行了审查，并基于对事实的 了解和对法律的理解，出具本法律意见书。 一、本次调整的基本情况 根据嘉兴恒茂提供的《股权转让协议》《关于嘉兴恒茂股权结构调整的告知 函》等文件，嘉兴恒茂股东汪剑红女士与汪剑平先生于近日签署《股权转让协议》， 汪剑红女士将其持有的嘉兴恒茂 9.0680%股权转让给汪剑平先生。转让完成后， 汪剑平持股比例由 16%增至 25.0680%，汪剑红持股比例由 27%降至 17.9320%。徐 燕云、傅庆华持股比例不变。 本次调整已经 ...