证券日报网讯 12月9日，华宝新能在互动平台回答投资者提问时表示，碳酸锂是公司上游供应商的生产 原材料，公司并未直接采购该产品。针对电芯，公司会提前储备合理的安全库存。 （文章来源：证券日报） ...

（编辑 姚尧） 证券日报网讯 12月9日，华宝新能在互动平台回答投资者提问时表示，公司积极建设廉洁从业文化，坚 决杜绝贪腐及贿赂情况的发生，强化内部反贪腐管理制度，规范员工个人行为，积极开展反贪腐培训， 提升员工廉洁从业意识。同时，公司通过发布月度内控海报、节日廉洁海报等方式，提升全员的内控意 识，提醒员工远离潜在的腐败风险。具体内容您可以参阅公司在巨潮资讯网披露的《2024年度环境、社 会和公司治理（ESG）报告》中"商业道德"。 ...

（原标题：华宝新能(301327.SZ)：碳酸锂是公司上游供应商的生产原材料） 格隆汇12月9日丨华宝新能(301327.SZ)在投资者互动平台表示，碳酸锂是公司上游供应商的生产原材 料，公司并未直接采购该产品。针对电芯，公司会提前储备合理的安全库存。 ...

（原标题：华宝新能(301327.SZ)：目前公司暂未有H股上市计划） 格隆汇12月9日丨华宝新能(301327.SZ)在投资者互动平台表示，目前公司暂未有H股上市计划。 ...

Investment Rating - The report gives an "Accumulate" rating for the company [4]. Core Views - The portable energy storage industry continues to grow, with the company's new product launches expected to drive market share growth. The company aims for revenue growth of no less than 39%/40.3%/39.5% for 2025-2027, reflecting confidence in business expansion [2][4]. - The household energy storage market presents significant opportunities, with the company's 5 kWh portable home storage product expected to contribute to incremental performance. The global household storage market is projected to reach approximately $16 billion in 2023 [3][4]. - The company is enhancing its brand influence and profitability through channel expansion and product innovation, with expected revenue of 50.11 billion, 76.32 billion, and 94.83 billion RMB for 2025-2027 [4]. Summary by Sections Company Overview - Huabao New Energy is a leading portable energy storage brand, primarily selling products under the Jackery brand in multiple countries, with North America accounting for about 50% of sales. The company plans to launch large-capacity, lightweight new products in 2025 to capture differentiated market segments [2][4]. Portable Energy Storage - The industry shows sustained growth potential, with projected penetration rates of approximately 10% in the U.S. and 11% in Japan by 2025. The decline in lithium iron phosphate prices in 2023 is expected to stabilize, allowing the company's gross margin to gradually return to a steady state [2][3][4]. - The company is expanding its channel matrix, with significant growth in independent website revenue, which increased by 55.25% year-on-year in the first half of 2025 [3]. Household Energy Storage - The global household storage market is expected to reach a scale of approximately $16 billion in 2023, with the company's 5 kWh portable home storage product offering differentiated advantages [3][4]. - The company is actively expanding its channels and has seen significant revenue growth in its independent website, which is expected to enhance profitability [3]. Financial Analysis - The company is expected to achieve revenues of 50.11 billion, 76.32 billion, and 94.83 billion RMB for 2025-2027, with corresponding net profits of 1.85 billion, 4.06 billion, and 6.14 billion RMB [4][8].

1、2023年9月8日互动易：公司便携太阳能产品均使用BC类电池，目前采用全球最先进的IBC电池技 术，拥有行业领先的高达25%的转换效率。 2、2023年7月11日互动易：公司与中比新能源达成战略合作，将依托双方的行业技术优势，共同开发钠 离子电池，探索钠离子电池在终端产品的应用。 3、公司主要从事锂电池储能类产品及其配套产品的研发、 生产及销售， 属于锂电池储能行业。 来源：新浪证券-红岸工作室 12月8日，华宝新能涨0.80%，成交额4911.22万元，换手率1.14%，总市值98.28亿元。 异动分析 BC电池+钠离子电池+锂电池概念+储能+人民币贬值受益 4、自2011年成立以来，公司一直聚焦于锂电池储能领域。在设立之初，公司以充电宝的ODM业务为 主，随着业务的持续发展，公司在锂电池电源管理、工业设计、结构设计等方面的技术积累不断加深， 并积累了松下、LG化学、比克电池、安富利等高质量的供应商资源，拓展了包括特斯拉、宝马、超霸 电池、DSG、ClasOhlson等知名客户，产供销体系日益完善，公司实力逐步增强。 5、根据2024年年报，公司海外营收占比为95.09%，受益于人民币贬值。 (免责声明 ...

来源：新浪证券-红岸工作室 12月5日，华宝新能涨0.96%，成交额4268.50万元，换手率1.01%，总市值97.50亿元。 异动分析 BC电池+钠离子电池+锂电池概念+储能+人民币贬值受益 1、2023年9月8日互动易：公司便携太阳能产品均使用BC类电池，目前采用全球最先进的IBC电池技 术，拥有行业领先的高达25%的转换效率。 2、2023年7月11日互动易：公司与中比新能源达成战略合作，将依托双方的行业技术优势，共同开发钠 离子电池，探索钠离子电池在终端产品的应用。 3、公司主要从事锂电池储能类产品及其配套产品的研发、 生产及销售， 属于锂电池储能行业。 4、自2011年成立以来，公司一直聚焦于锂电池储能领域。在设立之初，公司以充电宝的ODM业务为 主，随着业务的持续发展，公司在锂电池电源管理、工业设计、结构设计等方面的技术积累不断加深， 并积累了松下、LG化学、比克电池、安富利等高质量的供应商资源，拓展了包括特斯拉、宝马、超霸 电池、DSG、ClasOhlson等知名客户，产供销体系日益完善，公司实力逐步增强。 5、根据2024年年报，公司海外营收占比为95.09%，受益于人民币贬值。 (免责声明 ...

Core Insights - Huabao New Energy's stock price increased by 0.09% on December 1, with a trading volume of 61.54 million yuan [1] - The company reported a financing net purchase of 89,700 yuan on the same day, with a total financing and securities balance of 144 million yuan [1] - The company achieved a revenue of 2.942 billion yuan for the first nine months of 2025, representing a year-on-year growth of 37.95%, while the net profit attributable to shareholders decreased by 10.62% to 143 million yuan [2] Financing and Securities - On December 1, Huabao New Energy had a financing purchase of 5.2963 million yuan, with a current financing balance of 144 million yuan, accounting for 3.30% of the circulating market value [1] - The financing balance is above the 90th percentile level for the past year, indicating a high level of financing activity [1] - The company had a securities lending balance of 448,400 yuan, with a lending volume of 7,840 shares, which is above the 60th percentile level for the past year [1] Shareholder Information - As of September 30, 2025, Huabao New Energy had 13,400 shareholders, a slight decrease of 0.13% from the previous period [2] - The average number of circulating shares per shareholder increased by 58.63% to 5,679 shares [2] - The top ten circulating shareholders include new entrants such as Huaxia Blue Chip Mixed Fund and Huaxia Xinghe Mixed Fund, while several funds exited the top ten list [3]

Core Viewpoint - Shenzhen Huabao New Energy Co., Ltd. is planning to list on the Hong Kong Stock Exchange, with CICC and Morgan Stanley as joint sponsors [1] Fundraising Purpose - The funds raised from the Hong Kong listing will be used for the following purposes: 1. Investment in the construction of a research and development center to develop higher energy density portable energy storage products and intelligent energy management systems [2] 2. Expansion of the Huizhou production base to increase the annual production capacity of portable energy storage devices by 5 million units [2] 3. Expansion of the global marketing network, focusing on Europe, North America, and Southeast Asia [2] 4. Supplementing the company's daily operational working capital and optimizing the capital structure [2] Company Overview - Huabao New Energy specializes in the research, production, and sales of portable energy storage power supplies, with main products including outdoor power supplies, solar charging panels, and related accessories, applicable in outdoor camping, emergency backup, and professional operations [3] - The company has established a global sales system through brands like "Dian Xiao Er," with products sold in over 100 countries and regions, aiming to provide users with green and portable energy solutions [3]

Core Viewpoint - Huabao New Energy is positioned as a global leader in portable energy storage and is expected to become a supplier of household green energy solutions in the future [1] Company Overview - Established in 2011, Huabao New Energy focuses on consumer-grade green energy solutions, covering areas such as portable energy storage, balcony solar storage, and mobile home storage [1] - As of the first half of 2025, the company's business has expanded to over 50 mainstream countries and regions worldwide [1] Financial Performance - From 2014 to 2024, the company's revenue and net profit attributable to shareholders are projected to have a compound annual growth rate (CAGR) of 38.9% and 47.3%, respectively [1] Growth Potential - The introduction of new categories such as mobile home storage and balcony solar storage is expected to initiate a second growth curve for the company [1] - With the growth of market size and continuous product iteration and channel expansion, the portable energy storage business is anticipated to maintain steady development [1] Competitive Positioning - Huabao New Energy is compared with peers such as Deye Co., Ltd., Jinlang Technology, and Goodwe, reinforcing its status as a global leader in portable energy storage [1] - The company's solid foundation in portable energy storage and the rapid potential for new product categories are expected to enhance profitability and sustain long-term growth [1] Investment Rating - The initial coverage of Huabao New Energy has been rated as "Buy" [1]